BIDDERS / BUYERS

LIVE AUCTION TERMS AND CONDITIONS

Definitions

AHK: Auction House Kosovo
Vendor: Person or entity putting items for sale through auction through AHK
Lot/Item: Item put for sale through AHK
Lot number: The unique number assigned to each Lot for identification purposes
Vendor’s Commission: Amount payable by the vendor to AHK on the sale of a Lot, calculated on the Hammer Price, at the applicable rates, plus applicable VAT
Bid: A signal, acceptable by the auctioneer, indicating a specific amount as an offer towards the offered Lot
Bidder: a person qualified to take part in the auction, assigned a unique bidding number
Buyer: The bidder acceptable to the auctioneer, with the highest bid, whose offer reaches or exceeds the minimum price as specified by the Vendor
Reserve Price: A minimum price for the sale of the Lot, agreed to between the Vendor and AHK
Hammer Price: The highest bid on the item when the hammer comes down, net of all fees
Purchase Price: The Purchase Price is the Hammer Price plus the Buyer’s Premium, applicable VAT and any additional charges and expenses that may be applicable
Buyer’s Premium: Amount paid by the Buyer to AHK on purchasing of a Lot; calculated on the Hammer Price plus additional commissions and charges as per the applicable Schedule Fee
Proceeds of Sale: Net amount due to the Vendor from AHK, which shall be the Hammer Price less Vendor’s Commission at the Published Schedule Fee and any other amounts due to AHK. Deposits for the bids that do not result with a sale (failed bids) do not make part of Proceeds of Sale
Fee Schedule: A document outlining fees, commissions and other charges charged by AHK. To be used together with this T&C, subject to change at any time without notice

Auctioneer’s decision is final

General

– These Terms and Conditions (hereinafter: T&C) may change at any time without notice. A new T&C renders the old void. All T&C should state its effective date and the date of the T&C it replaces
– These T&C are effective as of 1st October 2015 and is the first Live Auction T&C
– Items sold through AHK are offered in a ‘such as’ basis. No guarantee is given. Any information given regarding goods offered for sale should be considered uncertain and inaccurate
– Persons from 18 and above are allowed to take part in an auction
– Vehicles and personal belongings at owners risk while at AHK premises
– AHK is responsible for goods offered for sale at the expected sales value and at the most by the reserve price set by the Vendor
– Goods displayed may be viewed up to the beginning of bidding. An image of each item will be displayed during the live auction
– AHK’s only website is www.ankandet.com, telephone number, 045 600 050 and official Facebook page facebook.com/ankandet
– AHK may cancel an auction, shorten or prolong the viewing period or change the auction date at any time
– All card payments may incur a surcharge (refer to the Schedule Fee)
– All bidders should pre-register, provide proof of identification and pay a deposit, if applicable
– Bidding is made by clearly raising the bidding card provided by AHK. Make sure the auctioneer sees you and understands you are bidding
– Buyers and Vendors are responsible for taxes, VAT, customs and all other duties arising from selling or buying through AHK
– All photographic representations and other illustrations presented in the catalogue are solely for guidance and are not to be relied upon
– Employees, owners, agents of AHK as well as their close family members are not eligible to take part in the auction

Live Auction

– Bidding access shall be given on AHK’s discretion. AHK may ask for a deposit on lots prior to giving bidding access, AHK may also request that these deposits be done through the bank or in cash
– In case of reserve prices, all items shall be sold only if the reserve price is met. Reserve price is confidential and is at the discretion of AHK if it is disclosed to the bidders
– The Auctioneer has the right to exclude any person from the auction rooms, require pre-payment in full, refuse any bid, advance the bidding as he may decide, withdraw or divide any lot or combine one lot with another or others

Buyers

– In case of not honoring a bid, the prepaid deposit will be lost
– The Buyer acknowledges that invoices generated during the sale or shortly after may not be error free, and therefore are subject to review/correction
– Unless the bidder has already done so, they must provide AHK with their name, address, banking details and proof of identification
– All claims against ownership, misrepresentation and similar must be made within two weeks from the auction date
– Payments must be made through AHK’s official bank account only
– A receipt will be issued to the Buyer at the point of collection of goods. It includes: buyer’s name and goods description and amount paid, countersigned and stamped by an AHK representative
– Payments must be made no later than 5 working days after the auction day to AHK’s bank account. Please include buyer’s name and lot number in the description of the bank payment
– AHK may refuse to allow purchase of any goods if all bids are not honored

Purchased Items

– It is the responsibility of the buyer to organize the transportation of the purchased item from AHK’s premises. If AHK suggests a transporter, workman or similar, it takes no responsibility of the services provided
– Prior to the collection of purchased items, payment has to be made in full to AHK’s Client account
– The collection of the item(s) should be done within five working days following the auction day, failure to do so will result in application of fees (see Schedule Fee) or re-auctioning of the items
– Neither AHK nor its employees shall be liable for any loss or damage of any kind to the item

Failure to Collect Purchased Items

If the buyer fails to make the full payment and collect purchased items from AHK within 5 working days following the date of the auction sale, AHK has full authority to proceed with one of the following methods without providing further notice to the buyer:
a) Re-auction of items
b) Sale to the second highest bidder
c) Sale to another bidder who agrees to match highest price
d) Store the Item on the premises of AHK with expenses accruing to the account of the buyer

Attending Live Auction

– Bidders are advised to inspect the Lot(s) before the sale, and to satisfy themselves as to the condition of each Lot. During this time, the bidder is asked to complete enquiries regarding ownership, legal charges and similar
– Prospective Buyers are advised to personally attend the sale. However, if they are unable to attend, AHK will bid on their behalf subject to completing of the Absentee Bid Form, signed and delivered to AHK before the live auction commences

Vendors

– AHK shall have absolute discretion as to whether the Lot is suitable for sale, the date of the auction sale, the manner in which the auction sale is conducted, the catalogue descriptions of the Lot, and any other matters related to the sale of the Lot at the auction sale
– AHK may withdraw or divide any lot or combine one lot with another or others for sale during the live auction
– The Vendor acknowledges and agrees that the Auction House will also receive a Buyer’s Premium from the buyer
– The Vendor guarantees that goods offered are legally theirs, free of any pledge or similar or that they are legally allowed to dispose of them
– The Vendor must organize the transportation of the lots to AHK’s premises
– If the Vendor requires a reserve price to be placed on a particular item, AHK must be notified at least one day ahead of the commencement of the live auction
– The payment of the proceeds of sale shall be made to the Vendor within thirty days after the day of the auction net of all commissions and charges

Withdrawals & Unsold Items

– The Vendor may withdraw the unsold items after the first auction however an administrative fee will apply (refer to Schedule Fee)
– Unsold items may be left for following auction however storage fees will apply according to the Schedule Fee. In the case that there is a minimum price on the item, it shall be halved for the second auction. If the item is not sold on the second auction, the minimum price will be removed completely