Red Acacia's Bid Process
The following outlines the Bid Process for Bid Items on Red Acacia’s Store. This information relates to items that have been marked to go through Red Acacia's Bid Process.
For transparency purposes, the platform for bidding will be the Bid Picture Post for concerned items on Red Acacia’s Instagram page (@RedAcaciaLagos).
Note: Definitions for some of the terms used in the process below are outlined at the bottom of the process.
- Red Acacia will employ a bidding process method to sell the items at the best possible price based on demand and willingness of buyer to purchase.
- Locate the bid picture post for the item(s). The item(s) will stay open for a stated bidding period.
- Bidding starts at the “Minimum Bid Price”.
- Both the “Minimum Bid Price” and the “Asking Price” will be clearly stated.
- Potential buyers can start at the “Minimum Bid Price”, or at a bid a price that is between the “Minimum Bid Price” and the “Asking Price”.
- Check the comments to be sure of the highest bid price posted by a customer.
- Quote a price as a comment on the Instagram Bid Post. Your price should be higher than the highest communicated bid price, and below or up to, the “Asking price”.
- The item will be sold at the Final Sale Price:
- The first person to bid the “Asking Price” automatically gets to buy the item, whether the stated bidding period has been reached or not.
- If the “Asking Price” has not been bid by the end of the stated bidding period, then the person that bids the highest at the end of the stated bidding period gets to buy the item.
Bid Item(s): These are the items (or item) that are (is) open for bidding.
Bid Picture Post: This is the Instagram post with the picture of the Bid Item(s). It will be captioned with the words “BID PICTURE POST”.
Minimum Bid Price: The lowest admissible price that is allowed on the item(s)
Asking Price: This is the preferred price for the seller and represents the price that can automatically close the bid process. The first person to bid this price will win the right to purchase the product.
Final Sale Price: This represents the highest bid price for the item at the end of the bid process. This price will naturally range between the Minimum Bid Price and the Asking Price.