TERMS AND CONDITIONS FOR AUCTION

1. INTERPRETATION
The definitions in this clause apply to these Terms:

“Bid Slip” means the slip to be completed by a potential buyer prior
to participating in an auction in conjunction with Registration.

“Buyer” shall mean the maker of the highest bid accepted by Confidential Realtors
Limited Auction whether on the fall of the hammer (when the Hammer Price is
achieved) or by private treaty sale.

“Buyer Premium” refers to the premium of 10% (as specified in the Important Notes)
which is incurred on the Hammer Price of all Lots unless stated otherwise.

“Commission Bids” refers to any proxy bidding taking place in relation to any given
auction as notified to Confidential Realtors Limited Auction, including any proxy
bids received up to 15 minutes before the relevant auction.

“Contract” means the contract for purchase formed between the Buyer and the
Seller once the Hammer Price has been achieved.

“Defaulter’s Entry Fee” means the fee of N5,000 or any such higher amount to be
charged to the relevant party in the case of any Lot having to be re-auctioned
otherwise than due to a fault of Confidential Realtors Limited Auction.

“Deposit” means the cash (or as otherwise agreed) deposit paid by the potential
buyer upon Registration of N5,000 or any such higher amount as notified by
Confidential Realtors Limited Auction in the Important Notes.

“Good(s)” includes any goods forming a Lot or Lots as described in the relevant
Important Notes including but not limited to textile goods, digital, electronic,
bespoke, and industrial goods and/or equipment.

“Hammer Price” shall mean the highest bid accepted by Confidential Realtors
Limited Auction including any VAT (if applicable) that may be included therein.

“Important Notes” means the notes associated with each auction including but not
limited to the Health & Safety notes, viewing times, payment details, collection
times, the amount of the Buyer Premium, VAT chargeable, and any other relevant
terms relating to that particular auction and/or sale, and which in all cases are
governed by these Terms.

“Confidential Realtors Limited Auction” means the Auction Firm that conducts
the live auction from the rostrum or online and/or any other authorised
representative thereof.

“Lot” means any single Good, group of Goods, or set of Goods sold at an auction on
the Premises or online.

“Main Characteristics” means the description of the core characteristic of the Good
(for example whether the Good is a chair, television or necklace).

“Premises” means the place or platform in which the auction facilitated by
Confidential Realtors Limited Auction is taking place, and, where relevant, the
location where the individual Lot and/or Lots under the control of Confidential
Realtors Limited Auction are stored.

“Registration” means all or any one of the following as appropriate:

(i) the payment of the Deposit in cash or electronically, or as otherwise notified
by Confidential Realtors Limited Auction in the relevant Important Notes;
and

(ii) the presentation of 2 forms of identification acceptable to Confidential
Realtors Limited Auction when requested; and

(iii) the completion and submission of the Bid Slip.

“Seller” includes any prospective seller save where the context otherwise requires.
“VAT” means Value Added Tax.

“Working Day” means any day that Confidential Realtors Limited Auction is open
to the public for business.

1.2 The headings of the Terms do not form part of the Terms.

1.3 Save in the context of any online auctions held by Confidential Realtors
Limited Auction where reference to writing will include reference to email;
writing or written communication does not include faxes and e-mail unless
otherwise notified by Confidential Realtors Limited Auction.

1.4 If any of these Terms are inconsistent with any term of the Important Notes,
the Important Notes shall prevail.

1.5 All entries of Goods and the subsequent sale and purchases of Lots at our
public auctions (which include our online auctions) are subject to these Terms.

1.6 All Buyers and Sellers acknowledge and agree that these Terms are binding
upon them, and by the Buyers completing Registration, and Confidential
Realtors Limited Auction accepting the Sellers’ Good(s) for auction, these
Terms are deemed accepted and incorporated into all dealings as between
the relevant parties.

2. ENTRY INTO AUCTION

2.1 Confidential Realtors Limited Auction sells as agent of the Seller
and as such, it is not responsible for any default by Seller howsoever
arising (including default to title).

