Conditions of Sale

English translation:

TERMS, CONDITIONS & RULES TO PARTIPATE IN AUCTIONS

Panama Auction Valuation & Services S.A. trading as Panabid
Office 312
Building 3845
International Business Park
Panama Pacifico
Panama

Panabid Africa (Pty) Ltd trading as Panabid
Plot 29 Naauwpoort
R544
Emalahleni
1035
South Africa

The following definitions will apply:

Panabid: Panama Auction Valuation & Services and/or Panabid Africa (Pty) Ltd.
The buyer or bidder: The person/entity purchasing or with the intent to purchase assets.
The seller or owner: The person/entity with the lawful ownership of assets and entitled to sell assets.
Reserve price: A hidden or non-hidden minimum price the owner (the seller) of the assets would like to attain for the assets.
Subject to confirmation: The seller (the owner) has to accept or reject the offered bid after the auction, irrelevant of the reserve price being met and/or exceeded.
Bid/offer: The monetary amount the buyer (the bidder) is willing to pay for assets.
Lot: Either an individual asset or a group of assets that are offered for sale at/on the auction.
Deposit: An amount of money that has to be paid before the buyer (the bidder) can participate in the auction.
Catalogue: Inventory list of assets being sold at/on the auction.
Registration form: A form that has to be completed before participating in the auction.
Notice to bidders: A document on Panabid’s website explaining all aspects of the specific auction such as deposit amounts, collection times, banking details, etc.
Required documents: A document on Panabid’s website explaining what documents are needed of the buyer (the bidder) to participate in the auction.
Release note: A note that will be issued to the successful buyer (the bidder) once full payment for assets purchased has been made giving the buyer (the bidder) permission to remove/receive assets from the premises.

Registration and due diligence:

The buyer must: 

If the buyer does not provide all documents required or/and pay the requested deposit, they will not be given the opportunity to participate in the auction.
In the event where another person/entity bids on behalf of the buyer, the buyer must supply a signed letter of authority authorising the person/entity to bid on the buyer’s behalf. 

General terms, conditions and rules of auction:

All auctions will be conducted and regulated by Panabid.
The auction will commence at the time published and will not be delayed for any person/entity.
Panabid holds the right to withdraw any assets from auction, at any time, without notice and without penalty or explanation thereof.
All assets are sold in accordance to the current, relevant and applicable laws in the country where the assets are being sold.
All assets will be sold as individual lots, unless otherwise listed as a group of assets being sold as an individual lot.
The seller and/or Panabid have the right to accept and reject any bids.
Some assets on auction may be subject to an undisclosed reserve price.
Panabid (or affiliated employees) shall be entitled to bid up to the reserve price on behalf of the seller but shall not be entitled to make a bid equal to or exceeding the reserve price. This rule will not apply if the auction is listed as an unreserved auction.
For purposes of reserved auctions all assets will be sold subject to confirmation, if any assets are subject to confirmation, the confirmation period will be specified in the notice to bidders, unless otherwise stated by Panabid or advertised, during which period the buyer will not be permitted to withdraw, change or cancel its bid.
Any bids placed on any assets cannot be changed, reversed or cancelled.
The buyer with the highest bid for the assets being sold will be grated the purchase of the assets.
By placing any bids on any assets during live or online auctions, the buyer validates that it has the legal capacity/authority to purchase any assets and can finance all assets purchased in the full amount offered with any other expenses that may be applicable.
In the event of a dispute where the highest bidder cannot be identified; Panabid has the right to declare the successful buyer, re-auction the lot concerned or/and remove the assets from the auction.
In the event that the buyer participates online in the auction, whether through any mobile application, the internet or through webcast broadcasting; Panabid will not be held liable for slow internet connection resulting in the buyer being disconnected to the auction be it the buyer’s internet connection interruption or/and Panabid’s.
Panabid accepts no responsibility for the loss of a potential purchase, should a bid not be recorded as of the result of the buyer being disconnected or/and the online bidding platform going offline during the auction.
In the event of conflicting bids, the floor/live bid will be favoured over the online bid, however, ultimately it is Panabid’s right of decision which bid will take preference.
If the buyer breaches any conditions, terms and/or rules of this contract, the buyer will be held liable to pay any expenses occurred by Panabid as a result of the breach.
Neither the seller nor Panabid will be liable for any loss relating to revenue, profits, contracts, business, savings, goodwill and/or reputation of the buyer.
In the event where the buyer’s bid is unsuccessful, the deposit paid to participate in the auction will be refunded within 2 to 7 business days of the closure date of the auction; the buyer must provide Panabid with its banking details for refunds.
If the buyer’s bid is successful, deposits will only be refunded once assets have been paid for and removed from the seller’s or Panabid’s premises. 

