DEFINITIONS & INTERPRETATIONS

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

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Fall of the Hammer

means the final Bid for the highest monetary amount (in Australian Dollars) advanced for a lot that is accepted by the Auctioneer. The Fall of the Hammer is usually denoted by a verbal declaration by the Auctioneer that the lot is sold and/or accompanied with the strike of a gavel.

Note: Where the highest bid exceeds the reserve price set by the Auctioneer, the lot is normally automatically sold on the Fall of the Hammer to the highest bidder, however, where the highest bid fails to reach the reserve price the highest bidder usually becomes the under-bidder.

 

 


Farm Produce

means hides, skins, tallow, cereals, grain, potatoes, onions and other vegetables, tubers and edible roots, fruit, hay, chaff, tobacco, dairy produce, live or dead poultry and game and eggs but does not include wool.

Finance Approval

means the written pre-approval of a loan or home equity loan or the granting of a loan or home equity loan by a finance provider for the amount stated in the Contract.

FOPS

is an acronym for Falling Object Protective Structure.  Falling Object Protective Structures (FOPS) are life-saving devices which prevent falling objects such as rocks and branches from striking equipment or machinery operators.  (ROPS)

Full Amount Payable

means the aggregate of the Amount Realised and any other fees, charges and penalties payable to the Auctioneer or Seller within the timeframe specified in the Contract.

Full Purchase Price

means the full amount payable (in Australian dollars) to the Auctioneer, Dealer or Seller being the aggregate of the amount realised and all other fees or charges levied or imposed by the Auctioneer or by any other party for any reason, including for default of an auction condition.

The Full Purchase Price does not include:

  • Bid 4 U’s Professional Service Fees;
  • Lot dismantling, transport, removal, delivery, assembly and insurance costs;
  • Any other fees, charges or taxes which may be payable, such as stamp duty, luxury car tax or license fees.

 

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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*