1. Any individual or entity registering for an Auction and/or any Buyer submitting any bid either in person, through an agent, via email, telephone call, internet during live simulcast or timed auction, or in any other manner whatsoever, either directly, indirectly, in Buyer’s name or by an assigned Buyer’s bidding number (“Buyer” or “Buyers”) at any Arabian Medical Remarketing (“AMR” or “Auctioneer”) auction agrees to and will thereby be strictly bound by all of the terms and conditions contained in these written Terms of Sale, as from time to time amended as provided herein.
2. All Buyers agree that all items/lots will be sold at Auction on the day(s) advertised or announced by AMR. to the highest bidder or bidders in person, or on-line via an internet website live simulcast or timed auction, for cash in accordance with customary auction terms and conditions, applicable law or regulation and more specifically, subject to these Terms of Sale (the “Auction”). To receive a bid card and participate in the Auction, all Buyers present at the Auction site either in person, through an agent or other communication medium MUST: a) make a cash deposit of 1000 AED (One Thousand); or b) submit a personal or company cheque with a bank letter guaranteeing unqualified payment for any purchases; c) present a valid credit card against which the 1000 AED deposit will be taken, or d) at AMR’s option accept a credit card authorization rather than an actual charge for the deposit. Additionally, Buyers must submit a valid government issued identification matching the form of payment and Buyer registration. For On-line Buyer’s the deposit will be 1000 AED (One Thousand) paid by credit card. In the event of a purchase by an On-Line Buyer the deposit will be applied against the purchase price and the balance, if any, will be charged to the credit card used for the deposit. Any on-line Buyer wanting to use a different method of payment must contact AMR’s offices (+971(0)566078264) and make the necessary arrangements at least five (5) days prior to the Auction. Auctioneers may, at their sole discretion, without reason or notice of any kind, request an additional deposit from any Buyer before such Buyer may bid, or continue bidding during the auction.
3. Within three (3) days of the Auction all purchases must be paid in full by cash, cheque, certified funds or credit card, if applicable, made payable to Arabian Medical Remarketing FZC. Bank wire transfers to the account of AMR will be accepted by prior arrangement only. All sales at the Auction are final. For all Buyers using credit cards, the bid deposits charged at registration will be applied to the Buyer’s Purchase Price and the balance due, if any, will be charged to the same credit card. If there is an excess balance it will be refunded back to the same credit card. An administrative expense fee of 100 AED (One Hundred AED) per day may be charged for up to six (6) days after the Auction, if payment is not made within the allotted 3 day time period.
4. All applicable sales, use, transfer, VAT or excise taxes arising from a sale at Auction in accordance with local and/or state law will be charged to the successful Buyers and added to the amount of the successful Buyer’s winning bid, along with the Buyer’s Premium (Buyer’s Purchase Price”)
5. No purchases may be removed until after conclusion of the Auction and full settlement of payment.
6. Placing of a bid by Buyer is a commitment to purchase and binding on Buyer, its principals, agents, successors and assigns upon acceptance of such bid by Auctioneer. Successful Buyers or their agent(s) must pay for, accept delivery, and remove the items/lots purchased in accordance with these Terms of Sale. Buyers are solely responsible for any necessary de-installing, packaging, loading, removing and/or shipping of the items/lots purchased and must proceed diligently in such removal. Items/lots must be paid for and removed within the time posted at the Auction or as announced by the Auctioneer. If payment has not been made and purchased items/lots have not been picked up by the required time limits, items/lots will be deemed abandoned by the Buyer thereof, become the exclusive property of AMR and the Buyer’s deposit and any other moneys paid will be applied to the payment owed and the balance, if any will be forfeited to AMR. At AMR’s sole option and discretion it will attempt to mitigate a Buyer’s default by resale, re-auction or otherwise dispose of the abandoned items/lots for scrap pricing (“AMR Mitigation Price”.) Buyer will be responsible to AMR for the entire difference between the Buyer’s Purchase Price and the AMR Mitigation Price, plus all additional administrative fees as provided in these Terms of Sale, plus any and all of AMR’s direct and consequential damages, if any, including, without limitation, all attorney’s fees and costs incurred by AMR in any collection procedure.
7. Buyers become the owner of items/lots bid on immediately upon the Auctioneer’s declaration of “sold”, fall of the Auctioneer’s ‘hammer’, or any other method chosen by Auctioneer to awarding the purchase to a successful or highest bidder. After Auction, Buyers are responsible for checking the quantities of the items/lots purchased before check out. No adjustments in quantities will be made after the items/lots are checked out. Once a bid is accepted, neither Auctioneers nor owners of equipment will be liable to the Buyer of the items/lots purchased for any loss, shortage, damage or liability arising from or as a result of any reason whatsoever including, without limitation, negligence, any act or omission, strikes, industrial disputes, civil disruptions, war, terrorism, natural disaster, acts of God, and/or or any other event or occurrence in or beyond AMR’s or owner’s control. Buyers are advised to pre-arrange insurance coverage of their purchases as of the award of the successful bid that occurs during the Auction.
8. Buyers are responsible for all risk of loss, damage and/or personal injury caused by removal, and all costs of removal of items/lots purchased. A certificate of insurance reflecting adequate insurance coverage holding Auctioneers, owners and landlords (if applicable) harmless against any damage must be furnished to the Auctioneer at Auctioneer’s sole discretion and request prior to such removal. Buyer’s obligations with regard to removal further include the obligation to repair and restore any damage to the real property or permanent improvements where the purchased items/lots are located. Buyers de-installing items/lots purchased MUST be or use professional, experienced, qualified de- installers and provide to AMR a certificate of insurance or bond in an amount of no less than 1000 AED (One Thousand) prior to performing such work. All insurance requirements must be underwritten by valid carriers and certificates.
