Rules and Regulations for Bidders when participating at 20 Auction in Thailand
THE QUALIFIED BIDDER :
1. Juristic Person of either local or foreign nationality.
2. Person who is 20 years of age and above.
THE AUCTION EVENT:
1. The Auctioneer will designate the place for bidding.
2. The Auctioneer will designate the time for bidding.
3. The Auctioneer will designate the machines for bidding.
1. All local bidders MUST submit the following documents upon registration:
1.1 copies of registration form, personal identity card or passport and/or House Registration of the company hereby represented.
1.2 copies of company affidavit that is issued by the Ministry of Commerce complete with any one senior management personnel signature and company’s stamp endorsement. The document is only deemed valid if the issuing date falls within 3 calendar months from the date of submission.
2. All foreign bidders must accept all terms and conditions governing 20 Auction and submit passport for copies upon registration.
3. All foreign bidders are required to pay a sum of USD$10,000 as collateral cash deposit to the Auctioneer upon registration.
4. The Auctioneer will then issue the bidding card and an official deposit receipt to the bidder who has completed all the registration formalities.
All deposit should be made in cash or by T/T remittance. For locals, cashier cheque and bank drafts are acceptable.
Deposits will be refunded after the auction for those who have registered but made no purchase at the Auction (T/T bank fee are charged to the bidder but the auctioneer will not charge any fee for registration).
DEPOSIT REFUND PROCEDURE
1. All unsuccessful bidders are given a full refund on their collateral cash deposit immediately after the auction event.
2. Just present the official deposit receipt to the registration staff for refund.
3. All successful bidders will have their collateral cash deposit retained by the Auctioneer who will use this sum in part payment towards settlement.
Machines are opened for inspection 2 days before the auction day.
1.The bid will be called in Thai and translated to English concurrently by the Auctioneer.
2. The Auctioneer will announce the bid that he has received and will call for a higher bid immediately. Thus, two prices will be announced constantly; the higher of which is the bid presently called for and the lower price is the currently accepted bid.
3. This process is continuous until no one accepts the higher price that is being called. In this instance, the current accepted bid will be the highest bid for the said item.
4. The bidder who bids the highest bid, for any item accepted by the Auctioneer, will be the SUCCESSFUL
5. The Auctioneer will give the final signal to confirm the sale to the successful bidder. This agreement to purchase is therefore irrevocable under any circumstances.
6. Bidders should direct all their bids to the call man (bid catcher) who will pass the bid to the Auctioneer.
· In instances where no bidder accepts the starting bid price that is being called at the beginning of the bidding process, the calling price will drop. Similarly, the next calling price will drop when no bidder is willing to accept the present calling price at any point of time during the bidding process. However, the amount the calling price decrease will be based solely upon the discretion of the Auctioneer.
· There are both reserved and unreserved lot sales in the auction, in instance of RESERVED Price lot, if no bidder has bid more that than or equal to the reserved price the auctioneer will not sell the lot to the highest bidder but the machine will be removed from the auction sales without the successful bidder and return to the owner.
1. The Auctioneer hereby grants any participant in possession of a bidding card issued by the Auctioneer the right to bid at the auction. This right can be revoked at any point of time upon the sole discretion of the Auctioneer.
2. Each bidding card issued by the Auctioneer bears the bidding number of a registered bidder. Therefore, the bidding card will act as an identification agent at the auction event.
3. Upon misplacement or loss of the bidding card, the registered bidder of the lost card MUST pay for all items being purchased under the bidding number of his card.
4. The Auctioneer does not take into account cases of misrepresentation. Therefore, in the event of lost card, please notify the site office IMMEDIATELY to minimize any possible damages.
5. The Auctioneer does not warrant or guarantee the accuracy in the description of the equipment imprinted in the bidding card or catalogue list.
Owners of equipment are prohibited to bid on their own equipment.
TERMS OF PAYMENT :
All successful bidders must make full payment to the Auctioneer for their bids either in cash or by T/T remittance within 7 days after the auction. Deposit made by successful bidders will be used in part payment towards settlement.
Successful bidders who fail to pay within the specified period will be considered as abandoning their purchase. As such, the Auctioneer is entitled to forfeit the collateral cash deposit made by the successful bidder and render the auction purchase agreement null and void. The Auctioneer hereby reserved all rights to take legal action against the successful bidder who abandon his purchase.
