Terms and Condition

THE   AUCTION   AGREEMENT       made BETWEEN

OYA KIA KIA BIDDING NIG. LTD.  Incorporated  under the  Law  of Nigeria and having its registered office at No Block   60,   Flat  4, Isolo  Road Dolphin Estate, Ikoyi, Lagos State (hereinafter called “Auctioneer” for goods  and valuable consideration, the receipt and sufficiency of which is hereby acknowledge.

AND

THE SELLER

IT IS HEREBY AGREED AS FOLLOWS:

1. The Seller does hereby give Auctioneer the exclusive right to sell at public auction the following described items, vehicles etc.
2. The Seller does hereby agree to pay the Auctioneer 6% (Six percent) which includes value added tax (VAT) for its services in conducting the sale.
3. Payments by buyers will be made to Oya kiakia bidding ltd
4. The payment will be transferred to the Seller after the buyer has taking custody of the items and are satisfied with the items delivered. Payment to the Sellers shall be exclusive of the 6 percent professional fee and Value Added Tax.
5. The buyers may contact the Sellers for physical inspection or deliberation on the items put up for Auction but payment must not be made directly to the Seller.
6. Buyers are to pay for the delivery of the items purchased to their destination point.
7. The Sellers are to predetermined the Reserve Price , which is the minimum price acceptable to the Seller
8. The Sellers are to set the Bid Price or the Guide Price, which could be below or above the Reserve Price depending on the nature of items or flow of the bidding process.
9. The Seller warrants the following:

• That he/she is/are the legal owner(s) of all the real and personal property mentioned in this agreement.
• The real and/or personal property is free from any all liens, adverse claims, encumbrances, concealed physical defects and any environmental problems as define by law.
• He/she has the full authority to sell and to dispose of the said property(ies)/items in accordance with the terms of this agreement and will give marketable title to the said property or items.

4. It is agreed that the said or properties shall not be withdrawn except by the express written consent of the Auctioneer.
5. The Auctioneer agrees to use its best efforts to obtain the best possible price of said properties/items and to do all things necessary to affect such sale. It is understood and agreed that the Auctioneer by this agreement assumes no liability for the loss by fire, theft destruction or damage to the property(ies) or items for any losses or deficiencies caused by insufficient funds.

This agreement is binding upon the parties hereto and their heirs, successors and assign.

The parties herein acknowledge and agree that this Auction Agreement and all transaction contemplated by this Auction Agreement shall be governed by construed and enforced in accordance with the Laws of Nigeria.

The Seller, its agent, employees and any other parties acting on its behalf, specifically agree to HOLD HARMLESS the Auctioneers, its officers directors and employees, for any injuries or damage arising from any activities associated with the Auction.

Further, sellers agree to indemnify Auctioneer from any claims brought by third parties against Auctioneer arising from or out of the Auction which are in any way attributable to any acts or omissions on part of the seller.

All parties signing this Auction Agreement in any representative capacity represent that they have the authority to sign on behalf of such party or entity.