Bidrite's an Online Marketplace where trading on surplus properties is done with ease and mutual consent.
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Terms and Conditions

BidRite is an online marketplace registered in Nigeria in accordance with the Nigerian Company Act purposely to conduct business relating to online sales of different kinds of properties/items (otherwise referred to as assets) and services.

BidRite is in the business of providing an online auction portal to enable

  1. Government, government agencies, non-government agencies, companies etc. to list their assets for sale in a live auction; and
  2. Individuals/ users to participate in online bidding of live auctions for the sale and purchase of such listed properties/ items.

BidRite is expected to:
  • Make available, a platform and service to interested establishments/ Individuals to list and run live and scheduled auctions online;
  • Allow registered users to bid on live and scheduled auctions online; and
  • Facilitate the exchange of contracts between the seller and successful bidders of live and scheduled auctions.


Terms and Conditions

The following are the terms and conditions governing the use of BidRite website/ activities. The purpose of these terms and conditions is to govern the activities of users and also spell out information on the procedures and services which BidRite provides upon registration of an account whether as a seller or buyer.

Definitions of various terminologies

Agreement - Refers to this Online Auction Agreement, as would be amended from time to time.

Auction - Refers to an online commerce activities in which Sellers make available, one or more Properties to Bidders for purchase.

Asset - Refers to the property or set of properties made available to Bidders by sellers in an online auction for purchase.

Bidder - Refers to an officially registered prospective buyer at an Auction governed by the terms of this Agreement. Each Bidder will have a unique User Identification and password in order to have access to the Auction and authorization to bid.

 

Auctioneer - Refers to BidRite or services offered by them especially via their website.

Business Day - Refers to any day that is not a Saturday, Sunday or any holiday recognized by government.

Event - Refers to the activity conducted online via BidRite website, allowing a Bidder to bid for Assets.

  

Highest Bid - Refers to the final, highest bid that is received on an Auctioned asset and acknowledged by BidRite and subsequently submitted to Seller for review, consideration and acceptance.

Highest Bidder - Refers to the individual and/or entity who places the Highest Bid at Auction.

Privacy Policy - Refers to the BidRite Privacy Policy displayed on the BidRite Website as of the date a Bidder register for an Auction Event using the Website.

  

Assets or Properties - Refers to Auction items owned by sellers that is/are subject to Auction on the BidRite Website.

 

Assets Page - The page on BidRite Website that displays information, including photographs/ images, pertaining to the Assets/Properties being auctioned.

 

Purchase Invoice - Refers to the documents that spell out asset descriptions, final Bid cost and other cost components such as Taxes and Asset Premium that require winning bidder’s immediate access and action.

Seller - Refers to the officially registered sellers of Assets/ Properties on BidRite website by way of an Online Auction.

User Identification - Refers to the unique identifier assigned to each registered Bidder on BidRite website.

Website - Refers to the auction website found at www.bidrite.ng/

Winning Bid  - Refers to the final, Highest Bid that has been accepted by the Seller whether automatically at the end of each auction or otherwise by way of direct offer perhaps when reserve price is not met.

Winning Bidder - Refers to the Person who, at Auction, places the successful bid that is accepted by the Seller.

 

Registration of Account

Account registration on BidRite is free but subject to approval and no user will be able to participate in the online activities of BidRite without proper registration. Upon registration, user is automatically qualified to bid for any listed properties. However, new users would be on probation for a period of three months during which user activities will be monitored and assessed. If the users’ conducts are found satisfactory, will graduate to a full-fledged member but if otherwise, probation of such user would be revoked.

In order to be eligible for an account with BidRite:

  • The participating establishment must be a reputable ones known with defined mandate or good line of business;
  • If an individual, such participating individual must have attained the age of 18 years;
  • Must be able to provide verifiable residential or office address ;
  • Meet any other criteria of BidRite as may be determined from time to time.

Rights of Users
Upon Registration of an Account on the BidRite website, the User may freely

  • Visit Asset location and physically inspect Assets listed for Auction;
  • View online Auctions of Assets/ Properties;
  • Place Bids on auction items; and
  • Authorize a representative to place bids on items during online auction.

Responsibilities of the User
The user or representative of the user must:

  • Have attained the age of eighteen (18) years and above at the time of Registration;
  • Be able to legally purchase and possess the affected asset(s);
  • Be able to provide correct and verifiable identity information of the user to BidRite during registration of an account;
  • Maintain an up to date information on their account;
  • Never allow any unauthorized person(s) to use the user account and must maintain at all times, the confidentiality of the user account;
  • Not in any way, impersonate another person(s) or entity or access another person’s account;
  • Not engage in anything that will interfere with the auction process or services of BidRite;
  • Not post any illegal, obscene or threatening content on the website;
  • Not provide false or misleading information to BidRite;
  • Abide by all policies and procedures of the website.

