Welcome to GLD Commercial Auctions. These Auction Rules explain how our online auctions operate. By registering and placing a bid, you agree to follow these rules together with our Buyer Terms & Conditions.
1. Registration
Before bidding, you must:
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Create an online account.
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Provide accurate contact details.
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Complete any identity verification requested by GLD.
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Meet any bidding eligibility requirements that may apply to a particular auction.
GLD reserves the right to refuse or cancel any registration.
2. Viewing Assets
Buyers are encouraged to inspect assets before bidding whenever possible.
Descriptions, photographs and videos are provided to assist buyers but should not replace your own inspection.
All assets are sold in their advertised condition.
3. Placing a Bid
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Every bid is legally binding.
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Ensure you have read the lot description before bidding.
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Make sure you have sufficient funds available before placing a bid.
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Bids cannot normally be withdrawn once placed.
4. Reserve Prices
Some lots are offered with a confidential reserve price.
If the reserve is not met, the seller is not obliged to sell the asset.
5. Bid Increments
Minimum bid increases are determined by GLD and may vary depending on the value of the lot.
The bidding system will display the next minimum acceptable bid.
6. Auction Closing
Each auction has a published closing date and time.
Where anti-sniping is enabled, bids placed during the final moments of an auction may automatically extend the closing time, giving all bidders a fair opportunity to respond.
7. Winning the Auction
The highest accepted bid at the close of the auction will normally be the winning bid, subject to any applicable reserve price.
GLD reserves the right to correct obvious errors, reject bids or withdraw a lot where necessary.
8. Payment
Successful buyers must pay the full purchase price within the payment period stated on the auction listing.
Failure to pay within the required timeframe may result in:
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Cancellation of the sale.
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Suspension of your bidding account.
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Recovery of any reasonable costs or losses incurred.
9. Collection
Assets must not be collected until GLD confirms that payment has been received in cleared funds and collection has been authorised.
Buyers are responsible for arranging transport and ensuring they comply with all applicable legal requirements.
10. Asset Condition
Unless expressly stated otherwise:
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All assets are sold as seen.
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No warranty or guarantee is provided.
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Buyers should satisfy themselves regarding the condition, suitability and specification of the asset before bidding.
11. Disputes
If a dispute arises regarding bidding or the conduct of an auction, GLD will investigate the matter.
The electronic records maintained by GLD, including bid history, timestamps and system logs, will be treated as the official record of the auction.
GLD’s decision regarding the operation of its auction platform is final, except where otherwise required by law.
12. Fraud Prevention
GLD reserves the right to:
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Verify bidder identities.
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Request additional information.
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Cancel suspicious registrations or bids.
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Report suspected fraudulent activity to the relevant authorities.
13. Amendments
GLD may amend these Auction Rules from time to time.
The latest version will always be available on our website.
