Asset Advisory, Auctioneers & Valuers

Online Auction Terms and Conditions

ONLINE AUCTION SALE TERMS & CONDITIONS

1. BUYER’S PREMIUM  –  ABuyers Premium Applies To All Our Auctions, please check ‘Auction Specifics’ for each and every item to familiarise yourself with the applicable percentage.

2. PUBLIC LIABILITY  –  Persons attending our yard for viewing and collection, during, before and after the auction do so solely at their own risk. The Auctioneer, his or her agents, employees or principals shall not in any way be liable for any injury sustained to any persons or for any damage to or loss of property howsoever caused. All persons attending our yard under the age of 16 years are required to be in the care of and under supervision of an adult.

3. REGISTRATION  –  Prior to bidding the Purchaser must agree to our terms and conditions. A buyer shall be deemed to purchase as a principal.

4. HIGHEST BIDDER DEEMED TO BE THE BUYER  –  Subject to any reserve price, the highest bidder for each lot shall be the buyer.

5. RIGHTS OF AUCTIONEERS AND SELLERS  –  The Auctioneer and the seller reserve the following rights which may be exercised by the Auctioneer at his absolute discretion; and without giving reasons:

(i) not to offer for sale any lot or part of any lot described.

(ii) to withdraw any lots from sale.

(iii) to refuse to accept a bid or bids from any person or persons.

(iv) to refuse admission to or eject from our auction yard site any person or persons.

(v) in the event that any buyer shall successfully bid for more than one lot at the auction (1) to appropriate any monies received from that buyer in satisfaction or partial satisfaction of the purchase price due in respect of any one or more of such lots to the total or partial exclusion of amounts due in respect of any such lots or lots as the auctioneer shall see fit: and (2) to elect at any time to treat each contract for the sale of each lot as interdependent with each other and default under any such contract shall be default under all such contracts;

(vi) to bid on behalf of any prospective buyer with or without disclosure;

(vii) in the event that any lot is not sold at the auction to offer to sell the same immediately after the auction by private sale but otherwise subject to these conditions: and

(viii) to permit the seller to make one or more bids for any lot.

6. DEPOSIT  –  The Auctioneer may require and the buyer shall pay to the Auctioneer or his clerk, by cash, bank cheque or EFT, a deposit of (20%) of the purchase price for the lot purchased.  If a buyer fails to pay the deposit the auctioneer may put the lot up for bidding and resale and the defaulting buyers bid shall not be taken again at the resale.

7. MISDESCRIPTION AND FAULTS  –  Bidders must satisfy themselves by inspection or otherwise as to the nature and authenticity of a lot and accept the same with all faults whether hidden or obvious.

The buyer acknowledges that the auctioneer is acting as the authorized agent of the seller & any rights of action he/she may have in respect of the said lots and the lots purchased by him/her lie against the seller not the auctioneer.

A sale will be deemed valid and enforceable notwithstanding any fault or defect in a lot and the buyer remains bound to take delivery without any allowance or reduction in the purchase price.

A sale will be deemed valid and enforceable notwithstanding an error or misdescription as to the quantity, measurements, specifications or quality of a lot and the buyer remains bound to take delivery without any allowance or reduction in the purchase price. The auctioneer and the seller make no warranties either expressed or implied, other than those implied by law.

No warranty, either expressed or implied, is given by any affirmation made by the Auctioneer.

The Auctioneer or seller is not liable to pay compensation to a buyer for any fault or defect in a lot or for any error or misdescription or for any missing part or quantity.

8. BUYERS ACCEPTS RISKS OF EACH LOT  –  Each lot is at the buyers risk. The auctioneer and the seller shall not be accountable for any deficiency, damage or loss which may occur thereafter.

9. REMOVAL AND RELOCATION OF LOTS  –  At the buyers own cost, the buyer shall remove the lot within the time frame specified by the auctioneer or by no later than 4pm on the next business day following the sale whichever is the earlier.

The buyer shall not remove a lot during an auction.

The buyer is fully responsible for the expense and risk of the removal of a lot and for any damage to property or injury to persons caused by themselves, their agents or employees which occurs during the removal of a lot.

Any part of a lot which a buyer does not remove within the time frame specified may thereafter be removed by some person, firm or company engaged by the auctioneer and stored at the auction site elsewhere, at the discretion of the auctioneer. Such removal and storage shall be deemed to be made at the request of the buyer and all costs incurred by the auctioneer shall be recoverable by the auctioneer and the seller as a debt due and payable by the buyer.

The disconnection of any gas or electrical services from any piece of Plant & Equipment carried out during the removal of a lot must be performed by a competent and qualified tradesperson.

10. PAYMENT ARRANGEMENTS  –  At the completion of the auction, the buyers shall pay to the Auctioneer the full purchase price for the lot including any applicable Goods & Services Tax (GST), any other government tax and any buyers premium.

