Terms of the auction

1. Conduct of the auction:
Danish International Sales A/S´ auction of horses will be held at Odense Congress Center, Ørbækvej 350, DK-5220 Odense SØ in Denmark.

The auction takes places on October 21st 2011 at 9.15 pm.

2. Renunciation of responsibility:
Danish International Sales A/S is not the vendor of the horses and therefore not part of the individual deal. Danish International Sales A/S is solely the auctioneer and thereby provider of the auction sales. The horses are sold on the owners’ account and risk. It is exclusively the owner of the horse in question that can be held responsible for flaws.

3. Insurance:
All horses are insured by First Horse for 7 days as from the day of the auction for the value of the knock down price + VAT + fee.

4. Auction catalogue:
The auction deals with the horses stated in the catalogue.
The auction catalogue contains known and relevant information about the horses offered for sale.
The auction catalogue is solely guiding and therefore we reserve the right to inform of changes during the auction. Changes will be announced at the auction office.
All claims from buyer based on insignificant and incorrect information will be dismissed.

5. Horses at auction:
The horses at auction are sold in the condition that the buyer sees them at the knock-down.
No insurance or warranty of the condition and capabilities of the horses are given by neither Danish International Sales A/S nor the seller of the horse.
All riding horses at auction have been x-rayed within three months prior to the auction.
The auction horses have undergone a clinical veterinary check within 3 weeks prior to the day of the auction. A veterinary report for each horse is available at the auction office, where the veterinarians Dr. Brigitte Otto and Dr. Jonas Rasmussen will be available in case potential buyers wish to inquire on the condition of the horses.
A vet report for each horse is available at the auction office where veterinarians Dr. Brigitte Otto and Dr. Jonas Rasmussen will be available in case potential buyers wish to enquire on the condition of the horses.
In the light of the opportunity offered to inspect and test the horses before the auction, the buyer cannot complain about flaws which could have been discovered at the inspection and test ride.

When bidding for a horse at auction the potential buyer relinquishes from complaining on health issues that appear in the veterinarian report accessible at the auction office on the day of the auction.

If a potential buyer wishes a horse to undergo further examinination this will be carried out on the account of the buyer. This kind of examination must take place at least 10 days prior to the auction.

6. Auction bid etc.:
Horses are offered for sale in EURO.
Danish International Sales A/S can at any time before bidding has commenced pull the horse in question out of the auction.
Anyone can bid at the auction. When bidding for a horse at auction the potential buyer commits to abide the terms of auction. A bid for a horse at auction is binding and no right of return is granted.
In the case that several bids are offered at the same time the auctioneer will determine who holds the bid.

Danish International Sales A/S is in position to demand that a bidder proves that he can afford his bid.
The size of minimum bid and overbid is determined by the auctioneer. The final sum of the bid is determined by the knock-down when an overbid cannot be achieved. Thereby the horse sells to the highest bidding buyer if his bid is approved. (see paragraph 6).

All disputes during the auction are settled by the auctioneer or by supervising head of auction.

7. Minimum price:
Prior to the auction of each individual horse the seller has informed Danish International Sales A/S the minimum price accepted for the horse. The minimum price is not published and therefore not publicly obtainable.
The head of the auction is at any time in his right to refuse a bid which is lower the fixed minimum price.

8. Possible second auction:
Danish International Sales A/S can after the knock-down decide that the horse sells to the highest bidder or a new action will take place.

Second auction will be held right after the first auction and can take place in the following situations:

1.  
When minimum price is not achieved at final knock-down. Then second auction of a horse can be postponed for 20 minutes. In this period of time the seller has the option to withdraw the fixed minimum price. In this period of time the highest bidder commits to the bid he has given. If the minimum price is withdrawn from seller the auction will be resumed. The horse sells to the highest bid at knock-down.

2.  
When security for payment of the bidding price is not presented right after knock-down. Anyone who has bid on the first auction commits to this bid until second auction has ended by knock-down. The horse sells to the highest bid at knock-down. Holding of the second auction does not excempt the buyer from liability in damages to seller and/or Danish International Sales A/S.
  
