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Letter of Engagement

Sale Process Terms:


i) the lot(s) sells at the initial Weekly 6.30pm Tuesday auction at a hammer price ranging from: the AMV (Advised Minimum Value) to any amount in excess of the AMV; 
ii) if the lot(s) does not sell at auction, it is available to 'Buy Now at the AMV price' from the auction house floor, for a minimum period of  5 days; 
iii) if the lot(s) is not sold post the Buy Now period, it converts to an 'Un-reserved' status and is re-entered into the next Weekly 6.30pm Tuesday auction with No Reserve Price and is sold to the highest bidder. 

Any remaining unsold lot(s) post this process will be:

i) collected by the vender within 3 days [note: if the client confirms in writing they intend to collect any remaining unsold assets applicable storage charges will apply post this collection period]; 
Otherwise if uncollected, the Lot(s) will be:
ii) disposed of at applicable rates OR convert into Auction Xchange stock for resale, therefore no vendor disposal fee and/or storage charges will be applied.  
 

 

I hereby authorise AuctionXchange to sell by Auction/Tender, the above listed asset entries [lot(s)/item(s)]. I confirm that these assets [lot(s)/item(s)] are not in any way encumbered or subject to any third party financial contract, lease, lean or other third party interest. I agree to the Terms of this Letter Of Engagement, the Conditions of Sale and Sellers Guide, exhibited online & onsite and which the seller shall have deemed to have had notice - copies may be obtained on application.


1. Parties to the Agreement This Agreement is between:

Agent's Name: Andrew Hamilton
Business Name: Auction Xchange
PSRA Registration No: 001245
AND
%SELLER_NAME%

2. Licence The Agent confirms that it is the holder of a current property service provider’s licence, issued by the Property Services Regulatory Authority under the Property Services (Regulation) Act 2011, for the auction of property other than land.

3. Appointment of Agent The Client appoints the Agent as its sole and exclusive agent for the duration of the Agreement to undertake the services specified in clause 4.

4. Property Service to be Provided The Agent is contracted to sell by auction, on behalf of the Client, the property described in Schedule I attached.

5. Duration of Agreement This Agreement shall commence on the specified Auction Entry Date and have effect until asset entries are realized/disposed/withdrawn and/or transferred in completion.

6 Termination of the Agreement 

6.1 The Agreement may be terminated (without penalty) at any time with the mutual consent of the parties.
6.2 This Agreement may be terminated by either party by giving three working days written notice.
6.3 This Agreement may be terminated by the Client where the Agent: (a) is in material breach of the Agreement and fails to remedy such breach within 21 days of having been notified, in writing, by the Client; or (b) is an individual who is declared bankrupt; or (c) is a body corporate which is wound up or liquidated; or (d) is a partnership and any one of the partners is declared bankrupt; or (e) has had his/her licence suspended, not renewed or revoked; or (f) has a conflict of interest in relation to this Agreement and the Client does not consent, in writing, to the Agent continuing to act for the Client.
6.4 This Agreement may be terminated by the Agent where: (a) the Client (i) fails to pay any amount owing to the Agent under this Agreement, or (ii) acts or fails to act so as to prevent the Agent from properly carrying out his/her obligations under this Agreement, and (b) having being notified in writing by the Agent of any matter referred to in paragraph (a) fails to address such matter within 21 days of such notification.

7. Effect of Termination of Agreement Whether the Agreement is terminated by virtue of clause 5 or 6 the client must pay for all agreed promotion expenses and other charges incurred by the Agent up to the date of termination.

8. Agent's fee

8.1. The Agent’s fee shall be 15% of the sale price or a minimum commission per lot of €4.07
8.2 The fee shall become payable on asset sale completion.
8.3 The fee shall be subject to VAT at 23%.
8.4 The Agent shall 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 8.1. The buyer’s premium shall be 15% of the sale price or a minimum commission per lot of €4.07 Vat is payable on the buyer’s premium at the current rate of 23%

9. Outlays In addition to the fees referred to in clause 8.1 the Client shall be liable for all agreed outlays. The outlays (i.e. disbursements made or to be made or expenses incurred or to be incurred by the Agent for and on behalf of the Client in respect of the sale of the property) which have been agreed are detailed by actual Euro amounts in the above Schedule I: Auction Entry Form/Services section (exclusive of VAT). Any additional outlays will be agreed in advance with the Client and confirmed in writing by the Agent. The agreed outlays will become payable on the date the contract for the sale of the asset(s) is concluded.

10. Deposit Any moneys paid by a purchaser on deposit to secure the assets(s) will be held in the Agent's "client account". When the sale is complete or the fees set out in clause 8.1 and any outstanding outlays referred to in clause 9 will be deducted from the deposit held. The balance of the deposit along with any interest so credited, as provided for in the Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012, will be paid to the Client or the Client's solicitor.

