Auction Terms and Conditions (Sale of Goods)
An Auction Terms and Conditions (Sale of Goods) document sets out the framework for the sale of goods by physical auction.Document Overview
These terms and conditions set out the framework for sale of goods by physical auction.
Where goods are sold by way of auction, each item or lot put up for auction is the subject of a separate contract of sale. The contract is completed by the fall of the auctioneer’s hammer, or in other customary manners, such as the auctioneer declaring the item sold after closing the bidding.
What does this Auction Terms and Conditions (Sale of Goods) cover?
the seller's right to bid at auction;
reserve price;
deposit;
the authority of the auctioneer; and
payment methods.
How are auctions regulated by law?
State Sale of Goods legislation applies to items sold at auction. These laws primarily impose rights and responsibilities upon sellers and purchasers to ensure that sale contracts are observed by both parties.
The Australian Consumer Law (ACL) applies to items sold auction. In particular, sellers should be wary that any additional contracts made at auctions do no impose unfair contract terms. This terms and conditions meets the requirements of the unfair contract terms regime. The ACL does not impose mandatory consumer guarantees to items sold at auction regarding matters such as acceptable quality and fitness for purpose.
