These auction terms and conditions apply to all agreements concluded at the Foal Auction between Vendor and Buyer with regard to Foals offered through the foundation, as well as to any agreements resulting from those agreements.
These agreements are subject to Dutch law.
The Dutch auction terms and conditions shall be included in the Foal Auction catalogue.
The concepts stated in capital letters in section 2 of these auction terms and conditions shall have the meaning stated after the aforementioned concepts.
Buyer: natural person or legal person who acts as buyer in a purchasing and sales agreement for a Foal at the Foal Auction.
Notary: the Notary in the presence of whom the Foal auction takes place.
Foundation: the Foal Auction Midden-Nederland who is responsible for the organization of the auction.
Selection committee: the committee that has been charged by the Foundation with the selection of the Foals.
Vendor: natural person or legal person who acts as Vendor in the purchasing and sales agreement for a Foal at the Foal Auction
Foal/embryo: a Foal or Embryo appointed by the Selection Committee for the Foal Auction.
Foal auction: the annual Auction of Foals organized by the Foal Auction Midden-Nederland Foundation.
Auctioneer: an Auctioneer appointed by the Foundation directing the Foal Auction.
The Foal Auction is organized by the Foundation in the presence of Mr. A. Dangremond, notaries in Barneveld, or a representative.
The purchase agreement is concluded directly between Vendor and Buyer, committing Vendor and Buyer to pay the Foundation the auction costs determined in these auction terms and conditions.
The Auction is directed by an Auctioneer appointed by the Foundation.
The Foals/Embryos are sold by Auction. The Foals/Embryos are offered in catalogue order, with reservation of any changes as stated by the Auctioneer.
Bids are made by raising the catalogue. Unless the Auctioneer indicates otherwise, bids are made up to 5,000 Euro in amounts of 200 Euro (in words: two hundred Euro), followed by 500 Euro (in words: five hundred Euro) up to an amount of 12,000 Euro and after that in amounts of 1000 Euro (in words: a thousand Euro). The Foundation or Auctioneer shall retain the right to refuse a bidder without reason given.
Every bidder is expected to bid for him- or herself and shall be bound to his or her bid until a higher bid is accepted.
If the Auctioneer has made a mistake, he shall have the right to correct his mistake.
The Notary establishes, as far as necessary, facts occurring during the Foal Auction. Any disputes connected to the Auction shall be decided upon by the Notary and shall be binding, on the basis of his findings and documentation.
The Foundation shall be competent to refuse a Foal, stated in the Auction catalogue, at all times for the actual Auction without being held to pay any damages.
The purchase price is including Dutch VAT. VAT will be included only if the vendor is liable to charge VAT. If a foal is subject to VAT, it will be noted in the catalogue with the Dutch word BTW. It is the responsibility of the vendor to notify the organisation of Foal Auction Midden-Nederland timely and accuretely and check and notify the organisation if any errors or incompleteness occurred and specify which amendments should be made.
Exclusion of liability
The Foundation shall, in accordance with the law, exclude any liability with regard to Buyers, Vendors and third parties and in particular, but not limited to, with regard to the cases stated below.
The Foundation shall exclude any liability with regard to the state of health of the Foals/Embryos to be auctioned. More specifically liability shall be excluded with regard to osteochondrotic defects in the knee and tarsal joints of the Foal (hereafter referred to as ‘OC/OCD’).
The Foundation cannot be held liable if a Foal/Embryo stated in the Auction catalogue is not offered in the Auction
The Foundation cannot be held liable for any accident or any form of damage suffered by anyone in, on or near the grounds or buildings accessible for visits and views, where the Foal Auction is held or where the sold Foals are collected. Entering these grounds and buildings shall be at one’s own risk.
The Foundation cannot be held liable for losses suffered by third parties, occurring during the Foal Auction, except for losses as a result of malice aforethought or reckless acts of the Foundation, or its management.
Payment and delivery of the foal
The Foundation shall pay the purchase price, after having received this amount from Buyer and after deduction of the Auction costs owed to the Foundation, into a bank or giro account to be indicated by the Vendor.
After allotment of a Foal/Embryo the Buyer shall pay the Foundation the full purchase price, including 8% of the purchase price as Auction costs in cash or by standing order. This sum, as described in section 7.1, shall be placed under trust of the Foundation and shall not be paid out to Vendor until the delivery to all parties has been completed correctly, also see section 7.5.
