1. The highest bidder shall be the purchaser, subject to a reserve price, if any.
2. The Auctioneer may, without giving any reason, refuse to accept the bid of any person or persons, and may decline the offer for any lot, or withdraw any lot or lots from sale. GMIAV Reserves the Right to Cancel or Postpone Any Auction or Withdraw Any Lot or Lots From The Sale Without Notice.
3. Should any dispute arise as to any bid, the relevant lot or lots may, at the option of the Auctioneer, be put up again and resold.
4. In relation to Online Auctions, should any errors or delays arise as a result of technological difficulties, including technological difficulties with GMIAV servers, data hosting centre, internet service provider, online service provider, and software, GMIAV may :
- Prior to or after the original time set for conclusion of the Online Auction extend an Online Auction for a period of time.
- Prior to or after the original time set for conclusion of the Online Auction, re-open an Online Auction for a period of time.
- Prior to or after the conclusion of an Online Auction, retract any Winning Bidder’s emails which may have been sent out to bidders.
- Prior to or during an Online Auction, amend the start price allocated to an item for sale online.
- Cancel an Online Auction and conduct the auction again.
GMIAV may close an Online Auction prior to the scheduled closing time if:
- GMIAV suspects that there is fraudulent bidding.
- There may be processing or systems errors.
- There may be site failure or technological errors.
- Proof of ownership of the asset subject to auction is in question.
GMIAV accepts no responsibility for any missed or unsuccessful bids throughout the auction.
5. Each purchaser shall immediately after any lot is knocked down, immediately pay 10% of the purchase price into the nominated Trust Account.
6. The balance of the purchase price shall be paid into the nominated bank account no later than 3pm the first business day following the auction.
7. The purchaser agrees that –
(i) All warranties and conditions on the part of the Vendor implied by statute or otherwise relating to the goods the subject of each lot are excluded to the maximum extent permitted by law;
(ii) The Vendor gives no warranty whatsoever as to the condition or quality of the goods or as to their suitability or fitness for their ordinary or any special use or purpose, and the description of the goods in any publication, advertisement or other document or any other oral representation or description by the Vendor or Auctioneer shall not import any such condition or warranty on the part of the Vendor;
(iii) It is the responsibility of the purchaser to satisfy himself as to the condition, quality, suitability and fitness of the goods for his purposes;
(iv) The purchaser accepts the goods as they are with all faults and defects (if any). The Vendor shall not be liable for any miss-description of the goods and the Purchaser shall take them irrespective of any such miss-description without any claim for compensation; and
(v) The purchaser acknowledges that the foregoing is fair and reasonable having regard to the fact that the goods are in a used condition and that he has been provided with a reasonable opportunity to inspect the goods.
8. The goods are at the purchaser’s risk immediately on the fall of the Auctioneer’s hammer. Without limiting the generality of the foregoing, neither the Vendor nor the Auctioneer shall be liable for any damage to or deterioration of any goods the subject of the relevant lot, whether or not caused by their negligence or the negligence of their servants and Agents, for the period between the fall of the hammer and the taking of delivery by the purchaser.
9. Provided the full purchase price has been paid, all lots must be removed by the Purchaser at the Purchaser’s expense within 7 days of the close of the auction.
10. Delivery of lots is not to be taken without a representative of the Vendor or their Agent being present at the time and the Purchaser will minimise any damage caused with such removal as far as practicable. The Purchaser shall ensure that delivery is taken of all lots available at the time of delivery.
11. Should any deficiency arise between the quantity of goods described at the time of sale and that available at the time of delivery, the purchaser shall take, and the Auctioneers shall be required to effect, delivery of only the quantity actually so available. No compensation whatsoever shall be paid in respect of any such deficiency, but the purchaser may claim a pro rata adjustment of purchase price. No adjustment will be made unless the purchaser makes his claim at or before the time of delivery.
12. If the purchaser fails to comply with any of these conditions, all moneys received pursuant to condition 4 hereof shall be absolutely forfeited to the Vendor. Furthermore, in that event the Vendor shall be entitled to resell the goods, either by public auction or by private contract and the deficiency (if any) between the price on resale, together with any associated costs and charges, and the unpaid balance of the initial sale shall be a liquidated debt due and immediately payable by the defaulting purchaser.
13. Time for payment and taking delivery by the purchaser shall be of the essence of the sale of any lot.
14. A right to bid by or on behalf of the Vendor in respect to each lot is expressly reserved.
15. The sale is GST exclusive.