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 Bids submitted during the auction are legally binding and cannot be withdrawn once the hammer falls.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

6.3 Availability of Lots: Universal Auctions Group Ltd clarifies that all items (or "lots") listed for auction are available at the time of listing. However, Universal Auctions Group Ltd does not guarantee that these items will remain available after the auction concludes (referred to as "after the hammer has fallen"). This suggests there might be circumstances beyond Universal Auctions Group Ltd's control affecting the item's availability.

6.4 Liability: Universal Auctions Group Ltd states that it holds no liability for any item that becomes unavailable after the auction or if the seller fails to supply the item. This means Universal Auctions Group Ltd does not accept responsibility for situations where the item cannot be provided to the buyer due to reasons that might include, but are not limited to, the item being lost, damaged, or withdrawn by the seller.

6.5Claims: In accordance with this policy, Universal Auctions Group Ltd will not entertain any claims related to the unavailability of items. This reinforces Universal Auctions Group Ltd's position of not accepting liability for such occurrences.

6.6.Refunds: Universal Auctions Group Ltd does offer a remedy in situations where the item is paid for but subsequently becomes unavailable. Universal Auctions Group Ltd commits to offering a full refund of the invoice amount to buyers in these scenarios. This means if an item has been paid for and it cannot be delivered for some reason, the buyer is entitled to a complete refund. 

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.

VAT Refunds

12.1. Universal Auctions group LTD will refund any VAT paid by overseas buyers on any lot(s) purchased, subject to the following conditions:

12.2. The account holder must provide evidence of export and re-registration by email within 3 months of the date of purchase shown on the relevant invoice.

12.3. The account holder must also provide a valid VAT registration number for their country of residence. This must be directly linked to the company/buyer details located on the invoice.

12.4. Please note that VAT charges are payable by all overseas account holders at the time of purchase, but a VAT refund will be processed upon meeting the requirements.

12.5. ‘VAT Refunds’ will only be issued under the ‘Auctioneers Discretion’.

Export

13.1. Please enquire prior to bidding if you intend to export.

13.2 Any queries relating to the lot must be requested before entering your bid as the sale is not dependent on queries raised once a bid has been placed.

13.3.  UAG Ltd cannot offer assistance with export.

"All lots are sold at the discretion of Universal Auctions Group Ltd and as such reserves the right on behalf of themselves or the vendors too:

Set a reserve price: Universal Auctions Group Ltd has the authority to establish a minimum price, known as the reserve price, below which they will not sell an item. This reserve price is typically agreed upon with the seller (vendor) before the auction.

To bid on behalf of a vendor, up to the vendor's reserve price: Universal Auctions Group Ltd can place bids on an item during the auction on behalf of the vendor, but they will not exceed the vendor's reserve price. In other words, they will try to ensure that the item doesn't sell for less than the reserve price, as agreed upon with the vendor.

To allow the vendor to bid up to the reserve price: The vendor, in certain circumstances, may have the option to bid on their own item in order to reach the reserve price. This is sometimes referred to as a "vendor bid" and is typically allowed up to the reserve price.

To withdraw a sale at any time: Universal Auctions Group Ltd can decide to cancel or withdraw the sale of an item at their discretion. This could happen for various reasons, such as an error in the listing or other unforeseen circumstances.

To rearrange, consolidate or vary the order of sale: The auctioneer has the flexibility to change the order in which items are presented for bidding. They may also choose to consolidate similar items or make other adjustments to the auction proceedings as they see fit.

Be obliged to disclose the reserve price of an item: Universal Auctions Group Ltd may or may not disclose the reserve price of an item to potential bidders. Some auctions keep the reserve price confidential, while others may choose to make it known to the bidders.

By participating in Universal Auctions Group Ltd. 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.