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Euro Auctions Middle East – Sole Proprietorship LLC - Terms and Conditions of Auction
The contractual relationship between Euro Auctions Middle East – Sole Proprietorship LLC (registered in the Abu Dhabi with license number CN 4633372) and the Purchaser is governed by:
1.1. these terms and conditions;
1.2. the information as detailed in the sale catalogue for each Auction; and
1.3. any additional notices and terms printed in the sale catalogue in each case as amended by any saleroom notice or Auctioneer's announcement.
"Agreement" means this agreement
"Auction" means an auction undertaken by Euro Auctions Middle East – Sole Proprietorship LLC
"Auction Site" means any Euro Auctions Middle East – Sole Proprietorship LLC premises from where the Auction is conducted
"Auctioneer" means Euro Auctions Middle East – Sole Proprietorship LLC, its staff, representatives, and person and persons for the time being authorised by the Auctioneer to have the conduct of an Auction
"Bidder" means any person who has registered with the Auctioneer and has been issued with a Bidding Number for an Auction
"Bidding Number" means the unique bidding number assigned to the Bidder upon registration with the Auctioneer for an Auction
"Commission" means the percentage payment as detailed in clause 15 of this Agreement due by the Purchaser to the Auctioneer upon the sale of any Lots
"Deposit" means 55,000 AED , $15,000 US/AU Dollars or €15,000 Euros (at the Auctioneer's discretion) or any additional amount payable in accordance with clause 5 below
"Hammer Price" means the highest bid for any Lot accepted by the Auctioneer at an Auction
"Lot" means any individual single part of a consignment put up for Auction by the Auctioneer
"Purchaser" means the highest Bidder for any Lot
"Purchase Price" means the sum total of the Hammer Price Plus VAT and the Commission
"VAT" Means the applicable tax payable to the Federal Tax Authority in the UAE
"Vendor" means the seller of any Lot
Terms and Conditions
3. Bidder acknowledges that an Auction site is a potentially dangerous place. Flammable, noxious, corrosive and pressurised substances are present, heavy equipment is being operated and the electric circuits may be live. Every person at the Auction site at any time shall be there at their own risk with notice of the condition of the premises and the activities thereon and Bidder shall so advise his Agents and Employees. No person shall have any claim against Auctioneers, their Agents, Employees, or Principals for any injuries sustained, nor for damages to or loss of property which may occur from any cause whatsoever.
4. All Bidders are required to register before entering the Auction. The Auctioneer shall have the right, at its discretion, to refuse any person admission to the Auction Site or attendance at any Auction.
5. On registration, the Auctioneer shall be entitled to require Bidders to pay the Deposit in cleared funds. A Deposit of 55,000 AED/$15,000 US/AU Dollars or €15,000 Euros will entitle the Bidder to bid up to an initial aggregate credit limit of $50,000 (excluding VAT and Commission) at the Auction. Deposits will only be refunded if no purchase is made and where the Bidder has no balance outstanding from any other Euro Auctions Sale in any other country. In cases where the Bidder has an outstanding balance
from any other Sale the Auctioneer reserves the right to consider this deposit as payment on account.
Please note card refunds may take up to 7 days to be credited to buyer's bank account.
All Bidders who intend to bid for any Lot(s) with an aggregate value in excess of $50,000 excluding VAT and Commission (or such other sum as the Auctioneer shall determine) must notify the Auctioneer at registration. If any Bidder intends to, or makes, a bid in excess
of the initial credit limit the Auctioneer will require the Bidder to pay to the Auctioneer an amount equivalent to 10% of the projected selling price of the Lot(s) as the Deposit in cleared funds on the day of the Auction. Any estimation of the value or projected selling price of any Lot to be undertaken under this clause will be carried out by the Auctioneer in its sole and absolute discretion. The Auctioneer reserves the right to refuse the bid of any Bidder who does not comply with the provisions of this clause.
6. The Auctioneer reserves the right to revoke any Bidding Number at any time.
7. The Auctioneer sells as agent for the Vendor and as such is not responsible for any default by Vendor or Purchaser.
8. The highest Bidder shall be the Purchaser. Any dispute as to any bid shall be settled at the Auctioneer's absolute discretion. Every Bidder shall be deemed to act as a principal unless there is in force written acknowledgement by the Auctioneer that the Bidder acts as agent on behalf of a named principal. Any such agency arrangements must be notified to the Auctioneer at registration.
9. No Bidder may advance less at a bid than a sum to be named from time to time by the Auctioneer.
10. The Auctioneer has absolute discretion without giving any reason to refuse any bid, to divide any Lot, to combine any two or more Lots, to withdraw any Lot from the Auction and in case of dispute put any Lot up for Auction again. If the Auctioneer
announces choice lots, it means that the hammer price is for each individual lot and not one price for the complete choice.