Items purchased in the auction must be exported from Thailand within 2 months after the Auction. Otherwise, all items will be VAT taxable. NOTE : For foreign bidders who sell their auction purchased items locally (within Thailand) are also LIABLE to pay VAT.
EQUIPMENT REMOVAL PROCEDURE
1.The Auctioneer will hand the equipment and all other necessary supporting documents to the successful bidder when the full payment is made within 7 days after the auction.
2. All fully paid equipment MUST be removed from the auction site within 14 days after the auction. Otherwise, the successful bidder will be liable to pay to the Auctioneer a storage fee of 500 Thai baht per day for each unit of equipment left in the Auctioneer’s premises.
3. All transportation costs, dismantling costs and any other related expenses incurred for equipment removal will be charged to the account of the successful bidder.
4. In instances where the successful bidder authorizes any other party besides himself or the company the bidder represents to remove his equipment, the authorized party upon removal MUST produce:
– an authorization letter issued by the successful bidder’s company for the removal, endorsed with the company’s stamp and undersigned by a senior management personnel.
5. (Please fill out the authorization letter enclosed within the biding card )
– ID card or passport copies of the successful bidder and the personnel executing the removal.
– House Registration document of both the successful bidder’s company and the company of which the removal personnel represents.
Absentee bidders may fill in an absentee bid form available from the Auctioneers at least 7 (seven) days before the sale, instructing the Auctioneers to bid on his behalf. At least 50% of the total amount the bidder wishes to bid or 10,000USD whichever higher must be place as deposit to the auctioneer at least 3 days before the auction date. Deposit will be refunded after the auction for those who have registered as absentee bidder but made no purchase at the Auction (T/T bank fee are charged to the bidder but the auctioneer will not charge any fee for registration). The deposit will be considered as part payment for items sold to the successful bidder. Please refer to the Absentee Bid Form for further details, terms and conditions.
Terms of Sale
All purchases will be made in Thai Baht.
Payment shall be made in Thai Baht and made in cash or by direct bank transfer or by other means acceptable to the Auctioneer at his sole discretion.
Bank Transfers should be made to:
|Bank||Name Of Account||Branch||Account No.||Account Type||Swift Code|
|Bangkok Bank||20 Auction Company Limited||Assumption Road Branch Sriracha||982-0-14450-0||Saving Account||BKKBTHBK|
|Siam Commercial Bank||20 Auction Company Limited||Assumption Road Branch Sriracha||405-371008-0||Saving Account|
|Kasikorn Bank||20 Auction Company Limited||Assumption Road Branch Sriracha||989-2-17400-5||Saving Account||KASITHBK|
|Kasikorn Bank||20 Auction Company Limited||Mega Bangna||845-2-14713-1||Saving Account||KASITHBK|
All payment must be made paid within 7 days after the date of the Auction. No purchases may be removed from the Auction site until paid in full of any and all amounts due to the Auctioneer after the sale date.
EVERYTHING SELLS AS IS WHERE IS, WITHOUT ANY WARRANTY WHATSOEVER, NEITHER EXPRESSED, IMPLIED OR STATUATORY.
Descriptions of lots / No Warranties
The descriptions in this brochure / website are believed to be correct; however the descriptions are merely a guide and are in no way a warranty, representation or guarantee, expressed or implied. Neither the Auctioneer nor the Seller is responsible for any errors in descriptions of the quality, character or condition of the equipment and purchaser shall not be entitled to any remedy or claim on account of the quality, character or condition of the equipment purchased.
Inspection of equipment
The equipment is available for inspection at the previews and the Bidder / Buyer number is totally responsible and exclusively on his personal inspection of the equipment.
SOME requirements may have to be met before the equipment maybe imported or exported. Compliance with such requirements is the sole responsibility of the Purchaser.
The Auctioneer does not provide safety certificates, certificates of origin and the like.
Auction Site : Warning
Bidder acknowledges that the Auction site is a potential dangerous place. The bidders enter the auction site at his own risk, thus the auctioneer will not be held accountable for any injuries or fatalities occurred in the premises of the auctioneer.
Heavy equipment is being operated, potentially dangerous materials may be present, electric circuits maybe live and other potential dangers maybe exist. Every person at the Auction site (and other areas where the property is located or displayed) shall be there on there on his own risk. No person shall have any claim against the Auctioneer, their agents, employees or principals neither for any personal injury sustained or death nor for damages to or loss of property which may occur from any cause whatsoever.