9. If, for any reason whatsoever, the Auctioneers fail to deliver an awarded item/lot, the Auctioneer’s sole liability shall be the return of any deposit or monies paid on said item/lot, and Buyer shall have no further claim whatsoever including, without limitation, direct, indirect, consequential, exemplary or incidental damages.
10. Items/lots may be offered subject to a reserve price without notice to the bidders.
11. Auctioneers may, at their sole discretion, without reason, notice or liability of any kind, at any time prior to or after commencement of the Auction, but prior to acceptance of final bid, alter, withdraw or vary any or all items/lots, refuse to accept any bid or terminate bidding on any or all items/lots, or cancel the Auction entirely. Auctioneers shall have the right at any time to offer a complete facility or the entire balance of remaining items/lots as a single lot or any grouping of lots in any manner it chooses.
12. The advances, progression, and rules in the bidding shall be regulated at the sole discretion of the Auctioneers. Auctioneers reserve the right to review proxies for maximum bids, prefer floor bidders over internet bidders. And the right not to acknowledge or accept any bid which is merely a fractional advance over the preceding bid. Auctioneers further reserve the right to refuse any bid for any reason or to bid on their own behalf. In the event of a tie, the Auctioneer, at his sole discretion may reopen the bidding to determine the highest bidder.
13. ALL ITEMS/LOTS IN THE AUCTION ARE PURCHASED “AS IS” AND “WHERE IS” IRRESPECTIVE OF CONDITION, WEAR, DAMAGE, AND WITH ALL FAULTS. All sales of items/lots are final and without any warranty, guarantee or representation of any kind or nature whatsoever, either express or implied, written or oral, as to the design, condition, merchantability, fitness for any particular purpose, quality, capacity, workmanship, or that any items/lots will satisfy the requirements of any law, rule or regulation. It is Buyer’s sole responsibility to provide proper safety devices and equipment or the means to meet all government safety standards or any other laws, including any environmental protection or other public protection laws or regulations. Buyer specifically relieves, releases, indemnifies and holds AMR and when applicable, asset owners and sellers harmless, from and against any and all responsibility, damages, claims, fines, penalties, judgments, actions, lawsuits, and/or liability of every kind and nature, including without limitation payment of AMR’s legal fees and costs, in connection with or as a result of any breach of Buyer’s obligations, duties or responsibilities described herein or for violation of any provision of these Terms of Sale or the Auction rules either posted or as announced by Auctioneer. In the event AMR must enforce these Terms of Sale against Buyer in a court of law, in addition to all other available remedies, Buyer will be responsible for AMR’s attorney’s fees and costs.
14. Quantities, descriptions, weights, measurements, dimensions, serial and machine numbers, year and model set out on the items/lots in the auction brochures, catalogues, any advertisements and/or invoices are believed to be accurate. However, the Auctioneer’s, owners, or advertising counsel are not responsible or liable for any discrepancies, inaccuracies or failure of the items/lots to correspond with any written or verbal representation of such information made by or on behalf of either the Auctioneers or owner, or any perceived or expected standard or custom, or any other particulars such as the genuineness or authenticity of any items/lots. No item/lot shall be sold or deemed sold by description or such information and Buyer shall not be entitled to rely thereon. All such information is given by way of identification only and no warranty, condition, representation or guarantee is made, given or is to be implied. The Auctioneer and/or owner are not responsible or liable for any damage or loss (direct, indirect, consequential or otherwise) arising as a result of any inaccuracy in respect thereof. It is therefore recommended that all Buyers avail themselves for inspection.
15. A Buyer’s Premium of 20% of the final sales price in effect and will be added to Buyer’s purchase price. The Buyer’s Premium shall be decreased to 18% if the aggregate total of a Buyer’s purchases at an auction event are 100,000 AED (One Hundred Thousand) or above. The Buyer’s Premium may be adjusted at AMR’s discretion according to how the bid was placed and the purchase price was paid. Any tax applicable to a Buyer’s Premium will also be added to the Buyer’s purchase price.
16. Notice to Credit Card Buyers: Purchased items/lots will not be released without a signed credit card receipt/authorization form. Any Buyer using a credit card certifies that Buyer is authorized to use said credit card. At its discretion, AMR may provide any evidence of credit card fraud to the relevant authorities.
17. Right to Restrict Sale to Bona Fide Buyers. AMR reserves the right to limit registration to individuals or entities which AMR, in its sole discretion, considers bona fide Buyers. Buyers are prohibited from viewing the auction solely for the purpose of ascertaining pricing information or other proprietary sales data of AMR including the identities of other Buyers.
18. No Collusion. In order to maintain an open and fair marketplace, Buyers are expressly forbidden from acting in collusion. Collusion includes making agreements concerning amounts to be bid and agreeing to bid or refrain from bidding on certain items in order to reduce competition in the marketplace. Buyers may have their bidding privileges terminated if they are found to be acting in collusion with other Buyers.
19. These Terms of Sale are governed and interpreted in accordance with the laws of The UAE. Further, Buyers and AMR hereby irrevocably and unconditionally agree and consent to the exclusive jurisdiction and venue of any court of competent jurisdiction located in the UAE for any proceeding arising out of, or in connection with these Terms of Sale.
20. These Terms of Sale may not be changed, amended or modified except by Auctioneer, and Auctioneer may within its sole discretion and without notice, change, amend or modify these Terms of Sale at any time in writing, by posting on its website, or orally by announcement at any auction.