There are several bid rules to keep in mind while watching the Live Event or while running Interactive Demos to train participating bidders before the Live Event.
Automatic Time Extension: If automatic time extension is enabled for a Live Event, bids placed in the final minutes of each lot's open time will extend the open time of the lots.
No Tie Winning Bids: Iasta SmartSource does not allow tied winning bids. If a bidder wants to place a bid, it must either be lower than the current winning bid or must beat the current winning bid by at least the minimum bid decrement or increment.
Safety Net: If a safety net is in effect to protect against erroneous bids, a bidder cannot bid less than the specified percentage of the current low bid. For example, if the current low bid is $100.00, and the safety net is set to 20%, Iasta SmartSource will not allow the bidder to submit a bid lower than $80.00. If a bidder really wants to place a bid lower than $80.00, he or she must do so as two or more separate bids.
Ceiling and Floor Prices: If a ceiling price is set for a lot, no bids over the ceiling price will be accepted by Iasta SmartSource. Accordingly, if a floor price is set for a forward auction lot, no bids under the floor price will be accepted. Bids can be placed irrespective of the start price or qualification price, but submitting bids placed above the ceiling price, or below the floor price, will fail.
No Retreating Bids: The bidder cannot place a lower bid than their current best bid. If a bidder wishes to place a new bid, it must beat their current best bid.