The bidder, the buyer and other related parties participating in the auction read the auction announcement and conditions carefully and conform to the provisions hereof. All parties shall be liable for their own actions at auction and any loss caused by failure to read the announcement and conditions carefully.
You can consult Eshiptrading.com about auction at any time.
Definitions and interpretation
1.“The Bidder” means a natural person, legal person or any other organization that has full capacity of civil rights to bid at auction and who has gone through the necessary registration and procedural formalities of the Eshiptrading.com.
2.“The Buyer” means the winner of the auction.
3.“The seller” means a natural person, legal person or any other organization who consigns the Lot to the Eshiotrading.com for auction and must sign a consignment auction contract with the Eshiptrading.com.
3.“Lot” means any ship owned by the Seller.
4.“Bidding number” means the only evidence of the Bidder’s participation in auction. Each Bidder shall take good care of his or her Bidding number and may not lend it to any third person.
5.“Auction Date” means the published date on which the auction will formally be taken. In case of any discrepancy between the actual date of auction and the published date, the actual date of auction shall prevail.
6.“Reserve” means the lowest selling price of Lot raised by the Seller.
1 The mode of payment:
Bank transfer only.
2 Guarantee money payment and refund
The Bidder have to pay guarantee money (bank charges are liable for Bidders) two banking days before Auction Date to get the Bidding number.
Eshiptrading.com will refund all the guarantee money mentioned above with no interest to the Bidders within seven banking days after auction in case that the Bidders fail in auction.
Remember: No guarantee money =No bid
3 Final payment:
In the event that the Bidder becomes to be the Buyer, the guarantee money will automatically turn to be deposit as part of the purchase price payable by the Buyer.
After bidding, the Buyer has to pay the balance according to the purchase confirmation (generally within five days after the auction).
If the buyer is not able to clear the balance, Eshiptrading.com has the right to cancel the deal and to take the deposit. The seller may at his discretion sell the Lot to the next highest bidder.
Remember: No payment=No ship
When the highest bidding is confirmed by Eshiptrading.com on the website, the Bidder with the highest bidding succeeds in the bid which means that the Bidder becomes to be the Buyer and the Buyer shall sign the purchase confirmation.
If the lot has a Reserve Status, which indicates one of two values:
1．Reserve not met. The amount of the highest Maximum Secret Bid is less than the Reserve Value and the lot will not sell.
2．Reserve met. The amount of the highest Maximum Secret Bid is at least as much as the Reserve Value and the lot will be sold to the highest bidder.
When the auction conduct, Eshiptrading.com has time-delay principle. In the last two minutes of an auction, where a bidder offers a bid, the auction will be automatically prolonged for two minutes.
After the full payment is cleared (generally it will take seven banking days), the seller and buyer can conduct the ship transfer procedure and other legal issues with the payment confirmation letter provided by Eshiptrading.com. If the buyer need other commission service, please contact Eshiptrading.com by email or visit the “service” channel.