Benny Wise ltd. (hereafter referred to as BW) shall perform the operation of Wise’ Auction (hereafter referred to as WA) and consolidate rules and conditions that are considered as necessary (hereafter referred to as the Terms) and establish WA management office to manage, control and perform administrative tasks in order to stabilize the business transactions for all WA participants while making the best attempt possible to avoid dealing with copy (fake) or stolen items.
Section 2. (Definitions of Participants)
– Wise’s Auction
1) WA shall manage, control and perform administrative tasks including accounting processes.
2) WA shall evaluate and give approvals to WA members.
3) WA shall give approvals for participation to WA participants.
1) Buyers are WJ members approved by WA and all buyers are required to fulfill the terms and conditions stated in Section 4 of the Term.
2) Buyers are approved by WA while fulfilling the terms and conditions stated in Section 5 of the Term.
Section 3. (Venue)
Name of event: Wise’s Auction
Auction Date: To be announced on WA home page.
Starting Time: To be announced on WA home page.
Venue: To be announced on WA home page.
Section 4. (WA Membership Registration)
Those who wish to participate in WA shall register as a new member by completing the following evaluation processes and must be approved by WA.
1) Submit a copy of photo ID specified by WA (passport, etc). (In case of corporation, ID of a representative person will be required.)
2) Submit new member registration application form by online or paper.
3) Confirm and sign the membership terms and conditions.
* WA retains the right to postpone or to reject membership registration.
Section 5. (Requirement for Participation)
Those who wish to participate to WA must fulfill the following requirements.
1) Participants must be WA members and participation application has been handed in beforehand and participation has been granted.
2) Participants must show their photo ID (passport, etc) to the WA on the day of participation.
3) Participants must approve, sign and submit the document specified by the Administrative Office.
Section 6. (Security Deposit)
Buyers must leave security deposit of 200,000 JPY to WA with no interest. WA will issue the receipt for the deposit in return.
When buyers check out and make payment, buyer must show the receipt to WA and the payment for the purchase for that day will be deducted from the security deposit.
If the receipt for the deposit has been lost, the security deposit shall not be returned until WA can confirm the security deposit payment.
Section 7. (Membership Registration and Cancellation of Participation)
In case the WA participants fall under at least one of the following conditions, WA has the right to cancel approval and delete membership registration of WA participants based on the judgment of WA without prior notice of any form.
1) WA has adequate reasons to believe that participants are inappropriate as WA participants.
2) When there is a violation of the Terms.
Section 8. (Inspection)
1) On the day of the auction, inspection of the auction items can be done within the hours specified by WA at the same venue as the auction.
2) Buyers are allowed to take photos or video of only items of the auction except for including people in photos and video.
(However, a person who has the permission of WA does not apply to this term)
Section 9. (Auction Methods)
Japanese yen will be used to indicate prices. All payments must be settled in Japanese yen.
Auction method is an open ascending price auction.
Buyer with the highest bidding price at the time the auctioneer bangs the hammer shall be the winner of the auction.
Buyer must sign the “auction closure document” issued by WA immediately after bit and auction items cannot be returned once the document has been signed. If buyer does not agree to sign the auction closure document, the auction will not be valid and the items will go on auction once again.
Section 10. (Responsibility of Buyers)
1) Buyers must check the authenticity and condition of the items before entering the bid. Buyer should not raise an objection after the auction is closed.
2) After the item has been bought, buyer must inspect and check the item based on the “Sales Detail Document” issued by WA.
3) If there are errors on the Sales Detail Document, the buyer must inform WA on the day of the participation.
4) If “Sales Detail Document” has been modified by WA, the buyer must make corrections in accordance with the instructions from WA.
Section 11. (Product Functionality Guarantee)
1) “Functionality Guarantee” is a guarantee to assure the items (limited to machinery products such as lighters and watches) can function properly. It is not applied unless the items are marked as “With Product Functionality Guarantee”) during the auction.
2) “With functionality guarantee” exclusively apply for items that are sold on auction as “With functionality guarantee” whose functionality can be confirmed at the time of auction.
