Soft Close. If a property in the online auction receives a bid within the last 3 minutes of the auction, then the auction end time (close time) will automatically extend the auction and additional 3 minutes before closing. The “soft close” feature will continue to extend the bidding opportunity for 3 minutes with each newly placed bid and the property shall not close until 3 minutes have elapsed with no additional bid activity.
Appears in 2 contracts
Sources: Online Real Estate Auction Bidders Agreement, Online Auction Bidders Agreement