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AUCTION TERMS AND CONDITIONS*

GENERAL INFORMATION

Auction terms and conditions (hereinafter in the text referred to as the Terms) determine the procedure in which the vehicles are sold in the ascending price auction. The Terms are binding for all participants in the auction.

For the purposes of these Terms, the vehicle is considered to be any device published in the section “Auction” of the Website, which by its construction is designed for driving on the road or on the water (cars, trailers, semi-trailers, tractors and machinery, caravans, quadracycles, motorcycles, snowmobiles, personal water craft, boats). An auction sequence number is assigned for each vehicle.

All vehicles are being posted for sale on auction and are auctioned only and exclusively with the acceptance of the user of vehicles. Vehicles are not confiscated from any other persons, there is no dispute about them, they are not encumbered with debts and with any rights in rem and the law of obligations, they are not under prohibition or seizure.

The auctions take place on weekdays, excluding the days which are identified as a holiday in the United States. The auction start time is specified in the Website. The auction takes place up to the time of its closure.

PARTICIPATION IN AUCTION

Participation in the auction is free of charge.

The participant in the auction can be any capacitated individual or legal person who has read the Terms and agree to them, that shall be certified by the signature of the mentioned Terms, submitted a written application to the HenicalAutoAuctions, hereinafter in the text referred to as - the Application, and lodged a security in the amount and in the manner as specified in the Application.

Before the signature of the Terms, a legal person shall present the HenicalAutoAuctions the original decision of the Register of Enterprises on the representation rights or a Letter of attorney altogether with the original decision of the Register of Enterprises on the representation rights.

The participant is participating in the auction through brokerage of the HenicalAutoAuctions on the basis of Application submitted by the participant.

Security shall be deposited in the amount of 15% from the planned maximum auction rate, but not less than USD 750.00, by transfer of it to the HenicalAutoAuctions operating account as specified in the Application or in cash by handing it over to the representative of the HenicalAutoAuctions. In some cases, the amount of percentage of the security to be deposited may be subject for change depending on the type of auction.

Security should be lodged not later than one hour before the auction is started. If it is deposited in non-cash, it shall be deemed to be deposited when the respective sum of money is accrued in full amount to the operating account of the HenicalAutoAuctions as specified in the Application. If it is paid in cash, it shall be deemed to be paid when the respective sum of money has been handed over in full amount to the representative of the HenicalAutoAuctions.

After the signing of the Application, the maximum auction rate may be increased by depositing the respective security, but it may not be reduced or withdrawn.

The participant who has made the highest bid receives status of the Highest Bidder.

In cases where the bid of two or more participants in the auction is the same, the first participant to place the auction bid shall be deemed the official Highest Bidder.

The auction may be cancelled or postponed without notice. HenicalAutoAuctions is not obliged to explain the reason of cancellation or postponement of the auction to the participant.

AUCTION TYPES

Pre Auction – open auction, which starts at the moment when the vehicle is posted in the Website, and ends in the auction day, one hour before the start of the OnlineAuction. The participant has the opportunity to place his bid for the vehicle before the OnlineAuction. Information about the current highest bidder and his offered auction price for each vehicle is provided in the Website. HenicalAutoAuctions on behalf of the participant will increase the bid by 1 auction bid increment, do not exceeding the maximum bid indicated in the Application, with the aim to keep the higher priced bidder status for the participant. If the participant’s bid will be the highest in the PreAuction, then the second phase of the auction - OnlineAuction will be launched with the participant’s bid as the OnlineAuction starting bid.

Online Auction – an auction held online over the internet, during which the participant has the opportunity to participate in the auction and to place bids against other participants in the auction from all over the world. HenicalAutoAuctions on behalf of the participant, on the basis of the Application submitted by the participant, will place bids not exceeding the maximum bid specified in the Application. The participant’s bid will be increased by 1 auction bid increment. If new bids are not placed during the OnlineAuction, automatically will start the timer of five seconds countdown. If no new bids are placed during the time while is running the timer of countdown, the auction will be automatically closed after five seconds countdown, the bids are no longer being accepted, and the participant who has made the highest bid receives status of the Highest Bidder.

BID4U Auction – an auction open for all vehicles placed in the Website both in the PreAuction and the OnlineAuction, and automatically represents the bidder of the highest sum. HenicalAutoAuctions on behalf of the participant will automatically increase the bid up to the maximum bid indicated in the Application. HenicalAutoAuctions will bid only 1 auction bid increment over the current bid, with the aim to keep the higher priced bidder status for the participant. Thus, the participant has the opportunity to purchase the vehicle below the maximum price set by the participant, as well as to participate simultaneously in several auctions, if in the auction is not reached the maximum bid set by the participant.

