Terms and Conditions

Definitions and Interpretations

Auctioneer: Refers to the company, agent, or individual conducting the auction and managing the bidding process.

Bidder: Refers to any individual or entity who registers to place bids at the auction.

Seller (Vendor): The individual or entity offering items for sale through the auction.

Item(s): Any goods or assets being sold at the auction.

Hammer Price: The price at which the auctioneer concludes the bidding and sells the item.

Reserve Price: The minimum price set by the seller below which the item will not be sold.

Winning Bidder: The highest bidder on an item whose bid is accepted by the auctioneer.

Buyer’s Premium: A percentage added to the hammer price to be paid by the winning bidder

Terms and Conditions for Auction Participation

General Auction Terms

1. Determining the Winning Bid:
   The highest accepted bid at the close of the auction will be considered the winning bid, subject to approval from the seller and any reserve price.

2. Resolution of Bidding Conflicts:
   In the event of a dispute over a bid, the auctioneer may decide to restart the bidding process for the affected lot, or determine the highest bidder based on the prior highest bid. The auctioneer’s judgment in such matters is final.

3. Bidding on Behalf of Others:
   If a participant bids for a third party, they must provide written confirmation of their authorization to do so. Without such confirmation, the bidder will be considered the principal party in the transaction.

4. Right to Reject Bids:
   The auctioneer has the discretion to reject any bid deemed inappropriate, and may withdraw a lot from the auction before the item is sold.

5. Identification of the Winning Bidder:
   Once a lot is successfully bid on, the winning bidder must immediately identify themselves to the auctioneer and confirm their bid registration.

6. Formation of Contract:
   When the hammer falls, a binding contract is formed between the bidder and the seller, which includes acceptance of the bid price and all associated terms.

7. Selling Unsold Lots:
   If a lot does not meet the reserve price and remains unsold, the seller is free to negotiate with bidders or any other interested parties independently.

8. Inspection of Lots Before Bidding:
   All lots are sold on an “as-is” basis, and bidders are encouraged to inspect items prior to the auction. No adjustments or refunds will be made post-sale, unless explicitly stated.

9. Warranty Disclaimer:
   Neither the seller nor the auctioneer offers any guarantees or warranties concerning the condition of the lots. Bidders are expected to perform their own due diligence.

10. Assumption of Risk:
    From the moment a bid is successful, the buyer assumes all risk related to the item(s), including loss, damage, or personal injury, and agrees to indemnify both the seller and auctioneer.

11. Payment Terms:
    Full payment for all successful bids is required by the deadline specified, typically within 48 hours of the auction close. Ownership of the lot will only transfer to the buyer upon receipt of full payment.

12. Quantity Discrepancies:
    In the event that the lot sold does not match the described quantity or condition, the buyer is entitled only to the available quantity, with a potential adjustment to the price as per the auctioneer’s decision.

13. Responsibility for Lot Removal:
    Buyers are responsible for the removal of purchased items within the specified timeframe after the auction. Items left after the deadline may be subject to additional fees or forfeiture.

14. Consequences of Non-Payment:
    If payment is not received within the required timeframe, the auctioneer reserves the right to cancel the sale, retain any partial payment, and re-sell the item. The defaulting buyer may be held liable for any resulting losses.

15. Time Sensitivity:
    All auction-related activities, including payment and item removal, are strictly time-sensitive. Delays may result in penalties or forfeiture of the purchase.

16. Auctioneer’s Right to Bid:
    The auctioneer retains the right to bid on behalf of the seller, if necessary, during the auction process.

17. Additional Fees:
    The buyer will be responsible for a Buyer’s Premium 12.5%, which is an additional percentage charged on the final hammer price, along with any applicable taxes and other fees.

18. Condition of Electrical Items:
    Buyers are advised that all electrical items are sold without warranty and must be inspected and repaired by a qualified professional before use.

19. Goods and Taxes:
    Unless stated otherwise, all lots are subject to the GST or any applicable sales tax, which will be added to the hammer price.

