ARTICLE 1: DEFINITIONS

General conditions of sale                   The conditions of sale mentioned below.

Bidder                                                            Each company that is making an offer.

Bid/offer                                                       Each amount proposed during the auction for a lot, by a user or a bidder.

User                                                                 Each person registered on the website www.cocotrade.io

Buyer                                                            Each company registered as buyer.

Website                                                           The website www.cocotrade.io  is controlled BV Fuel Service.

Lot                                                                     One or a number of bids placed or other articles that are auctioned together. The lot can be indentified through the lot number and a brief description.

Purchase agreement                                 The agreement between the purchaser and the seller.

Purchase Sum                                              The amount proposed by the purchaser for one or more lot(s) as well as the auction fees and VAT where needed.

Purchaser/Buyer                                         The company to whom one or more lot(s) have been allocated.

Delivery                                                            The actual appropriation of the lot by the purchaser or his eligible person.

Live public sale                                             A professional auction for im-and export.

Live webcast public sale                           A live public auction, during which the user, who is registered on the website, can make an offer.

CocoTrade.io                                               Fuel Service BV, B-1050 Brussels, Louizalaan 283/25 Tel: +32 (0)479 29 89 00, KBO 0452.015446

Registration                                                   Each company that has registered his personal information on the website in order to have access to the online auction sale.

Special Conditions                                       The conditions established at each sale, supplementary to the general conditions of sale. These conditions of sales are applied to the live (webcast) public sales, to the online auction sales, to the international sales over the general conditions of sale.

Allocation                                                       The declaration of CocoTrade.io to the candidate-buyer and/or the highest bidder, that his offer has been accepted and that the purchase agreement is realized.

Auction                                                           An organized international online auction sale.

Auction fees                                                  The rate that is deducted from the winning- or sales price, excl. VAT.

Sale                                                                    The international sale.

Seller                                                               The principal. This is the person in whose order a lot was auctioned. The seller can be a manufacturer, an exporter, a wholesaler or an importer.

Guarantee                                                      CocoTrade.io can, when they consider it necessary, request to pay a guarantee of 50% for the fixed period of the fixed guarantee. If the event of the failure of the allocation to the buyer or bidder, the guarantee will be repaid without any allowance.

 

ARTICLE 2: FIELD OF APPLICATION

2.1         The general conditions of sale refer to a live public sale, a live webcast public sale, an online auction sale, a private sale, a take-over, a shop sale, and will be of application to the relation between the user/ buyer/bidder and CocoTrade.io.

2.2         The relationship between the user/buyer/bidder and CocoTrade.io will be controlled by the general conditions of sale and the specific conditions of sale. But in case of any discrepancy between both conditions, the specific conditions of sale will prevail.

2.3         In case of any discrepancy or vagueness between the Belgian version of the general/specific conditions of sale and a foreign version of the general/specific conditions, the Belgian version will prevail.

2.4         Each user registered on the website of Cocotrade.io and each possible candidatebuyer who wants to auction, will have to agree with the general conditions of sale after reading them.

 

ARTICLE 3: THE ORGANISATION OF THE AUCTION SALE

3.1         CocoTrade.io looks after the organization, the preparation and the follow-up of the live public sale, the live webcast public sale, the online auction as well as the private sale. The allocation is done by CocoTrade.

3.2         CocoTrade.io can trace the identity of the bidders through extern databases and can control the authenticity of the personal information at the registration.

3.3         Cocotrade.io is not responsible when no offer can be made due to technical deficiencies, through which the auction or sale cannot take place. If this is the case, CocoTrade.io can decide to allocate the lots or to place the lots back in the auction again

3.4         At any time, when necessary, CocoTrade.io can, during the auction or sale, set a minimum offer, cancel the sale, combine or subdivide lots, restrain the offer or put the offer again in the auction.

3.5         For some auctions, CocoTrade.io can, if necessary, contact the buyer or bidder and request proof of his solvency. CocoTrade.io can demand payment of a warranty of 100% of the purchase price. If the bid isn’t awarded to the buyer or bidder, the warranty will be credited with 10% cost.

3.6         CocoTrade.io is entitled to reject an offer of a possible bidder, without giving any reason. In case of a dispute about an offer, CocoTrade.io has the final decision.

