Auction Terms

Sweden International Yearling Sale 2018

Auctioneer: Sweden International Yearling Sales AB (“Yearling Sale”).

1 General

1.1 Sales take place in accordance with the usual auction practice. The seller is responsible for the horse until the fall of the hammer, at which point the buyer assumes all responsibility for the horse. The seller is responsible for handing over the horse. Sales take place in catalogue number order. The lowest acceptable bid is SEK 50 000.If a bid is made as the hammer falls, or a dispute regarding a bid arises after the fall of the hammer, or the buyer is not approved, no valid purchase has been made, and the horse may be offered again, following a decision by Yearling Sale. This also applies if technical problems arise as the hammer falls, or if Yearling Sale’s staff make a mistake of any kind. In the event of a consumer purchase as per paragraph 1 of the Swedish Consumer Sales Act, the terms of the Consumer Sales Act are applicable. The buyer must sign an auction agreement on the day of the auction.

1.2 Transport to and from the auction site is by your own means of transport and at your own cost. Buyers and sellers undertake, within the auction area and the associated car parks, not to leave the horse in the transport for more than 1 hour.

1.3 Yearling Sale is not responsible for any errors in the auction catalogue. Yearling Sale hereby disclaims all responsibility for any injuries incurred by submitted horses during the period when the horse is present in the areas used for the auction.

1.4 Yearling Sale accepts no liability for damages, either direct or indirect, in the event the auction cannot be held as planned, whatever the reason for this may be.

1.5 Yearling Sale is a responsible auctioneer and is authorised to plan and conduct auctions in the manner which it finds most appropriate. This includes a right for Wenngarn to make adjustments to planned setups, programmes and participating horses, etc. Major changes will be presented on the Yearling Sale homepage in respect of the relevant auction.

1.6 Any personal data provided in connection with the auction will primarily be processed in order to conduct the auction and sales. In addition, Yearling Sale may process personal data for marketing campaigns, offers, new products or services. Such marketing may be by means of advertisements or direct mailings by post, e-mail or in some other manner.

1.7 Personal data may also be transferred between Yearling Sale and Sulkysport AB, which administers the auction. During any such transfer, personal data may be transferred outside the EEA. Registering for the auction and/or making a purchase at the auction indicates approval of any such processing of personal data that has been submitted in connection with the auction (this includes, among other things, personal ID number and address), and with this the necessary consent in accordance with the Personal Data Act (1998:204) is given. The submitted consent may be wholly or partially revoked by writing to Yearling Sale. If the consent is revoked and Yearling Sale is consequently unable tofulfil its commitments or other obligations without difficulty, Yearling Sale is entitled to refuse to carry out any such task that is made more difficult by the consent being revoked and to decline registration for an auction. Further information on how Yearling Sale process personal data is available on request. Yearling Sale is only the intermediary for the purchase between seller and buyer. As stated below, and otherwise, a party relationship only exists between the buyer and the seller.

2 The condition of the horses

2.1 Horses are sold as seen. The provisions in paragraph 19 of the Swedish Sale of Goods Act shall not apply.

2.2 Defects with a horse may only be invoked on the grounds and within the time limit specified below under ”The condition of the horses and complaints”.

2.3 Copies and originals of an independent veterinary examination report no more than 7 days old and an X-ray certificate must be provided. Where the examination report is not attached to the horse box, Yearling Sale must be contacted in order for prospective buyers to obtain a copy of the report.

2.4 The buyer is aware that any additional auction information can be provided by both the actual auctioneer and via the noticeboard in the auction hall or on the horse’s box. Information in this manner is valid in relation to the buyer. Catalogue information and veterinary certificates are only provided for the buyer’s guidance and do not exempt the buyer from the obligation to examine the horse.

2.5 The horses must have received basic vaccination protection (two vaccinations at an interval of 21-92 days) against A2. The horses must also have been vaccinated against tetanus. The vaccinations must be recorded in the horse passport.

2.6 All horses will also undergo a visual inspection by the vet on duty on the day of auction.

2.7 Yearling Sale reserves the right to refuse to allow an auction horse to participate in the auction if the horse show symptoms of illness, is not manageable or is in poor condition.

2.8 Once the auction is finished, Yearling Sale is entitled to administer a sedative to the horse where Yearling Sale judges this to be necessary.

2.9 Yearling Sale is not responsible for any injury to the horse in connection with the auction, including, but not limited, infectious disease.

2.10 Any claim arising from an injury caused by another horse must be directed to the party other than Yearling Sale for an injury that affects another animal or people as a result of an infectious disease that the animal had at the time of sale and which the seller did not notice or could not have been expected to notice during a careful examination on delivery.

