These conditions of sale constitute the entire agreement with the Buyer with respect to any lots listed for sale in the catalogue. Amendment to the catalogue descriptions may be made verbally during the course of auction or by appropriate posted notices. By bidding at auction, you shall be bound by the conditions set out below. The auction is conducted in Australian dollars.

1. Control of Auction

Aceben Loan Office will have absolute discretion to determine the successful bidder should a dispute arise between the bidders and this includes the power to reject any bid, to cancel the sale or to re-offer the property in dispute.

2. Lots Subject to Reserve

All lots may be subject to a reserve price which Aceben Loan Office shall act to maintain by bidding through the Auctioneer. The Auctioneer may place a bid on behalf of the Vendor and continue to bid until the reserve is reached. The reserve price is strictly confidential.

3. Absentee

Aceben Loan Office may accept any bid in the absence of the bidder by facsimile, email or telephone however with respect to all such bids, Aceben Loan Office accepts no responsibility to errors or omissions in connection with their execution.

4. Property Sold as is

Subject to any express warranty set out in these conditions of sale, all property is sold without any express or implied warranty or representation with respect to provenance or condition. No written or oral statement made at any time, shall constitute such warranty or representation. Each lot is sold ‘as is’, according to these conditions of sale.

Bidders acknowledge these facts and accept responsibility for making their own investigations and inspections with respect to any lot in which they may be interested before the auction.

5. Purchase Price Defined

The purchase price payable by the Purchaser shall be the hammer price.
Payment of the purchase price as defined above is due in Australian dollars.

6. G.S.T.

“G.S.T.” means the goods and services tax imposed by the A New Tax System (Goods and Services Tax) Act 1999 (Com) (as amended).

i. Aceben Loan Office will sell the Property to be auctioned on a G.S.T. inclusive basis. The hammer price will therefore be inclusive of any applicable G.S.T. payable. Aceben Loan Office will invoice the Purchaser for the hammer price, inclusive of any applicable G.S.T. Aceben Loan Office will be responsible to pay the G.S.T to the Australian Tax Office.

ii. The Purchaser must carefully assess whether input tax credits for any G.S.T. paid in addition to the hammer price will be available. We recommend you contact your accountant or lawyer on this question.

iii. Aceben Loan Office will make available a list of goods which will be sold inclusive or exclusive of G.S.T. as applicable in the hammer amount to intending bidders on request.

iv. Aceben Loan Office will provide the Purchaser with a valid “tax invoice” if G.S.T. is assessable on the sale.

7. Insurance

i. A purchased Lot shall be at the Buyer’s risk in all respects from date payment is due to Aceben Loan Office whether or not payment has been made and Aceben Loan Office shall not thereafter be liable for any loss or damage of any kind, whether caused by negligence or otherwise, notwithstanding that any Lot is in Aceben Loan Office’s custody or control at the time of the occurrence of the loss or damage. 

ii. Aceben Loan Office advises all Buyers to arrange for their own ‘all risks’ insurance to cover their purchased goods effective from date for payment to protect their interests.

8. Penalty Interest

If the Buyer fails to pay for the property within 7 days, or if extended payment terms have not been granted, penalty interest at the rate of 18% p.a., will be charged on the unpaid balance until paid.

9. Collection of Property Sold

The Purchaser may only remove the goods from Aceben Loan Office once the property has been paid for in full. All lots sold must be removed from the premises of Aceben Loan Office no later than 7 (seven) days from the date of sale.

10. Handling and Packaging

Buyers should make own arrangements for shipping of goods including transit insurance.

11. Remedies of Aceben Loan Office

If the buyer is in breach of any of the conditions of sale then Aceben Loan Office may choose to take the following action:–

i. Cancel the sale, retaining as liquidated damages any payment made by the buyer.
ii. Re-sell the goods on 5 (five) days notice to the Buyer.
iii. Take any other action Aceben Loan Office may deem necessary.
The remedies set out above are in addition to any other remedies Aceben Loan Office may have at common law.

12. Buyer's Remedies

The buyer acknowledges that Aceben Loan Office under no circumstances shall be responsible for any indirect or consequential loss or damage including loss of profits for any acts or omissions that have occurred before during or after the course of an auction. The buyer acknowledges that its damages shall be limited to the original purchase price paid for the lot.

13. Choice of Law

By bidding at an auction whether present, in person or by agent or by absentee bid, the buyer shall be deemed to have consented to the exclusive jurisdiction of the Courts of the State of New South Wales.

16. Privacy of Information

Aceben Loan Office ensures client confidentiality and use of personal information in accordance with its Privacy of Information Policy.  Clients when registering to bid or choosing to attend public events held by Aceben Loan Office agree to the collection, use and security of personal information in accordance with the policy.

17.  After-Auction Sales

Any post auction sale of lots offered at auction shall incorporate these Conditions as if sold in the auction.