2.2 Unless otherwise agreed by Confidential Realtors Limited Auction
in writing, no Good(s) shall be deemed accepted into any auction
unless and until the Seller has produced: –

2.2.1 the Good(s) (to the relevant Premises);

2.2.2 a digital and/or electronic description of the Good(s);

2.2.3 any required entry fee as specified by Confidential Realtors Limited
Auction (for the avoidance of doubt, Confidential Realtors Limited
Auction reserves the right to charge an entry fee when a Good(s) is
entered for auction, such entry fee as will be agreed between the
potential seller and Confidential Realtors Limited Auction at the
relevant time, and for the avoidance of doubt, if for any reason the
Good(s) is entered for re-sale subsequent to the initial auction
(otherwise than due to a fault of Confidential Realtors Limited
Auction, then Confidential Realtors Limited Auction will be entitled
to charge the Defaulters Entry Fee each time the same Good(s) is reentered for auction);

2.2.4 all other relevant certificates pertaining to the Good(s) which the Seller
is reasonably able to produce upon request.

2.3 Unless otherwise agreed, notwithstanding the production of the items
listed in clause 2.2 above, Confidential Realtors Limited Auction has
the right to refuse entry of any Good(s) into auction, and to set the
entry fee at a reasonable amount deemed appropriate by Confidential
Realtors Limited Auction.

2.4 The Seller warrants to Confidential Realtors Limited Auction and to
the Buyer that:

2.4.1 the Seller is the true owner of the Good(s) or is properly authorised to
sell the Good(s) by the true owner;

2.4.2 the Seller is able to transfer a good, and marketable title to the
Good(s) free from any third-party claims; and

2.4.3 every representation made by the Seller (in any form) about the
Good(s) is wholly accurate and informed, and the Seller acknowledges
that Confidential Realtors Limited Auction and the Buyer will rely
upon such representations.

2.5 The Seller will indemnify Confidential Realtors Limited Auction,
their servants and agents and the Buyer against any loss or damage
suffered by them in consequence of any breach of the warranties set
out in clause 2.4 above on the part of the Seller.

2.6 Unless previously agreed in writing, Confidential Realtors Limited
Auction shall remit the proceeds of the sale to the Seller not later than
one month after the auction and following the relevant deductions.

2.7 Where a Seller cancels instructions for auction of a Lot, Confidential
Realtors Limited Auction reserves the right to charge the Defaulter’s
Entry Fee plus 5% of Confidential Realtors Limited Auction’s latest
estimate of the auction price of the Lot withdrawn (plus VAT where
applicable).

2.8 Where any Lot fails to sell, Confidential Realtors Limited Auction will
notify the Seller accordingly. The Seller will make arrangements either
to re-offer the Lot for auction or to collect the Lot, and if such
arrangements are not made:

2.8.1 Within 5 Working Days of notification, then the Seller will be
responsible for any removal, storage and insurance expenses of the
Lot as notified by Confidential Realtors Limited Auction (unless
otherwise agreed); and

2.8.2 Within 7 Working Days of notification, then Confidential Realtors
Limited Auction will have the right to sell the Lot at public auction
without reserve and to deduct from the Hammer Price any sum owed to
Confidential Realtors Limited Auction including removal, storage
and insurance expenses, the entry fee in respect of the first auction
(together with any VAT chargeable thereon), a Defaulter’s Entry Fee,
commission on the second auction and all other reasonable expenses
before remitting the balance to the Seller.

3. BASIS OF SALE

3.1 All Lots are sold ‘as they lie’ and/or ‘as it is’ with all faults and imperfections
and errors of description other than those relating to the Main Characteristics.
The Main Characteristics do not extend to details of the Good(s) (for example
the memory capacity of a laptop, the state of functionality of the Good or the
condition of the Good). The absence to any reference to the condition of a Lot
does not imply that the Lot is free from faults, imperfections and restorations.
Illustrations in catalogues, digital displays or brochures are for identification
only. Confidential Realtors Limited Auction will not be held responsible for
any damage or defect that has not been notified to the Buyer.

3.2 Buyers must satisfy themselves prior to sale as to the condition of each Lot
and should exercise and rely on their own judgment as to whether the Lot
accords with its description except that Confidential Realtors Limited
Auction is responsible for the Main Characteristics. Prospective Buyers bid
on the understanding that, inevitably, representations or statements by
Confidential Realtors Limited Auction as to authorship, genuineness,
origin, date, age, provenance, or condition involve matters of opinion. Neither
Confidential Realtors Limited Auction nor our employees or agents nor the
Seller accept liability for the correctness of such opinions.

3.3 No warranty (written or oral) or other term (whether express or implied and
whether implied by statute, common law, custom or otherwise) as to the age,
correctness of any, suitability, fitness for purpose, or satisfactory quality of the
Lot is given by Confidential Realtors Limited Auction, their servants or
agents or by any Seller to any Buyer in respect of any lot, and any express or
implied conditions or warranties are excluded to the fullest extent permitted by
law. Nothing in this clause shall exclude any express or implied conditions or
warranties relating to the Main Characteristics provided by Confidential
Realtors Limited Auction. For the avoidance of doubt, the Lots are not sold
by sample, and the Buyer shall be deemed to have inspected the Lot(s)
he/she buys.

