Online Auction Site:

1. Registration Requirement:
   • Bidders and Vendors must register as Users of the Bloodstock Exchange Site to participate in auctions.
2. Operator Information:
   • The website is operated by Bloodstock Exchange Pty Ltd (ABN 39 679 553 103), a company registered under the Corporations Act 2001 in Victoria, Australia.
3. Acceptance of Terms:
   • By registering, Users agree to the site's Terms and Conditions, the Bloodstock Exchange Privacy Policy, and other obligations listed in these documents.
4. Amendments:
   • Bloodstock Exchange reserves the right to amend Terms and Conditions, with changes taking effect immediately upon publication.
5. User Responsibilities:
   • Users must: i. Keep their account information up to date. ii. Be registered to list Lots or place bids. iii. Protect their account details, including username and password.
6. Privacy and Proof of Identity:
   • By registering, Users consent to Bloodstock Exchange handling their personal information according to the Privacy Policy. Proof of identity (e.g., a current Driver’s License) must be provided to verify identity.
7. User Representations and Warranties:
   • Users must represent and warrant that:
     1. They are at least 18 years old.
     2. They are not undischarged bankrupts.
     3. They hold all necessary Authorisations to bid on or sell Lots, if required.
     4. The information provided in Entry Details is complete and compliant.
     5. They will not manipulate the price of any Lot or other Users' listings.
     6. They will not transfer or assign their account without Bloodstock Exchange's consent.
     7. They will not infringe on any intellectual property rights.
     8. They will not use automated systems to harvest or analyse information from the Site.
     9. They will only bid if financially able to pay the full bid price.
     10. They will not copy, reproduce, or modify the Site without prior written consent.
     11. They will not distribute rights or content from the Site or use Bloodstock Exchange's trademarks without permission.
8. Enforcement of Terms:
   • Bloodstock Exchange may, at its discretion, take the following actions if a User breaches the Terms and Conditions: i. Restrict, suspend, or cancel the User's account. ii. Remove a Lot from the Catalogue if the User's actions may cause loss or damage to others, or if the information provided is inappropriate or offensive. iii. Claim damages against the User if applicable.

Bidder and Vendor Contact:

1. Pre-Bidding Communication:

   Bidders may contact Vendors to arrange inspections, veterinary examinations, transportation, and other reasonable inquiries before placing a bid.

2. Prohibition on Side Deals:

   Bidders are prohibited from contacting Vendors to purchase Lots outside of the auction process.

3. Transport and Delivery:

   Transportation and delivery arrangements for a purchased Lot should be made once the purchase is confirmed by Bloodstock Exchange.

Auction Conditions:

1. Auction Control:
   • Bloodstock Exchange reserves the right to accept, decline, or withdraw any listing before or during the auction.
2. Dispute Resolution:
   • Bloodstock Exchange is the sole arbiter of any bid disputes and can settle them as it deems fit. In case of disputes, Bloodstock Exchange may re-offer the Lot for sale.
3. Bid Refusal:
   • Bloodstock Exchange may refuse any bid that it deems not in the Vendor's best interests, without needing to provide a reason.
4. Reserve Price:
   • If a Vendor wishes to set a reserve price, it must be specified when the Lot is listed. Once the Lot is listed, the reserve price cannot be changed without Bloodstock Exchange's written consent.
5. Lot Withdrawal:
   • Bloodstock Exchange can withdraw any Lot from sale without providing a reason.
6. Announcements:
   • Any announcements made by Bloodstock Exchange on the day of the sale will take precedence over the Terms and Conditions and any statements in the listing.
7. Exclusion from Auction:
   • Bloodstock Exchange reserves the right to exclude any person from an Auction at its discretion.
8. Vendor's Obligations:
   • Vendors must provide all required Personal Information or documents requested by Bloodstock Exchange to comply with legal or regulatory obligations.
9. Technical Issues:
   • If a technical issue during the auction disadvantages a potential bidder, Bloodstock Exchange may cancel the sale and re-offer the Lot for sale.

Auction Catalogue, Schedule, and Fees:

1. Catalogue Publication:
   • The auction catalogue will be published on the day of the auction.
2. Auction Schedule:
   • Auctions will start at 15:00 AEST/AEDT on the scheduled days, with the conclusion of the auction starting five days later at 10:00 AEST/AEDT. Lots will end at one-minute intervals.
3. Listing Fees:
   • A schedule of listing fees and other charges is available on the Bloodstock Exchange website. Listing fees must be paid in full by the Vendor before a Lot is listed.
4. Non-Refundable Fees:
   • All listing fees are non-refundable.

Bidding:

This section outlines the rules and guidelines for placing bids on thoroughbred Lots listed on Bloodstock Exchange.

