Guide for Auction

When is Auction held? (Date of Bid)

1. Auction is held once every Friday from 0:00 - 17:00. The machine is auctioned off a week later Friday.
2. Security deposit for both bidder and seller is required to participate in auction. Three (3) % of lowest bid amount must be submitted to Inwang before bid date.
3. Before bid, you may need time for checking the machine through inspection, arranging finance for machine purchase and submitting security deposit for Auction.

How to bid in Auction? (Bidder's Guide)

1. Membership registration: It is required to obtain user ID and password for this service. Click ?Registration? at top menu ?Members? to apply membership

2. Search Machines to bid:
1) 1) Search can be done in two ways. First, using menu of ?Machine Categories / Machine Names? on the left side of the screen or using ?Search? below top menu.
2) By using one of the above two ways, you can find the registered machine list (new/used) which you are interested in. Click on ?M/C Code? in machine list to see the detailed machine information including lowest bid price.
3) If you find any machine you are interested in, you may request the machine inspection to Inwang. However the inspection should be requested at least three (3) days before bid date.

3. Submission of Bid Bond:
1) In order to maintain high level of trust and credibility on auction, security deposit is required to participate in the auction. All bidders must submit three (3)% of the suggested lowest bid amount as a Bid Bond to Inwang before bid date.
2) Bid Bond can be deposit by Cash, Credit card, Online Deposit or Certified Check. The refund of bid bond will be made if your bid is not successful.

4. Bidding: You are ready if Inwang confirmed your submission of bid bond. You can start to bid in the given form of ?Bid? from 0:00 on Friday. The bidding takes place on real time so increase your bid at your own discretion.

5. Checking Bid results: Bidder can view the result of the Bid by clicking on ?My Auction? at top menu ?Auction?. The winner will receive e-mail in 24 hours from inwang. For more details, please refer to the Service Agreement, Article 14. Auction.

How to sell in Auction? (Seller?s Guide)

1. Membership registration: It is required to obtain user ID and password for this service. Click ?Registration? at top menu ?Members? to apply membership.

2. Machine registration: Select ?Submit M/Cs? at top menu ?Auction? and register machine information in details to enhance sale possibilities. Seller must provide opportunities for bidders to inspect machines in person.

3. Submission of security deposit:
1) In order to maintain high level of trust and credibility on auction, Security deposit is required to participate the auction. Seller in auction must deposit to Inwang three (3) % of lowest bid amount.
2) Bid Bond can be deposit by Cash, Credit card, Online Deposit or Certified Check. The refund of bid bond will be made if your bid is not successful.

4. Contact Inwang: Once the machines are registered and security deposit is made, Inwang will list the machine to the auction list.

5. Check result of Auction: Seller can view the status of the auction by clicking ? Sale in Auction? at top menu ?Auction?. For more details, please refer to the Service Agreement, Article 14. Auction.

How to register machine for the Auction? (M/C registration for Auction)

1. On the ?Auction? in top menu, place the cursor of the mouse.
2. In the sub-menu of ?Auction?, select ?Submit M/CS?.
3. Select the whether the machine you register is Used or New.
4. Once the selection is done, the ?Auction / M/C Registration? form shows up.
5. The ?New? or ?Used? will be shown as a selection from 3)
6. In the ?M/C Type? window, select the machine type that is the most similar.
7. Depending on the ?M/C type?, the ?M/C Name? window will be provided. From this window, select the machine name.
8. In ?Size? window, select the size range that is most suitable for the machine.
9. In ?Model?, input the correct maker?s model number of the machine.
10. In ?Serial No.?, input the maker?s serial number of the machine.
11. In ?Year?, input machine manufactured year in case of used machine.
12. In ?M/C Condition? window, select one from Excellent, Good or Fair for the state of the used machine.
13. In ?Price Term?, it means delivery point of the machine. Select from Ex-works, FOB, C&F. CIF and Others. You may specify your Price Term at ?Remark?.
14.?Lowest bid? is the lowest price the machine can be sold at the Auction. If you need consultation with lowest bid price, please contact Inwang.com
15.?Bid increment ? is a bid-increasing unit. It can be selected from following window.
16.?Payment term? is payment conditions for machine in Auction. If you need consultation with payment term, please contact Inwang.com
17.?Delivery? is time of transfer or shipment of the Machine when the machine is sold in auction.
18.?M/C location? is the place where the machine is located. Input as accurately as you can. You need to input at least area and country i.e. Hamburg, Germany etc.
19.?Major Specifications?, input overall Machine specifications as accurately as possible.
20.?Standard Accessories?, list all detail of Standard Parts & Accessories comes with machine.
21.?Optional Accessories?, list all Option items comes with machine.
22. ?Remarks?, please input any special features the machine has, if any.
23. After you have completed filling out the form, click ?Submit? button. This will take you to the ?M/C Image Registration? page where you can register M/C images.
24. Please click ?Select ? to find image files and click ?Register? to register the images in Image List. You can register up to five (5) images by repeating and click ?Submit? to confirm all your registrations at ?Auction / M/C Registration".
25. this ?Auction / M/C Registration?, you can correct machine registration and image registration respectively by selecting ?M/C Correction? or ?Image Correction?. Once corrections are made, please click on ?Finish? to see all details of ?M/C Info for Auction ?.

How to pay for security deposit for Auction? (Security Deposit)

1. Inwang adopts security deposit system for auction service in order to maintain high level of credibility and security on the auction. Every participant, both bidder and seller must submit three (3) % of lowest bid amount as security deposit to Inwang prior to auction. This security deposit can be paid by on-line deposits, cashes, credit cards and certified checks etc.

2. In case of successful bidding, the security deposit will become part of payment in the auction. However, if auction ends without successful bidder, security deposits of both bidder and seller will be refunded in three (3) days after bid ends. Service charges levied by banks, credit card companies etc. shall be deducted from refund.

3. If the winner refuses payment or acceptance of machine, the winner will lose the security deposit as a penalty and shall be claimed occurred damages and losses by the seller. Or if the seller refuses shipment of the machine without any legitimate reason, security deposit will be confiscated as a penalty and the seller shall be responsible for damages or losses occurred to the winner.

4. Since the auction adopts security deposit system to protect bid participants in good
faith, the suffered party (winner or seller) shall be compensated with confiscated security
deposit of the harmed party. Sixty (60) % of the confiscated security deposit will be paid
to the suffered party as a compensation. The remaining forty (40)% will be paid to Inwang as auction expenses.

For Further information, please contact our Home Page

? http:// www.inwang.com