3.4 Other than the description of the Main Characteristics provided by
Confidential Realtors Limited Auction, no oral or written representation
made prior to or at the time of sale of any Lot shall be deemed to be a
representation of fact and Confidential Realtors Limited Auction
undertakes no obligation or duty (whether in contract or tort or otherwise) in
respect of the accuracy or completeness of any statement or representation
made by Confidential Realtors Limited Auction or on Confidential
Realtors Limited Auction’s behalf which is in any way descriptive of any Lot.
No such oral or written representations shall be deemed to be incorporated
into such sale nor to have induced any potential buyer to bid.

3.5 Buyers buy Lots ‘where they lie’ and ‘as it is’ and are wholly responsible to
bring any necessary labour and equipment in order to remove their Lot(s) and
shall comply with any directions which may be given by Confidential
Realtors Limited Auction as to the safe removal of the Lot(s) and in giving
due care to other Lots on the Premises and the Premises itself.

3.6 These Terms shall become binding on the Seller and Buyer respectively
when: –

3.6.1 The Seller’s Lot is accepted by Confidential Realtors Limited Auction to be
considered for auction.

3.6.2 The Buyer completes Registration.

3.7 Confidential Realtors Limited Auction has the right to revise and amend
these Terms from time to time to reflect changes in market conditions
affecting its business, changes in technology, changes in payment methods,
changes in relevant laws and regulatory requirements and changes in various
systems’ capabilities. Buyers and Sellers will be subject to the policies and
terms in force at the time these Terms become binding in accordance with
clause 3.6 above.

3.8 The Buyer acknowledges that a sale by auction IS NOT a consumer sale for
the purposes of The Federal Competition and Consumer Protection Act 2019 and

the Buyer shall not seek to rely upon any conditions or warranties
implied thereby or by any other legislation. All lots are Sold as Seen with no
grading or guarantees and include second-hand items, used, salvage, raw
returns, ex-display, repossessed and seized goods.

3.9 Any estimates provided in respect of a Lot are only an expression of
Confidential Realtors Limited Auction’s opinion made on behalf of the
Seller of the range where Confidential Realtors Limited Auction thinks the
Hammer Price for the Lot is likely to fall; it is not an estimate of value. It does
not take into account any VAT or Buyer Premium payable. Lots can in fact sell
for Hammer Prices below and above the estimate. Any estimate should not be
relied on as an indication of the actual selling price or value of a Lot.

3.10 Private treaty sales made under these Terms are deemed to be sales by
auction for purposes of consumer legislation.

3.11 CLOCKS AND WATCHES – The absence of any reference to the condition
of a clock or watch does not imply that the Lot is in good condition and without
defects, repairs or restorations. Most clocks and watches have been repaired
in the course of their normal lifetime and may now incorporate parts not
original to them. Furthermore, Confidential Realtors Limited Auction makes
no representation or warranty that any clock or watch is in working order. As
clocks and watches often contain fine and complex mechanisms, potential
buyers should be aware that a general service, change of battery or further
repair work, for which the Buyer is solely responsible, may be necessary.

3.12 GEMSTONES – Historically many gemstones have been subjected to a
variety of treatments to enhance their appearance. Unless stated buyers
should presume coloured stones may well have been exposed to some sort of
treatment. In the event that Confidential Realtors Limited Auction has been
given or has obtained certificates for any Lot in the Sale these certificates will
be disclosed in the description of the item. Neither Confidential Realtors
Limited Auction nor the Seller accepts any liability for contradictions or
differing certificates obtained by Buyers on any Lots subsequent to the Sale It
is possible that diamonds have been clarity enhanced. Unless stated buyers
should presume diamonds may well have been exposed to some sort of
treatment. In the event that Confidential Realtors Limited Auction has been
given or has obtained certificates for any Lot in the Sale these certificates will
be disclosed in the description of the item. Neither Confidential Realtors
Limited Auction nor the Seller accepts any liability for contradictions or
differing certificates obtained by Buyers on any Lots subsequent to the Sale.

3.13 Estimated Weights – If the weight of a piece of jewellery is included in a
description, the stone(s) has been assessed by us within its/their settings, and
the stated weight is a statement of our opinion only. This information is given
as a guide and Bidders should satisfy themselves with regard to this
information as to its accuracy.

