POST PUBLIC AUCTION Sample Clauses
The "Post Public Auction" clause outlines the procedures and obligations that follow the conclusion of a public auction. Typically, this clause specifies how the winning bid is confirmed, the timeline for payment and transfer of ownership, and any responsibilities for both the seller and the buyer after the auction ends. For example, it may require the buyer to pay a deposit immediately or set deadlines for completing the transaction. The core function of this clause is to ensure a clear and orderly transition from auction to final sale, minimizing disputes and clarifying the next steps for all parties involved.
POST PUBLIC AUCTION. 10.1. Successful E-Bidder are advised to sign the “Memorandum of Contract” and pay the 10% differential sum within 3 working days by attending to the Auctioneer’s office from the date of auction. Failing to do so will result in the 10% deposit to be forfeited to the Assignee/Bank and the auction shall be deemed cancelled.
10.2. Successful E-Bidder who are unable to sign the “Memorandum of Contract” at the Auctioneer’s office can authorize their agent to execute the procedure by submitting the following documents to the Auctioneer.
10.2.1. Copy of the agent’s Identity Documents (both sides)
10.2.2. Copy of the successful E-Bidder’s Identity Documents (both sides)
10.2.3. Copy of the Letter of Authorization (for individual) or certified true copy of the Board of Director’s Resolution (for company) authorizing such person to do so.
10.3. In the event of inconsistency in the details of the documents uploaded in the Auctioneer’s website and the actual documents of the successful E-Bidder, the Auctioneer has the right to cancel and terminate the sale and the 10% deposit shall be forfeited by the Assignee/Bank. The property shall be put up for sale again.
10.4. The “Memorandum of Contract” that is signed and stamped shall be collected by the successful E-Bidder or his agent at the Auctioneer office within seven (7) days after notification from the Auctioneer. If the E-Bidder fails to collect as aforesaid, the “Memorandum of Contract” shall be delivered by courier to the address of the successful E-Bidder and the Auctioneer shall be not responsible for the cost, expenses and loss arising thereof.
10.5. Balance of purchase price shall be settled within ninety (90) days from the date of auction sale by the successful E-Bidder
POST PUBLIC AUCTION. 5.1. Any E-Bidders who successfully bids for the Property shall and undertake to sign the Memorandum of Sale and pay the difference between 10% of the purchase price and the deposit paid under clause 3.5 above (“differential sum”) at the office of the Auctioneer within same day from the date of auction, failing which the deposit paid will be forfeited to the Assignee Bank and sale will be deemed cancelled/terminated and the property may be put up for subsequent auction without further notice to the said E-Bidders. The Auctioneer shall send the Memorandum of Sale for stamping and thereafter forward the same together with the deposit paid under clause 3.5 above and the differential sum paid under this clause (If any) to the Assignee Bank.
5.2. Any successful E-Bidders who is unable to attend to sign the Memorandum of Sale at the office of the Auctioneer may do so by authorising another person to sign the same on his behalf by inserting the particulars of the authorised person at EHSAN AUCTIONEERS SDN.
POST PUBLIC AUCTION. 5.1. Any E-Bidders who successfully bids for the Property shall and undertake to sign the Memorandum of Sale and pay the difference between 10% of the purchase price and the deposit paid under clause 3.5 above (“differential sum”) must be made via local bank transfer to AMBANK (M) BERHAD in favour of EHSAN AUCTIONEERS SDN. BHD. (BIDDER DEPOSIT) Account No: 0662012000727 within 1 working days from the date of auction, failing which the deposit paid will be forfeited to the Assignee Bank and sale will be deemed cancelled/terminated and the property may be put up for subsequent auction without further notice to the said E-Bidders. The Auctioneer shall send the Memorandum of Sale for stamping and thereafter forward the same together with the deposit paid under clause 3.5 above and the differential sum paid under this clause (If any) to the Assignee Bank.
5.2. Any successful E-Bidders who is unable to attend to sign the Memorandum of Sale at the office of the Auctioneer may do so by authorising another person to sign the same on his behalf by inserting the particulars of the authorised person at EHSAN AUCTIONEERS SDN.
POST PUBLIC AUCTION. 5.1. Any E-Bidders who successfully bids for the Property shall and undertake to sign the Memorandum/Contract of Sale and pay to the Assignee/Bank the difference between 10% of the purchase price and the deposit paid under Part 3.4 above (“differential sum”) at the office of the Auctioneer or via FPX (Financial Process Exchange) or ▇▇▇▇▇▇ within 3 working days from the date of auction, failing which the deposit paid will be forfeited to the Assignee/Bank and the sale will be deemed cancelled/terminated and the property may be put up for subsequent auction without further notice to the said E-Bidders. The Auctioneer shall send the Memorandum/Contract of Sale for stamping and thereafter forward the same together with the deposit paid under Part 3.4 above and the differential sum paid under this part, if any, to the Assignee/Bank.
