Special "1 Euro Auction" Terms and Conditions

Preamble

These Special Auction Terms and Conditions govern the category of Auctions designated “1 Euro Auctions”, organised by Fleequid within the Marketplace as a particular, special and derogatory mode of sale of Vehicles.

They are adopted pursuant to and for the purposes of art. 3.3 of the General Terms and Conditions of the Fleequid Marketplace (“GTC”) and constitute Special Auction Terms and Conditions, with the consequent prevalence over the GTC in the event of incompatibility and within the limits of the matters expressly governed in this document.

These Special Terms and Conditions apply exclusively where an Auction is expressly qualified as a “1 Euro Auction” in the relevant data sheet published on the Marketplace, including by means of a simple indication or labelling thereof, irrespective of the presence of a full textual reference or of specific descriptive content. Such qualification entails the automatic application of these terms and conditions to the relevant contractual relationship, by virtue of the registration and use of the Marketplace by the Users, without the need for any further acceptance, the GTC already approved by the Users remaining unaffected.

The publication of an Offer to Sell within an Auction qualified as a “1 Euro Auction”, as well as participation therein by Bidders, constitutes express, full and binding acceptance of these Special Terms and Conditions.

For any matter not expressly provided for in this document, the GTC, any Specific Terms and Conditions and the Fleequid Fee Schedule remain fully applicable, insofar as they are compatible with the nature of the “1 Euro Auctions”, in accordance with the hierarchy established by art. 3.3 of the GTC.

Capitalised terms not defined in this document shall have the meaning attributed to them in the GTC, save as otherwise provided in this document.

1.         Nature and structure of the “1 Euro Auctions”.

1.1     The “1 Euro Auctions” constitute a particular category of Auction organised by Fleequid within the Marketplace, characterised by specific methods for determining the price and by a commission structure distinct from that of the ordinary Auctions governed by the General Terms and Conditions (“GTC”).

1.2     The 1 Euro Auctions are distinguished by an initial starting price equal to Euro 1 (€1) and do not provide for the application of a Reserve Price pursuant to the GTC.

1.3     In the 1 Euro Auctions, the ordinary mechanism for determining the Reserve Price (RP) based on the Minimum Commitment to Sell Price (MCSP) does not apply. The MCSP nevertheless continues to constitute the Seller’s minimum economic reference value pursuant to the General Terms and Conditions, but it is not used for the purpose of determining a Reserve Price within the 1 Euro Auctions, the economic protection of the Seller remaining governed in accordance with the methods specifically provided for in these Special Terms and Conditions.

1.4     These Special Terms and Conditions apply exclusively where the Auction is expressly qualified as a “1 Euro Auction” in the relevant data sheet published on the Marketplace.

1.5     In the absence of express qualification of the Auction as a “1 Euro Auction” on the Marketplace, the ordinary rules of the GTC relating to Auctions continue to apply in full.

2.         Rules on the Successful Bid and on the formation of the Contract.

2.1     In the 1 Euro Auctions, the Successful Bid is awarded in favour of the Bidder who has placed the Highest Bid at the end of the Auction, in accordance with the methods provided for by the General Terms and Conditions (“GTC”), provided that at least one valid Bid has been submitted during the procedure. It is expressly understood that, in the 1 Euro Auctions, the Successful Bid is valid and effective irrespective of the amount of the final Bid, even where the latter is equal to Euro 1 (one) or is in any case of a symbolic amount or significantly lower than the estimated value of the Vehicle.

2.2     For the purposes of these Special Terms and Conditions, “valid Bid” means a Bid compliant with the GTC, duly registered on the Marketplace and not cancelled for breach thereof or for technical reasons duly ascertained by Fleequid pursuant to the GTC.

2.3     Where at least one valid Bid is present, the Successful Bid entails the conclusion of the Contract in accordance with the general rules provided for by the GTC, without prejudice to what is specifically provided for in these Special Terms and Conditions. The successful Bidder and the Seller acknowledge and accept that the competitive mechanism of the Auction constitutes an essential element for the determination of the price, with the consequent exclusion, within the limits permitted by law, of any objections relating to the fairness, adequacy or proportionality of the hammer price.

2.4     Where, at the end of the 1 Euro Auction, no valid Bid has been received, the Auction shall be deemed unsuccessful and no Successful Bid shall be perfected pursuant to the GTC; consequently, no obligation to purchase the Vehicle shall arise for Fleequid, the Seller or third parties.

2.5     In the event of an unsuccessful Auction, the Seller acknowledges that the Vehicle may be put up for sale again in accordance with methods determined by Fleequid, including by means of a new Auction or another procedure available on the Marketplace.

3.         Economic guarantee in favour of the Seller in the 1 Euro Auctions.

3.1     Within the 1 Euro Auctions, and by way of derogation from the Reserve Price (RP) mechanism provided for by the General Terms and Conditions, Fleequid guarantees the Seller, where at least one valid Bid is present, net proceeds not lower than the Minimum Commitment to Sell Price (MCSP) indicated for the Vehicle pursuant to the GTC.

3.2     Where the hammer price resulting at the end of the 1 Euro Auction is lower than the MCSP, Fleequid undertakes to pay the Seller the difference necessary so that the net proceeds due to the Seller, determined in accordance with the methods provided for by the GTC and by the applicable Fee Schedule, amount to the MCSP. Where instead the hammer price is equal to or higher than the MCSP, the Seller shall be entitled in full to the relevant higher proceeds, in accordance with the ordinary rules of the GTC. Any economic top-up has a purely compensatory nature and does not constitute, in any way, a direct or indirect purchase of the Vehicle by Fleequid.

