ONLINE TIMED AUCTION CONDITIONS OF SALE SPECIFIC TO SELLERS

1            DEFINITIONS

In these conditions the following terms have the following meanings unless inconsistent with the context:

“Auctioneers” means Stags.

“Host” means Bidpath Limited – The software providers for this auction.

“Buyers Premium” means the premium charged to buyers on purchase of Lots.

“Commission” means the commission charged on the sale of Lots.

“Conditions” means the standard terms and conditions of business set out in this document.

“Lots” means all or any machinery and other items sold or intended to be sold in accordance with these conditions.

“Purchaser” means a person, firm or Company who purchase any Lot.

“Vendor” means a person, firm or Company who puts forward any Lot intended to be sold at the sale.

“Sale” means a sale of the Lots by auction from time to time organized by the auctioneers.

“Storage Location” means the venue at which the specific lot is stored during the sale period and is available for viewing (Please note Stags Auctioneers will not always be able to attend viewings along with purchasers).

“Sale Price” means the price at which a Lot is sold to the winning buyer.

“Sale Proceeds” means the net amount due to the Vendor being the Sale price of the lot sold less commission and expenses and any other amounts due to the Auctioneer by the Vendor in whatever capacity and howsoever arising.

“Reserve Price” means the minimum price fixed by either the Auctioneers or Vendor at which any Lot is to be sold in the sale.

“Auction Period” means the duration of the timed auction as advertised.  Any time periods running from the end of the Auction Period commence at the closing time of the Auction Period.

Except where the context otherwise requires words denoting the singular include the plural and vice versa;  words donating one gender includes all genders, words denoting persons include corporations.

2            CONDITIONS OF SALE

(i)           In signing the Entry Form the Seller accepts the Auctioneers (STAGS) Conditions of Sale and the provisions of this Contract for each Lot listed on the Entry Form.

(ii)          No employee or agent of the Auctioneers has any authority to vary these provisions or the Conditions of Sale.

(iii)         Any dispute arising under this Contract or the Conditions of Sale shall be determined in the first instance by the Auctioneers whose ruling shall be binding on the conduct of the auction. If such an issue including any dispute under Clause 11 remains in dispute after the auction it may be referred by the Buyer the Seller or the Auctioneers to arbitration or if the parties agree to independent expert determination within the period of ten Working Days starting on the date of the Sale by a person agreed between the parties in dispute or failing such agreement by a person appointed by the President of the Central Association of Agricultural Valuers on the application of any of the parties within that time paying such fee as may be charged for that service. The parties agree to meet the professional fees and costs of that person as he shall direct and to be bound by his award both as the matter of the dispute and as to the parties’ costs.

(iv)         Any indemnity under this Contract shall be an indemnity in respect of all actions proceedings and costs including legal costs expenses claims and demands whatever incurred or suffered.

3            SELLER’S WARRANTIES

The Seller warrants to the Auctioneers and to the Buyer:-

(i)           His/her identity.

(ii)          That he/she is the true owner of the Lot or is authorised by the true owner to act as Agent in offering the Lot for sale.

(iii)         That he/she is able to transfer a good and marketable title to the Lot free from any third party claims liens and encumbrances.

(iv)         That no Lot is subject to a Hire Purchase lease contract hire or any other similar agreement or has been recorded by an insurance company as a write off or as subject to a major insurance claim.

(v)          That all statements on the Entry Form are correct so that the Lot is not misdescribed being aware that providing a false description can be an offence under the Trade Descriptions Act 1968 and the Fraud Act 2006 punishable by a fine or imprisonment.

(vi)         That as far as reasonably practicable he has taken sufficient steps to ensure the Lot is safe and without risk to health and safety and that suitable testing and examination has been arranged and that he indemnifies the Auctioneer against all claims under the Consumer Safety Act 1978 and Part 1 of the Consumer Protection Act 1987.

(vii)        That he/she has declared in writing on the Entry Form any risk posed by the Lot to health and safety so that it is clear to the Auctioneer and prospective Buyers.

(viii)       That unless previously disclosed to the Auctioneers any vehicle entered is in a roadworthy condition and complies with regulations made under section 41 of the Road Traffic Act 1988 and has the benefit of any unexpired vehicle excise licence and any current MOT certificate relating to its which will be transferred to the Buyer.

(ix)         That he/she will provide all operators’ handbooks and instruction manuals held in his possession for the Lot.

(x)          That where information required by this Clause has not been provided or the Auctioneers have reason to doubt it the Auctioneer may using his powers under Clause 3(iii) above instruct a suitably qualified person to inspect the items and report on any such matter the cost of which shall be borne by the Seller.