Sealed Auction – a sealed bid auction, which is being held for separate vehicles and during which the participant has the opportunity to submit the bid only one time with the aim to offer the highest price for the given vehicle. HenicalAutoAuctions on behalf of the participant will place the bid in accordance with the specified in the Application. At the end of time period for submission of bids, HenicalAutoAuctions auction platform will automatically summarize data on all bids and will announce the participant who on basis of the submitted bids will be recognized as the highest bidder in relation to the other participants in the auction, namely, as the Highest Bidder.

TimeSold-5 Auction – an auction held online over the internet, which is being held for separate vehicles, and during which, by means of the patented auction platform, the participant with the brokerage of the HenicalAutoAuctions, it is able to place bids online. The auction bids are placed in accordance with the submitted Application and shall not exceed the maximum bid of the participant as specified in the Application. The participant’s bid will be increased by 1 auction bid increment. During the time of the TimeSold-5 Auction, after placement of the last highest bid, the auction duration will be automatically extended for five minutes and automatically will start the timer of five minutes countdown. If no new bids are placed during the time while is running the timer of countdown, the auction will be automatically closed after five minutes countdown, the bids are no longer being accepted, and the participant who has made the highest bid receives status of the Highest Bidder.

AUCTION BID INCREMENTS

Before participating in the auction, the participant shall read information about the auction bid increments.

Unless specified otherwise, all the auctions take place in US dollars with an increasing bid increment.

Auction bid increments:

Auction bid

From                        To                           Increment
$ 10 .00                  $ 100.00                 $ 5.00
$ 101.00                 $ 500.00                 $ 10.00
$ 501 .00                $ 1,000.00              $ 50.00
$ 1,001.00              $ 5,000.00              $ 100.00
$ 5,001.00              $ 50,000.00            $ 500.00
$ 50,001.00            $ 100,000.00          $ 1,000.00

STATUS OF VEHICLE

Each vehicle has a particular status indicated by the corresponding mark near the vehicle: „Pure Sale”, „Minimum Bid” or „On Approval”. The procedure of approval of the Highest Bidder as the auction winner is dependent on the status of the vehicle.

If status „Pure Sale” is determined for the vehicle, then in this case the vehicle will be sold at any highest bid price.

If status „Minimum Bid” is determined for the vehicle, in this case the owner of the vehicle has set the vehicle's minimum sales price that shall be reached for the vehicle to be sold. The minimum price will not be made public. If the highest bid price doesn't reach the minimum price set by the owner of the vehicle, then the owner of vehicle is entitled to refuse to sell the vehicle.

If status „On Approval” is determined for the vehicle, in this case, the owner of vehicle has assigned himself the right of option in relation to the highest bid price acceptance or refusal to accept it.

AUCTION WINNER APPROVAL

The Highest Bidder receives the status of the winner of auction at the moment when he's approved as such in accordance with the provisions specified in these Terms.

Decision on approval or non-approval of the Highest Bidder as the winner of auction shall be announced by the HenicalAutoAuctions to the Highest Bidder by electronic letter sent by electronic mail to the e-mail address of the Highest Bidder specified in the Application, unless otherwise agreed by the parties. The decision shall be deemed to have been notified to the Highest Bidder by the moment when the electronic letter is sent to the Highest Bidder.

In auction of the vehicle with the status of „Pure Sale”, the Highest Bidder shall be approved as the auction winner regardless of the bid price.

In auction of the vehicle with the status of „Minimum Bid”, the Highest Bidder shall be approved as the winner of auction, if the highest bid price has reached a certain minimum price set by the owner of vehicle. If the highest bid price has not reached the minimum price set by the owner of vehicle, the Highest Bidder shall be approved as the winner of auction only after receipt of the consent of the owner of vehicle on acceptance of the highest bid price or if one party will accept the bid price placed by the other party.

After closing of auction of the vehicle with the status of „Minimum Bid”, the highest auction bid price shall be announced to the owner of vehicle who within three working days, including the day of the auction, if the highest bid price has not reached the minimum price set by the owner of the vehicle, shall notify if he agrees to accept the highest bid price or refuses to accept it.

If the owner of vehicle refuses to accept the highest bid price, both parties shall have the right to make their own bid. The party, for which this bid has been made, within 24 hours from the moment of receipt of the bid shall notify if it agrees to accept the bid or refuses to accept it, or makes its own bid.

If during the mentioned time period the Highest Bidder does not give his consent, it shall be deemed that the Highest Bidder has rejected the bid made by the owner of vehicle.

In case of rejection of bid made by the owner of vehicle or the Highest Bidder, not any additional obligations, fines, fees or any other charges may be imposed for the Highest Bidder.

In auction of the vehicle with the status of „On Approval”, the Highest Bidder shall be approved as the winner of auction only after receipt of the consent of the owner of vehicle on acceptance of the highest bid price or if one party will accept the bid price placed by the other party.

