Auctions

The Auctions feature on Worldrefractories.com facilitates auctions of refractory materials online. This is a simple ascending price auction following the very basic rules of auctions, which are recapitulated here for your convenience.

Auctions Overview

After you have registered as an e-Business member, you can enter the Auctions module and post your items for auction or place a bid on items posted by other members. Thus, this becomes an effective platform for sellers to maximize their gains and for buyers to look for profitable deals that may interest them.

This is how the UI for Auctions looks:

GUI for Auctions

Helpful definitions of terms for used within the Auctions zone

Listing Price - the price that the seller wants the auction item to start at. It is also known as the base price.

Reserve Price - the price that the seller expects from the auction item should it be sold. This price is not revealed to the buyers who want to bid on a particular item.

Notify Price - the price that the seller, who posts the item, would want to be notified at. For example, if the seller's notify price is USD 50, and someone places a bid greater than or equal to USD 50, an email notification will be sent to the seller informing him/her about the bid. Hence, this price is useful for notifying and monitoring interest level on the auction item. The notify price is usually set to the reserve price, so that anyone who bids greater than or equal to your expectations stands a chance of winning the bid.

Minimum Bid Increment - the minimum increase over and above the last bid price. When making a bid, take note that your bid must be higher than the last bid. At the same time, you will have to increase your bid amount by at least the minimum bid increment over the greatest bid to date.

Placing a bid on an auction item

You can view the list of items that are posted for auction, by clicking the view button and if you find a favorable deal, you can decide to place a bid. Please take a look at the details of the item and observe the last highest bid that has been placed on the item and the minimum bid increment.

To place a bid on an item, simply key in the desired bid amount in the edit box provided and click on the submit button. However, when placing a bid on an auction item, you should ensure that you bid more than the highest bid that was last placed. The bid increment in this case must be at least equal to or higher than the minimum bid increment. When placing a bid on a newly available item (that has no bid history), you should ensure that the bid amount is always more than the base price + minimum bid increment. This information will be displayed when you view the details of the item you are interested in.

After you have placed a bid, you can wait for the seller to contact you if your bid is acceptable to the seller. If you do not get a response from the seller within a few days, you are advised to go back to the auction site and check the status of the auction. There maybe better bids on the item that you bid for, in which case you might want to bid higher.

While making a bid, the bidders/buyers should keep the following points in mind:

Buyers should only make bids they can honor. Thus when the seller accepts your bid, you are obligated by the terms and conditions of our site to honor your bid. Legal actions will be taken against the bid defaulters. In other words, every bid that you make is final and binding and the full amount of the bid should be paid if and when the seller of the particular item accepts your bid.

Bidders or buyers should use their own discretion when attempting to place a bid.

Worldrefractories Pte Ltd will not be responsible for any non-performance or disuse of items purchased.

To post your items in the auction zone

To post an item in the Auctions Zone, click the post button and fill out the simple form and select a category you want to post your item in. Simply key in the required details and click submit to complete the posting.

The system will then direct you to a secure payment gateway to pay a one time posting fee for each item posted. Simply key in your MasterCard/Visa credit card number and name and follow the system prompts. Once the payment gateway clears your credit card details, your item will be posted for the auction for a period of 60 days. To learn more about the posting fees and pricing issues, click here.

While making the posting, the sellers should keep the following points in mind:

It is the sellers' responsibility to describe the item they post for the auction in the clearest possible manner so as to generate confidence and response from the bidders.

It is the sellers' responsibility to initiate contact with the bidder or buyer when they accept the bid placed by them.

Sellers are required to pay 2% of the transaction amount to Worldrefractories Pte Ltd if and when they accept a deal.

Worldrefractories Pte Ltd will not be responsible for the conditions of the goods when they arrive. Worldrefractories Pte Ltd will also not be responsible for any shipping issues.

Accepting a bid from a bidder

To accept a bid for an item you have posted on the Auctions zone, simply click on "View bid history". You will see a list of the items posted by you. Select any active auctions item to view its bid history.

To accept the bid placed on your item, simply click on the accept bid link. You will automatically accept the highest bid placed on your auction item. An automated email will be generated to inform the bidder of this acceptance.

By accepting a bid for your auction item, your item will automatically be disabled such that no other bids can be placed on your item. Once you have accepted a bid, you are legally bound to complete the transaction.

If there are any questions regarding Auctions, Please do not hesitate to contact us