Terms and Conditions of Auction
AutoBid Cyprus
1. General
All interested parties and potential Bidders are requested to read carefully the following terms governing the auction. Any potential Bidders who register to participate in the Auction are considered to have read and accepted these terms. The Auctioneer has been authorized by the Seller to sell the auction items on their behalf, aiming for the highest possible price.
2. Definitions
Auctioneer – is the person who conducts the sale on behalf of the Seller. Bidder – is any person who participates in the Auction. Buyer – is the person who has made the highest bid in the auction, which is accepted by the Auctioneer. Hammer Price – is the highest bid accepted by the Auctioneer. Purchase Price – is the hammer price plus VAT where applicable. Seller – is the person or company that owns the items offered for sale at the auction. Counter-offer – is the offer that the Auctioneer may make to the highest bidder after the auction ends, provided that the highest bid did not equal or exceed the reserve price. Bidders acknowledge and agree that, regardless of any Counter-offer, they remain bound by their submitted bid for up to two days after the auction ends. Reserve Selling Price – is the minimum amount that would satisfy the auctioneer to sell the item. This amount is determined before the start of the auction and is not disclosed before or during the auction. Sale Date – is the scheduled date and time for the start of the auction. Road License – specifies until when the road license of a vehicle has been issued. New Registration – specifies that the car has not yet been registered in Cyprus; costs are borne by the buyer. Re-registration – specifies that the car is registered in Cyprus but has been deregistered due to non-payment; costs are borne by the buyer. Auction Expenses – Buyers are not charged any Auction Expenses. VAT – Specifies whether or not VAT will be applied to the item. Year – Refers to cars and is the year of first registration based on its title of ownership.
3. Catalogue
All auction items are displayed on the Auction website.
4. Inspection / Examination
Photographs of the Auction items are presented on the Auction website. Although we strive to present the best possible photographs and descriptions, these are provided for guidance purposes only. Potential bidders are invited to inspect the items personally, as they are auctioned in their current condition. We make no representation or warranty regarding the condition of the items. The Auction items can be inspected on-site at 22A Irakleous Street, Strovolos, on the days determined by the Auctioneer. Any bidder who bids on any item is considered to have fully inspected it and finds it satisfactory.
5. Bidder Registration
All bidders must register for the Auction electronically on the Auction website. Although the auction is public and anyone can apply to participate, we reserve the right to refuse the participation of any person, even without justification, at our sole discretion.
6. Conduct of the Auction
Our auctions are public, in which anyone can participate. However, we reserve the right, at our sole discretion, to refuse the acceptance or participation of anyone in any auction. All items are offered at a minimum price, called the "Opening Price". In addition, a "Reserve Price" has been set for each item, which is usually higher than the opening price. If the successful bid is equal to or greater than the Reserve Price, the Auctioneer is obliged to record the sale. If the highest bid is lower than the Reserve Price, the Auctioneer may: (a) Not accept the offer, (b) Accept the offer after consultation with the seller, or (c) Counter-offer another selling price. It is expressly stated that all bids from Bidders are binding, regardless of whether they have exceeded the Reserve Price or not.
7. Purchase Price
The bidder to whom the item is awarded must pay the Auctioneer an amount equivalent to the purchase price, which must be the total of the closing price for the item plus VAT where applicable. Value Added Tax is payable on the closing price, unless explicitly stated otherwise in the item description, and is 19%.
8. Payment
The payment due is made immediately after the sale, at the auction venue, and can be made in one of the following three ways: 1. Cash 2. Cheque, only after prior arrangement with the Auctioneer. 3. Bank transfer, only after prior arrangement with the Auctioneer. In the case of a cheque or bank transfer, the items will only be delivered after the payment amount clears in the Auctioneer's account.
9. Collection
The items are collected by you from the location indicated at the auction. No item can be collected unless the full purchase price has been paid. In the case of cars, these can be collected either by platform or driven, provided that the buyer provides insurance. The buyer is obliged to transfer the vehicle to their name no later than one month after its collection. Handling and storage charges, plus VAT, are charged one week after the auction date.
10. Non-Payment
Without prejudice to any rights of the seller, if the buyer fails to pay in full within two days from the date of the auction, the Auctioneer may, at their discretion: 1. Store the item, charging the Buyer for storage and handling costs. 2. Cancel the sale of the item. 3. Impose interest at a rate of 5.5%. 4. Resell the item either by auction or by private sale.
11. The Role and Responsibilities of the Auctioneer
The Auctioneer provides information for each item based on the details given by the Seller and does not conduct an exhaustive check. All potential bidders have the absolute responsibility to investigate and view the items before the start of the auction. The Auction items are sold "as is" and no warranty is given or implied by the Auctioneer or the Seller. Bidders acknowledge this fact and accept the responsibility to conduct inquiries and checks.
12. Law and Jurisdiction
All present, the terms of the auction, and all matters relating thereto, shall be governed by and construed in accordance with Cyprus law. All bidders, buyers, and sellers agree that the Courts of Cyprus shall have exclusive jurisdiction to adjudicate any dispute arising from the auction.
