PK 1272

General Terms and Conditions for Timed Online Auctions

The conditions following apply to all our timed online auctions, by participating in the online auctions, you consent to be bound by these terms and conditions.

The Site will show a separate Notice to Purchasers for each Online Auction which will stipulate a payment date ("Payment Date") for each lot in an Online Auction and the date by which the goods will have to be removed by the successful buyer ("Clearance Date" or "Removal Date") and certain other terms and conditions which form part of these Terms and Conditions.

The Conditions of Sale by timed online auction incorporate the bidspotter.com and bidspotter.co.uk terms and conditions and the relevant Schedule and Notices to Purchasers document ("Schedule") in respect of a particular Auction. To the extent there is any inconsistency between the documents, the order of precedence is this document, then the bidspotter.com and bidspotter.co.uk terms and conditions, then the Schedule. All documents are subject to addition or variation by notices posted on www.auctionasset.co.uk

1. Definitions

In these conditions the following terms have the following meanings unless inconsistent with the context:

“Auctioneers” means Auction Asset Limited 22 Wycombe End High Wycombe HP9 1NB

“Auction Asset” means Auction Asset Limited 22 Wycombe End High Wycombe HP9 1NB

 “Conditions” means the standard terms and conditions of business set out in this document

“Buyer’s Premium” the premium payable to Auction Asset by the Buyer on the sale of any Lot as a percentage as specified in the Notices to Purchases

“Lots” means all or any machinery and other items sold or intended to be sold in accordance with these conditions

“Buyer” means a person, firm or Company who purchase any Lot

“Vendor” means a person, firm or Company who puts forward any Lot intended to be sold at the sale

 “Sale price” means the price at which a Lot is sold to the winning buyer.

“Sale Proceeds” means the net amount due to the Vendor being the Sale price of the lot sold less commission and expenses and any other amounts due to the Auctioneer by the Vendor in whatever capacity and howsoever arising

“Reserve Price” means the minimum price fixed by either the Auctioneers or Vendor at which any Lot is to be sold at the sale

“Auction Period” means the duration of the timed auction as advertised. Any time periods running from the end of the Auction Period commence at the closing time of the Auction Period.

Except where the context otherwise requires words denoting the singular include the plural and vice versa; words denoting one gender include all genders; words denoting persons include corporations and vice versa.

2. Limitation of Liability

2.1 Neither the Vendor nor the Auctioneers, their servants or agents shall be liable for any loss or damage suffered by the Buyer arising out of or in connection with any defects or deficiencies in any lots purchased, errors of description in the auction catalogue, any mis-statements as to any matter affecting the lots or the failure of the lots to fulfil the functions for which they were intended

2.2 The Auctioneer’s and the Vendor’s total liability for breach of contract or negligence is limited to the Bid Price.

2.3 Neither the Auctioneers nor the Vendor shall be liable for any indirect or consequential loss or damage (whether for loss of profit, loss of business or otherwise) incurred by the Buyer whatsoever.

3. Buyer's Premium

The buyer will pay to the Auctioneer such premium ("Buyer's Premium") on the Announcement of Sale as stipulated in the Notice to Purchasers for the Online Auction in question to which will be added any applicable value added tax or the equivalent or similar sales taxes in the relevant jurisdiction at the current rate. The Buyer's Premium is not negotiable and is payable by all buyers. The Auctioneer, when acting as agent for the seller, may also receive commission from the seller.

4. Value Added Tax (VAT)

4.1 The Buyer shall pay any VAT, which may be due on any amounts owed by the Buyer under these Conditions at the rates prevailing at the Closing Date.

4.2 In accordance with the EC Sixth VAT Directive (77/388/EEC), Non-EC Buyers will be charged VAT at the UK rate prevailing at the Closing Date. Upon receipt of a copy of the bill of lading or CMR note as proof of export, the VAT will be refunded on the Closing Price and the Buyer’s Premium.  VAT will not be refunded unless proof of export is provided within 3 months from and including the Closing Date.  

