In these General Conditions the following definitions apply:
2.1 These General Conditions apply to every Auction of any or all assets, whether tangible or intangible, conducted by the Auctioneer and to any Lot offered for sale in the Auction whether that Lot includes property fixed to land or not fixed to land or any other personal property.
2.2 If these General Conditions have not previously been accepted by a person bidding at the Auction, bidding for any Lot in the Auction shall be deemed to be an acceptance by the Bidder of these General Conditions.
2.3 These General Conditions, the Special Conditions and any terms set out in the Catalogue shall together comprise “Conditions of Sale”.
2.4 To the extent that these General Conditions are inconsistent with any special conditions set out or referred to in the Auction Catalogue or announced at the Auction, the Auctioneer may adopt the condition deemed most appropriate in the circumstances, decided at his sole discretion.
2.5 These General Conditions shall be governed, construed and enforced in accordance with the law of Islamic Republic of Pakistan.
2.6 Any reference to writing or written shall include email.
2.7 Any word or phrase having a meaning defined in these General Conditions shall have the same meaning when used in the Special Conditions.
3.1 Every Bidder is required to give his name and address and provide satisfactory proof of identity and such other information and documentation as is required to the Seller before making any Bid and in the case of:
3.2 The Seller reserves the right at any time to reject the registration of any persons and refuse access to the Auction at its sole discretion.
3.3 On registration in accordance with General condition 3.1 the Bidder acknowledges that only adults aged 18 years and over are entitled to enter into a legally binding contract and as a result they are the only people entitled to register for the Auction. By registering the Bidder warrants that he is aged 18 years or older and is capable of forming a legally binding contract.
4.1 The Seller warrants that:
4.2 If the Seller’s instructions are given by the Seller’s agent, the Seller’s agent warrants that he has the Seller’s authority:
5.1 Unless the Auctioneer has previously acknowledged in writing that the Bidder bids as agent on behalf of a named principal, every Bidder shall be taken to bid on his own behalf as principal.
5.2 If the Auctioneer has earlier acknowledged in writing that the Bidder bids as agent on behalf of a named principal, the Bidder warrants that he has the authority of his principal to make each bid he makes.
5.3 Any Bidder acting as agent on behalf of a named principal shall remain liable to the Seller and the Company for all obligations and liabilities of his principal jointly and severally with the principal. The Bidder warrants that he has the authority of his principal to make each Bid made.
6.1 The Auctioneer offers each lot as agent of the Seller and not as principal unless otherwise indicated in the Auction Catalogue.
6.2 Any Lot may be subject to a reserve price unless otherwise indicated in the Auction Catalogue.
6.3 The Seller or his representative or the Auctioneer on his behalf may bid for any Lot unless otherwise indicated in the Auction Catalogue. Persons entitled to Bid pursuant to this condition 7.3 shall be entitled to place Bids on any Lot up to the reserve price including by placing Bids in response to other Bidders.
6.4 The Auctioneer may at any time before close of the online auction withdraw or divide any Lot or combine any Lots.
6.5 With the previous consent of the Seller, the Auctioneer may sell any Lot by private sale before or after the Auction.
6.6 No Bid shall be retracted without the consent of the Auctioneer.
6.7 The Auctioneer will require any Bidder to give his name and address and to provide satisfactory proof of identity before making any bid. The Bidder must also complete the online registration at the Auctioneer’s website.
6.8 The Auctioneer may reject any bid at his sole discretion and without being required to give a reason.
6.9 The Buyer shall be the person who made the highest bid before the conclusion of the Sale pursuant to condition 6.16 subject to approval and acceptance by the Seller, the Auctioneers and the Seller or such other person as the Auctioneer may declare to be the Buyer without being required to give a reason.
6.10 The Auctioneer may decide whether there is a dispute between Bidders, he may summarily determine the dispute or immediately again offer the Lot for sale, in each case without being required to give a reason.
6.11 The Auctioneer shall in every other respect decide how the Auction is to be conducted and without being required to give a reason.
6.12 The Auctioneer may in his sole discretion delegate to a person whom he believes to be competent the conduct of the Auction in accordance with these General Conditions.
6.13 The Auctioneer may from time to time act jointly with an associated Auctioneer who will be named in the Catalogue and/or in the Special Conditions.
6.14 Lot descriptions will be amended as appropriate as and when information becomes available to the Seller. Prospective Bidders must read Lot descriptions before making a Bid so that they are fully aware of any amendments to the description appearing in the Special Conditions and/or on the Website or in the Catalogue in relation to a particular Lot.
6.15 A Sale is concluded (constituting acceptance of the Bidder's offer, subject to General Condition 6.9 above) when:
6.16 The Buyer shall be the person who made the highest Bid before the conclusion of the Sale pursuant to General Condition 7.15 above subject to approval and acceptance by the Seller, the Auctioneers and the Seller or such other Bidder as the Auctioneer and/or the Seller may declare to be the Buyer without being required to give a reason.
6.17 In the case of an Online Auction, the Buyer, as determined under General Condition 7.9 above, shall within a reasonable time after the conclusion of the Sale receive by email an invoice in respect of the monies due for the Lot(s) purchased.
6.18 In the event that the reserve price is not met, the Auctioneer may consider the Bids received below the reserve price with the Seller who at its sole discretion may accept, reject or place a counteroffer.
