Definitions
Account
The personal user registration that gives a user access to the Platform and allows them to take part in auctions.
Auction
The online bidding process in which goods are sold to the highest bidder.
Auction Closing
The moment the bidding period officially ends and the highest valid bid is determined.
Bidder
Any user who places a bid in an auction.
Binding Bid
A bid that is legally enforceable and cannot be withdrawn.
Buyer's Premium / Auction Commission
The additional commission payable by the buyer on top of the winning bid.
Consumer
A natural person acting for purposes outside their trade, business or profession, in accordance with the Belgian Code of Economic Law.
Extensions
Automatic extension of the auction when a bid is placed in the final minutes before closing.
Platform
The online website and infrastructure operated by Cronus Auctions.
Professional User
A natural or legal person acting in the course of their professional activity.
Purchase Agreement
The legally binding agreement between buyer and seller that is formed when the auction closes.