3.14 ARTIST’S RESALE RIGHT REGULATIONS – Where specified, works of art
may be subject to the addition of a royalty charge (a percentage of the final
hammer price, excluding VAT and Buyers Premium) which will be added to
the final invoice in accordance with the Artist’s Resale Rights Regulations.

4. RISK AND TITLE

4.1 The title in the Lot shall not pass to the Buyer until the Hammer Price and the
Buyer Premium have been paid to Confidential Realtors Limited Auction
(and have been received in full and cleared funds) and any other instrument
tendered in payment has been cleared. Until title passes, and subject to
clause below, Confidential Realtors Limited Auction reserves the right to
dispose of the Lot in accordance with clause 2.8 above.

4.2 From the delivery of a Lot to the Premises until the Hammer Price in respect
of a Lot is reached or the Lot is removed by the Seller (including any time
during which the Lot is being tested or demonstrated on the auction premises,
or elsewhere) the Lot is at the risk of the Seller, and neither Confidential
Realtors Limited Auction nor its servants or agents will be responsible for
any loss or damage whether caused by negligence or otherwise.

4.3 From the time when a Hammer Price is reached in respect of a Lot, a Lot is
deemed sold, and notwithstanding clause 4.1 above, it is at the risk of the
Buyer from that point onwards.

5. CONDUCT OF THE AUCTION

5.1 Without prejudice to any other of their rights set out in these Terms,
Confidential Realtors Limited Auction has absolute discretion without
giving any reason to refuse any bid, to withdraw any Lot before the hammer
falls, to divide any Lot, to combine any two or more Lots, or to withdraw any
Lot and/or Lots from the auction. Confidential Realtors Limited Auction is
not bound to accept any offer.

5.2 Potential buyers wishing to participate in an auction must first:5.2.1 View all Lots
5.2.2 complete Registration (including the payment of the Deposit), before they will
be admitted to participate in any auction.

5.3 The contract of sale between the Seller and a Buyer will be formed once the
Hammer Price has been achieved, at which point the Lot shall be deemed
sold subject to the provisions of clause 4.1 above.

5.4 For the avoidance of doubt, the parties to the contract of sale of the Lot are
the Buyer and the Seller. Confidential Realtors Limited Auction is not a
party to the contract of sale but acts as the Seller’s agent only and is not liable
for any breach thereof by either the Buyer or the Seller.

5.5 Immediately after the achievement of the Hammer Price the terms of clause
below shall apply.

5.6 If a potential buyer is unsuccessful in achieving the Hammer Price, they may
recover their Deposit from Confidential Realtors Limited Auction or, they
may request in writing that Confidential Realtors Limited Auction keep the
Deposit against future auctions which the potential buyer may participate in,
and make them a registered ‘regular customer’ of Confidential Realtors
Limited Auction provided they adhere to bi-annual requests for identification.

5.7 Any disputes in relation to the bidding or following the attainment of the
Hammer Price in relation to what bids were made by who shall be referred to
Confidential Realtors Limited Auction for decision. For the avoidance of
doubt, Confidential Realtors Limited Auction shall have absolute discretion
to cancel the contract of sale and to re-auction the Lot (which is the subject of
any dispute) either during the same or a subsequent auction, and, in all
cases, Confidential Realtors Limited Auction’s decision in respect of any
such dispute (for which no justification or reasons shall be required) will be
final.

5.8 In the event that Confidential Realtors Limited Auction exercises the
discretion to cancel the contract referred to at clause 5.7 above, neither the
original Buyer nor the Seller shall be entitled to rely on the original contract of
sale for any purpose whatsoever save that the Buyer shall be entitled to the
return of any deposit or other money which he may have paid under the
original contract.

5.9 Every bidder shall be deemed to act as principal unless there is in force a
written acknowledgment by Confidential Realtors Limited Auction that he
acts as agent on behalf of a named principal.

5.10 Confidential Realtors Limited Auction shall not in any circumstances be
obliged to announce any reserve price.

5.11 Confidential Realtors Limited Auction reserves the right to turn away any
potential sellers and/or buyers who do not present appropriate identification
upon reasonable request.

