Terms and Conditions of AIA Online Bidup Auction
1.Asia International Auctioneers, Inc. (Auctioneer) hereby grants to the party (Bidder) whose signature appears on the Bidder’s Application for Registration Agreement and/or his/her agent or representative, the right to use the number shown thereon and appearing on this Bidder’s Bidbook and Listing Catalog for the purpose of bidding at an auction sale to be conducted by the Auctioneer. Without prior notice and for any reason, such right may be revoked, at Auctioneer’s sole option.
2. Bidder acknowledges that he/she has received, read, and understood herein Terms 1 to 22and pages 1 to 3 printed on theBidbook and Listing Catalog and on the reverse side of the Application for Registration Agreement and agrees to comply with and be bound by such stipulations and all other rules and regulations as written, announced and/or posted in all forms of auction materials incorporated herein by reference.
3. The Auctioneer, who acts for and on behalf of the “Owners” of the offered lots, shall conduct the auction by offering the units by lot, either individually or by groups, starting with a base price through its web-based platform. Bidders may place their bids in increments using the Auctioneer’s Bid up auction system, on-site or by phone. The auction will run until the last bidder, who is offering the highest price, is left. The last bidder, being the highest bidder, becomes the successful buyer of the lot. There will be a bidding closing time for each lot. However, if there are any successful bids within the last five (5) minutes of the closing time, the auction period will be automatically extended by 5 minutes from the last successful bid. As a result, the auction can be extended multiple times. Thus, the closing time initially indicated may change depending on the entry of bids. For onsite and phone bidders, the Auctioneer will place, on their behalf, the bid indicated in the Bid Up Action Form or as dictated on the phone. The mechanics found in the Bid Up Auction Form shall be considered incorporated herein by reference. Cancellation of bid is absolutely prohibited. In the event thereof, it shall result to automatic forfeiture of bid deposit in favor of the Auctioneer without prior notice. However, a Bidder may raise its bid to a higher amount at any given time within the auction period. Bidder has the sole responsibility to monitor his/her bid/s.
4. The Bidder shall have the option to set maximum bid for automated bidding. The bidder may set in the Bid Up Auction System or indicate in the Bid Up Auction Form the maximum amount he/she is willing to pay for the lot through Maximum Bid. If another Bidder places a bid on the lot at the current Asking Price, the system, on behalf of the Bidder who placed a Maximum Bid, automatically bids at the next Asking Price to maintain his/her position as a highest bidder. If outbid, the Bidder may change their Maximum Bid to a higher amount within the duration of the auction period. Again, Bidder has the sole responsibility to monitor his/her bid/s.
5. Bidder acknowledges that Auctioneer exercises utmost good faith and diligence to deliver its auction services. As such, Bidder accepts all the auction system and verification processes on registration, bidding and award. Thus, he/she waives the right to dispute his registration and bid. Bidder renders Auctioneer free and harmless from all forms of liability for causes attributable to internet/phone connection, error/omission of Bidder/representative or other cause/s whatsoever without Auctioneer’s direct, clear and intentional participation. Bidder unconditionally accepts that in the event of conflict between Bidder’s and Auctioneer’s records of bidding and award, that of the Auctioneer shall prevail. Any decision in relation thereof is deemed FINAL.
6.No person is allowed to bid on any lot of which he/she is the Owner, agent, associate or representative. Otherwise, the transaction shall be deemed null and void. Auctioneer reserves the right to claim for damages as a result thereof.
7.The Bidbook and Listing Catalog and its assigned Bidder Number shall be the responsibility of the registered Bidder as appearing on the Bidder’sApplication for Registration Agreement. All purchases adjudged to have been made and declared as sold under the assigned Bidder Number shall be deemed to have been made by the registered Bidder or its authorized representative, whether or not the said Bidbook and Listing Catalog and Bidder Number is in his/her possession. The lot awarded by the Auctioneer to a particular Bidder Number and the corresponding price thereon is final. As such, any Bidder registered with more than one (1) Bidder Number cannot choose which purchases shall be paid. On the same way, Bidder Numbers registered under different individuals or entities shall be considered as one (1) Bidder if the Auctioneer has reason to believe that they represent one (1) interest. In the discretion of Auctioneer, in multiple purchases, problems arising from one or a few thereof shall not affect the other purchases without any such problem.