3) Guaranteed period for the item that require functionality guarantee is 30 days from the auction day.
4) In case items that were working properly during auction break down after the bidding is over, rules stated in this section shall not be applied unless it is marked as “with functionality guarantee.”
5) In case auction items with functionality guarantee do not work properly, buyers must inform WA before the expiration of functionality guarantee period.
6) If the functionality guarantee period has already been expired, the Administrative Office shall not be responsible for those items regardless of any reasons that buyers may have.
Section 12. (Authenticity Guarantee)
1) WA shall not be obligated to guarantee authenticity of all auction items.
Section 13. (Item Management/Ownership)
1) The owner of items shall not be transferred to the buyer until the buyer signs the “Auction Closer Document” and buyer clears all the necessary payments.
2) In case of loss, damage or theft of items has occurred unless WA has purposely induced such event or has made serious errors, whoever has the ownership shall be responsible for those items.
Section 14. (Payment)
The amount of payment that buyers need to pay to WA is the sum of purchased prices of the auction items, handling fees stated below and taxes for the handling fees.
◆ 18 % of purchased prices of the auction items will be charged as the fees.
◆ If paying in Japanese-yen in cash, 13 % of purchased price of the auction items will be charged.
Section 15. (Payment Procedure)
The payment is basically done by credit card or Japanese-yen in cash.
1) The payment for purchased items shall be deducted from the security deposit that the buyers are required to leave beforehand.
2) In case the payment amount exceeds the amount of security deposit, the buyers are required to pay the difference in cash (JPY) to WA on the day of the auction.
3) In case the amount of security deposit does not exceed the amount of payment amount, WA shall return the exceeded amount to the buyer on the day of the auction in cash (JPY).
4) In case the buyers cannot complete the payment procedure, WA will not hand over the security deposit or all of the auction items until all payment procedures are completed.
5) In case of incomplete payment indicated in the previous clause, the buyer must make the payment to WA within 5 days after the day of the auction. In case of making payment with the bank transfer, the buyers shall pay for the transfer fees.
6) In case the payment cannot be completed before the deadline stated in the previous clause, all purchased items shall be canceled and the Administrative Office shall have the right to keep all the security deposit money as penalty for the violation.
Section 16. (Delivery of the Items)
1) Upon completion of the payment, items are confirmed (item names and quantity) together with WA on the day of the auction and the items are handed over to the buyers there and then.
2) In case the payment cannot be completed due to the circumstances of the buyers, buyers shall have to receive them at WA Office on the days that opens after all payment has complicated.
Section 17. (Shipping)
1) Shipping of purchased items shall be performed by the buyers themselves under their responsibility unless noted otherwise.
Section 18. (Prohibited Matters)
WA prohibits the participants the followings.
1) Violation of the Terms.
2) Violation of rights, profits or reputations of all persons associated with AW or related third parties.
3) WA Membership Registration by using forged information.
4) To share, to rent or to transfer the WA membership rights to third parties.
Section 19. (Handling of Personal Information)
WA shall not disclose the information of WA members to third parties without consent. However, in case of followings, the information can be disclosed without prior consent from the WA members.
1) In case that there is a request to disclose information from public institutions such as public authorities, etc. based on the rights stated by the law.
2) In case that it is judged as necessary in order to protect the rights, profits and/or reputations of this event.
Section 20. (Anti-Social Forces)
In case there are people related to anti-social forces (groups or individuals who seek economic profit through violence, force and fraudulent means) among the WA participants, WA has the right to cancel their participation to WA and/or to delete WA membership and WA shall not perform transactions in any form and shall not cope with demand for penalty charges, etc. incurred by this policy.
Section 21. (Applicable Laws)
Application and interpretation of the Term is in accordance with Japanese law.
Section 22. (Modifications of the Term)
1) The Term can be modified without obtaining prior consent from WA members.
2) The modification on the contents of the Term shall become effective after notifying the contents of the modifications for more than a day on WA home page. (http://wises-auction.com)