AUCTION TERMS FOR SELECTED SALES LIVE AND ONLINE AUCTIONS
1.1 Selected Sales trading under Danish company. Manager Group ApS with registration no. 43 86 20 49, provides auctions (“Selected Sales”) of yearlings, broodmares, racehorses, breeding rights and stallion shares. The following are the Selected Sales auction terms for the online-only auction to be held on December 3, 2023, where bids are placed solely on the Selected Sales website www.selectedsales.com, which is an electronic auction site and on-line marketplace on the internet. These auction terms (the “Terms”) apply as standard terms for Buyers and Sellers participating in an auction organized under the Selected Sales brand.
1.2 In these terms and conditions, the Seller refers to the owner, or representative of the owner, of the horse to be sold at auction. Buyer in these terms refers to the person who acquires a horse at auction or on his own behalf.
1.3 In addition to what follows from mandatory Danish legislation, these terms shall exhaustively regulate what applies between Selected Sales, Buyer and Seller.
2 Party Relations
2.1 Selected Sales mediates the transfer of a yearling, racehorse, broodmare, stallion share or breeding right from the Seller to the Buyer and is to be regarded as a mediator of the purchase. The party relationship thus only exists between the Seller and the Buyer.
2.2 Selected Sales is not responsible for any information provided by the Seller or the Buyer, such as, but not limited to, personal information, information provided about horses, etc.
2.3 It is the Seller’s and Buyer’s responsibility to complete the purchase by making a payment, handing over a horse, etc. in accordance with these terms.
2.4 Any complaint of purchase is made directly from the Buyer to the Seller. The Buyer thus accepts that any claims in connection with the purchase shall be made against the Seller and not against Selected Sales.
2.5 Any dispute in connection with a purchase is conducted directly between the Seller and the Buyer.
3 The Relationship between Selected Sales and the Seller
3.1 Registration of a horse and a binding reserve bid for auction must be submitted by the Seller to Selected Sales no later than 26 October 2023 or otherwise agreed between the seller and Selected Sales. Subsequent registration is only possible if there are auction slots available.
3.2 Selected Sales reserves the right to inspect and select among registered horses.
3.3 The Seller registration fee is EUR 0 with a 5% commission on the sales price to be deducted by Selected Sales on settlement of the sales price to the Seller.
3.4. A recall commission applies only in the case the seller recalls despite the binding reserve bid being met at the auction. In such case, a recall commission of 5% is to be paid by the Seller to Selected Sales. It is the Sellers responsibility to submit a binding reserve bid to Selected Sales prior to the Auction. In case a reserve bid is not submitted in writing and the Horse is subsequently sold, the Seller will have no recourse towards Selected Sales regardless of the sales price achieved.
3.5. In case the reserve bid price is not met at the auction the Seller will not be charged any registration fee, sales commission or recall commission..
3.6 The Seller is responsible for the information that the Seller provides about the horse to Selected Sales and the Buyer and is solely responsible for any errors or deficiencies in the horse.
3.7 The Seller is responsible for ensuring that veterinary certificates / inspection protocols / X-rays and other relevant documents are made available either on Selected Sales website and/or to the Buyer and is solely responsible for any errors or deficiencies in this documentation.
3.8 The Seller understands that Selected Sales does not check the bidders’ identity and ability to pay when bidding. Selected Sales is not responsible for whether the bidder deviates from the bidding or otherwise does not fulfill his payment responsibility before the purchase agreement has been reached.
3.9 In the event that the Seller agrees with the Buyer on an extended payment deadline outside these terms, Selected Sales will invoice the Seller for the Buyer’s all costs to Selected Sales such as, but not limited to: Purchase commission and any other costs in connection with the auction. The Seller is then also responsible for invoicing and collecting payment, etc. from the Buyer.
3.10 Selected Sales reserves the right to design the auction presentation.
4 The Relationship between the Seller and the Buyer
4.1 The Seller is at any time responsible for the information that the Seller provides about the horses on auction. The information may include particular terms and conditions for the sale of the horse that falls outside the general auction conditions and carries no liability of recourse to Selected Sales.
4.2 Any complaint of purchase is made directly from the Buyer to the Seller. The Buyer thus accepts that any claims in connection with the purchase should be directed at the Seller and not Selected Sales.
4.3 The Buyer can only make a valid error which means that the horse at the time of the auction was encumbered with a hidden defect that may affect the horse’s usability as a trotting horse. In order to retain the right to claim a hidden defect, the Buyer must within 30 days from the auction have in writing complained about the defect to the Seller and with the complaint attached a certificate from a veterinary inspection or X-ray showing the defect.
