Payment & Settlement Policy

RIDEAUCTION CANADA — PAYMENT & SETTLEMENT POLICY This Policy is intended to accompany the RideAuction Canada Terms of Bidding and Sale, Buyer Terms, Seller / Dealer Terms and Fees. Capitalized terms have the meanings in those documents. 1. SCOPE AND CURRENT PAYMENT METHOD 1.1 RideAuction currently uses invoices and manually administered payment records. An issued invoice is a demand for payment; creating a draft, reporting a payment, or sending proof of payment does not mean RideAuction received or verified funds. 1.2 RideAuction does not represent that card checkout, automatic debit, automatic seller payouts or an online payment processor is available. A party must use only the payment instructions shown on a valid issued invoice or separately confirmed through RideAuction's verified account channel. Never rely on changed instructions received only by email. 1.3 RideAuction records money movement in the sale's transaction ledger. An authorized administrator records receipt, refund or seller settlement after reviewing evidence. The record identifies the actor, date, amount, method/reference where provided, reason and related sale. A payment report remains pending until the authorized review is completed. 2. INVOICES 2.1 RideAuction may prepare an invoice draft for review. A draft is not issued, is not payable and does not establish that an amount is legally due. An authorized administrator reviews and issues an invoice through the existing RideAuction workflow. 2.2 An issued invoice identifies the issuer and charged dealership, the transaction and unit, invoice and due dates, the amounts and fee lines, applicable tax calculation and payment instructions configured for that issuer. The document records the applicable issuer and tax-rule versions. Issued content is immutable. A correction is made through the supported void/credit and replacement-document process, with an audit trail; the original is retained. 2.3 The buyer-purchase invoice covers the sale amount and applicable buyer fees owed by the buying dealership. Seller-fee invoices and Reserve Fee documents are separate charges to the selling dealership as stated in the Fees document. A Reserve Fee invoice must not create or imply a sale, buyer, bid or winning outcome for an unsold lot. 2.4 The due date is the one displayed on the issued invoice. It is calculated from the approved, versioned default payment terms when configured, or is set as an explicit due date by the authorized administrator when issuing the invoice. A draft or invoice without an approved due date is not a basis to invent a deadline. 2.5 An invoice can be issued only when the configured issuer identity, required tax-registration status/number, charged-party jurisdiction and tax calculation satisfy the current issuer and tax controls. A user-facing draft may remain nonpayable while those prerequisites are incomplete. No person may bypass an issuance blocker or add an invented tax rate, registration number, exemption or payment instruction. 3. BUYER PAYMENT REPORTING AND VERIFICATION 3.1 A buying dealership may report that it has initiated payment and provide the requested reference and supporting information through the available account workflow. Reporting is not a receipt, does not change the balance to paid and does not authorize unit release. 3.2 An authorized RideAuction administrator verifies the funds through the approved business process and records the amount and payment date against the correct sale. RideAuction then derives the remaining balance and payment status from the ledger. If the amount is less than the outstanding balance, the unpaid balance remains due; the invoice is not treated as fully paid. 3.3 The dealership should retain its transfer confirmation and provide it if RideAuction requests it. RideAuction may ask for clarification where sender, amount, date or reference does not match. A pending or rejected payment report does not itself cancel the sale or prove default. 3.4 The buyer must pay the outstanding amount by the due date on the issued invoice, subject to a documented hold, correction, dispute or other written direction from RideAuction. RideAuction may show outstanding and overdue balances and take only the actions authorized by the applicable published terms and policies. 4. RELEASE OF A PURCHASED UNIT 4.1 A unit is released only after RideAuction's existing release checks are satisfied: the required payment is verified or an authorized documented exception applies; ownership documents are cleared; no sale hold prevents release; and RideAuction has issued release authorization. 4.2 The seller must verify the release authorization and hand the unit only to the identified pickup party. A payment screenshot, email or buyer statement is not a release authorization. 4.3 If the buyer selects RideAuction transportation where available, transport is coordinated through the existing Live Tracker workflow. This Policy does not guarantee carrier availability, pickup dates or delivery times. A buyer-arranged pickup remains subject to the same release authorization. 5. SELLER SETTLEMENT 5.1 A seller's gross sale proceeds, seller fee, applicable tax, credits, refunds and other authorized adjustments are shown in the sale ledger and settlement statement. The net seller amount is not a payout promise until the transaction has passed the configured settlement checks and the statement shows the amount due. 5.2 Where RideAuction records a seller settlement, an authorized administrator records the amount, date, method/reference and reason after the funds have been sent outside the RideAuction application. RideAuction does not claim that an automated payout occurred. The settlement status follows the recorded ledger balance. 5.3 Seller release or settlement can be held for unpaid buyer balance, title/document issue, open dispute, sale hold or another recorded control. RideAuction communicates the applicable status and next step through the account workflow. 