GENERAL TERMS AND CONDITIONS

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and announcements
·         Art. 4. Methods of participation and submission of bids
·         Art. 5. Irrevocable purchase offer
·         Art. 6. Obligations of the Principal
·         Art. 7. Buyer’s Premium
·         Art. 8. Charges
·         Art. 9.  Security Deposit
·         Art. 10. Payments
·         Art. 11. Transfer of ownership
·         Art. 12. Warranties
 
 
Art.1 Definitions:
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.: Owner and manager of the online auction website http://www.gobidreal.it, with registered office in Milan, Via P.O. Vigliani, 19, VAT - Tax Code 09441470961, authorized for sale by auction with License issued by the Milan Police Commissioner no. 13/2008  of 09/04/2008.
gobidreal.it: Registered trademark owned by GOBID INTERNATIONAL AUCTION GROUP S.r.l.
www.gobidreal.it: The website managed by GOBID INTERNATIONAL AUCTION GROUP S.r.l. for the sale of real estate on mandate conferred by the Principal.
Principal: Responsible for the Procedure
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Procedure:insolvency procedure declared by the Court or sale mandate conferred by private individuals
Auction: Competitive online sale of real estate published on www.gobidreal.it
Announcement: Publication of a notice concerning the sale or collection of offers/expressions of interest on real estate published on www.gobidreal.it
Lot: Asset or set of assets present, subject of Auction or Announcement
Registered User: User registered on www.gobidreal.it
Auction Registration: Authorization requested by the registered user to participate in the individual Auction
Bidder Number: Identifier of the registered User
General Conditions: these terms and conditions
Specific Conditions: Specific terms and conditions of the Auction
Deposit: Amount to be paid for participation in the Auction.
Base Price: Starting price of individual lots
Reserve Price: Minimum price the achievement of which authorizes the provisional award of the lot
Current Price: Current price of the Lot, resulting from the bid(s) made by users
Static Bid: amount entered by the user to increase the current price of the lot
Maximum Bid: (proxy bid) Maximum amount that the user intends to pay for the lot
Minimum Increment: Preestablished amount added to the current price necessary to formalize the static bid.
Extra-time : Extension of the time available to make bids in the auction  (see Extra-time section)
Provisional Award: Communication addressed to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.  
Award Price: Award amount of the lot, net of any Buyer’s Premium due and any additional fiscal and non-fiscal charges
Buyer's Premium: Fee due to the agent calculated on the taxable amount of the award price

 
2. Applicability: 
 
These conditions apply to the use of the website www.gobidreal.it and, in particular, to the publication and conduct of auctions and announcements, as well as to the terms and conditions of user participation.
 
     2.1. Specific Conditions
 
For each auction or announcement, where provided, the Specific Conditions will be published, indicating all specific information relating to the auction or the announcement itself and to the lots
These conditions apply unless otherwise indicated by the Specific Conditions of each individual auction or announcement 
 
 
 
3.  Publication and conduct of auctions and announcements
 
Auctions and announcements will be published on the website www.gobidreal.it with indication of the dates of conduct and the lots present and, where provided, the general and specific terms and conditions. 
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l, in agreement with the Principal, reserves the right to cancel, extend or interrupt the auction or the announcements.
 
 
4. Methods of Participation and Submission of Bids.
4.1 Announcement  
 
User participation in the announcement mode will be governed by the specific conditions, where present.
 
4.2 Online Auction
4.2.1 Registration Process
To participate in the sale, the user must register on the website www.gobidreal.it, entering their personal data, request registration for the auction, accepting its terms and conditions.
 
The data entered by the subject during registration on the website and for the auctions will be the same as those to which the award may be attributed and to which the property will be registered. All required payments, before and after the sale, must be made by the registered subjects.  Any powers of attorney or delegations may be considered subject to authorization by the Principal.
 
The user must pay the required security deposit by bank transfer to the current account specified in the specific sale conditions and on the registration page.
Where indicated in the specific sale conditions, payment of the deposit may be made online by credit card.
 
