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Auction with methods and mechanisms to avoid fraud

  • US 20050278244A1
  • Filed: 10/04/2004
  • Published: 12/15/2005
  • Est. Priority Date: 02/22/2000
  • Status: Abandoned Application
First Claim
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1. A method for providing an auction, comprising:

  • providing at least one seller that posts goods or services to be sold at the auction;

    providing one or more buyers to bid on the goods or services;

    providing an auction manager to conduct the auction wherein the one or more buyers bid on the posted goods or services;

    designating a winning buyer; and

    providing a guarantee by a financial institution to pay at least a portion of the payment due from the winning buyer to the seller.

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