Settlement
 

How does settlement work?

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process. Both parties will receive an email (and a message in their My Account Message Center page) from Bid4Assets after the close of the auction with the auction details and contact information for the other party. It is the winning bidder's responsibility to make arrangements for payment and shipping - in accordance with the terms of sale specified in the asset listing or by the seller.


By making the winning bid, the buyer has entered into an enforceable contract with the seller. Bid4Assets is not a party to the contract. The buyer and seller are expected to conduct the deal in accordance with the terms of the asset listing and the Bid4Assets Terms of Service.


**Note: If the winning bidder does not complete the transaction, the seller must report the bidder as a Non-Performing Bidder (NPB). A seller must wait at least 48 hours and no more than 30 days after the auction closes to report an NPB. If a seller does not file an NPB claim within the 30-day timeframe, Bid4Assets will NOT issue a Auction Completion Fee credit. (Refer to the Non-Performing Bidder Procedures in your My Account page – Credit Request Center'.


Am I required to offer a refund to the buyer?

Not all sellers on Bid4Assets offer a refund or return policy. Most assets are sold on an “AS IS” basis. However, if sellers would like to include this option they should provide a refund/return policy and guidelines in their auction listing. If the asset was misrepresented or damaged, the seller should take appropriate action to resolve the issue with the buyer.


In the case of Jewelry, Coin and Art auctions, private sellers are required to specify a return and refund policy, which will be described in the seller’s auction listing. This is a return and refund policy of the seller, not Bid4Assets. In order to take advantage of a seller’s refund policy, the buyer must pay within the timeframe specified by the seller in the auction listing, must contact the seller within 3 business days and return the item within 5 business days from the receipt of the item. The seller must send the buyer a refund within 10 business days of receiving the returned item. Please refer to the Terms of Service for more information on these requirements.