3.7         All auctions are supervised by CocoTrade.io, who supervises the auction, the made offers and allocations.

 

ARTICLE 4: THE CONDITIONS OF SALE FOR THE LIVE (WEBCAST) PUBLIC SALES

4.1         All goods are sold in the conditions in which they are incl. 10% of auction fees and VAT.

4.2         The buyers shall be deemed to have inspected the lots, which are being sold without guarantee even if the nature, condition, quantity or denomination is not in accordance with the description on the auction website. Possible wrong descriptions or mentions on the website cannot lead to the cancellation or rescission of the sale. All descriptions and/or mentions are communicate purely indicative, and cannot lead to the responsibility of CocoTrade.io. Examples of such wrong descriptions can be: Weight, delivery times and available stocks the accession date and other technical or commercial specifications.

4.3         The sale is done by auction according to the numbering on the website. The auctioneer may if necessary combine or subdivide lots.

4.4         By adjudication, the buyers have to pay an advance of 100% by payment guarantee, deliverd by Paypal or with L.C. in case of amounts higher than USD 50.000.-  . After the allocation the goods are for account and risk of the purchaser and will be delivered or loaded on the date fixed by the seller.

4.5         The purchasers cannot dispose of the goods before having paid these in full. The releases of goods happen after payment or after delivery of proof of payment. The buyer will be informed about deleverytimes depending on location of buyer and seller. Buyer accepts his goods professionally and will be held liable for possibly caused damage by the unloading.

4.6         Anyone remains attached to his purchase, even if someone else is mentioned as purchaser. Goods not paid 48 hours after confirmation of a winning lot, without the explicit approval of CocoTrade.io, will be resold or removed at the expense of the purchaser.

4.7         The auctioneer has the right to refuse a bid from a possible bidder without mentioning any reason. The auctioneer has the right to correct himself in case of an error, without any possibility to appeal to this. The auctioneer has the final decision in the event of a difference of a bid.

4.8         In the event of forfeit, the lot concerned will be re-auctioned at the expense of the forfeiter without any possible claim for him for the possibly higher price.

4.9         After having paid completely, the purchaser receives an invoice.

4.10       Everyone is at their own risk present during the auction , the auction and the delivery of the goods.

4.11       All the buyers at this international auction  are exemt to pay VAT. Provided the buyers from outside the EU will present within 10 days the brokers office documents proving export. EU-buyers with a VAT number don’t need to pay the VAT if their VAT-number has been validated upon the VIESon-web control. We do this verification before making the invoice.

4.12       The payment of foreign purchasers can only be done by means of SWIFT transfer with all banking costs at the expense of the purchaser on the account number of CocoTrade.io, by Paypal or Letter of Credit.

4.13       In case of a possibly dispute; only the court of Belgium in Antwerp is qualified, even if there are several defendants. All disputes will be settled corresponding Belgian law.

 

ARTICLE 5: THE CONDITIONS OF THE ONLINE AUCTIONS SALES

5.1 GENERAL

5.1.1     During an online auction, all goods and/or lot(s) are sold in the condition in which they are, 10% of auction fees and VAT excluded, unless otherwise specified on the lot.

5.1.2     The buyers or bidders shall be deemed to have inspected all lots, which are being sold without guarantee even if the nature, condition, quantity or denomination is not in accordance with the description on the website. Possible wrong mentions or indications cannot give cause to a termination or cancellation of the sale. All descriptions and mentions are communicated to the purchaser in its pure indicative form and cannot lead to the liability of the seller. Examples of such 3 / 7 wrong mentions can be (without limitation): the accession date and other technical or commercial specifications.

5.2 TENDERS AND ALLOCATION

5.2.1     The online auctions sale is done by auction on the website.

5.2.2     Every bid is unconditional and irrevocable. By making his bid the bidder accepts the general conditions of sale and commit himself to buy the lot(s) at the offered price incl. the auction fees and VAT where needed.

5.2.3     Bids can be placed in the form of a static bid or a proxy bid. A static bid presumes an offer in the form of a fixed amount a lot. A proxy bid otherwise presumes that the user is prepared to pay a maximal amount. This system sees to it that, after an outbid by a third party, in the name of the user, the minimally possible higher bid is introduced, as long as the maximum indicated by the user has not been reached. The user can only cancel his proxy bid by placing a static bid that is the highest at that moment.

5.2.4     CocoTrade.io is entitled to reject the bid of a possible bidder without giving any reason. In the event of a difference of a bid, the auctioneer has the final decision.

5.2.5     The allocation is given to the user who has made the highest bid, by which the purchase agreement is realized. CocoTrade.io is entitled, when necessary, to reject the highest bid and to consider the second highest bid or another bid as the highest. The second highest bidder and/or any other bidder stays therefore committed to his offer.

