Bidnet Auctions Buying Terms and conditions
Bidnet Auctions Buyer Terms and Conditions
1. The contractual relationship between Bidnet Auctions and the Bidder / Purchaser is governed by
1.1. these terms and conditions;
1.2. the information as detailed in the sale catalogue for each Auction;
1.3. any additional notices and terms on our website and or 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 Bidnet Auctions
“Auction Site” means any Bidnet Auctions premises from where the Auction is conducted
“Auctioneer” means Bidnet Auctions, 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 is in the trade who has registered with the Auctioneer and has been issued with a Bidding Number for an Auction or makes an offer on items Bidnet Auctions are offering for sale.
“Bidding Number” means the unique bidding number assigned to the Bidder upon registration with the Auctioneer for an Auction
“Offer” means an amount offered to purchase a lot
“Commission and Premium” both mean the percentage payment as detailed in clause 16 of this Agreement due by the Purchaser to the Auctioneer upon the sale of any Lots
“Deposit” means the Amount detailed (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 of offer made for any Lot
“Purchase Price” means the sum total of the Hammer Price plus VAT and the Commission plus VAT - “VAT” means the applicable tax payable to HMRC
“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 moved and 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 confirm they understand that the Auctioneer sells assets and equipment to business’s, therefore all sales to a purchaser are treated as "trade sales" and they must only register and bid if they accept this condition and that they are not a consumer. Bidders are required to register for each auction before entering the Auction site, this can also be done online. An Account must be created first (retain your Password for future login) The Auctioneer shall have the right, at its discretion, to refuse any person admission to the Auction Site or attendance at any Auction. The bidder must register for each future Auction individually.
5. On registration, the Auctioneer shall be entitled to require Bidders to pay the Deposit in cleared funds. A Deposit will entitle the Bidder to bid up to an initial aggregate credit limit of 10 times (Or at Bidnet Auctions discretion) (excluding VAT and Commission) at the Auction.
Bidding Deposits are refundable if no purchase is made and where the Bidder has no balance outstanding from any other Bidnet Auctions Sales. 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. Any card refunds typically should appear on your bank statement within 10 working days. Please note that refund time scales are dictated by the card issuers and are outside our control. We are not liable for any difference in transaction amounts due to exchange rates.
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 or before the day of the Auction.
By registration you confirm that for online bidding the person posting the bids online has to be the person who has registered for the auction.
No refunds, credits or storage waivers will be given once acceptance and registration or an offer is approved.
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 Bids or 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. All accepted bids and offers are contracts and are considered final and non withdrawable. 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. All offer are treated on the same basis as bids and are contracts and are considered final and non withdrawable. All offers will be executed by the auctioneer, however, Auctioneer shall not be liable for any claims or costs arising from its failure to do so. The Vendor is not deemed to accept the highest offer and the auctioneer may act on their behalf in the acceptance or refusal of offers. Any dispute as to any bid shall be settled at the Auctioneer’s absolute discretion.
10. Pre-Bids placed will be executed by the auctioneer, however, Auctioneer shall not be liable for any claims or costs arising from its failure to do so. However, Pre-Bids placed on lots passed or not sold due to reasons under the Auctioneers control will be automatically deemed null and void. Any system generated email messages or purchases added to an online account can be updated at any time to reflect a change. Pro-forma invoices are subject to change.
11. Pro-forma Invoices are emailed out at the end of every auction and are subject to change.
12. Lots sold subject to an existing finance agreement will be listed on the pro-forma invoice, however, said lots are not free to collect until Auctioneer receives final release confirmation from finance company. Pro-forma invoices are subject to change.
13. No Bidder may advance less at a bid than a sum to be named from time to time by the Auctioneer.
14. 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. The Auctioneer has the absolute discretion to choice lots which will be sold for individual hammer prices.
Lot/ Item Descriptions
15. Without prejudice to the generality of clause 7, all Lots are sold as seen basis with all faults and imperfections and errors of description. Illustrations, descriptions, mileage, Hours and years in catalogues or brochures are for identification only. Descriptions in each case are provided by the Vendor however the Bidnet Auctions shall not be liable for any claims or costs arising from Inaccuracies. All Lots are available for inspection and Purchasers should satisfy themselves prior to the Auction as to the condition and description given of each Lot and should exercise and rely on their own judgement or engage an expert as to whether the Lot accords with its description. The Purchaser of any Lot is deemed to have inspected or appointed an expert to inspect on their behalf, the Lot prior to purchase. The Auctioneer gives no warranty as to the description or its accuracy, 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, the 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 finance-able, or
d) Are of any particular age, year of manufacture, model, make or mileage/Km, Hours, has the listed options or features or described condition.
e) No warranty given or implied. UNLESS OTHERWISE STATED all items are sold as UNTESTED and may require repair or certification before use, ALL ELECTRICAL ITEMS Tools and Equipment are sold on the understanding that they may be suitable for spares/repair only, and will require testing and certification before use. The purchaser confirms and agrees to undertake to guard any machine(s) or equipment in compliance with Sections 2 and 6 of the Health and Safety at Work Act 1974, before it is used.
