DIAMOND TENDERS
Diamond Tender Terms & Conditions
Summary Definitions:
| » As-Is: | No guarantees. Buyers must examine Goods before bidding as all Sales are final. |
| » Bid: | The price offered (in the approved format and manner) by a Bidder for a Lot. |
| » Bidder: | An approved party viewing the goods at the Tender who submits a Bid. |
| » Bidding Method: | The format in which a Bid may be submitted is online. |
| » Buyer: | A Bidder who has successfully Bid on a Lot or Lots. |
| » Confidential: | Names of Suppliers, Sellers, Bidders, Buyers ,as well as Bid details, are not disclosed. |
| » Delivery: | Hennig will upon request by and at the expense of the Buyer ship to the Buyer or allow collection by the Buyer as soon as a Hennig nominated bank confirms receipt of full payment. All Sales are final. |
| » Disputes: | Hennig reserves the right to withdraw any Lot or reject any Bid. |
| » Goods: | The diamonds offered by Hennig to Bidders in the Tender. |
| » Liability: | Hennigs’ liability is strictly limited to the return of any money paid by the Buyer for the Lot in question. References to Hennig in the Tender Terms & Conditions shall (wherever the context so allows) include Hennig as well as its and their agents and contractors and its and their directors, officers and employees. |
| » Lots: | The division of the goods into individual parcels to be viewed by Bidders in the Tender. |
| » Payment: | Unless instructed otherwise, to Hennig against a Hennig Invoice. |
| » Payment Terms: | Payment must be made by bank wire transfer. |
| » Premises: | The Tender will be conducted in a secure Hennig office or a secure third party premises. |
| » Reserve Price: | Every parcel has a Reserve Price which is not disclosed to the Bidders, unless directed by the Seller. Bids achieving Reserve Price or higher mean that Lots will be sold automatically. The Seller can also agree to sell to the highest bid even if below the Reserve Price. |
| » Sale: | A successful Bid (or Bids) on a Lot or Lots. |
| » Seller: | The owner of the goods, divided into Lots. |
| » Tax Requirement: | Where applicable, Bidders may be required to provide VAT registration, Sales Tax registration and Resale certificates. |
| » Tender: | The process conducted, managed and operated by Hennig whereby the Goods are divided into Lots and viewed by Bidders with the intention of submitting Bids. |
| » Tender Close: | As published on the website and tender documents. |
| » Total Bid Limit: | Bidders may specify a maximum they wish to spend in the Tender. Once this maximum has been reached, all additional Bids from this Bidder will be voided. If no Limit is specified, then all Bids are deemed valid. In the event that a Bidder exceeds his Bid Limit, it is at Hennig’s discretion as to which parcels he wins. |
Confidentiality
The identity of all Bidders and the amount of each Bid shall remain confidential to I. Hennig & Co Ltd and its subsidiary companies (together “Hennig”). Bidders agree not to disclose their Bids to third parties or coordinate their Bids with any other Bidders or third parties.
Warranties
All goods are sold As-Is. No guarantees or warranties are made as to the quality, origin, physical characteristics or any other aspect of the goods. While some of the Lots may have been sieved and sorted and marked as such by the Seller, Bidders and Buyers are specifically put on notice that the goods offered for sale may have been second-hand public, recycled, closeouts and/or pre-owned jewelry by the public and that treated, laser drilled or simulant stones might be mixed in with Lots. Any descriptions of goods made by Hennig personnel or its agents are merely general and not a guarantee of the nature, origin, size or quality of the goods. It is the responsibility of the Bidder to adequately examine all Lots before making any Bids. Bidders should make a full and detailed inspection of all goods before bidding.
Viewing
Viewing is by appointment only. All parties viewing goods will be required to register and have valid identification. Hennig reserves the right to monitor viewing with video surveillance cameras, limit viewing to select pre-qualified parties, and reasonably restrict viewing. No party shall have any diamonds on their person or in their possession when entering, exiting or in the viewing rooms.
Bidding
Permission to bid is granted at the sole discretion of Hennig and subject to approval by Hennig. All Bids submitted via the online system are considered to be final and non-negotiable after the specified Tender Close. Any winning Bid withdrawals will be subject to a ten percent (10%) penalty fee based on the total value of the submitted bid. All Bids must be submitted via the online bidding platform located at www.ihennig-tenders.com in accordance with the Online Bidding Instructions. If two or more Bidders submit identical acceptable Bids, the top bidders will be notified within a reasonable time after the Tender Close and be given the opportunity to increase their bids. Should they choose to increase their bids they will have to state the new bid in an email to info@ihennig-tenders.com stating the relevant Lot number, total carat weight, price per carat new bid and total new bid with 10 minutes of being notified. In the event that the Tender Catalog contains more than one parcel with the same Lot Number (referred to in the Catalog as “CUTs”), it should be understood that the volume, size range and assortment will be consistent across all the “CUTs” with the same Lot Number. I. Hennig Tenders reserves the right to allocate any of these CUTs to the winning bidders of that specific Lot Number. No Bids will be accepted after the Tender Close deadline. Hennig, in its sole discretion, reserves the right to limit viewing of the Goods and reject Bids from any Bidder for any reason. In addition, Hennig reserves the right to refuse to sell any particular Lot if the highest bid received is deemed by Hennig and/or the Seller, in their sole discretion, to be insufficient.
