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RULES

AUCTION RULES

All horses that are not Pending or Nominated can be entered into Auctions. The last 3 Time Trials will be made available to other owners, for a purchase price of £0.10 per horse per auction, for horses that are unraced and have run in less than 6 claiming races, and is payable through the wallet to the owner of the horse.

The posting of Training Form in the auction notes is prohibited.

The posting of Training Form in the forums is prohibited.

Factual information provided by Ladbrokes Race clubs on a horses ability or potential ability is its racing form, and in some cases its last barrier runs.

It is a member's prerogative to trust what is stated by the current owner, for which Ladbrokes Race clubs will not be held accountable.

If a member is found to be deliberately misleading members, Ladbrokes Race clubs reserves the right to cancel his/her membership.

ENTRY AND BIDDING TIMES

There will only be one upcoming Auction at any particular time. As soon as a horse or Group has been entered into the Auction bidding opens on that horse or Group. A closing date and time for a horse or Group to be entered into the Auctions is displayed and after this time a Seller will not be able to enter any more horses or Groups into the Auction.

Bidding closes 24 hours after the horse or Group entry has closed except when a bid is placed in the last minute – it then extends for an additional minute and closes when no bids are received in a single minute.

HOW TO SELL YOUR HORSE OR GROUP

A horse may not be nominated for a race if it is entered into an auction. A horse may not be entered into an auction if it is nominated for a race. A horse may not be entered into an auction if it is pending payment of stable fees. If a horse goes pending during an auction and the horse is sold, the seller will be charged the stabling fee before the transfer takes place from the proceeds of the sale. A horse cannot be inactivated if it has been entered into an auction.

A seller enters a selected graded virtual horse(s) into the upcoming Auction either as Individual entries or as a Group entry. Note that a maximum of 100 horses with no notes can be entered together as a Group. If entered as a Group, all horses have to be acquired together as you will not be able to bid on any individual horse within the Group.

A Seller may enter notes to be displayed to the Bidders for each horse which may not contain any Training Form. You will not be able to change your notes on a horse once a bid has been placed on that horse.

A seller sets the Reserve Price per Individual entry and/or per Group entry, for example £49.00. This is the minimum amount that the seller is willing to sell the virtual horse or Group for. The seller may reduce the Reserve Price at any time during the Auction before bidding closes. The minimum Reserve Price is £7.35 per horse. So for example, if you have entered 4 horses as a Group, the minimum Reserve Price for the Group will automatically be set at £29.40. The Reserve Price will not be displayed to bidders other than the designation "RNM" (Reserve Not Met) if the Current bid is lower than the Reserve Price. If the Reserve Price is not met through bidding, the horse or Group will not be sold.

The Auction entry fee is £0.98 cash per horse, refundable to the Seller when the horse is sold. So for example if you have entered 4 horses individually the total entry fees will be £3.92. The same applies to a Group for example if you have entered 4 horses as a Group the total entry fees will also be £3.92. Only cash can be used to pay for the Auction entries and this transaction goes through the Basket.

A seller may only withdraw his horse or Group from an auction if no other member has placed a bid on that horse or Group. A Seller cannot withdraw one or more horses from a Group once the Group has been entered into the Auction.

HOW TO BUY A HORSE OR GROUP

Bids are only payable through the Wallet. The Bidder must create a Wallet by transferring Cash into the Wallet. Cash can be transferred from the Wallet back to your Cash Balance at any time. The use of the Wallet ensures a faster and more efficient method for placing and changing bids than the Basket.

A seller cannot place a bid on his own horse.

The default minimum bid that can be submitted is £7.35 per horse or £7.35 per horse in a Group. The bid amount a Bidder submits is the maximum amount that the Bidder is willing to pay for the horse in the Auction. This amount can be changed as often as the Bidder wants but not lower than the current Minimum Bid. Once your maximum bid is submitted, the system will automatically bid on your behalf to keep your bid higher than any other bid or to meet the reserve price, up to the maximum bid that you had specified. If your maximum bid has been exceeded by another Bidder, your bid will be refunded to your Wallet.

A horse gets sold "as is", with all the applied products, supplementary fee, fitness levels, history and earnings.

For site stats purposes, the horse earnings and wins prior to sale remain attributed to the seller as happens with claim transfers.

For stabling fee purposes, any stabling fee discount accumulated by the horse(s) for that month is transferred to the Buyer.

Bid increments work on a scaled basis according to the current bid amount as follows (current price | bid increment):

£7.35-12.25 | £0.25

£12.25-24.50 | £0.49

£24.50-73.50 | £0.98

£73.50-244.51 | £2.45

£245.00-490 | £4.90

£490+ | £12.25

EXAMPLE

For this example the Seller enters "Horse A" into the Auction at a fee of £0.98 with a Reserve Price of £14.70. The Auction Ring page displays Horse A and the Seller details including a blank Current Bid and default Minimum Bid of £7.35.

Bidder A places a bid of £7.35 and submits the offer. The Current Bid changes from blank to £7.35 (RNM) Reserve Not Met and the Minimum Bid changes to £7.60. The message that Bidder A is currently the highest bidder is displayed only to Bidder A.

Bidder B sees that the Current Bid is £7.35 (RNM) with a Minimum Bid of £7.60 and submits a bid offer of £9.80. The Current Bid changes to £7.60 (RNM) and the Minimum Bid changes to £10.05. Bidder A is refunded and the message that Bidder B is currently the highest bidder is displayed only to Bidder B.

Bidder A sees that the amounts have changed and a message that the last bid of £7.35 has been exceeded, is displayed only to Bidder A. Bidder A places a bid of £17.15 and submits the offer. The Current Bid changes to £14.70 (the Reserve Price) and the Minimum Bid changes to £15.19. Bidder B is refunded and the message that Bidder A is currently the highest bidder is displayed only to Bidder A.

No other bids are made, the bidding closes and the highest bidder after the Reserve Price was met, in this example Bidder A receives the horse. The Seller receives a total of £13.48: (£14.70 - 15% administrative fee) plus £0.98 refundable entry fee.

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