 

5.12 Persons attend auctions at their own risk.

 

5.13 Where Confidential Realtors Limited Auction conducts a sale on behalf of
a Seller who is either a receiver or liquidator of a limited company or trustee in
bankruptcy:

5.13.1 The Seller and Confidential Realtors Limited Auction on their behalf only
sell whatsoever right, title or interest the company or bankrupt may have in
any Lot;

5.13.2 In the event of a third party proving to have a superior title or right to custody
or possession of any Lot Confidential Realtors Limited Auction may
rescind the contract of sale and upon return of any Deposit and/or Hammer
Price to the Buyer, neither the Seller nor Confidential Realtors Limited
Auction shall be under any further liability to the Buyer.

5.14 Confidential Realtors Limited Auction shall have the right, at its discretion,
to refuse admission to the Premises or attendance at the auctions by any
person.

5.15 The Important Notes and these Terms will be made available to potential
buyers on Confidential Realtors Limited Auction website, on request, and it
will be on display at the Premises. It will also be referred to in the event
catalogue (if any).

6. PRICE AND PAYMENT

6.1 Immediately following the achievement of the Hammer Price, the Buyer shall
attend the relevant clerk and/or follow the appropriate process as notified to
the Buyer by Confidential Realtors Limited Auction and pay the Hammer
Price plus VAT unless specified otherwise, and the Buyer Premium plus VAT.
If the Buyer fails to do so by 5 pm on the next Working Day, or such other
time as is specified in the Important Notes, Confidential Realtors Limited
Auction shall have an absolute discretion to cancel the contract of sale, to
retain the Deposit, and the terms of clause 8.1 below will apply.

6.2 All required payments will be settled in full and before removal of the Lot is
permitted and will be in Naira (NGN) by way of Bank Transfer, Debit Cards,
Cash (up to N50,000 per Buyer) or as otherwise specified in the Important
Notes or directly by Confidential Realtors Limited Auction. All queries in
relation to methods of payment must be made to Confidential Realtors
Limited Auction accounts department and unless otherwise agreed by
Confidential Realtors Limited Auction, the timing required under these
Terms for payment is of the essence, and will under no circumstances be
adjusted further to a failure on the part of the Buyer to make the necessary
enquiries and preparations in order to pay the Hammer Price.

6.3 In respect of electronic transfers, the remitting bank must include the bidding
number (listed on the Bid Slip), the invoice number, and any other reference
as shown in the Important Notes, or as otherwise directed by Confidential
Realtors Limited Auction.

6.4 All bankers’ drafts will be confirmed with the drawn bank prior to acceptance.
Buyers must provide full details of the drawn bank including branch, contact
name and telephone number.

6.5 Bankers Drafts can only be accepted for payment up to 4.00pm, Monday to
Thursday – after this time collection will be deferred to the next Working Day
6.6 All Lots are sold exclusive of VAT which will be added to the Hammer Price at
the prevailing rate (if applicable).

6.7 All Lots must be paid for in accordance with clause 6.1 above and must be
removed no later than the time specified in the Important Notes.

6.8 The Important Notes will set out:
6.8.1 the Health & Safety policies;
6.8.2 viewing times;
6.8.3 payment details;
6.8.4 collection times;
6.8.5 the amount of commission (if any) which will be payable by the Seller as a
percentage of the Hammer Price;
6.8.6 the amount of the Buyer Premium (as defined below in clause 6.9);
6.8.7 any service charges;
6.8.8 VAT payable (if any);
6.8.9 Registration details;
6.8.10 location details; and
6.8.11 specific details relating to the particular auction

6.9 Confidential Realtors Limited Auction will charge a “Buyer Premium” on all
Lots on the purchase price of the Lot plus VAT. The Buyer Premium will be
set out in the Important Notes and will be a percentage of the Hammer Price,
which will be charged to the Buyer.

6.10 Confidential Realtors Limited Auction is entitled to deduct the relevant fees
from the Hammer Price (plus any VAT chargeable thereon) in respect of each
Lot (which may, for the avoidance of doubt, include any commission due, the
entry fee due (if not already paid) and any other previously notified fees
chargeable), before remitting the proceeds to the Seller.

6.11 Without prejudice to any other rights of Confidential Realtors Limited
Auction under these Terms in respect of the charging of commission, entry
fees, Buyer Premium, and any other relevant fees, Confidential Realtors
Limited Auction will be entitled to charge the commission and Buyer
Premium in all cases including but not limited to:

6.11.1 when the Lot is sold in an auction irrespective of whether the contract of sale
is later rescinded (save further to an act or omission of Confidential Realtors
Limited Auction);

6.11.2 if the Lot is sold (or re-sold) by way of private sale on the Premises;
6.11.3 if the Lot is re-sold further to the default of the Buyer, or the Seller;
6.11.4 if the Seller becomes the Buyer.

