Draft document — pending counsel review. Not yet binding.

Auction terms

When a member releases a claimed leg, the flight enters a descending Dutch auction visible to other members and registered bidders.

Auctions begin at 80% of equivalent retail charter price and drop on a published schedule. The first valid claim at the current price wins the entire aircraft. Auctions cannot clear below the original claimer's cost basis. The original claimer receives 50% of the gross clearing price via ACH within 7 business days. Bidders pay a 15% buyer's premium plus federal excise tax and segment fees in addition to the bid amount.

Bids are binding upon successful claim. Bidder deposits ($10,000 minimum) reserve the full bid + premium + estimated tax amount until the auction resolves. Full bidding terms — including auto-claim mechanics, tiebreaker rules, and dispute procedures — are in counsel review and will be published before bidding goes live.