BIDDER TERMS & CONDITIONS:
Payment in full is required within 48 hours of receiving your auction invoice by email. All invoices will be issues upon the agent submitting the highest auction offers to the vendor and the vendor accepting each and every offer. The vendor may instruct the agent for the bidding to continue should any offer not be accepted.
All aircrafts must be removed from the Hanger 400 within 14 days of auction closure.
Prospective overseas purchasers excluding those in Australia or New Zealand wanting to participate in this online auction sale will need to lodge a AUD$10,000 refundable deposit no later than 25th May into the auctioneers Trust account as a security payment on any intended purchases. Failure to comply with this auction condition will lead to your buyer registration being suspended and non participation in the sale. All monies are refunded if no purchase is made. Alternately we would recommend seeking the services of an AUS or NZ based aircraft broker/engineer to represent your interests and register on your behalf. Buyers wishing to lodge a security deposit prior to 25 May are asked to email email@example.com for our $AUD Bank Account details as they will not be posted to the webpage. As a reminder all purchasers are to be settled in $AUD.
Bidding on an item will be considered sufficient evidence that a bidder accepts all conditions set forth in these BIDDER TERMS & CONDITIONS, and any conditions outlined on the day of the sale. The Auctioneer has the authority to accept or reject any and all bids. The Auctioneer determines who the high bidder is. In the event of a "tie-bid", the Auctioneer may re-open the item between the tie bidders. The Auctioneer's decisions are final.
The Auctioneer has the authority to implement Multi-par bidding, where lots or parcels are offered first individually, then grouped into multiple lot or parcel arrangements and bid again. The high bid for each of the lots or parcels will be added together to obtain the current bid for the multiple lot or parcel arrangement. Bidding will then re-open for that arrangement of lots or parcels. If there is no higher bid than the sum total of the high bids on the individual lots or parcels, the original, individual bids on the lots or parcels will prevail. If a higher bid is offered for the multiple parcel or lot arrangement than the sum total of the high bids for the lots or parcels when sold individually, the original, individual bids for the lots or parcels will not prevail, and the lots or parcels will be sold to the new high bidder as a multiple lot or parcel (Multi-par) arrangement.
TAXES: - Unless Otherwise Stated
The purchaser acknowledges that all sales conducted by the auctioneer are on the basis of being "GST" EXCLUSIVE, and as such a GST amount of 10% (or whatever prescribed amount is in force by legislation) will be added to the bid price.
The purchaser acknowledges for all sales conducted by the auctioneer that a buyer's premium may be charged on the bid price. Further, the purchaser acknowledges and agrees that in the absence of advice to the contrary, that all buyers' premium charged will be deemed to be exclusive of GST and that GST will be added to the buyer's premium of all lots.
A buyer's premium of 7% + GST will apply on all lots sold. The hammer price of all lots is GST INCLUSIVE and as such, GST of 10% will only be added to the buyer's premium. Example:
Bid Price: $100,000.00
Plus GST on Goods: $ 9,090.90
Plus Buyer's Premium: $ 7,000.00
Plus GST on BP: $ 700.00
Total GST: $ 9,790.90
Invoice Total: $107,700.00
All items are sold "As-is, Where-is" with no warranty expressed or implied, unless otherwise stipulated. We do our best in describing items. However, no items are guaranteed to be Authentic. Some item descriptions may include the title of what an item is meant to represent. However, the item may be a reproduction. Time will be made available prior to each Auction for a preview of the items to be sold. It is the buyer's responsibility to carefully inspect the items prior to the Auction to determine authenticity. Most items offered for sale are used and may contain defects not immediately detectable. Bidders may inspect the property prior to bidding. Bidders must adhere to the inspection dates and times indicated in the item description. All sales are final.
STANDARD BID INCREMENTS:
All biding, including absentee, online, and phone bidding, will follow the established standard bid increments outlined below. All attempts will be made to strictly follow the Standard Bid Increments. However, the auctioneer reserves the right to deviate from the Standard Bid Increment, as necessary.
