How many drips make a flood?
Glossary of terms and images
used on the Drip web site.
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Reverse Auction, how it works |
Register with Drip - Buy some bids - Place a bid. Yep it's that easy. If you run out of bids click on "My Drip Account" link and buy more. To win an auction you need to be the last bidder when th clock reaches 00:00. Time is added each time a bid is placed. When you win you only pay the fixed price displayed plus freight. |
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Auction |
A method of selling real estate or personal property in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale. |
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Bid |
A
prospective buyer's indication or offer of a price he or she will pay to
purchase item at auction. Bids are usually in minimum increments
established by the seller. Bids can be of two types...
1/ REVERSE AUCTION Bids are purchased and used to place a bid on reverse auction. The last person to place a bid buys item at set price. 2/ STANDARD the amount of the standard bid will be registered as the highest bid unless a previous auto bid of a higher amount has been placed. 3/ AUTO if an auto bid is placed that is lower than the reserve price the bid will be registered at the auto bid amount, if the auto bid is higher than reserve price then the bid will be registered at the greater of either the reserve price or the minimum bid price and will lead the bidding untill the auto bid amount is reached. If a previous auto bid of a higher amount has been placed that previous auto bid will then have the highest registerd bid at new auto bid plus minimum increment. |
| Buy Now | A price set by the seller at which he/she will accept an immediate sale. By clicking on the Buy Now button you agree to purchase at that price. Buy now option only available untill reserve price has been met. |
| Drip Account | This
is your account held at Drip. You can gain funds in your Drip account by... a/ get $2 for referring someone b/ win prizes from a Drip game or competition. c/ sell an item for Drip funds. d/ put funds into account directly. You can use funds in account for... a/ buying bids for reverse auctions b/ buying items for sale in auction/classified where seller has indicated acceptance c/ making purchases from special offers made from time to time. d/ Entering games and competitions. You can check account balance by going to your "account" page. |
| Closes | The time at which no further bids will be accepted, this time may extend if bid placed near closing. |
| Current Bid | The last bid placed price, the amount item selling for if over reserve price. |
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Featured |
A featured ad gets the following that a standard ad
doesn't...
1/ On home page near close date/time. |
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Minimum Bid |
The minimum price is always stated in the place bid form & is calculated as follows Last bid + standard bid increment |
| Minimum Increment | The amount set by the seller as the minimum increase in amount for each bid. This will reduce in stages once reserve has been met. |
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Reserve |
The minimum price that a seller is willing to accept for an item to be sold at auction. Also known as the reserve price. A flasing sign with NOW SELLING will be displayed when reserve has been met. |
| Starting Bid | The amount set by seller at which the first bidder must outbid. |
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Terms and Conditions |
The rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or distributed to potential bidders and sellers prior to an auction sale. CLICK HERE to read Drip Terms and conditions. |
| Symbols used in Drip | |
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Item being run as an auction |
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Item being run as a reverse auction |
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Item being run as a classified |
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Item being run as a special auction in conjunction with a physical auction. Highest bid will be placed as absentee bid at physical auction. Mouse over image to find out more about this auction. |
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There is a picture or link to another website with this ad. |
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The person selling the item has indicated they will accept funds transferred into their Drip account for this item. |
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Member has been certified. To get this the member must reply to a letter sent to their registered address. |
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Member has received 5 or more good feedbacks in the last 6 months. |
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Member has received 2 or more bad feedbacks in the last 6 months |