DOMAIN AUCTION OVERVIEW
This Domain Auction Overview (“Overview”) provides an introduction to the Brannan’s Auction Services (the “Services”) which is a division of Brannans.com LLC (collectively referred to as “Brannans”). The guidelines and explanations set out in this Overview are a part of the Terms of Service (TOS). Your use of the Services is your express consent to the terms set out in this Overview as well as the TOS.
Brannan’s auction objective is to maximize the value of every domain name by giving all interested parties around the globe an opportunity to participate in our auctions. Brannans uses a formal bidding process to fairly evaluate market demand for each domain and give everyone interested an opportunity to bid for and own the domain name.
- Auction Announcement
Every domain auction is the start of an independent auction event. Brannans will release an Auction Announcement providing notice of an intent to sell a specific domain name through the Services. This Auction Announcement will cover all relevant details including dates and deadlines for bidder registration, the private auction, and the public auction (if necessary). Auction services will be provided by Brannans.com. Escrow services will be provided by Escrow.com.
- Bidder Registration and Agreement
All interested parties must register for the auction at Escrow.com through a link that will be provided in the Auction Announcement. All participants in the auction will need to have their identity verified to comply with US Anti Money Laundering and Combating Financial Terrorism laws . Participants will also be required to place a nominal $25,000 Good Faith Deposit with Escrow.com. The deposit will be non-refundable to the winning bidder, but all other deposits will be refunded to all other bidders once a winning bidder has been announced. Bids will not be accepted without the registration, deposit, and identity verification process. Once your registration is complete and Escrow.com has provided confirmation that the Good Faith Deposit has been provided, you will be able to place a bid online at Brannans.com to use the Services. By placing a bid, you are entering into a legally binding contract to purchase the domain name from the seller if you are the winning bidder.
- Private Auction
A private, first-price, sealed-bid, reserve auction will start on a scheduled date as set out in the Auction Announcement and registered bidders will be allowed to make a single, private bid online. Only one bid will be allowed per organization or individual. Bidders will not be able to see offers from any other participants. There will be no opportunity to increase a bid against other bidders as all bids are confidential and only one bid per bidder will be allowed. At 5:00 pm, Eastern Time of each day during the Private Auction, if a bidder places a bid at or over the confidential reserve price, then they will be the winning bidder. While the reserve price is confidential and will not be disclosed to any party, it will be held in trust at Escrow.com and all bids will be verified by Escrow.com as they come in. This ensures that anyone placing a bid at or over the reserve will be a winner. If multiple bidders place bids over the reserve price on the same day, the higher of the bids will be the winning bidder. If no bids are placed over the reserve price, the private auction continues, and all bids remain binding until the end of both private and public auctions. All private bids will remain confidential for the duration of the private auction and the public auction (if necessary). If no bids have been received that are over the reserve price the domain owners have the option to take the highest bid placed or to move forward with the public auction. There will not be a buy-now price for the private domain name. The winning bidder of the private auction will be responsible for their bid price plus a 15% buyer’s premium and all fees due to Escrow.com to secure the transaction (safeguarding both buyer and seller).
- Public Auction
A public, ascending price reserve auction will be held if there is no winning bidder for the private auction. Bidding will take place on a particular date and time until a high bidder is discovered. Those participants that registered for the private auction are automatically eligible to bid in the public auction without additional registration. Any new bidders must go through the registration process detailed above. All bidders will be able to bid openly against one another, with each subsequent bid required to be higher than the previous bid. The current high bid in the public auction will be always be available to all bidders. The available time for bidding in the public auction will be posted so all bidders know and understand when the Public Auction starts and ends. Last minute “sniping” or late bidding will not be permitted. Any bid placed in the last 10 minutes of the auction will extend the auction by 20 minutes. Multiple extensions are possible. The auction ends when no participant is willing to bid further within the final ten minutes of the auction. The winning bidder of the public auction will be responsible for their bid price plus a 15% buyer’s premium and all fees due to Escrow.com to secure the transaction (safeguarding both buyer and seller).
- Private-Public Winner
If the final bid in the public auction is at or over the reserve price, then the domain name will be sold. If the final bid in the public auction does not reach the reserve price, the owner(s) of the domain name have the option of selling the domain name to either the high bidder from the private auction or the high bidder from the public auction, whichever is greater. If neither of those bids is above the reserve price, the domain name may remain unsold. If there is a tie between the top private and public bids, the two bidders will be asked to submit additional bids until the tie is broken.
- Other Terms and Conditions
Total Transaction Costs: The winning bidder of the auction will be responsible for their bid price plus a 15% buyer’s premium and all fees due to Escrow.com to secure the transaction (safeguarding both buyer and seller).
