SBT Auction Regulations


Chapter 1 General

Article 1—Purpose
These regulations state the use requirements, operational methods, and other regulations for SBT CO., LTD. conducted auctions to facilitate orderly and fair transactions.

Article 2—Auctions
1. SBT Auctions means auctions conducted by SBT CO., LTD. (SBT).
2. SBT Auctions are conducted based on SBT-provided images and auction sheets.

Article 3—Auction Information
1. Auction Information, including date and time, is posted on SBT’s website.
2. Auction Information, including date and time, might change subject to operational circumstances.

Chapter 2 Use

Article 4—Auction Use
1. To use SBT Auctions, buyer must meet the article 5-stated requirements (below).
2. To use SBT Auctions, buyer must understand and comply with these regulations.
3. Buyer acknowledges that SBT offers SBT Auction cars (each, a Subject Car) "as is".

Article 5—Use Requirements
1. To use SBT Auctions, buyer must meet the following requirements:
(1) buyer must have at least one prior transaction with SBT;
(2) buyer must have paid the guarantee deposit;
(3) buyer must not have prior use restriction arising from disruptive or prohibited action;
(4) buyer must not be: a person who funds, engages in similar action, cooperates with, or supports any criminal syndicate; criminal syndicate-related enterprise; corporate racketeer; criminal syndicate posing as a civil activist; or criminal syndicate with special capabilities(all, Organized Crime), any entity with a representative; corporate officer; employee; or person with de facto control constituting Organized Crime, or a person with a transactional or close Organized Crime relationship; and
(5) buyer must not engage in other action SBT deems inappropriate for auction use.
2. Use requirements are reviewed for each Auction.
3. If buyer engages in disruptive or prohibited action, SBT may restrict buyer’s use, including during an auction. SBT will not be liable for loss arising from use restriction.

Article 6—Guarantee Deposit
1. The standard guarantee deposit is Japanese yen 100,000.
2. “[H]ave paid the guarantee deposit" in article 5, paragraph 1, item (2), means SBT-verified guarantee deposit receipt by one day before the auction.
3. If buyer breaches these regulations, buyer will forfeit the guarantee deposit and shall indemnify SBT for loss arising from buyer’s breach.

Article 7—Registered Information Change
1. Buyer shall timely notify SBT of a change to buyer’s information provided to and registered with SBT.
2. SBT will not be liable for loss arising from buyer’s delay or failure to notify SBT of information change.

Article 8—Prohibited Action
Buyer shall not engage in the following prohibited action:
1. willful obstruction of a person’s bid;
2. diversion or reuse of SBT Auction information, including car information;
3. provision of false buyer information; or
4. persistence in other inappropriate action after notice from SBT to stop.

Article 9—Deposit Refund
1. Buyer may request guarantee deposit refund from SBT.
Guarantee deposit refund processing begins 10 days after the Subject Car auction ends.
2. If buyer owes SBT any unpaid amount, SBT may suspend buyer’s guarantee deposit refund until payment.

Chapter 3 Bids

Article 10—Bid Submission
1. To bid, buyer must access the SBT-specified URL and follow the bid submission procedure.
1. Bids of amounts less than SBT’s Subject Car reserve price are void.

Article 11—Successful Bids
SBT notifies the Subject Car’s highest bidding buyer(Successful Bidder). On Successful Bidder notice, buyer’s bid is final and a sale contract for the Subject Car (now, Purchase Car) is formed.

Article 12—Successful-bid Fee
Successful Bidder shall pay a Japanese yen 5,000 successful-bid fee per successful bid.

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