Common use of Bids Clause in Contracts

Bids. 2.1 Bids may be submitted in person in the room during the auction, in a written offer before the auction begins, by phone or via the internet (in the latter case only if the specific auction admits this possibility). 2.2 The offer and sale by Il Ponte of lots over the internet or by using the phone are both distance contracts governed by Chapter I, Title III (Articles 45 et seq.) of Legislative Decree 6 September 2005, no. 206 (Consumer Code) and Legislative Decree 9 April 2003, no. 70, which include the regulations of electronic commerce. 2.3 Bids are generally increased by 10% unless otherwise determined by the auctioneer and communicated before the auction begins. 2.4 In the event bids of an equal amount are submitted through the same method (that is presented in the auction room, by telephone, in writing or online), Il Ponte will take into consideration only the bid received first. 2.5 Where a dispute arises concerning the successful bid, the lot may be withdrawn from the auction - at the sole discretion of the auctioneer - or relisted for auction on the same day (in this case, the bids relating to the lot made previously will no longer be taken into account). 2.6 At its own discretion, Il Ponte has the right to exclude anyone from participating in the auctions; in particular, Il Ponte may refuse to allow any potential buyer who has not previously fulfilled his obligations to Il Ponte, even by way of compensation, to participate in the auction. 2.7 The auctioneer conducts the auction starting from the bid he considers suitable. The auctioneer can put consecutive bids or respond to other bids in the interest of the Seller up to the Reserve Price (the minimum price agreed confidentially between Il Ponte and the Seller, below which the lot will not be sold). 2.8 At any time Il Ponte has the right to withdraw any lot offered for sale. The auctioneer has the right, at his sole discretion, to combine or separate lots and to vary the order of sale from the one indicated in the catalogue, provided that the lot is not offered for sale any day prior to the one indicated in the auction catalogue. 2.9 In regard to each potential buyer, Il Ponte reserves the right to subordinate participation in the auction to the presentation of a letter of bank references or the deposit of a sum that guarantees the proper fulfilment of the obligations laid down in these Terms and Conditions of Sale, which will be returned once the auction has ended.