The user is required to specify the auction number for which they intend to participate and simultaneously send an accounting copy of the bank transfer made to the address [email protected]
 
The security deposit must be credited before the auction deadline, unless otherwise indicated in the specific sale conditions.
 
In addition to crediting the security deposit, the user, to be enabled to participate in the auction, must provide the following documents by upload in the section "My Documents" or by sending them to the address [email protected]
 
-       IF A NATURAL PERSON:
 
-       Copy of a valid identity document of the subject to whom the property will be registered (it will not be possible to register the property to a subject other than the one who signs the registration, according to the procedure described in point 5.1)
-       Copy of the tax code
-       If the bidder is married under a legal community of property regime, the corresponding data of the spouse must also be indicated, with the sending of the relevant copy of the identity document (document not binding for enabling but required in case of award)
 
-       IF A COMPANY or ENTITY:
 

Where required by specific conditions, additional documents will be requested, which will integrate with the aforementioned ones.
 
5. Irrevocable purchase offer 
 
5.1 Procedure for finalizing offers at the auction base price
 
The combined effect of the crediting of the security deposit, the formalization of registration for the auction – with express acceptance of the general and specific conditions of sale, published online at www.gobidreal.it – and the sending by the user of all required supporting documentation, as specified above in point 4.2.1, shall be considered equivalent to an irrevocable purchase offer at the price set as the auction base for each sale attempt and shall constitute, in itself, a binding purchase commitment by the user.
 
Such offer will be formalized on the platform directly by the Mandatary by means of an online bid, on behalf of the first user who has completed the finalization procedure described above.
           
Where there are multiple participants who have formalized their irrevocable purchase offer, according to the methods described above, and none of the bidders makes a bid on the Platform, the best bidder and, therefore, provisional successful bidder, will be the one who, first, in chronological order:
 
            - has completed the aforementioned procedure.
 
The Mandatary will take care to inform all bidders, by any means, whether or not they are the best bidders at the time of formalization of the aforementioned irrevocable purchase offer. 


5.2 Submission of offers to increase the base price.
 
Formulation of bids
 
The offer, formalized for the first bidder, may be exceeded by higher bids, made by any enabled user.
 
The user who wishes to be the best bidder (and therefore provisional successful bidder) must have placed the highest offer at the end of the online auction.
 
Clearly, where there are multiple participants who make bids on the auction base price offer, even the user recognized as "first bidder" may compete for the award of the lots by making bids on the current price.
 
In order to be awarded the lot(s) for sale, users will be invited to increase the price indicated in the auction (and, therefore, to make at least one bid) according to the following methods:
 
 
 
5.2.1 Static offer 
 
By "static offer" we mean a bid at the price published online, plus a predetermined minimum bid increment.
 
 
5.2.2 Maximum offer (Proxy Bid):
 
By "proxy bid" we mean a maximum amount offer. It corresponds to the maximum amount that the user is willing to offer for each lot. The value of the proxy bid is entered manually by each bidder.
 
Until the maximum offer formulated by the user is exceeded by a higher offer, the same user will be the best bidder and, therefore, provisional successful bidder.
 
The current price will automatically adjust based on the amount of the predetermined bids, until reaching the value set as the "maximum offer".
 
The value of the maximum offer (proxy bid) formulated by a user will not be visible to other users.
 
 
5.3. Validity of offers
 
In any case (static offer – maximum offer – free offer), offers will be considered valid only if presented during the auction period.
 
5.3.1 Extra time 
 
If a winning offer is formulated in the 5 minutes preceding the closing of the auction, the time available to make another offer will be extended by a further 5 minutes from the last bid received. And so on, for each winning offer received within the 5 minutes of extra time, until the end of the available time.
 
In the event of extra time, 5 minutes must pass without any additional offer being registered from the last bid received, before the auction can be definitively concluded.
 
Automatic bids in the event of a maximum offer (proxy bid) will also be considered winning offers.
 