(xi)         That he/she will indemnify the Auctioneers their servants and agents and the Buyer against any loss or damage suffered by them in consequence of any breach of the above warranties.

4            WITHDRAWAL OF A LOT

(i)           In all cases where a Lot once entered is not offered for sale on the Seller’s instructions the Auctioneers shall be indemnified by the Seller for all expenses incurred in relation thereto and against all claims from third parties that may arise.

(ii)          Any expenditure on advertising, travel, administration and time will be charged to the seller although the lot has not actually been sold and instead has been withdrawn. The auctioneers will invoice a reasonable figure to cover the majority of costs attracted.

(iii)         The auctioneers reserve the right to charge a withdrawal charge that allows vendors to remove items once the auction has commenced. Charges will be outlined for individual sales and in addition sellers can be invoiced to recover costs incurred as mentioned in section 4(ii).

5            WARRANTY & INSPECTION OF LOTS

(i)           The Auctioneers’ knowledge of the Lots is initially dependent on the information provided by the Seller who has warranted as to its accuracy. The Auctioneer does not carry out exhaustive due diligence on each Lot. The information supplied about Lots is not a representation of fact but a statement of opinion on the basis of the evidence reasonably available to them.

(ii)          If a Lot is described at the time of the Sale as in “working order” that Lot is understood to have no defect which renders it incapable of the reasonable work for which it is intended.

(iii)         Where the Seller has declared any health and safety issues regarding a Lot or the Auctioneers have become aware of any such issues details of the matter will be available to Bidders in the Lot description for that sale on the website. It will also be for Bidders to satisfy themselves as to health and safety matters and the Buyer to take them into account in his use of the Lot after purchase.

(iv)         Where entries are submitted by other mediums other than a written or typed entry form the vendor will be entirely liable for any errors in reserves, descriptions or details in relation to the item. These alternative mediums include but are not limited to Whatsapp, Facebook, Email or Phone Conversations. Vendors should always complete an official entry form when submitting any entry and it is the duty of any Seller to ensure this is provided to the auctioneers alongside any communications through alternative mediums.

6            RESERVE PRICE

(i)           The Seller shall be entitled to place a Reserve Price on any Lot prior to the Sale being the minimum amount for which the Lot may be sold.

(ii)          Such a Reserve Price shall be advised to the Auctioneers in writing no later than two Working Days before (or as advised in the special conditions) the start of the Sale and without such a Reserve Price the Lot will be offered for sale without a Reserve Price. Unless given in person to the Auctioneer or stated on the Entry Form, any such instruction shall not be binding unless the auctioneer has confirmed his receipt of it in writing. Once the auction has commenced a reserve price cannot be added to a lot.

7            RESPONSIBILITY OF LOTS

(i)           Until sold each Lot remains entirely the responsibility of the Seller. The Auctioneers accept no liability for any Lot and will not provide insurance cover for any Lot.

(iii)         It is the responsibility of the Seller to ascertain whether his Lots have sold at the Sale and the Auctioneers shall be under no liability to notify the Seller if Lots are not sold.

(iv)         The Seller must take reasonable precautions to ensure the item remains secure, undamaged and in the same condition as when it was sold to the purchaser for up to 4 weeks until collection has been completed.

8            AUCTIONEER’S COMMISSION

(i)           The Auctioneer (STAGS) will be entitled to charge the Seller commission as a percentage of the Hammer Price for any Lot at the rate specified on the entry form for his services (“Commission”) together with such entry fees expenses and other charges both due under these Conditions and as may also have been agreed with the Seller (“Charges”). The Commission and Charges shall be subject to VAT at the appropriate rate or rates.

(ii)          Any Lot included on the Entry Form by the Seller which is purchased by the Seller or on his behalf will be subject to charges and commission in accordance with these Conditions.

9            VALUE ADDED TAX

(i)           The Seller will be responsible for accounting for any Value Added Tax on the Sale of a Lot.

(ii)          The Seller must state to the Auctioneers whether he is registered for Value Added Tax and if registered his Value Added Tax registration number and whether he operates under a flat rate scheme or any VAT Margin Scheme. If he is not registered for Value Added Tax the Seller hereby confirms that he has instructed the Auctioneers to arrange on his behalf the auction or sale of the Lots he has entered.

(iii)         The Auctioneers will not account to the Seller for any Value Added Tax without the information required by Clause 9(ii).

(iv)         The Auctioneers will add Value Added Tax at the appropriate rate to the Hammer Price of a Lot.

(v)          If a Lot is zero rated exempt or where the Seller operates the flat rate scheme for Value Added Tax purposes the Auctioneers will state this at the time of Sale.

