Auction: refers to an electronic time-critical Auction of a Product, on which all Registered Users may Bid
Bid: refers to the action of spending one or more Credits on an Auction
Credit: refers to the intangible PyraBid currency which a Registered User may purchase, or otherwise acquire, in order to Bid on Auctions on the Web Site
Unique and non-unique bid: refer respectively to exclusive and non-exclusive bids placed on an Auction by other Registered Users
Timer: refers to the remaining time on the auction
Pyraboard: refers to the board in which all Bids for a given Auction are registered according to their leading position in that particular Auction
Struck out bid: is said of a Bid which does not comply with the bidding rules (e.g.: non-exclusive bids are automatically struck out)
Winning bid: means the price of any Auction on which the Countdown Timer has reached zero
Recommended Retail price (RRP): means the retail value of the Product in question which appears on Our Site. Recommended cannot be accurate and updated at all times, is not binding, does not constitutes a representation of any sort and shall not be exchangeable or sought in lieu of the Product itself, under any circumstances.
Free bid: refers to a bid as part of a reward offer which value equals to £0.
Hot auction: refers to the coming closing of a given auction where both number of remaining bids and the timer are approaching 0.
PyraBid's auctions combine skills and fun to win brand new luxury products at a very cheap price. At the end of the auction, the person who has placed the lowest unique bid, which is the lowest number with only one bid on it, wins the auction at that price only.