Auto Auction

1.

The sale is made by AUTO AUCTION (M) SDN. BHD. (hereinafter called "the Auction House") as agent for the legal owner of the vehicles listed in the Proclamation of Sale subject to the regulations implied or imposed upon or relating to or affecting the subject vehicle.

2.

All intending bidders are required to deposit with the Auctioneer A SUM OF RM1000.00 and BUYER'S PREMIUM of RM350.00 with the auctioneer by BANK DRAFT/ CASH/ CREDIT CARD (MASTER/ VISA) in favour of AUTO AUCTION (M) SDN. BHD before the commencement of the auction. For payment vide Credit Card a surcharge of 2.5% will be imposed. MAIL/ SEALED BIDS are acceptable and must be deposited with us before the Auction Sale. Any intending bidder who intends to bid on behalf of another person, body corporate or firm is required to deposit with the Auctioneer an authority letter to state that he is acting on behalf of another person, body corporate or firm, prior to the auction sale.

3.

Subject to the Reserve Price, the highest bidder, being so allowed by the Auctioneer, shall be the Purchaser and the Auctioneer having the right to refuse any bid. If any dispute shall arise as to the highest bidder, the vehicle shall, at the option of the Auctioneer be put up again for sale and re-sold or the Auctioneer may decide the dispute.

4.

No bid shall be less in advance of the last previous bid than a sum to be fixed by the Auctioneer at the time of the sale and no bidding shall be retracted. Should there be any retraction from the bidder before the fall of the hammer, the deposit of RM500.00 shall be forfeited to the Auction House and the vehicle shall at the option of the Auction House be put up for sale again or the Auction House may decide to adjourn the auction sale to another date.

5.

Immediately after the fall of the hammer, the Purchaser shall pay to the Auction House the difference between the deposit pursuant to Clause 2 above and the sum equivalent to 10% of the successful bid in either cash or bank draft which sum is inclusive of the sum earlier paid under Clause 2 hereof as payment of deposit and towards part payment of the purchase price and shall sign the Memorandum at the foot of these conditions.

6.

In the event that the Purchaser fails to pay a deposit equivalent to 10% of the successful bid or fails to sign the Memorandum, the deposit paid pursuant to Clause 2 or Clauses 2 & 5 herein shall be forfeited by the Auction House and the vehicle shall forthwith be again put up for sale. The deficiency in price (if any) which may result from a re-sale or the purchase money if there is no re-sale as the case may be shall be recoverable from the defaulting Purchaser.

7.

The balance of the purchase price shall be paid in full by the Purchaser within ten (10) days from the date of auction sale to the Auction House. However, the period of ten (10) days may be extended by the Auction House at its absolute discretion upon written request by the Purchaser before expiry date provided if any extension is granted, the Purchaser shall pay the Auction House storage and interest at the rate to be determined by the Auction House at its absolute discretion on the balance purchase price calculated on a daily basis until full payment of such amount on or before the extended expiry date.

8.

In default of such payment of the balance of purchase price or any interest payable for any extension of time which may be granted for the payment of the balance purchase price within the time and in the manner as stipulated in Clause 7 above, the deposit paid pursuant to Clauses 2 & 5 above shall he forfeited by the Auction House and the vehicle may be put up for sale by the Auction House at its sole discretion. The cost of such resale together with either the deficiency in price (if any) which may result from a resale or the balance of the purchase price if there is no resale shall be recoverable from the defaulting Purchaser as the case may be.

9.

Upon full payment of the balance of the purchase price in accordance with Clause 7 above and the interest (if any) payable in respect of the extension of time granted thereunder, the Auction House shall execute or cause to be executed at the Purchaser's cost and expenses (such as transfer fees, stamp duty and registration fees) a Transfer (MV3) in favour of the Purchaser. Thereafter and upon the Purchaser's payment of all such cost and expenses of the Transfer, the Auction House shall deliver to the Purchaser the duly executed Transfer and the Original Registration Card.

10.

The Purchaser shall admit the identity of the vehicle purchased by him/her with that in the monuments offered by the Auction House.

11.

The vehicle is believed and shall be taken to be correctly described and the Purchaser shall deemed to have full knowledge of the state and conditions of the vehicle and no error, mis-statement or misdescription shall annul the sale nor shall any compensation be allowed in respect thereof.

12.

The Purchaser after the payment of the balance of the purchase price in full together with accrued interest thereon (if any) shall at his own cost and expenses take possession of the vehicle without obligation on the part of the Auction House, the Auctioneer or their respective servants or agents.

13.

For the purpose of these conditions the time allowed by the conditions for the payment of the balance of the purchase money (namely 10 days) shall be deemed to be the essence of contract.

14.

No express representation as regards the accuracy of the particulars of the vehicle is made and the Auction House and the Auctioneer disclaims liability for representations made.

15.

The vehicle is sold on an "as is where is" basis.

16.

The Auction House shall be at liberty to postpone, call-off or adjourn the public auction at any material time without having to provide any reasons or grounds whatsoever.