After closing of auction of the vehicle with the status of „On Approval”, the highest auction bid price shall be announced to the owner of vehicle who within 24 hours shall notify if it agrees to accept the highest bid price or refuses to accept it.

If during the mentioned time period the Highest Bidder does not give his consent, it shall be deemed that the Highest Bidder has rejected the bid made by the owner of vehicle.

In case of rejection of bid made by the owner of vehicle or the Highest Bidder, not any additional obligations, fines, fees or any other charges may be imposed for the Highest Bidder.

PAYMENT FOR VEHICLE BOUGHT IN AUCTION

The winner of auction within term of three working days from the date of notification of the decision referred of these Terms, including the day of notification, but no later than at noon 12:00 of the third working day shall make payment for the vehicle in full extent in accordance with the auction results. The security deposit will be included in the cost of the vehicle.

Costs associated with the auction are calculated using the price calculator placed in the Website. Amount of costs associated with the auction varies depending on the bid price for the vehicle and location of the vehicle. It is possible for the participant to get acquainted with the expected with costs associated with the auction by entering the required information in the price calculator. By signing these Terms, the participant acknowledges that he has got acquainted with the costs associated with the auction and has no complaints in this regard.

All duties, taxes, fees related with the auction and other payments associated with the auction may be subject for change depending on the type of auction and/or the auction venue.

Settlements shall be made in US dollars in cash or in payment by transfer.

The auction winner will acquire the property rights to the vehicle bought in the auction at the moment when he has made in full extent all payments that are obliged to be made by him in accordance with the Terms.

VEHICLE DELIVERY

The auction winner within term of three working days from the date of notification of the Terms, including the day of notification, but no later than by noon 12:00 of the third working day shall sign a delivery contract of the vehicle bought in the auction.

The transfer of vehicle takes place by signing the deed of conveyance.

VEHICLE TECHNICAL CONDITION AND WARRANTY

1.1. All vehicles are being auctioned at the auction in such condition in which they are present in the auction day and without warranty.

1.2. The information posted on the Website for a specific vehicle is of a general character. HenicalAutoAuctions does not guarantee that the vehicle key will be enclosed. Depending on the auction site of vehicle, in some regions may be auctioned vehicles with missing manufacturer specific vehicle identification numbers (VIN), so the HenicalAutoAuctions cannot guarantee their existence. HenicalAutoAuctions does not guarantee the conformity of vehicles with the local regulations on exhaust gas emissions and/or safety standards and/or the possibility of ensuring such compliance, as well as compliance of vehicle lighting devices with the rules and regulations.

1.3. The vehicle may not be suitable for use as a vehicle and significant repairs and/or expenses may be required for it.

1.4. Before the auction, the participant can obtain information about the technical condition of the vehicle by ordering the HenicalAutoAuctions technical expertise for a separate charge. Certified, an independent vehicle evaluator will examine the vehicle in place of its location, assess the technical condition of the vehicle and provide qualified expertise conclusions, as well as every participant of auction before the auction can receive the vehicle history report printout, by ordering it in one of US Federal Registers: www.instavin.com or www.carfax.com

ANNOUNCEMENT OF AN AUCTION AS NOT HAVING TAKEN PLACE

The auction shall be deemed as not having taken place if:

The participant does not have deposited the Security in full extent in accordance with provisions of the Terms and the Application;

The participant is not approved as the winner of auction;

The winner of auction has not made all payments that are obliged to be made by him in accordance with the Terms;

The auction is cancelled or postponed.

If the auction is deemed as not having taken place under provision of Paragraph 10.1.1 or 10.1.2, or 10.1.4, the deposited security shall be reimbursed to the participant, if the parties have not agreed on the use of security to ensure participation of the participant in the other auction.

HenicalAutoAuctions is entitled to deduct the bank commission expenses and other substantiated expenses incurred in ensuring participation in the auction or any other expenses associated with the provision of repayment of the security.

HenicalAutoAuctions announces the auction participant the decision on an auction not having taken place.

OTHER PROVISIONS

The participant acknowledges and agrees that the HenicalAutoAuctions is entitled to carry out the processing of the participant’s personal data, inter alia to request and receive the participant’s personal data from any third parties and databases created in accordance with the procedure prescribed in the legislation. In addition, the participant agrees that for enforcement of proper fulfillment of obligations, the HenicalAutoAuctions is entitled to involve the third parties in their fulfillment, as well as, if necessary, to disclose for them the personal data of the participant.

If the Terms are translated into different languages, as the uppermost text shall be deemed the text in the Latvian language, but texts in other languages shall be deemed as being only translations of the text in Latvian language.

* Ar Izsoles noteikumu un nosacījumu pilnu tekstu iespējams iepazīties pie HenicalAutoAuctions pārstāvja.

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