The following definitions, interpretations and expressions shall apply to all Contracts, references
and business dealings with BID4U.
means the Occupational Safety and Health Act (1984) and the Occupation Safety and Health and Regulations (1996).
is an instrument which measures and records the number of kilometres or miles a vehicle has travelled. In automobiles, the odometer is usually located in the same housing as the speedometer. In older vehicles the speedometer and odometer were driven by a cable housed in a casing connected to a gear in the transmission which was designed to match a specific model of vehicle, tyre size and rear axle ratio. When the vehicle moved, a set number of revolutions of the drive cable measured the distance travelled in kilometres or miles.
The odometer display can either be digital or analogue. Analogue odometer have the numbers recording the mileage painted onto a set of turning cogs which flick over in a set pattern as the distance is travelled. These cogs are part of a gear train system that is connected to the speedometer and often also incorporate a trip meter. Most modern vehicles now use digital odometers and speedometers rather than an analogue odometers. (Speedometer, Trip Metre)
means that bidding for a lot has reached the reserve price and the Auctioneer has declared that the lot will be sold on the Fall of the Hammer to the highest bidder.
|Note:||At vehicle and HME auctions, Auctioneers often declare when the vehicle comes ‘On the Market’, however, at other auctions, particularly antique auctions, the reserve price may not be disclosed.|
is an acronym used by motor vehicle dealers as an 'Offer to Purchase a Motor Vehicle'. An OTP is a legally binding contract to buy a new or used motor vehicle from a car dealer. (Contract to Buy a Motor Vehicle)
|Note||A 'Contract to Buy a Motor Vehicle' is often referred to in the trade as an 'OTP' (Offer to Purchase) but may also be called a 'Contract to Purchase a Motor Vehicle, a 'Vehicle Purchase Contract', a 'Contract to Order a Motor Vehicle', a 'Contract to Order & Buy a Motor Vehicle' or a number of other variants.|
means the difference between the amount realised and any deposit paid to the Auctioneer or Seller.
means an auction conducted outside of the states and territories constituting the Commonwealth of Australia.
These definitions and interpretations may be subject to review and change from time to time