TERMS & CONDITIONS Liquid Asset Management Online User's Agreement The following "Users Agreement" sets out the terms and conditions by which we provide and you may use the services provided by this web site. When you register as a customer you are required to acknowledge you have read and accepted this agreement. This Auction is being conducted by Liquid Asset Management. 1. GENERAL 1.1 Terms & Conditions a. In using this Site, you agree to all the terms and conditions of this User's Agreement. We strongly advise that you read this User's Agreement carefully. b. The Users Agreement sets out what you must do and what you must not do when using the service. In breach of the agreement we may refuse to allow you to use the Service, or claim damages against you. c. We may amend this User's Agreement at any time by posting the amended terms on our site. The amended terms shall automatically be effective twenty-one (21) days after they are initially posted on our website site. If you continue to use this Site and the User's Agreement is amended you are taken to have accepted the terms of the amended Agreement. d. The Purchaser agrees that the Company is acting as the authorised agent of the Vendor and any rights of the action he may have in respect of the lots purchases by him lie against the Vendor, not the Company. In the event that he wishes to take proceedings in respect of the said lots and the Vendor has not been named by the Company in its dealings with him to date, he agrees to request the name of the Vendor from the Company, and, provided the Company provides the relevant details, to proceed against the Vendor and not the Company. 1.2 Use of The Service a. Use of the Services is limited to parties who can lawfully enter into and form contracts under Australian law. b. To register, you must provide your real name, address, phone number and email address. c. If you engage in any fraudulent activity or activity that we consider may be fraudulent, likely to deceive or offend we may dis-enabling your account and take further action where remedy any damage caused. 2. REGISTRATION 2.1 Registration For Use a. In order to place a bid or purchase any products from Liquid Asset Management you must register to bid through our online Registration Form. b. You must be able to form a legally binding contract (ie over 18 years of age or over, not an undischarged bankrupt, etc). c. Registration with us is required to use our service. To do so you must provide your name, address, email, password and phone number. i. You must not provide false or misleading personal information. ii. You will endeavour to maintain your personal information as accurate. iii. You undertake to keep your login details and password secret to avoid any un-authorised use of our service. d. Your personal information provided during the registration process will only be used in the manner stipulated in our Privacy Statement. e. We will email you various notifications relating to the purchase of your goods, delivery of goods and promotional material. We accept no responsibility should you not receive these emails. f. If we disable your account, you may not register again. g. In order to be eligible to make purchases using the Service, you must provide details of an acceptable credit card sufficient to make online payments. By registering, you irrevocably authorise us to process these transactions at our discretion. 3. RIGHTS & OBLIGATIONS 3.1 Bidder Rights & Obligations a. When you use the Service to bid at an online auction, you are making an offer to buy the item at your bid price. If your bid price is the Winner's Bid Amount, you will be the Winning Bidder and you must purchase the item you have bid for and pay the Winner's Bid Amount, plus any additional charges that you may be obliged to pay. b. Please take care when making a bid as once your bid is placed, it cannot be withdrawn. c. Please take care when setting an Autobid, as once your Autobid is placed, it cannot be altered or withdrawn. d. It is your responsibility to read the Product Information, Sale Overview and Lot Page relating to any item listed for auction on the Site. Please do not rely solely on the title summary or any photographs of the item posted on the Site for a complete description of an item. You must not assume that the description or photograph of the item in any way offers an opinion or an assessment of the suitability of an item for you. If a photograph is provided, please use it as a guide only. e. Please make sure you understand the delivery and payment terms, including any amendment to those terms and conditions as outlined in the item's description or in the Sale Overview and Lot Page. Usually a Buyer's Premium, and other charges including a delivery fee, will apply to online auctions. f. If you are a successful bidder you are obligated to pay the final bid price plus the fees and charges associated with that purchase in the time limited specified from auction to auction and lot to lot. g. Failure to pay an outstanding invoice within the time limit specified entitles us to take what measures necessary to attempt to recover the monies owing, including, but not limited to: i. Debiting funds from you credit card up to $500 or the total invoice if less. ii. Selling the item(s) to the under-bidder at their final bid amount. You will still be liable for any shortfall or loss resulting. iii. Sue you for all money owing to us, including any Buyers Premium and lost income h. You must not engage in bid manipulation. i. The Auctioneer states that all or any items may have reserve prices. The reserve price is not met unless an email is sent confirming a successful purchase. If the bidding has not reached reserve the Auctioneer will refer the highest bid to the Vendor, the highest bidder shall have first right of refusal in any referred bids. Once the bidder has refused any counter offers or negotiations then the Auctioneer shall declare the goods open for negotiations with other potential purchasers. j. Subject to any reserve price, the highest bidder shall be the Purchaser and in the event of any dispute arising, the lot may be reoffered. The Auctioneer shall be the sole arbitrator and his decision shall be final in all matters relating to the Auction. 