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I read the FAQs and it says that no matter what, you will lose your bounty for the question.

But the stipulations of how the bounty is rewarded is unclear on if your question goes unanswered for the time of the bounty.

Will you get a "refund" or will you still lose the bounty and reward it to no one?

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You never get a refund for a bounty. If there is still no answer at the end of the bounty period, the reputation is lost.

If there are answers but you don't award the bounty, half the amount will be awarded automatically to the eligible answer with the highest score (the oldest in case of a tie), if there is one. An answer is eligible if it was posted during the bounty period and its score when the bounty ends is at least +2. As an exception, if you accept an answer during the bounty period, this answer will be awarded the full bounty (unless you manually award the bounty to a different answer). If there is no eligible answer, no reputation is awarded automatically.

You have 24 hours after the end of the 7-day bounty to award the bounty (you can award it earlier if you wish). The automatic award or definitive loss kicks in after that grace period.

For more information, see the bounty FAQ on the main Stack Exchange meta site.

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    It's not the oldest question, but the one with the most votes that is eligible. It's only the oldest if 2 answers have the same # of votes. – PearsonArtPhoto Nov 7 '11 at 15:37
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    Unless I'm wrong, 'if... don't award... half the amount will be awarded automatically to the eligible answer with the highest score' could be edited at the end with 'that's not from the bounty-placer'. – Solemnity Jan 21 '13 at 2:55

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