Auction rules for buyers and sellers
Welcome to the domain name auction platform n. 1 in Europe
DOMAINHDEMY is a UK based auction site with the highest number of daily active users (buyers + sellers) and the highest number of domain auctions held regularly.
Advertise your domain for sale via auction to receive the widest possible exposure in the market, instantly grabbing the attention of hundreds of domain name investors, marketers, advertisers, SEO professionals, and ultimately, end users.
Platform concept: free to buy, often free to sell
DOMAINHDEMY presents a new concept in domain name trading.
The platform is completely free for buyers and sellers are able to run auctions on our platform being subject to one of two types of commissions:
Premium domains approved for the "Auction" section are subject to a 15% sales commission as well. as for the Marketplace section.
A listing fee will not be charged if your domain name is not sold.
DOMAINHDEMY is an eBay-like open marketplace where buyers and sellers confront each other directly.
We try to have minimal interference in relationships with members.
List of domains for auction
Once you have listed a domain name, you agree to enter into a legally binding contract with the highest bidder.
You are obligated to sell your domain name at the highest bid price, with reserve price auctions being the only exception.
Also, you can't sell that item to anyone else until the auction you started has ended.
If the highest bid doesn't meet your stock, you don't have to sell.
In all other cases, you are obliged to sell the domain name to the highest bidder and to transfer it within 5 days of receipt of payment.
Once an auction has started, sellers cannot change the initial bid or reserve price amounts.
Other auction properties cannot be changed.
Bid on domains
You must be a registered user to bid on domains.
By making an offer, you represent that you are ready and willing to purchase that domain name for the amount of your offer, as well as pay the domain ownership transfer fees and escrow fees if you feel you need to use that service.
If you have outbid the offer or your offer does not meet the seller's reserve price, you are under no obligation to purchase.
But in all other cases, you are entering into a contract with the seller to purchase the domain name and deliver the payment within the specified time frame.
If you can't pay, on time, don't bid!
All your offers are final and non-retractable.
You are entering into a legally binding agreement to purchase the domain name for a monetary amount equal to the amount of your bid if you become a winning bidder.
VAT and auction payment fees
All domain prices listed in DOMAINHDEMY auctions are gross (ie - VAT included).
This helps make offers fair for everyone (regardless of whether they are VAT registered or not) and results in greater transparency of what you see and what you pay for.
The final bid price is the price the buyer pays regardless of whether the sale includes VAT or not.
If the seller is VAT registered and the buyer pays VAT, the bid price is considered gross and the bid price must include VAT, not added to it.
If the seller is not VAT registered or the buyer is not required to pay VAT, the buyer pays the full bid price and the sale does not include VAT.
If you are a VAT-registered seller, make sure the starting price of the desired auction takes the VAT included in the account.
When sending payments to sellers, buyers do not pay bank fees or Paypal.
PayPal recipient (seller) fees should not be claimed from the buyer.
When sending payments to sellers who do not accept wire transfer and / or Paypal payments and only offer the "EU / international wire transfer" payment option, it is the buyer's responsibility to cover the wire transfer fees, then the seller receives the exact amount domain name was sold for.
Reserve price auctions
Sellers can choose to set a reserve price higher than the initial minimum bid.
Bidders can see if an auction has a reserve price and if it has been satisfied or not. (This is indicated above the offer display table).
The actual amount of the reserve price is not shown to bidders until it has been met or exceeded.
The seller is not obligated to sell if the reserve has not been reached, nor is the highest bidder obliged to buy.
If the highest bid meets the reserve price, both parties are obligated to execute the trade.
Auctions with hidden reserve prices
This option is available for "Trusted Sellers".
The hidden reserve price differs from reserve price auctions in that it is not known until the end of the auction if the reserve price has been reached by the highest bidder.
To ensure that neither the seller nor the auction platform can change the reserve price after it has been set at the start of the auction, the "Hidden Reserve" price is protected by a cryptographic hash, which is published on the auction page. auction from the start of the auction auction.
At the end of the auction, a secret string is revealed that contains the reserve price initially set, so that it can be matched with the displayed hash.
Normally, an auction closes at the scheduled time as displayed in the list.
However, if there are any successful bids within the last 10 minutes of closing time, the auction will go into overtime.
