DUNN BROS SW LTD AUCTIONS
INTRODUCTION
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
“After-Auction Sale” means the selling/sale of any Lot which did not meet its Reserve Price or where the Highest Bid was not accepted by the Vendor on the Auction Dat
“Auction” means any Auction undertaken by Dunn Bros SW Ltd
“Auction Site” means any Dunn Bros SW Ltd premises from where the Auction is conducted
“Auctioneer” means Dunn Bros SW Ltd, 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
“Buyers Premium” means the percentage payment as detailed in Clause 27 of this Agreement due by the Purchaser to the Auctioneer upon the sale of any Lots
“Commission Bid” means a bid placed by the auctioneer on behalf of a bidder up to a pre-agreed maximum amount prior to the Live Auction start date and time
“Deposit” means any amount payable in accordance with Clause 11 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
“Payment” means an amount received on Purchasers account
“Purchaser” means the highest Bidder for any Lot
“Purchase Price” means the sum total of the Hammer Price plus VAT and the Buyers Premium plus VAT
“Reserve Price” means the minimum Bid that the Vendor would be willing to accept for the sale of the Lot; whether at Auction or as an After-Auction Sale
“VAT” means the applicable tax payable to HMRC
“Vendor” means the seller of any Lot
TERMS AND CONDITIONS
REGISTRATION
6. All Bidders must Register to Bid for each Auction. Registration should be done not less than 24hours prior to the start of any Auction or the Bidder may not be able to partake in that Auction.
7. The Auctioneer shall have the right, at its absolute discretion, to refuse any persons admission or attendance at any Auction.
8. 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. The Bidder agrees to keep all account details strictly confidential and agrees not to permit any third party to use or access their account on their behalf or otherwise. The Bidder will be liable for any and all Bids made on their account.
10.The Auctioneer reserves the right to revoke any Bidding Number at any time.
DEPOSITS
11. On registration, the Auctioneer shall be entitled to require Bidders to pay the Deposit in cleared funds. Deposit amount varies upwards starting from £1,000 depending on credit limit required (e.g. a £1,000 deposit will secure a £10,000 credit Limit; £5,000 deposit will secure a £25,000 credit limit; £10,000 deposit will secure £50,000 credit limit and so on).
11.1 Where Bidders intend on spending upwards of £50,000.00 excluding VAT and Buyers Premiums, they must notify the Auctioneer at Registration. The Auctioneer may then request that the Bidder pay an amount equivalent to 10% of their projected spend.
11.2. All deposits will be taken and returned in Pound Sterling.
11.3. Deposits will only be refunded if no purchase is made and where the Bidder has no balance outstanding in any other capacity to Dunn Bros SW Ltd Sale. Pursuant to Clause 11.2 where any deposit payments have been made via International Transfer, the Bidder acknowledges that the Auctioneer will not accept any claim made against it, where the exchange rate is not in the favour of the Bidder upon the return of the deposit.
11.4. 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.
11.5. Card deposits may need to be completed as a Payment if there are issues connected with Purchasers account. Please note card refunds may take up to 7 days to be credited to Purchasers bank account.
11.6. The Auctioneer reserves the right to refuse the bid of any Bidder who does not comply with the provisions of this Clause 11 in its entirety.
BIDDING
12. Bidding will open for all lots no sooner than 21 days prior to the Live Auction Date.
13. Commission Bids can be executed by the Bidder using their Online Account or by written Instruction to the Auctioneer, prior to the Live Auction date.
13.1 Commission Bids will only be accepted and executed by the Auctioneer where formal written instruction has been received no later than 24hours prior to the Auction and where Clause 11 of this Agreement has been satisfied. The Bidder acknowledges and allows the Auctioneer access to their online account for the purpose of placing a Commission Bid, upon formal written instruction. The Auctioneer shall not be liable for any claims or costs arising from its failure to execute any Commission Bids placed.
13.2 Once placed a Commission Bid cannot be cancelled without 24 hours’ notice.
14. The Bidder accepts full liability for all Bids whether made in person, as Commission or via their Online Account in any other circumstance.
