Terms & Conditions

1. The Terms and Conditions herein shall apply to all user of vsauction.com.my (VSAC Website)

2. Bidders are responsible to ensure that the internet access is in good condition during the process of online auction is being conducted. Unsatisfactory internet access may disrupt bids made by the Bidders.

3. VS Auction Centre shall not be liable for any disruptions, delays, failures, errors, omissions, or loss of transmitted information due to the unsatisfactory internet access or any online disruptions that may occur during the process of public auction.

4. Any decision or instruction made by VS Auction Centre shall be final and binding on the Bidders for online auction conducted by vsauction.com.my.

5. Bidders who register to participate in the online auction in vsauction.com.my are deemed agreeable to the Terms and Conditions as follows:
   i. Minimum age for individual Bidders shall be of 18 years and above, of sound mind and not bankrupts;
   ii. Companies incorporated under the laws of Malaysia and not in liquidation and be able to take, fulfil and perform all necessary actions, conditions and matters (including obtaining any necessary consents) in terms of law to enable E-bidders to participate in the public auction and complete the purchase in the event of successful bid.


1. REGISTRATION OF BIDDERS

1. Parties who are interested to participate in online auction shall register as Bidders in vsauction.com.my

2. Bidders are responsible to provide all true and accurate information at the time of registration.

3. In the event of bidding by companies, Form 49 of the Companies Act 1965, Memorandum and Articles of Association of the company and Board of Director's Resolution duly signed by all directors shall be uploaded into vsauction.com.my at the time of registration.

Bidders only need to register once in vsauction.com.my and the registration shall be applicable for future online auction.

5. Foreign citizens or foreign companies are not eligible for auction properties except with the approval of the relevant authorities.

2. Before Auction

1. Prospective Bidders are advised to obtain a copy of Conditions of Sale attached to the Proclamation of Sale to identify the property and to ensure that the details, liabilities and encumbrances of the property are correct and accurate.

2. E-Bidders shall deposit a sum equivalent to ten per centum (10%) of the reserve price of the property to be auctioned via local bank online transfer and being fully cleared by the bank no later than two (2) working day before the auction day.

3. Upon received prospective bidders' auction deposit and verified by vsauction.com.my, the registered E-Bidder will receive a notification on their successful registration and allowing the registered E-Bidders to bid for their intended property on the auction day.

3. DURING ONLINE AUCTION DAY

1. Live bidding shall commence ON TIME and based on the sequence of the LOT being shown on the vsauction.com.my. However the Auctioneer reserved the rights to vary the sequence without prior notice.

2. It is bidders' responsibility to login to vsauction.com.my to wait for their turn for bidding.

3. The Auctioneer reserved the rights to set a new reserve price in the event that there is more than one (1) registered e-bidder.

4. The amount of incremental bid will appear on the website prior to the bidding.

5. Registered online Bidders shall start bidding online by pressing the Start E-Bidding using their own gadgets with internet connection. If your bid is the highest, it will be denoted by a Green Coloured Box otherwise it will be a Red Coloured Box The highest bid shall flash 10 seconds (subject to change) interval for four (4) times " First Calling, Second Calling, Final Call, and Sold". E-bidders may submit their bid at any of these stages of biddings by pressing the BID button.

6. Successful bidder's bid will be shown in green coloured screen. The highest bidder shall be declared as the successful bidder upon the fall of the hammer.

7. Bidder with the highest bid at the end of the online auction shall be declared as the successful Bidder.

8. It is important to note that any bid once entered by the registered E-bidders shall be binding and the bid shall not be withdrawn or retracted in any manner whatsoever after the fall of the hammer.

9. Both the successful and unsuccessful bidders will be notified by the Auctioneer through the website.

10. In the event of any dispute, the decision of the Auctioneer shall be final and binding on all bidders.

11. Unsuccessful E-bidders shall have the deposit refunded to the same bank account from which the deposit transfer was made within three (3) working days from the date of auction.

4. POST ONLINE AUCTION PROCEDURES

i a) MEMORANDUM OF CONTRACT iii. Successful E-bidders shall and undertake to sign the Memorandum of Contract. Our admin will get in touch with you in order to conclude the sale of the auction property.

iv. The Memorandum of Contract upon being signed by the Auctioneer, Solicitor for the Assignee bank and the successful Bidder/Authorised agent shall be conclusive evidence of the sale of the property to the successful bidder.

v. The Property is sold on as is where is basis and vacant possession of the property is under the obligation of the successful Bidder.

b) BALANCE OF PURCHASE PRICE vi. The successful Bidder shall settle the balance purchase price within ninety (90) days from the date of auction.

vii. In the event the successful Bidder fail to settle the balance purchase price,
a. the sale shall be void; and
b. the deposit of ten per centum (10%) of the reserve price shall be forfeited by the Bank/Assignee.

5. LAWS AND JURISDICTION

1. The usage of vsauction.com.my website together with the terms and conditions hereof shall be governed by and construed in accordance with the laws of Malaysia and all parties hereby agree to submit to the exclusive jurisdiction of the courts of Malaysia.

6. CONFIDENTIALITY OF INFORMATION

1. By accessing this vsauction.com.my website, the Bidders acknowledge and agree that VS Auction Centre may collect, retain, or disclose the Bidder's information or any information by the Bidders for the effectiveness of services, and the collected, retained or disclosed information shall comply with Personal Data Protection Act 2010 and any regulations, laws or rules applicable from time to time.

2. Bidders agree to accept all associated risks when using the service in the vsauction.com.my website and the VS Auction Centre shall not be responsible for any unauthorized access or any consequential loss or damages suffered.

3. Bidders shall be responsible for the confidentiality and use of Password and not to reveal the Password to anyone at any time under any circumstances, whether intentionally or unintentionally.

4. Bidders agree to comply with all the security measures related to safety of the Password or generally in respect of the use of the service.

5. Bidders accept the responsibility that in any event that the Password are notified to any other person whether intentionally or unintentionally, the Bidders shall take precautionary steps, or the Bidders shall immediately notify VS Auction Centre.

7. INTELLECTUAL PROPERTY

1. All information (inclusive of data, text, image) displayed in vsauction.com.my shall not be used or published in other channels without the permission of VS Auction Centre.

2. VS Action Centre has the right to use any available legal remedies which may include the demand for factual or statutory damages, solicitor's fees and injunctive relief for any violation of VS Auction Centre intellectual property rights.

8. MISCELLANEOUS

1. In the event there is any discrepancy, misstatement or error appearing in translations of the particulars and the online Terms and Conditions to any other language, the Terms and Conditions in the English Language version shall prevail.