GENERAL AUCTION DETAILS

The auction for the sale of the assets owned by the principal will take place online follow the calendar indicated.

An auction fee of 10% is applied to the auction clearing price, VAT is applied to such auction fee, the auction fee is charged to the successful tenderer.

Except for other legislative provisions, VAT will be charged on the auction price and auction fees.

The billing details will be indicated by the Principal and/or the Mandator.
 

VIEWING THE ASSET
The good object of the auction must be viewed by the interested subject or his representatives before making the offer for full awareness of the status and conditions of the asset.

Inspection of the asset is a prerequisite for submitting an offer. By submitting an offer, the offerer acknowledges that they have inspected the property and accepts its condition as is, assuming all risks.

The Mandator and the Principal shall not be held liable for any defects or imperfections not disclosed and not detectable upon a normal inspection.

No other communication, information, or documentation shall substitute for the mandatory inspection of the asset.

The asset can be viewed only by prior appointment with the Mandator or his Collaborators (to ask for information or visits use the relative request form on the auction page). The appointment book will be managed depending on the availability of the Mandator, in order to provide all the interested subjects with the same possibility of inspecting the goods for sale.

AUCTION REGISTRATION
The auction will be held asynchronously online, meaning bids can only be submitted electronically.

To participate in the online auction, interested parties must first register on the website www.worldyachtstore.com. The information provided during registration by the interested party (or subsequently modified by the same) will be used to send all communications relating to the auction procedure, including any award thereof. Users are therefore advised that, once registered, they are responsible for their access codes (username and password) and may not transfer or disclose them to third parties as their identification in the system will take place through these codes.

That said, to participate in the online auction of interest, interested parties must first and mandatorily:

1. Request registration for the auction of their interest and expressly accept the Participation Terms and Conditions thereof within the established time limit.
   
   
2. Proceed with uploading the following documents to the portal:
   → In the case of a natural person:
   – Valid identity document
   – Tax code
   – Declaration regarding the return of the deposit, indicating the IBAN code for the bank transfer, in case of non-award of the asset.

→ In the case of a legal entity:
– Valid identity document of the participant, as legal representative or administrator with suitable powers;
– Updated Chamber of Commerce registration certificate, no more than 3 months old, showing the company data and signature powers
– Any proxy with authenticated signature
– Declaration regarding the return of the deposit, indicating the IBAN code for the bank transfer, in case of non-award of the asset.

3.         Proceed with the payment of a security deposit to guarantee the offer, for an amount equal to 10% of the auction base price, to the bank details specified below and send the accounting copy of the payment made to the e-mail address: info@worldyachtstore.com

The Mandator, after verifying the information in the previous paragraph, will authorize the “online bidders” by communicating the completion of the registration. Those who do not complete the auction registration procedure within the established time limit will not be enabled and therefore will not be able to participate in the auction.

The Mandator or the Principal may change the auction schedule with consequent updating of the auction data on the website.

For any problems during registration for the auction, please contact the email address info@worldyachtstore.com , or call the phone number +39 329 8577 020.

CAUTIONARY DEPOSIT

To submit a request for online auction registration for the lot of interest, each applicant must provide proof of payment of a deposit as a guarantee of the offer, equal to 10% of the base price.

The deposit must be paid to the following bank details:

IBAN: IT03D0623012033000015433076

BIC/SWIFT: CRPPIT2PXXX

The deposit will be returned at the end of the auction, within 20 working days of the end of the auction to the unsuccessful bidders.

The cautionary deposit of the successful bidder will instead be retained as a deposit and advance payment on the price.

Anyone who wants to pay the cautionary deposit by bank transfer are aware of the objective as well as subjective problems arising from the use of electronic means of transmission / electronic transactions and of the fact that the Principal, the Mandator and its Collaborators are not liable for these problems. The Principal, the Mandator and its Collaborators are not liable for the impossibility to verify the success of electronic transactions due to events beyond their control.

 Anyone who wants to pay the cautionary deposit by payment modalities otherwise than the ones in accordance with the provisions of this Notice must early notify this to the Mandator and its Collaborators and obtain their written approval.

