Terms of Auction
Terms & Conditions of Auction
- The highest bidder shall be the buyer. If any dispute arises the Auctioneer shall have absolute discretion to settle it/or put up any disputed lot again. The Auctioneer has full discretion to use any bidding, to divide any lot, to combine any two or more lots and to withdraw any lot or lots from the sale without in any case giving any reason. Any decision made under the provisions of this clause by the Auctioneer shall be final and binding on the parties.
- The hammer price at which the lot is knocked down to the seller includes / excludes GST as per the advertised or stated Terms of Sale.
- All lots are put up for sale subject to-
- Any reserve price imposed by the seller, or
- The right of the seller to bid either personally or by any one person (who may be the auctioneer).
If on any sale the seller bids and as a consequence of this bidding the lot is knocked down to the seller then the seller shall make a payment to the Auctioneer equal to the commission the Auctioneer would have received if the sale had been completed at the knocked down price to a person other than the seller.
- The bidding shall from time to time be regulated by the Auctioneer and no person shall advance less at each bidding than such a sum as may be so fixed and no bid shall be retracted after the sale of the article by the fall of the hammer. The Auctioneer may refuse to accept any bid without giving any reason for this refusal.
- All goods shall be at the risk of the buyer on the fall of the hammer who shall pay for and remove the same on the same day as the sale. In default of which the Auctioneer shall not be responsible for the same if lost, stolen, damaged or destroyed and any lot not taken away shall be at the sole risk of the buyer and subject to a charge for warehousing. No purchase shall be claimed or removed until the sale has been concluded. If for any reason whatsoever the buyer fails to complete his purchase on the day of the sale it shall be optional fore the Auctioneer either and without notice to:-
- resell the lot either privately or by auction and the Auctioneer shall be under no liability either to the seller or buyer for any loss that may occur nor shall the buyer be entitled to any increase in price that may be received; the buyer shall however if called upon make up any deficiency in the price obtained on any resale; and/or
- sue for the balance or full purchase price of the lot without any notice, tender or demand to the buyer: and/or
- cancel the contract in which case the deposit (if any) shall be forfeited to the Auctioneer and seller as liquidated damages: and/or reserve the right to charge interest at a rate not exceeding fifteen (15) percent per annum on any part of the purchase money unpaid by the buyer.
- On the fall of the hammer, the buyer has entered into an unconditional contract to purchase the goods, the terms for which are net cash, payable as provided above. The Auctioneer specifically reserves the right of disposal of the goods in the event of payment by cheque or other negotiable instrument or by the extension of credit, acceptance of such mode of payment being entirely at the option of the Auctioneer, and such right is reserved until such time as the whole of the purchase price is paid or the instrument tendered is honoured to the satisfaction of the Auctioneer.
- The bidder shall by the act of bidding be deemed to have authorised the Auctioneer or his deputy to sign the sale sheet on his behalf as a buyer.
- The buyer shall, by the act of bidding be deemed to have inspected the goods or chattels purchased by him and on his behalf as a buyer.
- In these conditions the word “Auctioneer” is deemed to include and does in fact include the company, firm or person authorised by the licence holder to conduct the sale. The seller on whose behalf the sale is conducted is not included.
- These conditions when exhibited in the auction rooms or any place where an auction is being conducted shall be binding upon both seller and buyer, upon the Auctioneer announcing that the sale is conducted subject to these conditions so exhibited notwithstanding that the Auctioneer may not have read them aloud and any such announcement may be made by the Auctioneer at any time during the sale.
- Notwithstanding the preceding conditions if within 14 days of the sale of any lot the buyer gives notice in writing to the Auctioneer that the lot sold is a forgery and if within seven days after giving such notice the buyer returns the lotin the same condition as it was at the time of sale to the designated premises of the Auctioneer and there shows that considered in the light of the terms of the catalogue (if any) the lot sold is a forgery the Auctioneer is authorised to and will rescind the sale and refund the purchase price received by him.
- All goods are sold without any warranty whatsoever as to the quality, condition or otherwise, and no guarantee is given in any case unless the same shall be reduced to writing and signed by the Auctioneer prior to the sale.
The goods are sold with all faults in the condition in which they now are, and no allowance for any error found in weight, size, quality or fitness or other defect, imperfection or error whatsoever will be made.
- The description of the goods in each lot is believed to be correct, and no responsibility whatsoever is accepted by the Auctioneer for any misdescription of any error found therein shall not annul the sale or give rise to any claim for compensation.
- The Auctioneer accepts no liability whatsoever for any fundamental breach of his or its obligation under the contract concerning any misdescription of any goods or for errors in the condition, state, size or quality of the goods or for any other error whatsoever.
- In the case of any dispute any remedy of the buyer is against the seller and under no circumstances including an action for breach of a fundamental obligation does the remedy lie against the Auctioneer.
- Terms of Payment; Strictly- EFTpos, Cash, Bank Cheque, Visa or Mastercard