6 The relationship between Wenngarn and the seller

6.1 The seller is responsible for all information submitted for each horse.The completed form on change of ownership must be sent to Yearling Sale at least two weeks before the auction.The seller is responsible for ensuring that the horse is accompanied by a veterinary certificate (original and copy) and horse passport on the day of the auction. The originals must be submitted to Yearling Sale. The copies are to be attached to the horse box. Yearling Sale reserves the right to design the auction presentations.

6.2 The seller’s right with regard to entitlement to the purchase sum as per this agreement are transferred to Yearling Sale.

6.3 The seller is responsible to Yearling Sale for the horse not being handed over until proof of transfer has been received.

6.4 In the event that the seller agrees with the buyer on an extended payment deadline outside the framework of these conditions, Yearling Sale, will invoice the seller all of the buyer’s costs in relation to Yearling Sale, such as, but not limited to buyer’s commission, transport costs to and stabling at a horse hotel in connection with the auction. The seller is then also responsible for invoicing and collecting the purchase sum, etc., from the buyer.

6.5 The seller understands that Yearling Sale does not check the bidder’s identity and ability to pay during bidding. Yearling Sale accepts no responsibility in the event of the bidder deviating from bidding or in any other way failing to fulfil its payment obligation before an auction agreement has been concluded.

6.6 In the event of a seller, as a result of dispute arising in respect of a submitted bid, regarding Yearling Sale as being liable for compensation shall be submitted as quickly as possible on the day of the auction.

6.7 The seller approves 30 days seller’s credit to credit customers approved by Yearling Sale. The credit risk in this respect, as when the seller otherwise grants credit, remains with the seller.

 

7 Registration and commissions

7.1 Registration must reach Yearling Sale by March 13, 2018. It is up to the breeders to select their best horses for Yearling Sale. We reserve the right to inspect and select, if necessary. The registration fee is SEK 25 000 + VAT and will be invoiced by Yearling Sale once selection has been made. For horses withdrawn after June 7, once the catalogue has been printed, will be charged SEK 10 000 + VAT (beyond the registration fee). If a horse is left out of the auction due to acute or infectious disease that can be confirmed by a veterinary certificate accepted by Yearling Sale, no withdrawal fee will be charged. If a horse is left out, the fee will only be repaid in cases where the horse has died. If a horse needs to be withdrawn at the auction site, the auction supervisor in the secretariat must be contacted. If a horse leaves without the consent of the auction supervisor, the registration fee will not be repaid.

7.2 In the event of late payment, the seller’s horse may be withdrawn and the place offered to another seller. Yearling Sale does not take any commissions from the seller. Nor does Yearling Sale pay any commissions to buyers. The seller also undertakes not to enter into any agreement regarding commissions or any other similar reduction in the hammer price with a representative, trainer or agent for a potential horse buyer at Yearling Sale. The recall commission is 3 % of the recall sum VAT excluded. The purchase commission of 3 % of the purchase sum, VAT excluded, will be invoiced the buyer. The commission is due for payment at the fall of the hammer.

8 Retention of ownership

8.1 The seller is entitled to repossess the sold animal and any offspring until full payment has been made.  This right of repossession transfers to Yearling Sale where Yearling Sale has granted credit, until the buyer makes full payment. The horse will not be handed over until full payment has been made, or until an agreement on credit has been reached.

9 Collection of the horse

9.1 The buyer is entitled to collect the horse on production of proof of transfer. However, as above, the responsibility for the horse transfers to the buyer at the time the hammer falls.

10 Foreign buyers

10.1 Export duty of SEK 1,500 is payable for foreign buyers who wish to export a horse. Export duty is paid to Svensk Travsport. For a foreign purchaser who exports the horse within one month of the auction date and who has informed the secretariat that the horse will be exported, the VAT will be repaid once Yearling Sale has received the proof of export through its representative Yearling Sale, provided that the proof of export has reached Yearling Sale no later than 30 days after the auction date and provided that the law permits VAT-free export.

11 VAT

11.1 All sums are indicated exclusive of VAT. VAT will be payable.

3 Force Majeure

3.1**The auction may, following a decision by Yearling Sale, be moved due to force majeure, such as war, strike, infectious disease, natural disaster or any other event beyond the control of Yearling Sale. If a new auction cannot be held within two months of the appointed time, the auction agreement ceases to exist.**

4 Complaints

4.1 For clarity: Yearling Sale has no responsibility whatsoever for the conditions of the horses.

4.2 If the buyer wishes to claim a defect on the horse he should therefore contact the seller with a complaint, as follows.
The buyer may only complain about the purchase of the horse if the horse, at the time of purchase, was affected by hidden defects that may affect the horse’s usability as a trotting horse. To retain the right to claim hidden defects the buyer must within 30 days of the auction forward the complaints to the seller in writing and together with the complaints attach the veterinary certificate or the X-ray showing the defect.

