# Reserve Prices & The GBM Cancellation Period GBM auctions don’t use traditional reserve prices. Instead, we offer a smarter, more flexible alternative: **The GBM Cancellation Period.** ### ⚙ How It Works **If enabled**, this feature gives the seller a short window after the auction ends to: * **Accept the final bid**, or * **Cancel the sale** if the price doesn’t meet their expectations If the seller takes no action, the sale is automatically finalised. ### 📤 If the Seller Cancels They must pay a cancellation fee that covers: * **All incentive debt** - ensuring every outbid bidder receives their incentive * **The incentive** to the winning bidder * **A full refund** of the winning bid * **The GBM protocol auction fee + any other fees set by the auction house publisher** The exact fee amount depends on the **incentive preset** and **bidding activity** — calculated once the auction ends. ### 🤝 Why It Works This gives sellers a **fair way out** if the price isn’t right without relying on rigid price reserves. And because cancellation isn’t free, it discourages abuse, **protects bidders**, and keeps the system **trustless by design.** --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.gbm.auction/how-a-gbm-auction-works/reserve-prices-and-the-gbm-cancellation-period.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.