5.2.6     CocoTrade.io reserves the right to both during the auction and after the closure of the auction lots still to hold. CocoTrade.io will however be hold to notify the bidders of the decision taken.

5.2.7     Regardless of the allocation of the bid, CocoTrade.io can request the buyers or bidders to prove their solvency. CocoTrade.io can, if necessary, request the buyer or bidder to pay a guarantee of 50% of the purchase price. In the event that the offer has not been allocated to the buyer or bidder, the guarantee will be reimbursed without any fee.

5.2.8     In the event of forfeit, the lot concerned will be re-auctioned at the expense of the forfeiter without any possible claim for him for the possible higher price.

5.2.9     Should a bid be placed 10 minutes before the closing of the auction, the auction sale will be extended with 5 minutes. This will continue until no more bids are placed.

5.2.10   After closing the auction, the buyer or bidder will receive a confirmation from CocoTrade.io, on behalf of the seller, by e-mail that his bid was allocated to him.

5.2.11   After the allocation the goods are for account and risk of the purchaser. CocoTrade.io will not be responsible in case of burglary, fire, accident, water damage and other damages due to circumstances beyond one’s control.

5.3 THE PURCHASER’S PAYMENT CONDITIONS

5.3.1     After the allocation, the purchaser has the obligation, within 48 hours, to transfer the purchase price to the account number of CocoTrade.io, with the report of the invoice number, mentioned on every e-mail that was sent to the purchaser.

5.3.2     All payments should be made in USD mentioned on the invoice, unless CocoTrade.io indicates another currency.

5.3.3     After having paid completely, the purchaser receives a specimen invoice. From the day of payment, the purchaser can dispose of the goods at port of departure.

5.3.4     In the event of failure to pay, within the set period, interests on the arrears shall, lawfully and without advance notice of default, be due from the due date, at rate of 10% a year.

5.3.5     In addition, a fixed sum of compensation of 15% of the invoice sum, with a minimum of 100 USD shall be due. Costs linked to L.C.’s, as well as other costs of collection are not included in this fixed sum of compensation, and shall be charged separately to the purchaser.

5.3.6      In the event of a late payment, all payments will first decrease the costs, then the interest charges and finally the purchase price.

5.3.7     All the buyers are obliged to pay VAT in their domestic country. Provided the buyers from outside the EU will present within 10 days the brokers office documents proving export. EU-buyers with a VAT number don’t need to pay the VAT if their VAT-number has been validated upon the VIESon-web control. We do this verification before making the invoice.

5.4 DELIVERY CONDITIONS

5.4.1     Every buyer is responsible to accept goods which are being confirmed by the auction and to follow the instructions that are announced by CocoTrade.io.

5.4.2     The purchasers cannot dispose of the goods before having paid these in full. Releases of the goods takes place after confirmation, notified in the specific conditions of sale.

5.4.3     Goods that are not paid on the fixed date, without the explicit approval of CocoTrade.io, will be resold or removed at the expense of the purchaser.

5.4.4      The bought lot(s) has/have to be loaded with the highest care, by the buyer, on his own responsibility, without causing any damages to the products or lot(s) of third parties. The buyers are fully responsible for damages they have caused by transport.

5.5 APPLICABLE LAW

5.5.1    In case of a possible dispute only the courts of Belgium, more specific  Antwerp is qualified, even if there are several defendants. All disputes will be settled corresponding Belgian law.

ARTICLE 6: THE CONDITIONS OF THE PRIVATE SALES, SHOP SALES…

INVOICE CONDITIONS

6.1         These general conditions of sale shall apply at all times.

6.2         All goods are sold in the conditions in which they are, incl.10% sale expenses VAT excluded, unless it is mentioned differently in the specific conditions of sale.

6.3         Prices are mentioned as price/ton to overview the auction, though invoiced per container with a minimum of 24 tons.

6.4         In the event of failure to pay the invoice within the set period, interests on the arrears shall, lawfully and without advance notice of default be due from the due date, at the rate of 10% a year. In addition, a fixed sum of compensation of 15% of the invoice sum, with a minimum of 100 USD, shall be due. Costs linked to L.C.’s, as well as other costs of collection are not included in this fixed sum of compensation, and shall be charged separately to the purchaser.

