ONLINE WATER AUCTION

For Online Auctions conducted on the Site the Customer:

1.         acknowledges and agrees that the highest approved bidder or Buy It Now buyer shall be the purchaser, subject to the Vendor’s approval and the reserve price, if any;

2.         acknowledges that PWL may refuse to accept any bid or Buy It Now acceptance from any person, and no bid, if accepted, shall be retracted without the consent of the PWL;

 3.        acknowledges that if any dispute or difference shall arise as to the highest Bidder or Buy It Now Purchaser, PWL may re-open the bidding and resubmit the parcel commencing with the highest amount previously bid for the same;

4.         Customers who are the buyer acknowledge that upon receiving notification from PWL that they are the highest bidder, which has been accepted by the seller, will immediately execute the contract displayed for the parcel and make payment for the required deposit;

 5.        Customers who are the seller acknowledge that if the buyer bids a price equal to or higher than the nominated reserve price, they will immediately execute the contract provided for the parcel

6.         Should any dispute arise as to any bid, the relevant lot or lots may, at the option of the auctioneer, be put up again and resold or the auctioneer may decide the dispute and his decision shall be final.

7.         7.1 Payment The Customer acknowledges and agrees that:

(a) the Customer must have sufficient funds available at the time a Trade is Matched, to meet the Fees in relation to that Trade;

(b) subject to clause 7.1

(c), the Fees (as invoiced) are payable by the Customer within 2 Business Days of a Trade being Matched;

 (c) if  PWL is provided with a Customer Direct Debit, PWL may debit the Customer’s account which is subject to that Customer Direct Debit with the Fees in respect of a Trade, at any time after the Trade is Matched; and

(d) if the Fees are not paid in respect of a Trade, the Customer must each do all things to reverse the Trade (including, without limitation, the transfer to a Seller of the Water Product at no cost to the Seller). The Customer is liable to PWL for all costs associated with the reversal of that Trade including, without limitation:

 (i) for a Customer who is a Buyer and the Customer has failed to pay the Fees, any shortfall between what the Seller would have received from the Trade to which the Customer was a party and what the Seller receives as a result of entering into a further Trade with another Buyer in respect of that Water Product; and

(ii) for a Customer who is a Seller and the Customer fails to deliver the Water Product the subject of the Trade:

 A. any increase between what the Buyer would have paid in relation to the Trade to which the Customer was a party and what the Buyer ultimately pays as a result of entering into a further Trade in respect of a Water Product that is equivalent to the Water Product that was to be sold by that Customer, together with,

 B. the amount of any penalty imposed by a Regulating Water Authority that the Buyer may incur as a result of acting on the basis that the Water Product the subject of the Trade would be transferred to the Buyer by the Customer.

 The Customer agrees that PWL may recover such costs from the Customer.

7.2 Application not approved

 (a) If an Application is not approved by the Regulating Water Authority, no Fees will be payable by the Buyer, the Seller or the Broker in relation to the Trade to which the Application related, unless the Regulating Water Authority rejected the Application as a result of the actions of the Customer in which case, the Customer will be liable to WEX for the costs incurred by PWL and any charges made by the Regulating Water Authority, in relation to the Trade.

(b) The Customer must pay the costs and charges referred to in clause 7.2(a) within 10 Business Days of an invoice from PWL advising of the amount of the costs and charges. The Customer agrees that PWL may use the Customer Direct Debit to debit the Bank Account with such costs and charges.

(c) Without limiting clause 7.2 (b), the Customer must indemnify PWL against any direct or indirect losses, costs (including legal costs on a full indemnity basis), expenses, claims, demands or any other actions which may be brought against PWL or suffered or incurred by PWL directly or indirectly as a result of the Customer’s failure to make a payment in relation to a Trade in accordance with the terms of this Auction.

7.3 Payment by PWL

(a) PWL will pay the amount due to a Seller in respect of a Trade, on the later of:
           (i) the date that payment of the Fees in respect of the Trade is received in full by PWL; and
           (ii) the date which is 5 Business Days after the Regulating Water Authority has notified PWL that it has approved the Application and transferred the Water Products in respect of the Trade, to the Buyer free of all encumbrances, charges, liens, mortgages and other adverse or third party interests.

 (b) The Customer agrees that:
          (i) when the Customer is a Seller, the amounts due in respect of a Trade to PWL and the Regulating Water Authority (including any arrears payable in respect of the Water Product) will be deducted from the amount due to the Customer in respect of a Trade; and
         (ii) when the Customer is a Buyer, the amounts due in respect of a Trade to PWL and the Regulating Water Authority will be added to the price paid by the Customer in connection with a Trade.