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ABOUT TIMED OR SILENT AUCTIONS

Livestock Auctions Timed or Silent auction technology has the most advance functionality for the livestock industry available in the market. The software is specific develop for the livestock industry and allows for unlimited amounts of data and information for each lot loaded and state of the art graphics a display for easy reference for users.


The online auction functionality allows for users to sell and buy a specific lot of game. These specific lots are allocated a specific timeline to bid for the specific lot. The bidding process is live and interactive and users can track the bidding for the period allocated to the lot. At the closing of the lot, an email is sent to both parties (buyer and seller) confirming the successful bidder of the outcome of the online auction. As soon as the auction has closed and buyer and seller have accepted the transaction, a "Transaction Confirmation" of the lot will be sent to both parties listing the following:


* Buyers details;


* Sellers details;


* List of animals sold with prices and quantities and details;


* Special conditions of sale(for example including delivery costs and insurance costs);


* Delivery address for the buyer;


* Invoice details of the buyer and seller confirming the pricing and terms of the transaction will be done by Livestock Auctions (Pty) Ltd and payments will be made accordingly;


The final arrangements will then be between the buyer and seller for the delivery of the livestock sold on auction after payment has been made by the buyer and Livestock Auctions has issues a delivery instruction certificate. Livestock Auctions is a facilitator of the transaction and cannot be held responsible for the delivery of livestock as well as payment of the amounts due. The livestock pricing on lots includes in most circumstances the kilometre range in which the animals will be delivered free of charge. The terms and conditions will be very specific if the seller needs to pay for extra kilometres.


The software has specific bidding rules applicable to the Timed Auction Software namely:


* Only register users on the Livestock Auctions website can participate in auction;


* All lots available on the auction will have a different end time and date to allow users to participate in bidding for all lots;


* Each lot have a predefined interval applicable to the specific lot;


* Users have the ability to select a maximum bid for a specific lot. This will allow the user to participate in the bidding without being login on the system. The bidding for the specific user will automatically happen in the set intervals until the maximum bid has been reached for the lot the user has offer. The maximum will always refer to the latest bid plus the interval value until the maximum bid of the user has been reached. Thereafter the other users will be able to outbid the use who have offer a maximum bid for the lot;


* SMS and emails are send to users keeping them up to date with all changes in bidding on lots;


* If any bid is received on the lot in the last 2 minutes before closing time of the lot, the system will automatically extend the closing time of the lot by five minutes. This rule is to stop users "slipping" in last second bids before the lot closing time and assist to assist all users to be able to participate in the bidding for the specific lot;


* Each lot will have its own increment based on the value of the lot;


* Each lot also have a predefined reserve price loaded on the system.


To facilitate the process, buyers will not have to type in amounts, as there are "quick bid buttons" on the page. Buyers only have to click on the button for R100, R200 etc. after which the bid is added and the total new amount offered appears on the screen. Invoices are issued directly after the auction, after which payment takes place. The animals are loaded at the place and on the day advertised prior to the auction. As with a live auction, buyers will be able to arrange their own transport, or they can request the seller or Livestock Auctions to take care of these logistics. A Comprehensive "Transaction Document" will be send to every successful bidder after the auction.

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