Auction Policy:

1. Registration: All buyers and sellers must register with the auction house before participating in any auctions. Registration may involve providing personal information, contact details, and agreeing to the terms and conditions of the auction.

2. Fees: Both buyers and sellers will be charged a fee for participating in the auction. The fee structure should be clearly outlined in the terms and conditions and may include a registration fee, listing fee, commission fee, or any other applicable charges.

3. Commission Rate: The auction house will charge a commission on the final sale price of items sold at the auction. The commission rate should be clearly stated in the terms and conditions and agreed upon by both parties.

4. Payment Terms: Sellers will receive payment for sold items after the auction has ended and the buyer has completed payment. Payments can be made via check, cash, or electronic transfer, as agreed upon in the terms and conditions.

5. Buyer's Premium: Buyers will be charged a buyer's premium on top of the final sale price of items purchased at the auction. The buyer's premium should be clearly stated in the terms and conditions and disclosed to buyers before bidding on items.

6. Reserve Price: Sellers may set a reserve price on their items, which is the minimum price they are willing to accept for the item. If the reserve price is not met during the auction, the item may be withdrawn from the auction or re-listed at a later date.

7. Auction Process: The auction house will conduct the auction in a fair and transparent manner, ensuring that all participants have equal opportunity to bid on items. Bidding increments, auction rules, and procedures should be clearly communicated to all participants.

8. Dispute Resolution: In the event of any disputes or issues arising during the auction process, the auction house will work to resolve them in a fair and timely manner. Dispute resolution procedures should be outlined in the terms and conditions.

By implementing a comprehensive auction policy, the small business can effectively manage auctions, attract buyers and sellers, and generate income through fees and commissions.