The guide-book of the auction 

  Index

 

Important Instructions :

  1. The sale shall be adjudged to the highest Price without any reservations.
  2. The approved currency in the auction is U.A.E Dirham only.
  3. We advice to check & inspect the articles before entering the auction.
  4. The articles must be removed within one week from the date the bidder wins the auction, where, after the elapsed period, the bidder shall be subject to financial fine.
  5. As soon as the bidder wins the bidding, he shall be, fully, responsible for the safety of the sold articles during its presence at the auction site.
  6. The articles shall not be delivered unless all the conditions are fully fulfilled and payments are paid.
  7. The insurance payment must be paid at least one week before the opening of the auction.

   

The by-law of Public Sale (auction)

First: Sale policy:

  1. The auction shall be without reserve, therefore, all articles declared for sale, shall be sold to the highest bidder, and the confirmed price shall be considered final & obligatory to the bidder who won the bidding, where, the bidder can’t withdraw or retreat.
  2. The auction Administration has the right to sell the declared articles, at its discretion, by whole sale or retail.
  3. The participant in the auction must pay a temporary Deposit amount of money, valued DH. 50,000 (fifty thousand Dirham only), and the bidders Participation in the bidding shall be considered an acknowledgement from their part that they had inspected & checked the articles declared for auction.

 

Second: Inspection list & the Guide Book’s description of the articles:

  1. All articles declared for sale shall be sold (as is where is ). The bidders must inspect and check, also acquaint themselves with the articles declared for sale, before participation, bearing in mind that there will not be any kind of guarantee for these articles.
  2. The auction administration shall not be responsible for any mistakes may appear in the descriptions of specifications included in the guide – book, or at any place else, whatsoever, related to the kind, particulars, or conditions or the equipments / articles. Such guide-book, or specifications placed in any other places, shall not be considered as a clear guarantee or undertaking, and the bidder is not entitled to claims for any compensation regarding the type particularity or condition of the bought articles.

 

Third: Method of settlement/sale conditions:

1.      deposit and Settlement must be in cash or by authenticated check, or through an urgent bank transfer according to the existed approved standards by the auction bank, in which the bidder number shall be mentioned on the transaction  on the following account Numbers:

 

Abu Dhabi commercial Bank

Deposit Account No.: 245174020001

Sales Account No.: 245174020002

 

 and the following address:

 

Abu Dhabi commercial Bank

Al Ain

P.O.Box: 15180

FAX No.: 00 971 37555430

Tel No.  : 00 971 37550000

Mobile: 00 971 50 7438177

email: tareq.m@adcb.com

 

2.      The sale price shall be paid in cash if the value dose not exceed  (DH 50,000) fifty thousand Dirham, and must be paid in the same day.

3.      If the value of the sold articles exceeded the amount of (DH 50,000) fifty thousand Dirham, then the bidder must pay, immediately (20 %) of the price, with a minimum of (DH 50,000) fifty thousand Dirham and the rest to be paid during one week from the date of the auction adjudged in his favor.

4.      In case the bidder failed to pay the price balance of the auction adjudged in his favor within one week from the date of the adjudged auction, the paid deposit shall be confiscated, and the articles shall be declared for public sale again.

5.      In case the bidder fails to receive the articles within one week of his paying the price, without strong justifications for the delay, accepted by the purchasing administration, then he shall be charged a land fee at the rate of ¼ % (one forth percent) of the price for each week of the delay, the purchasing administration shall be entitled to sell the articles to his account as soon as possible, provided that the sale procedures shall be in conformity with the terms mentioned in the rule NO. (3) 1977 regarding the issuance of the executive by –law of tenders, public sale, and warehouses, and he will be accountable for the difference in price, land fee, and other expenses incurred by the purchasing administration. If the articles are sold with the price exceeding the auction price, then he will be paid, only, what was collected from him after deducting the expenses incurred by the administration, in addition to the land fee.

6.      As soon as the auction is adjudged, the (buyer) becomes responsible for the safety of the articles sold to him, during its presence at the auction’s space, and he will not be permitted to receive them, unless he fulfills the conditions and pays its price, in full.

7.      The (buyer) shall not be permitted to receive any bought articles, unless he fulfills all his obligations required from him, such as settling the value in full, and satisfying all the conditions mentioned, in this booklet.

8.      The buyer, after the auction is adjudged in his favor, has no right to assign the deal to another person.

9.      It is allowed for the buyer to remove sold articles once the payment is done.

 

Fourth: Caution:

The area of the auction is considered dangerous areas, where cares & precautions must be taken, because of heavy equipments are operating in that area, or other expected danger, subsequently, each person present at the auction site shall be, fully, responsible for himself, and he has no right to claim any compensation from the auction administration for any personal accident, death, damage, or loss of property which may take place, for any reason, whatsoever. Consequently, the bidder must follow the guidance lists existed at the auction space, for his protection and safety.

 

 

General terms

 

  1. The auction administration is entitled to stop the auction temporarily, or cancel it at its discretion and according to the public interest.
  2. The bidder must be committed to the ethics and the general rules, and the auction administration has the right to prevent any person causing troubles or resembling an obstacle to be present in the auction.
  3. The auction administration has the right to refuse the issuance of the bidding booklet or withdraw it from the bidders in case agreed upon before the auction or during the auction.
  4. The provisions of the regulations of NO. (3) year 1977 shall be applied for any text not mentioned in this by-law.