11. Without prejudice to the generality of clause 7, all Lots are sold as seen and with all faults and imperfections and errors of description. Illustrations, descriptions and years in catalogues or brochures are for identification only. Descriptions in each case are provided by the Vendor. All Lots are available for inspection and Purchasers should satisfy themselves prior to the Auction to as to
the condition of each Lot and should exercise and rely on their own judgement as to whether the Lot accords with its description. The Purchaser of any Lot is deemed to have inspected the Lot prior to purchase. The Auctioneer gives no warranty as to the description, condition, year or otherwise in relation to any Lot and all warranties
,conditions and other terms implied by statute or common law are, to the fullest extent permitted by law, excluded from the Agreement. Each and every Lot shall be sold 'as is, where is'. Specifically, but without limitation, Auctioneer makes no representation or warranty that any of the Lots:
a. Conform to any standard in respect of safety, pollution or hazardous material or to any standard of requirement of any applicable authority, law or regulation, or
b. Are fit for any particular purpose, or
c. Are merchantable or financeable, or
d. Are of any particular age, year of manufacture, model, make or condition.
Purchaser agrees he has satisfied himself and is not relying on Auctioneer, nor are Auctioneer liable, for any matter in respect of the above. Bidder further agrees to repair, at his cost, any Lot
purchased at the Auction to a safe operating condition and, without limitation, to a condition which meets any standard or requirement of any applicable authority, law or regulation including those concerning any use to which the Lot may be put.
12. Auctioneer may offer Lots to internet bidders using its online service; however, Auctioneer shall not be liable for any claims or costs arising from its failure to do so. Inaccuracies in the catalogue or on the internet will under no circumstances relieve the Purchaser from responsibilities accepted on the Bidders Registration form.
13. Without prejudice to clause 11, all Lots are sold without CE Marking unless specified otherwise. If any Lot has been described as CE Marked, the Purchaser acknowledges that this description has been provided by the Vendor. The Auctioneer makes no
warranty as to the accuracy or authenticity of any CE Marking on any Lot.
14. The Auctioneer will use reasonable endeavours to ensure that all Lots appearing in the catalogue for sale are presented for sale at the Auction but the Auctioneer accepts no liability for loss or damage howsoever arising (included but not limited to costs of attendance of Bidders at the Auction) in the event that any Lot is withdrawn or otherwise is not presented for sale at any Auction.
15. The Purchaser of any Lot will be charged Commission on the Hammer Price at a rate of 10% on the first $4,500 or lower, and 2.5% on the remainder of the balance Plus VAT in addition to the Hammer Price.
16. All sums owed under this Agreement (including but not limited to purchase total, taxes, commissions, duty and storage) shall be paid in full within 7 days of the Auction failing which the Auctioneer may charge interest on late payments on a daily basis at a rate equivalent to 4% above the base lending rate of the Central Bank of the United Arab Emirates then in force.
17. Bidder acknowledges and agrees that the acquisition, delivery, export, and ownership of certain products or source of funds for such products are subject to international, federal, state, and local regulations. Bidder expressly represents that it is presently in full compliance with and shall continue to comply with all applicable international, federal, state and local laws, statutes, ordinances and regulations relation to the acquisition, delivery, export, and ownership of any Lots as may be required by Bidder.
18.1 VAT on Hammer Price & Commission
18.1.1 Non UAE Purchasers
VAT is payable by the Purchaser on the Hammer Price and Commission of all Lots at 5%. The Purchaser can request a refund (removal of VAT from the invoice) of this VAT from the Auctioneer provided the Purchaser provides to the Auctioneer's satisfaction an original bill of lading in connection with the purchased Lot.
18.1.2 UAE Purchasers
VAT is payable by the Purchaser on the Commission and Hammer Price of all Lots at 5%. This VAT amount can be reclaimed by the Purchaser from the Federal Tax Authority if they are registered for VAT.
18.2 In all cases the Auctioneer reserves the right to make its own enquiries with any third parties necessary to ascertain if any evidence of VAT registration produced to the Auctioneer by the Purchaser for the purposes of reclaiming VAT is valid.
19. The Auctioneer will accept the following as means of payment subject to the conditions below:
Bank Transfer: Cheque; Credit Card (subject to a nonrefundable processing fees); Debit Card; (subject to a nonrefundable processing fees). ln each case the Purchaser must cause cleared funds equivalent to the Purchase Price (including but not limited to purchase total, taxes, commissions, duty and storage)
to be paid to the Auctioneer within 7 days from the Auction. No payment shall be deemed to have been received by the Auctioneer until the Auctioneer has received cleared funds. Time for payment shall be of the essence. CASH IS NOT ACCEPTED FOR PAYMENTS.
