Common use of AUCTION PROCEDURE Clause in Contracts

AUCTION PROCEDURE. 1.1.1 The sale shall be subject to the control of the AUCTIONEER who shall have the sole right to regulate the bidding procedure. 1.1.2 Every bid shall constitute an offer to purchase the Property for sale at the amount bid, which the SELLER or the AUCTIONEER may accept or reject in their sole discretion. 1.1.3 The highest accepted bidder shall be the PURCHASER, who shall sign these conditions of sale immediately on the fall of the hammer. Should the PURCHASER fail to sign these Conditions of Sale, when requested to do so, the AUCTIONEER may, without prejudice to any other remedies that may be available to it or the SELLER, in law, declare the sale cancelled and again put up the Property for auction. 1.1.4 Should any dispute arise between two or more bidders, the Property may be put up again and re-auctioned OR the AUCTIONEER may choose the PURCHASER from amongst the bidders, his decision to this effect being final. 1.1.5 The AUCTIONEER may refuse any bid without being obligated to furnish any reasons for such refusal and may likewise not proceed with the sale of the Property at any time prior to the conclusion of the sale, in which event the AUCTIONEER shall not be liable for any damages whatsoever to any person(s) by reason of the sale not being proceeded with, whether it has been advertised to take place at any specific time or on any specific date or not. 1.1.6 If the AUCTIONEER suspects that a bidder is unable to pay either the AUCTIONEER’s fee or the purchase price, the AUCTIONEER may refuse to accept the bid of such bidder; alternatively, the AUCTIONEER may elect to accept it provisionally until the bidder has satisfied the AUCTIONEER that he is in a position to pay all such amounts. On the refusal of a bid under such circumstances, the Property may immediately be put up for auction again. 1.1.7 If the AUCTIONEER commits any bona fide error in the concluding of the sale, or in his reference to the Property, such error shall not be considered binding either upon the AUCTIONEER, the SELLER, or the PURCHASER.

AUCTION PROCEDURE. 1.1.1 2.1. The sale shall be conduct of the auction is subject to the control of the AUCTIONEER AUCTIONEER, who shall have has the sole right to regulate the bidding procedureand the bid increments. 1.1.2 2.2. The sale shall be by the rise and the PROPERTY shall be sold to the bidder of the highest accepted bid (“the highest bidder”) subject to the terms hereof. 2.3. Every bid shall constitute an offer to purchase the Property PROPERTY for sale at the amount bid, which the SELLER or the AUCTIONEER may accept or reject in their sole absolute discretion. The SELLER and the AUCTIONEER are entitled, in their absolute discretion, to withdraw the PROPERTY from sale prior to acceptance by the SELLER. 1.1.3 2.4. In the event of a dispute between bidders the decision of the AUCTIONEER will be final and binding. In the event of a dispute between any bidder and the AUCTIONEER, the PROPERTY may immediately be re-auctioned, at the sole discretion of the AUCTIONEER. 2.5. In the event of any error being made by the AUCTIONEER, such error shall not be binding on the SELLER or the AUCTIONEER. 2.6. The PROPERTY is sold with reserve. If no bid equals or exceeds the reserve price (“the Minimum Nett Selling Price”), the PROPERTY may be withdrawn from the auction. The SELLER shall be entitled to instruct the AUCTIONEER to accept any lower bid. 2.7. The auction is subject to vendor bidding. Only the AUCTIONEER or his agent shall be entitled to bid up to the Reserve Price on behalf of the SELLER, but shall not be entitled to make a bid equal to or exceeding the Reserve Price. 2.8. No bid may be withdrawn prior to the expiry of the confirmation period, during which time the offer shall remain open for acceptance by the SELLER or his agent. 2.9. The highest accepted bidder shall be (“the PURCHASER, who shall ”) s hal l sign these conditions of sale this document immediately on the fall of the hammer. Should hammer or as soon as possible after the PURCHASER fail to sign these Conditions close of Sale, when requested to do so, the AUCTIONEER may, without prejudice to any other remedies that may be available to it or auction in the SELLER, in law, declare the sale cancelled and again put up the Property for case of an online auction. 1.1.4 Should any dispute arise between two or more bidders, the Property may be put up again and re-auctioned OR the AUCTIONEER may choose the PURCHASER from amongst the bidders, his decision to this effect being final. 1.1.5 The AUCTIONEER may refuse any bid without being obligated to furnish any reasons for such refusal and may likewise not proceed with the sale of the Property at any time prior to the conclusion of the sale, in which event the AUCTIONEER shall not be liable for any damages whatsoever to any person(s) by reason of the sale not being proceeded with, whether it has been advertised to take place at any specific time or on any specific date or not. 1.1.6 If the AUCTIONEER suspects that a bidder is unable to pay either the AUCTIONEER’s fee or the purchase price, the AUCTIONEER may refuse to accept the bid of such bidder; alternatively, the AUCTIONEER may elect to accept it provisionally until the bidder has satisfied the AUCTIONEER that he is in a position to pay all such amounts. On the refusal of a bid under such circumstances, the Property may immediately be put up for auction again. 1.1.7 If the AUCTIONEER commits any bona fide error in the concluding of the sale, or in his reference to the Property, such error shall not be considered binding either upon the AUCTIONEER, the SELLER, or the PURCHASER.