The admission to the auction for anyone who do not respect the abovementioned conditions is in sole discretion of the Mandator and its Collaborators, also in case the interested parties present a valid credit instrument.

EXECUTION OF THE AUCTION

The auction will be held asynchronously online, meaning that bids can only be submitted electronically.

Stated that the basic principle of the auction is the formulation of higher bids than the auction base, the batches are won by the highest bidder. The auction presents a ‘reserve price’ (the reservation price is the minimum price at which the seller is willing to transfer the goods and under which he reserves the right to refuse the offers.).

 Relaunches  have a minimum amount as indicated in the specific auction details.

If any bids are received in the last 3 minutes before the auction closes, the system will automatically extend the auction by an additional 3 minutes, allowing for further bidding.

Each bid placed during the auction constitutes an irrevocable offer to purchase the selected lot at the offered price, plus any applicable legal fees and auction fees. The offer becomes void when it is surpassed by a subsequent offer for a higher price and made in accordance with the above-mentioned modalities.

The Mandator reserves the right to suspend the auction or the assignment of the asset even before the end of the experiment, at its sole discretion, in the event that behaviours similar to bid-rigging are detected, as the art. 353 C.P.

 The Mandator also reserves the right to remove the asset from the auction in progress, on the instructions of the Principal.

AWARDING OF THE ASSETS

At the end of the auction, the participant who has made the highest bid will be the Provisional Winner of the specific lot related to the offer made.

The Mandator will communicate the best offer received for each lot to the Principal, and it will be submitted for the Principal’s approval. The auction award must therefore be considered only provisional until the final official approval.

At the conclusion of the auction, the following scenarios may occur:

1. Assets for which the winning bid is equal to or greater than the “RESERVE” price:

The participant who has made the highest bid will be declared the winner of the auction. The Mandator will inform the Principal of the winner’s name and the winning bid amount.

2. Assets with a “RESERVE” price for which bids received during the auction are lower than the “RESERVE” price but higher than the “STARTING PRICE”:

 The final award of these lots must be approved by the Principal. The Principal must notify the Mandator of their approval. If no approval is given, the auction for that lot will be considered null and void. If the Principal confirms acceptance of the offer, the provisional winner will be notified.

3. Assets for which no bids are received that are equal to or greater than the starting price:

The Mandator is authorized to collect offers from participants and submit them to the Principal. In all cases, the Mandator will formally communicate the outcome of the approval process to the provisional winner.

Although not final, the provisional award constitutes a formal commitment to purchase, which becomes binding on the buyer once the seller’s consent to the sale has been received.

Please note that the official award notice is communicated only to the winners and it needs technical timeframes beyond the control of the Mandator and its Collaborators.

In the event of finalisation of the sale (due to the Principal’s consent to the sale) and non-payment within the established time limits, the deposit will be withheld without prejudice to all rights and actions of the Mandator and Principal to enforce their respective rights.

PAYMENT TERMS

Concurrently with the confirmation of the final award, the Mandator will formally transmit to the successful bidder a payment request detailing the amounts due to the Principal and the Mandator.

Payment of the price of the awarded goods, in addition to any applicable legal fees and auction duties, must be made in advance of the goods’ collection and, in any case, no later than 10 (ten) business days from receipt of the official confirmation of the award, unless otherwise agreed with the Principal and the Mandator, by bank transfer to the bank account details that will be communicated exclusively to the successful bidder, unless other methods have been previously agreed upon.

In case of non-payment or only partial payment within the stated deadlines of the amount due to the Mandator (auction fee), the sale is to be considered automatically cancelled and the cautionary deposit will be retained by the Mandator according to agreements with the Principal.

WARRANTY

The Mandator acts pursuant to and for the purposes of Article 1704 of the Italian Civil Code, on behalf of and for the account of the Principal. The Mandator is responsible for organizing, conducting, and managing the auction, actively seeking potential buyers through targeted multi-channel marketing campaigns designed specifically for the category of goods being auctioned.

