What is a dynamic close period in an auction and how do I set this up?
What is the issue you're facing?
I have the option for a dymanic close period. What is this and how do I set it up?
Solution
The Dynamic Close feature automatically resets the remaining time in the Online Negotiation Event if a bid is placed in the final number of minutes that you specify.
For example, if you specify Dynamic Close for the last 5 minutes, then if a bid is placed within the final 5 minutes, the countdown clock resets to 5 minutes remaining. The Dynamic Close will continue to reset the clock until no further bids are placed.
This feature is recommended for almost all Events that occur. The reason is that participants almost always require some breathing time to revise their offer. It also prevents sniping, which is the placement of a leading bid in the final few seconds. Sniping will only upset other participants as they may wish to respond but without Dynamic Close would be unable to do so.
To set this up choose the relevant option from the Dynamic Close Period drop down.
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