DEFINITIONS & INTERPRETATIONS

The following definitions, interpretations and expressions shall apply to all Contracts, references
and business dealings with BID4U.

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Balance

means the amount owing being the difference between the Amount Realised less any deposit payable.

Bid

means a bid made by any person for a lot at Auction, including where the bid is rejected by the Auctioneer.
(
Accepted Bid
)

Note 1. Auctioneers possess absolute discretion to accept, reject or refuse a bid from any person.
  2. The Auctioneer also possesses the discretion to withdraw any lot from sale without reason or explanation, rescind a sale or re-auction any lot that is subject to misunderstanding or dispute.

            


Bid 4 U

means Bid 4 U Pty Ltd.  ABN: 79 405 138 452.

Bid 4 U’s Professional Service Fees

means the professional fees, expenses and charges, as detailed in the contract and outlined in the Fee Outline, charged by Bid 4 U for acting as a Bidding and Purchasing Agent and Buyer’s Advocate on a Client's behalf for the provision of professional bidding, buying, location, valuation, forensic vehicle examination and negotiation services.

Bidder

means any person who bids for a lot at auction by whatever means and includes; buyers and their advocates, agents or representatives and Bid 4 U as a professional bidding agent where contracted to bid on a Client’s behalf.

Bidder Registration

means where Bid 4 U or a person intending to bid for a lot at an auction has properly registered their intention to bid with the Auctioneer and completed a bidder’s registration form, paid the appropriate bidder registration fee and obtained an authorised bidder registration number.

Bidder’s Registration Fee

means the fees payable to the Auctioneer in order to register as a bidder.

Bidder’s Registration Form

means an official form supplied by the Auctioneer which must be properly completed by a bidder in order to register their intention to bid at auction.

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Bidder’s Registration Number

means a number issued by the Auctioneer to a person who has registered their intention to bid at auction, properly completed a bidder’s registration form and paid the appropriate bidder’s registration fee.

Bidding War

means where two or more bidders repeatedly and rapidly make higher counter bids in order to become the successful bidder.  Bidding can become frantic and bids are often made impulsively, spontaneously and recklessly with little regard to auction estimates, which are often surpassed.

B-Pillar

means the roof support that runs from the roof to the floor between the front and back doors on a four-door vehicle. (A-Pillar, C-Pillar, Pillar)  

Bog

means a slang term used in the automotive industry for automotive body filler.

Brake Assist

means an electronic braking aid which automatically increases the brake pressure during emergency braking to a level exceeding the locking limit bringing the ABS into operating range which enables maximum vehicle deceleration to be achieved.

Build Date

means the date the vehicle was built by the manufacturer and is the date or the month in a particular year that follows the expression ‘build’ or ‘build date’ on:

Build Plate

means an aluminium plate of sticker attached a vehicle which contains the full details of the vehicle including the model, engine type, VIN number, transmission type, colour, trim, GVM (Gross Vehicle Mass), number of occupants, payload mass, the plant where the vehicle was build as well as the build date.  Sometimes the Build plate is referred to as the Manufacturer’s Identification Plate. (Chassis Number, Compliance Date, Compliance Plate, Registration Number, VIN)

Business Day

means any day other than a Saturday, Sunday, or Public holiday in Western Australia.

Buyer

means the same as Purchaser. (Purchaser)

Buyer’s Expenses

means any costs or expenses payable to the Auctioneer or Seller by the purchaser.

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Buyer’s Premium

means a commission at a rate, usually a fixed amount or a percentage of the Hammer Price, stated or advertised by the Auctioneer, displayed in the auction rooms or calculated, set out, explained or mentioned in the Terms and Conditions of Sale, that is payable to the Auctioneer in addition to the Hammer Price by the successful bidder.  (Purchase Price)

Note 1. Buyers’ Premiums are also sometimes called Administration Fee, Buyer’s Penalty, Buyer’s Fee, Buyer’s Administration  Fee, Buyer’s Commission or Processing Fee.
  2. Buyer’s Premiums may be either GST inclusive or GST exclusive depending on the auction.
   3. 

Buyers’ premiums are usually calculated in one of three ways: 

  • As a fixed monetary amount;
  • As a percentage of the Hammer Price or; thirdly,
  • On a sliding scale either proportional or inversely proportional to the Hammer Price.
   4.

Generally buyer’s premiums range from two percent (2%) to twenty five percent (25%) of the Hammer Price, but average around twelve percent (3.3% to 4% for non-luxury vehicles and 6.6% for luxury vehicles).

 

For Example: If the Hammer Price for a lot at a GST inclusive auction is $1,000, and a 10% buyer’s premium applies, the buyer’s premium would be $100. The amount payable to the Auctioneer (including the buyers’ premium, but excluding all other fees, charges and taxes) would be $1,100.

 
   

 

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These definitions and interpretations may be subject to review and change from time to time

 


 

*MTA Member Bidding Service DL: 18363*