Hey Erick,

the current version allows you to bid a lower amount and essentially pay a fee to access funds earlier than you could have individually (this is analogous to the interest rate). The “term” is to contribute X ether each Y period of time, regardless of how much you bid. Does this make sense? Make sure to watch the “What is a ROSCA” video in this playlist: https://www.youtube.com/watch?v=EgR7G0U_uEg&list=PLCL57M28bByVH-HUDxmIg9TW9B6izKqdd