4.4 If the horse is returned, the transport to the Seller is paid for by the Buyer. Other costs incurred after the auction, such as training fees and the like, are paid until the return of the horse by the Buyer.
4.5 If the Buyer complains of errors to the Seller while Selected Sales is holding the payment, Selected Sales may, at the Buyer’s request, repay the payment to the Buyer.
4.6 The Seller and Buyer accepts that the horse is not handed over until full payment has been made or an agreement on credit has been reached between the Seller and Buyer.
4.7 Any dispute in connection with a purchase is conducted directly between the Buyer and the Seller.
5 The Condition of the Horses, etc.
5.1 Any horse is sold in existing condition. It is the Buyers responsibility to inspect the horse either before the auction or within a maximum of 30 calendar days after the sale.
5.2 Veterinary certificate / inspection protocol is only indicative for the Buyer and does not release the Buyer from the duty to inspect. The Seller or a representative of the Seller can answer questions about the horse.
5.3 The Buyer is aware that additions to the auction information can be submitted via the Selected Sales website. Information in this way is valid towards the Buyer.
5.4 A horse may undergo an ocular inspection before or after the auction by a qualified veterinarian.
5.5 Selected Sales cannot be held responsible for any printing errors and / or incorrect information or function on its website.
6 Bidding etc.
6.1 Selected Sales determines the date and time when the auction takes place. The auction closes on the date and at the time described on the Selected Sales website before the auction.
6.2 Bidding takes place in Euros (EUR). The asking prices are stated in Euros (EUR).
6.3 The lowest bid that is accepted is EUR 1,000, however the Seller is not entitled to sell if the binding reserve bid from the Seller is not improved on the Auction.
6.4 Sales take place in catalog number order.
6.5 Selected Sales decides the amount by which an increase in a bid must be made in order for a new bid to be considered valid.
6.6 Every potential Buyer must register for an account on the Selected Sales website with Bank approved ID or a copy of their passport. The person who is logged in via this account (the Bidder) and who places a bid, bids on her/his own behalf and is bound by his/her bid until another bid has been accepted. To participate in the bidding, registration for the account must have taken place no later than two hours before the start time of the auction. Foreign Buyers can, instead of using a Bank approved ID, register by submitting a copy of their passport.
6.7 A Bidder is bound by the bid submitted until another bidder places a higher bid.
6.8 The Buyer becomes the Bidder, who has placed the highest bid when the auction closes.
6.9 If the Bidder is given the winning bid via the auction website, that bidder shall make payment in accordance with section 7 below. In case of a technical issues leading to any uncertainty as to who holds the winning bid, Selected Sales has the right to decide the award of the winning bid alternatively to reopen bidding on the horse.
6.10 Selected Sales has the right to plan and carry out the auction in the way it deems most appropriate. This includes a right for Selected Sales to make adjustments in the auction conditions, planned layout, program and participating horses, etc. Major changes will be presented on the Selected Sales website for the current auction(s).
6.11 Should a dispute arise regarding a bid submitted or the Buyer not being approved, a valid purchase has not taken place etc., Selected Sales can at its discretion decide to cancel the bid and re-enter the horse on the auction. The same applies in the event of a technical problem or if Selected Sales staff has made a mistake of any kind.
6.12 By the sole discretion of Selected Sales, the auction can be moved due to force majeure such as war, strike, infectious disease, natural disaster or other events (e.g. technical issues relating to Internet connectivity and site congestion) beyond the control of Selected Sales. If a new auction cannot be held within two months after the set time, these Terms will cease to apply between the parties. Selected Sales is not liable for damage, either directly or indirectly, if the auction is canceled or moved.
7 Payment, Buyer Commission etc.
7.1 Payment for the horse shall be made by the Buyer to Selected Sales no later than 30 calendar days after the Auction. Upon payment, Selected Sales then arranges the final settlement and payment to the Seller. Purchase commission of 5% of the sales amount is invoiced to the Buyer and is added to the payment made by the Buyer to Selected Sales.
7.2 The above payment for the horse shall be made by the Buyer to Selected Sales via EFT to a bank account designated by Selected Sales. Extension of credit and specific payment terms may be negotiated and agreed upon on a case-by-case basis.
7.3 The horse remains in the ownership and custody of the Seller until full payment has been completed and delivery certificate has been issued by Selected Sales.
7.3 Selected Sales is also entitled in the event of non-payment to receive a commission in accordance with items 3.3 and 7.1 above.
