TERMS AND CONDITIONS OF BIDDING AND SALE
1. Asia International Auctioneers, Inc. (Auctioneer) hereby grants to the party (Bidder) whose signature appears herein and/or his/her representative, the right to use the number indicated herein as his/her BIDDER NUMBER for the purpose of bidding at an auction sale to be conducted by the Auctioneer. Without prior notice and for whatever reason, such right may be revoked and the Bidbook and Listing Catalog may be confiscated, and/or the Bidder’s online bid account may be deactivated, at Auctioneer’s sole discretion. No person is allowed to bid on any lot of which he is the Owner, agent, associate or representative.
2. Bidder acknowledges that he/she has received, read, and understood herein terms and conditions and nos. 1 to 15 found in the inside front and back cover and pages 1 to 3 printed on the Bidbook and Listing Catalog and agrees to comply with and be bound by such stipulations and all other rules and regulations as written, announced and/or posted in the website and other platforms are incorporated herein by reference.
A. BID UP AUCTION - Miscellaneous
3. The Auctioneer, who acts for and on behalf of the “Owners” of the offered lots, shall conduct the auction by offering the units by lot, either individually or by groups, starting with a base price through its web-based platform. Bidders may place their bids in increments using the Auctioneer’s Bid Up Auction System, on-site or by phone. The auction will run until the last bidder, who is offering the highest price, is left. The last bidder, being the highest bidder, becomes the successful buyer of the lot. There will be a bidding closing time for each lot. However, if there are any successful bids within the last five (5) minutes of the closing time, the auction period will be automatically extended by 5 minutes from the last successful bid. After a total of thirty (30) minute extension and bid/s is/are still entered, the automatic extension shall be reduced to three (3) minutes from the last successful bid. As a result, the auction can be extended multiple times. Thus, the closing time initially indicated may change depending on the entry of bids. For onsite and phone bidders, the Auctioneer will place, on their behalf, the bid indicated in the Bid Up Action Form or as dictated on the phone. The mechanics found in the Bid Up Auction Form shall be considered incorporated herein. A Bidder may raise his/her bid to a higher amount at any given time within the auction period.
4. The Bidder shall have the option to set maximum bid for automated bidding. The bidder may set in the Bid Up Auction System or indicate in the Bid Up Auction Form the maximum amount he/she is willing to pay for the lot through Maximum Bid. If another Bidder places a bid on the lot at the current Asking Price, the system, on behalf of the Bidder who placed a Maximum Bid, automatically bids at the next Asking Price to maintain his/her position as a highest bidder. If outbid, the Bidder may change their Maximum Bid to a higher amount within the duration of the auction period.
B. ONLINE LIVE AUCTION - Trucks and Equipment
5. The Auctioneer conducts an online live auction of each lot. A Bidder may place his/her bid in real-time using the Auctioneer’s upgraded Bid Up auction system, on-site or by phone. The bidding opens with the initial Asking Price shown on the screen. To bid, the bid activation button must be turned on (click the toggle button to the right to enable bidding) and the Bidder must click the “BID” button when his/her desired bid amount appears. This procedure should be made for each and every offered lot as the bid activation button is automatically on disabled mode after each lot is declared sold. Bidder shall be continuously updated of his/her bid status, that is, whether he/she is the current highest bidder or has been “outbid”. Only bids as accepted by the auction system are considered. A bid history shall also be shown on the screen for Bidder’s reference. Bidder should once and a while refresh the browser to ensure that the auction page is updated. When Bidders entered the same bid, acceptance may depend on the level of his/her connection/transmission speed, hence, the Bidder Number who made the bid first accepted by the auction system shall be shown on the Bid History. Bidding is continuous until there are no more bids and the lot is declared sold on the last and highest bid. In the rare occasion of tie bid, the Bidder Number first assigned by the system with the auto-generated ID shall be considered the winning bid.
6. Bidder duly acknowledges and confirms that upon turning-on of the bid activation button and subsequent clicking of the “BID” button, no further confirmation/action shall be required for him/her to be responsible for his/her bid entered whether intentionally or not, and made either personally, with assistance from AIA employee or any person who gained access to Bidder’s online bid account, with or without his/her permission. With the last and highest bid, the lot shall be declared “SOLD” and the Auctioneer shall only announce the Lot Number and the last and highest bid. If the Bidder is the highest bidder, the screen will indicate that he/she is the highest bidder. As such, the lot shall be considered sold to him/her without need of further confirmation/action. For reference, screenshot of each sold unit, in addition to the system’s recording mechanism, shall be made.
C. GENERAL TERMS AND CONDITIONS
7. Bidder acknowledges that Auctioneer exercises utmost good faith and diligence to deliver its auction services. As such, Bidder accepts all the auction system and verification processes, as well as, the terms and conditions thereon, on registration, bidding and award. Thus, waives the right to dispute his registration and recorded bid. Bidder renders Auctioneer free and harmless from all forms of liability for causes attributable to internet/phone connection and other technicalities, error/omission of Bidder/representative or other cause/s whatsoever without Auctioneer’s direct, clear and intentional participation. Bidder unconditionally accepts that in the event of conflict between Bidder’s and Auctioneer’s records of bidding and award, that of the Auctioneer shall prevail. Any decision in relation thereof is deemed FINAL. Cancellation of bid is absolutely prohibited. In the event thereof, it shall result to automatic forfeiture of bid deposit in favor of the Auctioneer without prior notice.
