 |
Ise pearl auction in Macau
AUCTION
Membership requirement:
| |
|
|
Applicants, being either wholesalers or retailers
of pearls, must have been first nominated by an existing member, and
then with the approval from the Board of Directors of the Ise Pearl
Association; Membership fees of US$200 must be paid during application,
and unsuccessful applicants will be refunded within 7 days..
|
Rules of Auction in Macau
| |
|
|
Applicants, being either wholesalers or retailers
of pearls, must have been first nominated by an existing member, and
then with the approval from the Board of Directors of the Ise Pearl
Association;
Membership fees of US$200 must be paid during application, and unsuccessful
applicants will be refunded within 7 days..
Rules of Auction in Macau
Application Form, with details of merchandise for auction, must be
sent to the Association at least 14 days before the particular auction
date through fax or e-mail.
Each member can only apply to have 10 individual lots of merchandise
to be auctioned in the auction, and each individual lot of each member
cannot be the same in terms of quality, variety and value; each member
will set the reserve price of each individual lot of merchandise to
be auctioned; and the minimum value of each lot of merchandise is
US$1,000.-
Freight: Exceeding more than 1.00 kg for each lot, we will charge
you ￥3,000.- for each 1.00 kg.
Insurance: Exceeding more than US$5,000.-for each lot, we will charge
you 0.2% on the value of each lot.
By sending the merchandise to the Association, the members have entrusted
the Association to have the merchandise auction during the particular
date, and within or above the stipulated reserved price. Ownership
of all merchandise will thus be entrusted to the Association .
Members cannot withdraw the merchandise after filing the application,
a penalty of US$50.- will be fined for failure to deliver the merchandise
to the association after filing the application.
All merchandise must arrive at the Association 10 days before the
auction date. Merchandise will be offered for sale in lots identified
by numbers, weight and /or quantity, stipulated in the item tags on
each individual lot of merchandise.
Members may collect the unsold merchandise at the end of the following
day of the particular auction, and merchandise that have not been
collected will be sent to the members within 10 days after the auction.
All members who have participated in the particular auction must attend
the auction, and failure to be presented will be expelled from the
membership of the Association.
Unsold merchandise will have to pay an administrative cost of US$30.-
to the Association
|
Bidding Procedure and Regulation
| |
|
|
Merchandise will be sold by competitive bidding,
and cannot be withdraw, or refuse any bid that exceed the reserve
price.
A buyer can revise a previous bid cast by casting a correction bid,
and the highest correction bid will be recognized as a buyer’s final
bid and will cancel a buyer’s previous bid.
If more than one bid has been received in the same amount for a particular
lot, the Association may determine the acceptable bid by a draw.
All bids must be expressed in US DOLLOR in a minimum units of 1,000
US DOLLOR.
Successful seller will pay a commission of 3% on the value of the
bid to the Association, and US$30.- per lot on members of each individual
unsuccessful lot.
Ownership of all merchandise remains with the Association until the
full price has been paid in accordance with the conditions of sale.
And upon payment in full, risk and ownership passes to the buyer.
Buyers can and should inspect each lot of merchandise before bidding
on the preview area. And the Association will provide detail and description
of merchandise to be auctioned.
No negotiation between the buyers and the members or owners of the
merchandise is allowed. This is a very serious offence and can constitute
a breach of contract and resulted in the expulsion of the membership.
The auction starts at 9:00am and closed at 15:00pm.
Results of the bids will be announced at 17:00pm. And will also put
on the web site of the Association 2 days after the auction, accessible
only by members.
Payment is due before delivery in CASH, or otherwise in such manner
and forms as stipulated by the Association:
The Association Bank:
Account Name:
Bank :
Account # :
The costs f funds’ transfer and clearance by the Association’s bank,
freight and insurance to the buyer’s account.
After closure of the auction, all merchandise sold to the buyers must
be paid for in full by the due date and delivery of all lots at the
same time.
Payment must be made by not more than 7 days after closure of the
auction, and if the payment for a lot is not made by that date, the
sale of that lot may be cancelled by the Association, who may claim
damages from the defaulting buyer.
|
|