6.12 Without prejudice to any of Confidential Realtors Limited Auction
rights under these Terms, for the avoidance of doubt:
6.12.1 Confidential Realtors Limited Auction will not be under any
obligation to pay any monies to the Seller following the auction until
such time as the Buyer remits all monies due in accordance with this
clause 6; and
6.12.2 Confidential Realtors Limited Auction will be entitled to deduct from
any payment due to the Seller, any amounts owed by the Seller to
Confidential Realtors Limited Auction, which Confidential Realtors
Limited Auction has obtained prior consent from the Seller to so
deduct.

7. BUYER’S DUTIES

7.1 The Buyer shall at his own expense and risk take away the Lot(s)
purchased not later than 5pm the following Working Day after the
relevant auction in which the Lot was purchased has concluded, unless
otherwise stated in the Important Notes (but in any event not before
payment to Confidential Realtors Limited Auction in accordance
with clause 6 above). If the Buyer fails to do so, the provisions of
clause 8.2 below will apply.

7.2 The Buyer shall fully indemnify and keep indemnified Confidential
Realtors Limited Auction in the event of any damage or loss caused
and/or occasioned to any adjoining or other Lots or to the Premises by
their removal of the Lots.

7.3 The Buyer shall be responsible for any injury to and/or death of any
person resulting from the removal of his Lot(s) and shall fully indemnify
and keep indemnified, Confidential Realtors Limited Auction against
any such liability whether or not such injury and/or death was caused
by the negligence of the Buyer, his employees or agents.

7.4 In accordance with clause 4.3 above, the Buyer will be responsible for
loss or damage to the Lots purchased from notification of successful
bid and neither Confidential Realtors Limited Auction nor its
servants or agents shall afterwards be responsible for any loss or
damage of any kind, whether caused by negligence or otherwise, while
any Lot is in their custody or under their control.

7.5 Confidential Realtors Limited Auction will not be liable under the
Factories Act 1987, and if required to do so by Confidential Realtors
Limited Auction, the Buyer will provide a written undertaking (in a
form acceptable to Confidential Realtors Limited Auction) to comply
with all duties and obligations in respect of the Lot by the Health and
Safety regulations in the Factories Act 1987, any subsequent
modification or re-enactment of either Act or by any other legislation
affecting the use of the Lot. Confidential Realtors Limited Auction
may cancel the contract if the Buyer fails to provide such an
undertaking upon request. In this event, Confidential Realtors
Limited Auction will be entitled to re-auction the Lot at any time.

7.6 The Buyer shall be responsible for any damage occasioned to any
adjoining or other Lots or to the Premises by the removal of their Lot(s)
and shall repair the same either before removal of the Lots from the
Premises or after such removal as Confidential Realtors Limited
Auction may desire or shall pay the estimated cost of doing so to be
fixed by Confidential Realtors Limited Auction whose decision shall
be binding on the Buyer.

7.7 Neither the Seller nor Confidential Realtors Limited Auction shall be
under any liability to provide any information and instructions for safe
use of any article or equipment and the Buyer’s attention is drawn to
the undertaking given on each Bid Slip at the sale by which the Buyer
undertakes to take such reasonable and practical steps as are
sufficient to ensure that his purchase will be safe and without risk to
health and safety when properly used.

8. BUYER’S DEFAULT

8.1 If the Buyer does not honour his obligations for payment under clause
6 above in any way, Confidential Realtors Limited Auction as
agents of the Seller shall at its absolute discretion and without
prejudice to any other rights it may have, be entitled to exercise one or
more of the following rights or remedies:

8.1.1 to rescind the contract for sale of the Lot (or any other Lot) sold to the
defaulting Buyer at the auction; and

8.1.2 to retain the Deposit and to pursue the Buyer directly for all monies
owed including damages for breach of contract; or

8.1.3 to enter the Lot in question to be resold at public auction or private
sale, the defaulting Buyer will then pay to Confidential Realtors
Limited Auction any resulting deficiency in the purchase price at the
first auction after deduction of any part payment and addition of resale
costs;

8.1.4 to remove store (either at the Premises or elsewhere) and insure the
Lot at the expense of the defaulting Buyer;

8.1.5 to charge interest at a rate not exceeding 2% per month on the
Hammer Price to the extent that it remains unpaid for more than 2
Working Days after the day of the relevant auction;

8.1.6 to retain that or any other Lot sold to the same Buyer at the same or
any other auction and release it only after payment of the Hammer
Price;

8.1.7 to reject or ignore any bids made by or on behalf of the defaulting
Buyer at any future auction;

8.1.8 to apply any proceeds of sale then due or at any time afterwards
becoming due to the defaulting Buyer towards settlement of the
Hammer Price and to exercise a lien on any property of the defaulting
Buyer which is in Confidential Realtors Limited Auction possession
for any purpose.