6.19 On conclusion of the Sale and acceptance of the Bidder's Bid pursuant to General Conditions 6.15 and 6.9 above, the Buyer acknowledges and agrees that he has entered into a contract with the Seller to buy the Lot and the Buyer must complete the transaction to purchase the Lot.
6.20 In relation to an Online Auction:
6.21 Risk of damage to or loss of the Lot(s) shall pass to the Buyer immediately upon the conclusion of the Sale.
7.1 Upon the Auctioneer declaring any Lot sold, the Buyer shall immediately:
7.2 Within the time specified in condition 7.3 below, the Buyer shall pay the following sums to the Auctioneer in full:
7.3 The time for complying with condition 7.2 above shall be the time specified in the Auction catalogue or if no time is specified there, 4pm on the next working day, and in every case time shall be of the essence.
7.4 The Auctioneer may at any time in his sole discretion grant the Buyer an extension of time for complying with condition 7.2 above, in which case the Buyer shall pay to the Auctioneer in full before moving or removing the Lot interest on any unpaid sums.
7.5 Until the Buyer has complied with condition 7.2 above:
7.6 In view of Money Laundering Regulations the Seller reserves the right to refuse payment in cash.
7.7 The Seller will only accept payment from the Buyer or its authorised agent.
8.1 If at any time the Buyer has failed either to pay the sums specified in condition 7.2 above in full by the expiry of the time specified in condition 7.3 above (or any extension granted under condition 7.4 above), the Auctioneer may rescind the sale of that Lot, in which case any deposit shall be forfeit, and that Lot may be resold by auction or privately.
8.2 If the Buyer fails to make any payment on the due date for payment then, without limiting any other right or remedy available to the Seller, the Buyer shall pay to the Seller interest (both before and after any judgement) on the amount unpaid at the rate of 1.5% above the base rate of KIBOR per month or any part thereof until payment in full is made.
8.3 If the Auctioneer has rescinded the sale but the Buyer has removed the Lot bought, the Auctioneer shall be entitled without previous notice to enter upon any premises where he believes the Lot to be and remove it.
8.4 If the Auctioneer has rescinded the sale and the Lot has been resold, the Buyer shall make good any deficiency, namely:
8.5 The Auctioneer shall not be liable to account to the Buyer in event of a resale at a higher price than the price contracted to be paid by the Buyer.
8.6 The Buyer shall indemnify the Seller against any loss, damages, expenses, claims or liabilities incurred by the Seller arising from the Buyer’s failure to remove the Lot.
9.1 The Auctioneer warrants that he believes that the Seller of each Lot is able to pass good title, and if the Seller is not able to do so, the Auctioneer shall use his reasonable endeavours to assist the Buyer in obtaining good title and in pursuing any remedies the Buyer may have against the Seller, but the Auctioneer shall not be bound to initiate litigation and shall not be under any other obligation to the Buyer.
9.2 Each Lot is sold as seen and where lying.
9.3 No Lot is sold as comprising or including any other goods.
9.4 No liability shall attach to the Auctioneer either in contract or in tort for loss injury or damage legal or other expenses sustained by the Seller, any Bidder, the Buyer or any other person by reason of:
9.5 The Seller shall indemnify the Auctioneer in respect of any claims made by another or third party for any loss, injury, damage or legal or other expenses referred to in condition 9.4 above.
9.6 The Auctioneer shall not be liable to indemnify the Seller or any Bidder or the Buyer in respect of any claims made by another or third party for any loss, injury, damage or legal or other expenses referred to in condition 9.4 above.
9.7 In no circumstances shall the Auctioneer be liable for any consequential loss or damage.
10.1 The Buyer acknowledges that in agreeing to purchase any Lot he is not relying on any warranties or representations made by the Seller or any of their employee’s agents or representatives. All representations, warranties and conditions, express or implied, statutory or otherwise in respect of all and any of the Lots are expressly excluded and without limitation any warranties and conditions as to title, quiet possession, satisfactory quality, fitness for purpose and description are excluded to the fullest extent as permitted by law.
10.2 The Buyer further acknowledges that neither the Sellers shall in any circumstances be liable to or to compensate the Buyer nor shall the Buyer be entitled to rescind the Sale or reject any Lot for an error omission or misstatement contained in the Catalogue and/or in the Special Conditions.
10.3 The Buyer also acknowledges that:
10.4 The Buyer agrees that the General Conditions and the exclusions which they contain are fair and reasonable bearing in mind that:
10.5 Notwithstanding anything else in these General Conditions, the Seller’s total liability under or in connection with the Sale of any Lot, whether in respect of breach of contract, tort (including negligence), breach of statutory duty or otherwise, including consequential loss, shall be limited in aggregate to the price paid for the Lot or if no price has been paid then the higher of the market value or reserve price for the Lot. This General Condition 10.5 does not apply to liability for death or personal injury.
11.1 These General Conditions, the Special Conditions and the Auction Catalogue constitute the entire agreement between the parties and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter.
11.2 Each party agrees that it shall have no remedies in respect of any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement. Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this agreement.
12.1 Each party irrevocably agrees that the courts of the Islamic Republic of Pakistan shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).
The ‘Notice to Purchasers’ should also be read in conjunction with the above.
These Terms and Conditions supersede all previous versions.