REIQ Flood Support Auction terms and conditions

These terms and conditions ("Additional Terms") govern any individual or entity participating or bidding in the InCommunity Inc ABN 65 653 625 605 ("InCommunity") auction, sponsored and promoted by The Real Estate Institute of Queensland Limited ABN 40 009 661 187 ("REIQ"). The Additional Terms are to be read in conjunction with the Auctions Live Platform Terms and Conditions published at https://auctionslive.com/buyers/auction_terms_and_legislation/online_bidder_terms_and_conditions ("Terms").

1. Interpretation and Definitions

Capitalised terms used in these Additional Terms that are defined in the Terms have the same meaning as given in the Terms.

All values expressed in auction listings (in any format) are in Australian dollars (AUD) unless otherwise specified.

All bids, reserves, estimates, "Hammer Prices" and other expressions of value are understood to be in AUD unless otherwise specified.

In these Additional Terms:

"Auction" means:

(a) the online silent Auction conducted on the Market Buy Platform on 11 to 13 April 2022 (Market Buy Auction); and

(b) the live online Auction conducted by Apollo Auctions on Auctions Live on 13 April 2022 (Live Auction).

"Auctioneer" means the auctioneer appointed by InCommunity to conduct the Auction;

"Buyer" means the successful bidder upon the Fall of the Hammer;

"Fall of the Hammer" means the point at which the Auction closes after acceptance of the highest bid (excluding the point at which the Auction closes if the Item is passed in);

"Hammer Price" means:

(a) for the Market Buy Auction, the amount of the highest bid accepted by the Platform in relation to an Item upon the Fall of the Hammer; or

(b) for the Live Auction, the amount of the highest bid accepted by the Auctioneer in relation to an Item upon the Fall of the Hammer.

" Item" means the item or items described against any number in the Auction listing;

"Platform" means the electronic, online auction platform utilised by the Seller to conduct the Market Buy Auction or Live Auction;

"Registered Bidder" or "Bidder" means any person registered to bid or to be registered to bid on an Item at the Auction;

"Reserve" means the lowest amount at which the auctioneer has agreed with the Seller or the Seller's Affiliate that the Item can be sold; and

"Seller" or "InCommunity" means InCommunity Inc ABN 65 653 625 605.

2. Auctioneer as agent

The Bidder acknowledges and agrees that except as otherwise stated, the Auctioneer acts as agent for the Seller only, and the contract for the sale of the relevant Item is therefore made between the Seller and the successful Bidder, as the Buyer.

3. Before the auction

3.1 "as is" basis

The Seller provides no guarantee in relation to the nature of the Item. The Item is sold on an "as is" basis.

3.2 Auction listing and other descriptions

(a) All statements provided:

i. in connection with the Auction about a listed Item; ii. in the Auction listing entry for the Item or in any condition report; or iii. provided orally or elsewhere in writing,

are statements of opinion based on information received from the Seller or Auctioneer. Such statements do not constitute a representation, warranty or assumption of liability by the Seller of any kind.

(b) References in an auction listing entry to damage or certification are for guidance only and should be evaluated by personal inspection by the Registered Bidder or a knowledgeable representative. The absence of such a reference does not imply that an item is free from defects, nor does a reference to particular defects imply the absence of any others.

(c) Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purpose.

(d) The Seller is not responsible for any errors or omissions in the listing or any supplemental material. Images are provided as a guide only and should not be relied upon as a true representation of colour, condition or quality. Images are not shown at a standard scale.

4. Auction process

4.1 Registration before bidding

(a) Bidders must register for the auction before bidding. The Registered Bidder warrants that it has legal capacity to register as a Bidder.

(b) If a Bidder is registered to bid on behalf of another person, the Bidder warrants it has obtained the necessary consent in writing from that person prior to registering as the Bidder. Unless the details of the person the Registered Bidder is bidding on behalf of is provided to the Auctioneer prior to the Auction, the Registered Bidder is taken to bid in their own capacity.

4.2 Exclusion from participation

The Auctioneer reserves the right at its complete discretion to refuse to allow any Bidder to register for an auction, and to reject any bid.

4.3 Platform bidding

Bids will only be accepted online through the Platform nominated by Seller. The Seller accepts no responsibility for any errors, outages, lack of accessibility, failure to execute bids or any other miscommunications regarding this process or Platform. It is the Registered Bidder's responsibility to ensure the accuracy of the relevant information regarding bids, Items and contact details.

4.4 Reserves

(a) Unless otherwise indicated, all Items are offered subject to a Reserve, which is the confidential minimum price below which the Item will not be sold. The Reserve will not exceed the low estimate provided in the auction listing (if any).

(b) The Seller reserves the right to bid, either personally or by a representative. If the Seller or their representative bids for the Item the Auctioneer must clearly announce to all other Registered Bidders that the bid is made on behalf of the Seller.

4.5 Auctioneer's discretion

The Auctioneer has the discretion to refuse to accept a bid from any Registered Bidder. A bid will be taken to be accepted and irrevocable unless the Auctioneer refuses it. If the Auctioneer refuses a bid, the Auctioneer must announce to all other Registered Bidders that the bid has been refused.

4.6 Disputes

Without affecting clause 4.5, if there is any dispute over a bid or the result, the Auctioneer may:

(a) re-open the bidding; and/or

(b) determine the dispute in any other way the Auctioneer considers appropriate in his/her absolute discretion.

4.7 Successful bids

(a) Immediately on the Fall of the Hammer the Item is sold and marks the acceptance of the highest bid and the conclusion of the contract between the Buyer and the Seller.

(b) The Seller and the Buyer agree to sign all documents and do everything else necessary to transfer the item to the Buyer.

5 After the auction

5.1 Payments

(a) Once an Item is sold, the Seller will issue its tax invoice to the Buyer for the Hammer Price, plus: i. any applicable Taxes (including GST); and ii. if payment is made by credit card, any credit card surcharge charged to InCommunity.

(b) The Buyer must make payment of the Seller's tax invoice to an account nominated by the Seller within one (1) business day of receipt of the tax invoice from the Seller.

5.2 GST

The Auctioneer will announce in clear terms: 1. If GST is to apply or not; and 2. One of the following applicable GST Clauses IF THE SELLER IS NOT REGISTERED FOR GST: The goods or services is offered for sale on a GST inclusive basis - which means the knock down price is the sale price.

IF THE SELLER IS REGISTERED FOR GST: The goods or services is offered for sale on a GST exclusive basis - which means the knock down price attracts GST at 10% of the selling price.

5.3 Delivery or pick up

(a) The relevant Item will not be made available for pick up unless or until InCommunity receives clear funds of all amounts payable to it in accordance with clause 5.1.

(b) The Buyer is responsible to collect the Item and indemnifies the Seller against any loss, damages or costs incurred in relation to their collection of the Item.

5.5 Remedies for non-payment

If the Buyer fails to make payment in accordance with clause 5.1 when due, the Seller is entitled to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available under the law):

(a) to cancel the sale; and

(b) to re-sell the by any means and at any price the Seller sees fit.

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