1) Thursday midnight Eastern. Teams are then locked a minute past midnight (Friday morning).

2) FAAB - Think of it this way : You have $100 to spend on waivers and FA. Bids are weekly. You can put in a claim of $0 or $25 (heck even $100!) on any available player. Should you win the bid (even with a zero dollar bid) you win that player and can place him on your team (dropping another of course - unless through IR).

Example : I bid...

Player A - $0
Player B - $0
Player C - $25
Player D - $9

Someone else bids...

Player A - $1
Player C - $20
Player D - $10

Results :

I get Player B at $0 and Player C at $25.
He gets Player A at $1 and Player D at $10.

Again, bids are weekly so it gives a chance for everyone to place a bid. You can either go for the player of the week / hot streak or find hidden gems. Your money, your call.

Hope this helps...

__________________
Gates Imbeau
Assistant Manager - DobberSports.com
Writer - Fantrax.com
Regular Guest - The York Report via NextSportStar.com
Email: gates@dobbersports.com
Twitter: @GM_Gates