8.2 If the Buyer fails to remove the Lot from the Premises as required
under clause 7.1 above (and such failure to remove the Lot is not due
to a fault of Confidential Realtors Limited Auction will have the right
to:
8.2.1 re-enter the Lot into auction and charge the Defaulter’s Entry Fee to
the Buyer;
8.2.2 charge a one-off administration fee of N5,000 (plus VAT if applicable);
8.2.3 move the Lot (at the risk of the Buyer provided that Confidential
Realtors Limited Auction will use reasonable care and skill in such a
move) to another Premises from that where the Buyer purchased the
Lot; and
8.2.4 for every calendar day following the day on which the Lot(s) should
have been collected from the Premises by the Buyer, the Buyer will
incur a daily storage charge of N2,000 plus VAT per Lot stored without
exception, and such charge will continue to accrue notwithstanding the
transfer of any Lot to an alternative premises by Confidential Realtors
Limited Auction (and for the avoidance of doubt, Confidential
Realtors Limited Auction will deduct such charge from the Deposit).

8.3 When a Lot is re-auctioned pursuant to clause 8.1 or 8.2 or otherwise
in accordance with these Terms as deemed appropriate by
Confidential Realtors Limited Auction, the proceeds of such re-sale
will be applied in the following manner (for the avoidance of doubt,
Confidential Realtors Limited Auction will only be able to apply the
Deposit as against the costs listed below if the re-sale is occurring
further to clause 8.1, and in the case of a resale occurring further to
clause 8.2, the Deposit will first be applied as against the costs listed
below, followed by the proceeds of the re-sale):
8.3.1 the Defaulters Entry Fee on the re-sale which will be charged to the
Buyer;
8.3.2 any outstanding storage fees, removal fees, and insurance expenses
due;
8.3.3 any sums due under the original contract following the first auctions
(together with any VAT chargeable).
8.4 The balance of the re-sale price, if any, shall be paid to the original
Buyer if title in the Lot has passed to him but shall otherwise be paid to
the original Seller or, where the Seller’s rights have been transferred to
Confidential Realtors Limited Auction, shall be retained by
Confidential Realtors Limited Auction. The original Buyer will remain
liable to Confidential Realtors Limited Auction and/or the Seller
subsequent to the re-sale, save where the proceeds of the re-sale have
discharged such liability.

9. DATA PROTECTION

9.1 Confidential Realtors Limited Auction will only use the personal
information provided to them to provide the auction services, or to
inform Buyers and Seller about similar services which they provide,
unless told by such parties that they do not want to receive this
information by ticking the ‘opt out’ box on the Bid Slip, or by ticking the
relevant box on the relevant web page.

9.2 The Buyers and Sellers acknowledge and agree that Confidential
Realtors Limited Auction may pass their details to credit reference
agencies.

9.3 With respect to the parties’ rights and obligations under these Terms,
such party shall be the Data Controller for information obtained in the
course of the auction as permitted under these Terms. To the extent
that the Buyer needs access to Personal Data relating to its receipt of
the Lot, or a Seller needs access to Personal Data relating to its sale of
the Lot, then Confidential Realtors Limited Auction shall be the Data
Controller and the Buyer (and/or Seller) shall be the Data Processor in
respect of such Personal Data.

9.5 Confidential Realtors Limited Auction shall:

9.6 only process Personal Data relating to its management (or otherwise)
of the auction in accordance with the regulations of the Nigerian Data
Protection Regulation 2019;

9.7 only process Personal Data to the extent, and in such manner, as is
necessary for the provision of the auction services and/or its
obligations under these Terms or as is required by law or any
regulatory body;

9.8 implement appropriate technical and organisational measures to
protect Personal Data against unauthorised or unlawful processing and
against accidental loss, destruction, damage, alteration or disclosure.
These measures shall be appropriate to the harm which might result
from unauthorised or unlawful processing or accidental loss,
destruction or damage to Personal Data and to the nature of the
Personal Data which is to be protected; and

9.9 not perform its obligations hereunder or as otherwise set out in these
conditions in such a way as to breach any of its applicable obligations
under the Nigerian Data Protection Regulation 2019.

