Auction Xchange
69 Western Parkway Business Park, Ballymount, D12 VX22
T: 01-2930020
E: info@auctionxchange.ie
W: www.auctionxchange.ie
PSRA Licence No. 001245
Letter of Engagement No.:___________________________________
Property Services Agreement
Auction of Goods, Chattels, Equipment, Assets, Vehicles, Other, Property (excluding freehold land)
(hereinafter also referred to as the "Lot(s)")
1. Parties to the Agreement
Client Name(s):________________________________________________________________________________
Business Name:________________________________________________________________________________
Email Address:_________________________________________________________________________________
Contact No. / Mobile No.:_________________________________________________________________________
Online Client/Seller Registration Number: ____________________________________________________________
(hereinafter referred to as the "Client or Seller")
Agent's Name: Andrew Hamilton
Business Name: Auction Xchange
Business Address: 69 Western Parkway Business Park, Ballymount, Dublin 12
PSRA Business Licence No: 001245
(hereinafter referred to as the "Agent")
2. Property Service to be Provided
The Agent is contracted to sell by the Auction Sales Process, on behalf of the client, Lot(s).
2.1 The Auction Sales Process
i) the Lot(s) sells at its assigned Advised Minimum Value ((hereinafter referred to as the "AMV") or higher, in the initial Timed Online Auction;
ii) if any Lot(s) does not sell in the initial auction, it will be made available to online buyers to Place a Bid to Buy Now at its AMV in real-time, for a minimum period of 5 days;
iii) if any Lot(s) is not sold post the Buy Now period, it will be re-entered into a future Timed Online Auction with No Reserve and will be sold to the highest bidder;
iv) any remaining unsold Lot(s) post the expiry of i) to iii) above, will be withdrawn and collected by the Client/Seller within 6 days, thereafter any remaining unsold Lot(s) will be disposed of and the fee for same deducted from any balance of accompanying Lot(s) auction sales proceeds.
2.2 Indemnity
The Client warrants to Auction Xchange and to the Buyers that the Client is the true owner of the Lot(s) or is properly authorised to sell the Lot(s) by the true owner; The Client is able to transfer a good and marketable title to the Lot(s) free from any third party claims; and every representation made by the Client (in any form) about the Lot(s) is wholly accurate and informed, and the Client acknowledges that such representations will be relied upon by Auction Xchange and the Buyers.
The Client indemnifies Auction Xchange, their servants and agents and the Buyers against any loss or damage suffered by them in consequence of any breach of the warranties set out in this Clause 2.2 on the part of the Client/Seller.
3. Agent's Fee
The Agent's fee shall be the higher of 17.5% per Lot of the value of the Lot(s) sold or the minimum fee of €4.07 per Lot(s) sold. VAT is payable on the seller's fee at the prevailing rate at the time of sale (currently 23% VAT).
4. Buyer's Premium
The Agent may also charge a fee to the purchaser "the buyer's premium". The buyer's premium is a commission paid by the buyer to the Agent in addition to the sale price. It is separate from the fee outlined in Clause 3. The buyer's premium shall be the higher of 22.5% per Lot of the value of the Lot(s) sold or the minimum fee of €4.07 per Lot(s) sold. VAT is payable on the buyer's premium at the prevailing rate at the time of sale (currently 23% VAT).
5. Duration of Agreement
The Agreement shall commence on the date the Lot(s) are received by Auction Xchange and shall continue in force until all Lot(s) received are sold, disposed of, and/or withdrawn & collected, as per the Auction Sales Process above ("The Contract Period"). If terminated before the end of the contract period, 7 days notice shall be given.
6. Conflict of Interest
The Agent affirms that no conflict of interest exists that prevents him/her providing the property service for the Client.
7. Professional Indemnity Insurance
The Agent holds PI Insurance with:
Insurer's Name: AIG Europe Ltd.
Address: AIG House, Merrion Road, Dublin 4
8. Records
The Agent will keep a record of the services provided on foot of this Agreement for 6 years. All financial records must be kept for 7 years.
9. Bank Account
The Agent's "Client Account" is held at:
Name of Bank: AIB Bank
Address: Stillorgan, Co. Dublin
10. Client Moneys
Any interest credited to the Client Account in respect of monies held by the Agent will be dispersed in accordance with the Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012.
11. Complaints
Any complaint which the Client may have arising under this Agreement may be dealt with by Andrew Hamilton email: ahamilton@auctionxchange.ie A response will issue within 10 working days of receipt of the complaint.
Where the Client is dissatisfied with the response to the complaint received from the Agent, the Client may make a complaint to: Property Services Regulatory Authority, Abbey Buildings, Abbey Road, Navan, Co Meath, C15 K7PY.
12. Statement of obligations on the Agent pursuant to section 42 and 43 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
The Agent is obliged under sections 42 and 43 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to report to An Garda Síochána and the Revenue Commissioners suspicious transactions and transactions involving places designated under section 32 of that Act.
13. Data Protection
Auction Xchange will process all your personal information in accordance with the relevant Data Protection laws. Please visit our Privacy Statement on our website: https://auctionxchange.ie/page/28/Privacy-Policy for more information on how we use your information and your rights in relation to this.
14. Signatures:
AUCTION XCHANGE
________________________________________ ____________________________________________
Company / Business Name Client Company / Business Name
PSRA Business Licence No. 001245
Print Name: Print Name:
ANDREW HAMILTON
________________________________________ _____________________________________________
Licensed Agent Client
Signed: Signed:
...................................................................... ..............................................................................
Licensed Agent Client
PSRA Negotiator Licence No. 001245-004073
Date: ___________________________________ Date: ________________________________________
Hamilton Corporate Ltd. t/a Auction Xchange; PSRA Licence No. 001245; Registered No. 473231; VAT No. 9709760E; Directors A Hamilton AM Hamilton
Selling at Auction