If Vendor sells a Foal/Embryo at the Foal auction, which with regard to its age (Foals usually older than 4½ months) can be immediately delivered to Buyer by Vendor, the Foal/Embryo is in fact delivered to Buyer by Vendor, after Buyer has fulfilled all his financial obligations, both towards Vendor and the Foundation. If Buyer has fulfilled all his financial obligations at the Foal Auction, Buyer is given an internal movement certificate on behalf of the Foundation on the basis of which the delivery to Buyer by Vendor shall take place at the location of the Foal Auction. See also section 7.6.
Vendor shall be obliged to leave a Foal younger than 4½ months with the mare, without any compensation indebted by Buyer.
Until the moment of actual delivery to Buyer, the Foal shall be at the expense and risk of Vendor. A Foal purchased / sold at the Foal auction which at the time of the auction was younger than 4½ months, must be in the possession of Buyer before it reaches the age of 5½ months. If Buyer or Vendor do not meet their collection or delivery obligations with regard to a Foal, younger than 4½ months, purchased / sold at the Foal auction, the defaulting party shall, with respect to the other party, forfeit an immediately claimable fine of 2,300 Euro (in words: two thousand and three hundred Euro), increased by a fine of 225 Euro (in words: two hundred and twenty-five Euro) for each day this negligence is continued.
The Foal shall be delivered at the address of Buyer by Vendor, except for deliveries at the Auction itself. If Buyer and/or Vendor is/are domiciled abroad, the delivery location shall be agreed upon by both parties together.
The registration document of the Foal that is provided by the Vendor to the Foundation on beforehand of the Foal Auction, shall be placed under trust of the Foundation until the Buyer and Vendor have fulfilled their financial obligations, towards each other and the Foundation, to the satisfaction of the Foundation, as well as long as the Foal has not been delivered to the Buyer.
Non-observance of the agreement
If Buyer is of the opinion that the Foal/Embryo after actual delivery is not in accordance with the agreement, Buyer can no longer appeal to this opinion if he has not notified Vendor of this by means of a registered letter within 3 weeks after he discovered this or should within all bounds of reasonableness have discovered it.
Vendor shall guarantee, for a period of two times 24 hours after actual delivery of the Foal by Vendor to Buyer that the Foal sold by him does not suffer from one of more of the following stable vices: wind sucking, systematic weaving or crib-biting.
The Foundation accepts no responsibility/liability whatsoever regarding the delivery of the Foal.
Default on the side of buyer
If Buyer does not fulfil his obligations with regard to his purchase, Vendor shall be competent, by his choice and decision, to either claim observance of the obligations, or to consider the purchase agreement annulled, without any further proof of default or judicial intervention being required. In both cases however without the retention of any rights and claims on full compensation.
When the colt Foal/Embryo is approved at an age of four years the latest as a stud stallion by KWPN and is registered at the studbook as such, the Buyer is obliged to fulfil a bonus payment, above the purchase price as stated during the auction, to the Vendor. This bonus payment consists of a fixed amount of 5,000 euros.
The bonus arrangement will be completed between the Buyer and the Vendor directly. No later than 21 days after the approval the Buyer shall fulfil the payment to the Vendor into a bank or giro account to be indicated by the Vendor. In the case that the Buyer fails to fulfil the financial obligations within this term, he/she is in default by law. The defaulting Buyer will then not only remain liable for the bonus payment, but will furthermore be obliged to pay a compensation of 25% of the total bonus and an monthly interest rate of 1.5% over the total amount indebted, to be calculated from the date of negligence until the day of the entire payment.
All Foals to be auctioned shall be clinically inspected by a certified veterinary surgeon prior to the auction. The findings of this veterinary surgeon shall be binding.
Any dispute arising from agreements concluded as a result of the Foal Auction regarding Foals/Embryos auctioned by the Foundation, or from further consequent agreements, shall be judged
by an dispute committee that consists of the chairman of the Foundation, the notary and a third independent individual to be appointed by the first two. The ruling and findings of this committee shall be binding.
The Auction terms and conditions are available on request from the secretariat in the Dutch and English language. In the event of a dispute, the Dutch auction terms and conditions shall prevail.