Auction Terms and Conditions

1 Background

1.1  Auction owner

SMT Sweden AB (“SMT”) is a limited liability company registered in Sweden with VAT number SE556441239201. SMT is the owner of the SMT Auction.

1.2 Seller

The Equipment sold at the SMT auction is sold by the SMT as an owner of the Equipment. This means that, unlike many other auctions where the auctioneer act as an agent for the seller, SMT purchases the Equipment and sell it from stock.

2 Register to the auction

In order to submit a bid in the auction you need to become a registered user. This is done by filling out the registration form. You are responsible to provide current data and contact information. A user is also obliged to keep the information updated.

The SMT auction is only open for corporate members. SMT do not sell equipment to private persons.

When registering for an account you can choose from three corporate types.

  1. Swedish company
    For companies registered within in Sweden a V.A.T. of 25 % will be added to the invoice. A Swedish company registration number will be required when registering at the auction website.
  2. EU company
    For companies registered in the within the EU the invoice will be issued with a V-A.T of 0 % (reverse charge). A valid V.A.T. number according to EU VIES (A.T. Information Exchange System) is required when registering at the auction website.
  3. Export company
    For companies registered outside of the EU no V.A.T will be added to the invoice, but the buyer is required to provide SMT with a valid export document (Bill of Lading, CMR or similar) to prove that the goods has been exported.

SMT reserve the right to assess registered companies creditworthiness and to make the controls necessary to establish the registered user’s financial status. Insolvent companies or companies carrying a high risk of becoming insolvent may not be accepted as registered users.

When registering the account, you must agree to the “SMT Auctions Terms & Conditions”. SMT reserves the right to close an account if the user does not follow the Auctions Terms & Conditions.

3 Use of personal data

All personal data collected through the site will be handled according to SMT’s Personal Data Policy.

4 Auction rules

Auction time

A normal auction is running for ten (10) days.

Bidding

All bids submitted in an auction, including bids below reserve price, are binding and cannot be withdrawn.

Bidding starts at the starting bid and is then raised by at least the minimum bid increment. All auctions have a defined starting bid and a defined bid increment which will be specified for every object in the auction.

Reserve price

Every object has a reserved price which is the lowest price the seller can accept. The reserved price is not visible on the auction website, but the bidder will know if the reserved price has been met or not.

SMT reserves the right to sell any object at a price below the reserved price.

Manual bidding

Manual bidding means that you submit a single bid in the auction. This bid can be of any amount but must be higher than the asking price or at least the amount of the next bid increment.

Automatic bidding

Automatic bidding (also known as Proxy bidding) is a function that simplifies the bidding process. Enter the maximum amount you are willing to pay for the object in the box for automatic bids. The auction system will then submit bids on your behalf using the next bid increment amount. Your automatic bids will never be higher than necessary for you to reach the reserve price or remain the highest bidder up to your maximum amount. If another bidder has submitted an automatic bid that is lower than your maximum amount, the system will submit your lowest bid above this bid in accordance with the bid increment. If another bidder has submitted a bid that is higher than your maximum amount, the system will let you know that you are outbid. The seller and other bidders will not know your maximum bid.

5 Payment

All prices presented on the SMT auction website are exclusive of V.A.T. unless otherwise is stated.

When an auction has ended, the winner of the auction will receive a proforma invoice via e-mail. The payment must be made within five (5) days from the proforma date. When the payment has been received a commercial invoice will be issued and the goods will be released for delivery to the buyer. Note that no objects will be delivered or released for collection unless full payment has been registered with SMT auctions.

Payment can only be made through bank transfer. Details for payment will be provided with the proforma invoice.

V.A.T. and fees according to law may be added to the price.

6 Sales condition of equipment

All objects in the auction are sold AS IS. Before the auction the buyer has a responsibility to examine and assess the condition of the objects. After the auction has ended no remedies such as withdrawal of a purchase or reduction of price can be done with reference to deficiency of condition of the object

7 Object description

Each auction object has an object description which contains information about the objects that could be of interest to a bidder such as inspection reports, pictures, videos, possible times for inspection etc. The information in the object description is always made as detailed as the circumstances allow. However, the information provided is not guaranteed to be a correct description of the condition of the object. Buyers are therefore recommended to make an inspection of the objects and their condition before an auction.

SMT reserves the right to at any time change the object description if new information about the object becomes available to SMT. If the change in the object description is crucial to the objects market value, SMT reserves the right to withdraw the object from the auction.

8 Inspection

It is most often possible for a buyer to inspect an object before the closing of an auction. Possible time for inspection will be specified for every object in the object description. Please contact SMT if you need to inspect at a different time and we will try to arrange this. In some cases, inspection might not be possible at all. If so, this will be clearly mentioned in the object description.

All inspections must be made before the auction ends. Inspections after the auction is closed are not allowed.

9 Removal of sales objects

SMT reserves the right to remove sales objects from the auction before the auction is ended. If this is done all bidders will be informed hereof. No compensation of any kind will be made by SMT to the bidders even if the removal of the objects has caused economical loss.

10 Warranty

There is no warranty on any of the equipment sold through the SMT auction.

11 Liability

SMT shall not be held responsible for any direct or indirect damage that can occur for a user of the auction due to operational interruptions or other interruptions in communication links, computer systems, technical malfunction, or other similar reasons.

12 Delivery terms and collection of goods

All equipment is sold Ex Works (EXW) from location named in object description according to ”Incoterms 2020” if nothing else is specified. This means that the buyers bears the risk of the goods from the moment the goods is being collected from the named place of delivery.

All objects must be fully paid before released for collection. For SMT to make the goods available for loading on time, the buyer must provide SMT with information about the date for collection of the object as soon as possible and minimum two days in advance.

13 Loading assistance

According to Incoterms EXW the buyer is responsible for the collection. The normal procedure is that the seller will arrange assistance with loading objects onto a truck. The buyer does still carry the risk of the object. If loading assistance is not possible this will be mentioned in the auction information.

Loading assistance only includes the loading of the objects onto a truck. Assistance with the loading of equipment in containers, dismounting of equipment before loading etcetera is not provided by SMT. SMT reserves the right to deny loading if the truck or trailer for any reason is not suitable for the goods.

The buyer must collect the goods within 30 days from the end of an auction. If the goods remain on the named place of delivery after this period, SMT will charge a storage fee of EUR 100 for the beginning of every week thereafter. Any applicable storage fees must be paid before the goods can be collected.

Objects that are not collected within 90 calendar days after the end of an auction will be considered abandoned by the buyer. The ownership will then be passed to SMT that may do what they deem appropriate with the object.

All contacts with the buyer with regard to the collection of auction objects will be done via the contact information provided by the buyer in the registration form. It is the responsibility of the buyer to keep the contact information updated.

14 Export restrictions

There are restrictions for export concerning specific goods to certain countries or geographical areas. SMT will follow the instructions in the “EU Sanctions Map” https://www.sanctionsmap.eu/#/main

15 Governing law and dispute resolution

These Terms and Conditions shall be governed by the substantive laws of Sweden unless otherwise is stated.

The courts of Sweden shall have the exclusive jurisdiction over any dispute, controversy or claim arising out of connection with these Terms and Conditions.