8 Transfer of Risk, Delivery, etc.
8.1 The Seller is responsible for the horse until the delivery, after which the responsibility for the horse passes to the Buyer. Delivery is considered to have taken place when a delivery certificate has been issued by Selected Sales for delivery to the Buyer. If the horse is not delivered on time and it is due to the Buyer or some relationship on his part, the responsibility of the horse passes to the Buyer.
8.2 The buyer can collect the horse immediately after the auction once the payment is complete and the delivery certificate issued and presented to the Seller.
9 International Buyers
9.1 An export fee may be added for Buyers who choose to export the horse from its country of registration. The export fee is paid by the Buyer to the relevant Horseracing Association in the country in question. For International Buyers who export the horse within one month from the auction date and who have notified Selected Sales that the horse is to be exported, VAT is refunded when the export certificate is received by Selected Sales, provided that the export certificate arrives no later than 30 days after the auction date and provided the law allows VAT-free export.
9.2. Horses sold with the condition of being exported to North America must present a negative equine piroplasmosis test. In case the horse is tested positive the Buyer can cancel the sale. The Seller is responsible for all costs relating to testing the horse for piroplasmosis.
10 Conditions for Purchase and Sale of Yearlings
10.1 Yearlings are sold under similar terms as any other horse on the Selected Sales auction.
10.2 Once a Yearling is sold the Buyer will have up to 30 calendar days to examine the yearling and obtain a veterinarian report. The expense for this will be carried by the Seller.
10.3 To protect the integrity of yearlings sold at Selected Sales, the Buyer will be given protection in case there is a need to surgically remove harmful bone fragments from the Yearling. In such event, the Buyer will have to provide veterinarian documentation and X-rays within 13 months of the certified birth date of the Yearling. In case surgery is required, the expense of the operation will be carried by the Seller.
10.4. Additional terms relating to the sale of a yearling is agreed exclusively between the Buyer and the Seller with no liability of recourse to Selected Sales.
11 Conditions for Purchase and Sale of Broodmares
11.1 Broodmares are sold under similar terms as any other horse on the Selected Sales auction.
11.2 Once a broodmare has been sold at the auction, the Seller will have 3 days to provide Selected Sales and the Buyer with a positive pregnancy test and a veterinarian report on the broodmare. The expense for this will be carried by the Seller.
11.3. Additional terms relating to the sale of a broodmare is agreed exclusively between the Buyer and the Seller with no liability of recourse to Selected Sales.
12 Conditions for Purchase and Sale of Racehorses
12.1 Racehorses are sold under similar terms as any other horse on the Selected Sales auction.
12.2 Since the Buyer of a racehorse lot may not have the opportunity to inspect the lot prior to the sale, the Buyer will have up to 30 calendar days to inspect the racehorse and obtain a veterinarian report.
13 Conditions for Purchase and Sale of Stallion Shares
13.1 The Seller registers stallion shares for sale after approval of each stallion’s syndicate. Note that different agreements apply to different stallions and syndicates. The Seller must submit the syndicate agreement and any relevant bill of sale, assignment of interest or similar documents. The registration fee for the sale of a stallion share is free of charge with a 3% commission to Selected Sales on the sales price. The recall commission is 3% but only in the case Seller recalls despite the binding reserve bid being met at the auction.
13.2 The Buyer signs the Selected Sales auction agreement and then receives the relevant documentation from the stallion’s syndicate manager. A brokerage commission to Selected Sales of 3% will be added to the sales price.
14 Purchase and Sale of a Breeding Rights
14.1 The seller registers his or her breeding right after approval of each stallion’s representative. Note that different agreements apply to different stud managers, stallions and syndicates. The Seller must submit the booking agreement and any other relevant documentation including the bill of sale, assignment of interest or similar documents. The registration fee for the sale of a stallion share is free of charge and a 3% commission on the sales price to Selected Sales will apply and added to the payment of the sales price. The recall commission is 3% but only in the case Seller recalls despite the binding reserve bid being met at the auction.
14.2 The buyer signs the Selected Sales auction agreement and then receives the relevant documentation from the stallion’s syndicate manager or managing agent. A brokerage commission to Selected Sales of 5% will be added.
15.1 All amounts and prices are stated excluding VAT. VAT is added to the amounts.
16.1 The laws of Denmark shall be applied both in the relationship between Selected Sales and Seller and Buyer and between Seller and Buyer. Any legal acts and disputes on international purchases shall be decided by a Danish court.