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Auction Terms

Effective Date: 13 July 2026 · Version 2.0 · Applies To: All Users Participating in Vyete Auctions

These Auction Terms govern participation in time-limited auction events on the Vyete Platform, including placing bids, winning items, making payment, and the consequences of forfeit. Vyete does not process or hold payment for auction sales — the winning buyer pays the seller directly (see Section 8 and the Payment Terms). These terms apply to all parties — buyers and sellers — and should be read alongside the Payment Terms and Acceptable Use Policy.

1. Nature of Bids

Bids placed on Vyete auctions are not contractually binding until the seller confirms payment received. Placing or winning a bid does not constitute a contract of sale. The sale is only formed once the winning bidder has paid the seller directly and the seller confirms it on the Platform.

This means:

  • Winning a bid creates a payment obligation to the seller that you must fulfil within the stated window — it does not automatically charge you, since Vyete never charges you for an auction purchase at all.
  • You may retract a bid before the auction closes under the conditions set out in Section 4.
  • Reserve price conditions may prevent a sale even where bids have been placed.

2. Auction Lifecycle

Every auction progresses through defined statuses:

| Status | Description | |---|---| | SCHEDULED | Published but bidding has not yet opened. | | ACTIVE | Bidding is open. Manual and proxy bids may be placed. | | RESERVE_WINDOW | Bidding has closed but the reserve price has not been met. A final window allows the highest bidder to meet the reserve, or the seller to lower it. | | AWAITING_PAYMENT | A winning bid is confirmed. The winner must pay within the payment window. | | FORFEITED | The winner did not pay within the payment window. The item is offered to the next eligible bidder via the cascade system. | | COMPLETED | Payment received and the sale is confirmed. | | CANCELLED | Cancelled by the seller or Vyete before a winner was confirmed. | | ENDED | Closed without a confirmed sale (no bids, reserve not met after the reserve window). |

3. Bidding

3.1 Manual Bids

A manual bid places a single amount on the item. If outbid, you receive a notification and must bid again manually to re-enter.

3.2 Proxy Bids

A proxy bid authorises Vyete to bid on your behalf up to a maximum you set. Proxy bids increment only as needed to stay ahead of competing bids — you will not necessarily pay your maximum amount. Your maximum proxy amount is not revealed to other bidders.

3.3 Bid Status

| Status | Meaning | |---|---| | WINNING | Your bid is currently the highest. | | ACTIVE | Your proxy bid is active but a competing proxy is currently higher. | | OUTBID | You have been outbid and are no longer in a winning position. | | RETRACTED | Your bid has been withdrawn. |

3.4 Bid Limits

Vyete may set a maximum number of bids per person per auction. Where a limit applies, it is displayed on the auction listing.

4. Bid Retraction

You may retract a bid before the auction closes where:

  • There is a clear error in the bid amount (e.g. a significantly higher figure than intended).
  • The auction listing has materially changed after your bid was placed.

Retracting a bid removes it from the auction. Bid retraction is subject to abuse monitoring. Excessive or frivolous retractions may result in bidding restrictions on your account.

5. Reserve Price

Some auctions include a reserve price — a minimum amount the seller will accept. The reserve amount is not disclosed to bidders. If the highest bid at auction close does not meet the reserve:

  • The auction enters RESERVE_WINDOW status.
  • The highest bidder may have the opportunity to meet the reserve directly.
  • The seller may lower the reserve to match the highest bid.
  • If neither occurs within the reserve window, the auction closes as ENDED with no sale.

6. Anti-Snipe Protection

To prevent last-second sniping, Vyete extends the auction end time when a bid is placed within the final minutes. The extension period and trigger threshold are set per auction and displayed on the listing. This gives all bidders a fair opportunity to respond to late bids.

7. Buy Now

Where a Buy Now option is available, any user may purchase the item at the fixed Buy Now price while the auction is active. Using Buy Now ends the auction immediately and proceeds directly to payment.

8. Payment

8.1 Payment Window

When a winning bid is confirmed, the auction status changes to AWAITING_PAYMENT and a deadline is shown to the winner. The payment window is typically 24–48 hours from auction close. The exact deadline is displayed on the auction detail page and in the winner's notification.

8.2 How Payment Works

Vyete does not process or hold auction payment. Pay the seller directly, using whatever method you agree with them — see Payment Terms §8 for the full explanation of why.

8.3 Confirmation of Sale

Payment doesn't confirm the sale on its own — the seller must confirm they received it, on the Platform, within the payment window. That confirmation (not the payment itself) is what closes the sale and passes title to the buyer. No title passes from a bid alone, and none passes from payment alone either — the seller's confirmation is what counts. You may then confirm the item was received as expected once you have it.

9. Forfeit and Cascade

9.1 Forfeit

If the seller has not confirmed receiving payment within the payment window (whether because you didn't pay, or the seller hasn't confirmed it yet):

  • The auction status changes to FORFEITED.
  • The winning bidder's claim to the item is cancelled.
  • A forfeit is recorded against the bidder's account.
  • Repeated forfeits may result in bidding restrictions or account suspension.

9.2 Cascade

Following a forfeit, Vyete offers the item to the next-highest eligible bidder. Each cascade offer:

  • Is made at the recipient's own bid amount — not the forfeiting winner's amount.
  • Has a defined expiry window by which the recipient must accept.
  • Is notified to the recipient via the Platform and/or email.

Cascade offers continue down the bid ladder until the item is claimed or all options are exhausted.

9.3 Cascade Status

| Status | Description | |---|---| | PENDING | Offer created and awaiting the bidder's response. | | ACCEPTED | Bidder accepted; auction moves to AWAITING_PAYMENT for that bidder. | | DECLINED | Bidder declined; cascade proceeds to the next eligible bidder. | | EXPIRED | Bidder did not respond within the expiry window. | | CANCELLED | Cascade cancelled (e.g. seller withdrew the item). |

10. Seller Obligations

Sellers who list auction items must:

  • Accurately describe the item, including condition, dimensions, and any defects.
  • Honour the sale at the winning bid price once payment is received directly from the buyer, and confirm receipt on the Platform promptly — an unconfirmed sale forfeits and cascades to the next bidder regardless of whether payment actually arrived.
  • Fulfil delivery or collection as described in the listing within the stated timeframe.

Sellers may cancel an auction before it reaches AWAITING_PAYMENT for legitimate reasons (item damaged, lost, or no longer available). Cancellation after a winner is confirmed may result in seller penalties including account restriction.

11. Platform Rights

Vyete reserves the right to:

  • Cancel or void any auction where fraud, manipulation, shill bidding, or listing policy violations are detected.
  • Suspend bidding or selling privileges for users who engage in bid manipulation or payment fraud.
  • Extend or modify auction parameters where necessary to maintain platform integrity, with notice to participants.

12. Governing Law

These Auction Terms are governed by the laws of the Republic of Kenya. Disputes shall be resolved in the courts of Nairobi, Kenya. For the Platform dispute procedure, see Dispute Resolution.

13. Contact

Auction enquiries: [email protected]