In the event when the buyer purchased assets but cannot pay the purchase price in full, the following conditions will apply: 

Conditions of assets:

All assets are sold in the present condition, as they are and where they are with no guarantees/warranties given, implied or expressed.
The buyer accepts that any intellectual property rights related/affiliated to the assets sold is not the intellectual property rights of the seller and is incapable of being transferred, the buyer’s use of any intellectual property rights or exploitation thereof is solely at the buyer’s own risk and is not authorized by the seller or Panabid.
Any descriptions and visual/auditory representations on Panabid’s website is solely for the buyer’s convenience. Panabid undertakes its best efforts to ensure that all information (descriptions and/or visual/auditory representations) on all assets are as accurate as possible, the buyer relies on all information (descriptions and/or visual/auditory representations) given at its own risk.
The descriptions and visual/auditory representations on Panabid’s website and catalogues are not intended to be a guarantee of authenticity of the assets on auction, Panabid therefore takes no responsibility for the genuineness of descriptions and visual/auditory representations.
It is recommended to inspect and view all assets before purchasing, viewing and inspections of assets may be done online or at the seller’s or Panabid’s premises during the time periods stipulated in the notice to bidders or auction information.
The buyer should be satisfied and pleased with any asset’s condition, descriptions and/or visual/auditory representations before proceeding with a purchase, all purchases are at own risk.
Neither Panabid (or affiliated employees) nor the seller will be held responsible for any errors of conditions and/or descriptions and/or visual/auditory representations of any assets being sold. 

Payment terms:

All bids exclude the buyer’s premium, any current, relevant and applicable sales tax or value added tax within the country where the sale of the asset takes place and any other expense occurred.
The buyer’s premium is non-negotiable, and the buyer will be charged with a “buyer’s premium” which all buyers are subject to pay.
Panabid may also receive commission from the seller for acting as an agent between sellers and buyers.
The buyer must pay all invoices for purchased assets within the period specified in the notice to bidders or auction information, once full payments of assets have been made a release note for removal of assets will be issued.
Due to financial regulations, only wired/electronic transfers will be accepted as a means of payment, only within the Republic of Panama will bank certified cheques be accepted as a means of payment as well.
Payment instructions for assets will be specified within the notice to bidders or auction information, invoice or on the website of Panabid.
The buyer will be responsible for any charges occurred due to transfer and/or conversion of money.
Exporting/Importing assets will be done at/on the buyer’s own expense and risk.
Payment for assets must be made immediately after invoices have been issued and within a maximum of 2 days from the closure date of the auction or invoice date.
Proof of payment must be supplied to Panabid, and removal of assets will only be granted once the money is reflected in the bank account of Panabid.
All invoices will be issued by email in an electronic format.

Removal and relocation of assets:

It is the buyer’s responsibility to remove assets from the seller’s or Panabid’s premises and pay all/any expenses occurred thereof.
The buyer will remove assets from the seller’s or Panabid’s premises at its own risk.
All assets must be removed from the seller’s or Panabid’s premises within the period specified in the notice to bidders or otherwise privately arranged with the seller or Panabid.
The buyer cannot remove any assets without presenting the release note it was issued and if all payments and/or expenses for assets have not been paid in full and reflected in the bank account of Panabid.
Procedures to remove assets, such as what documents are required, time periods of removals, etc, will be stipulated in the notice to bidders.
Panabid will not be held responsible for any damages occurred to assets after the assets have been declared sold and/or during the removal of assets.
It is the buyer’s responsibly to comply with any current, relevant and applicable health, safety, environmental and procedural requirements within the country where the assets are being removed and relocated to.
The buyer will be liable to pay storage fees to the seller or Panabid if an asset is not removed within the specified period specified in the notice to bidders, unless otherwise arranged with the seller or Panabid.
Assets not removed within the prescribed or otherwise arranged time period will be forfeited and re-auctioned.
The buyer acknowledges that neither Panabid nor the seller are obligated to give any support or assistance with removal of the assets.
The buyer acknowledges that it understands that some assets for sale may contain hazardous substances and/or dangerous chemicals, which if not handled correctly during removal from the seller’s or Panabid’s premises could potentially be in breach with the health, safety and environmental legislation in the country where the assets are being removed and relocated to.
Panabid will not be held responsible for any legal situation arising of incorrect asset removal, or to remove any hazardous substances within and/or part of any asset.
The buyer accepts to remove, ship and use any asset purchased in accordance to any current, relevant and applicable legislation/jurisdiction within the country where the assets have been purchased, relocated to and will be operating in.
The buyer also accepts to comply to all current, relevant and applicable legislation/jurisdictions in relation to removal and/or disposal of waste (including hazardous waste).
The buyer agrees to comply to all current, relevant and applicable export/import legislation/jurisdiction within the country where the asset is being removed from and/or being relocated to.
The buyer acknowledges that Panabid is not an exporter/importer for any purchased assets.
No assets will be released for removal during the auction. 

