Auction

Auction Rules: 

Terms and Conditions

  • Each lot is subject to 15% GST payable on the winning bid;
  • The highest bidder shall be the buyer. In the event of any dispute as to the biddings in respect of any lot, that lot may be offered again at the discretion of the auctioneer whose decision shall be absolute and final;
  • All bids are legally binding;
  • The auctioneer has the right:
    a) to refuse any bid;                
    b) to advance the bidding at his absolute discretion;                
    c) to place a reserve on any lot;                
    d) to place a bid or bids on behalf on the seller;                
    e) to withdraw any item from sale;                
    f) to require a successful bidder to pay forth with the whole or any part of the purchase price.
  • Auctioneer means "Duco" its servants and/or elected agents. The Auctioneer shall not be responsible for any defects in any lot or for any errors of description or for genuineness or authenticity of any lot and no compensation shall be paid in respect of the buyer;
  • On Auctioneer's request, all bidders shall be called upon to provide their full name, residential address, daytime telephone number and proof of identity;
  • Notwithstanding specific terms of the auction item, travel packages and items deemed experiential in nature, must be redeemed no later than 8 months from the day of the auction;
  • Duco and the Charity shall not be responsible for any errors, third-party contractors to the auction, cancellations, faulty goods, non-delivery, refunds or non-redemption of the auction item;
  • Business customers agree that where products or services are purchased for the purpose of a business the Consumer Guarantees Act 1993 Act does not apply;
  • Each lot shall be paid for and removed (after Auctioneer's sighting of receipted amount) no later than seven days after the auction, failing which the Auctioneer shall have the right to forfeit any deposit paid by the buyer and to sell the lot either by public or private sale and the deficiency on and costs of resale shall be borne by the defaulting buyer;
  • Payment of the purchase price shall be made in cash, by credit card or by cheque on the day of the sale or within seven days of the auction; 
  • The silent auction is considered closed and no further bids can be taken after the official bid sheet is picked up by Duco staff.    This supersedes any advised time by the Master of Ceremonies or on the dinner programme;

Failure to make Payment

If a purchaser fails either to pay for or take away any lot Duco shall, without further notice to the purchaser at its absolute discretion and without prejudice to any other rights or remedies it may have be entitled to, exercise one or more of the following rights or remedies:

  • To charge interest on the purchase price at a rate 5% above Duco's bankers', then current rate for commercial overdraft facilities, to the extent that the price or any part of it remains unpaid for more than seven days from the date of the sale. The charging of interest does not imply the granting of any extension of any credit terms. Any expenses, disbursements and legal costs incurred by Duco in the collection of outstanding monies shall be paid by the buyer;
  • To rescind the sale of that or any other lot sold to the purchaser at the same or any other auction;
  • To resell the lot by public or private sale. Any deficiency resulting from such resale after giving credit to the purchaser for any part payment together with all costs incurred in connection with the lot shall be paid to Duco by the purchaser. Any surplus over the proceeds of sale shall belong to the seller and in this condition the expression "proceeds of sale" shall have the same meaning in relation to a sale by private treaty as it has in relation to a sale by auction;
  • To store the lot whether at Duco's own premises or elsewhere at the sole expense of the purchaser and to release the lot only after the purchase price has been paid in full plus the accrued cost of removal storage and all other costs connected to the lot;
  • To issue proceeding against the purchaser for damages for breach of contract;
  • To retain possession of that or any other lot purchased by the purchaser at that or any other auction and to release the same only after payment of money due;
  • Duco shall be entitled to a possessory lien on any property of the purchaser for any purpose while any money remains unpaid under this contract. 

Receipts

Duco often receives requests for receipts in respect of "donations" made at these events.  It is important to note that the Inland Revenue Department takes the position that a donation is a payment where nothing is received in return.  As such, an amount paid by you does not qualify as a charitable gift under present income tax legislation. In order to qualify as a charitable gift, the amount must have been paid voluntarily and the payer cannot receive any direct identifiable benefit as a result of the payment. Confirmation with respect to our advice and further information surrounding charitable gifts can be located on the Inland Revenue Department website – http://www.ird.govt.nz/income-tax-individual/tax-credits. Therefore, the purchase of tickets to events and the purchase of auction items do not constitute a donation and you are unable to claim a tax rebate for these purchases.  This is due to the fact that you are receiving something in return for the purchase.  As such, neither Duco nor the charity concerned will issue receipts for donations in respect of these events. 

Due to the volume of transactions for each event, Duco does not automatically issue a tax invoice for ticket or auction purchases.  However, Duco will meet its obligations under New Zealand tax law and issue a tax invoice within 28 days of a request being made by the purchaser.  Any invoices issued will be specific and in respect of the tickets or auction items purchased.  These invoices will include a specific disclaimer indicating that the invoice is in relation to the purchase of a particular item and does not constitute a donation. 

Duco does not accept donations on behalf of the charity. We ask that donations are made directly to the organisations in question.

Collection

Purchases are to be taken away at the buyer's expense immediately after the sale except where payment is outstanding.  If this is not done Duco will not be responsible if the lot is lost, stolen, damaged or destroyed and the purchaser will still be held liable for the outstanding amount. Any items not collected within seven days of the auction may be subject to a storage and insurance fee. A receipted invoice must be produced prior to delivery of any lot.