DANAHARTA AUCTION SALE EXERCISE 7/2017
ONLINE BIDDING TERMS AND CONDITIONS
These online bidding terms and conditions (“the Online Bidding Conditions”) apply to online and dual bidding platform at www.best2bid.com (hereinafter referred to as “BEST2BID”). By registering to bid online, the bidder expressly agree to these Online Bidding Conditions.
These Online Bidding Conditions are supplemental, meaning that they shall apply in addition to the Conditions of Sale (click here if any)(“the Conditions”)and other terms and conditions applicable to the Online Bidder and the Buyer participating in the subject auction and shall be deemed incorporated by reference and made as integral part of the Conditions. Additional information applicable to the auction may also be set out in the related published documents, on this portal, and/or in a notice displayed at the auction venue, and it is the Online Bidder’s responsibility to review that information. Please be aware that announcements affecting the auction may also be made orally before and during the auction without prior notice. In registering to bid at any auction, the Online Bidder agrees to the Conditions and the Online Bidding Terms and Conditions.
In the Online Bidding Conditions:
“Online Bidding” is a service in which auction users or participants sell or bid for products or services via the Internet.
“Online Bidding Account” is an individual online bidding’s user interface with eligibility to bid at an auction via internet, subject to BEST2BID accepting and validating an online bidding registration submitted by the intended Online Bidder.
“Authorized Vendor” is a registered vendor permitted by BEST2BID to undertake conduct of online bidding activity including registration of bidder, setting its Standard Conditions and manage cum administer its product(s) to be auctioned
“the Auctioneer” means MNP Auctioneers (Central) Sdn. Bhd. as the auctioneer appointed by the Assignee to carry out the auction.
2.1Before the Online Bidder can bid via Online Bidding, he or she must register at BEST2BID to bid online. The registration page can be accessed by clicking here. Please note that the Online Bidder must be registered at least ONE (1) working day prior to the start of any auction or he or she may not be able to bid online in that auction. The onus is for the Online Bidder to provide genuine, legal and accurate information to register as a user, member and/or online bidder.
2.2For Online Bidder who is incorporated under the Companies Commission of Malaysia (SSM), Form 24, 44, 49 (or its equivalent forms under the Companies Act 2016), Memorandum and Articles of Association/Constitution of the company in compliance with Companies Act 2016 and a duly signed Board of Director’s Resolution shall be uploaded.
2.3Once the Online Bidder has registered, he or she should keep his or her online account details strictly confidential and the Bidder must not permit any third party to use or access his or her account on behalf or otherwise. The Online Bidder will be liable for any and all bids made via his or her account.
2.4The Online Bidder will need to register the property for each auction event that he or she wish to bid on. This can be done through selecting auction event then property at the upcoming auction details screen at www.best2bid.com/Auction/Upcoming .
2.5The Bidder intending to bid online shall deposit the sum required under the Conditions (total deposit amount will be displayed upon the Bidder selecting the property(s) for registration to bid online) and RM100 being non-refundable administrative charges into the bank account mentioned in the Proclamation of Sale in favour of MNP AUCTIONEERS (CENTRAL) SDN. BHD. (hereinafter refer to as “the Auctioneer”) account no. 10-120-000951-9, Lebuh Light Branch, SWIFT Code: PHBMMYKL and proceed to register online at BEST2BID.
3.Online Bidding Process
3.1Approval to bid online is subject to but not limited to possess valid identity card or passport (refer to Item 2.2 for company registration) and deposit clearance within ONE (1) working day before commencement of auction. The auctioneer reserves the right to approve or decline any online bidding registration without stating any reason.
3.2Once the Online Bidder has successfully registered the particular property(s) for Online Bidding (through email notification), he or she will be eligible to bid online for that property upon auction commencement.
3.3During the auction, the Online Bidder can bid at the registered property(s) by clicking the bid button to bid based on the standard increment announced by the Auctioneer. The Online Bidder has an option to place a higher bid at the field provided and click the bid button next to it. For this option, instant confirmation message will be prompted to the Online Bidder to confirm the bid, as a safety precaution. Each bid shall be final and binding as soon as the Bidder click the bid button.
3.4The current bid will be displayed on the Bidder’s screen during the auction. In the event of a tie between a bid placed by the Online Bidder and any other identical bid(s) (including bids made in person at the auction, online, telephone and absentee bids), it will be at the Auctioneer's discretion as to which bid shall be accepted.
3.5The Online Bidder acknowledges that he or she is bidding in a live auction and the Bidder agrees that each bid submitted as provided in the Online Bidding Conditions is irrevocable and cannot be amended or corrected, even if submitted in error and notified to us. The Online Bidder accept full liability for all bids submitted via his or her Online Bidding Account (including the liability to pay in full and on time in accordance with the Conditions for any property that is the subject of a successful bid submitted from his or her account).
3.6Please note that BEST2BID and/or its Authorized Vendor reserves the right to reject any registration to bid online, withdraw its permission for the Bidder to use online bidding, or terminate an Online Bidding account, for any reason at any time prior to, during or after a Sale.