If the Bid amount is: The Standard Bid Increment is:
$0 - $10 $1 or $5
$10 - $50 $5
$50 - $100 $10
$100 - $500 $25
$500 - $1,000 $50
$1,000 - $2,000 $100
$2,000 - $5,000 $250
$5,000 - $10,000 $500
$10,000 - $20,000 $1,000
$20,000 - $50,000 $2,500
$50,000 - $100,000 $5,000
The Auctioneer may accept or reject a Cut Bid at their sole discretion. There will be at the most, one Cut Bid accepted per item. A Cut Bid will drop the Bid Increment to the next lower Standard Bid Increment; but will never be lower than half of the Bid being sought. Bidding will continue at the new lower Bid Increment, with increases in the Bid Increment at one rung lower than the Standard Bid Increment. The Auctioneer will not accept "Quarter" Cut Bids.
EXAMPLE 1: If the current bid is at $70, following the Standard Bid Increments, the bid being sought would be $80. A Cut Bid would place the Bid at $75, and bidding would continue at $5 increments until the bid reaches $100. Upon reaching $100, the Bid Increment would increase to $10, until the $500 mark is reached. At $500, the Bid increment would increase to $25, and so forth.
EXAMPLE 2: If the current bid is $125, following the Standard Bid Increments, the Bid being sought would be $150. Since half of the $25 increase in the bid would place the new bid at $137.50, and since the next lower Standard Bid Increment is $10, a Cut Bid would place the Bid at $140, and bidding would continue in $10 increments.
DESCRIPTIONS AND PHOTOGRAPHS:
Item descriptions or photographs are not to be used in lieu of a personal inspection of an item. No error, error in description or deficiency in quantity shall void the sale and the Purchaser shall be bound to take the delivery of the lot without any allowance or abatement in price. Any warranties which might otherwise be implied by the Sale of Goods Act, 1923, are hereby excluded and shall not apply. The Auctioneer and the Vendor make no warranties other then those implied by Common Law or by statute the exclusion of which warranty would render this condition void or voidable or which would constitute an offence by the auctioneer or the Vendor. Intending bidders must satisfy themselves by inspection or otherwise as to the nature of the lot or lots offered for sale and must accept same with all fault, patent or latent (if any). Furthermore, no warranty shall be implied from any affirmation made at the auction or otherwise but in all cases where an express warranty is intended, the same shall only be enforceable of reduced to writing and signed by the Vendor or by the Auctioneer as agent for the Vendor.
Any Auction Estimate is only an approximation of what the Auction Company believes the item could bring at Auction, based on its experience, and sales data from similar items. Auction Estimates are NOT Appraisals, and are not to be used as the value of an item.
Payment is expected immediately following the Auction, on the day of the Auction. Acceptable forms of payment will be: Cash, EFT or Bank Cheque, unless otherwise posted at the Auction. ALL items invoiced to a bidder must be paid for prior to the bidder removing ANY of the items.
Registration is required in order to bid at any Liquid Asset Management auction. This registration includes your name, address, phone number, email address, state issued Identification or Driver's License, and signature. Since the act of bidding at an Auction creates a binding contract, the giving of false registration information may constitute an act of fraud.
All items are to be picked up by the buyer on the day of the Auction or within the allotted collection period for that auction, after full payment of the invoice. It is the Buyer's responsibility to arrange with the Auction Company in advance if an item must be picked up at another time.
