Guide to Icons and Concepts:

• Ruubi Auctions - What and How?
• Terms used on this site:
  1. Closing Soon
  2. New
  3. Active Bidding
  4. Hot
  5. Quickie Auction
  6. Bid Status Revealed
  7. MaxBid
  8. MinBid
  9. Max Bids / Maximum Number of Bids
  10. End Date
  11. Max Bids Per Bidder
  12. Unique Bid
  13. Highest Unique Bid
  14. Lowest Unique Bid
  15. Admin Fee
  16. Retail
  17. Item
  18. Quantity Available
  19. Bid Reference
• Bidding Process - See the Step by Step guide to the bidding process in Ruubi

Ruubi Auctions - What and How?

1. There is a Maximum Bid Amount (MaxBid) or a Minimum Bid Amount (MinBid) for the auction.
2. There is a Max Number of Bids or Maximum Number of Bids that will be accepted for the auction (or per item in the case of multiple item auctions).
3. An Administration and Handling Fee or Admin Fee is charged per bid.
4. Whilst the auction is open all bids are kept secret.
5. Once the auction closes the bidder with the highest Unique Bid for MaxBid auctions and lowest Unique Bid for MinBid auctions is eligible to purchase the product/service at their bid amount (provided that this Bidder answered all the Qualifying Questions correctly).
6. If multiple items are available for the auction, then each bid will be allocated to one of the items and a winner will be selected for each item (i.e. the highest unique bidder per item).

For example, for a Ruubi MaxBid Auction with the following settings:

MaxBid: Max Number of Bids: Admin Fee: Quantity Available:

$20.00 10 $5.00 1

Then the bidder that submitted Bid 8 would be eligible to purchase the product/service for $19.97 because it is the highest Unique Bid.

Assuming that the bids received were as follows:

For example, for a Ruubi MinBid Auction with the following settings:

MinBid: Max Number of Bids: Admin Fee: Quantity Available:

$ 1.00 10 $ 5.00 1

Assuming that the bids received were as follows:

Then the bidder that submitted Bid 8 would be eligible to purchase the product/service for $1.03 because it is the lowest Unique Bid.

Note: Should the End Date of an auction arrive and the Max Number of Bids has not been reached then the auction may be extended.

For more detail please view the Ruubi Auction Terms and Conditions. Back to Top

Terms used on this site:

• Closing Soon:
  
  This indicates that the number of bids on the auction has exceeded 75% of the Maximum Number of Bids (for each item in the case of multiple item auctions).
  
  
• New:
  
  This indicates that the Auction has recently been put up.
  
  
• Active Bidding:
  
  This indicates that the bidding has started and is not yet Hot on this Auction.
  
  
• Hot:
  
  This indicates that the number of bids on this Auction received so far is more than 25% of the Maximum Number of Bids.
  
  
• Quickie Auction:
  
  This indicates that the auction is a Quickie Auction and is generally open for a shorter period of time. Quickie Auctions are never extended - the auction will close on the End Date, regardless of the number of bids received.
  
  
• Bid Status Revealed:
  
  This is indicates that bidding on the auction will notify you whether your bid was unique at the time when you placed your bid or not.
  
  
• Max Bids or Maximum Number of Bids:
  
  This is Maximum Number of Bids that will be allowed in any auction. When this number is reached, an auction will close even if it is before the End Date.
  
  
• End Date:
  
  This is the specified date on which the auction will close. The End Date of an auction may be extended if the Maximum Number of Bids has not been reached (but cannot be extended for Quickie Auctions).
  
  
• Max Bids Per Bidder:
  
  This is the Maximum Number of Bids a bidder is allowed to bid in a specific Ruubi Auction.
  
  
• Unique Bid:
  
  From all the bids received for a particular item, the system cancels out all equal bid amounts and selects those that are different from the rest of the bids. These are regarded to be Unique Bids. A winner is then picked from these Unique Bids. In the example below, Bid numbers 5 and 8 are Unique Bids because all other bids appear at least twice.
  
  
  Bid 1: $20.00
  Bid 2: $20.00
  Bid 3: $19.99
  Bid 4: $19.99
  Bid 5: $19.98
  Bid 5: $19.97
  Bid 6: $19.97
  Bid 7: $19.97
  Bid 8: $19.96
  Bid 9: $19.95
  Bid 10: $19.95
  
  
  
• MaxBid:
  
  This is the term used in MaxBid Auctions to indicate the Maximum Bid Amount. A bidder may not place a bid higher than this amount.
  
  
• Highest Unique Bid:
  
  This is the Winning Bid of an item in a MaxBid Auction. It is the Highest Bid Amount received amongst the Unique Bids for an item. In the example below, Bid number 5 is the Highest Unique Bid and is the Winner (assuming all the Qualifying Questions are answered correctly).
  
  
  Bid 1: $20.00
  Bid 2: $20.00
  Bid 3: $19.99
  Bid 4: $19.99
  » Bid 5: $19.98 «
  Bid 5: $19.97
  Bid 6: $19.97
  Bid 7: $19.97
  Bid 8: $19.96
  Bid 9: $19.95
  Bid 10: $19.95
  
  
  
• MinBid:
  
  This is the term used in MinBid Auctions to indicate the Minimum Bid Amount. A bidder may not place a bid lower than this amount.
  
  
• Lowest Unique Bid:
  
  This is the Winning Bid of an item in a MinBid Auction. It is the Lowest Bid Amount received amongst the Unique Bids for an item. In the example below, Bid number 8 is the Lowest Unique Bid and is the Winner (assuming all the Qualifying Questions are answered correctly).
  
  
  Bid 1: $1.00
  Bid 2: $1.00
  Bid 3: $1.01
  Bid 4: $1.01
  Bid 5: $1.01
  Bid 6: $1.02
  Bid 7: $1.02
  » Bid 8: $1.03 «
  Bid 9: $1.04
  Bid 10: $1.04
  
  
  
  
• Admin Fee:
  
  This is the Bid Fee or the Administration and Handling Fee that is specified for an auction, applicable to every bid made. Provided a winner is selected this fee is non-refundable.
  
  
• Retail:
  
  This is the Recommended Retail Price or the market value of the product. Ruubi offers the chance to win a product at less than 20% of this amount.
  
  
• Item:
  
  A single Ruubi Auction may consist of one or more identical Items. Quantity Available indicates the number of Items available.
  
  
• Quantity Available:
  
  Indicates the number of items available for a particular auction and therefore indicates the number of winners that there will be for a particular auction. For example, If an auction has a Quantity Available of 3, your bid(s) placed will be allocated to one of these 3 items (all your bids placed in the same instance will be allocated to the same item). Should the Auction end successfully, a winner will be selected for each of these 3 items, thereby guaranteeing 3 winners.
  
  
• Bid Reference:
  
  This is the Reference number to check up on when an auction is over to see if you are the winner. This number is sent in the bid confirmation mail you get after bidding on an auction.