DEFINITIONS & INTERPRETATIONS

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

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Economic Write-Off

means a when an insurance assessor estimated that the financial cost of a vehicle repair exceeds the full payment of the insurance claim but considers that the vehicle can be repaired. (Statutory Write-Off)

EFT

means Electronic Funds Transfer.

Eligible Motor Vehicle

means a motor vehicle having regard to its age, authenticity and condition is classified by the respective motor vehicle owners club as being eligible for entry to be judged in a Concours d’Elegance.  (Concours)

Engagement

means a written contract between Bid 4 U and Client relating to the provision of professional bidding, item location or private treaty negotiation services. Until a contract is signed Clients are referred to by Bid 4 U as prospective Clients. (Prospective Client).

Engine Number

means the number stamped onto the engine of the vehicle itself. The engine number can usually be found on a flat area towards the front of the engine on a flat area.

ESC (Electronic Stability Control)

means the integration of the ABS and ASR traction control systems into the Electronic Stabilisation Control (ESC). In short, ESP helps ensure in extreme driving conditions the vehicle travels in the direction steered. 

The ESC system constantly compares the actual movement of the vehicle with pre-determined values and should a situation arise where the vehicle starts to skid, ESC automatically applies the brakes to individual wheels and automatically adjusts the engine’s power output to correct the problem. ESC prevents vehicles spinning off on a curve due to either understeer or oversteer and from losing control when trying to avoid an accident, such as when trying to steer around an object that has suddenly fallen onto the road. 

Estimate

means the same as Auction Estimate but may also refer to items for sale other than by auction.

Exclusive Rights Authority Period

means a specified timeframe contractually agreed to by a Client giving Bid 4 U exclusive authority to provide professional services on the Client’s behalf.

Expected Auction Commencement Time

means the Auction commencement time and date described in the Auctioneer’s terms and  conditions of sale.

Note:
The expected Auction commencement date may differ from the actual auction commencement time and date.  For example; where an Auction is postponed.

 

 

Expenses

means travel, fuel, meals, accommodation and any other expenses incurred by Bid 4 U in excess of the applicable Attendance Fee or Location Fee allowance, incurred by Bid 4 U to attend a client consultation, an auction viewing, an auction, to locate an item or conduct private treaty negotiations on a Client’s behalf.

Note 1. All expenses, other than vehicle mileage, are charged by Bid 4 U to Client's AT COST.
  2. Brekfeast is included in the Accommodation Costs.

 


Extended Warranty

means a warranty purchased separately that operates in conjunction with or after the applicable Used Car Statutory Warranty and generally covers mechanical failure and/or breakdown. 

(New Car Extended Warranty,
New Car Manufacturers Warranty, New Car Statutory Warranty, Used Car Statutory Warranty, Warranty)

Note 1. Most Extended Warranties have extensive lists of exclusions and are usually conditional on having the  
vehicle serviced by the selling dealer.  
  2. A Used Car Statutory Warranty or Extended Warranty is no substitute for Bid 4 U purchasing a  
quality, well serviced, safe, reliable, non-accident, collision or hail damaged, good condition
vehicle in the first place.

 

 

 

 

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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*