Terms of Bidding
Participants within the bidding process will receive notifications when they have been outbid or if for any reason an auction has been removed. You can unsubscribe from these updates if you wish by following the instructions in the emails.
Once the auction ends we will put the fish through safety tests and to ensure your Koi is up to the standards we deem fit. These regulations are for your own Koi’s safety. We will contact the auction winner if we believe that the Koi will need some type of treatment or prolonged quarantine before being shipped out. The customer has the right to refuse such but will also waive the 48 hour Koi Health Guarantee that we provide.
Creating an account in an effort to impersonate a KoiBids employee to intimidate or otherwise gain an advantage in an auction will result in an immediate forfeiture of your account and any subsequent accounts you may make.
Specific Auction Rules
As a user you agree not to do any of the following:
1. Advertise items in inappropriate categories on the website.
2. Advertise any item deemed inappropriate by us.
3. Breach any local laws.
4. Fail to pay for any item purchased by you, whether sold at a fixed price or
5. Manipulate the bidding process or price of any item, including (but not
limited to) working in conjunction with others to
bid-up items, entering high bids and then withdrawing them, or any other
form of manipulation or concerted action to distort the auction process.
All of our auctions here on Koibids are done through “proxy bidding”. Proxy bidding is placing a maximum bid amount you are willing to put down for a Koi and the platform on your behalf will automatically place the lowest bid up until that amount. The system automatically places the smallest bid possible to win and if someone outbids you, it automatically will bid again in the smallest amount to win the auction up to your defined “maximum”. For example if you are willing to pay $800 for an auction that starts at $650, you can enter the bid amount “$800”. The site will automatically place the smallest bid amount based on the preset increments (example: $10) So you will now own the bid amount of “$650”. If someone else were to come in with the bid of “$660” then the site will automatically make your next bid “$670” to retain the lead up until the max of “$800” you had set before. Please do note that your maximum proxy bid number is COMPLETELY CONFIDENTIAL, Koibids nor any other user will ever know what your maximum bid amount will be.
Buy Now Functionality
The “Buy Now” button can be pressed and will appear in your “cart”. Once you have completed checkout of the item, then the auction will end and you will automatically be the winner. The Buy Now button will disappear one day after the current bid price reaches 80% of the difference between the Starting bid and the “Buy Now” price added onto the original starting bid. For example if the starting bid is $100 and the Buy Now is $500, then the buy now button will disappear when it reaches (100-500=400*.8= 320 added onto the starting bid, 100=420) So one day after the current bid reaches $420, the Buy Now Button will disappear and from then on only the highest bidder by auction end will win. It will also be removed automatically if the current bid price reaches over the “Buy Now” price within the 24 hours.
We do not have a set schedule of when new auctions begin and end for the time being but we will always be adding more auctions on a weekly basis so be sure to check in or subscribe to our news letter!