Used Construction Equipment Dealer

This Terms and Conditions for NORI Bidders Registration regulate conditions to bid in NORI auctions.

1. Qualification

(1)	NORI Auction is available only to registered members of NORI Auction and registration is required prior to participation in NORI Auction.
(2)	NORI Auction is run for used machinery traders. Be advised that introduction and guarantee from other auction companies or manufacturers and traders conducting construction machine auctions are required for the registration for NORI Auction.

2. The Procedure for the Registration for NORI Auction

(1)	For registration as a NORI auction member, an applicant shall submit a Member Registration Form via either fax or internet(*1). a) Apply via fax Print out the "Member Registration Form" from NORI web site and fax it to: +81-3-3675-8182. b) Apply via internet Fill in the "Member Registration Form" in NORI web site and click the "Submit" button.
(2)	NORI Enterprise (called NORI below) shall fax the "Request for Deposit" with the information on the transfer route of the deposit(*2) to the applicant when NORI receives the application and completes the examination.
(3)	When the transfer of the deposit is confirmed, NORI shall register the applicant as a bidder, issue an ID and a Password and contact him by e-mail.
*1:	Application forms can be submitted at NORI Auctions in Kawasaki, Narita and Kobe.
*2:	eposit is JPY500,000 per one registration (Deposit will be refunded on the completion of payment related to a successful bidding in a NORI auction or withdrawal from the NORI Auction member.)

3. The Procedure for Bidding

Tender

(1)	bidder shall fill in a NORI Tender Bid Form and submit it directly at each auction site, or print out the form and fax it to NORI office. Bids can also be submitted through internet.
(2)	There is no limit for the number of bids during each auction time.
(3)	Once a bid is placed, the price tendered is unable to be cancelled or reduced, regardless the reason.
(4)	Bids submitted at the auction site or by fax will be stamped on being received by NORI. (For the latter, the stamped form will be faxed back to the bidder.) Bids without "NORI Auction" stamp are invalid(*3). *3: For bids submitted by internet the receipt will be e-mailed to the bidder.
(5)	The bidder who offers the highest price becomes the successful bidder.
(6)	If two people or more offer the highest price, the successful bidder shall be determined by lot.
(7)	NORI facsimiles "Bid result report" and "invoice" to the successful bidder after auction. When we send these two documents, we regard our contract has concluded. He/she takes responsibility for all the risk of loss once we facsimiled above two documents.

Parade

(1)	In a Parade auction, machines are displayed in front of the buyers.
(2)	The buyer who places a bid in response to the highest price call becomes the successful bidder.
(3)	The successful bidder will have confirmation document after auction. When he/she sings on the document, we regard our contract has concluded. He/she takes responsibility for all the risk of loss once he/she sings up the documents. * Absentee Bid Absentee Bid is available who can not visit the parade. He/she must facsimile “NORI Absentee Bid Form” before auction due date. In case of same or higher price are bidden at the auction, Absentee bidder may lose them. * All displayed prices on NORI Auction are in Japanese yen. All transaction related to successful bids must be made in Japanese yen.

4. Terms of Payment

(1)	Successful bidder should complete the payment within one week after he/she received the confirmation letter of the successful bid and invoice. He/she is not charged any successful bid fees.
(2)	Only T/T is accepted for the payment. (L/C and cash payment shall not be accepted.) Bank transfer fees are a successful bidder's accountability.
(3)	All displayed prices are in Japanese yen, which are the prices at the transfer of the item at the auction site. Consumption tax will be charged to domestic buyers.
(4)	The successful bidding amount shall not offset any payment to NORI including the consigning fees for other machines. *4 If the payment of the price is not made within one week after a confirmation letter is sent, NORI shall take one of the following two actions: (a) When NORI deems it as a delay of payment, the successful bidder shall pay an indemnity that would be calculated as an annual interest of 14% of the purchased product's price multiplied by the delayed days. (b) When NORI deems it as a cancellation, the action defined in 5. Cancellation below shall be taken.

5. Cancellation

(1)	When NORI deems the delay of payment as a cancellation, the successful bidder shall pay the penalty for the breach of contract, that is the higher one between JPY500,000 deposit and 25% of the bid price of the subjected equipment.
(2)	If NORI deems the buyer as malicious, NORI will cancel his membership, and may put his name in the Black List on NORI home page to open to the public.

6. Carry-out

(1)	The ownership of the purchased equipment shall be transferred to the successful bidder when the payment is confirmed by NORI.
(2)	The purchased equipment shall be carried out of the NORI auction site (one of the three in Kawasaki, Narita and Kobe) within two weeks, including the time necessary for transportation from the owner's yard to the designated NORI site, from the day of the buyer' s receiving of the "confirmation letter of the successful bid." If the purchased equipment is not carried out within two weeks after the ownership was transferred to the successful bidder, he shall pay JPY500 per day per purchased equipment as a storage cost.
(3)	The purchased equipment shall be transferred to the successful bidder at the auction site. The successful bidder shall pay for the fees for purchased equipment's transportation, delivery, washing, FOB charge, and others.
(4)	The successful bidder shall be liable for damages or losses caused by any reasons which may be incurred after the auction (e.g., oil leakage, rust, adhesion, poor battery, and others).
(5)	The successful bidder shall be liable for necessary repairs when the purchased equipment is carried out, delivered, or shipped(*5).
(6)	The successful bidder shall be liable for any injury or accident related to carrying-out. *5: NORI handles repair works at specified factories at the request of the successful bidder. The charge is JPY6,000 per hour per one mechanic plus prices of parts and materials.

7. Warranty

(1)

Every item is sold "AS IS/WHERE IS."

(2)

The purpose of the condition report is for the reference and not to guarantee the condition of machines(*6) including model-year , working hour. *6: Note: a) Condition report shows model year, working hour and machine information as much as possible. However NORI does NOT guarantee this information. b) Highlightened parts of condition reports show serious defaults with machinery, although NORI won't guarantee that information.

8. Right to Cancel any Bid and the Contract

	NORI may cancel any bids and contracts at any times with no indemnity as follows:
(1)	AUCTION DATA misunderstanding
(2)	Unable purchased item ownership transfer

9. Governing Law and Alteration Rights

(1)	The membership cannot be sublet or transferred to the third party.
(2)	NORI reserves the right to suspend the participation in NORI Auction of those whom NORI deems would interfere with the auction without prior notification.
(3)	NORI may revise these rules from time to time as the need should arise.
(4)	Issues and problems that are not stipulated by the rule shall be resolved through discussion between NORI and the members concerned for a compromise acceptable to all.
(5)	These rules shall be constructed and governed by the Japanese law and Tokyo District Court shall be the first trial court when any dispute should occur.