Terms and Conditions
Auction conditions property
The Purchaser and the Licensed Auctioneer agree to be bound by the following terms and conditions:
- The highest bidder above the reserve price shall be the purchaser and if any dispute should arise as to any bid it shall be decided by the Auctioneer whose decision shall be finale unless one of the claimants will advance the amount offered, in which case the property will be put up again and resold. The bidding from time to time shall be regulated by the Auctioneer.
- The Auctioneer reserves the right to bid on behalf of bidders unable to attend personally.
- The Auctioneer may without giving any reason therefore refuse to accept a bid from any person and decline the offer on the property or withdraw the property from sale.
- At the discretion of the Auctioneer the bid shall be advance in amounts deemed by the auctioneer and no person may retract his or her bid once accepted. Only bids will be accepted by the auctioneer by those persons holding a registered bidder bat of Arthur Strachan Ltd.
- No right in said property shall pass to the Purchaser or to any other person, firm or Corporation until payment in full of the purchase money and all or any cheques or other negotiable instruments given in connection with the said payment shall have been paid and satisfied.
- The property having been available for inspection, no buyer will be permitted to reject the property on the grounds that it is not correctly described. The said property is to be taken “as is where is, with all faults if any”.
- The agent is to be consider the agent of the Vendor and in all disputes the Vendor and the Purchaser must adjust the matter between themselves.
- All or any chattels that are included are, unless otherwise advised, are at no commercial value and are to be taken “as is, where is as well”.
- No liability will be accepted by the Vendor or the agent for any injury or damage to the Public or to their property during the course of the Auction or while at the auction venue.
- The Vendor reserves the right to one bid on his own behalf or through his agent.
- The purchaser must deposit 10% of the purchase price being a non-refundable deposit on the fall of the hammer.
- The property will not be sold until such time as the reserve price (if any) is reached at which stage the property will be declared “on the market”. If the reserve price is NOT reached then the highest bidder will have the first right of refusal at the reserve price.
- Unless otherwise advised the “Contract of sale will be unconditional”, and finance should have been arranged by the purchaser in advance of the Auction.
- Any person/s attending the Auction, having received a copy of these terms and conditions, and having listened to the preamble by the Auctioneer, and who subsequently bids at the auction, and is declared the purchaser, agrees that by bidding at the auction they accept these terms and conditions, and that in the event they fail to enter into a formal contract for the sale and purchase of the property, then, they will be personally liable for the abortive cost of the auction, and any legal cost incurred by the Vendor and or the Agent as result of the breach of these Terms and Conditions.
- All other Terms and Conditions will be as contained in the contract for sale which the purchaser is required to execute within fourteen (14) working days from the date that the auction was conducted failing which the purchaser will be deemed in default of these Terms and Conditions.
- Purchaser agrees to sign to these Terms and Conditions at the completion of the Auction.
Auction conditions chattels
- The bidder above the reserve price may be the Purchaser and if any disputes should arise as to any bid, it shall be decided by the Auctioneer whose decision shall be final, and at the discretion of the Auctioneer, the lot or lots concerned may be put up again and resold.
- The Auctioneer may without giving any reasons therefore refuse to accept the bid of any person and decline the offer for any lot or withdraw any lot or lots from sale. Only bids will be accepted by the auctioneer by those persons holding a registered bidder bat of Arthur Strachan Ltd.
- The bid offered for any lot shall be advanced in an amount at the discretion of the Auctioneer and no persons may retract his/her bid after once made.
- The Vendor shall have the right to one bid either by the Auctioneer or by the Vendor's agent for any lot offered.
- The full purchase price for the lot hereby sold shall be payable by the buyer to the agent and except where terms are given by and at the discretion of the agent shall be payable on the fall of the hammer in cash, bank cheque or direct bank transfer. Personal or company cheques drawn on Papua New Guinea bank accounts are acceptable only if they have a letter of introduction from your bank detailing creditworthiness, but then only at the discretion of auctioneer and or the vendors.
- No property or right in the said lot or lots shall pass to the Purchaser or to any other person, firm or Corporation until payment in full of the Purchaser's money and all or any cheques or other negotiable instruments given in conjunction with the said payment shall have been paid and satisfied and until then, the Agent shall hold any lot or lots delivered.
- The whole of the lots having been on view for inspection, no allowance or refunds will be made nor will any buyer be permitted to reject any lot on the grounds that it is not correctly described in the catalogue. The said lots are to be taken "as is, where is, with all faults if any" and "will be at the buyer's risk on the fall of the hammer." No responsibility will be accepted for non-delivery of any lot sold.
- The Purchaser at the Purchaser's expenses must remove all goods on the day of the sale unless other arrangements are made with the Vendor or the Auctioneer. The Vendor or the Agent for the safe custody of the items will accept no responsibility after the fall of the hammer. Should any deficiency arise in the quantity or quality of goods sold, the Auctioneer will not be bound to delivery more than is actually in there or the Vendor's possession and no compensation shall be paid in respective of this deficiency.
- If the Purchaser shall neglect or fail to comply with any of the above conditions, any lot or all lots purchased by him may be immediately resold by Public Auction or Private Contract with or without notice, at the risk of the former Purchaser, who will be held responsible for any loss, loss for this shall be recovered by the law, legal suite will be obtained to recover the loss of income to the vendor and the agent. Any moneys paid by the Purchaser by way of deposit or otherwise shell without prejudice to any other rights of the Vendor or Agent, be absolutely forfeited.
- Members of the public attend the Auction at their own risk and the Vendor or the Agent for any accident or injury to the Public or damage to their property will accept no liability during the course of the Auction.
Tender conditions property
The successful tendered must be able to provide evidence of finance available with the offer submitted and will be required to:
- Pay a deposit of 10% by cash or bank cheque within ten (10) days of notification by Arthur Strachan Ltd ("agent") of the acceptance of the tender.
- To enter into a contract ("the contract") on the usual terms and conditions within ten (10) days of the contract being delivered to the successful tenderer or his/her lawyers, failing which the deposit shall be forfeited.
- The balance of the purchase price will be payable upon completion in accordance with the contract in cash or bank cheque. "The Contract/Contract's of sale will be unconditional"
- Only tenders with supporting financial documents will be considered.
- Tenders should be forwarded to the address shown prior to the date of closing.
- I understand and acknowledge that the Property Owner has the absolute and unconditional right to reject my bid(s) for any reason prior to the time that it executes the Contract of Sale. I hereby agree to hold Vendor or its servants and agents harmless for any damages that I may incur as a result of my bid being rejected.