6.5         Invoices should be contested in writing within eight days of the invoice date.

6.6         Until they are paid for, the goods remain the property of the seller.

6.7         If the purchaser fails to pay the goods on the date given to him, CocoTrade.io reserves the right, on expiry of a 15-day period, to regard the agreement as disbanded, and this without prior notice of default.

6.8         Goods are always available on port of departure, shippingprice excluded. All risks relating to the goods transfer at the time of payment of the goods, since that the customer himself is responsible for their immediate order.

6.9         If the customer refuses to accept his goods, CocoTrade.io is entitled to charge the resulting costs to him. The customer is also liable for any damage caused by him to the goods.

6.10       The commission of CocoTrade.io shall be due regardless whether the goods were paid for at CocoTrade.io or directly at the principal.

6.11       The customer or principal himself remains liable for all risks relating to goods shipped worldwide and has to take  measures for insurance.

6.12       In the event of a dispute, only the courts of the district of Antwerp (Belgium) shall have jurisdiction.

6.13       SPECIFIC CONDITIONS OF SALE: all goods are sold in the conditions in which they are, without any guarantee of the seller and without appeal from the buyer and can only be done by means of banktransfer, Paypal or by Letter of Credit. The buyer shall be deemed to have inspected the lots, which are being sold without guarantee even if the nature, condition, quantity or denomination is not in accordance with the description. The buyer has to contact a  shipping company or agree the terms of delivery of the seller and treat his goods professionally at his own risks and costs, from the day the sale is confirmed. The buyer can at no time exert an appeal against the seller.

 

ARTICLE 7: TERMINATION

7.1         If the purchaser does not fulfill his obligations, CocoTrade.io can, in the name of the seller, without advance notice of default, terminate the purchase agreement. Examples of such negligent omission from de buyer can be (but not restraint to): not paying the purchase price (completely) on time, not providing the information required before delivery.

7.2         Cocotrade.io is free to allocate the lot(s) to another enterprise, without that CocoTrade.io can be taken responsible for any damage.

7.3         The purchaser failing in his duties will, in case of termination of the sale, have to pay a forfeit amount of 25 % of the purchase price to CocoTrade.io, increased with the (auction) fees to cover the administrative, storage, insurance and transport costs, etc. Such compensation does not deprive the right of CocoTrade.io to claim a full compensation.

ARTICLE 8: RESPONSABILITY

8.1         CocoTrade.io is not responsible for consequential damage.

8.2         Every liability of CocoTrade.io and/or the seller, which arise from a conspicuous or concealed defect at the lot, is excluded.

8.3         CocoTrade.io is not responsible for possible wrong mentions or indications on the website. Those wrong mentions or indications cannot give cause to a termination or cancellation of the sale. Those mentions are communicated to the purchaser in its pure indicative form and cannot lead to the liability of the seller. Examples of such wrong mentions can be Weight, delivery times and available stocks the accession date and other technical or commercial specifications and other technical or commercial specifications.

8.4         CocoTrade.io is not responsible for damages caused by pollution and/or noxious substances to the lot(s) and/or other obtained goods.

8.5         CocoTrade.io is not responsible for possible technical deficiencies to the website, through which no offer can be made and/or the auction or sale must be cancelled. In such a case CocoTrade.io will decide to allocate the lot(s) or to place the lot(s) again into the auction.

8.6         CocoTrade.io is not responsible in case of burglary, fire, accident, water damage and other possible damages due to circumstances beyond one’s control.

8.7         CocoTrade.io is not responsible for technical flaws or technical mistakes by mailing to the bidders concerning the situation of the biddings. The bidders need every time to make sure of the exactitude of the mailed information during the online/live auction.

ARTICLE 9: POSSIBLE ADAPTATION

9.1         CocoTrade.io reserves the right, if necessary, to change, to adjust or to annul, some stipulations from the general conditions of sale. The changed or new stipulations start as of right, after they were announced by CocoTrade.io on the website and/or announced by email. The general conditions of sale that came into force replace all previous general conditions of sale, unless explicitly declared otherwise by CocoTrade.io.

 9.2        At each auction and/or sale, the specific conditions of sale can be complemented to the general conditions of sale. CocoTrade.io will notify those specific conditions of sale on time before the auction. In case of discrepancy between the general and the specific conditions of sale, the specific conditions of sale will prevail.

ARTICLE 10: APPLICABLE LAW

10.1       Belgian law applies to the general conditions of sale and the arising legal relationships.

10.2       In case of a possibly dispute, only the court of Antwerp (Belgium) is qualified, even if there are several defendants. All disputes will be settled corresponding Belgian law.