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I posted my first bounty and it's expiring soon. Yes, the Bounty FAQ states "If you do not award your bounty within 7 days, the highest voted answer ... will be awarded half the bounty amount." However, is that within the 7 days from the time the bounty started or within 7 days from when the bounty ends. I'm guessing the former, but I want to be sure. That is, do I still have some time after the bounty closes to decide on who to award or do I have to do so before the bounty ends?

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It's the former. You have seven days to award your bounty from the point when you start it.

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