Правила Аукциона

Auction Rule


1. Auction organizer


1.1 Auction organizer is AA Auction LLC (hereafter: the Organizer). During the auction the Organizer acts through the auctioneer that directly conducts the auction, in other times Organizer acts through the secretary organizing the auction or other legal representative. 


2.  Auction participant

2.1  Auction participant (hereafter: the bidder) can be legal entities and people as well as communities.

2.2  People disable to get ownership rights toward the lots offered cannot participate in the auction.

 

3. Organizing the auction


3.1  Auction is organized during the period from 12:00am to 12:00pm Yerevan time, at the place and time initially informed by the Organizer.

3.2  Auction catalogue includes complete information about the lots, brief information on the authors, as well as the price estimates.

3.3  The lots offered for sale at the auction are available for inspection by bidders before the auction at the auction place.

3.4  The bidders can enquire the Organizer’s specialist about the lots before the commencement of the auction. During and after the auction bidders have no right to enquire the Organizer about the lots.

3.5  The secretary at its discretion has right to withdraw any lot from the auction.

3.6  The bidders can participate in the auction through in person, in writing or by telephone.

3.6.1        To bid in person, the bidder shall register and collect a numbered paddle before the auction begins by presenting the identification or authorization document. The paddle is the only proof of bidder’s right to bid in the auction. If the bidder transfers its paddle to another person, he/she has full responsibility for the actions of that person.

3.6.2        To participate in through the telephone, the bidder fills an application indicating the selected lots’ numbers and names. The telephone bidder gets a code number which is equivalent to the paddle. Before the commencement the bids of the lots selected, the Organizer’s staff will contact the bidder via the telephone and will present its interests.

3.6.3        The bidders can bid in the auction without being in person or by telephone (remote). For this purpose, the bidder submits an application to the Organizer by indicating selected lots’ numbers, names and maximum offer price. If the same maximum offer price for a lot was submitted by two or more applications then the winner is the bidder that submitted the application the first.

3.7  The auction commences with an announcement. The announcement includes the lot’s name and description, the starting price, any restrictions on the lot, as well as the auction format including the price offer format. In general, the starting price is 75% of the estimated price, however the Organizer in its discretion can commence with other starting price.

3.8   By raising the paddle the bidder express its unconditional agreement to acquire the lot with the announced price. Every bidder has right to present new price exceeding the last offered price at minimum incremental amount before the third striking of the auctioneer’s hammer. If the Organizer does not announce other way, the incremental amount is 10% of the last offered price. The bidder has right to announce any other offer that exceed the minimum incremental amount of the last offered price. In the last case, the price offers continue from that announced price.

3.9   The last maximum price offered bidder becomes the winner of the lot after the third striking of the auctioneer’s hummer. If some bidders simultaneously submitted the equal price offer and higher price was not offered   after that, then the auctioneer determines the winner through the draw.  From that point the lot trade is considered as completed with no withdrawal or amendments in conditions are permitted. Refusal to acquire the lot results to penalty in the amount of 20% on the lots selling price.

3.10   After the sale of the lot in the auction, the winner of the lot is invited to conclude a report document. A auction bidding results report documents is signed between the lot winner and the Organizer, which completes the lot auction. If the winner of the lot has comments on the results then those are included in the results. The results include:

1)      The auction date, place and time;

2)      The lot’s name, rights and liabilities over it, restrictions over it, as well as the lot’s condition (creation date, physical depreciation level, etc.);

3)      The lot’s starting price;

4)      The Organizer’s name;

5)      The lot’s winner name and address;

6)      The lot’s selling price.

3.10       The Organizer surrender the lot to the winner within the three days after the complete payment for the lot is received as well as issues a certificate to the winner on the lot purchase at the Organizer’s auction.

 


4. Payments and calculations

 

4.1  The winner of the lot pays 30% of the lot price on the day and the remaining amount within 10 days after the signing the lot sale results document with deducting the advance paid if no other date is defined at auction announcement, auction results documents or a contract. The lot’s title is passed to the winner at the moment of complete payment. The charges on bank and other transfers are obligation of the bidder.

4.2  If the winner does not pay within the specified time, then the advance received is not refunded and the lot is handled under the Organizer sole discretion.  

4.3  In addition to the lot selling price, the lot winner pays to the Organizer commission fee in the amount of -10% of the selling price. The purchase of the lot in the auction means the unconditional agreement of the bidder to pay the Organizer the mentioned commission fee.

Payment is made in Armenian drams.

4.4 The Organizer can provide other services at the winner’s request, such as the lot restoration, transportation, getting export permission, for an agreed price.

4.5  The lot winner must collect the lot within the five days after the complete payment for. The delay from the deadline results to fine of 0.1% of the lot’s selling price per every delayed day.


5.Guaranties of the Organizer


5.1  The Organizer puts its due efforts to provide reliable information on the lots. The information included in the Catalogue presents the most reliable source of the Organizer’s information. However, the Organizer accepts bids on lots solely on the basis that the Bidders has right to inspect the lot prior to bidding to insure the condition of the lot and the accuracy of its description. During and after the auction enquires on the lot condition and accuracy of description is not accepted.


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