No lot shall be removed during the sale without the consent of the auctioneer, but subject to condition 10 hereof, delivery is to be taken and the lot must be removed by the Purchaser within one (1) full working day of the day of the auction or such other period of time as may be specified by the Auctioneer at the time of sale and, in this respect, time is of the essence. Any removal shall be at the expense and risk of the Purchaser but, in such removal, the Purchaser shall do no damage, or shall forthwith make good any damage, which may be occasioned. Any lot or part thereof which the Purchaser does not remove may thereafter be removed by the Auctioneer or by some person, firm or company engaged by the Auctioneer or the Vendor and/or stored at the place at which the auction took place or elsewhere by the Auctioneer or by some person, firm or company engaged by the Auctioneer. Such removal and/or storage shall be deemed to have been made by the Auctioneer at the request of the Purchaser and all costs incurred by the Auctioneer or the Vendor in relation thereto together with an amount of $20.00 plus GST per lot per day (inc. weekends) penalty shall be immediately payable by the Purchaser to the Auctioneer and the Auctioneer may sue for and recover the same as liquidated damages.
REMOVAL OF LOTS FROM A SALE:
Liquid Asset Management Pty Ltd will make all reasonable efforts to have all items advertised, available for sale. However, there may come an occasion that an item must be removed from the sale. Liquid Asset Management assumes no liability for damages incurred by the removal of an item from a sale.
Most items are offered without reserve or minimum bid. If an item has a reserve, the auctioneer may announce that the item is being sold with a reserve. If the item has an Auction Estimate, the reserve will never be greater than the low estimate. If an item is offered with a reserve, we may bid on behalf of the seller until the reserve is met. However, we will not offer an opening bid on behalf of the seller. If no opening bid is received, or if the bidding does not reach the reserve amount, we will announce that the reserve was not met, and pass the item or submit the bid as an "offer" to the seller for their acceptance.
Absentee Bidding is used by those who cannot attend the auction in person, cannot bid online, and cannot bid by phone. Absentee bids may be submitted by email, through our website, through the mail, at online bidding sites, or by FAX. Bidding on an item will be considered sufficient evidence that an Absentee Bidder accepts all conditions set forth in these BIDDER TERMS & CONDITIONS. In the event of a tie bid between an Absentee Bidder and a bidder who is actively bidding in-person, the in-person bidder will prevail. When submitting an Absentee Bid, the bid amount should be the highest amount that you are willing to bid prior to the addition of the Buyer's Premium or Sales Tax. A proxy bidder will actually bid on the item in open and competitive bidding. Therefore, the final bid on an item may be less than the amount of your bid. The opening bid on an item with absentee bids shall be: 1) in the case of 3 or more absentee bids, the median bid lowered to the standard bid increment, 2) in the case of 2 absentee bids, the lower of the 2 bids lowered to the standard bid increment, 3) in the case of 1 absentee bid, one-half of that bid lowered to the standard bid increment, and 4) in the case of a lot with a reserve, the reserve amount (if the absentee bid is equal to or higher than the reserve).
Online Bidding may be available for an item. If using an online bidding service, a bidder must in addition to accepting and following the TERMS & CONDITIONS outlined here, accept and follow the Terms & Conditions set forth by the online bidding service. Unless arrangements have been made prior to the Auction, all charges for items purchased, Buyer's Premium, Sales Tax and Shipping will be charged to the charge card on file with the online bidding service immediately following the Auction. Liquid Asset Management assumes no liability for damages incurred by the failure or disruption of online services.
Pre-bidding may be available through online bidding services. Pre-bidding is subject to the same TERMS & CONDITIONS as those set forth for Online Bidding.
Phone Bidding may be available for an item. All Phone Bidders must pre-register no less than 24 hours prior to the Auction. Phone Bidding occurs through a Proxy Bidder at the Auction. The Proxy Bidder will call prior to the item being sold, and will transmit your bids to the Auctioneer. Liquid Asset Management assumes no liability for damages incurred by the failure or disruption of telephone services.
By Bidding, the Bidder agrees to hold Liquid Asset Management and the Auctioneer harmless for errors & omissions. Further, the Bidder agrees to hold Liquid Asset Management and the Auctioneer harmless, as agents of the seller, for issues arising from the transfer of title of goods purchased.
