Sidharta Auctioneer Artfordable Auction

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Sunday, 8 June 2014
Starting: 01 pm

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Saturday - Saturday, 31 May - 7 June 2014
10 am - 08 pm


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Sidharta Auctioneer > Guides > Terms for Buyer
 

Terms for Buyer

The following terms are applicable for all sales made at the Auction. They are subjected to changes, which may be posted or announced during the Sale. Bidders must read and understand these terms as they set out the terms on which properties are sold at the Auction. The bidders on buyers are deemed to agree with and be bound by these terms when bidding at the Auction.

To the extent applicable, the sections under Guides for Bidders are deemed to be inserted into and be an inseparable part of these Terms for Buyers.

GENERAL

Seller’s Agent

Unless otherwise stated, we will act as the seller’s agent. The concluded sales contract is made between the seller and the buyer through Sidharta Auctioneer.

Buyer’s Premium

A Premium to the buyer on the final bid price of each lot will be charged at 22%of the Hammer Price (“Buyer’s Premium”) .

Pre-Auction Viewing

When bidding, we assume that interested buyers have already read the condition reports and/or examined the lots and are aware of the current condition of the lot.

Property Sold As Is

All property is sold without any warranty or representation. We are not liable for any errors or omissions in the catalog. The available condition reports are mere statements of opinion and should not be relied on as statements of opinion and should not be relied on as statements of definitive facts. Descriptions of property are not warranties. All property is sold with all faults and imperfections and errors of description.

ON BIDDING

Absentee Bids

Absentee bids are written instruction from prospective buyers directing to us to bid on their behalf up to a maximum amount specified for each lot.

Successful Bids

The fall of the auctioneer’s hammer indicates the final bid, upon which the sales contract between the seller and the buyer is deemed to be concluded.

Transfer of Risk and Title

Subject to the auctioneer’s discretion, the highest bid accepted by the auctioneer will be the buyer and the striking of his hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer. Risk and responsibility for the lot (but not it’s title) are transferred to the buyer at the expiration of seven calendar days from the date f the sale or on collection by the buyer if earlier. The buyer will acquire title to the lot when all amounts due to us are received in good cleared funds.

Bidding as Principal

A bidder accepts personal liability to pay the purchase price, including the buyer’s premium and any taxed and/or all other charges/fees that may be applicable. In the event a bidder is acting on behalf of an identified third party principal, we will look to the principal for payment.

PAYMENT AND HANDLING

Payment

Full payment must be in good funds within 7 (seven) calendar days as of the sale. Payment is preferably made by telegraphic transfer (against satisfactory written evidence) directly to:

PT. Balai Lelang Horizon

BCA, Panglima Polim Branch, acoount # 566 – 030 – 6864

CIMB NIAGA Bank, Kemang Branch, account # 253 – 010 – 016 – 8000

Please include your name, purchased lot number, and the invoice number in your bank instruction. Purchases will be released upon our confirmation that fund have been fully received in the account mentioned above. Payment with company cheques and credit card are accepted, although purchases will not be released until such cheques and credit card have been cleared.

Deliveries and Export/Import Permits

Buyers will be responsible to pick up purchases and to arrange for deliveries with our appointed shipping agencies. Properties to be exported may be subject to any applicable export regulations and import restrictions applicable in the receiver’s jurisdictions. Buyers are solely responsible to obtain any required export or import licenses. Failure to obtain these license does not cancel the sale or justify any delay in fulfilling the sales payment.

Storage and Insurance

All Purchases will initially be held for collection at the auction room at no charge and covered by insurance for a maximum of seven days as of the date of the auction, after which the lot collected within seven days after the sale, we shall arrange storage in our warehouse at the buyer’s expense.

NON LIABILITIES

Absentee and Written Bids

We do not accept liabilities for failing to execute a written bid or for errors and omissions in connection with it.

Operations of Facilities

We do not accept liabilities for errors that may occur in the operation of the currency converter or the video or digital screen (or the quality of the image).

Description or Defects

We will provide, with reasonable effort and good professional manner, a description and condition report concerning each lot. However we do not accept liabilities for any mistaken statements of whatever kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defect in any lot.

REMEDIES

Of Non Payment

If the buyer fails to make payment in full in good cleared funds within the time required, we reserve the right to choose to take one or more of the following actions (in addition to asserting any other rights or remedies available to us by law):

a.  cancel the sale.

b.   re-sell the property publicly or privately on terms we think fit

c.  Hold the defaulting buyer liable for the total amount due and to commence legal proceedings for its recovery together with interest, legal fees and other cost

d.   Reject at any future auction any bid made by or on behalf of the defaulting buyer or to obtain deposits before accepting any bids):

e.  Take such other action as we deem necessary

Of Forgeries

We will refund to the buyer the purchase price of the lot in the event of proven forgery, with the condition that claim must be submitted by the buyer within 1 (one) year as of the auction date, accompanied with satisfactory evidence in the form of a written opinion of at least 3 (three) independent expert with knowledge on the related property, confirming that the lot is forgery. We reserve the right to seek for further expert opinion. There will be no refund if there is a conflict of opinion among the related expert. This guarantee applies only to the buyer of the lot and is not assignable to any third party.

MISCELLANEOUS

Copyright

The copyright in all images, illustrations and written material relating to a lot is and shall remain at all times our property and shall not be used by the buyer nor anyone else without our prior written consent.

Severability

If any part of these term is found by the court to be invalid illegal or unenforceable, that part shall be excluded and the rest of the terms shall continue to be valid.

Waiver of Clause 1266 of Civil Code

The applicability of clause 1266 of the Indonesian Civil Code is hereby waived, to the extent that a court order is required to terminate the sales agreement between the related parties.

Law and Jurisdictions

These terms are governed under Indonesian Law.

Governing Language

Tot the extent a translation of these terms are provided, the English language shall be the governing language.

 

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Sidharta Auctioner
Darmawangsa Square The City Walk 2nd Floor # 65
Jl. Darmawangsa VI & IX, Jakarta 12160 Indonesia
T + 62 21 727 883 34, 727 883 66
F + 62 21 727 882 83
E info@sidharta.co

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