8.The Bidder, acting in any capacity whatsoever, shall, together with the company he/she represents, jointly and severally agree: a) to hold free and clear the Auctioneer and the Owner/s of the lot/s offered for sale, as well as their respective representatives, from any form of liability, as well as, indemnify it for any forms of sustained damages, arising from or in connection with theparticipation of Bidder and/or his representatives in the auction; b) to be responsible for the payment of the purchase price and taxes due, interest and storage fees and all other charges, whenever applicable, on all of the Bidder’s purchases; and c) to allow Auctioneer or any of its representative, to confiscate his/her Bidbook and Listing Catalog without need of prior notice,due to unruly behavior, involvement in a rigged bidding, or for whatever reason, which in the sole determination of the Auctioneer, warrants confiscation of said Bidbook and Listing Catalog.
9. Each and every Lot will be sold on an “AS-IS, WHERE-IS” basis. There shall be neither guarantees nor warranties, expressed or implied, statutory or otherwise, of any nature whatsoever with respect to any of the lots offered at the auction. Specifically, but without limitation, the Auctioneer makes no representation or warranty that any of the lots: a) conform to any standard with respect to safety, pollution or hazardous material, or any standard or requirement of any applicable authority, law or regulation; b) are fit for any particular purpose; c) are merchantable or financeable; and d) are of any particular age, year of manufacture, model, make or condition. Bidders are deemed to have relied on their own judgment as to all matters affecting the lot/s. They are deemed to have inspected and approved the condition of each lot prior to the auction. The purchase of any lot, without previous inspection shall be deemed to have been done at the successful Bidder’s own risk. The Auctioneer is hereby excluded from any and all liabilities for any loss or damage or injury sustained by successful Bidders as a result of, or in connection with a defect in any lot purchased, or any misdeclaration thereof. It is, therefore, understood that Bidders shall not rely solely on the Auctioneer’s description or declaration of the unit/s or lot/s bidded, including those made during the bidding/auction proper. In any event, Bidder duly acknowledges and agrees to repair, at his own expense, 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 or intended to be used.
10. The Bidbook and Listing Catalog has been prepared only as a guide. The particulars, details and specifications of items/units herein described are based on information from the Owner/s and/or sources believed to be reliable; however, its accuracy cannot be guaranteed or warranted. Prospective Bidders are encouraged to thoroughly inspect the items/units and to verify the accuracy of the information herein indicated. No sale shall be invalidated, nor shall the Auctioneer be held liable as a result of defects or inaccuracies in the Bidbook and Listing Catalog. The Bidder acknowledges that all lots were available for inspection prior to the auction and that it is his/her responsibility to inspect all equipment and make his own inquiries prior to bidding. All units are sold absolutely on an “as-is, where-is” basis.
11. Bidder acknowledges that an auction site is a potentially dangerous place and his/her physical presence thereon is at his/her own risk. Bidder is deemed to have advised any representatives sent to the auction site of its said condition. The Auctioneer and Owner/s are neither liable for any injuries sustained, nor for any damages to, or loss of property or life, at the auction site for any cause whatsoever.
12. All payments must be made to the Auctioneer in cash or via bank deposit to the Auctioneer’s account or in Manager’s/Cashier’s checks not later than the scheduled last day of payment. The Bidder shall not be entitled to possession of any of his purchases until the total purchase price of ALL his purchases, including documentation fees, interests and storage fees and all such pertinent charges, whenever applicable, have been fully paid. PARTIAL PULL-OUT ON PARTIAL PAYMENTS IS NOT ALLOWED. Total purchases not fully paid by the last day of payment shall be considered overdue. Hence, subject to interest and other charges. Interest on all overdue obligations shall be paid by Bidder at the rate of 36% per annum or at such maximum rate as may be allowed by law, together with attorney’s fees equivalent to 25% of the total amount involved and collection costs incurred by the Auctioneer. In the event the Bidder fails to pay the full amount due within the prescribed time, or fails to comply with any of the Terms herein contained, Bidder unconditionally grants the Auctioneer, without prior notice,the sole right to declare the sale collapsed and cancelled. As a consequence, the Bidder duly acknowledges that he/she shall lose all rights or claims of whatever nature, on any of the items purchased and any amount deposited and/or paid in connection thereto, including the bid deposit, shall be automatically forfeited, without prior notice, in favor of the Auctioneer. This is without prejudice to other sanctions that the Auctioneer may impose, and/or legal action it may institute against the Bidder for damages it sustained, as well as those of the Owners, as a result of such cancellation.
