Terms And Conditions for KWPN Auctions 2.1.5. If a Bidder places a bid, the bid will count as an offer to the Seller in accordance with Article 6: 217 of the Dutch Civil Code. A Bidder is bound to a bid, which is considered irrevocable and unconditional. Every Bidder who places a bid is deemed to have bid for himself / herself and is personally bound to the KWPN and (after Award) to the Seller for the obligations arising from his / her bid to the KWPN and the Seller. The aforementioned also applies if the Bidder who is placing the bid declares to be acting on behalf of a third party. 2.1.6. A Bidder with the second highest bid must honor his / her bid for 14 calendar days after the close of the Auction, in case the highest bid is declared invalid or is not honored. 2.1.7. The Bidder shall bid at his / her own expense and risk, and is bound to his / her bid until a higher bid is accepted. 2.1.8. A Bidder shall accept the special circumstances which may arise in an Online Auction, including technical issues which may prevent the timely placement of a bid. 2.1.9. When placing a bid in an Online Auction, the Bidder may not appeal bidding- or data entry errors or mistakes. 2.2 Payment Obligations of the Buyer 2.2.1. The Buyer will owe a Purchase Price through the conclusion of the Purchase Agreement. 2.2.2. After a Purchase Agreement is concluded, the Buyer shall pay the Purchase Price in Euros to the KWPN within 7 calendar days by bank transfer to the KWPN’s account number, without any discount or settlement. 2.2.3. If the Purchase Price is not paid on time, the Buyer will be in default and the KWPN has the right to immediately sell the Horse privately, whereby the offer of the original Buyer is no longer valid. The Buyer is never entitled to excess proceeds from a private sale and remains obligated to pay the marginal loss to the KWPN. The KWPN also has the authority, without notice of default on behalf of the Seller and without the Seller’s permission, to consider the Purchase Agreement dissolved without the Buyer being entitled to compensation for damages. In addition, the Buyer shall owe the KWPN administration costs equal to 6% of the Auction Price, and the Bidder / Buyer shall pay all extra judicial costs associated with collection of the KWPN’s claim against the Buyer, with a minimum due of € 1,000, excluding any VAT owed to the KWPN. The Buyer is not entitled to a settlement. 2.2.4. If the Seller or Buyer terminates the Purchase Agreement or otherwise violates it, the Buyer shall still owe the KWPN the Premium without prejudice to any other right of the KWPN in that case. The foregoing does not apply in the event that the Consumer Buyer avails of his / her right of withdrawal as stipulated in Article 1.6 of these Terms and Conditions. 3. 3.1 ADDITIONAL TERMS AND CONDITIONS FOR SELLERS General 3.1.1. The legal relationship between the KWPN and Seller is a contract agreement. The Seller shall provide a Horse for Auction by means of Registration. 3.1.2. The Seller is responsible for checking the accuracy of the information in the digital catalog with respect to the Horse that he / she has registered, as stipulated in Article 1.7 (Information) in these Terms and Conditions. The Seller shall notify the KWPN in writing, at least 7 calendar days before the Auction, of any inaccuracies in the catalog and explain in detail the changes or additions to be made. 3.1.3. The Terms and Conditions which the KWPN places on Horses, Registration and Sellers in the scope of the Auction are implemented solely in the interest of facilitating a good auction 3.2 Guarantees and Indemnities 3.2.1. The Seller shall guarantee that full ownership of the Horse can be transferred to the Buyer free and unencumbered. The Seller shall indemnify the KWPN against claims by the Buyer and / or a third party or third parties related to the breach of this guarantee by the Seller. 3.2.2. The Seller shall guarantee that the Horse is free of banned substances, as per the most recent list of the Federation Equestre Internationale (FEI) and posted on the website of the FEI (www.FEI.org)/), during the selection process and the Auction. The KWPN has the 107
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