Auction Vice Versa™
Rules and Fees:
1. Registration of Investor
To register Investor send us (by email, fax, letter):
1) Letter of Intention that contents the amount of investment and the investors demands to
the object of investment;
2) Bank confirmation in any form i.e. in form of bank statement, or letter from audit company confirming that investor possesses the amount.
Investor deposits in the escrow account the investor's participation fee (0.2% of investment but not less than €500 and not more than €2000) that is refundable if auction ends without result deductible investor processing fee €100. For example, if investor is going to buy office for 500,000 Euro, he may provide the letter from auditor stating that his company possesses 500,000 Euro.
2. We determine the time of start and end of auction and inform the potential bidders
3. Registration of bidders
To register a bidder sends us (by email, fax, letter):
1) the initial offer - the object of investment and bidder's condition (for example the description of building and the price).
For non-members of CIP-club only:
2) Declaration that bidder possesses right to make this offer.
3) Copy of bidder's ID (for physical persons) or Number in Registrar for companies.
4) We may ask additional documents in our discretion on a case by case basis depending on the character of offer.
Registered bidders deposit in the escrow account the bidder's participation fee (0.2% of bid but not less than €500 and not more than €2000) that is refundable for all bidders excepting winner deductible bidders processing fee (€40).
All participants (investor and bidders) are granted access to Virtual Auction Hall - the special page of this website, where bidders can post unonymously their offers and investor can comment.
On the special page of Virtual Auction Hall, to which only investor, bidders and administrator have access, we will put information about bids without information about bidders. During the time between start and end of auction each bidder may update his offer making it more attractive for investor depending on the situation in the Auction Hall. Investor can choose the most attractive offer in his discretion.
5. Conclusion of auction
If investor chose some offer, we declare success of auction, connect investor and winner and refund unlucky bidders' their fees as it is stated above.
If investor rejects all bids, we declare unsuccess of auction and refund all participants their fees less processing fees as it is stated above.