The purchase price and any part thereof, shall be paid by cash, EFT or by bank cheque.

Any balance of the purchase price shall be paid by the buyer to the auctioneer within the time period required in these conditions to take delivery of the lot and the buyer shall not be entitled to require the delivery of the lot until the purchase price has been paid in full.

The auctioneer and the seller reserve the right to restrict access to the lot prior to the lot being paid in full.

Title to the lot shall not pass to the buyer until all payments and cheques are cleared by the auctioneers bank.

11. GOODS AND SERVICES TAX (GST)  –  Prior to the auction, the Auctioneer will advise the buyer, in writing or in advertising whether the sale price of a lot is inclusive of Goods & Services Tax (GST) (GST INCLUSIVE) or exclusive of GST (GST EXCLUSIVE).

The buyer acknowledges and agrees that

(i) If the sale price is GST Inclusive, the buyer’s premium will include GST & will be a percentage (%) of the sale price (inclusive of GST) & payable by the buyer to the auctioneer at the same time as the sale price.

(ii) If the sale price is GST Exclusive, GST will be calculated on & added to the sale price & buyer’s premium & payable by the buyer to the auctioneer at the same time as the sale price.

12. BUYERS DEFAULT  –  If the buyer fails to comply with any of the above terms, the deposit or any monies paid shall be forfeited, without notice to the buyer, to the auctioneer and the lot in respect of which the default has been made may be resold by public or private sale or disposed of if no longer of commercial value.

The defaulting buyer shall pay all expenses arising from the default including the cost of any removal, warehouse, advertising, commission and resale of the lot. This amount may be recovered by the auctioneer or seller as a debt due and payable by the buyer.

If the price obtained on the resale is lower than the price obtained at the original sale, the difference in price may be recovered by the Auctioneer or seller as a debt due and payable by the buyer.

Without limiting the generality of the foregoing the Auctioneer is entitled to recover from the buyer;

(i) a sum of expenses and charges incurred by the Auctioneer in connection with or incidental to the auction in respect of the resale;

(ii) the amount of any applicable commission or buyer’s premium;

(iii) any applicable GST or any other government tax or fee relating to or arising from the sale of the lot or part thereof.

13. OCCUPATIONAL SAFETY AND HEALTH OBLIGATIONS  –  The state occupational health and safety legislation imposes obligations, such as providing and maintaining a safe work environment and preventing exposure to and protection from hazard, on persons who use or operate plant in a workplace and on employers whose employees use or operate plant. If the buyer intends to use plant purchased at this auction at a workplace then it is the responsibility of the buyer to inform themselves of these obligations.

Unless otherwise stated, the plant sold at this auction has not been assessed or inspected by a competent person and it may or may not be affected by faults or defects which make it unsafe for use. It is the responsibility of the buyer to ensure assessment and inspection by a competent person.

The buyer is warned that items not previously assessed or inspected by a competent person may be suitable for scrap or spare parts only.

The legislation requires that owners of the plant maintain safety and health information and records. The Auctioneer will pass on to the buyer all information made available to them by the owner but the Auctioneer does not warrant that the information and records are complete.

It is the responsibility of the buyer to familiarise themselves with all relevant information.

14. COMPUTERS AND TECHNOLOGICAL PURCHASES  –  Unless specifically provided, any sale of computer equipment at this auction is intended to be the sale of hardware only.

If the sale of any computer equipment included software, the software may be the subject of a software licence agreement. A copy of this agreement may be obtained from the computer manufacturer or the seller.

If the software is not capable of being assigned with the computer hardware, the buyer acknowledges that any use of the software may be a breach of the software licence agreement.

If the software is capable of being assigned with the computer hardware, the buyer acknowledges that they are bound by the terms and conditions of the software licence agreement and that such conditions may restrict the use of the software.

15. DEFINITIONS

‘AUCTIONEER’ means any person or company who conducts an auction.

‘BIDDER’ means any person who bids for a lot.

‘BUYER’ means any person who is the successful bidder for a lot.

“BUYER’S PREMIUM’ means the amount payable by a buyer in addition to the sale price calculated at a rate stated by the auctioneer, advertisements, brochures.

‘COMPUTER HARDWARE’ means the mechanical and electronic components of a computer including monitor, keyboard and desktop or tower case.

‘LOT’ means any item (or items marked as) a lot or described as a lot.

‘PLANT AND EQUIPMENT’ includes vehicles, machinery, mechanical, electrical and electronic equipment, tools, fixtures, appliances, implements, and any component or fitting thereof or accessory.

‘SELLER’ means any person who sells a lot.

‘SOFTWARE’ means the programs and other operating information used by a computer.

TERMS ARE STRICTLY CASH, EFT OR BANK CHEQUE BEFORE DELIVERY.

ALL ACCOUNTS PAYABLE IMMEDIATELY AFTER SALE.