First the seller agrees with TRADE DAYS to sell aviation property through TRADE DAYS' outright auction or option auction process with a specific minimum auction price and furnishes all appropriate descriptive information, which will be made available to potential buyers.

An outright auction is conducted for sale of the property starting at the minimum price set by the seller. If the property is successfully sold at auction, a Closing Document Receipt form is completed between buyer and seller to record the transaction. A 1% commission is due TRADE DAYS by buyer and by seller (except a dealer or broker with an exclusive listing pays no sellers commission).

If the property is not immediately sold at auction, then bidding is opened for an exclusive six (6) day option to purchase the aircraft or aviation equipment at the stated minimum price. The winning option bidder executes an Aviation Option Contract and pays the nonrefundable amount bid for the option.

During the six (6) day option period the aircraft or equipment can be examined, evaluated and any questions answered. During the six days the option period can be extended an additional nine (9) days to 15 days by paying an additional amount equal to the original option money amount bid.

While the seller has placed a minimum price on the property, the option holder has the opportunity during the option period to negotiate terms and conditions for purchase as a precondition to entering into a purchase and sales agreement with the seller.

The bid amount paid for the option counts toward the purchase price. The first $1000 paid for the option is retained by TRADE DAYS as its minimum commission; option bid amounts above $1000 are split 50-50 between seller and TRADE DAYS (Trade Days' total share is limited to a maximum of the 1% commission due by the buyer).