Payment Due Date: You agree to submit payment for your purchase within five business days via a transaction that Brannans will set up at Escrow.com. If the funds are not submitted by the deadline, the seller has the right to award the domain name to the second-place bidder, to not sell, or to sell through other means, including the possibility of another auction.
Documentation: Brannans will provide all deal documentation (agreements) related to this transaction.
Domain Transfer: If the domain name sells, it will be placed with Escrow.com as soon as the transaction is funded. Escrow.com will facilitate the transfer of the domain name to the winning bidder.
Financing: It is assumed that the winning bid amount will be paid in its entirety through a single payment. However, at the seller’s sole discretion, if the winning bidder represents an acceptable credit risk, the seller may accept payment over a 2 to 4 year period of time while ensuring all appropriate protections are in place against default, but all terms must be discussed and approved before bidding. This is not available for every auction.
Joint Venture/Partnership: The owners may consider a joint-venture or partnership if the total cash value of the offer meets or exceeds the reserve price and it is the highest bid in the auction. All terms must be arranged before bidding. This is not available for every auction.
Auction Changes: Brannans reserves the right to extend, terminate, or modify auctions for domains from an online private or public auction at any time without notice. All details on this page are unofficial and subject to change without notice.
Publication Rights: Brannans shall have the right to publish the name of any domain sold as well as the respective purchase price on the site or in other places for reference purposes.
Publication of the buyer’s identity shall be expressly prohibited. Details regarding the winning bidder’s identity will remain confidential unless they default on their commitment to purchase the domain name as promised.
Other Terms/Conditions: Each auction may have other specific terms and conditions based on the needs and wishes of our clients.
AS IS Disclaimer: The domain name is being sold as is, without any representations as to trademarks or any competing intellectual property claims. The sellers in each auction will agree that they do not know of any reason why the domain name cannot be sold and used as is, but it is left entirely to any potential buyer or buyer to ensure proper due diligence has been performed in this respect.
Government Regulations and taxes: Buyers are solely responsible for compliance with any federal, state, or local tax laws governing your purchase. It is your responsibility to report and pay any applicable taxes.
Technology Waiver: It is each bidder’s responsibility to monitor the outcome and status of their bids in the online auction website. Brannans is not responsible for any bids that are lost, misdirected, incomplete or illegible, or for failed, partial or garbled computer transmissions, or for technical failures of any kind including, but not limited to, malfunctioning of any network, hardware or software, which may limit a bidder’s ability to participate in the online auction. Proof of sending will not be proof of receipt by Brannans Auctions.
Acknowledgment of TOS: Brannans Auctions is a service provided by Brannans.com, LLC. By submitting a domain for consideration or by participating in a Brannans Auction, you acknowledge that you have read, understand, and agree to all terms and conditions for the Services set out in the TOS.
LIMITATION OF WARRANTY AND LIABILITY: ALL SERVICES BY BRANNANS ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. EXCEPT AS EXPRESSLY SET FORTH HEREIN, BOTH PARTIES DISCLAIM ANY AND ALL REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, ARISING BY OPERATION OF LAW OR OTHERWISE, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, AND TITLE, AS WELL AS ANY WARRANTIES ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICE. BRANNANS DOES NOT WARRANT OR GUARANTY THAT THE SERVICES WILL RESULT IN THE SALE OF THE DOMAIN(S) NOR DOES BRANNANS GUARANTEE THAT THE BROKERAGE SERVICES WILL OPERATE WITHOUT FAULT, ERROR OR INTERRUPTION. EXCEPT FOR ANY DAMAGE CAUSED BY BRANNAN’s GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR RECKLESSNESS, DOMAIN OWNER’S SOLE AND EXCLUSIVE REMEDY FOR FAILURE TO PROVIDE THE SERVICES PROMISED HEREIN IS TO TERMINATE THIS AGREEMENT. EXCEPT AS EXPLICITLY SET FORTH HEREIN, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, INDIRECT, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING, WITHOUT LIMITATION, FOR THE LOSS OF DATA, BUSINESS INTERRUPTION OR LOST PROFITS, THAT IN ANY WAY ARISE OUT OF OR RELATE TO THIS AGREEMENT, REGARDLESS OF THE THEORY OF RELIEF, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED TO THE POSSIBILITY OF SUCH DAMAGES, AND REGARDLESS OF ANY CLAIM OR FINDING THAT A REMEDY SUFFERS A FAILURE OF ITS ESSENTIAL PURPOSE.