The Purchaser agrees he has satisfied himself and is not relying on the Auctioneer, nor are the 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.
16. The 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.
17. Without prejudice to clause 12, 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.
18. 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.
Purchaser Commission /Buyers Premium
19. The Purchaser of any Lot will be charged Commission on the Hammer Price: Typically this will be at a rate of 12% on the first £3000 or and 3.5% on the balance where applicable plus VAT in addition to the Hammer Price. However Specific Auctions will have higher Buyers Commission which will be stated in Auction details.
20. All sums owed under this Agreement 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 Bank of England then in force.
21. 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, and local regulations. Bidder expressly represents that it is presently in full compliance with and shall continue to comply with all applicable international, and local laws, statutes, ordinances and regulations relation to the acquisition, delivery, export, and ownership of any Lots as may be required by Bidder.
22. VAT (UK Value Added Tax currently 20%)
22.1 VAT on Hammer Price
22.1.1 EU Purchasers outside the United Kingdom VAT is payable by the Purchaser on the Hammer Price of all Lots at 20%. The Purchaser will not have to pay VAT on the Hammer Price of purchased Lots provided the Purchaser is validly registered for VAT in a European Union state outside the United Kingdom and provides to the Auctioneer’s satisfaction third party proof that the Lot has been exported from the UK within 30 days from the date of the Auction.
Where third party proof of export is not received within 30 days from the end of the Auction, the total amount of VAT will become payable by the Purchaser to the Auctioneer and the Auctioneer will raise an invoice to the Purchaser for any outstanding amount of account of VAT
22.1.2 Non EU Purchasers VAT is payable by the Purchaser on the Hammer Price of all Lots at 20%. The Purchaser can request a refund 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.
22.1.3 UK Purchasers VAT is payable by the Purchaser on the Hammer Price of all Lots at 20% unless otherwise stated.
22.2 VAT on Commission All Purchasers will be charged VAT on the Commission at the rate of 20%.
22.3 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.
23. The Auctioneer will accept the following as means of payment subject to the conditions below: Bank Transfer.
Credit Card and UK Business Debit Cards are no longer accepted for payment of Lots from 13th January 2018 unless for failed Payment; A Service Charge may be applied to all Purchasers in respect to the administering of payments of deposit against outstanding amounts, Buyers commission will be debited first.
In each case the Purchaser must cause cleared funds equivalent to the Purchase Price 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 will not be accepted as a means of payment unless the Auctioneer is in receipt of valid identification documents as required under money laundering regulations.
24. The bidder warrants to the auctioneer that they are fully aware of all anti-bribery, anti- corruption and anti-money laundering laws, and that the auctioneer has full discretion to seize any items he suspects may have breached these. The bidder also warrants to the auctioneer that they are familiar with the requirements of ‘Dual Use Goods’ legislation.
25. The 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 working days from the Auction Date
26. Each Lot shall be at the Purchaser’s risk from the fall of the hammer but must be paid for in full 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.
27. 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.
28. The Purchaser shall at its own expense remove the Lot purchased not later than 2 weeks after the day of the Auction but no lot shall be removed before payment to the Auctioneer of all lots for the Total Invoice/s amount/s. Although the auctioneers may assist with loading or preparation for transport etc wherever possible and reasonable. It is accepted large static lots will incur a removal charge and loading charge with amount not determined until after the auction due to Purchaser, Unless otherwise stated within the lot description, The Purchaser will be responsible for any storage at typically minimum of £10 per lot per day plus any removal and or insurance charges on any Lot not Removed from the site within 2 weeks after the day of the Auction or the specific Auction removal date. Where the Purchaser can appoint their own removal of static lots they will do so at their own risk, The purchaser agrees to indemnify Bidnet auctions and the Vendor from any claim or Liability and provide RAMS (Risk and Method statements) and accept liability and have Insurance cover for the nature of the works while at the Auction site.
TRANSPORT: Transport and delivery of any goods is the responsibility of the purchaser, Transport service maybe arranged by the Auctioneer and chargeable separately.
29. If any Lot is not paid for in full 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.
30. 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, but the Auction is subject to a right to bid by or on behalf of the seller.
31. 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.
32. The Purchaser accepts that all bids and offers they make are binding, and the Auctioneer may vary the invoice in relation to lots bought. This may arise from issues such as but not limited to: as a direct result of a higher bidder being cancelled or banned, errors in buyer numbers, or if the vendor wishes not to sell to higher bidder/s. The Auctioneer will endeavour to minimise this possibility at all times however, buyers will accept lots bid on or offers made as bought at the auction or other sales process.
33. The Purchaser may also be a 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 pro-forma and the Purchaser will be liable for any outstanding amount.
b) The Purchaser agrees that contras will be made against the oldest outstanding debt.
34. The formation, existence, construction, performance, validity and all aspects of this Agreement shall be governed by UK law and the parties submit to the non-exclusive jurisdiction of the Northern Ireland Courts.