 
5.4. Award of lots
 
At the end of each auction solution, following an investigative phase, the best bidders will be sent a provisional award confirmation pursuant to Art. 107 of the Bankruptcy Law, against which they will be required to make payments by the deadline set in the specific conditions of sale.
 
The provisional award will be attributed to the competitor who has submitted the highest offer for each lot, or, in the absence of further bids, to the bidder who has been recognized as the first, in chronological order, to have completed the finalization procedure of the irrevocable purchase offer described in point 5.1.
 
In the event of award, the sale price must be paid in full by bank transfer made out to the procedure within the terms set in the specific conditions, under penalty of forfeiture and definitive loss of the deposit.
 
The deed of sale will be stipulated by notarial deed according to the methods established by the Principal (described in point 11, Transfer of ownership)
 
The offers submitted are binding and constitute a formal purchase commitment. If the successful bidder does not pay the consideration within the terms set in the specific conditions of sale, or if the award should lapse, the sale shall be automatically resolved and the deposit shall be retained, according to the methods set out in the "Security Deposit" section.  In such case, the award will be attributed, in succession, in favor of the next best bidder, who has completed the procedure described in point 5.1 or made a bid, based on what is illustrated in point 5.2.
 
 
 
5.5 Other provisions
 
Where required by law, the Principal, as responsible for the sale procedure, may avail itself of the power provided by Art. 107, fourth paragraph of the Bankruptcy Law, and suspend the sale in the event of receipt of an improved irrevocable purchase offer for an amount not less than ten percent of the offered price
 
In any case, GOBID INTERNATIONAL AUCTION GROUP S.r.l. reserves the right to suspend the auction or the award of lots in agreement with the Principal.
 
 
 
6. Obligations of the Principal
Pursuant to Art. 107 of the Bankruptcy Law, the Principal undertakes to give notice by notification to each of the mortgage creditors or otherwise privileged creditors at least 20 days before the date set for the conclusion of each sale attempt, as well as to inform the Delegated Judge and the Creditors' Committee of the outcome of each sale attempt, by filing the relevant documentation in the Court Registry.
 
The Principal declares that any registrations relating to rights of preemption, transcriptions of foreclosures and conservatory seizures and any other encumbrance on the real estate put up for sale, will be cancelled pursuant to Art. 108 of the Bankruptcy Law once the sale has been executed and the price fully collected. Unless otherwise provided in the specific conditions of sale, any formality for cancellation will be carried out by and at the expense of the successful bidder.
 
7. Buyer's Premium 
The compensation due to the Mandatary will be exclusively borne by the buyer and indicated with the wording Buyer's Premium.  It will be calculated on the award amount of the asset, according to the methods indicated in the specific conditions of sale.
 
 
8. Charges 
 
Notarial charges, legal taxes and all expenses relating to the sale, fiscal and non-fiscal, will be borne by the buyer (except those listed above in point 6). The communication regarding the exact amount of charges and their correct specification must be made by the Principal as soon as possible.
 
The Principal must provide in this regard, taking into account the tax regime of the transaction and of any         benefits that the buyer intends to avail itself of. The Principal will therefore be required to verify whether the transaction is subject to VAT or registration tax and to specify, if the conditions exist, whether it intends to use the reverse charge.
 
At the end of the sale, the Agent will lastly ask the successful bidder whether it intends to avail itself of the first-home benefit or another tax benefit and inform the Principal accordingly, so that the Principal may calculate the exact amount that the buyer will be required to pay in terms of taxes.
 
The successful bidder must pay the expenses within and not beyond the deadlines indicated in the specific conditions of sale.
 
 
 
9. Security deposit
 
 
Participation in the auction is conditional upon payment of a mandatory security deposit defined in the specific conditions of sale.
 
Before being enabled to participate in the auction, participants must pay the amount set out above by bank transfer or, where provided for in the specific conditions, by credit card through the platform. Payments must be made as set out in the specific conditions of sale.
The deposit must be credited strictly before the auction deadline.
 
