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Terms and Conditions of Universal Auctions Group Ltd

Introduction

1.1. Universal Auctions Group Ltd ("Universal Auctions" or "we") operates trade-only auctions, where participants must act as business entities. By participating in our auctions, buyers ("Buyer" or "you") acknowledge and accept that the sale is not a business-to-consumer contract.

Description Accuracy

2.1. As an agent of the seller, Universal Auctions provides lot descriptions based on information furnished by the seller. However, we do not warrant the accuracy of these descriptions.

2.2. Buyers are encouraged to thoroughly inspect images and descriptions and seek further information if required before bidding.

2.3. All lots are sold "as seen," and no guarantees or warranties, whether expressed or implied, are provided.

Bidding and Buyer's Premium

3.1. Prior to bidding, Buyers must register as trade buyers and provide complete and accurate information.

3.2. Bids submitted during the auction are legally binding and cannot be withdrawn once the hammer falls.

3.3. The final price of a lot includes the winning bid, a Buyer's Premium, ranging from 12% to 25%, and a 20% VAT may apply. Please refer to each listing for specific percentages.

Payment and Collection

4.1. Buyers must make payment within 24 hours of receiving the invoice through bank transfer. Card payments are not accepted.

4.2. Failure to make timely payment will incur a late payment fee of 5% per day, with a minimum charge of £20.

4.3. Upon receipt of payment, Universal Auctions will provide a collection date, usually within 1 week of the auction's conclusion. Buyers are responsible for timely collection.

4.4. A grace period of 3 days will be granted for collection. From the 4th day, a storage charge of 5% per day, with a minimum charge of £20, will apply.

4.5. Goods will only be released upon settlement of all applicable fees. Failure to pay fees or collect goods within 20 days will result in goods being deemed abandoned, with ownership transferring to Universal Auctions and no refund provided.

Provisional Bids

5.1. In circumstances where a bid on any Lot(s) within a sale has not met the established reserve, the bidder authorizes Universal Auctions to submit the highest bid tendered by the Account Holder to the Vendor(s) for consideration.

5.2. If the Vendor(s) opt to accept the highest bid presented by the Account Holder within a span of 24 hours from the time of submission, the Account Holder will be promptly invoiced, and such invoices shall be payable by 5pm of the succeeding day.

5.3. Bidding on any Lot(s) does not necessarily require the Account Holder to be the prevailing highest bidder to secure the item. The Company retains the right to submit all bids to the Vendor(s) for assessment. As such, bids placed by the Account Holder on single or multiple lots remain valid for 24 hours after the sale's conclusion.

Lot Removal and End Times

6.1. The Company reserves the unequivocal right to withdraw or remove any Lot(s) listed within any sale without providing advance notice to the Account Holder or other parties.

6.2. Pertaining to 'Timed Auctions', the Company reserves the right to amend, alter, or modify the designated end times for any Lot(s) without precedent notice.

Warranty and Liability

7.1. Universal Auctions, as the auctioneer, is not a party to the contract between the buyer and the vendor. We disclaim liability for any action or default on the part of the vendor or buyer.

7.2. Descriptions provided for lots are based on the vendor's information, and Universal Auctions assumes no liability for any losses, damages, or injuries resulting from the sale.

7.3. Trade-only auctions are NOT governed by the Sale of Goods Act 1979, the Consumer Rights Act 2015, or any other consumer contract-related legislation. By bidding, the bidder acknowledges and agrees to this exclusion.

Confidentiality and Non-Circumvention

8.1. Both parties agree to maintain the confidentiality of any information obtained during the auction process and not disclose it to any third party.

8.2. Buyers shall not engage directly with Universal Auctions' vendors, suppliers, or consignors without Universal Auctions Group Ltd's express written consent.

Feedback and Disputes

9.1. Universal Auctions values feedback to enhance its services. Any issues should be directly communicated to Universal Auctions for resolution.

9.2. Feedback concerning vendors should be directed to them and not posted publicly on Universal Auctions' platforms.

9.3. Universal Auctions may take appropriate action against false or misleading feedback that adversely affects the company's reputation.

Amendments and Termination

10.1. Universal Auctions reserves the right to modify or update these terms and conditions without prior notice.

10.2. Universal Auctions may terminate or suspend auctions or your access to our services at any time without liability.

Governing Law and Jurisdiction

11.1. These terms and conditions are governed by and construed in accordance with the laws of the jurisdiction where Universal Auctions Group Ltd is registered.

11.2. Any legal action or proceeding arising from or related to these terms and conditions shall be exclusively brought before the competent courts of that jurisdiction.

By participating in Universal Auctions Group Ltd's auctions, you acknowledge having read, understood, and agreed to abide by these Terms and Conditions. Your cooperation is appreciated, and we wish you success in your bidding endeavours.