11. Indemnity The Agent is not liable to the Client if the Agent fails to do any act it is obliged to do, if such failure arises from the Client’s failure to properly instruct and/or make the appropriate decision in relation to such act.

12. Professional Indemnity Insurance In accordance with section 45 of the Property Services (Regulation) Act 2011 there is in force a policy of professional indemnity insurance which covers the Agent in the provision of this property service. The insurance company which holds the cover is:

Name: AIG Europe Ltd.
Address: AIG House, Merrion Road, Dublin 4
Policy number: RPI33275

13. Records The Agent will keep a record of the services provided on foot of this Agreement. Such records shall include: • The signed copy of this Agreement; • The statement of fees and outlays including any interim statement; • A copy of all promotional material associated with the property service provision • A copy of all communications, both written and electronic, between the Agent and the Client; • Any notes of any conversations about the asset(s) with the Client • A copy of all communications, both written and electronic, between the Agent and a customer in relation to the asset(s); • Any notes of any conversations with a customer in relation to the asset(s); and • Client account details as prescribed by the Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012.

14. Bank Account The Agent's "client account" in respect of this Agreement is Hamilton Corporate Ltd. Client Account and is held at:

Name of bank: AIB Bank Address: Stillorgan, Co. Dublin

15. Complaints Any complaint which the Client may have arising under or in connection with this Agreement may be dealt with by:

(a) Andrew Hamilton, Managing Director Auction Xchange, 96 Bracken Rr, Sandyford industrial Estate, Dublin 18 Phone 01-2930020 Email ahamilton@auctionxchange.ie, and
(b) if dissatisfied with the response to the complaint made under (a), the Client may make a complaint to: Property Services Regulatory Authority, Abbey Buildings, Abbey Road, Navan, Co. Meath.

16. Conflict of Interest

16.1. The Agent affirms that no conflict of interest exists that would prevent the Agent from acting for the Client.
16.2. Where the Agent identifies the existence of, or the potential for, a conflict of interest he/she will, as soon as practicable, inform the Client, in writing, of the circumstances.
16.3 The Agent will immediately inform the Client in writing where the Agent is offered any form of inducement in relation to the matters covered by this Agreement.
16.4 The Agent will not benefit, financially or otherwise, from a situation where there is a conflict or potential conflict of interest on the part of the Agent without the written permission from the Client.

17. No Partnership/Employee/Employer Relationship Nothing in this Agreement shall create, or be deemed to create, a partnership or the relationship of employer and employee between the Parties.

18. Entire Agreement This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof, supersedes all previous agreements and understandings between the Parties and shall not be modified except in writing signed by the duly authorised representatives of each of the Parties.

19. No Representation The Parties acknowledge that in entering into this Agreement, they do not do so on the basis of, and do not rely on, any representations, warranties or other provisions except as expressly provided in this Agreement and all conditions, warranties and other terms implied by statute or common law are hereby excluded to the fullest extent, permitted by law.

20. Severance If any provision of this Agreement is held by any Court or other competent authority to be void or unenforceable in whole or in part, this Agreement shall continue to be valid as to the other provisions thereof and the remainder of the effected provision.

21. Waiver Any waiver by either party of a breach of any provision of this Agreement shall not be considered a waiver of any subsequent breach of the same or any other provisions thereof.

22. Governing Law and Jurisdiction This Agreement shall be governed by and construed in all respects in accordance with the laws of Ireland and the Parties irrevocably submit to the jurisdiction of the Courts of Ireland.

Note: All lots/item(s) are accepted at the Vendors risk. No liability or responsibility is accepted for any damage or loss for any lot/item(s) entered for sale or engaged for transportation. Auction Xchange will issue a receipt detailing the lot(s) hammer price minus applicable fees and dispatch a cheque/bank transfer within 21 days post completion of the sales process. If you do not wish to re-enter the item(s) into the next auction, you will be required to collect these item(s) from the showroom within a minimum of 2 days prior to the next auction. All owners of goods remaining at the Saleroom, after notice has been given for removal will be charged storage fees at the rate of €3.50 (€2.85+VAT) Per Pallet Per Day (minimum charge of one pallet / applicable 7 days a week), if uncollected, lot(s) can be entered into future auctions with no reserve to contribute to outstanding fees due.Your contact details will be entered into the Auction Xchange database - an unsubscribe facility exists on the subsequent mailshot.

The Terms & Conditions are exhibited at the Sale and which the Seller and Purchaser shall be deemed to have had notice. Copies of the Terms & Conditions may be obtained on application, on-site and online at www.auctionxchange.ie

Hamilton Corporate Ltd. t/a Auction Xchange: PSRA Licence #004073; Registered # 473231; VAT # 9709760E