Every bid on WoodBid is binding for the life of the auction. Knowing the rules before you join is part of bidding well.
Get cleared first
You can only bid on a lot once your documents are approved for it. Enrol, upload what the lot requires, and wait for clearance — then the live room shows a bid button.
Bid at price plus one step
The room always offers the next valid bid: the current leading price plus the lot's step. Raise as often as you like while the phase clock is running.
Bids are binding
Each bid is a firm, binding offer for the duration of the auction. You can't retract a bid — only be outbid by someone else, or raise your own.
Phases narrow the field
If the organizer split the auction into rounds, only the top N bidders advance each phase. The final phase decides the winner; keep an eye on the round timer.
Win, and settlement begins
The highest qualifying bid at the close wins and moves to the deal room. The contract and prepayment are forfeit gates — miss either and the win passes down the waitlist.
Anonymity is the organizer's choice. By default competing bidders are anonymous in the live room. Your own bids are always visible to you, and the organizer always sees the full ranked field.
Ready to bid?
Find a lot, enrol, clear your documents, and join the live room when it opens.