Domain Auction Rules
Published: 2016-09-30
Table of Contents
I. Auction Trading Instructions
III. Bid Increment Instructions
VII. Transaction Completion and Transfer
I. Auction Trading Instructions
The seller sets a starting price for the auction. After it ends, if there are bids, the transaction is completed at the highest price; otherwise, the auction fails. Buyers must follow the bid increment rules when bidding.
Depending on the bid, the system will deduct a certain deposit from the buyer. The specific deposit rules are as follows:
A bid requires freezing 20% of the bid amount (for expired released domain names, the minimum deposit is the domain name's starting price) as a deposit. The deposit is automatically unfrozen when the bid is outbid.
If the buyer's account prepayment is insufficient to pay the deposit, the buyer cannot bid; if a new bid is placed, the previous bidder's deposit will be refunded immediately.
If you are outbid in the auction and need to refund and withdraw the deposit, you can submit a ticket to request a return via the original route, free of handling fee.
The minimum amount that a bidding buyer is allowed to add to the current bid in order to outbid the previous bidder. Buyers can bid manually or set a proxy bid. Proxy Bidding Settings and Rules
1. When the auction bid is 1-49, the bid increment is 1 yuan.
2. When the auction bid is 50-499, the bid increment is 5 yuan.
3. When the auction bid is 500-999, the bid increment is 10 yuan.
4. When the auction bid is 1,000-4,999, the bid increment is 50 yuan.
5. When the auction bid is 5,000-9,999, the bid increment is 200 yuan.
6. When the auction bid is 10,000-29,999, the bid increment is 500 yuan.
7. When the auction bid is 30,000-99,999, the bid increment is 1,000 yuan.
8. When the auction bid is 100,000-299,999, the bid increment is 2,000 yuan.
9. When the auction bid is 300,000 or above, the bid increment is 5,000 yuan.
During the auction period based on system time, all members may bid and participate in the auction. If a new bid is placed within 5 minutes before the auction is about to end, the system will automatically extend the remaining time to 5 minutes.
If abnormal closing occurs during the closing stage due to server or network failure, 西部数码 has the right to extend the auction of the relevant domain name by 1 day.
Example: The auction end time is 21:00:00. If a buyer bids at 20:57:59, the system will extend the end time to 21:02:59. However, if new bids continue to be placed within these 5 minutes, the remaining time will be extended to 5 minutes again.
Based on system time, the last bidder after the auction period ends is the winning bidder.
Seller: For 西部数码 domain names, the seller has 24 hours to confirm whether to sell the domain name at the closing price. If no operation is performed within 24 hours, the system will automatically confirm. For third-party domain names, the seller needs to transfer the domain name to our company within 10 days and confirm whether to sell the domain name at the closing price (if it indeed cannot be transferred in time, an extension can be applied for). If the domain name has been transferred to our company, the system will automatically confirm when the deadline arrives. If confirming the sale, please confirm the transaction as soon as possible in “I am a Seller - Domains Awaiting Confirmation”. After a third-party domain name is confirmed, you can view the domain names that need to be transferred in “Domains Awaiting Transfer”.
Reserve price: In premium special auction sessions, the seller may set a reserve price (once set, it cannot be canceled). If the closing amount reaches the reserve price, the seller cannot breach the contract. For domain names with a reserve price that fail to sell, the seller must pay the corresponding failed-auction fee (this fee is not compensated to the buyer): if the reserve price is less than 5,000 yuan, the fee is 50 yuan; if it is greater than or equal to 5,000 yuan, the fee is 100 yuan. If the account balance is insufficient, it will be deducted to a negative amount.
Buyer: For 西部数码 domain names, the buyer has 24 hours to confirm whether to purchase the domain name at the closing price. For third-party domain names, the buyer needs to confirm the transaction within 12 days. If confirming the purchase, please confirm the transaction as soon as possible in “I am a Buyer - Domains Awaiting Confirmation”. When confirming, the remaining balance must be paid. If no operation is performed within 24 hours and the account has sufficient prepayment to pay the remaining balance of the winning domain name, 西部数码 will enforce payment confirmation.
About extensions: For third-party auction bidding, after the auction closes, both the buyer and seller may apply for an extension, with a maximum of 2 applications, each for 1-7 days. After submitting an extension, if the other party agrees, the applicant's confirmation time will be extended accordingly; if the other party refuses or does not reply, the time remains unchanged.
Note:Third-party domain names: domain names whose registrar is not 西部数码 and that are not managed by 西部数码.
西部数码 domain names: domain names whose registrar is 西部数码 or that are managed by 西部数码 (proxy interface).
Seller: After the seller publishes a domain name auction, if no one has bid yet, the seller may delist the domain name, which is not considered a breach. After a buyer bids, the seller may delist the domain name or cancel the transaction after the auction closes, but must pay a penalty. The penalty is equivalent to the deposit frozen by the winning bidder (50% of which is used to compensate the buyer), and the transaction ends. If the prepayment is insufficient to pay the penalty, the transaction cannot be canceled or delisted. In addition, for third-party domain names, if the domain name is still not in the seller's account when the confirmation deadline arrives, the seller is deemed to be in breach. If the prepayment in the account is sufficient to pay the penalty, the system will deduct the seller's penalty (50% of which is used to compensate the buyer); otherwise, the seller's account will be frozen, the relevant amount will be refunded to the buyer (without breach compensation), and the transaction ends.
Buyer: If the buyer cancels the transaction, or performs no operation within the confirmation time and the account does not have sufficient prepayment to pay the remaining balance of the winning domain name, the buyer is deemed to be in breach. All bid deposits will be deducted (50% of which is compensated to the seller), and the transaction ends.
Note: For backorder domain name auctions and expired pre-release auction domain names, breach is not allowed.
Note: Seller confirmation time: for 西部数码 domain names, 24 hours; for third-party domain names, (10 days + extension time);
Buyer confirmation time: for 西部数码 domain names, 24 hours; for third-party domain names, (12 days + extension time);
Regarding third-party transactions, for situations where rule loopholes are deliberately exploited to obtain penalty compensation (such as the buyer purchasing the same domain name on multiple platforms, resulting in the inability to complete the transaction with our company), once verified, no penalty compensation will be given to the buyer.
VII. Transaction Completion and Transfer
When both parties successfully confirm the transaction, the system automatically credits the payment and transfers the domain name to the buyer's account. The transaction is completed and cancellation is no longer supported. It is recommended that the buyer promptly use the Template Transfer function to change the domain name's whois to their own information.
VIII. About Invoices
Because 西部数码 only provides a trading platform for buyers and sellers, if the buyer needs an invoice, please contact the seller to provide it. Generally, individual sellers do not provide invoices by default. If the buyer needs an invoice, please contact the seller in advance to inquire about invoice taxes, fees, and mailing costs.