The Claim Holder may choose to accept a bid lower than face value. When a bid is made ClaimX alerts the Claim Holder that there is an offer to buy his Claim. The Bidder may set a duration for his bid based on several time options, the shortest being 24 hours. Sellers like the auction feature because it encourages higher bids. Buyers like the ability to cut the auction short with a winning bid because it presents the opportunity to pay a bargain price.
Buyers also like the ability to set short bid durations.
Buyers also like the finality of winning or losing a bid. ClaimX believes that this format will be engaging, fast-paced and conducive to a high trading volume, and a high volume of commissions for ClaimX. Buyer and Seller work out the details of the transaction after the sale.