Common use of ONLINE BIDDING PROCESS Clause in Contracts

ONLINE BIDDING PROCESS. a) Bidding will normally be conducted in the sequence of the auction Lot number in an Event. However, the Auctioneer reserves the full right to vary the sequence without notice, at its absolute discretion. b) It is your responsibility to log in as a member to the Website and the E-Bidding section of your registered and approved Event to wait for the turn of your registered and approved Property to be auctioned. When it is the turn of your registered and approved Property to be auctioned, you will automatically be directed to the Property Bidding Screen where you can place bid by clicking the GREEN ‘Place Bid’ button for default ‘Next Bid’ which is located below the next bid price. Alternatively, if you wish to bid higher than the default ‘Next Bid’ then you may choose to click on one of the two (2) BLUE ‘Higher Optional Next Bid’ button which are located below the GREEN ‘Place Bid’ button once the auction starts. c) You acknowledge that you are bidding in a live auction and you agree that each bid submitted in the Auction is irrevocable, irretractable and cannot be amended or corrected, regardless of whether the bid has been submitted in error/by mistake and such error/mistake has been notified to us. You accept full liability for all bids submitted via your account. d) If there is more than one Bidder, Auctioneer reserves the full right to set an Opening Bid which is higher than the Reserve Price at its sole discretion in the event that the Auctioneer decides to exercise its discretion pursuant to this Clause. The Opening Bid will be shown on the Auction Hall Screen and E-Bidder’s Bidding Screen (collectively, “Screen”) as “Opening Bid”. e) Auctioneer will set the bid increment quantum and it will be shown in a green message bar on the Screen. f) You may start bidding when the System announces, “Auction started” and “Waiting for first bid”, the message “Waiting for first bid” will be displayed on the Screen, indicating the commencement of an Auction. g) Each bid may be called for three (3) times (Calling Once, Calling Twice, Last & Final Call). You may place bid at any stages during the three (3) call cycles. If a new bid is received during the three (3) call cycles, the call cycles will be repeated. The Auctioneer has the absolute right to determine whether to accept or reject any bid submitted after such stages of bidding. h) The Bidder with the highest bid will be declared as the purchaser (“Purchaser”) upon the fall of hammer at the hammer down price (“Purchase Price”) i) The Purchaser will be redirected to a page where the Purchase Price and Bidder Deposit paid will be shown and the procedures to conclude the purchase. j) PMSB reserves the full right to suspend your bidding for any reason whatsoever, in its absolute discretion, at any time prior to, during or after an Event. k) In the event of any clarification is required, disruption or special situation occur during the auction proceedings, the Auctioneer, in his sole discretion, may pause, postpone and/or call off the Auction, temporarily suspend Auction and resell any Property(ies) that were affected by such disruption. All the sold, withdrawn or unsold Property(ies) prior to such disruption will not be affected. l) The information shown on the Screen during the bidding process and the declaration of Purchaser shall be final and conclusive. m) All decision(s) of the Auctioneer shall be final, conclusive and binding on all Bidders.

ONLINE BIDDING PROCESS. a) Bidding will normally be conducted in the sequence of the auction Lot number in an Event. However, the Auctioneer reserves the full right to vary the sequence without notice, at its absolute discretion. b) It is your responsibility to log in as a member to the Website and the E-Bidding section of your registered and approved Event to wait for the turn of your registered and approved Property to be auctioned. When it is the turn of your registered and approved Property to be auctioned, you will automatically be directed to the Property Bidding Screen where you can place bid by clicking the GREEN ‘Place Bid’ button for default ‘Next Bid’ which is located below the next bid price. Alternatively, if you wish to bid higher than the default ‘Next Bid’ then you may choose to click on one of the two (2) BLUE ‘Higher Optional Next Bid’ button which are located below the GREEN ‘Place Bid’ button once the auction starts. c) You acknowledge that you are bidding in a live auction and you agree that each bid submitted in the Auction is irrevocable, irretractable and cannot be amended or corrected, regardless of whether the bid has been submitted in error/by mistake and such error/mistake has been notified to us. You accept full liability for all bids submitted via your account. d) If there is more than one Bidder, Auctioneer reserves the full right to set an Opening Bid which is higher than the Reserve Price at its sole discretion in the event that the Auctioneer decides to exercise its discretion pursuant to this Clause. The Opening Bid will be shown on the Auction Hall Screen and E-Bidder’s Bidding Screen (collectively, “Screen”) as “Opening Bid”. e) Auctioneer will set the bid increment quantum and it will be shown in a green message bar on the Screen. f) You may start bidding when the System announces, “Auction started” and “Waiting for first bid”, the message “Waiting for first bid” will be displayed on the Screen, indicating the commencement of an Auction. g) Each bid may be called for three (3) times (Calling Once, Calling Twice, Last & Final Call). You may place bid at any stages during the three (3) call cycles. If a new bid is received during the three (3) call cycles, the call cycles will be repeated. The Auctioneer has the absolute right to determine whether to accept or reject any bid submitted after such stages of bidding. h) The Bidder with Subject to the reserve price, the highest bidder being so allowed by the Auctioneer shall be the Purchaser and the successful bid will price after the close of bidding shall be declared known as “the purchaser (“Purchaser”) upon the fall of hammer at the hammer down price (“Purchase Price”). The information shown on the Screen during the bidding process and the declaration of Purchaser shall be final and conclusive. i) The Purchaser will be redirected to a page where the Purchase Price and Bidder Deposit paid will be shown and the procedures to conclude the purchase. j) PMSB reserves the full right to suspend your bidding for any reason whatsoever, in its absolute discretion, at any time prior to, during or after an Event. k) In the event of any clarification is required, disruption or special situation occur during the auction proceedings, the Auctioneer, in his sole discretion, may pause, postpone and/or call off the Auction, temporarily suspend Auction and resell any Property(ies) that were affected by such disruption. All the sold, withdrawn or unsold Property(ies) prior to such disruption will not be affected. l) The information shown on the Screen during the bidding process and the declaration of Purchaser shall be final and conclusive. m) All decision(s) of the Auctioneer shall be final, conclusive and binding on all Bidders.