Terms And Conditions for KWPN Auctions 1.2 Applicability of the Terms and Conditions 1.2.1 These Terms and Conditions apply to the legal relationships between the KWPN and the Participant. The Participant is deemed to have accepted the applicability of these Terms and Conditions. The applicability of other terms and conditions is excluded. 1.2.2 All provisions in these Auction Terms and Conditions have also been created for the benefit of all persons who work for or have worked for and / or on behalf of the KWPN. These persons may directly invoke the provisions of these Terms and Conditions, as if they were the KWPN. 1.3 Auction 1.3.1 The KWPN will organize and facilitate the Auction and auction one or more Horses on behalf of the Seller, without being party to or becoming party to Purchase Agreements. 1.3.2. The KWPN will determine the dates and times that the Auction is held. 1.3.3. The Online Auction will close on a date and time stated in advance. The duration of the Online Auction will be posted on the Auction website. If a bid is placed in the last five minutes prior to the specified closing time, the closing time will be extended by two minutes per occurrence. The Online Auction will definitively close two minutes after the last bid. 1.3.4. The Physical Auction will take place under the supervision of a notary appointed by the KWPN. 1.3.5. The KWPN will determine the order and sequence of the Auction. The KWPN has the right to deny anyone access to and / or participation in and / or Registration for the Auction without stating reasons or to set further conditions thereto. 1.3.6. Horses offered in the Auction are auctioned / sold outright, without proceedings or recompense, in the condition in which they are found upon Award, without liability of the KWPN relative to the value, condition or quality of the auctioned Horses. 1.3.7. A Purchase Agreement will be created between the Buyer and the Seller as a result of an Award, in which case the KWPN will do the following: provide the Buyer with a written Purchase Agreement Statement for the Physical Auction at the time of the Auction; and for the Online Auction, send the Buyer a written Purchase Agreement Statement which the Buyer shall complete, sign and return to the KWPN within 7 calendar days of the day it was sent. 1.3.8. Horses offered for Auction will be sold through an open ascending price auction with a minimum opening bid announced at the Auction, unless the KWPN determines that the Auction, or a part thereof, will be conducted as an open descending price auction. The KWPN is entitled at any time during the Auction to change the way in which the Auction takes place. Both in the case of an open ascending price auction and in the case of an open descending price auction, the Seller is invited to make a bid. The KWPN is entitled to not recognize a bid, if in its opinion, there are reasonable grounds for doing so. 1.3.9. The Seller shall provide the Bidder the opportunity to view any horses offered for Auction prior to the Auction (i) at the first round viewing in Ermelo, (ii) or at the KWPN Stallion Show, (iii) or by appointment with the Seller in the case of an Online Auction, or (iv) in the KWPN stables, starting at 10:00 hours on the day of the Auction in the case of a Physical Auction and only by request. 1.4 Obtainment/Delivery 1.4.1. The delivery of the purchased Horse takes place by obtaining the Horse from the Seller or the stable address provided by the Seller, unless otherwise agreed upon between the Seller and the Buyer. 1.4.2. The Buyer may obtain or have the Horse delivered only after paying the KWPN the Purchase Amount in full and any remaining monies owed. As long the KWPN has not received full payment from the Buyer or payment for any other Purchase Agreements, the Seller remains the owner of the Horse. 1.4.3. The Seller may deliver the purchased Horse to the Buyer only after obtaining written consent from the KWPN. 1.4.4. The Buyer must take possession of the Horse from the Seller within 14 calendar days after full payment to the KWPN. If the Buyer refuses or fails to comply with the aforementioned, the Buyer will be in default to the Seller and required to meet obligations including 103
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