8. The assigned Bidder Number and his/her online bid account, as well as, the monitoring of his/her bid shall be the SOLE RESPONSIBILITY of the registered Bidder. Lot/s sold under the Bidder Number shall be deemed made by the registered Bidder/representative, whether or not he/she was the one who actually utilized the Bid Up Auction System. However, Bidder Numbers registered under different individuals/entities shall be considered as one (1) Bidder if the Auctioneer has reason to believe that they represent one (1) interest.
9. Each and every Lot will be sold on an “AS-IS, WHERE-IS” basis. There shall be neither guarantees nor warranties, expressed or implied, statutory or otherwise, of any nature whatsoever with respect to any of the lots offered at the auction, specifically that: a) it conform to any standard with respect to safety, pollution or hazardous material, or requirement of any applicable authority, law or regulation; b) fit for any particular purpose; c) is merchantable or financeable; and d) are of any particular age, year of manufacture, model, make or condition. The purchase of any lot is deemed at Bidder’s own risk as he is deemed to have inspected and relied on his own clear judgment as to the condition of each bidded lot. The Auctioneer is free from all liabilities for any loss, damage or injury sustained by Bidders in connection with a defect in any lot purchased, or any misdeclaration thereof. In any event, Bidder duly acknowledges and agrees to repair, at his own expense, any Lot purchased at the auction to meet any standard or requirement of any applicable authority, law or regulation, including those concerning any use to which the lot may be put or intended to be used. The Bidbook and Listing Catalog, as well as, the information in the website and other platforms have been prepared only as a guide. The description of items/units are based on information from the Owner/s and/or sources believed to be reliable; however, its accuracy cannot be guaranteed or warranted. No sale shall be invalidated, nor Auctioneer be held liable as a result of defects or inaccuracies in the said indicated information. The Bidder acknowledges that all lots were available for inspection prior to the auction and that it is his responsibility to inspect the lots and make his own inquiries prior to bidding to verify the accuracy of the indicated information.
10. When required, the Bidder must make a partial payment of not less than 25% of his total purchases. Failure thereof, Auctioneer shall have unqualified right and, without prior notice, to automatically revoke Bidder’s right to Bid. All payments must be made in cash or Manager’s/Cashier’s Check not later than July 4, 2022. The Bidder acknowledges that he shall not be entitled to possession and ownership of any of his purchases until the total purchase price of ALL his purchases, including documentation fees, interests and storage fees and all such pertinent charges, have been fully paid. PARTIAL PULL-OUT ON PARTIAL PAYMENTS IS NOT ALLOWED. Purchases which remain unpaid after the due date shall be subject to interest at the rate of 36% per annum or at such maximum rate as may be allowed by law and such other charges, together with attorney’s fees equivalent to 25% of the total amount involved and collection costs incurred by the Auctioneer. These are all jointly and severally demandable with Bidder’s representatives. Non-payment of full amount due, or in the event of failure to comply with any of the terms herein, Bidder unconditionally grants the Auctioneer, without prior notice, the sole right to declare the sale collapsed. As a consequence, the Bidder duly acknowledges that he loses all rights or claims of whatever nature, on any of the items purchased and any amount deposited/paid thereto shall be automatically forfeited, without prior notice, in favor of the Auctioneer. However, Auctioneer retains the right to take action against the Bidder for damages it sustained and those of the Owners, as a result of such cancellation.
11. The Auctioneer may, at any time and at its sole discretion, and without prior notice or liability to the Bidder: a) withdraw or cancel the sale of any lot; b) offer any lot in groups or with privilege; or c) change the schedule and sequence of lots to be auctioned. On the other hand, Bidder/representative acknowledge that an auction site is a potentially dangerous place and his physical presence thereon is at his own risk. They agree to hold free and clear the Auctioneer and the Owner/s of the lot/s offered for sale, as well as their respective representatives in connection hereof.
12. All purchased units must be removed from the auction site not later than July 6, 2022. Removal costs, responsibility and risk shall be borne exclusively by the Bidder. To be released to Bidder’s representative, a properly accomplished and signed Authorization to Pull-out Form is required. If Auctioneer extends assistance during pull-out, it shall be held completely harmless and without any liability of any kind, for any damage or loss of whatever nature, arising therefrom. Bidder agrees to indemnify for any damage caused by the acts of Bidder and/or his agents in connection hereof. A storage fee of P500.00 per lot per day is imposed for Bidder’s failure to remove his purchase/s within the required period. Bidder hereby grants the Auctioneer unqualified right to sell (either as regular item or scrap/junk) all un-removed items, and retain such amount of the sale proceeds to cover the storage fee and sale expenses. The balance if any, shall be returned to the Bidder. Any form of notice sent to the Bidder, any time prior or after the sale, at any of his contact information indicated in the application is sufficient compliance with the notice requirement. If Auctioneer is unable to deliver any awarded lot or clear title thereto, or provide any documentation required on the Purchase within a reasonable period, the Auctioneer’s sole liability, if any, shall be to return the monies paid only upon the return of the subject lot(s). This does not apply for lots with no such issue/s.
13. Relaxed application of these terms and conditions shall not be deemed as waiver, without prejudice to, or affect Auctioneer’s rights and remedies against the Bidders. All actions in connection hereof shall be instituted only before the proper courts of Olongapo City, to the exclusion of all other permissible venues.
15. ALL the above terms and conditions shall not be amended except by agreement in writing, consented to and signed by both parties, provided that the Auctioneer is entitled to supplement or clarify the same. In such case, such supplements/clarifications are deemed incorporated herein. The TERMS AND CONDITIONS OF BIDDING AND SALE found in the Bidbook and Listing Catalog are likewise deemed incorporated herein.