10. GENERAL
10.1 If any court or competent authority decides that any of the provisions of
these Terms (as amended from time to time in writing by Confidential
Realtors Limited Auction) are invalid, unlawful or unenforceable to
any extent, the term will, to that extent only, be severed from the
remaining terms, which will continue to be valid to the fullest extent
permitted by law.

10.2 If Confidential Realtors Limited Auction fails, at any time while these
Terms are in force, to insist that the Seller and/or Buyer perform their
obligations under these Terms, or if Confidential Realtors Limited
Auction does not exercise any of its rights or remedies under these
Terms, that will not mean that Confidential Realtors Limited Auction
has waived such rights or remedies and will not mean that the Seller
and/or Buyer does not have to comply with those obligations. If
Confidential Realtors Limited Auction does waive a default by the
Seller and/or Buyer that will not mean that Confidential Realtors
Limited Auction will automatically waive any subsequent default by
the Seller and/or Buyer. No waiver by Confidential Realtors Limited
Auction of any of these Terms shall be effective unless Confidential
Realtors Limited Auction expressly says that it is a waiver and
Confidential Realtors Limited Auction tells the Buyer and/or Seller
so in writing.

10.3 A person who is not party to these Terms shall not have any rights
under or in connection with them.

10.4 Lots in our auctions that have been physically de-branded/de-badged
are to remain de-branded. No original trademarks, web images,
vendor/clients’ logos or other intellectual property may be copied or
used by the winning bidder without prior written consent. Any
customers in breach risk permanent exclusion from auctions and
salerooms.

10.5 These Terms shall be governed by Nigerian law and Confidential
Realtors Limited Auction, the Seller and the Buyer all agree to the
exclusive jurisdiction of the Nigerian courts.

11. ONLINE TERMS OF PARTICIPATION AND SALE
11.1 Subject to the following clauses which have precedence over the
Terms above, the provisions of all Terms above apply to the sale of
Lots made through www.mainauctionhouse.com (the “Website”), and to
the extent that such adjustments in practical application of the Terms
are warranted by virtue of the electronic medium of participation in any
given auction, so such adjustments shall be deemed made so to give
full application to all relevant and applicable Terms.

11.2 All participants in the Website auctions warrant that they are legally
capable of entering into binding contracts and are of the legal age
required to purchase any relevant Good(s).

11.3 Any reference in the above Terms to the Buyer Premium will also, for
the purposes of sale/purchases over the Website, include any online
Buyer’s fees of which the Buyer will be so notified at the time of
Registration.

11.4 The Website operates a ‘3 minute rule’ which means that any person
who bids on-line within the last 3 minutes of a specific Lot closing time
will instigate the automatic extension of the Lot closing time by an
additional 3 minutes and so on for any such subsequent bids.

11.5 In addition, use of the Confidential Realtors Limited Auction online
bidding platform is at all times subject to the Confidential Realtors
Limited Auction conditions of website use.

11.6 During an auction, potential Buyers can bid for a Lot by clicking the
“Bid” button. Each bid shall be final and binding as soon as the Bid
button is clicked.

11.7 In the event of a tie between a bid placed by a potential Buyer online
and any other identical bid(s) it will be at the auctioneer’s discretion as
to which bid shall be accepted.

11.8 Buyers acknowledge that the online auction is a live auction and agree
that each bid submitted as provided in these Terms is irrevocable and
cannot be amended or corrected, even if submitted in error and notified
to Confidential Realtors Limited Auction.

11.9 Buyers are fully liable for all bids submitted via their online bidding
account (including the liability to pay in full and on time in accordance
with these Terms for any Lot that is the subject of a successful bid
submitted from the Buyer’s account).

11.10 Confidential Realtors Limited Auction provide the online bidding
service “as is” and “where is” without any warranty or condition,
express, implied or statutory. Without limiting the foregoing, we accept
no liability for any failures, delays or errors caused by interruptions in
the availability of the online bidding service or our website or any errors
or defects in their content or functionality, any software and/or
hardware defects (whether the potential Buyers or Confidential
Realtors Limited Auction) and or any internet connection problems
(whether the potential Buyers or Confidential Realtors Limited
Auction) and Confidential Realtors Limited Auction do not
represent or warrant that the Confidential Realtors Limited Auction
website or online bidding platform will be error free, virus free, or that
any defects will be corrected.