At the end of each auction where a winner emerges, the winner must take all necessary measures to ensure smooth exchange of contract for the purchase of the affected asset(s). In addition, all the required contract documents/ papers must be signed by both parties where applicable. Furthermore, the total amount including all taxes and other charges as stated in the contract documents must be paid before successful bidder could have access and possess the assets. Buyers must take all necessary precautions as spelt out in the terms and conditions exclusively by the seller. If by any means, the buyer fails to perform all buyer obligations set forth in the terms and conditions, such buyer may be assessed to have defaulted and the account would be suspended until the imposed penalty is served.

Important Note:
It is important to note that BidRite will not be involved directly in any arbitration between the buyers and the sellers, however relevant information/ documents may be supplied where needed if it would facilitate speedy conclusion of such arbitration.

BidRite will not be liable for any damage occasioned by any malfunction or loss of service that may occur during live auction which may prevent users to participate in an online auction


POLICIES AND PROCEDURES

These are set of rules and regulations set forth to guide and guard users of BidRite online marketplace activities. The users agree to mandatorily comply with the Policies and Procedures set out in the following Schedules and as may be amended from time to time as BidRite deemed fit. The users are by this medium informed, acknowledged and agreed that the policies and procedures are subject to review and amendment and even a complete replacement as deemed fit by BidRite. The users’ involvement in the activities as well as continued use of the online services provided by BidRite constitutes an agreement on the part of the users and are completely binding on them. The Schedules are categorized into two parts as shown below:

  1. Schedule I: Live Auction
  2. Schedule II: Privacy Policy


SCHEDULE I: LIVE AUCTION PROCEDURE

The following procedure and policies shall apply to a User who participates in a live Auction on BidRite Website.

  1. The live auction will be conducted in accordance with the rules and regulations as set out in the prescribed conditions of auction relevant to local jurisdiction. As a registered bidder you agree to comply with these rules and regulations along with any other terms and conditions as specified by BidRite.
  2. The live auction will commence at the advertised date and time and will be conducted by a person with the appropriate authority or accreditation where the live auction is holding.
  3. All prospective bidders must be ready to bid at the advertised date and time, however BidRite reserves the right to suspend or cancel the live auction at their sole discretion.
  4. Before the commencement of the live auction the seller will give the Auctioneer the minimum bid price or reserved price that they have set for the Property/ Asset.
  5. The Auctioneer (BidRite) will be responsible for the conduct of the live auction and will be the sole arbitrator of the process.
  6. Successful registered Users only, will be authorized to bid on the website.
  7. Bids can only be placed when users have the intention to purchase the auctioned items.
  8. It is the sole responsibility of the users to carry out due diligence for proper understanding of what they are bidding for before they get involved in a live auction.
  9. The seller must provide the appropriate address and contact telephone number to interested registered users where the seller or its agent can be reached for Questions and Answers during the course of the auction
  10. It is pertinent for Buyers to note that once a bid is placed it cannot be withdrawn. However, offered Bid can be reviewed downward provided it is higher than the minimum bid per time.
  11. BidRite has the authority to reject any bid at its discretion.
  12. If a User places a bid for an auction, the User automatically acknowledges that He is able and willing to pay that amount for the Asset should He be successful.
  13. Your bid must always be in excess of the current minimum bid.
  14. At any time the Auctioneer is permitted to pause the live auction and no bids will be able to be placed during this time. The reason for the pause may be for maintenance or other purpose.
  15. If you become the Purchaser at the completion of the live auction you will need to sign the Purchase Order and pay the complete amount of the Highest Bid Auction price including all other expenses such as Taxes, Asset Premium etc. before successful bidder (Buyer) is authorized to pick-up or gain possession of assets.
  16. BidRite is not responsible for further communication between the seller and buyer after the close of the Auction.
  17. It is the responsibility of the seller to maintain and update any relevant information or documentation with regards to the Auctioned Assets.
  18. If at any time the User defaults the terms and conditions of BidRite.ng or the live auction, BidRite holds the right to remove bidders from participating in subsequent live auctions.


SCHEDULE II: BIDRITE PRIVACY POLICY

BidRite as an Online Marketplace is committed to ensuring users’ privacy and confidentiality. BidRite is aware that in this age of advanced technologically, everyone is concerned about who holds their personal information and its manner of utilization. BidRite is committed to users’ privacy to the extent that minimum required information would be collected and would not allow privacy of such information to be compromised. The minimum and limited personal data collection will not be disseminated except when requested by the Law Enforcement Agencies.

It is the policy of BidRite:
  • To collect information sufficient enough to service the needs of its users; and
  • To collect only sufficient information to protect the legitimate interests of BidRite.

BidRite will keep all user information confidential and such information will not be available to the public.

However, private and confidential information must be made accessible to law enforcement bodies. BidRite will comply with all lawful requests for data made by any and all law enforcement bodies.

All users have a right to access the information that is held by BidRite about them. This information can be accessed via the registered account of the individual users

For all registered of deregistered users, they have the prerogative right to remove all personal information from BidRite system. However, it is important to note that BidRite reserves its rights to retain any record necessary for lawful purposes.