(vi)         Where the Seller does not advise the Auctioneers of the appropriate rate of or status for VAT of a Lot the Auctioneer will apply the rate or status that appears appropriate from the information available to them and will not accept liability for any errors.

(vii)        Where a Lot is sold on behalf of a Seller who is not registered for Value Added Tax the Lot will be sold under the VAT Auctioneers’ Scheme unless written instructions are given to the Auctioneers to the contrary.

(viii)       Where a Seller is registered for Value Added Tax and is trading goods under the general Margin Scheme and would like to offer a Lot for sale under the VAT Auctioneers’ Margin Scheme the Lot must be included on a separate Entry Form making it clear that the Lot is to be sold under the respective schemes.

10          PAYMENT TO SELLERS

(i)           Subject to Clauses 9(iii) 9(iv) and 9(v) the Auctioneers shall issue payment of the Sale Proceeds for a Lot to the Seller within 20 Working Days of the payment for that Lot by the Buyer resulting in cleared funds in the Auctioneers’ bank. If the Seller requires earlier payment, providing cleared funds from the purchaser has been arranged this can usually be facilitated but should be requested in writing to the Auctioneers.

(ii)          Monies received from Buyers will be held by the Auctioneers in a separate identifiable Clients’ Account.

(iii)         Should there be notification by the Buyer of a defective Lot or Lots then the procedure set out in Clause 1(iii) shall be followed and the sale proceeds dealt with accordingly.

(iv)         Notwithstanding Clause 9(i) in the event of any debt of the Seller being owed to the Auctioneers the latter shall have the right to set off such debt against the sale proceeds.

(v)          Following the sale of any vehicle the Auctioneers shall not pay over the Sale Proceeds to the Seller until the Seller has given to the Auctioneers the V5C registration book for that vehicle a signed declaration that the registration book is lost or a declaration of non-registration or the Buyer confirms that he has now obtained a V5C document for the vehicle.

(vi)         For individual sales payment schedules will vary. The auctioneers reserve the right to withhold payment to the seller until they themselves have received payment of the goods in question.

11          NOTIFICATION OF A DEFECTIVE LOT

(i)           Where a Buyer alleges a breach of any warranty for a Lot for which he has paid he shall notify the Auctioneers in writing clearly stating details of the alleged breach as soon as practicable and no later than 1p.m. on the fifth Working Day after the day the Lot was picked up from the Seller and in any event before the Lot is removed from the United Kingdom.

(ii)          The Buyer shall make the Lot available for inspection in the United Kingdom by the Seller the Auctioneers and the duly appointed agents of either within five Working Days following the day on which the notification of the defective Lot is received.

(iii)         If there is a complaint against the Auctioneers it will be handled under the complaints procedure established by the Auctioneers to handle formal complaints made against their business.

(v)          If the complaint is against the Seller the Auctioneers will notify the Seller of the alleged breach as soon as reasonably practicable and in the event of continuing disagreement any dispute will be handled under Clause 1(iii).

(vi)         The Auctioneers’ obligation to account to the Seller for the Sale shall be suspended until they are satisfied that the dispute has been settled.

12          RESALE DUE TO FAILURE TO COMPLY WITH THESE CONDITIONS

(i)           Where a Lot has been sold to a Buyer who then fails to comply with the Conditions the Auctioneers may without prejudice to any other rights they may have resell that Lot either by public auction or private contract. If the price achieved on resale is less than Hammer Price together with any expenses arising the deficit shall be due as a debt from the original Buyer of the Lot.

(iii)         The defaulter shall not be entitled to any part of the proceeds which may arise by such re-sale which shall remain the property of the Auctioneers.

(iv)         Expenses due from the defaulter shall be deemed to include the Auctioneers’ commission on the re-sale and all other expenses that would be due on a Sale under these Conditions.

13          AUCTIONEERS’ RIGHT TO ANNUL A SALE OF A LOT

Before making payment to the Seller in the event of any dispute or refusal to pay on the part of the Buyer the Auctioneers may entirely at their discretion annul and cancel the sale of such a Lot or Lots.

14          EXCLUSION OF LIABILITY

(i)           The Auctioneers shall not be liable for any expense, loss, claim or proceedings in respect of any loss, damage or injury whatsoever to any property real or personal (including any Lots) whether incurred before, during or after the Sale.

(ii)          The Auctioneers shall not be liable for any expense, loss, claim or proceedings in any respect or personal injury to or death of any person arising out of or in the course of or caused by the Sale, except to the extent that the same is due to the negligence of the Auctioneers, their servants or agents.