6. RESERVE FEE AND UNSOLD OUTCOMES 6.1 The Reserve Fee is CAD $49 fixed under the currently approved draft schedule for a Regular Public Auction or a 60-Minute Auction offered with a reserve. A No Reserve auction has no Reserve Fee. The seller sees the fee before commitment and must explicitly acknowledge the terms. The fee method, amount, auction format, reserve and calculated amount are frozen with that eligible new seller commitment. Previously committed auctions are grandfathered. 6.2 If and only if the eligible Reserve auction actually opens and runs to conclusion, the Reserve Fee obligation is assessed after it concludes, whether the unit sells or the reserve is not met. A rejected auction, an auction that never launches, or cancellation before opening does not incur this fee. A fee schedule change applies prospectively only to a new commitment made after the new terms are effective and acknowledged. 6.3 A sold Reserve auction may show its Reserve Fee as a separate seller charge in the existing seller invoice/ledger workflow. An unsold Reserve auction may have a separate fee-only draft linked to the seller and auction; it must not fabricate a buyer, sale transaction, winning bid or sale proceeds. A draft is not an issued or payable invoice. Issuance remains subject to issuer and tax approval and the existing controls. The applicable tax treatment of the Reserve Fee must be approved by accounting before a payable document is issued. 6.4 If an auction is interrupted, disputed, cancelled after opening or its completion state is uncertain, automated assessment is held for the existing authorized review and exception controls. No fee is assessed solely from a scheduled or attempted launch. 7. REFUNDS, CREDITS AND CORRECTIONS 7.1 A refund is recorded only after an authorized person verifies that a refund was made outside RideAuction. The record states the amount, date, method/reference, reason and related original payment. A refund record is not proof of bank settlement time. 7.2 Overpayments, cancelled sales and invoice errors are corrected using the existing ledger reversal, credit note, invoice void/replacement and refund processes as applicable. Issued financial history is never edited or deleted. A credit or refund does not imply an automatic payment to a dealership. 7.3 Reserve Fee cancellation, refund and exception treatment must follow the approved Fees and Cancellation & Default documents and the frozen commitment. No fee may be repriced after commitment. 8. TAX AND RECORDS 8.1 Taxes are calculated by the existing centralized, versioned tax rules based on the party RideAuction charges and the verified transaction facts. This draft does not determine tax classification, registration status, place of supply or exemption. Those require documented accounting approval and any legally required issuer data. 8.2 Each invoice or credit preserves the issuer snapshot, charged party, tax basis and component amounts, rule-set version, calculation time, issue/due dates and append-only event history. Later changes to issuer settings or tax rules do not rewrite an issued document. 8.3 Parties should keep their invoices, payment references, statements and related correspondence for the periods required by their own recordkeeping obligations. 9. HELP AND CONTACT 9.1 Use the invoice's secure RideAuction account link to review the current balance, due date, instructions and status. Contact the verified RideAuction support channel shown in the application when an invoice appears incorrect or payment instructions seem to have changed. Do not send credentials, full payment-card details or passwords. 9.2 This Policy does not replace the RideAuction Terms, Fees, Cancellation & Default Policy or Dispute Policy. If documents conflict, the precedence rule in the Terms applies. END OF DRAFT. ──────────────────────────────────────── PROPOSED DECISIONS AND PUBLICATION HOLDS ──────────────────────────────────────── PROPOSED / DEMO DECISIONS — NOT APPROVED OR IN EFFECT Proposed buyer payment term is 3 business days after invoice issue with no deposit. Current production has no default payment term configured; an authorized issuer selects and displays an invoice-specific due date until a prospective default is approved. Only payment methods actually configured and printed on the invoice may be used; this draft supplies no banking detail. Payment is complete only when an authorized reviewer verifies receipt and records it. Automated online payments, automatic seller payouts and automatic collections are not represented. Proposed seller settlement target is 5 business days after buyer funds are verified, title/required documents are cleared, any hold or dispute is resolved and the ledger/invoice is reconciled. This is a proposed service target, not an existing guarantee or payout scheduler. Authorized staff record each settlement through existing financial services. No invoice, credit note or ledger entry is rewritten; corrections use void, credit or refund records. Reserve Fee obligation rules are identical to Fees and Seller Terms: $49 fixed for newly acknowledged eligible Regular/60-Minute Reserve commitments after activation; No Reserve $0; grandfather prior commitments; obligation only after valid opening and conclusion. Prelaunch cancellation/rejection/never-launch means no fee. Post-open interruption, cancellation, dispute or uncertain close is held. Propose reversal via existing ledger service if the auction is voided or no valid conclusion occurred; later credits require audited authorization. No automatic payment collection. Fee-only drafts for unsold outcomes are nonpayable until issuer/tax controls allow issuance. Proposed record retention for invoices, payments and settlement evidence is the legally required period with a 7-year planning target; actual retention and jurisdiction must be confirmed before publication. Precedence follows the master Terms: this policy controls payment mechanics only, subject to mandatory law.