5.2. In the event there is any inconsistency between the personal details and documents uploaded in the NCM website and the actual documents produced by the successful bidder, the Auctioneer shall have the right to refuse the successful bidder from signing the Memorandum/Contract of Sale and may at its discretion cancel the sale and proceed to put the property up for a new auction and the deposit paid shall be used to defray the cost of the auction.
5.3. The Memorandum/Contract of Sale, upon being signed by the Auctioneer, Solicitor for the Assignee/Bank and successful bidder, shall be a conclusive evidence for the sale of the Property to the successful bidder.
5.4. The Memorandum/Contract of Sale may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any party may enter into this Memorandum/Contract of Sale by signing any such counterpart and each counterpart may be signed and executed by the parties and shall be as valid and effectual as if executed as an original.
POST PUBLIC AUCTION. 5.1. Any E-Bidders who successfully bids for the Property shall and undertake to sign the Memorandum of Sale and pay the difference between 10% of the purchase price and the deposit paid under clause 3.5 above (“differential sum”) must be made via local bank transfer to UOBM in favour of EHSAN AUCTIONEERS SDN.
POST PUBLIC AUCTION. 10 .1 . Succ essful E- Bidder are ad vis ed to s ign the “ Memorandum of Contract” and pay the 10 % diff erential sum within 3 working days by attending to the Auctioneer’s offic e f rom the date of auc tion. Failing to do s o will res ult in the 10 % depos it to be f orf eited to the Assignee/ Bank and the auc t ion s hall be ▇▇▇▇ ▇▇ c anc elled.
POST PUBLIC AUCTION. 10 .1 . Successful E- Bidder are advis ed to sign the “ M emorandum of Contrac t” and pay the 10 % differential s um within 3 working days by attending to the Auctioneer’s office from the date of auction. Failing to do s o will result in the 10 % deposit to be forfeited to the Assignee/Bank and the auc t ion s hall be deemed c anc elled.
10 .2 . Succ essful ▇- ▇▇▇▇▇▇ who are unable to s ign the “ M emorandum of Contract” at the Auc tioneer’s office can authoriz e their agent to ex ecute the proc edure by s ubmitting the following documents to the Auctioneer.
10 .2 .1 . Copy of the agent’s Identity Documents ( both sides)
10 .2 .2 . Copy of the s uccessful E - Bidder’s Identity Documents ( both sides)
10 .2 .3 . Copy of the Letter of Authorization ( for indiv idual) or c ertified true copy of the Board of Director’s Res olution ( fo r company) authoriz ing such pers on to do so.
10 .3 . In the event of inc ons istency in the details of the doc uments uploaded in the Auctioneer’s website and the actual doc uments of the succ essful E - Bidder, the Auc tioneer has the r ight to c anc el and terminate the sale and the 10 % deposit shall be forfeited by the Assignee/ Bank. The property s hall be put up for s ale again.
POST PUBLIC AUCTION. 5.1. Any E-Bidders who successfully bids for the Property shall and undertake to sign the Memorandum of Sale and pay the difference between 10% of the purchase price and the deposit paid under clause 3.5 above (“differential sum”) must be made via local bank transfer to BANK ISLAM MALAYSIA BERHAD in favour of EHSAN AUCTIONEERS SDN. BHD. Account No: 1209-2010-0353-67 within 1 working days from the date of auction, failing which the deposit paid will be forfeited to the Assignee Bank and sale will be deemed cancelled/terminated and the property may be put up for subsequent auction without further notice to the said E-Bidders. The Auctioneer shall send the Memorandum of Sale for stamping and thereafter forward the same together with the deposit paid under clause 3.5 above and the differential sum paid under this clause (If any) to the Assignee Bank.
5.2. Any successful E-Bidders who is unable to attend to sign the Memorandum of Sale at the office of the Auctioneer may do so by authorising another person to sign the same on his behalf by inserting the particulars of the authorised person at EHSAN AUCTIONEERS SDN.
POST PUBLIC AUCTION. Successful E- Bidder are advised to sign the “ Memorandum of Contract” and pay the 10% differential sum within 3 working days by attending to the Auctioneer’s office from the date of auction. Failing to do so will result in the 10% deposit to be forfeited to the Assignee/ Bank and the auction shall be deemed cancelled.
POST PUBLIC AUCTION. 9.1 The registered Online Bidders who is a Successful Purchaser in the auction sale (“successful online bidder”) shall undertake to sign the Memorandum of Contract and to pay the differential sum (if any) between the sum equivalent to 5% of the purchase price and the 5% deposit paid under Clause 5.1 above at the office of Vision Skybidz Auction Centre Sdn Bhd within three (3) working days from the date of auction, failing which the 5% deposit paid shall be forfeited to the Assignee/Bank and the auction sale shall be deemed cancelled/terminated and the property may be put up for sale again without further notice to the successful online bidder.