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Rules
In order to make this website as secure as possible, both
bidders and sellers must register with
eDebtAuction.com before participating in any
auction. The rules and forms for both bidders and sellers are listed below,
please read carefully.
SELLERS RULES OF THE AUCTION
1. All sellers must complete the registration form and
submit verification to eDebtAuction.com of its portfolio which would be listed for sale.
Please also provide a copy of your letterhead. Once you are a registered seller, you can
choose your own membership number and password and place items into auction as many times
as desired.
2. Participation in this auction constitutes acceptance by
the seller of the User Agreement
of this website. Before
you are permitted to participate in the auction, all sellers must read and accept the
User
Agreement.
3. For legal reasons involving rights of privacy,
sellers description of the debt portfolio must be described generically ie. no names
of businesses or individuals will be listed as part of the auctioned portfolio. Any debt
portfolio which does not meet this criteria will not be posted. No exceptions.
4. Seller will permit eDebtAuction.com to post its listing
based upon information provided by seller in the Auction
Registration.
5. All auctions will last for seven calendar days at
which point the highest bidder wins the auction.
6. When the auction has ended, seller should contact the
winning bidder within 3 business days with information on the total cost and where to send
payment. The winning bidder pays the seller directly for the debt item and it is the
sellers responsibility to fulfill the order when payment terms are met. The binding
contract of the auction is between the winning bidder and seller.
7. Seller agrees to pay eDebtAuction.com a fee for
conducting the online auction of its portfolio based on the following schedule:
Insertion Fee: $100.00 per portfolio
Auction Fee: 5.0% of amount of high bid up to $100,000.00
2.5% of amount of high bid from $100,000.01 up to $500,000.00
1.0% of amount of high bid from $500,000.01 and up.
8. eDebtAuction.com will invoice seller for amount
due after successful completion of auction.
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