Rules
How to buy stuff for the price of your rival
Basic definitions
Minution – sealed bid second price auction where you can trade physical and digital goods.
Second price – the amount of the highest rejected bid, or is equal to the reserve price if there were no rejected bids.
Rejected bid – the bid that loses in the auction.
Bid – an application for purchase of one unit of the commodity in the lot, measured in money.
Asking price – the maximum items` price, is equal to or less than the manufacturers suggested retail price.
Reserve price – the minimum price of the item. Asking and Reserve prices are set by the seller.
How to Sell
Any registered user can post an item for sale on minution.
It is free to list and there is no sale commission. There are no sellers` fees at all.
Item becomes available for bidding after the moderation.
Bidding time for each item: from 1 to 14 days. Moderation time: up to 6 hours.
You can sell from 1 to 99 identical units in one lot.
There is Asking and Reserve price for each item to be set by the seller.
Asking price should be the same or lower than manufacturers` suggested retail price (MSRP).
$1 is a minimum for Asking price.
Reserve price should be 10% or more less than Asking price.
Seller should specify location, payment and shipping details that will be shown to all customers.
Seller should also specify: Contact Details, Product URL in his/her store and Deal Details to inform the customers how they should act to buy his products for the second price (How to use deal code, how to checkout, etc...) This info will be visible to the buyers after the bidding ends.
Seller is obliged to sell corresponding amount of units to the buyers that won the auction for the second price.
Seller is fully responsible for the information about the item for sale.
It is impossible to change any information about the item or deal details after the bidding time is started. You should consider that when posting an item.
Any violation of selling rules can lead to the ban of the users` account.
How to Buy
Any registered user can participate in the auction.
Participants can place bids on any item they like using item page or directly from the page with search results.
System accepts only the bids in the gap between Asking and Reserve price.
All bids are sealed and non-visible to other bidders and to the seller during the bidding time. All bids are revealed after the bidding ends.
Total amount of bids is available in real time for anyone.
Bid step is $0.01.
System accepts one bid for a few units on the same lot as a few different bids. This is an important point in the pricing of the deal.
You must pay a fee to participate in auction. Payments are made with 
credits which you have on your minution balance.
Minution gives 5 credits for free to any new user till February 29, 2012.
You can add credits to your minution balance using PayPal. One credit equals to one US dollar.
Each bid is accompanied by a buyers` fee. The fee amount depends on the Asking price.
Fee Table
Bid cost is fully refundable on the balance if the bid doesn’t win.
You can change your bid any time before the bidding ends.
You can change the quantity of bids in one item by increasing the quantity only.
All bids made by one bidder on the particular item are accepted by the system as the bids of the same value.
System accepts the last bid modifications. All the past bids are ignored by the system. That’s including time of the bid also. This info can be crucial in controversial case.
System defines winning and rejected bids after the bidding end and bidding results are available for all users/customers.
Seller can’t bid on his own items.
How does the second price work
Second price equals to the highest rejected bid. If there were no rejected bids second price equals to reserve price
The highest rejected bid always lower or equals to winning bids. Every purchase on minution is accompanied by money bonus for the buyer. Money bonus is a gap between his own bid and rejected bid of the rival.
Upper image shows the situation with one unit in selling item that’s why there is only one winning bid.
The second image shows an example for the 3 units and 3 winning bids in the selling item. Bids with green color are the winning and yellow is the highest rejected that defines price of the deal or the second price.
As the result in both examples owners of the green colored bids are purchase goods for the yellow colored price.
The second price equals to reserve price in case when total amount of bids is lower or equals to the total amount of units in selling item.
Dispute Resolution
For two or more bidders that made their bids on the same values the winner is a bidder with higher amount of bids.
For two or more bidders that made their bids on the same values and quantity the winner is a bidder that made his bids earlier in time.
In case when there are not enough units in item to meet bidder’s request. This bidder has an option to decide whether to purchase units that left or decline the purchase.
Three colours
Minution uses 3 colors for various types of objects selling on minution:
Green colored items are new objects listed on sale by verified shop-owners.
Yellow colored items are new objects listed on sale by any user.
Red colored items are used objects listed on sale by people.