3.  
When there is a doubt after knock-down about who holds the highest bid. Any identified bidder on the first auction commits to this bid until se-cond auction has ended by knock-down. The horse sells to the highest bid at knock-down.
  
4.  
The supervising head of auction can decide on entering a horse in second auction in case buyer does not abide the terms of auction. Holding of the second auction does not excempt the buyer from liability in damages to seller and/or Danish International Sales A/S.

9. After Knock-down:
After knock-down the buyer will be asked to inform of his/her name, address, country, telephone number and VAT no. if available.
A contract on the deal will be signed by buyer and seller immediately after knock-down.

As from the moment of knock-down the horse is in any regard left on the account and risk of the buyer.
The ownership of the horse only passes to the buyer when the purchase price has been paid and the horse is only handed over when the payment is settled.

10. Power of attorney:
A person who bids on behalf of someone else engages as surety to meet the terms of the auction. Joint and several liability is applicable when several persons jointly purchase a horse.

11. Auction by mistake:
If a wrong horse by mistake has been auctioned the deal is considered invalid and the buyer cannot claim compensation from Danish International Sales A/S or the seller.

12. Amount of purchase:
Amount of purchase consists of:
1.  The knock-down price
2.  + 10 % of the knock-down price (excl. VAT) for auction expenses
3.  + 25 % VAT of paragraph 1 and 2.
4.  + prospective public fees and taxes.

The amount of purchase will be invoiced by Danish International Sales A/S no later than the following Monday after the auction has taken place. The amount of purchase falls due no later than 10 days after the date of invoice. If the amount of purchase has not been paid within due date Danish International Sales A/S is entitled to charge 1.5 % interest of the amount of purchase per 30 days surpassed the due date.

13. Handover of the horse:
The horse will be handed over when the amount of purchase has been paid.
Danish International Sales A/S informs the buyer of the address where the horse can be fetched. At the moment of knock-down the risk passes to the buyer and, therefore, stabling of the horse is the account and risk of the buyer until the horse has been fetched.

14. Foreign buyers:
In case the buyer provides documentation proving that the horse has been imported to a country of destination where VAT of the amount of purchase is not to be paid according to the law in practice Danish International Sales A/S will rectify the amount of the invoice.
Documentation required is a recognised document of importation stamped by the public authorities in the country of destination in question.

If Danish International Sales A/S’ invoice without VAT is overruled by a public authority in the country of either the seller or the buyer, the buyer is obliged to pay the entire amount of VAT charged in the country where seller was registered at the moment of knock-down.

15. Cancellation of the purchase:
The buyer can only cancel the purchase in the case that the horse has significant flaws concerning the information in the catalogue and this has not been altered through a notice in the auction office before beginning the auction of each individual horse.
In order for the buyer to cancel the purchase at auction the horse needs to be handed back in the same condition as at the time of the knock-down. The buyer cannot seek recompense form Danish International Sales A/S for expenses held.
If the buyer does not fulfil the contract of purchase or the terms of auction the seller or Danish International Sales A/S may cancel the purchase at auction. Seller and/or Danish International Sales A/S may require compensation with reference to the common rules for Danish justice, comprising any lost contribution margin and expenses on maintenance of the horse until it can be sold to a third part. Maintenance and destruction of the horse is on the account and risk of the buyer until the horse can be sold to a third part.
This includes that the seller can demand that the horse will be for sale at next auction held by Danish International Sales A/S on the risk of the buyer. Hence the buyer must pay what may be bid less on the new auction but has no right to what may be bid more. In addition to this the maintenance and destruction of the horse is on the account and risk of the buyer during the period between the two auctions.
16. Changes:
Danish International Sales A/S reserves the right to make changes in the auction arrangement. Any changes will be announced as soon as possible through a notice in the auction office.

17. Applicable law and venue:
Any dispute that may arise between Danish International Sales A/S, seller or buyer of the horse will be judged in the Court of Kolding and Danish law will be applied.

Danish International Sales A/S reserves the right to refer to the “Terms of Auction” in Danish in case of misunderstanding or misinterpretation of the English text.