AUCTION BIDDING TERMS BELOW
1. Auctioneer is Agent for Vendor.
2. Buyers Premium
The Buyer is required to pay to OzBid Auctions a Buyers Premium based on a percentage of the hammer price. This Buyers Premium is 24% including GST.
“G.S.T.” means that goods and services tax imposed by the A New Tax System (Goods and Services Tax) Act 1999 (Com)(as amended)
a. OzBid Auctions will sell the property to be auctioned on a G.S.T. inclusive basis. The hammer price will therefore be inclusive of any G.S.T. payable. OzBid Auctions will invoice the Purchaser for the hammer price and Buyers premium, the latter made up of 21.8% + G.S.T = 24%. The vendor will be responsible to pay the G.S.T. to the Australian Tax Office.
4. Statements Made by Auctioneer at Rostrum for Live Auctions
All conditions, notices, descriptions, statements and other matters in the catalogues and elsewhere concerning a lot are subject to any statements modifying or affecting the same made by the Auctioneer form the rostrum prior to any bid being accepted for the lot.
5. Catalogue Descriptions for both Live and Timed Auctions
a. Any representation or statement by OzBid Auction in any catalogue, advertisement or brochure as to the authorship, origin, date, age, period, attribution, genuineness, provenance, condition, quality, or estimated selling price of any lot is a statement of opinion only. Any illustrations in the catalogue are solely for the guidance of prospective Buyers and are not to be relied upon in terms of tone or colour or necessarily to reveal imperfections in any lot;
b. Buyers must satisfy themselves as to all matters referred to above (a) by inspection or otherwise prior to the date of the auction.
6. Exclusions of Warranties
a. All Lots are sold “as is” and OzBid Auctions and the Vendor make no representations or warranties as to any Lot other than those implied by the Common Law or by statute, the exclusion of which would render this Condition void or voidable or which would constitute an offense by the Auctioneer or the Vendor.
b. Intending bidders must satisfy themselves by inspection or otherwise as to the nature of the Lot and must accept same with all faults, patent or latent (if any).
i. Within twenty-one (21) days of the date of auction OzBid Auctions receives notice writing from the Buyer of any Lot that in his view the Lot is a Forgery, and
ii. Within fourteen (14) days of such notice, the Buyer returns the Lot to OzBid Auctions in the same condition as at the date of auction, and
iii. Within a reasonable time thereafter the Buyer satisfies OzBid Auctions is a Forgery and that the Buyer is able to give a good and marketable title of the Lot free of any liens or encumbrances, then OzBid Auctions will set aside the sale and refund the Buyer paid for the Lot.
b. Provide that the Buyer shall have no rights under this Condition if:
i. He or she does not give the notice in writing within twenty-one (21) days as specified in Clause 11 (a)(1)
ii. The catalogue description at the date of the auction was in accordance with the then generally accepted opinions of scholars or experts or fairly indicated that there was a conflict of such opinion, or
iii. It can be established that the Lot is a Forgery only by means of a scientific process not generally accepted for use until after the date of the auction or by means of a process which as at that date was unreasonably expensive or impractical or was likely to have caused damage to the Lot;
c. The Buyer shall not be entitled to claim under this Condition for more than the amount paid by him for the Lot and in particular shall have no claims for any loss, consequential loss or damage, whether direct or indirect, suffered by him
d. The benefit of this Condition shall not be assignable and shall rest solely and exclusively in the Buyer who shall be the person to whom the original invoice was made out by Arthouse Auction in respect to the Lot when sold and who has since the auction retained uninterrupted and unencumbered ownership thereof.
e. In the event of a dispute in this Condition then the matter shall be settled by arbitration, the Arbitrator to be nominated by the President of the Auctioneers and Valuers Association of Australia (Inc.). Both the Buyer and the Venor agree to be bound by that decision.
8. Agreement for Sale and Payment of Purchase Price Upon the Sale of a Lot, the Buyer Shall:
a. Pay to OzBid Auctions the Purchase Price on the date of the auction unless such other terms or period have been specified or agreed to prior to the auction. Payment shall be made in Australian Dollars either in cash, credit card, or by telegraphic transfer direct to OzBid Auctions bank account.
9. Collection of Purchases
a. The property in a Lot shall not pass to the Buyer until the Purchase Price has been paid in full.
e. Any packing and handling of purchased Lots by OzBid Auctions is undertaken solely as a service to Buyers, and will only be undertaken at OzBid Auctions discretion.
10. Remedies for Non-Payment or Failure to Collect Purchases
a. If a Buyer fails either to pay for or to take away any purchased Lot on the day of the auction or such other period such as is specified at the auction or subsequently agreed to or any cheque given on account of the Purchase Price is dishonoured, OzBid Auctions shall, without further notice to the Buyer and in it’s absolute discretion and without prejudice to any other rights or remedies it may have, and without being bound to give any notice, be entitled to exercise one or more of the following rights or remedies:
i. To absolutely forfeit any monies with the Buyer may have paid;
ii. To issue proceedings against the Buyer for damages for breach of contract;
iii. To rescind the sale of that or any other Lot sold to the Buyer at the same or any other auction;