Terms & Conditions

iBuyAuction ( ABN 88 624 961 342)

(Hereinafter “The Company”)

Terms & Conditions of Auction Sales

1.       Subject to any reserve price and the vendor’s right to bid, the highest bidder will be the purchaser and in the event of any dispute arising the lot maybe re-offered, the Auctioneer will be the sole arbitrator and his decision will be final.

2.       The Auctioneer will regulate advances in the bidding and unless otherwise stated will be at least twenty five percent in advance of the previous bid. No bidder may retract a bid once it has been taken.

3.       The Auctioneer may refuse to accept any bid which in his opinion is not in the best interests of the vendor, and may exclude any persons or buyers whatsoever from the Auction at any time for any reason whatsoever, and especially if he suspects they are engaging in collusive bidding practises.

4.       The vendor reserves the right to withdraw a lot or lots from the proposed auction sale 48 hours prior to that advertised sale.

5.       On the fall of the hammer the purchaser shall display their buyers bid card

6.       The purchaser shall be deemed to be the principal unless prior to the sale they had given to the Auctioneer a copy of a written authority to bid for on behalf of another person or buyer.

7.       On the fall of the hammer, each lot shall be at the Purchasers Risk & Expense and shall be paid for in cash, EFT or credit and prior to delivery. The company gives no condition or warranty either express or implied with any lot offered, as all lots are open to inspection prior to the commencement of any Auction and are sold with all faults if any. No sale shall be invalidated and no compensation shall be paid in respect of any fault or error in description of any lots sold. No lot shall be sold or deemed to be sold by the order of sale description or any other description.

8.       Any statement as to the quantity of goods is approximate only and is as supplied and represented to the company. The company gives no warranties that quantities as stated are correct. In addition to any other rights the purchaser may have, compensation for shortages in quantity shall be given if demanded in writing before delivery of the goods. In the event of any dispute as to compensation, an arbitrator who shall be a person mutually agreed upon by the parties shall settle the dispute.

9.       No purchases may be removed until after the conclusion of the Auction. All purchases must be paid for and removed within 1 day of the date of the sale or as specified by the Auctioneer at the time of sale.

10.     If the purchaser fails to comply with these conditions or any of them whatsoever , any monies which the purchaser has paid to the company on account of any purchases shall be absolutely forfeited to the vendor and the vendor or the company shall be at liberty to sue the purchaser for recovery of the balance of the purchase monies and the buyers premium forthwith, or without prejudice to the vendor or the company’s right to recover the balance of purchase monies and the buyer’s premium if it is not possible to resell the lot, to resell or attempt to resell the lot in any matter and upon such terms and conditions as they may think fit, and without being obliged to give any notice of resale to the purchaser.

11.     All losses and expenses incurred by the vendor or the company resulting from any resale pursuant to clause 12 hereof or any attempted resale and all damages which the vendor or the company may sustain thereby shall be recoverable from the purchaser as liquidated damages whether the goods are resold or not. Without limiting the generality of the foregoing, the company shall be entitled to recover from the purchaser:-

(a)       The amount of any commission which the company lost on a purchase as the result of the purchaser not proceeding.

(b)       The buyer’s premium payable in accordance with clause 15

(c)       All costs associated with any resale or attempted resale, including advertising, insurance, transport and storage; and

(d)       Interest on the purchase monies outstanding from time to time on and from the third day after the date of the sale at the corporate overdraft reference rate for the time being charged by the Commonwealth Banking Corporation.

14       No servant or agent of the company is authorised to waive, add to or vary these conditions without the written authority of the Company’s Secretary or Managing Director.

15       The purchaser agrees that the company will charge a buyer’s premium as otherwise notified being a percentage of the gross sale price to the purchaser (exclusive of GST) for services and facilities provided to the purchaser by the company (Buyers premium). The buyer’s premium is payable in addition to and at the same time as the sale price and will form part of the total price paid by the purchaser for the purchase of the lot.

15.1   Prior to the auction, the company will advise the purchaser, either orally or in writing, whether the sale price of a lot is inclusive of Goods & Services Tax (GST) (GST inclusive) or exclusive of GST (GST exclusive)

15.2   The purchaser acknowledges and agrees that:

(a)     If the sale price is GST inclusive, the buyer’s premium will be as a percentage of the sale price (exclusive of GST) and payable by the purchaser to the company at the same time as the sale price.

(b)     If the sale price is GST exclusive, GST will be calculated on and added to the sale price and the buyer’s premium.

16       The purchaser acknowledges that the company is acting as the authorised agent of the vendor and any rights of action he may have in respect of the lots purchased by him lay against the vendor not the company.  In the event that he wishes to take proceedings in respect of the said lots and the vendor has not been named by the company in its dealings with him to date, he agrees to request the name of the vendor from the company and, provided the company provides the relevant details, to proceed against the vendor, not the company.

17       The purchaser acknowledges that software may be installed on computer equipment and the use of such equipment without a licence from the owner of the software may infringe the rights of the owner. The purchaser acknowledges that the vendor makes no warranties of any kind whatsoever with respect to any such software and that the use of such software by the purchaser may expose the purchaser to legal action by the owner of the software.  The purchaser releases the vendor from any claim, costs, liability, damages or cause of action the purchaser may have against the vendor in respect of any such legal action against the purchaser.

The purchaser acknowledges having inspected the computer equipment and that by agreeing to purchase the computer equipment, the purchaser has not relied on any statement, representation or warranty by or on behalf of the vendor, other than as set out in these terms and conditions. The purchaser accepts the computer equipment in its present state and condition and will make no objection or claim for compensation, or any claim of right to rescind or terminate, in respect of such matters.

The vendor expressly disclaims all warranties express or implied, including without limitation, any warranties as to title, implied warranties of merchantability or fitness for a particular purpose, for the computer equipment, any software which may be installed on the computer equipment or any other property purchased hereunder.            

NB: To register to bid at any auction, you must be over the age of 18yrs and provide suitable identification, the only current acceptable types are drivers license, passport, identification card, birth card.

(iBuyAuction  – A division of Auction Pty Ltd)