4.3 In accordance with the EC Sixth VAT Directive (77/388/EEC), Buyers that are VAT registered in an EC Member State will be charged VAT at the UK rate prevailing at the Closing Date. Upon receipt of a copy of the bill of lading or CMR note as proof of removal from the UK, the VAT will be refunded on the Closing Price and the Buyer’s Premium.  VAT will not be refunded unless such proof of removal is provided within 3 months from and including the Closing Date. Apex will also require the Buyer’s EC VAT number shown on company headed paper in order to zero rate the supply.  

5. Bidding

5.1 Subject to the rest of the Conditions of Sale by timed online Auction, the highest bidder shall be the Buyer, subject to the Approval by the Auctioneers and/or the Vendor. The sale price is exclusive of the buyer’s premium and VAT.

5.2 The conduct of the sale shall be at the Auctioneers' discretion, the Auctioneers may impose any condition on bidding and it is their right to refuse any bid.

5.3 If a dispute of whatsoever nature arises, the decision of the Auctioneers will be final and binding on all parties.

5.4 No bid may be withdrawn after the completion of the bidding process.

5.5 The Vendor and the Auctioneers reserve the right to fix reserves on any Lot and to bid either themselves or by their agents and to alter, vary or withdraw any Lot prior to or during the sale.

5.6 The Vendor and the Auctioneers reserve the right to advance the bidding as they decide.

6 Title and Risk

As from the date and time the Buyer is declared, all risks in and relating to the Goods purchased, shall pass to the Buyer and the Buyer is strongly advised to effect insurance for these risks at once. In no circumstances will the Auctioneers or the Vendor be responsible if any Goods or part thereof be lost, stolen, damaged or destroyed after the Buyer is declared.

The Vendor shall only sell such title to the Goods as he may have. Neither the Auctioneers nor the Vendor warrants the Vendor’s good title to any of the Goods and if it is found that the Vendor does not have title or unencumbered title to any of the Goods purported to be sold under these conditions the Buyer expressly agrees that it shall have no right either to rescind the contract or to claim damages or a reduction in the consideration paid or payable under the contract.

Title to each of the Goods will not pass until paid for in full and payment is fully cleared

7. Collection and Removal of Lots Purchased

7.1 At the Buyer's sole cost and expense, the Buyer shall collect the Lot purchased from the Premises not later than the clearance deadline, but not before payment to Auction Asset of the Total Amount Due in full and cleared funds and subject to Condition 8.  This Condition shall be of the essence of the contract.

7.2 If, at any time during the Clearance Days, the Buyer will not, in Auction Asset’s reasonable opinion, be able to complete the collection of the Lot from the Premises by the Clearance Deadline, the Clearance Deadline shall be deemed to have occurred and the Buyer shall be deemed to be in breach of Condition 7.1

7.3 Packing and handling of purchased Lots is at the entire risk and expense of the Buyer. Auction Asset is not responsible for acts or omissions by packers or shippers of purchased Lots, whether or not such persons are recommended by Auction Asset.

7.4 Access to the Premises to remove a Lot will be given only if cleared payment in full has been made.

7.5 It is a condition of sale that, where hold down bolts or studs and grouting surrounding a Lot is exposed by a Buyer removing that Lot, the floor will be left without protrusions and flush with floor level, rubbish will be disposed of and the floor swept.

7.6 All personnel intending to operate lifting or moving equipment at the Premises must first produce to the Auction Asset supervisor, current operating licenses, current equipment certificates and proof of all relevant insurances.  They will be expected to work to the Seller’s, Auction Asset and current health & safety regulations and may be ordered off the Premises at any time for breach of these regulations. Risk Assessments and Method Statements may be required before removal of any Lot.

7.7 For the avoidance of doubt removal includes where applicable disconnection from the mains electricity supply and the detachment of any lots which are fixed. All electrical installations must be left in a safe condition during and after the removal and the use of explosives or flame cutting equipment or any other potentially hazardous or inflammatory process shall not be permissible on the site without the express written consent of the Auctioneers. The Buyer shall be responsible to insure against and to make good any injury or damage to persons or property caused by the Buyer, their carriers, servants or agents detaching, disconnecting or removing any goods purchased by the Buyer.