3.3     The guarantee referred to in the preceding paragraphs operates exclusively where, during the 1 Euro Auction, at least one valid Bid has been submitted pursuant to art. 2.2 of these Special Terms and Conditions.

3.4     In the absence of valid Bids and, consequently, in the event of an unsuccessful Auction, no Successful Bid shall be perfected pursuant to the GTC and no obligation to purchase the Vehicle, nor any obligation of economic top-up in favour of the Seller, shall arise for Fleequid.

3.5     The payment of any economic top-up up to the MCSP is subject to the proper conclusion of the Contract and to the full and definitive performance of the payment obligations by the Buyer, in accordance with the GTC. It is likewise understood that the Seller must have fully and unreservedly performed all the obligations provided for by the GTC and by these Special Terms and Conditions, including, by way of example, the obligations relating to the conformity of the Vehicle, to the completeness and truthfulness of the information provided and to the proper performance of delivery.

3.6     The guarantee referred to in this article constitutes an internal, ancillary and conditional contractual undertaking, limited to the individual Auction qualified as a 1 Euro Auction, and does not amount to a promise to the public, nor to insurance activity, nor does it constitute a general or permanent purchase undertaking by Fleequid. In any event, the disbursement of any economic top-up may take place only after the definition of the relationship with the Buyer, including the verification of the actual collection of the sums due or of the outcome of the default-management procedures provided for by the GTC.

3.7     The guarantee referred to in this article constitutes an internal commercial guarantee limited to the individual Auction qualified as a 1 Euro Auction and does not amount to insurance activity, nor does it constitute a general or permanent purchase undertaking by Fleequid. The guarantee is neither assignable nor transferable and operates exclusively vis-à-vis the original Seller who delivered the Vehicle for sale.

3.8     Fleequid’s right to suspend, cancel or declare the Auction invalid in the cases provided for by the GTC remains unaffected; in such cases the guarantee referred to in this article shall not apply. The guarantee shall likewise not apply in the event of abusive, fraudulent conduct or conduct not compliant with the GTC by the Seller or by parties attributable to the Seller, including, by way of example, direct or indirect participation in the Auction for the purpose of influencing its outcome.

4.         Commission structure.

4.1     The ordinary commission structure provided for by the Fleequid Fee Schedule, as in force and published from time to time on the Marketplace, applies in general to the 1 Euro Auctions.

4.2     Fleequid’s right to provide, for specific 1 Euro Auctions, a different commission structure remains nevertheless expressly reserved; such structure may be indicated from time to time on the relevant Auction page, in the dedicated Fee Schedule or in other contractual documentation made available on the Marketplace.

4.3     In such cases, the specific commission structure so indicated shall prevail over the ordinary one limited to the individual Auction to which it relates.

4.4     The Buyer shall be charged the commissions provided for pursuant to the preceding paragraphs, including, where provided for, the fixed commission (“flat buyer fee”) and/or the percentage commission on the hammer price.

4.5     Any Commissions owed by the Seller remain governed by the Fee Schedule applicable to the specific Auction.

4.6     The Commissions accrue as a result of the Successful Bid and remain subject to the general rules of the General Terms and Conditions regarding payment, invoicing and default, save as otherwise provided in these Special Terms and Conditions.

5.         Security deposit and payment obligations.

5.1     Save as otherwise indicated in the Auction data sheet, the provisions of the General Terms and Conditions regarding the Security Deposit, methods of payment of the hammer price and the Buyer’s performance deadlines apply in full to the 1 Euro Auctions.

5.2     The successful Buyer is required to pay the hammer price and the Commissions due within the time limits and in the manner provided for by the GTC, as well as by the Fee Schedule applicable to the specific 1 Euro Auction.

5.3     In the event of non-payment or late payment by the Buyer, the provisions of the GTC regarding default, termination, penalties, possible forfeiture of the Security Deposit and compensation for damage shall apply.

5.4     In the case of 1 Euro Auctions, any economic top-up in favour of the Seller is owed by Fleequid exclusively within the limits and on the conditions provided for by art. 3 of these Special Terms and Conditions. It is understood that such top-up is subject to the full performance of the conditions provided for therein, including the proper conclusion of the Contract and the actual collection of the sums due from the Buyer, save as otherwise established in these Special Terms and Conditions.

5.5     Fleequid’s right, in cases of default by the Buyer, to adopt the measures provided for by the GTC, including the right to put the Vehicle up for sale again by means of a new Auction or another procedure available on the Marketplace, remains unaffected.

6.         Coordination, suspension and final provisions.

6.1     Fleequid reserves the right to suspend, extend, cancel or declare invalid a 1 Euro Auction where there are justified reasons, in the cases and on the conditions provided for by the General Terms and Conditions, including technical malfunctions of the Marketplace, irregular conduct by Users or duly justified organisational requirements.

6.2     In the event of suspension or cancellation of the Auction pursuant to the preceding paragraph, the provisions relating to the Successful Bid shall not apply and the economic guarantee referred to in art. 3 shall not accrue nor be owed, save where the cancellation is attributable to wilful misconduct or gross negligence of Fleequid, without prejudice to what is provided for by the General Terms and Conditions regarding Fleequid’s liability.

6.3     These Special Terms and Conditions apply exclusively to Auctions expressly qualified as a “1 Euro Auction” on the Marketplace and do not affect the rules governing ordinary Auctions, which remain fully governed by the General Terms and Conditions.

6.4     For any matter not expressly governed in these Special Terms and Conditions, the General Terms and Conditions, any Specific Terms and Conditions and the Fleequid Fee Schedule remain fully applicable, in accordance with the hierarchy established by art. 3.3 of the GTC.

6.5     Fleequid reserves the right to amend or update these Special Terms and Conditions; such amendments shall apply exclusively to 1 Euro Auctions published after their entry into force.