pvc
01-15-2007, 04:23 PM
I saw this on a scrap auction site. Could be interesting to see this feature in Ilance:
Open-Bid Auctions:
Unlike Sealed-Bid Auctions (which always close at their scheduled time), Open-Bid Auctions may extend past their scheduled close time. In the final three minutes of an Open-Bid Auction, if a new bid is placed that impacts the order of the bids 'in contention' for winning some material, then the auction extends for an additional three minutes. The auction will keep extending in three-minute increments until no more bids are placed that impact the order of the bids that are 'in contention' for winning material.
Open-Bid Auctions:
Unlike Sealed-Bid Auctions (which always close at their scheduled time), Open-Bid Auctions may extend past their scheduled close time. In the final three minutes of an Open-Bid Auction, if a new bid is placed that impacts the order of the bids 'in contention' for winning some material, then the auction extends for an additional three minutes. The auction will keep extending in three-minute increments until no more bids are placed that impact the order of the bids that are 'in contention' for winning material.