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Terms and Conditions

The Highest Bid (Offer), Reserve Met
By placing a bid, and the reserve being met, you are making an offer and that offer is being accepted by the Vendor.

If the reserve is met, the highest bidder (the Buyer) on completion of the auction will be presented with a signed BIMCO form 'Memorandum of Agreement - Saleform 1993' (herein referred to as 'MOA93'). This is an industry standard contract between the Buyer & the Vendor, stating the obligations of each party. This will be sent by email to the address given during the registration process or sent by facsimile on request..

Payment – on 'Sold as Seen' auctions
If the Buyer agrees to the Terms & Conditions in the MOA93, he or she will be required, within 48 hours, to transfer funds equal to 10% of the purchase price, plus the 3% buyers fee (plus VAT) to our Clients holding account*, the details of which will be entered on the MOA87. This is a non-refundable deposit. The Buyer will be provided with an invoice for the Buyers Fee.

The Buyer then has a further 7 days to make the final payment to the same Clients account, or provide proof of final payment being made.

The vessel will be sold 'as seen' or 'as is, where is', free from all debts, maritime liens & encumbrances. The contract used (MOA93, Clause 4) will state that the Buyer or his representative has inspected the vessel and is accepted as seen.

Payment – on 'Sold Subject to Survey' Auctions
If the Buyer agrees to the Terms & Conditions in the MOA93, he or she will be required, within 24 hours, to transfer funds equal to 10% of the purchase price, plus the 3% buyers fee (plus VAT) to our Clients holding account, the details of which will be entered on the MOA93. This is a refundable deposit. The Buyer will be provided with an invoice for the Buyers Fee.

The Buyer shall have between 14 and 21 days, as stated in the auction details, to arrange a survey at the Buyers own expense. Within 7 days of the survey the Buyer has the option to reject the vessel or complete the purchase. If a formal rejection of the vessel is not received within 7 days it is automatically assumed that the Buyer accepts the vessel and must complete the purchase. Usually, the Buyer must make the final payment within 28 days of signing the Memorandum of Agreement.

The vessel will be sold free from all debts, maritime liens & encumbrances.

Delivery
Upon receipt of the full payment, (when the funds have cleared in the Capital Clients account) the Buyer will be presented with a signed 'Protocol of Delivery', stating that the obligations set out in the MOA93 have been met and that the Buyer assumes full responsibility of the vessel from that time & date. The Buyer will also be presented with a UK MCA Bill of Sale duly endorsed to state that there are no outstanding mortgages on the vessel.

Examples of the legal documents to be used are available on request.

Condition, Suitability & Disclaimer
Capital Marine Services (UK) Ltd nor the Vendor will be liable for any assumption made as to the condition of the ship, its structure, machinery & equipment. No machinery or equipment has been tested by CMS (UK) Ltd. or any of their representatives. Any person wishing to buy this vessel is strongly advised to employ the service of a suitably qualified marine surveyor and / or marine engineer to determine the exact condition.

Default
If the 10% deposit is not made, or proof of payment received within 24 hours, Capital Marine Services (UK) Ltd., acting as Agent to the Vendor, is obliged to offer the vessel to the next highest bidder.  If making a payment from overseas a copy of the bank transaction will be required as proof of payment.

In the event that the deposit has been paid but the final payment not made by the date in Clause 3 of the MOA, this shall be considered as a Buyers Default, as per Clause 13 of the MOA, and the deposit forfeited.

Highest Bid (Offer), Reserve Not Met
In the event that the reserve is not met, the highest bidder will not automatically have exclusive right to buy the vessel at that price. He or she may enter into negotiations with the Vendor, through Capital Boats, but the Vendor is under no obligation to sell to the highest bidder if the reserve is not met - in this situation the Vendor will be open to all offers once the auction has ended.

By participating in any auction listed on this website, it is assumed that you agree to these Terms & Conditions.

Capital Boats & Capital Marine Auctions are trading names of Capital Marine Services (UK) Ltd. Registered in England & Wales. Registration No.6384561.
Capital Marine Services (UK) Ltd. and the trading names are registered with the UK Information Commissioner’s Office under the Data Protection Act 1998.
We are also registered with HMRC under the Money Laundering Regulations.

*The Capital Clients account is a non-business account established as a joint account to hold funds on behalf of both parties

01 January 2012

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