Liquid Auctions Bid Retraction Policy

At Alt, we are dedicated to upholding a fair, transparent, and efficient auction process. This Bid Retraction Policy outlines the conditions under which bidders may request for a bid removal review during an auction. All bid modifications are subject to Alt's discretion and buyers are advised to exercise extreme care in ensuring accuracy prior to bid submission.

 

I: Scope

This policy applies to all types of auctions conducted by Alt and pertains to all participating bidders.

II: Bid Retraction: General Guidelines

Once a bid has been placed within any Alt auction, it is considered binding. Bid retractions are generally prohibited. We encourage bidders to exercise caution and review their decisions carefully prior to submitting bids.

III: Acceptable Reasons for User Requested Bid Retractions

  • Mistyped Bid Amounts: Users may request to adjust their non-visible maximum bid if they make a typographical error when submitting.
  • Item Description Changes: If substantial changes occur to an item's description after a bid has been placed, bidders may request a review for retraction.
  • Technical Errors: Bid retractions due to technical issues with the auction platform may be considered on a case-by-case basis, if the technical issue resulted in an incorrect bid amount being entered.

IV: Acceptable Reasons for Alt Facilitated Bid Retractions

  • Unconfirmed Bids: Alt reserves the right to retract bids for users who have not completed the process to confirm their bidding activity within the email confirmation. Emails will be sent to new bidders within 24 hours of them bidding within an auction.
  • Non-Payments: Alt reserves the right to retract bids for users who have experienced prior non-payments from a previous auction cycle, or within our Fixed Price Exchange.

V: Unacceptable Reasons for Bid Retraction

  • Bid retractions will not be allowed for reasons such as change of mind, bidder's remorse, or changes in personal circumstances. 

VI: Requesting a Bid Retraction

Bidders must request a review for a bid retraction within 24 hours of the original bid placement. To request a bid retraction:

  • Email support@alt.xyz or contact the customer help desk on the Alt website, Alt.xyz
  • Bidders must provide a clear explanation and, when applicable, evidence supporting the reason for the retraction request
  • Bidders will be informed of the decision regarding their bid retraction request within 24 hours of submission to Customer Support. Communication will be sent to the email provided within the retraction request

By participating in Alt Liquid Auctions, bidders acknowledge that they have read, understood, and agreed to the terms of this Bid Retraction Policy. Alt reserves the right to amend this policy at any point in time. 

For inquiries or clarifications regarding this policy, please contact us at support@alt.xyz.

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