The Mandator shall therefore not assume any liability towards the Principal, the Successful Bidder, or any other participant in the auction beyond that arising from its capacity as a mandatary.

The Mandator is not required to verify the factual and legal status of the goods or any related documentation, operating solely on the basis of the data and information provided by the Principal. Notwithstanding the foregoing, the Mandator shall be exempt from any liability for any failure or partial failure of the goods to correspond with any accessories as described in the auction documents and their actual condition, as well as for any errors, omissions, or inaccuracies in the descriptions and/or photographs, quantities, and any other details indicated.

Batches are considered to have been sold at the place where the view was obtained prior to the offer, as is where is and agreed (without warranty), in fact and in law as they are, excluding right of withdrawal. For these reasons a careful prior analysis is recommended, as indicated in the third point.

 No warranty on the sold assets, even for defects and good functioning, is due from the Principal, the Mandator and its Collaborators.

COLLECTION OF ASSETS

The collection of the purchased assets and goods must be done within and not beyond 15 (fifteen) days from the authorization obtained by the Principal. Any exception to the stated collection terms must be early notified to the Mandator and its Collaborators and obtain their written authorization, possible in their sole discretion.

In case the asset is not going to be collected within 10 (ten) working days from the established collection deadline, the sale will be automatically considered terminated and all sums paid by the successful tenderer will be retained as a guarantee in order to satisfy the Principal’s claims for expenses, taxes of any kind as well as compensation for damages resulting from the failure to collect and sell.

The Principal, the Mandator or its Employees do not assume any responsibility for possible damage caused to the goods after their assignment. Likewise, they shall not be held liable for any failure or theft occurring after the award.

In order to optimize the collection the Principal, the Mandator and its Collaborators will communicate to the successful tenderers the days and hours available for this purpose. The date and time of withdrawal will be notified after payment of the amounts due for the lots awarded.

The failure to collect the goods within the specified 15-day period or any other agreed-upon period shall result in the imposition of a daily penalty upon the Successful Bidder, equal to €100.00 (one hundred euros) or, if higher, double the mooring or storage costs, without prejudice to the termination of the contract under the terms set forth above, which shall not in any way affect the right to claim the penalty referred to in this clause.

All of the aforementioned amounts relating to collection costs shall be exclusive of VAT.

ACCESSORY EXPENSES AND AFTER SALE COSTS

Every additional accessory expense, fiscal or not, including potential notarial burdens, taxes and after sale cost necessary to the closing of the sale or to the acquisition of the assets by the successful tenderers are completely at their charge, except the registration of the bill of sale on the traffic license, that will be at charge of the Principal.

Notably: disassembly costs, safety costs, transport and shipping costs, custom duties and taxes, other costs for export, costs for the preparation of custom or technical documents, costs for manuals and other certifications for the assets and goods, costs for transfer of ownership or cancellation of transcriptions on vehicles and any other additional cost or after sale cost that is ancillary to the aforementioned. This list must be considered merely as an example and not exhaustive.

The Mandator and its Collaborators are not responsible for any delay or other problems that may arise during the aforementioned operations.

 The Mandator and its Collaborators are at disposal for offering assistance during these operations, with the agreement of the successful tenderer and upon additional payment accorded with him.

APPLICABILITY OF THE CONDITIONS AND RESPONSIBILITIES

The sale, auction and bid procedures, as well as after-sale activities as described above are considered to have been completed and concluded in Italy and in any case regulated by the Italian law.

In the event of a dispute concerning the interpretation or execution of these Conditions of Participation and any subsequent sale of the goods, the Court of Treviso shall have exclusive jurisdiction to rule, with the exclusion of all alternative forums, without this indication being subject to derogation due to connection, continence or warranty claim.

In the event of litigation about the interpretation of the terms contained in these conditions, in their translated version, the Italian language version shall prevail.

The auction participants and the successful bidders, by registering at the auction, unreservedly accept these terms and conditions and shall be held responsible for any breach of the rules laid down therein.