Ownership and titles:

The buyer accepts all risks relating to the assets being purchased.
All assets shall remain within the seller’s or Panabid’s title until full payment for the asset has been made and when the assets have been removed from the seller’s or Panabid’s premises.
The buyer accepts all responsibility to arrange any insurance of assets if deemed necessary within the country where the asset will be removed from, relocated to and be operational.
The buyer is responsible for all expenses relating to registrations and title transfers of assets. 

Marketing:

By creating an account within the website and/or mobile application of Panabid, the buyer agrees to receive marketing materials via email, phone and any other forms.
The buyer has the right to opt out of these marketing materials at any time by contacting Panabid.

Acceptance of terms, condition and rules of auction:

All parties accepting these terms, conditions and rules confirm that they have read and understood all the terms, conditions and rules contained throughout this contract, agree to adhere to terms, conditions and rules of auction and that this is a binding contract.

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Traducción española

CONDICIONES Y REGLAS PARA PARTICIPAR EN LAS SUBASTAS

Panama Auction Valuation & Services S.A. actuando como Panabid
Oficina 312
Edificio 3845
International Business Park
Panama Pacifico
Panama

Panabid Africa (Pty) Ltd actuando como Panabid
Plot 29 Naauwpoort
R544
Emalahleni
1035
Sudafrica

Definiciones aplicables:

Panabid: Se refiere a Panama Auction Valuation & Services S.A. y/o Panabid Africa (Pty) Ltd.
El comprador o postor: Persona o entidad que compra o tiene la intención de comprar activos.
El vendedor o propietario: Persona o entidad con la propiedad legal de los activos y derecho a venderlos.
Precio de reserva: Precio mínimo (oculto o no) que el vendedor desea alcanzar por los activos.
Sujeto a confirmación: El vendedor debe aceptar o rechazar la oferta posterior a la subasta, sin importar si se alcanzó o superó el precio de reserva.
Oferta/Puja: Monto monetario que el comprador está dispuesto a pagar por los activos.
Lote: Activo individual o grupo de activos ofertados en la subasta.
Depósito: Monto a pagar para poder participar en la subasta.
Catálogo: Lista de inventario de los activos en venta.
Formulario de registro: Documento obligatorio para participar en la subasta.
Aviso para postores: Documento disponible en el sitio web de Panabid que detalla aspectos clave de la subasta (depósitos, horarios de retiro, datos bancarios, etc.).
Documentación requerida: Documento que indica los requisitos que debe cumplir el comprador para participar.
Nota de retiro: Documento emitido al comprador exitoso tras el pago completo, autorizando el retiro de los activos.

Registro y diligencia debida:

El comprador deberá:

Si no se entrega toda la documentación ni se paga el depósito, no se permitirá participar en la subasta.
Si un tercero participa en representación del comprador, deberá presentarse una carta de autorización firmada.

