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User agreement

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for participation in auto auction “SAA”

Article 1. Name
Vehicles are purchased through the online-auction “Singapore Auto Auction” (hereinafter referred as the SAA) which subsidiary of the company “Asia Global Holding Pte Ltd.”, Republic of Singapore.

Article 2. Auction working time
The SAA auction is held once a week on Thursdays. Auction begin at 09-00 until 24-00 Singapore time. The Administration of the SAA has the right to change the time and duration of tenders.

Article 3. Responsibility
Members of the SAA fully understand and take responsibility with submitting the bids for vehicles or other goods which are available in the auctions. In addition, members taking part in the work of the SAA should understand the presence of risk and problems which may arise and be connected with online-auctions (nonconformity of the bid with the real value, vehicle withdrawal from auction, etc.).

Article 4. Prohibited activities
1. Required  registration  in the auction system to gain SAA membership.
2. It is prohibited to break conditions of this agreement as well as any arrangements with the SAA and the rules of the SAA.

Article 5. Ethics
Members must follow the policy of the SAA in order to provide honest and impartial tenders. Furthermore, auction members must be mutually respectful and not prevent the activities of each other.

Article 6. Disputable matters
 The SAA is the chief arbitrator concerning all transactions and makes the final decisions on possible disputes and disagreements.

Article 7. Legal foundation
Disputable matters which arise between the auction members and the SAA, which cannot be settled by a mutual agreement and arrangements, must be considered in the court of the Republic of Singapore.

Article 8. Administration
The SAA exercises control and management of the auction system based on this agreement.

Article 9. Making amendments
The SAA recognizes that in connection with the objective reasons which do not depend on the SAA, there may be a necessity for making amendments or additions to the articles of this agreement. In this situation, the SAA undertakes to notify all the auction members.

Article 10. FOB price
Prices of vehicles in the SAA include all auction expenses in Singapore, or all expenses in other countries from which the delivery originates (FOB price). Insurance and freight expenses are not included in the auction price of the SAA.

Article 11. Currency
The SAA uses US dollar as a settlement currency. Payment currency can be any other convertible currency, but only after arrangement with the SAA .

Article 12. Necessary conditions for joining the SAA
The dealer or the company may join the SAA if they meet the following criteria:
1. Registered natural person or legal entity whose activity is directly or indirectly connected with the auto market, motorcycles etc.
2. Has read and agreed with the conditions of this Agreement.
3. Has not been expelled from the SAA membership before.

Article 13. Obtaining a permit for participation in the SAA
The legal entity or natural person may take part in activities of the SAA if they fully comply with the following conditions:
1. To meet the criteria of Article 14 of this Agreement and to provide a completed registration form.
2. To receive the personal ID number of the auction and access password.

Article 14. Deposit
Auction members must pay a security “deposit” for the purpose of maintaining the guarantee of vehicle purchase and information security of the SAA.
The deposit is:
1. For participation in the SAA and all Japanese auctions (the number of auctions ~100), the deposit is $1,000.00 (one thousand) US dollars, or equivalent of this amount in any convertible currency.
2. The amount of the paid deposit is kept during the whole period of membership in the SAA.

Article 15. Restriction using of the “deposit”
The deposit can be used as payment for purchase of a vehicle only in case of the decision of the auction member to quit membership, at absence of any debts. Auction members, who decided to use the deposit as part of the cost of a vehicle cannot be accepted the further participate in the tenders without repeated payment of the deposit.

Article 16. Cancel of the membership / return of the deposit
If the auction member wishes to cancel SAA membership, there is a relevant application and the deposit will be returned in full amount (by Telegraphic Transfer), but not later than 6 months from the last purchase, given that there is no debt in respect to the SAA.

Article 17. Rights
All auction members have the right to acquire vehicles and other goods at the SAA.

Article 18. Restrictions
The SAA may apply the following restrictions in respect to the auction members:
1. The SAA may establish the number of bids or restrict the amount of one bid.
2. In case of non-payment for a vehicle (vehicles) within the established period of time (see Article 35 of this Agreement), the auction members may not participate in the subsequent tenders.
3. If the auction members will violate any arrangement, rule, agreement, contract, etc., the SAA has the right to apply restrictions or any measures in respect to this auction member at its own discretion.

Article 19. Obligations
All auction members must strictly observe the conditions of this Agreement and must not prevent the activities of the SAA and other auction members.

Article 20. Prohibited activities
The following is prohibited to the auction members:
1. To violate the conditions of Article 6 of this Agreement.
2. To provide the access password to the SAA to any other persons or companies.
3. To disclose and distribute information related to the membership, their personal passwords, numbers and other confidential information.
4. To ignore warnings and notices of the SAA.
5. Slander, threats, intrusion into private life, piracy and any other infringement of legal rights of other auction members.
6. To deliberately spread false information  which  may discredit activities of the SAA.
7. To load harmful files and data (viruses) to the SAA system.
8. To falsify or delete information from the SAA system.
9. To use information and data of the SAA system in order to get profit not related to the SAA activities.
10. To infringe the rights of other auction members.
11. To take other actions prohibited by the SAA.

Article 21.User password of the auction member
The auction member is provided with an access password (user password) to the SAA system. Keeping safety and confidentiality of the access password is the responsibility of every auction member. The SAA does not bear any obligations concerning compensation and possible expenses caused with loss of the user password. Auction members should immediately inform SAA about situations regarding their user password being under threat.