Taxes
Where applicable, all Bidders are to provide a copy of their VAT registration or Sales Tax Registration and Reseller certificate (as applicable).
Opening of Bids
All Bids will be opened and recorded by Hennig after Tender Close. Although all Bidders will be notified of the Tender Results, it is the responsibility of the Bidder to check the results on the online bidding platform.
Total Bid Limit
Bidders wishing to limit their total purchases may specify a maximum they wish to spend in the Tender. Once this maximum has been reached all additional Bids from this Bidder will be voided. If no maximum Bid is specified, then all Bids are deemed valid. In the event that a Bidder exceeds his Bid Limit, it is at Hennig’s discretion as to which parcels he wins.
Notification and Invoicing
Hennig will publish the Tender results on the online tender platform no later than 6 business days after Tender Close and issue and issue sales invoices no later than 7 business days after Tender Close. Bidders must provide names of contact persons and email, telephone or fax notification numbers on the Bidding Forms where they can be reached on the following 14 Business Days after the Tender Close.
Payment
Full payment must be made by bank wire transfer, no later than 2 business days after the date on which the invoice is issued. Payment must be made to the bank account detailed on the invoice. No goods will be available for collection or shipping unless Hennig confirms full payment has been received. If payment is not made, Hennig reserves the right to cancel the Bid. All sales are final and no returns are accepted after delivery under any circumstances
Default
In the event that a successful Bidder defaults on a purchase by not making payment within 2 business days after the date on which the invoice is issued, the Bidder will forfeit all rights to any Lots purchased and be required to pay a 10% Bid default penalty fee. In the event of default, Hennig at its sole discretion reserves the right to cancel the Bid(s), and/or take legal action against the defaulting Bidder and/or offer the relevant Lots to the second best Bidder who is under no obligation to accept the Lots, so offered.
Dispute or Error
In the event of any dispute, error or any other reason deemed necessary by Hennig, Hennig in its sole discretion reserves the right to withdraw any Lot from the Tender and/or refuse any Bid or cancel any sale. If Hennig withdraws any Lot or cancels any sale, the Bidders agree to waive any claims and not to institute any legal action against Hennig and/or against each other. Bidders agree that all decisions by Hennig regarding any disputes in connection with the Tender will be final and acceptable to Bidders.
Delivery, Title and Ownership
Title to and ownership of the goods will only pass to the Buyer after full-unrestricted payment is received by Hennig and confirmed by Hennig. Upon confirmation of receipt of funds, the goods will be available for collection by the Buyer from the relevant Premises or on the instructions and at the cost to the Buyer may be shipped by Hennig to the Buyer. Buyers that have not taken possession (either collection or shipping) of the goods within 7 business days of Tender Close, will be charged reasonable insurance and storage fees.
Insurance
All goods on the Premises will be insured at all times. Subject to this paragraph, there is no charge to the Buyer for this insurance. After the Tender Close, all purchased goods that remain on the Premises will be insured at all times. There is no charge to the Buyer for this insurance for the first 7 business days after Tender Close.
Shipping Fees
If the Buyer requests shipment of purchased Goods after the Tender and Hennig agrees to make the shipment, the Buyer shall pay either in advance all shipping, insurance and reasonable handling fees for shipment to the Buyer’s specified delivery location or pay themselves their shipping charges to the courier.
Liability
By participating in the Tender, Bidders and Buyers: (a) are deemed to agree to all the Tender Terms & Conditions; and (b) specifically hereby agree that: (i) any and all claims by Bidders or Buyers against Hennig shall be limited to the return of any money paid by the Buyer for the Lot in question; (ii) Hennig nor any third parties shall be liable to any Bidder or Buyer for any direct, secondary or incidental loss or damage resulting from the withdrawal of any Lot or rejection of any Bid; (iii) Hennig will have any obligation of any nature whatsoever to Buyers or Bidders other than to deliver the purchased Goods to successful Buyers after all conditions, including full payment, have been met.
Conflict of Interest
Hennig nor any third party acting on behalf of Hennig will bid on any Lot offered for sale in the Tender.
Conduct
All Bidders and Buyers agree to conduct themselves in a business-like manner; to maintain the privacy, security and confidentiality of other Bidders and Buyers; to follow all instructions of Hennig regarding the handling of Goods and to respect and honour the strong traditions of honesty and integrity in the diamond industry.
Anti Money Laundering/Patriot Act
All Bidders and Buyers will provide Hennig, with all documentation reasonably requested by Hennig in order that Hennig can fully comply with all anti-money laundering laws and regulations under the applicable laws of all relevant jurisdictions. The documentation will include (but not necessarily be limited to) a copy of one of the following forms of identification: driving license, passport, identity card, sales tax registration or other government issued license or registration document and where relevant, corporate constitutional documentation.