For payment by bank transfer, it is recommended to make a BIR-type transfer (bank transfer of relevant amount)
 
If auction participants do not win any asset, the deposit will be returned within 20 business days of the award, without interest.
In the event of award of one or more lots, the security deposit will be returned after the buyer has completed the transfer of ownership of the real estate purchased at auction by notarial deed, subject to authorization provided by the Principal. In such case, the security deposit may be withheld both to cover any charges attributable to the Procedure, at the Principal's discretion, and to cover any other services provided by the Agent.
In the event of payment of the security deposit by credit card, the deposit will be collected into the Agent's current account, which will return the amount so withheld according to the methods described above.
If the buyer wins at least one lot at auction, the Agent may, in agreement with the Principal, deduct the deposit from the total amount owed by the buyer.
If, in the event of award, after paying the deposit, the bidder does not complete the purchase within the deadlines set out in the specific conditions of sale, whether as the award price or as Buyer's Premium and any additional charges, the sale will be automatically deemed terminated and the deposit will be withheld as liquidated damages.
 
10. Payments
 
The provisional successful bidder of one or more lots must comply with the specific auction conditions, which will specify the deadlines for payment of both the awarded lots and the Buyer's Premium due as well as additional charges, and the relevant compensation clauses in the event of failure to comply with the aforementioned conditions.
All payments must be made in full exclusively by bank transfer, unless otherwise provided in the specific conditions. The details will be specified upon the user's receipt of the provisional award confirmation.
 
In the event that payment of the amounts due is not completed within the established deadlines, in agreement with the Principal, the sale will be automatically deemed terminated and the security deposit will be withheld as liquidated damages, with consequent forfeiture of the award.
 
 
 
 
11. Transfer of ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is not responsible for the failure or partial correspondence of the descriptions of the lots present in the auction or in the advertisements published on the platform.
 
For all matters not provided for in these general conditions or in the specific conditions, the provisions contained in the Terms of Use of the website www.gobidreal.it will apply.
 
The registered user is aware of the possible objective and subjective issues arising from the use of an online auction or online advertisement carried out over the internet for which GOBID INTERNATIONAL AUCTION GROUP S.r.l. cannot be held liable.
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is not liable for direct and/or indirect damage or liability except in the case of its willful misconduct or gross negligence. Under no circumstances shall GOBID INTERNATIONAL AUCTION GROUP S.r.l.  be liable for: direct user actions that may cause damage or malfunction of the system, unavailability of display and/or use of www.gobidreal.it, unlawful use of www.gobidreal.it, any event after the conclusion of the auction.
 
For all matters not expressly provided for in these general and specific conditions, reference is made to the rules of the Italian Code of Civil Procedure and the Bankruptcy Law.
The sale of real estate is deemed forced (Art. 2919 Italian Civil Code). It is arranged for goods seen and approved in the factual and legal state in which they are located. In a forced sale, the warranty for defects of the thing does not apply. It cannot be challenged on account of damages. (Art. 2922 Italian Civil Code).
 
Any liability on the part of the Agent regarding the existence of third-party rights over the assets subject to sale is excluded (Art. 2920 Italian Civil Code).
           
The sale of real estate occurs in the factual and legal state in which they are located, with all any appurtenances,     accretions, rights and actions, active and passive easements. The sale is as a whole and not by measure, and without any warranty for defects       or other lack.
 
ABUSES, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information regarding any abuses, violations, encumbrances or non-compliance with applicable regulations of the lots for sale, reference is made to the attached appraisal.
 
The lots are sold as seen and approved in the state in which they are located.
Viewing of the lots on auction is strongly recommended; GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal decline all liability for any errors, omissions and inaccuracies in the photos, descriptions and any other detail indicated in the auction or in the advertisements,  for this reason, viewing of the lots is strongly recommended in order to verify the actual condition of the assets on auction.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or by the Principal
 
By accepting these conditions, the buyer indemnifies GOBID INTERNATIONAL AUCTION GROUP S.r.l.  and the Principal against any warranty or third-party claim.


In the event of any disputes arising relating to the interpretation of the provisions contained in the general and specific conditions set out on the platform, possibly translated into other languages, the Italian version of the text shall prevail.