4.3 Regardless of the above deadline for complaints, the buyer is entitled to an extended complaint deadline if the horse tests positive for the use of anabolic steroids. This is provided that the buyer has allowed samples to be taken for analysis no later than the auction day and has written complaint to the seller within 60 days of the auction date.  a test for analysis latest on the day of the auction. Hereinafter no claims can be made on the seller for return of purchase or other claims due to defects, except in cases where the seller acted fraudulently.

4.4 If the buyer is a consumer and the seller a trader, according to the Consumer Sales Act, special rules apply for complaints and penalties for defects.

4.5 If the horse is returned, transport to the seller will be paid by the buyer. Other costs that arose after the fall of the hammer, such as training fees etc. will be paid by the buyer right up until the horse is returned.

4.6 If the buyer complains about the purchase to the seller while Yearling Sale holds the liquidity, Yearling Sale may at the buyer’s request repay the liquidity to the buyer.

5 Payment Terms

5.1 Sales take place when the buyer makes payment to Yearling Sale as follows:
1) By means of credit granted by Yearling Sale. An application for credit must be submitted to Yearling Sale and must be granted by Yearling Sale no later than the day of the auction. Note that 16 percent annual interest is charged on credit exceeding 10 days. A maximum of 30 days can be granted.
2) Via Swish. If Yearling Sale does not grant the buyer credit, the seller may freely grant the buyer credit for a maximum of 10 days. This is on condition that the horse is stabled at a horse hotel provided by Yearling Sale until the buyer has paid if the seller does not approve immediate handover of the horse. However, this will be done at the seller’s own risk. Stabling will be at the buyer’s expense. Please note that Yearling Sale does not accept payment by cash at the day of the auction. Insurance must be taken out for credit purchases. Any such insurance policy will automatically be taken out with the insurance company that Yearling Sale cooperates with, but the horse can be insured by a different company during the day, if so required. It is incumbent upon the buyer to keep the horse insured until full payment has been made.

5.2 If the buyer who signed the auction agreement has not made full payment the following day of the auction or has not previously signed a promissory note approved by Yearling Sale, said buyer is obliged to pay compensation equivalent to 10% of the purchase sum, but never less than SEK 20,000. Penalty interest of 16% will be calculated from the following day of the auction.

5.3 Where credit has been granted and the horse has not been paid for within 7 days of the agreed payment date Yearling Sale is entitled to take the following measures: 1) cancel the purchase. If the purchase is cancelled, the buyer is obliged to pay compensation equivalent to 10% of the purchase sum, but at least SEK 20,000. 2) recover the debt with Svea Ekonomi as the seller’s representative. With the right to demand full remuneration from the buyer for the associated collection costs.

5.4 Yearling Sale also has the right to receive commission in accordance to paragraph 7.2.

12 Purchase and sale of competition rights

12.1 The buyer of competition rights undertakes to have the mare in Swedish professional training unless otherwise agreed with the seller. After the mare’s competitive career has ended, though no later than after the five-year season, the mare shall revert to the seller for breeding purposes and thereby end its competitive career. If the mare is deemed to still possess very good competition properties after the end of the five-year season, however, the seller and the buyer can agree on continued competitive activity, for example through the buyer continuing to lease the mare for competition purposes. The seller is not entitled to conclude a corresponding agreement with another party without the buyer’s approval. The mare is sold as seen and in accordance with the auction conditions stated for Wenngarn Yearling Sales. It is incumbent upon the buyer to keep the horse insured until full payment has been made. If the seller chooses to continue to maintain a life insurance policy for the mare, the buyer shall be informed of this. The buyer is entitled, for his own part and at his own cost, to arrange supplementary insurance for the mare during its training and competitive career. The buyer is prohibited from covering, assigning, exchanging, pledging or, in any other manner, disposing of the mare during its competitive career. The buyer shall bear the risk for the mare during the period from the fall of the hammer until the mare is returned to the seller, and shall also be responsible for all costs arising in respect of the mare as well as for any damage which the mare may cause the seller or a third party.

13 Purchase and sale of stallion shares

13.1 The seller must register his stallion share after approval by each stallions Syndicate Manager. Please note that different agreements apply for different stallions and syndicates. The seller must submit the Syndicate Agreement and Bill of Sale to secretariat. The sales commission for selling a stallion share is 5% of the purchase sum + VAT. The withdrawal fee is SEK 2,000 + VAT and the recall commission is 3% of the recall sum.

 

13.2 The buyer signs the Syndicate Agreement and Bill of Sale in the secretariat. The sales commission is 3% + VAT of the purchase sum.