20. Auctioneer shall not be obliged to release any funds to the Vendor for Lots sold until such time as the Auctioneer has received cleared funds from the Purchaser of such Lots or 21 days from the Auction Date.
21. Each Lot shall be at the Purchaser's risk from the fall of the hammer but must be paid for in full (including but not limited to purchase total, taxes, commissions, duty and storage) before ownership in the Lot passes to the Purchaser. The Purchaser agrees to insure the purchased Lot against all losses from the Auction until removal of the Lot by the Purchaser.
22. The Purchaser, or its servants or agents, will be responsible for the loss or damage to the Lots purchased from the time of the Auction and neither the Auctioneer or its servants or agents shall afterwards be responsible for any loss or damage of any kind,
whether caused by negligence or otherwise, while any Lot is in their custody or under their control.
23. The Purchaser shall at its own expense take away the Lot purchased not later than 30 days after the day of the Auction but not before payment to the Auctioneer of the Total Invoice Price. The Purchaser will be responsible for any removal, storage (daily fee of
$25 per lot per day) and insurance charges on any Lot not taken away within 30 days after the day of the Auction.
24. If any Lot is not paid for in full (including but not limited to purchase total, taxes, commissions, duty and storage) and taken away in accordance with the above conditions, the Auctioneer may at its absolute discretion and without prejudice to any other rights
it may have, resell the Lot or cause for it to be resold by public auction or private sale. The defaulting Purchaser shall then pay to the Auctioneer any resulting deficiency in the Purchase Price from the first sale after deduction of any part payment and addition of sale costs. Any surplus shall belong to the defaulting Purchaser.
25. Neither a Bidder nor any person affiliated with, or as agent of, a Bidder shall collude with any Vendor or any other Bidder in the making of bids for Lots at the Auction.
26. This Agreement can only be amended or varied by written agreement between the parties and constitutes the entire agreement between the parties and overrides prior contracts or agreements or understandings between the parties in relation to the sale by Auction and ensures for the benefit of and is binding upon the heirs, executors, administrators, successors in title and assigns of the parties herein.
27. The Purchaser accepts that Auctioneer may vary the invoice in relation to lots bought as a direct result of errors in buyer numbers during sale day. Auctioneer will endeavour to minimise this possibility at all times however, buyers will accept lots bought at auction.
28. Purchasers may also be Vendor and the Auctioneer can contra both accounts. In relation to Contras:
a. The Purchaser agrees that where a contra has been applied
to the Purchaser's account the Auctioneer reserves the right to remove or amend this at a later date. Should this occur the new Invoice will supersede any previous invoices or proforma and the Purchaser will be liable for any outstanding amount.
b. The Purchaser agrees that contras will be made against the oldest outstanding debt.
29. Documents relating to the purchased Equipment, if any, shall be delivered to the Purchaser within 14 days from the date the Bidders invoice is paid in full. No certificates of safety or origin shall be provided for the Equipment. Only documents required for the jurisdiction the auction is held will be prepared. If, for any reason, Auctioneers are unable to make available or deliver any Purchase or clear title to the same, or documentation required in respect of any Purchase, whether before or after delivery, Auctioneers sole liability, if any, shall be the return of monies paid in respect of such Purchase upon its return by the purchaser. Any such Purchase shall be returned or surrendered upon demand by Auctioneers.
30. A security interest is granted by the Bidder in his purchases to the Auctioneer for the purpose of securing full payment of his purchase total. The Auctioneer may file the Bidder Registration Form as a financing statement (in the event of non-payment) to complete and perfect the security interest granted by the Security Agreement. By signing the Bidder Registration Form, the Bidder
expressly acknowledges his understanding, and his acceptance of the security interest created by this clause (29) of the terms, and shall be evidence of the security interest(s) created.
31. Equipment at the Auction is not permitted to be purchased for Delivery to Iran or the Sudan. The Auctioneer has
complete and sole discretion to cancel any purchase or any Bidder registration form if it is determined that the ultimate destination of equipment purchased by any Bidder is Iran or the Sudan.
32. Laws and regulations in force in Abu Dhabi, United Arab Emirates shall govern these Terms and Conditions and relationship to the Auctioneer and the Bidder. Any dispute between the Auctioneer and the Bidder shall be finally resolved by either the courts of Abu Dhabi, United Arab Emirates or, at the Auctioneer's sole and absolute discretion, by the courts where the Bidder is residing or where the Bidder has assets.