13.Bidder acknowledges that ownership over all purchases shall be acquired only upon full payment of the purchase/awarded bid price of all lots, including payment of all vehicle documentation fees, interests and storage fees, and such other charges, whenever applicable.
14.When required, the Bidder must make a partial payment of not less than 25% of his/her total purchases in the form stated in Section 12 hereof. Otherwise, Auctioneer shall have unqualified right and, without prior notice,to automatically revoke Bidder’s right to Bid. The deposit made during registration will be credited to the Bidder’s total purchases.
15. The Auctioneer may, at any time and at its sole option or discretion, and without prior notice or liability to the Bidder: a) withdraw or cancel the sale of any lot; b) offer any lot in groups or with privilege; or c) change the schedule and sequence of units to be auctioned.
16.Purchases become the responsibility, and shall be at the risk of the Bidderonce sold/awarded by the Auctioneer. The Auctioneer shall not be responsible for loss or damage to any Purchase upon such award. Thus, Biddershould insure his/her purchases immediately. Purchases, however, are strictly off-limits to the Bidder prior to pull-out period.
17. All purchased units must be removed from the auction site not later than the scheduled last day of pull-out. Otherwise, the Bidder will be charged with a storage fee of P500.00 per lot per day. Bidder hereby grants the Auctioneer unqualified and legal right to sell (either as regular item or scrap/junk, as per discretion of Auctioneer) all un-removed items, and retain such amount of the sale proceeds as will be necessary to cover the storage fee and expenses for the sale. The balance of the proceeds, if any, shall be returned to the Bidder. Any form of notice sent to the Bidder, any time prior or after the sale, at his/her address, email or phone number/s indicated in the application is sufficient compliance with notice requirement.
All costs, responsibility and risk of such removal shall be borne exclusively by the Bidder. In the event the Bidder sends a representative to pull-out any awarded unit, a properly accomplished and signed Authorization to Pull-out Form found at the last page of the Bidbook and Listing Catalog must be presented/submitted. Otherwise, the Auctioneer has the unconditional right to refuse to release the purchases to Bidder’s representative. At its option, or upon request by the Bidder, the Auctioneer may extend assistance to the Bidder during the pull-out by providing the use of the Auctioneer’s equipment or personnel. However, the Auctioneer shall be held completely harmless and without any liability of any kind, for any damage or loss of whatever nature, that may be occasioned by the use of the Auctioneer’s equipment or personnel. The Auctioneer reserves the right to require proof of adequate insurance coverage from any Bidder requiring dismantling, rigging, or hut cutting. Bidder agrees to indemnify and hold free and harmless both Auctioneer and Owner/s, including their respective agents or employees, against any damage caused by the acts of Bidder and/or his agents in connection with the dismantling or removal of any Purchase.
18.If for any reason, the Auctioneer is unable to make available or deliver any lot purchased or clear title thereto, or provide any documentation required with respect to any Purchase, whether before or after delivery, the Auctioneer’s sole liability, if any, shall be to return monies paid with respect to such Purchase(s) upon the return of the lot(s) purchased by the Bidder. Any such Purchase shall be returned or surrendered upon demand by the Auctioneer. In any case, this shall have no effect or bearing on all other lots that are not otherwise affected.
19. Any relaxation on the application of the Terms and Conditions of bidding and other pertinent and relevant rules extended to any Bidders shall not operate as a waiver on the part of the Auctioneer, and shall be without prejudice to, or affect the Auctioneer’s powers, rights, and remedies for enforcement as against the Bidders.
20.Any and all suits and actions that may arise from the transaction shall be filed and instituted only before the proper courts of Olongapo City, to the exclusion of all other permissible venues.
22. ALL the above provisions of the Terms and Conditions of Bidding and Sale shall not be amended except by agreement in writing, consented to and signed by both the Auctioneer and the Bidder, provided that the Auctioneer is entitled to supplement or clarify the same, when in its sole judgment, doing so is necessary through public announcements, before or during the bidding. In such case, Bidders are bound by such announcements and are deemed incorporated herein.