4. AUCTIONS 4.1 Auction Process a. You must register with us to enable you to bid on any auction. Various auctions may require a registration fee which must be paid before any bids can be placed on that particular auction. b. Each auction will have a set commencement and conclusion time, as well as a minimum starting price. c. If you bid at an online auction using AutoBid, you are responsible for monitoring the online auction in which you are participating and acting in the auction by instructing AutoBid with your bids. d. Bids placed on the web site can either be at one bid increment above the current bid amount or at a greater amount. e. We may, at our absolute discretion, cancel an auction, close it early, postpone an auction or reschedule an auction, for any reason. Such a decision would not be taken lightly and maybe as a result of vendor instruction, legal requirements or technical failings. f. An individual lot may be withdrawn from a particular auction or moved from one auction to another at our absolute discretion. g. Upon becoming the successful bidder, the Purchaser shall be responsible for guarding and securing any lots. The Auctioneer accepts no responsibility after the fall of the hammer for safeguarding of any lots. Ownership and title shall not pass to the Purchaser until all lots are paid for in full. Lots will not be available for removal upon part payment. h. All auctions will state whether the sale is inclusive or exclusive of Goods and Services Tax (GST). If it is GST excluded, the GST amount will be added to the total amount payable. 4.2 Auction Closure a. The auction closes at the end of the time specified for that lot and where there are no new successful bids in the closing time of the auction. This is typically the last 60 seconds of the sale, but may vary from auction to auction and will be specified on the Lot Details page if there is any variation. If there are any successful bids on a particular lot within the hot time, the countdown timer will be reset. When an auction is live the Auction Detail page will refresh the current bid amount and estimated closing time every few seconds. Some variation in the "Closing time" will be experienced. This may due to your connection to our server and consequently we accept no responsibility any consequences resulting from this variation. We highly recommend not attempting to place a bid at the last second. b. When an online auction in which you have participated closes and you are the Winning Bidder, we intend to notify you by e-mail. c. We provide this notice out of courtesy and as a reminder to you. You may not receive this email, however, you are solely responsible for monitoring the status of any online auction in which you participate and non-receipt of a Winning Bidder (or any other) email from us will not reduce or release you from your obligation to complete the sale and purchase the auction sale item. d. At any time (prior to or after the original time set for conclusion of the online auction) extend an online auction for a period of time (determined at our discretion); e. Decide (prior to or after the original time set for conclusion of the online auction) to re-open an online auction for a period of time - to be determined at our discretion; f. Retract any Winning Bidder's emails which may have been sent out to bidders prior to or following (as the case may be) the conclusion of an online auction; g. Amend at any time prior to or during an online auction, the "start price" allocated to an item for sale online, but only so as to correct any errors due to processing or technological fault; and/or h. Cancel that entire online auction transaction and conduct the auction again. 4.3 Collection of Assets a. All lots purchased must be paid for and removed by the date / time specified in the conditions of sale. No purchases may be removed from gated or secured areas until goods have been paid for and a collection slip has been obtained and a staff member marks off the goods as they are collected. b. The purchaser acknowledges that he is responsible for the safe collection of all equipment or goods purchased. The items are the property of the purchaser upon settlement and it is the sole responsibility of the purchaser to provide adequate & appropriate equipment and labour to safely collect any goods purchased. c. Auction staff are provided to assist in identifying purchasers goods - they are not responsible for loading or safely securing goods onto purchasers transport. 5. RETURNS, REFUNDS & WARRANTIES a. Goods purchased at auction may not be returned. No allowances, refunds or warranties are offered with any lot whatsoever whether express or implied. 6. GST & BUYER'S PREMIUM a. All auctions will state whether the sale is inclusive or exclusive of Goods and Services Tax (GST). If it is GST excluded, the GST amount will be added to the total amount payable. b. All auctions will state the buyer's premium and whether is inclusive or exclusive of GST. 7. DEFINITIONS a. Buyers Premium = percentage of the Winner's Bid Amount as identified on the Lot Detail Page. The Buyer's Premium is payable in addition to and at the same time as the Bid Amount, and will form part of the total Invoice Amount to be paid. The GST component of your purchase will be clearly displayed on your invoice. b. Lot Detail Page is the page on the web site that contains all the information about a particular lot. c. Privacy Statement is the statement so named and available from the page menu at the base of the Home Page. d. Auction Detail Page is the page on the web site containing the specific information regarding a particular auction. e. This Users Agreement is governed by and will be construed according to the law of Australia and its States and Territories. The auctioneer and you are subject to the jurisdiction of the courts of Australia and its States and Territories. f. We may, from time to time, be required by law, industry standard or company policy to update and amend our User Agreement. These changes with take effect from the time of publication of this User Agreement, so we suggest you re-acquaint yourself with it on an annual basis.