SELLERS: Sellers are NOT permitted to bid on their own items, nor are they permitted to have an employee or agent bid on their behalf, if the item is to be sold "Absolute" or without a reserve.
EMPLOYEES & ASSOCIATES:
Employees and associates of Liquid Asset Management are permitted to purchase lots at competitive bidding under the same terms, rules and regulations as the general public.
In the event that a dispute arises from an Auction under these TERMS & CONDITIONS, the Bidder agrees to resolve the dispute through Binding Arbitration, whereby the prevailing party is entitled to reimbursement of their legal fees by the opposing party.
By bidding at this auction whether in person or by agent, absentee bid, online, by telephone bid, or other means, the bidder agrees that the contract created by these conditions of sale is made and performed in the state where the Auction is conducted. Any dispute arising from this Auction will be resolved in, and under the laws of the State where the Auction was conducted.
The Bidder agrees that if any portion of these TERMS & CONDITIONS is deemed unenforceable or invalid, the remainder of the TERMS & CONDITIONS shall remain enforceable and valid.
The Auctioneer and Vendor reserve the following rights which may be exercised by the Auctioneer without giving any reason therefore -
a) to withdraw any lots from the sale;
b) not to offer for sale part only of any lot described in the catalogue;
c) to offer two (2) or more of the lots described in the catalogue as separate lots for sale together as one (1) lot;
d) should such lots referred to in C) of this condition not be knocked down under the hammer to a successful bidder, to offer such lots as separate lots;
e) to refuse to accept a bid or bids from any person or persons which in the opinion of the Auctioneer is not in the best interest of the Vendor;
f) to refuse admission to/or eject from the selling place any person or persons;
g) to refuse to accept any bid for a lot being less than a sum nominated from time to time by the Auctioneer;
h) to keep secret the existence and amount of the reserve price (if any) of a lot prior to the close of bidding or withdrawal from sale of the lot;
i) in the event that the Purchaser shall successfully bid for more than one lot at the auction;
j) to appropriate any moneys received from that Purchaser in satisfaction or partial satisfaction of the purchase price (and any taxes, if applicable) due in respect of any one or more of such lots to the total of partial exclusion of amounts due in respect of any other such lot or lots as the Auctioneer shall see fit;
k) to elect at any time to treat each contract for the sale of each such lot as interdependent with each other such contract or contracts and default under any such contract shall be treated as default under all such contracts;
l) to bid on behalf of any vendor, prospective Purchaser or Purchaser's with or without disclosure; and
m) in the event that any lot is not sold at the auction to offer to sell same thereafter by private treaty but otherwise subject to these conditions.
The Vendor or any person on his behalf reserves the right to bid at the auction in respect to any lot. The Vendor acknowledges that for any successful bids he/she shall still be liable for the payment of any relevant commissions.
Any bidder shall give his full name and residential address at the time of registering to bid or when called upon to do so by the Auctioneer and -
a) Prior to the end of the auction or at any time thereafter specified by the Auctioneer the Purchaser shall pay to Auctioneer the full price for the lot, plus any GST, license fee or any other government charge applicable to the goods.
b) The Auctioneer at his discretion may require immediate payment or part payment for a lot.
c) The purchase price and, where applicable, any part payment thereof, and GST shall be paid in either cash, bank cheque, credit card or bank transfer
d) Any balance of the purchase price for a lot shall be paid to the Auctioneer no later than the expiration of the period during which the Purchaser is required by the conditions to take delivery of the lot and he shall not be entitled to require delivery until the purchase price and, where applicable, GST, license fee or government charge shall have been paid in full; and
e) Time shall be of the essence in relation to the interpretation and observance of these conditions.
On the fall of the hammer, the Auctioneer may require and the Purchaser shall pay a deposit in cash of twenty five percent (25%) in part payment of the purchase price for the lots purchased by the Purchaser. In default, the lot or lots so purchased may at the absolute discretion of the Auctioneer be immediately re-offered for sale and re-sold.