8. Health & Safety At Work

It is expressly brought to the Buyer’s attention and that of potential buyers, at the time of sale, any item of plant, machinery or equipment contained in the goods may not necessarily comply with the Health and Safety at Work Etc. Act 1974; the Environmental Protection Act 1990; Construction Design and Management Regulations 1994 or any other Act of Parliament or regulations thereunder governing the use of that plant, machinery or equipment in a working environment. Buyers of any such plant, machinery or equipment are hereby required to ensure so far as reasonably practicable that such item will be safe and without risk to health and that the use of any such items at a place of work within the EEC & the United Kingdom does not contravene any such Act of Parliament or regulation applicable to such use.

9. As Is

All goods are sold "AS IS, WHERE IS, WITH ALL FAULTS AND WITHOUT RECOURSE". Illustrations, pictures or videos posted on the Site are for the convenience of the buyers only.
Each of the seller, the Auctioneer and, where applicable, Auction Asset has used its reasonable endeavours to ensure that the description of each lot(s) appearing on the Site are accurate, but the buyer relies upon such description at its own risk. Buyers should satisfy themselves prior to the sale as to the condition of the lot and should exercise and rely on their judgment as to whether the lot accords with its description at their own risk.

Subject to the obligations accepted by Auction Asset  and, where applicable, the Auctioneer under these Terms and Conditions neither the seller nor Auction Asset nor, where applicable, the Auctioneer nor any of their respective employees or agents are responsible for errors of description or for the genuineness or authenticity of any lot and no warranty whatever is given by Auction Asset or, where applicable, the Auctioneer, or the seller or their respective employees or agents to the buyer in respect of any lot and any express or implied conditions or warranties are hereby excluded to the greatest extent permitted by law.

10. Non Payment or Failure to Collect Purchases

10.1 If the Total Amount Due is not paid on any Lot or the Buyer fails to collect the Lot in each case in accordance with these Conditions the Buyer will be in default and Auction Asset as agent of the Seller or for itself, as appropriate, shall, at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following rights and remedies:

10.2 proceed against the Buyer for damages for breach of contract;

10.3 cancel or rescind the sale of that or any other Lots sold to the defaulting Buyer at the same or any other sale, retaining as compensation all payments made by the Buyer referable to any losses, costs or expenses incurred by the Seller or Auction Asset as a result of the Buyer's default;

10.4 re-sell the Lot or cause it to be re-sold by Auction Asset  by auction or private sale, and hold the Buyer liable for the Deficiency. The defaulting Buyer hereby agrees that any resale price shall be deemed commercially reasonable;

10.5 hold the Buyer liable for the Total Amount Due and the Deficiency;

10.6 reduce the Total Amount Due or the Deficiency or any other amounts the Buyer owes to Auction Asset by:

10.6.1 any proceeds of sale then due to or thereafter becoming due to the Buyer from Auction Asset ; or

10.6.2 any payment made by the Buyer to Auction Asset, whether or not intended to reduce the Buyer's obligation under the Contract;

10.7 until payment of all outstanding amounts due to Auction Asset have been made in full, exercise a lien on any property of the defaulting Buyer which is in the possession of Auction Asset for any purpose and to sell the same;

10.8 charge the Buyer a minimum handling charge payable to Auction Asset by the Buyer of one percent (2%) plus VAT of the Total Amount Due per month commencing on the seventh day after the sale and for each successive month or part month;

10.9 insure, remove and store the Lot either at Auction Asset storage or elsewhere at the sole risk and expense of the defaulting Buyer;

10.10 charge the Buyer interest in accordance with Condition 10.6;

10.11 hold the Buyer liable to indemnify Auction Asset against any loss or damage suffered by Auction Asset which directly or indirectly is attributable to the nature of any plant, equipment or machinery of that Lot or any other Lots whether through breakage rust, decay, desiccation, leakage, wastage, inherent or latent defect or vice or natural deterioration.

11. Governing Law

These Terms and Conditions and any Conditions contained in the Notices to Purchasers, along with all associated transactions and all connected matters shall be governed and construed in accordance with English Law