Article 22. SAA and unforeseen circumstances
The SAA is not responsible for any unforeseen circumstances (for example, failure of the auction internet-system for technical reasons, etc.).

Article 23. Compensation for expenses
The SAA is not responsible for the result of unforeseen circumstances, same as for the failure of the auction system , and does not pay compensation for expenses which the auction member and other persons concerned can incur.

Article 24. Cancel of the membership
Auction members may cancel the SAA membership at any time, one month before, by notifying the SAA. Necessary action for this purpose:
1.Absense of  balance debts and incomplete obligations in respect to the SAA.
2. Absence of a non dispatched vehicle which is registered in the SAA system.
3. Absence of a vehicle being in the process of execution with the SAA.

Article 25. Notice of change in personal data
In case of change in data of the auction member (change company name, bank account, address, phone number etc.) it is necessary to immediately inform the SAA.

Article 26. Deprivation of membership
Deprivation of membership in the SAA can happen after the following actions of the auction member:
1. If the auction member violates the conditions of this Agreement or any other arrangements and rules determined by the SAA.
2. If the auction member in person officially submits an application to court for bankruptcy, liquidation of his company, or if such petition is submitted on behalf of the auction member by a third person.
3. If the auction member takes a decision to complete business, or to begin cooperation with another company.
4. If local authorities suspend the license or initiated an investigate in respect to the auction member.
5. If the auction member fails to pay debts in respect to the SAA within the established period of time.
6. If the auction member makes any other illegal actions.

Article 27. Obligations of auction members
When participating in the auction, the auction members undertake the following obligations:
1. Auction members must observe the conditions of this Agreement and arrangements attending the Agreement.
2. Auction members have to know for themselves, in detail, and clearly understand the conditions of buying vehicles on the auction before using the SAA bidding system.
3. Auction members have to be familiar with the existing rules of completion of auction. They have to clearly understand the SAA’s criteria of giving the auction evaluation and designations of defects of the vehicle in the auction sheet.
4. The auction member who won the tender (s) must pay the value of the vehicle (winning bid value plus freight cost) in accordance with the established time and amount in invoice (SALES INVOICE).
5. The auction member who won the tender (s) must fulfill all procedures necessary for import of the vehicle(s) to his country.
6. If there are any difficulties with delivery of the certain vehicle, both parties have to arrive at a compromise solution. If it is impossible, both parties have to comply to the solution approved by the SAA.

Article 28. Making a purchase
1. Any lot in the SAA auction will be sold to the auction member who offered the best price.
2. Each bid is equal to 100 (one hundred) US dollars.
3. Purchase of the vehicle is confirmed by the SAA auction in the case that the personal ID number of the registered auction member (written in blue) is on the list of auction results (column opposite the acquired vehicle).

Article 29. Negotiations (sale/purchase)
Within any day, the auction member can buy a vehicle or other goods from the auction stock-list at the fixed price, by negotiating with the SAA sales team:
1. To purchase a vehicle without using the auction bidding system, a completed “Negotiation bid” form must be sent to the SAA.
2. The vehicles or goods will be sold to the first auction member who sent a correctly completed application, but only after offer confirmation with the SAA sales team.

Article 30. Claims
1.No claims from the auction member as to characteristics and technical condition of vehicles will be considered by the SAA.
2. Before buying a vehicle, it is necessary to look at the “SAA auction sheet” for the vehicle.
3. When buying a vehicle in winter time, it is necessary to remember a difference in climatic conditions of the country of dispatch and the country where the vehicle will be delivered.

Article 31. Guarantees
All vehicles in the auction are used and because of that, the SAA gives no guarantees.           Only the conformity of the vehicle to the SAA auction sheet is guaranteed.

Article 32. Refusal of transaction by the auction member who won the tenders
The auction member who won the tenders may refuse to buy the vehicle by paying a penalty.
- If the value of one vehicle (bought from SAA auction) is less than 3000 USD the amount of penalty is 500 USD/unit.
- If the value of one vehicle (bought from SAA auction) is more than 3000 USD the amount of penalty is 2000 USD/unit.
- If the vehicle is bought on negotiations and the client paid the deposit (in any amount) by default the client loses the deposit amount.


Article 33. Financial settlements of auction members who won the tenders
Auction winners must pay invoices as follows:
Auction members must completely pay the value of the vehicle (auction value and freight cost) within 3 working days after winning the auction. Payment must be made by bank remittance (Telegraphic Transfer) to the following bank account -
Account Name: Asia Global Holding Pte Ltd.
Account Number: (SGD) 048-901275-7
Bank Name: DBS Limited, 22 Malacca St., Royal Brothers Building, Singapore 048980
Bank branch: Raffles Place Branch
Swift Address: DBSSSGSG
Auction members can use the deposit (security deposit for participation in the SAA auction) as part of payment for the vehicle.

Article 34. Delay in financial settlements
In case of the delay in payment or non-payment within the established dates, the SAA takes the following actions:
1. The vehicle will be ceded to other auction members who offered the previous bids. If there is no such auction member, the vehicle will be put in to the next auction.
2. In case of non-payment of the value of the vehicle, the auction member will incur penalty sanctions (see Article 32 of this Agreement).
3. In case of often repeating delays in payment, the auction member can lose his membership in the SAA.