Términos, condiciones y reglas generales de la subasta:

Las subastas están organizadas y reguladas por Panabid.
Comenzarán en el horario indicado, sin retrasos por ningún participante.
Panabid puede retirar activos sin previo aviso ni penalización.
Los activos se venden conforme a las leyes aplicables del país donde se ubican.
Los activos se venderán individualmente, salvo que se indique lo contrario.
El vendedor o Panabid pueden aceptar o rechazar cualquier oferta.
Algunos activos pueden tener un precio de reserva.
Panabid puede pujar hasta el precio de reserva en nombre del vendedor (no aplicable en subastas sin reserva).
Las ventas sujetas a confirmación tendrán un plazo indicado en el aviso para postores; durante este tiempo no se puede cancelar ni modificar la oferta.
Ninguna oferta podrá ser cambiada, revertida ni cancelada.
El comprador con la mayor oferta válida obtendrá el activo.
Al ofertar, el comprador certifica su capacidad legal y financiera para adquirir el activo.
En caso de disputa sobre el postor ganador, Panabid podrá: declarar un comprador, volver a subastar o retirar el lote.
Panabid no será responsable por desconexiones de internet del comprador ni por fallas en la plataforma de pujas.
En caso de conflicto entre ofertas presenciales y en línea, prevalecerá la presencial, salvo decisión contraria de Panabid.
Si el comprador incumple, será responsable de todos los costos ocasionados a Panabid.
Ni Panabid ni el vendedor serán responsables por pérdidas de ingresos, contratos, reputación o similares.
Si el comprador no gana la subasta, su depósito será reembolsado en 2 a 7 días hábiles tras la clausura, previa entrega de datos bancarios.
Si gana, el depósito se reembolsa solo después del pago total y retiro del activo.

Si el comprador no puede pagar:

Condiciones de los activos:

Se venden “como están”, sin garantía de ningún tipo.
Los derechos de propiedad intelectual vinculados no son transferibles ni autorizados por Panabid o el vendedor.
Las descripciones e imágenes en el sitio web son orientativas y no garantizan autenticidad.
Se recomienda inspeccionar los activos antes de comprar.
El comprador asume todo riesgo asociado a descripciones o representaciones visuales.
Ni Panabid ni el vendedor se hacen responsables por errores en descripciones o condiciones.

Condiciones de pago:

Todas las ofertas excluyen impuestos, IVA, primas del comprador y otros costos.
La prima del comprador es obligatoria y no negociable.
Panabid también puede recibir comisión del vendedor.
El comprador debe pagar dentro del plazo indicado; tras el pago completo se emite la nota de retiro.
Solo se aceptan transferencias electrónicas (cheques certificados solo en Panamá).
Los detalles de pago estarán en el aviso, factura o sitio web.
El comprador cubre gastos por transferencias o conversiones.
Los costos y riesgos de importación/exportación son del comprador.
El pago debe hacerse dentro de los 2 días tras la emisión de la factura.
Se debe presentar comprobante de pago para retirar los activos.
Todas las facturas se emitirán en formato electrónico vía correo electrónico.

Retiro y traslado de activos:

El comprador debe retirar los activos bajo su propio riesgo y cubrir los costos asociados.
El retiro debe hacerse en el periodo indicado o acordado con Panabid.
No se podrá retirar activos sin presentar la nota de retiro ni con pagos pendientes.
Las instrucciones sobre documentos, tiempos y procesos estarán en el aviso para postores.
Panabid no será responsable por daños durante el retiro.
El comprador debe cumplir con regulaciones sanitarias, ambientales y de seguridad del país destino.
Si no retira a tiempo, podrá aplicarse un cargo por almacenamiento.
Activos no retirados dentro del plazo serán re-subastados y el comprador los perderá.
Panabid no está obligado a asistir en el retiro.
Algunos activos pueden contener sustancias peligrosas. El comprador es responsable de cumplir la legislación ambiental.
Panabid no será responsable por incidentes legales por retiro inadecuado.
El comprador acepta retirar, transportar y usar los activos conforme a la ley vigente en el país de operación.
Debe cumplir también con leyes sobre eliminación de desechos y residuos peligrosos.
Panabid no actúa como exportador/importador.
No se liberarán activos durante la subasta.

Propiedad y títulos:

El comprador asume todo riesgo desde el momento de la compra.
La propiedad se transfiere solo tras el pago completo y retiro del activo.
El comprador debe contratar seguros si lo considera necesario.
Es responsable de los trámites de registro y traspaso de propiedad.

Marketing:

Al crear una cuenta en el sitio o app de Panabid, el comprador acepta recibir material promocional.
Puede solicitar dejar de recibir comunicaciones en cualquier momento.

Aceptación de términos:

Todas las partes que aceptan este documento declaran haber leído, comprendido y aceptado los términos y condiciones aquí establecidos, reconociendo que este constituye un contrato vinculante.