20. Auctioneer’s Role as Agent:
    The auctioneer acts solely as an intermediary on behalf of the seller, and any legal claims related to the goods are directed to the seller.

21. No Waiver of Conditions:
    Any changes to these terms must be made in writing and signed by an authorized representative of the auctioneer. Staff members cannot modify these terms without written consent.

22. Beneficial Ownership:
    In some cases, the auctioneer may have a financial interest in the sale of specific lots, which will be disclosed when applicable.

Online Bidding Process

2.1 Registration

• To participate in the online auction, bidders must first register through the auction platform. This registration confirms the bidder’s understanding and acceptance of these terms and conditions.

• Accurate Details: Bidders must provide accurate and up-to-date personal and payment details at the time of registration. The auctioneer reserves the right to reject registrations with incomplete or incorrect information.

2.2 System and Network Reliability

• Platform Stability: The auctioneer will make every effort to ensure the auction platform is fully operational. However, system failures, downtime, or internet connection issues beyond the auctioneer’s control may occur. The auctioneer is not responsible for any disruptions due to such issues.

• Bidder’s Internet Connection: Bidders must ensure they have a stable internet connection to participate. The auctioneer will not be responsible for missed bids or delays caused by bidder-side technical failures.

2.3 Bidding Errors and Bid Retraction

• Incorrect Bids: If a bidder accidentally places an incorrect bid (e.g., typing an amount that is too high or low), they must immediately contact the auctioneer. While efforts will be made to rectify the situation, once a bid is recognized by the system, it is considered final.

• No Bid Withdrawal: Once a bid is accepted and acknowledged by the auctioneer, it cannot be retracted.

2.4 Faults in the System or Data Entry Issues

• System Errors: In the event of technical issues, such as incorrect bids or failures to transmit bid data correctly, the auctioneer may resolve the issue by re-opening the bidding or adjusting the bidding history as necessary. These decisions are final.

• Data Transmission Errors: The auctioneer is not liable for any incorrect transmission of data or failure of the platform to update bids in real-time due to issues outside their control.

2.5 Proxy Bidding

• Automatic Bidding: Bidders can set a maximum amount for a lot they wish to bid on, and the system will automatically place bids on their behalf up to that maximum. The auctioneer is not responsible for any errors or mismanagement of proxy bids.

2.6 Dispute Resolution for System Errors

• Resolving Disputes: In cases of technical errors during bidding, the auctioneer will have full discretion to resolve any disputes, including restarting the auction for affected lots or determining the winning bid based on the auctioneer’s discretion.

2.7 Platform Limitations

• Auctioneer’s Non-Liability for Platform Failures: The auctioneer is not liable for any errors, technical glitches, or server failures on the platform, and is not responsible for issues that arise from bidders’ equipment or internet connections.

2.8 Auction Closing and Hammer Price Determination

• Automatic Close: The auction will automatically close at the scheduled time, but in case of system malfunction, the auctioneer may extend the auction or adjust the closing time as necessary.

• Dispute on Final Bid: Any dispute related to the final hammer price will be resolved at the auctioneer’s sole discretion.

2.9 Bidder’s Responsibilities

• Monitoring Bidding Activity: Bidders are responsible for ensuring that they have access to the auction and monitor their bids, and that their internet connection is stable throughout the auction. The auctioneer is not responsible for any issues caused by external or bidder-side problems.

2.10 Platform Failures and Force Majeure

• Technical or Force Majeure Events: The auctioneer will not be liable for delays or failures in the auction process caused by unforeseen technical or force majeure events, including network failures, server outages, or natural disasters.

2.11 Acceptance of Terms

By participating in the online auction, bidders acknowledge and accept the potential risks associated with the platform and agree to abide by the auctioneer’s decisions in the event of technical difficulties.

Miscellaneous

• Limitation of Liability:
  The auctioneer’s liability is limited to the amount paid for the lot(s). The auctioneer will not be liable for any indirect or consequential damages.

• Jurisdiction:
  Any legal proceedings relating to disputes under this agreement will take place in the jurisdiction specified by the auctioneer.