Online Bidding Process

Form 90210-OBP auction bidding
 

 

  Bid on Assets (Online Auctions)  
 

To become a bidder you must first fill out the online bidding registration form and be entered into the IQ bidding database.  You will need to provide your personal name or company name and contact information; once we receive your data it will be verified, encrypted and stored into our internal auction database.  Once your information is on file a confirmation will be sent to you via the email which you have provided.  This process can take up to 24 to 48 hours.  Once you have been entered into the online auction software system you will be notified when an asset becomes available for auction bidding that meets your specified request.  On occasions you will receive updates and news articles that may pertain to your buying interest. We collect this data from syndicated networks, online news channels, press releases, blogs and auction forums and provide this valuable data free of charge. Some of the articles provided to you may have a positive or negative impact on your decision making process, but we leave that up to you or your company to decide. 

Example 1:  A news article may state that an international airline carrier will begin daily direct flights to a location nearby the asset being offered on the IQ auction platform.  This article will be sent to you via our automated alert system and it will be left up to you and or your company to confirm and to further explore the potential impact of such announcement. 

Example 2:  A news article stating incentives or tax benefits that a government or agency has passed that may have a positive or negative impact on the asset you are considering bidding. This article will be sent to you via our automated alert system and it will be left up to you and or your company to confirm and to further explore the potential impact of such announcement. 

Example 3:  A news article that presents graphical data showing the supply and demand of certain materials, product or patents that relate to your company or asset.  This article will be sent to you via our automated alert system and it will be left up to you and or your company to confirm and to further explore the potential impact of such announcement. 

 
     
  Placing Bids (online bidding)  
 

To begin the online auction bidding process, review the inventory on the online auction platform that relates to your particular buying interest.  Once you have located an asset, you will find supporting presentations which often include video, images, general description, address, directions, proformas, business plans and various other presentation materials the seller wishes to provide.  Presentations will vary from asset to asset. After reviewing, if you wish to bid on an asset shown on the auction platform it will require entering your login name and password, your entry will be authenticated and will allow you to begin bidding. Once registered you are able to place your bid through personal computer, laptop, I-phone, blackberry or PDA. Basically, wherever you have an internet connection and computer device you can begin bidding.  To place your bid, enter a number higher than the current bid displayed in the current bid window and press the submit button.  It’s that simple.

 
     
  The Winning Bid  
 

The seller has full discretion to accept or reject any bid.  Yet keep in mind that most all sellers are considered motivated to sale their asset within a specific time frame.  The bid you submit is in your control and the review and acceptance of such bids is in the seller’s control.   If the seller list the price too high, likely it will not sale.  If the buyer makes an offer far too low, it will likely not be accepted.  If you or your company see an opportunity, place your bid too WIN. Online bidding is the way of the future and provides you the control.

 
   
  Chat with Seller  

If you have specific questions related to the seller’s asset, the IQ auction platform enables you to communicate directly with the seller through our online auction chat interface.   Our auction chats are in real time and the seller is able to respond at any given time and from any geographic location throughout the online auction.   Our auction chat console has the ability to interface with the seller’s computer, iphone and other communication hand- held devices. The online auction chat typically goes LIVE after the bid registration period and remains LIVE up to the final count down of the ending auction period.  The auction chat is an optional auction service offered to the seller and it is left to the seller’s discretion to register for this added feature.  A record of the chat is property of the seller and is discarded from the IQ auction database 14-days after the winning bid.  We advise that you establish records of your communications as deemed necessary.The purpose of the auction chat is to provide general answers to general questions and it is not to be used as a tool to negotiate with the seller or to gain additional data or critical information outside of the information the seller has provided.  We recommend that all information shown on the IQ online auction platform and information provided to you by the seller or any other third parties be confirmed prior to submitting your bid.

 
   
  Buyer's Premium  
A buyer's premium is automatically added to the “final bid price” and is paid by the successful bidder.  Buyer's premium may vary from asset to asset but must be paid in timing of the purchasing period. Each auction premium is displayed on the “more info” page of each asset.  In some cases, taxes, vat, stamp duty, import & export fees, transportation & shipping may apply.  This will be the full responsibility of the buyer to determine and is the responsibility of the buyer to arrange such payments if and when required.
 
   
  The Reserve  

All sellers begin with a reserve and which is considered a buy now price, the seller has the full discretion to accept a bid that is offered higher or lower then the set reserve price during the auction period, but the seller is not able to increase the reserve price once the bidding begins.  Should the seller withdraw the asset from the bidding platform during the auction period the seller is subject to pay an auction fee to IQ team Holdings, LLC.   This policy is a mechanism designed to maintain the integrity of the auction and bidding process.

 
   
Track Offer (Bid Alert)  

All buyers will have the option to be notified in real time when an online bid is placed.  This real time notification is provided as an extra feature and is activated upon the buyer’s request.  A notification of a new bid is provided to the buyer and alerts the bidder through phones with distinctive ring tones.  The new auction bid alerts are also provided by email to bidder in real time, but can very depending on connectivity and speed of online delivery.   The bid alert service is an optional service provided to the bidder and requires a modest fee to configure.  The auction bid alert service must be arranged prior to the beginning date of the auction.

 
     
  Close Out & Payment Period  
 

All winning bids require a 20% confirmed payment within 24 hours from the accepted notification.  The full balance to include the buyer’s premium must be made within 30-days from the day of the close out date.  Should the buyer not provide full payment within the close out period, the 20% confirmed deposit is forfeited to IQ Team Holdings LLC.   If a payment is not paid in full by the winning bidder, the bidder will be removed from the database and will be considered a non qualified bidder.  This online bidding policy & procedure is designed to protect the integrity of online auction and bidding process. Prior to submitting bids, all information pertaining to the asset being offered is the responsibility of the bidder to confirm.  This includes video, pictures, location, description and all other related data presented by the seller and displayed on the online bidding platform.

 
     
  Viewing & Inspection Period  
 

A viewing period is often made available when applicable in effort for the buyer to verify and inspect the condition of the asset shown on the auction site and other relative information regarding the asset.  All assets are sold as is and where is and it is the sole responsibility to the buyer to confirm that all its supporting contents and data offered by the seller or displayed through the IQ online auction platform  are accurate.  Any misinformation or errors displayed on the IQ auction platform are not the responsibility of IQ Holdings LLC.  

 
     
  Copyright of IQ team Holdings L.L.C.  
 

IQ team holdings L.L.C. reserves the right to make alterations or improvements to the online bidding platform, policies & procedures, content, and forms when deemed necessary. Any policy & procedure changes made to improve the online auction experience shall not take effect after the bidding registration period has ended. All contents and  information contained on the IQ website have been color marked and coded and may not be reproduced, modified, altered or used for any other purposes whatsoever; and its methodology, coding and programming are owned, copyrighted and registered to IQ team holdings L.L.C.

 
     
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