Terms and Conditions for Auctio

Effective date: March 13, 2024

Thank you for choosing Auctio. This Privacy Policy describes how Auctio ("we", "us", or "our") collects, uses, and shares your information when you use our auction application (the "App").

Bid Payment

• When placing a bid on an auction, users are required to pay 3% of the "Buy it now" price as a bid fee
• This amount will be deducted from the user's balance and displayed as a part of their wallet balance in the App.

Insufficient Balance

• If a buyer bids more money on an auction than they have in their wallet and wins the auction, they will be given an additional 24 hours to provide the remaining amount.
• Failure to provide the additional amount within the specified timeframe will result in a penalty of 5% of the auction price.
• However, if the penalty exceeds the initial 10 USD balance, the maximum penalty will be 10 USD.

Seller Obligations

• Sellers must deposit 3% of the "Buy it now" price of the items they are trying to sell into their App balance.
• This balance will be used for penalties, if necessary.
• After the auction ends, sellers can withdraw the total amount (initial 3% deposit + auction maximum bid amount) to their bank account

Confirmation Button

• If an item is sold on the App and neither the seller nor the buyer confirms the transaction within one week, penalties will be imposed
• The seller will be charged 3% of the "Buy it now" price, and the buyer will also be charged 3% of the "Buy it now" price
• Bid and confirmation button charges are refundable upon request.

Delivery/Pickup Timeline

• Sellers are responsible for ensuring the delivery or pickup of the item within 30 days from the date of the auction.

Payment Gateway

• Payments on the App are processed using Visa and Mastercard through the Rapyd payment gateway

Refunds

• Refunds are applicable for bid fees and confirmation button charges upon request. However, penalties are non-refundable.

Password Reset

• When a user requests to reset their password, we may send a One-Time Password (OTP) to their registered email address for verification.

Disclaimer

• Auctio reserves the right to modify, suspend, or terminate the App or any service provided by the App at any time without prior notice.
• Auctio is not liable for any losses or damages resulting from the use of the App or any services provided therein.

Contact Us

If you have any questions or concerns about our Terms and Conditions, please contact us at AuctioCorporation@gmail.com.

Changes to this Terms and Conditions

We may update our Terms and Conditions from time to time. We will notify you of any changes by posting the new Terms and Conditions on this page.

Conclusion

Thank you for your understanding and cooperation regarding our Terms and Conditions. We strive to provide a fair and transparent auction platform for all users.

Auctio
Email: AuctioCorporation@gmail.com
Date: March 13, 2024