At Alt, our primary aim is to cultivate a marketplace that thrives on safety and transparency. Our Buyer's Policy is designed to curb manipulative buyer behavior and establish an industry-leading platform that's both secure and transparent. By adhering to this policy, we're working collectively to create a dependable and trustworthy environment for all collectors.
Our policy outlines specific guidelines that buyers need to follow to ensure successful transactions. Keep in mind that bids and offers, once submitted, may not be altered. Therefore, buyers are advised to exercise extreme care in ensuring accuracy prior to submission.
Payment Deadlines
For Fixed Price Exchange:
Buyers who have an offer accepted on our Fixed Price Exchange must initiate payment within 4 days from the acceptance of the offer.
For Alt Auctions:
Buyers who have winning bids following an Auction must initiate payment within 5 days after the auction concludes.
Consequences of Non-Payment
If a buyer fails to initiate payment within the stipulated time frames:
Their payment method on file will be charged automatically.
If that payment is unsuccessful, a demand letter will be sent to the buyer and Alt will pursue all actions available to us under the law.
The buyer's Alt account will be suspended with a fee required for potential reinstatement.
Bidding Privileges
Accounts with an overdue balance will have bidding privileges disabled until the outstanding balance is resolved in full. Once payment has been received and confirmed, bidding access may be reinstated.
Account Reinstatement
If an account is suspended due to violations of the Buyer's Policy:
To reinstate the account, a recovery fee may be applied, to which the account owner is responsible for paying prior to reinstatement.
Alt retains the authority to reinstate an account based on its own judgment, and additional measures may be implemented as determined by the outcome of the assessment by Alt's team.
Asset Liquidation for Outstanding Balances
When a buyer has a past-due balance that remains unpaid following multiple reminders and a formal demand notice, Alt reserves the right to liquidate vaulted assets in the buyer's account for the sole purpose of recovering the amount owed.
If liquidation is initiated, the following terms apply:
Prior to any liquidation action, Alt will issue multiple payment reminders followed by a formal written demand notice specifying the total amount due and a final payment deadline.
If full payment is not received by the stated deadline, eligible vaulted assets will be consigned to an upcoming Alt auction on the account holder's behalf.
Once assets have been listed for liquidation and the payment deadline has passed, those listings are not eligible for cancellation, regardless of subsequent payment or change in circumstances.
Upon successful auction settlement, Alt will apply the proceeds toward the outstanding balance. Any surplus above the total amount owed will be credited back to the account holder's Alt account.
Alt will make reasonable efforts to notify the account holder at each stage of this process.
Shill Bidding
Shill bidding involves artificially inflating bids to manipulate prices or create a false perception of demand and is strictly prohibited on Alt, as it undermines the integrity of our platform and compromises the fairness of transactions.
Shill bidding will not be tolerated under any circumstances. Any accounts suspected of engaging in shill bidding practices will be subject to immediate investigation and potential disciplinary action, up to and including termination from the platform.
By embracing this Buyer's Policy, we're upholding the integrity of our platform and fostering an environment grounded in trust, security, and fairness. We invite all buyers to adhere to these guidelines to help create an environment where everyone can engage confidently in transactions and interactions throughout our community.
Alt reserves the right to amend this policy as needed to ensure its continued effectiveness in preventing manipulative behavior and upholding transparency.
For questions, please contact us through the messenger located in the bottom left corner of your browser, text us at (833)483-5949, or reach out to support@alt.xyz