Bidding method and system
OwnerNaif Abdullah Al Humidaninventor
Life of this patent
Estimating the term…
Abstract
A novel online bidding system and method allows the seller to list goods or services for sale or rent at a full price for immediate trade and at a discounted price. If at least one bidder accepts a discounted price and makes an escrow deposit, the system initiates and completes an online auction to determine the highest bidder and complete the transaction with the highest bidder. If no other bidders are present, the first bidder receives the item or service at a discounted price. The bidding system has multiple advantages for the seller, the buyer, and the intermediary party, such as the auction owner.
Claims11
An online bidding method implemented by using a computerized auction system, the bidding method comprises steps as follows:
- a. operating a seller's user interface to create a listing for a sale or rent of goods or services, the listing to include a discounted price set by the seller or a request for a discounted price from a first buyer, wherein the discounted price is conditioned by:
- i. an obligation by the first buyer to undergo an auction for the listed goods or services,
- ii. an obligation by the seller to sell or rent the listed goods or services to a highest bidder at the auction and at the highest price or to sell or rent thereof to the first buyer and at the discounted price if no other buyers are present,
- b. operating at least one buyer's user interface to present the listing for the sale or rent of goods or services of step (a),
- c. in response to at least the first buyer accepting the discounted price for the listed goods or services through the buyer's user interface, operate the computerized auction system to automatically initiate an automated auction with the first buyer and other buyers if present,
- d. operating the computerized auction system to automatically complete the auction to determine the highest bidder and the highest price, and
- e. operating the computerized auction system to automatically complete the transaction after the auction of step (d) is complete to sell or rent the listed goods or services to the highest bidder and at the highest price,
- wherein upon at least the first buyer accepting the discounted price, the transaction is guaranteed to be completed at least at the discounted price or higher.
An online bidding method implemented by using a computerized reverse auction system, the bidding method comprises steps as follows:
- a. operating a buyer's user interface to create a listing for a purchase or rent of goods or services, the listing to include a discounted price set by the buyer or a request for a discounted price from a first seller, wherein the discounted price is conditioned by:
- i. an obligation by the first seller to undergo a reverse auction for the listed goods or services,
- ii. an obligation by the buyer to purchase or rent the listed goods or services from the lowest bidder at the auction and at the lowest price
- b. operating at least one seller's user interface to present the listing for the purchase or rent of goods or services of step (a),
- c. in response to at least the first seller accepting the discounted price for the listed goods or services through the seller's user interface, operate the computerized reverse auction system to automatically initiate an automated reverse auction with the first seller and other sellers if present, or to complete the transaction with the first seller at the discounted price if no other sellers are present,
- d. operating the computerized reverse auction system to automatically complete the reverse auction to determine the lowest bidder and the lowest price, and
- e. operating the computerized reverse auction system to automatically complete the transaction after the reverse auction of step (d) is complete to purchase or rent the listed goods or services from the lowest bidder and at the lowest price,
- wherein upon at least the first seller accepting the discounted price, the transaction is guaranteed to be completed at least at the discounted price or lower.
Dependencies are inferred from the claim text.