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Live Auction Rulebook for Domain Names

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  • Live Auction Rulebook for Domain Names

    The DOMAINX Live Auction (No Reserve) for Domain Names are strategically created for the domain name community to easily buy, liquidate or resell their domain name portfolios individually or as a package.

    Disclaimer: Live Auction is a volunteer effort from the members of DOMAINX community and we do not not charge any money (fee/commission) to either buyer or seller.

    DOMAINX has established a panel of 7-8 expert (veteran) domain name investors who select 10-20 domain names (depending on time) anonymously through in-house voting process which is further moderated by a panel of 2-3 Live Auction Hosts.

    DOMAINX oversees these live auctions on a regular, monthly basis so that fundamental information is included with each auction listing. Submitting parties are allowed and encouraged to promote their listing of Domain Name Auction around in order to receive maximum exposure.

    Domain Auctions Submissions:

    Live Auction submissions are open from 1st till 20th of each month and 10-20 selected domain names shall be announced on 25th or 26th day of the month for the scheduled auction on the last day (30th or 31st, whichever is last day of the month) of each month at 10:30 PM IST. Any domain submitted after 20th shall be considered for next monthly live auction.
    • Submission Days: 1st till midnight of 20th of each month.
    • Selected Domains Announced: before midnight of 25th or 26th day of each month.
    • Domain Auction Day: Last day (30th or 31st, whichever is last day of the month) of each month at 10:30 PM IST.

    Domain Auction Platform: DOMAINX Discussions & Live Auction group on Telegram, please Join here. (Install Telegram Messenger Application on your phone or desktop before clicking join here link)

    Domain Auction Template for Promotion

    DOMAINX has created an auction template which could be used to promote your domain name auction through social media among masses:

    Domain: Example.com (for reference only)
    Registrar: Godaddy/Dynadot/Uniregistry/etc.. (Push or Auth Code)
    Registered On: Day-Month-Year (format)
    Expires On: Day-Month-Year (format)
    Buy Now Price: $xx-$xxx (if any, please specify. Valid till day before the auction)
    Payment Options: PayPal/Escrow/Bankwire/IMPS (Please specify all accepted payment options)
    Comments: Please highlight why your domain name is valuable and other investors should bid on it.

    Other Important Live Auction Rules
    • Domain Auction currency is strictly $/USD (United States Dollar).
    • Domain Name Seller will make sure that the domain name has at least one month expiration time on the date of transfer, otherwise (s)he is responsible for the renewal expenses.
    • Maximum of 4 domain names can be submitted by each participant, per auction, each month. Out of the submitted 4 names, 1 or 2 names may be selected for the live auction.
    • Domain Name should not be listed for sale at any other marketplaces during auction process. No details can be modified after submission of the form.
    • A total of up to 10-20 domain names shall be selected for each auction. Please note that DOMAINX team reserves the right to add additional domain names as they deem fit.
    • No domain name will be accepted with reserve price. Every domain name auction shall start with $1 bid. Please note that DOMAINX team reserves the right to add reserve priced domain names as they deem fit.


    Live Auction Bidding Rules

    a) Time limits: Each domain name will be open for bidding process for the time till bids continue to be placed, and/or idle time of 2 minutes.

    A final countdown of 10-1 (by Live Auction Host) shall start at the end of 2 minutes of idle time during the auction bidding process. If someone places a bid during the final countdown period, it shall restart from 10 and go on until no further bids are placed.

    b) Legal Terms: Each and every bid placed during the auction is a legally binding agreement, until and unless retracted (with Auction Hosts permission) within 10 seconds of placing it with valid reasoning.

    In case of unwarranted behaviour such as, but not limited to; bid suppression, collusion between bidders, shill-biding, phantom bids, etc. such participants will be immediately removed and their identity will be disclosed to the domain name community for bad business ethics. Auction process for such domain name shall stand cancelled and may or may not be rescheduled. WHOIS changes shall be closely monitored for the domain names auctioned through the auction process.

    c) Auction Bidding Increments
    • $0 – $99 : $1 or above
    • $100 – $499 : $5 or above
    • $500 – $999 : $10 or above
    • $1000+ : $50 or above

    d) Payment Methods: Seller is free to pick and choose any of the available payment methods available in the world. If buyer and sell decides to go through Domain Name Escrow service, they should amicably decide on the escrow fee as well.

    Note: Seller may not demand extra payment for incurring any fees (For example: Paypal, Payoneer, Transferwise, Western Union, etc).

    e) Auction Payments: Domain name auction payments should be submitted within 48-72 hours by the buyer to the seller. Unless and otherwise agreed upon by and between buyer/seller.

    After the domain name auction payment window is over, buyer shall stand ineffective. Default in payment shall attract removal from the domain name community groups, pending further action. A delay in domain name auction payment shall attract 25% compensation fees of the final domain name auction price, for the seller.

    f) Domain Name Transfers: Auctioned domain names should be pushed to buyers account within 48-72 hours of receiving payment. Domain Transfers between registrars should be completed within 7-10 business days, at the most.

    After the domain name transfer window is over, seller shall stand ineffective. Default in domain name transfer shall attract removal from the domain name community groups, pending further action. A delay in domain name transfer shall attract complete refund + 25% compensation fees of the final domain name auction price, for the buyer.

    Legal Disclaimer: DOMAINX team isn’t liable for providing platform for live auction of domain names. Currently Live Auctions are being conducted FREE OF ANY CHARGE, FEES or COMMISSION.

    Each participant hereby agrees not to hold DOMAINX™ team liable for any loss that may result from the use of the Service. Sellers, re-sellers, and buyers’ liabilities regarding auction items or services are their respective responsibilities and absolve DOMAINX™ of any liability.
    Last edited by DOMAINX™; 11-10-2019, 05:34 AM.
    Need help? Private message me :-)

WELCOME TO DOMAINX™ FORUM

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Since 2014, DOMAINX™ was developed to build community and provide income opportunities to aspiring Internet professionals, is now a part of multiple success stories.

Disclaimer: Views expressed by members are their own, and not those of DOMAINX™.

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