DEFINITIONS & INTERPRETATIONS

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

Click on a letter for the words that begin with ...

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Sale Price

means the same as purchase price.

Second Hand Vehicle

means a pre-owned or previously used vehicle and includes a vehicle that has at any time before being offered for sale, been licensed or registered in an state of Australia, but does not include a demonstration vehicle.

Seller

means the owner of a lot or item or their agent who controls, organises or negotiates a sale, or any person deriving title under that party or the party named or described in a Contract as the Seller.  (Catalogue)

Shade Sail

means a flexible membrane, usually stretched horizontally, that is attached only by the corners to vertical or near vertical poles or another structure, without supporting framework, which is used for proving shade, weather protection or visual screening.

Signed

In relation to a body corporate means executed by or on behalf of a body corporate in a way that is effective in law and binds the body corporate.

Silent Sales

means a lot or Item that are sold discretely without ever officially coming onto the market.

Sill Panel

means:

1.  A closed panel or longitudinal box-section member of the body shell at floor level located below the doors where the inner sill or side member forms the bottom of the inner sill connecting the sill area to the floor panel.

2.  A box-section cross member located just below the lower edge of the boot lid (when closed).               


Sling

means a cash 'kickback' that must be paid in order to do business.  Slings are very common within the Motor Vehicle industry. 

For Example: A motor vehicle buyer (who buy's and sells vehicles) working for a dealer trades a vehicle for $3000.  However, as the dealer does not sell that age and type of vehicle in their yard the buyer contacts another dealer and offers them the vehicle for $3,300 on the condition they pay a $400 cash 'off-the-record' sling.



 

 

Software

means the programs and other operating information used by a computer.

Speedometer

is an instrument usually found on the dashboard which is used to determine forward speed of a vehicle in kilometres per hour or miles per hour. (Odometer, Trip Metre)

Spend Consideration

means the monetary amount that is required to be spent on a vehicle to repair defects or return it to a state of full road-worthiness and/or return it to a state where the vehicle can be on-sold.

We always account for the Spend consideration in our bidding and negotiations.

Common 'private purchase' spend considerations include replacing worn tyres and repairing or replacing chipped windscreens. Common 'dealer' spend considerations include repairing and re-spraying damaged panels, replacing cracked headlights and tail lights and repairing upholstery.

Statutory Write-Off

means a vehicle that has had such extensive damage that it has been deemed unsafe to repair or cannot be repaired. Statutory Write-Offs cannot be re-registered and can only be used as a source of spare parts.(Economic Write-Off)

          Statutory Write-Offs can be categorised into five types depending on the type of damage:

          1.  Major body or mechanical damage
          2.  Salt water immersion
          3.  Fresh water immersion
          4.  Fire Damage; and
          5.  Vehicle stripped

Style

means an object, item article or thing manufactured or made as an intentional reproduction of an earlier type of object, item article or thing.  In other words, 'In the manner of'.

Successful Bidder

means the person who advances the highest bid on the Fall of the Hammer that is accepted by the Auctioneer.

Successful Purchaser

means the person who successfully negotiates the purchase of a lot or item.

Success Fee

means a professional service fee, as outlined in the Fee Schedule, which is payable on each vehicle Bid 4 U purchases in addition to the applicable Attendance Fee or Location Fee, whenever Bid 4 U is the successful bidder or where Bid 4 U successfully negotiates a purchase.  A Success Fee is also payable where the Client breaches any of the obligatons imposed by the Contract.

Supplier

means the supplier or third party provider of products or services who is directly or indirectly bound to supply those products or services to the Client or Bid 4 U.

 

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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*