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| iAuction Glossary of Terms |
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Auction
An event in which items are made available to members for bidding during a specified time period (duration).
Auction results page
This page displays the auction winners.
Bid
An offer made for an item(s) in an auction.
Bid Cancellation
The cancellation of a bid by a CPLP or a member. Note: CPLP reserves the right to cancel the bid of any member with out prior notice.
Bid Increment
The seller specifies a predetermined amount by which a bid will be raised, based on the current high bid.
Bid Retraction
A cancellation of a placed bid by the bidder. Members should exercise this option only in unusual circumstances.
Bidder
A bidder is a member who places a bid on an auction item.
Bidding
The act of placing a bid on an open auction item.
Contact Information
All members are required to provide a valid e-mail address and the most up-to-date contact information.
Duration
A specified number of days/hours/minutes that bidding can take place during an auction.
Gallery
All auction items are displayed at this location.
Member
A member of either The Marco Polo Club or Asia Miles programmes.
Visitor can browse item listings without registering on the Asia Miles site only, but cannot bid in auctions. If a visitor has not yet registered they should be offered the chance to do so.
Member Number
A membership number assigned to you. You must have this in order to participate in the iAuction.
Minimum Bid
The lowest price that may be placed as a bid for a specific item. This price is determined by the CPLP and will be shown on the specific item page.
Open Cry Auctions
Open Cry auctions follow the public meeting model where all bids are available for everyone to see.
Outbid
Another bidder has placed a bid higher than your maximum bid.
Pricing Mechanisms
The Asia Miles iAuction uses discriminative pricing i.e., when the quantity of the items available in an auction is greater than one; all auction winners are required to pay their own maximum bid amount.
Reserve price
The required price set by CPLP, which must be met in order for an item to be sold (traditionally this amount is confidential).
Runner-up
The bidder(s) whose losing bid amount came closest to the winning.
SSL
Short for Secure Sockets Layer, a protocol developed by Netscape for transmitting private documents via the Internet. SSL works by using a private key to encrypt data that is transferred over the SSL connection. Once submitted, this information can then be read only by the certificate holder - rendering it useless if intercepted by a third party while in transit. Both Netscape Navigator and Internet Explorer support SSL, and many web sites use the protocol to obtain confidential user information, such as credit card numbers.
Starting Price
The minimum bid price to start an auction and specified by the CPLP.
User Agreement
The 'User Agreement' outlines the terms of use for all members using the iAuction site. Members agree to these terms by their participation in any auction.
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