A winning bid is the start of settlement, not the end. WoodBid walks both sides through it — and promotes the next bidder if a deadline is missed.
Win confirmed
The moment the final phase closes, the highest qualifying bidder is taken to the deal room. The runner-up and standbys stay bound to the result in case a gate is missed.
Sign the contract Forfeit gate
The winner signs the sale contract within the organizer's window — typically 48 hours. Miss it and the win passes to the next ranked bidder.
Pay the prepayment Forfeit gate
A percentage of the winning bid, set by the organizer, is collected to secure the deal. This is the second forfeit gate — a missed prepayment also forfeits the win.
Settle the balance
The remaining amount follows the lot's payment terms — bank wire, WoodBid-held escrow, letter of credit or bank guarantee. Each transfer is recorded against the deal.
Deliver & release
Transport is arranged per the lot's delivery basis. With escrow, funds release to the seller as delivery milestones are confirmed. On-time settlement is recorded on both profiles.
Supported payment methods
The organizer chooses which methods a lot accepts and the prepayment percentage that binds the winner.
Settlement fee only on completed deals. WoodBid charges a fee on closed transactions — there is no listing fee for sellers and no charge to place a bid.
Questions about a specific deal?
The timber desk can walk you through escrow, terms and timelines for any lot.