4.After the Sale
4.1Immediately after the fall of the hammer and upon being declared the successful online bidder of the Property, the Purchaser shall execute the contract of sale deliver to him or her in the following manners:
4.1.1To be witnessed by a solicitor for purchaser reside within Malaysia
4.1.2To be witnessed by a notary public for purchaser reside outside Malaysia
4.1.3To be witnessed by the Assignee’s solicitor if the purchaser bid successfully at the live auction
The delivery of contract of sale is subject to the Purchaser settling the differential deposit to the bank account mentioned in Item 2.5 and submit the proof of payment to the Auctioneer for verification. The purchaser shall return three (3) executed contract of sale to the auctioneer within seven (7) days from the date of auction.
4.2Subject to Item 3.1, bidding deposit shall be refunded to the transferor (if payment cleared to the Auctioneer’s bank account) minus banking or transfer charges for unsuccessful bidding, unsuccessful registration or case withdrawal by the Assignee within two (2) working days.
4.3To find out if the Online Bidder has been successful in the bidding, he or she may check the results at his member profile after the auction. An email will be send to the Bidder immediately upon he or she winning any bid.
4.4Notification email will be sent to the Bidder for each successful bidding. Subject to Item 4.1, separate email will be send to the successful Online Bidder to deliver the contract of sale for execution.
5.Use of the Online Bidding Service and Limitations of BEST2BID's Liability
5.1the Online Bidder acknowledge and agree that BEST2BID and the Auctioneer may collect, retain, or disclose the Bidder’s information or any information by the Bidder for the effectiveness of services, and the collected, retained or disclosed information shall comply with Personal Data Protection Act 2010 and any regulations, laws or rules applicable from time to time.
5.2If the Bidder chooses to use the Online Bidding service, the Bidder do so entirely at his or her own risk. Access to and use of Online Bidding is dependent upon, among other things, the availability of the internet and the speed and quality of internet connections, BEST2BID and the Auctioneer therefore encourage bidders to attend Sales in person whenever possible.
5.3The content displayed via the Online Bidding service may contain inaccuracies and typographical errors and BEST2BID and the Auctioneer do not warrant the accuracy or completeness of the content or that any defects will be corrected. Any reliance on any such content, advice, statement, or other information shall be at the Online Bidder’s sole risk. BES2BID and the Auctioneer reserves the right, in our sole discretion, to correct any errors or omissions in any portion of the Online Bidding service and to make any changes to the features, functionality or content of the Online Bidding service at any time.
5.4Access to the Online Bidding service is made available as a convenience and on a temporary basis and BEST2BID and the Auctioneer reserves the right to suspend or terminate any aspect or feature of the Online Bidding service (including the Online Bidding service in its entirety) at any time, with or without notice. Without limiting the foregoing, BEST2BID may suspend access to Online Bidding to carry out scheduled or unscheduled maintenance or for any other reason at any time.
5.5BEST2BID and the Auctioneer accept no liability for any failure or delay in executing bids or any errors contained in bids placed via the online bidding service.
5.6BEST2BID, the Auctioneer and its suppliers provide the online bidding service on "as is where is" basis and without any warranty or condition, express, implied or statutory. Without limiting the foregoing, BEST2BID and the Auctioneer accept no liability for any failures, delays or errors caused by interruptions in the availability of the online bidding service or our portal or any errors or defects in their content or functionality, any software and/or hardware defects and/or any internet connection problems, and BEST2BID and the Auctioneer do not represent or warrant that the online bidding service or the portal will be error-free, free of viruses or other harmful components, or that any defects will be corrected.
5.7The Online Bidder shall be responsible for the confidentiality and use of his or her access to BEST2BID and not to reveal the password to anyone at any time and under any circumstances. BEST2BID and the Auctioneer shall not be responsible for any lost or stolen of the Online Bidder’s user and password access
6Changes to The Conditions and the Online Bidding Terms and Conditions
BEST2BID and the Auctioneer may from time to time make changes to the Conditions and the Online Bidding Conditions. Any changes will be posted on our website at www.best2bid.com and we will endeavor to notify the Bidder of the same by means of a notice and link to the revised terms on our portal. Please review these terms and conditions regularly to ensure the Bidder is aware of any changes made by us. If the Bidder uses Online Bidding after changes have been made and posted, he or she shall be deemed to have agreed to such changes. If the Bidder do not agree to such changes, he or she should not make any subsequent use of the Online Bidding service.
7.1BEST2BID is copyrighted and trademarked under MyIPO (Intellectual Property Corporation of Malaysia).
7.2Any information, contents, materials, documents, details, graphics, files, data, text, images, digital pictures, or any visual being displayed in the BEST2BID website shall not be used or published either by electronic, mechanical, photocopying, recording or otherwise without the permission from BEST2BID and the Auctioneer.
7.3 In the event of any infringement of intellectual property rights under the Terms and Conditions herein, BEST2BID and the Auctioneer reserve the right to demand for actual or statutory damages, solicitors’ fees and injunctive relief.
The BEST2BID Online Bidding Terms and Conditions shall be governed by, and construed in accordance with the laws of Malaysia and the parties hereto subject to the jurisdiction of the courts of Malaysia and waive any objection on the ground of venue or forum non-convenient or other grounds.
In the event there is any discrepancy, misstatement or error appearing in translations of the particulars and the Terms and Conditions to any other language (if any), the Terms and Conditions in the English Language version shall prevail.