Terms of Service — Bidders

1. About Auctioneer

Auctioneer is an online asset auction and disposal marketplace operated by Fidara Solutions Limited. The platform enables registered organisations to sell assets through competitive, system-driven auctions. Auctioneer provides the platform infrastructure, manages the bidder marketplace, collects payments, and remits proceeds to organisations. Auctioneer does not own, warehouse, or guarantee any asset listed on the platform.

2. Eligibility

• •At least 18 years of age
• •Legal capacity to enter binding contracts under applicable law
• •Accurate, complete, and current registration information
• •Not under an active ban on the Auctioneer platform
• •Financial ability to fulfil any winning bid you place

3. Registration and Account

You are responsible for maintaining the confidentiality of your login credentials and for all activity under your account. Each bidder may hold only one active account. Creating multiple accounts to circumvent a ban is a serious violation.

Participant classification

4. Gate Fee

• •Non-refundable once an auction is active, regardless of outcome
• •Refundable if the organisation cancels the auction after you paid — full ₦5,375 within 3 business days
• •Applies per cycle — multiple cycles require separate gate fees

5. Bidding Rules

• •Bids must meet or exceed the current highest bid plus the minimum increment
• •You may rank up to 3 assets per cycle; you can only win 1
• •All assets are sold as-is, where-is. No warranties or guarantees from Auctioneer or the organisation
• •Bids are processed in real time with database-level locking for fairness
• •Anti-sniping: late bids automatically extend the closing time

6. Winner Determination

Winners are determined by an automated, deterministic algorithm at auction close. The algorithm assigns each asset to the highest valid bidder, processes cascades for bidders ranked on multiple assets, and locks all assignments. No manual override is permitted under any circumstances.

7. Payment

• •Pay full hammer price within 5 business days of award notification
• •Total payable: hammer price + ₦2,000 gateway fee

8. Asset Collection

• •Collect within 7 calendar days of payment confirmation
• •Upload at least 1 photo + signed Collection Certificate at handover
• •Both you and the organisation representative must confirm collection in the system

9. Bans and Platform History

Default events are permanently logged against your bidder profile and visible to all organisations across all future auction cycles. A 12-month ban is platform-wide. Appeals may be submitted to disputes@auctioneer.com.ng within 14 days.

10. Disputes

Raise disputes via the in-platform dispute form within 7 days of the event. We acknowledge within 24 hours and resolve within 5 business days. If unsatisfied, escalate to the applicable consumer protection authority.

11. Prohibited Conduct

• •Creating multiple accounts to circumvent bans
• •Coordinating with other bidders to suppress competition (bid rigging)
• •Providing false payment confirmations or forged collection certificates
• •Accessing another bidder's account
• •Attempting to manipulate auction outcomes or the algorithm
• •Placing bids with no genuine intention to pay

12. Limitation of Liability

Auctioneer's liability is limited to the gate fee paid for the relevant auction cycle. We are not liable for defects in as-is assets, technical disruptions beyond our reasonable control, actions of listing organisations, or consequential losses. This does not exclude liability for fraud or gross negligence.

13. Changes to These Terms

Material changes are communicated by email at least 14 days before they take effect. Continued use constitutes acceptance.