The auction is extended until further bids run out for a continuous period of 10 minutes.
This is similar to an auctioneer who keeps bidding until there is no more interest.
For example, if a new bid arrives with 4 minutes left in the auction, there will be 6 minutes of overtime unless more bids arrive.
It is possible that the auction will be extended continuously, but the longest overtime normally would not be more than 20-30 minutes.
Overtime helps deter "snipers" or last-second bidders.
For example, you may have spent a long time reaching your high bid status in an auction.
Without overtime, someone could time their offer within seconds of closing, leaving you with no time to notice the offer and enter one in response.
This is a common practice at online auctions and unfair because you wouldn't know this person is waiting to pounce on you.
In a live physical auction, at least you can see your competition and the auctioneer will continue with the auction to give you a chance to respond.
This is exactly why DOMAINHDEMY uses an overtime system at our auctions.
We have found that 10 minutes is enough to receive an outdated offer email from our system, log into our site and place an offer.
So what's the best strategy? If you have time and enjoy attending online auctions, wait until the last few minutes of an auction to place a bid. Your competition will take 10 minutes to respond, but they may not be available. If you don't have time to watch an auction close, use the Proxy Bidding method. Together, these two features save you a lot of time online, while protecting your chances of winning auctions.
What to do after the auction
The DOMAINHDEMY system will send notifications to both the highest bidder and the seller after the end of a successful auction.
Both the buyer and the seller are required to contact each other via email, within 3 days of the end of the auction. (Email addresses can be found in the notifications).
After email contact, you may want to exchange phone numbers to speed up communications.
If the repeated emails are not answered by either party, an expiration notice will be sent to both parties after 14 days of the auction ending and the contact phone number will be revealed in the "My Account -> my auctions "website.
Please use this number to contact the other party if online communication does not work.
Once the contact has started, it is necessary to define the payment methods, the domain transfer methods and the expected dates.
The goal is to complete the transaction within 5 days of the auction closing.
This may vary slightly, depending on the type of payment, how long to wait to cancel, when escrow is used, etc. Basically, specific dates should be established between the buyer and the seller and each party should follow their own part of the program.
You may need to exchange several emails or phone contacts, updating the other party at each step.
However, if after 14 days the transaction fails and the domain name is not transferred, our system will issue a final reminder to the buyer and seller.
The purchase will be considered unsuccessful and is marked as not completed if there is no further action 7 days after the final reminder (Note: this does not release you from the legally binding contractual obligations between the seller and the buyer).
The system cannot determine whose fault the sale failed, but assumes that the fault lies with the buyer.
This will negatively affect the buyer's competency score, however the seller may also incur a small penalty.
For salespeople, this will not significantly affect their overall proficiency level.
The situation for the buyer is different as it could be a "one strike and out" rule.
We will not tolerate non-paying / unresponsive buyers on DOMAINHDEMY .
DOMAINHDEMY members are expected to conduct business with the honor system in mind.
All members in good standing have demonstrated their integrity by registering and fulfilling their commitments.
But we are all human and mistakes and miscommunications can lead to disputes.
If you find yourself in a situation where you and another member disagree, please contact us.
While we cannot promise a satisfactory solution, we will try to contact both sides and help mediate the situation.
Any illegal activity, breach of contract or outright false statements must be reported immediately.
DOMAINHDEMY staff will collaborate with law enforcement if necessary and at the very least interrupt the registration of the offender.
Thanks to our long experience in the industry, we have found that most of the UK domainers are honest and trustworthy people.
We are extremely confident that DOMAINHDEMY auction members will behave honestly and will be able to resolve any small differences themselves.
Account / Subscription Termination
The subscription to DOMAINHDEMY can be revoked for any violation of the DOMAINHDEMY Rules and / or based on the exclusive decision of DOMAINHDEMY for any reason and without further explanation. Upon termination, the member loses the ability to request a refund of any unused or released dues and will lose any remaining funds on the account balance.
You accept thatDOMAINHDEMY will not be liable for any claims for damages and liabilities, notices, third party injunctions and other claims, as well as for any related costs and expenses caused by members' use of DOMAINHDEMY name servers after the auction ends.
THE DATE OF PUBLICATION IS THE DATE OF EFFECTIVENESS OF THIS AGREEMENT.
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