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AUCTION FAQ's


WHAT IS "UNRESERVED PUBLIC AUCTION"?

A publicly held sale at which everything is sold to the highest bidder at NO MINIMUM PRICE set on the items and the bid price is determined solely by the bidders.

HOW TO JOIN THE PUBLIC AUCTION

To join the public auction, there is a need to register your name or your company as bidder.

HOW DO I REGISTER?

You only need to fill-out an Application for Registration/Agreement Form and present a valid government issued identification card with photo, and pay the refundable/deductible bid deposit of P250,000 (Two Hundred Fifty Thousand Pesos) in Cash or Manager's Check drawn on any universal bank payable to ASIA INTERNATIONAL AUCTIONEERS, INC., at the cashier.

REGISTRATION THROUGH A REPRESENTATIVE

Corporate buyers shall be required to present a Board Resolution or Secretary's Certificate for their authorized representatives upon registration. Likewise, a Special Power of Attorney shall be required for individuals representing a sole proprietor or another individual. The absence thereof, may result to delayed approval or denial of your application for registration.

WHAT ARE THE REQUIREMENTS FOR FOREIGN BUYERS?

You need to fill-out an Application for Registration/Agreement Form, present the valid passport and/or other identification cards/documents deemed necessary and pay the refundable/deductible bid deposit of $10,000 (Ten Thousand US Dollars) in cash. In case you did not win any unit, the $10,000 deposit shall be refunded in Philippine Peso at the current exchange rate.


Please note that AIA has the sole discretion and right to decline applications for registration of any individual and/or entity. The pertinent Terms and Conditions of bidding and sale, and all other rules and regulations listed in the Bid Book shall apply.

WHAT IS A BID BOOK?

A Bid book is a listing catalog with an itemized list of all the items being sold in the auction. A Bid book with a unique bidder number printed on its cover is given to the bidder when he/she register as bidder. This bid book is being raised during auction whenever he/she bids for an item being paraded or sold at a price called by the auctioneer. Registered buyer will be responsible for all the purchases awarded to the Bidder Number, regardless as to whether the bid was personally made by him/her, a friend, a family member, or a representative.

HOW DOES THE ACTUAL BIDDING GO?

When the auction begins, AIA "Bid Catchers" will be stationed in front of the auction crowd or near the item being sold. During the bidding proper, all you have to do is raise your Bid book to signify your intention in bidding on a particular unit/item at a particular price. Bid Catchers will assist you in the bidding process by signaling your bid to the Auctioneer and by letting you know if and when you have been outbid. This process will continue until all bidders have stopped bidding at which time the unit/item is SOLD TO THE HIGHEST BIDDER who will then be announced and recorded as the winning bidder by the Auctioneers.

MAY I TEST THE UNITS?

Yes. During the scheduled inspection dates, we will lend you the keys of your preferred units so you can do stationary testing on them. To help you make a better judgment, you may also bring your own mechanic to help you test the units.

HOW ABOUT IF THE HIGHEST BID RECEIVED FOR A UNIT OR AN ITEM IS P 1,000?

We will sell the item for P 1,000. Again, the item will be sold to highest bidder, regardless of price.

CAN WE BUY ONE UNIT ONLY?

Yes. In our auctions, "lot" hardly refers to bulk purchases. Items like trucks, equipment, machines are usually sold INDIVIDUALLY.

IF I DON'T WIN ANYTHING, HOW MUCH AND WHEN CAN I GET MY REFUND?

You can refund your bid deposit in full ON THE SAME DAY you fill out the request for refund form. Surrender the validated deposit slip and Bid Book with its cover and wait for around thirty (30) minutes for us to process request.

IF I WIN, WHAT DO I HAVE TO PAY?

Upon winning, we will deduct your P250,000.00 deposit from your bid price. Accordingly, before leaving the auction site, it is highly necessary to return to the registration office to get a copy of your "Notice of Award" and settle the corresponding amount due. You will be required to pay an amount equivalent to twenty-five (25%) of your total purchases. Applicable Philippines Taxes and Duties prior to registration on all units/items have been PAID. The balance plus the vehicle documentation fees, if there is any, shall be fully paid prior to removal of units/items.

HOW DO I PAY FOR THE ITEMS?

Payment can be made in the form of CASH or MANAGER'S CHECK payable to ASIA INTERNATIONAL AUCTIONEERS, INC. accepted at the AIA Cashiers Office or thru deposit to our designated bank account (please ask AIA officefor details). Full payment must be settled on or before the indicated deadline for payment. Personal check payments will be subject to (3) Banking days clearing prior to withdrawal of any unit/item.

HOW DO I PULL OUT THE UNITS?

Units won in the auction are allowed to be pulled out only upon full payment of buyer's total purchases as appearing in the "Notice of Award" starting from the date of scheduled pull-out.
During pullout, if the registered buyer will not be present and will only assign a representative (e.g. Driver/Mechanic) for the removal of units, we will require a valid ID and an accomplished Authorization to Pull-out Form (found at the back of the bid book) before we release the documents and units.
It is recommended for buyers to fill-out the transfer of ownership form for the Deed of Sale at the registration counter upon winning or before leaving the auction site. If the owner indicated in the Transfer of Ownership / Deed of Sale is not available or present to sign the documents, we will require an SPA - Special Power of Attorney (also found at the back of the bid book) authorizing your representative to sign on your behalf and has to be duly notarized.
Removal and pull out of units/items is buyers' responsibility. You may choose from our accredited trucking/shipping company or any preferred trucking/shipping company to bring your units/items to its/their intended final destination.

WHAT ABOUT LTO REGISTRATION?

All units requiring registration have been duly registered with the LTO. You will just have to add the corresponding Vehicle Documentation Fee and Transfer of Ownership Fee.