15. The Bidder acknowledges that every bid submitted is final and binding. Once placed, Bids are irrevocable and cannot be amended or corrected even if submitted in error and the Auctioneer is notified. Any dispute as to any bid shall be settled at the Auctioneer’s absolute discretion.
16. The Auctioneer has absolute discretion without giving any reason to refuse any bid, to withdraw any Lot from the Auction and in case of dispute put any Lot up for Auction again.
17. Bidders using the Online Bidding service, do so entirely at their own risk. The Auctioneer shall not be responsible for any claims or loss arising from Bidders inability to access the Online Bidding service, for reasons out of the Auctioneers control, including but not limited to any instability of speed or quality of the Bidders internet connection.
18. The Highest Bidder shall be the Purchaser automatically where the Reserve price of the Lot has been met or exceeded.
19. Where the Reserve Price of the Lot is not met the Highest Bidder acknowledges that his Bid will remain Active and binding for 48hours post-auction and cannot be withdrawn for any reason. The Vendor will have the option to accept the Highest Bid at any point before this 48hour period elapses. The Auctioneer is not required to relay its discussions with the Vendor to the Bidder.
20. Where the Vendor accepts the Highest Bid under the Reserve Price, the Highest Bidder becomes the Purchaser and will be notified by way of an Updated Invoice.
21. The Auctioneer agrees to contact the Highest Bidder where the Vendor wishes to negotiate a price differing in value to the Highest Bid placed, however, the Auctioneer shall not be liable for any perceived losses, claims or costs arising from any omission to do so. Where a negotiation is agreed a formal written acknowledgement will need to be receive from both parties before the sale is concluded.
22. The Auctioneer reserves the right to contact any Bidder for a period of 14days post-Auction to offer an After-Auction Sale of any Lot which did not meet its Reserve Price and was not taken at its Highest Bid by the Vendor. Bidders are not obliged to engage in an After-Auction sale. The Auctioneer shall not be liable for any perceived losses, claims or costs arising from any failure to offer this service.
22.1. Where a Bidder engages in an After-Auction Sale and an agreement is made for the sale of a Lot formal written acceptance from both the Bidder and the Vendor is required to complete the sale.
22.2. Without prejudice to Clause 27 any Lots sold as part of an After-Auction Sale will be subject to the same commission rates as it would have been had it sold at Auction. Any amendments to commission rates shall be at the Auctioneers sole and absolute discretion.
23. Pro-forma Invoices are emailed out at the end of every auction and are subject to change.
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.
24. All Lots are sold as seen and with all faults and imperfections and errors of description. Illustrations, make, model, miles, hours, kilometres, descriptions and years in catalogues, videos 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 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, miles/hours/kilometres, 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.
24.1 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 financeable, or
d) Are of any particular age, year of manufacture, model, make or condition.
24.2 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.
25. Without prejudice to Clause 24, 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 or any documentation on any Lot.
26. 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.
27. The Purchaser of any Lot will be charged Buyers Premium at the following percentages of the Hammer Price:
27.1 MOTOR AUCTIONS BUYERS PREMIUM
15% on the first £2000 or lower and 2.5% on the balance where applicable plus VAT in addition to the Hammer Price (Buyers Premium is per lot)
27.2 MACHINERY AUCTIONS
8% on the first £2000 or lower and 2.5% on the balance where applicable plus VAT in addition to the Hammer Price (Buyers Premium is per lot)
28. VAT
28.1. VAT on the Hammer Price
28.2. Vat is payable on all Lots at 20%, except for where 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. Failure to provide proof of export within 30days of the Auction will result in the VAT being reapplied to the Purchasers account and the Auctioneer will raise an invoice for the outstanding VAT amount.
28.3. 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.
28.4. UK Purchasers VAT is payable by the Purchaser on the Hammer Price of all Lots at 20%. This VAT amount can be reclaimed by the Purchaser from HM Revenue & Customs.
28.5 VAT on Commission All Purchasers will be charged VAT on the Commission at the rate of 20%.
28.6. 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.
28.7. VAT will be rechargeable on any lots that have been exported out of the UK.
29. 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.
