An individual object or group of objects offered for sale at auction as a single unit.
1.Carefully read and confirm the Auction Announcement.
2.Carefully read and confirm the Auction Instruction.
3.Completely know and acknowledge the lot’s information provided by Eshiptrading.com
4.Apply and pay the deposit. (After the commencement of an auction, the application cannot be submitted and the deposit cannot be paid).
5.If you win the bidding, please read the Transaction Confirmation Notification, pay the balance, and conduct the transfer and delivery of the lot offline. If you fail the auction, the deposit will be refunded to you.
Apply and Pay Deposit：
1.Payment times: You shall pay the deposit every time you participate in the auction of ship.
2.Payment mode: transfer via online banking service or offline bank. Because the sum of the auction lot is very high, the amount of the deposit is high too. For the online banking service, you shall know the limit for single payment and maximum daily limit in advance for the smooth payment of the full deposit.
3.Deposit confirmation: The deposit shall be transferred through bank and verified online. Please transfer the deposit to the RMB account or USD account designated by the Auction Channel through bank two days prior to the commencement of an auction. After that, you shall fill in the payer's account name, bank and account number and then upload the bank slip.
4.Deposit Freezing period: If you wins the auction, the deposit you have paid will automatically become part of the total transaction amount; if you fail, the deposit you have paid will be refunded the same way it came within seven banking days.
5.Deadline: You cannot apply for the bidding and pay the deposit two banking days prior to the commencement of the auction. Please pay the deposit within the announcement time in order not to miss the auction.
6.Successful application: The application will be successful when the deposit has been successfully paid and verified by the Auction Channel. If you do not place any bid during the bidding period, the deposit will be refunded the same way it came within seven banking days subsequent to the close of the auction.
1.Bidding qualification: You can gain the bidding qualification only after you have applied as a bidder and your deposit payment has been verified by the Auction Channel.
2.Bid increment: N time(s) the minimum increment (N>=1, and N is an integer).
3.If the current bid is the highest one, the bidder who gives the price shall not bid again. Only when another bidder offers a higher price can the former one bid again.
4.The number of times of bids is limitless. A bidder can bid during the bidding period. A bidder does not need to conduct the bank transfer every time he/she bids.
5.Bidding period prolongation: In the last two minutes of an auction, where a bidder offers a bid, the auction will be automatically prolonged for two minutes. (Please see the countdown on the page). And so on until there are no bids in the last 2 minutes, and the auction closes.
6. Transaction Conditions
(1)There is one bid at least and the highest bid is higher than the starting price;
(2)If there is a reserve price, the highest bid shall be not less than the reserve price.
Conditions for Successful Auction
1.The premise is that the bidder has successfully paid the deposit within the period stipulated with a valid bidding number. If there is no reserve price, the bidder giving the highest bid will win the bidding; if there is a reserve price, the bidder giving the highest bid which is not less than the reserve price will win the bidding.
1.Subsequent to a successful auction, the deposit will automatically become part of the total transaction amount and escrowed by Eshiptrading.com.
2.In accordance with the Transaction Confirmation Notification, the buyer shall pay the balance to Eshiptrading.com within the stipulated time and with the prescribed payment mode. The balance will be escrowed by Eshiptrading.com.
Delivery After Payment Confirmation
Subsequent to your payment of the balance, Eshiptrading.com will check if the balance has reached the account. Please conduct the physical delivery and legal transfer of the ship and handle relevant transfer procedures with the seller within three working days after our verification of your payment with our confirmation letter. If you need the commission or other services, please visit the “Services” channel.
1.If you fail the auction, the deposit will be directly refunded the same way it came (free of interest).
2.Refund time: The deposit will be refunded within seven banking days subsequent to the close of the auction.
3.If the refund fails, which happens very rarely, please contact our customer service staff for manual refund.
What will happen if you fail to buy the lot as the winning bidder?
Commercial auctions on Eshiptrading.com are protected by laws. After you win the bid for a ship, your deposit will automatically become part of the total transaction amount. If you fail to pay the balance as a winning bidder, your deposit will be taken as liquidated damages. The seller can authorize Eshiptrading.com to auction the ship once again.