This Bidding Procedures Policy is subject to the Terms and Conditions (the "Terms and Conditions") on the SalvageSale website, and in case of any conflict, the Terms and Conditions shall control. In case of any conflict between the terms of any specific Auction listing and this Bidding Procedures Policy, the terms of the specific Auction listing shall control.

bidXchangeTM AUCTIONS ON THE SALVAGESALE MARKETPLACE

• (a) How Does the Standard Auction Format Work? In the Standard Auction Format, bidders are invited to submit bids for listed items prior to the set ending time for the Auction, but may not submit bids with changes to the terms of sale. At the end of the Auction, the seller will select the winning bid, which may or may not be the highest bid, or may reject all bids. If the seller selects a bidder, that bidder will be promptly notified by SalvageSale, at which time the seller and winning bidder are obligated to complete the transaction. The fees and penalties for an auction are set forth in the Standard Fee Schedule.
• (b) How does the Flexible Bid Auction Format Work? For special situations, sellers may want to allow buyers the flexibility of submitting bids with changes to the terms of sale in the listing. For these Flexible Bid Auctions, the listing will state that buyers may submit bids with changes to the seller's terms of sale through an activated "Bid Terms" box. At the close of the auction, the seller will select the winning bid, which may or may not be the highest bid, or may reject all bids. Sellers must choose the Flexible Bid Auction Format when they submit the listing.
• (c) No Changes to Listing After Auction Commences. Once an Auction has started, the seller may not change the listing without SalvageSale approval. In very limited circumstances, SalvageSale may permit sellers to add additional non-material descriptive information, such as pictures or text, or correct inaccuracies, which do not materially change the original listing. If material changes are needed to correct inaccuracies in a listing, however, the Auction will be terminated and subsequently re-listed as appropriate.
• (d) Bids are Not Retractable. Bids are not retractable except in extraordinary circumstances such as when a clear typographical error is made. Bidders should carefully review their bids prior to submitting them.
• (e) All Bids are binding. Bids made by bidders on listed items are binding. At the end of an Auction, if a bidder's bid is selected by the seller, the winning bidder is obligated to complete the transaction. Bidders agree that bidding on the SalvageSale Marketplace is the legal equivalent of a firm purchase order.
• (f) Auction Results are Confidential. For any completed auction, the final purchase price and winning bidder are confidential and will not be released to other parties.
• (g) Void Bids. SalvageSale reserves the right to reject or void any bids which SalvageSale believes have not been made in good faith, are intended to manipulate the Auction process, or are prohibited either by applicable law or the terms of sale for such Auction.
• (h) Auction Extension - Five-Minute Rule. The time period for an Auction typically extends from four (4) to seven (7) days. If any bid is placed within five (5) minutes of an Auction's scheduled ending time that results in a change of the first place bid, the Auction will automatically be extended until no new bids result in a change of the first place bid for a period of five (5) minutes. There is no limit to the number of times an Auction may be extended in this situation. Some Auctions may have longer extension periods which will be clearly disclosed on the listing.
• (i) Auction Closing Process; Payment. At the end of an Auction and upon the selection of the winning bid by the seller, SalvageSale will promptly email the winning bidder a Request for Funding to the winning bidder's registered email address. Within 48 hours after the selection of the winning bid by the seller, the winning bidder is required to pay the agreed purchase price and other fees by wire transfer into SalvageSale's escrow account. For more information on the escrow process, please refer to Section 6 of the Terms and Conditions.
• (j) Late Payment; Failure to Complete Sale. If the winning bidder fails to pay the purchase price and other fees to the SalvageSale escrow account within 48 hours after selection of the winning bid, then the winning bidder must pay a late fee equal to 2% of the purchase price to SalvageSale. If the winning bidder fails to make full payment of the purchase price and other fees within five (5) business days after selection of the winning bid, such bidder is in default and forfeits its rights to purchase the goods, in which case the seller may sell the goods to another bidder. A defaulting bidder will be assessed a Default Penalty, as set forth in the Standard Fee Schedule, and will be barred from bidding on other Auctions on the Site until the Default Penalty is paid. The Default Penalty must be paid by credit card, unless otherwise agreed to by SalvageSale. The defaulting bidder may be subject to other claims, damages or liabilities to the seller and/or SalvageSale.
• (k) Fair Bidding and Listing Practices. Sale price manipulation of any kind by users is strictly prohibited, including, without limitation, bidding through a secondary account or other party, by communicating with other buyers, or by shill bidding. Buyers or sellers who do not act in good faith or otherwise subvert the integrity of the SalvageSale Marketplace are subject to suspension or termination from the Site.
• (l) Collection of Statistics on Buyer Performance. As part of SalvageSale's monitoring of the Site, SalvageSale collects statistics on each buyer's bidding activities to determine such buyer's performance history on the SalvageSale Marketplace. Such statistics may include the number of completed transactions by a buyer, failures or late funding of the purchase price, and taking late delivery of purchased goods. SalvageSale reserves the right to allow sellers to access such statistics collected on a buyer who bids on a specific item.

QUALIFIED BIDDER AUCTIONS

Sellers may choose to limit a designated Auction to pre-qualified bidders who will be required to place a specified amount on deposit with SalvageSale. Prior to the the Auction start, bidders will be required to pay this deposit amount to SalvageSale by credit card or other approved methods. Only pre-qualified bidders will be allowed to place bids during the Auction. At the end of the Auction, SalvageSale will promptly cancel the deposit charge on the credit cards of the bidders who did not win the Auction. If the winning bidder for an Auction defaults by failing to pay the agreed purchase price and other fees, the deposit amount of such bidder will be forfeited and the seller may exercise such other rights and remedies as are available under applicable law. In the event of such default, to the extent that the Default Penalty described above exceeds the deposit amount, SalvageSale will be authorized to charge such excess amount on the defaulting bidder's credit card.