ONLINE BIDDERS TERMS AND CONDITIONS
Definitions
"The Auctioneer" shall be Venmore Auctions of 8-10 Stanley Street, Liverpool. L1 6AF acting by the staff, Agents or any other person or body who may have ownership of them.
"The Bidder" shall be the person who shall be identified as such from use of the Bidder's name and Password supplied to the Bidder following submission to the Auctioneer of the On Line Bidders Registration and Identification Form.
"The Property" shall be the property which is subject to the successful bid by the Bidder.
"The Contract" shall mean the contract for the sale of the property subject to the Bidders bid and which shall be available on line and conditions contained or referred to in it.
1. The Bidder shall be bound by:-
(a) The Bidders Terms and Conditions as hereinafter stated.
(b) RICS Common Auction Conditions (Edition 3) as applicable to Auctions so far as the same may be varied or construed to relate to an online Auction.
c) All Terms and Special Terms of the Contract.
2. In so far as the Special Terms of the Contract shall be inconsistent with those referred to in 1 (b) above the terms of the contract shall prevail.
3. The Bidder shall be deemed to have read and understood all the terms and conditions referred to in 1 above.
4. The Bidder shall be bound by the Authority and Warranty provided to the Auctioneer on the online Bidders Registration and Identification form.
5. The Bidder shall be obliged to pay to the Auctioneer a deposit equal to 10% of the accepted bid price within 24 hours of the Auction for the property being closed and the successful bid being accepted but the Auctioneer may in their absolute discretion extend such period.
6. The Bidder accepts that in giving Authority to the Auctioneer to sign the contract for the property the Auctioneer shall be creating a legally binding contract between the Bidder (including all those nominated by the Bidder to be a party to the contract) and the seller.
7. The Bidder warrants that the Bidder has full Authority to nominate the body or additional persons to be a party to the contract and agrees to indemnify the Auctioneer against any claims, actions or liability whatsoever arising from the Auctioneers reliance upon the Bidders Warranty.
8. The Bidder is assumed to have made all prudent enquiries regarding the property as the Bidder deems fit and have availed themselves of all relevant documentation relating to the property.
9. The Auctioneer shall not be liable to the Bidder or any person nominated (as referred to in Clause 7) for any inaccuracy misrepresentation warranty breach or any other matter which may entitle the Bidder to have a claim against any party to the contract.
10. The Auctioneer shall have full and sole discretion to alter the final time of the Bidding and closing time of the Auction on any property and shall be the sole arbiter as to who shall be the successful Bidder.
11. If any of the following events shall occur or come to the attention of the Auctioneer they shall have in their absolute discretion the right to rescind the contract:-
(a) That the Bidder or any person nominated shall be adjudicated Bankrupt or in the case of a Limited Company shall be deemed to be dissolved or have Receivers appointed against it.
(b) That the Bidders deposit shall not be received within the time stipulated within these conditions.
(c) That the Bidders deposit payment shall be dishonoured or shall not be able to be banked due to inaccuracy of the cheque.
(d) That the Auctioneer shall have reasonable suspicion that the Bidder has supplied false information either as to identity or some other material factor that may affect the integrity of the transaction.
And the Bidder acknowledges that in such circumstances the Bidder may still be liable to the seller under the terms of the contract or any rights ensuing there from.
12. The Bidder shall be responsible for making any insurance arrangements in relation to the property following the Bidder's successful bid.
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