Auction Rules and Terms & Conditions

Auction Rules:

  • Bidders must input legitimate credentials before starting to place bids
  • All bids placed are final and irrevocable
  • Only bids higher than the floor/reserve price, or higher than the previous bid will be considered
  • The lots are to be considered independently
  • To place a bid: Set up an automatic bid: enter the maximum amount you would like to pay for the selected lot, and press “Set max bid”. To keep you in the lead, the system will automatically bid on your behalf in increments of $0.05, up to the maximum amount inputted. In case your maximum bid gets out-bided, you will be immediately notified to give you the opportunity to increase the maximum amount of your bid.
  • At the closing of the auction, the bidders that will have submitted the highest bid for each independent lot will be awarded the VER lot at bid price.
  • BURN will issue an invoice and send it by email to the winning bidders within 2 working days from the closing of the auction.
  • Payments for the winning bid shall be made within 5 working days of the reception of the invoice from BURN. If a winning bidder cannot make payment within the allotted time, the lot will be awarded to the next highest bid.
  • BURN will transfer the VERs on the bidders GS Account (or retire on behalf of the bidder) within 2 working days after reception of the payment on BURN’s account.

Terms & Conditions:

By submitting their bids, participants to the auction agree with the following:

  1. At the closing of the auction, the parties that will have submitted the highest bid for each independent lot will be awarded the VER lot at bid price.
  2. Parties awarded a winning bid are legally bound to purchase the volume of VERs at bid price. Failure to honour bids will result in the bidding party to be excluded from future auctions.
  3. Payments for the winning bid shall be made within 5 working days of the reception of the invoice from BURN.
  4. If a winning party does not make payment within the allotted time, the lot will be awarded to the next highest bid.
  5. Credits shall be transferred or retired within 2 working days after reception of the payment on BURN’s account.
I Agree to above terms and Conditions