Auction


Updated at: February 28, 2020

1. The auction marketplace
2. New registered user for auction
3. Auction feature

3.1. Auction creation
3.2. Duration
3.3. Automated notifications
3.4. Auction closing
3.5. Anti-sniping mechanism

4. Eligibility requirements

5. Auction marketplace fees

6. Legality

In order to sell items in the Online Marketplace on Playy.World (the “Platform”), you must agree to the Marketplace Seller agreement outlined below, which includes our privacy policy and any other terms and conditions on the Site. By listing an item for sale or purchasing an item on the Platform, you agree to be bound by all terms and conditions of this Marketplace Seller Agreement.

The Platform is operated by Playy.World Pte Ltd . (“Playy.World”), which reserves the right to make changes to this Marketplace Seller Agreement at any time. Continuing to sell items in the Platform will constitute your agreement to the revised Marketplace Seller Agreement. It is your responsibility to review the changes and decide if you want to continue to use our marketplace. Changes to the Marketplace Seller Agreement may occur without direct notice to you.

The auction marketplace

Playy.World provides an online service that allows third party sellers to sell their products to buyers. Playy.World does not act nor represent ourselves as the agent for either buyers or sellers. Our service is to provide a platform for these transactions to take place.

New registered user for auction

Newly registered users are allowed to list 1 auction at any time. Once newly registered users have completed 5 trades successfully, the user will become a Verified User. As a Verified User, there is no limit to the number of auction listings, based on a fair use policy. Playy.World has the sole discretion to limit the number of auction listing if there is an abuse and unfair use of the auction marketplace.

Auction feature

Auction creation

A new Auction can be listed immediately. Auctions can also be created, but open in the future. This type of Auction of being created in advance, is limited up to 3 days ahead (72 hours).

Starting Bid Price, Buy-out Price and Increment Price are all compulsory fields.

Duration

Each auction must have a duration of at least 24 hours, and a maximum of 72 hours. Once the auction is listed, no changes are allowed to the auction listing. You choose to de-list it, if there are no bids already submitted.

Automated notifications

Automated notifications are sent to your Playy.World Inbox and real-time notifications.

If there are no bidders or watchers to the auction listing at the 12-hour mark, the seller will be notified of the situation. If there are still no bidders at the 18-hour mark, thee auction will be automatically de-listed, and the seller will be notified.

All bidders and watchers are duly notified of new bids/bidders in their participated auctions.

Auction closing

Once the auction expires, the bidder with the highest legitimate bid will be announced as the winner, and will be notified.

Anti-sniping mechanism

Playy.World implemented a fair bid mechanism to allow sincere and committed bidders to have a fair chance of bidding to win.

If there is a new bid submitted with 10 minutes or less to the auction closing time, the auction closing time will be automatically extended by another 15 minutes. This process will be repeated there is a clear winner, or when the Buy-Out Price is struck.

Example 1:

Auction Closing Time

New Bid Submitted

Action

Revised Auction Closing Time

22:00hrs

21:49hrs

No change

No change

22:00hrs

21:50hrs

Closing Time extension

22:15hrs

Extension to 22:15hrs

21:59hrs

No further change

22:15hrs


Example 2: Repeated Sniping & Extension

Auction Closing Time

New Bid Submitted

Action

Revised Auction Closing Time

22:00hrs

21:49hrs

No change

No change

22:00hrs

21:50hrs

Closing Time extension

22:15hrs

Extension to 22:15hrs

21:59hrs

No further change

22:15hrs remains

Extension to 22:15hrs

22:14hrs

Closing Time extension

22:30hrs

Extension to 22:30hrs

22:29hrs

No further change

22:45hrs

Extension to 22:45hrs

22:35hrs

No further change

22:45hrs

Eligibility requirements

Listing items for sale in the Platform is limited to parties that can lawfully enter into a contract. Minors are not allowed to buy or sell on our marketplace. To list items for sale you must supply your name, address, phone number, email address, bank account info for payment and agree to the Marketplace Seller Agreement.

Your bank account information is required and is used primarily for security and disbursement reasons. Please note that the bank account you have shared must be valid in order for you to be paid for your sales. If for any reason it is invalid at the time we try to disburse funds to you, your disbursement will be delayed until you update the information. If an incorrect bank account is provided and your disbursement is transferred to another account erroneously, it is your responsibility to retrieve the funds.

Auction marketplace fees

For all items sold through its marketplace, Playy.World charges a small fee based on a percentage of the sale price. The seller of an item is responsible for paying this fee. This fee will be automatically deducted from the earnings you receive from a sale. Fees may change at any time without notice. The fee is only charged for Completed Transactions, and effected on the crediting of the balance sale amount to the seller Playy.World account.

By listing an item for sale in our marketplace, you agree to pay the applicable fees and any collection costs related to non-payment of fees. For the disbursement of your Playy.World account balance into your bank account, your bank may impose transfer fees that are immediately payable and deducted via your bank transfer amount. By listing an item for sale on the Site, you authorize Playy.World to make disbursements to your bank account for your amounts due.

Please refer to the Seller Fees for the applicable fees for item sale.

Legality

Please refer to the Seller Policy in Playy.World for compliance and adherence on the fair use of the Platform