In the instance of the Non-Payment passing a term of two auction periods, the Lots Purchased in the Auction will be automatically reconsigned as ‘Unreserved Lots’. The proceeds of the reconsignment will be used to settle the debt, after the sellers’ commission rates and any applicable storage fees have been deducted from the Hammer Price. Any shortfall on the debt following the resale of the items will be passed to and pursued by a debt recovery agency. The Purchaser will be liable for the debt and any and all recovery fees applicable which currently stand at 15% plus VAT.
29.1. The Auctioneer will accept the following as means of Payment subject to the conditions below: Bank Transfer, Cash, Cheque, Personal Debit Card - Chip and Pin only - no charge.
Cheques are accepted but are subject to the Bank Clearing System, which can take up to 5 working days.
Cash will only be accepted under the value of £7,000 – cash over this threshold will not be accepted.
Non-UK Personal and Business Cards are not acceptable for Payment but can be used as a Deposit. Credit Card and UK Business Debit Cards are not accepted for Payment.
Payments should be made in Pound Sterling. Any, International Bank Transfers need to include any additional bank transfer fees. Invoices can be issued in other currencies, as guidance only. However, the exchange rate is only valid on the day the invoice was raised and payment is expected to be made on same day. Any shortfall on currency exchange is the Purchaser’s responsibility.
Payments from a Third-Party source will not be accepted unless Auctioneer has received express authority from Purchaser and have deemed themselves satisfied as to the authenticity of payment.
30. Payment by any method should be made in accordance with Clause 29 in its entirety. No payment shall be deemed to have been received by the Auctioneer until the Auctioneer has received cleared funds.
31. A Service Charge may be applied to all Purchasers in respect to the administering of Payments.
32. 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.
33. 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.
34. The Auctioneer is not responsible for any registration documents for any Lots offered for sale. The Auctioneer may contact the Vendor to liaise with them to verify if they have any documentation. The onus is on the Purchaser to have checked the roadworthiness of any offered Lot. The Auctioneer can assist the Purchaser to apply for necessary registration documents at a cost applicable to the Purchaser. The Auctioneer does not warrant any documentation applied for and/or received.
35.It is not the Auctioneer’s responsibility to have checked the validity of the status of any Lot in respect to whether the Lot may have been previously exported out of the country, the onus is on the Purchaser to have deemed himself satisfied that the Lot can be used/registered in their country.
36. Auctioneer permits Lots to be transferred to another Purchaser on receipt of signed Transfer Lot Form within 3 working days. If the Purchaser who accepted the Transfer Lot Form fails to pay, then the Lot(s) are automatically transferred back to original Purchaser. Original Purchaser may be liable for any additional costs due to the default of the other Purchaser.
37. 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 28 days from the Auction Date.
38. 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.
Storage charges will be applicable three weeks from the auction date. Fees of £10.00 per lot per day will be added on to the Purchase Invoice and all storage charges must be paid before any lots are released from the sale site.
39. 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. Auctioneer is not responsible for any parts or items that go missing prior to collection.
40. The Purchaser shall at its own expense take away the Lot purchased not later than 3 weeks 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 and insurance charges on any Lot not taken away within 3 weeks after the day of the Auction. The Auctioneer is not responsible for the condition of any Lot that has not been collected within reasonable time. Offsite Auctions collection time is limited and all Lot(s) must be collected with specified timeframe.
41. Auctioneer has the right to re-consign any lot not collected within an agreed timeframe into an upcoming auction.
42. 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.
43. 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, Purchaser will accept lots bought at auction.
44. Auctioneer is not responsible for any waiting time when Purchaser is collecting Lot(s), or costs incurred by Purchaser as a result.
Please note that the Auction is conducted, and all Bids must be made, in GBP/ Pound Sterling. The Purchaser needs to make contact with Auctioneer who will provide an applicable conversion rate. Any conversion rates provided are only valid on that day. Bidder is advised to conduct own research into the applicable exchange rates prior to placing a Bid.
45. Where the Purchaser is a Vendor 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.
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.
46. 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 UK Courts.
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