1. Registration Requirement:
   • Only registered Users can place bids on a listing.
2. Bid Irrevocability:
   • Once a bid is placed, it cannot be withdrawn.
3. Bidder Acknowledgements:
   • Before placing a bid, the Bidder must acknowledge the following: i. They have had the opportunity to inspect the Lot. ii. The Lot is sold in its current condition with all faults, imperfections, or defects. iii. They have inspected any information lodged by the Vendor about the Lot. iv. They have not relied on any representations made by the Vendor or Bloodstock Exchange. v. They are not entitled to compensation for faults or defects unless required by law. vi. They have conducted their own inquiries and due diligence. vii. Bloodstock Exchange may refuse any bid not in the auction's best interest. viii. Bloodstock Exchange is the sole arbitrator in the event of a bid dispute.
4. Independent Professional Advice:
   • Bloodstock Exchange recommends that bidders obtain independent professional advice before placing a bid.
5. Principal Bidder:
   • The Bidder is assumed to be acting as a principal and is personally liable.
6. Visibility of Bids:
   • All bids made for a Lot are visible to other Users.
7. Bid Acceptance Timing:
   • Bids are only accepted before the Auction End.
8. Reserve Price:
   • The highest bid may not be the winning bid if a reserve price is in place by the Vendor.
9. Automatic Extension:
   • If a bid is placed within the final five minutes of the auction, the auction will extend by five minutes until a full five minutes pass without a new bid.
10. Minimum and Maximum Bids:
    • A minimum bid of $500 is required for horses without a reserve.
    • Maximum Bid: The site can automatically bid on the User's behalf up to a specified maximum amount. Each bid will be recorded until the maximum is exceeded. In cases where the maximum bid does not meet the reserve, the system records the maximum bid, and the first bidder at that amount will be the winner.
    • Bid Increments:
      • $500 - $999: $100 increments
      • $1,000 - $4,999: $250 increments
      • $5,000 - $9,999: $500 increments
      • $10,000 - $19,999: $1,000 increments
      • $20,000 - $99,999: $2,500 increments
      • $99,000 - $499,999: $5,000 increments
      • $500,000 and above: $10,000 increments
11. Equal Bids:
    • If the auction ends with equal bids, the earliest bid is the winning bid.
12. No Warranties:
    • Bloodstock Exchange does not make any warranties regarding the quality, standard, or suitability of any Lot. It also does not recommend or endorse any Vendor and is not obligated to verify the information provided by the Vendor or third parties.

Auction end:

1. Highest Bidder:
   • Subject to any reserve price, the highest Bidder at the Auction End is the Purchaser, and the highest bid is the Purchase Price.
2. Reserve Price:
   • If the highest bid does not meet the reserve price, the Lot is considered "Passed In." The Lot remains available for negotiation between Users and the Vendor for seven days. Sales commission applies if a sale occurs during this period.
3. Purchaser's Obligations:
   • At Auction End, the Purchaser: i. Enters into an unconditional contract for sale. ii. Does not have a cooling-off period. iii. Must pay the full Purchase Price immediately. iv. Must sign and provide required documents. v. Cannot negotiate further once the Lot is sold.
4. Vendor as Highest Bidder:
   • If the Vendor is the highest Bidder, Bloodstock Exchange is still entitled to commission, but the Vendor is not obligated to pay the Purchase Price.
5. Disputes:
   • Any disputes between the Vendor and Purchaser must be resolved between them, and the Lot cannot be returned to Bloodstock Exchange.
6. Notification:
   • Bloodstock Exchange will notify the Vendor by email of the Purchase Price and Purchaser details at Auction End. Upon receiving payment, Bloodstock Exchange confirms the sale.
7. Purchaser's Responsibilities:
   • Until the full Purchase Price is paid, the Purchaser must:
     1. Maintain the Lot in good health.
     2. Insure the Lot at its full value and provide proof of insurance.
     3. Notify Bloodstock Exchange of the Lot's location if it's no longer with the Vendor or Bloodstock Exchange.
     4. Not sell, lease, or create any security interest in the Lot.
     5. Not move the Lot outside Australia.
     6. Not subject the Lot to any surgical procedure.
     7. Avoid any acts that may harm the interests of the Vendor and Bloodstock Exchange.

Vendors:

Responsibilities and conditions for Vendors listing a Lot (thoroughbred) for sale through Bloodstock Exchange.

1. Consignment and Agency:
   • By listing a Lot on the Site, the Vendor authorizes Bloodstock Exchange to take the Lot on consignment. Bloodstock Exchange acts as the Vendor's exclusive agent to sell the Lot via auction. If the Lot doesn't sell at auction and is passed in, Bloodstock Exchange may sell it through a private treaty, and the usual sales fees will apply.
2. Exclusive Listing:
   • Once a Lot is listed for sale on Bloodstock Exchange, the Vendor is prohibited from listing the Lot for sale through any other means.
3. Payment of Sale Proceeds:
   • Bloodstock Exchange must pay the Vendor the proceeds from the sale within 10 business days of the sale, after deducting all applicable fees as outlined on the entry form or otherwise agreed upon in writing.
4. Conditions for Payment:
   • Bloodstock Exchange is not required to pay the Vendor unless the following conditions are met:
     1. The Vendor has completed all necessary documents and actions to transfer the title of the Lot to the Purchaser.
     2. If the Vendor is not the registered owner, they must provide evidence of their identity and authority to receive the Purchase Price.
     3. The Vendor has provided evidence of the discharge of any Security Interest or other encumbrance on the Lot.
     4. Bloodstock Exchange is satisfied that it will receive the Purchase Price from the Purchaser.
     5. The Vendor has provided all required identification information to verify their identity.
5. Payment to Secured Parties:
   • Bloodstock Exchange is authorized to pay any part of the sale proceeds to a Secured Party with a Security Interest on the Lot to obtain a clear title. This payment discharges Bloodstock Exchange's obligation to the Vendor concerning that amount.
6. Passing of Title:
   • Once Bloodstock Exchange pays the net proceeds of the sale to the Vendor, the title of the Lot transfers to Bloodstock Exchange.
7. Privacy Agreement:
   • The Vendor acknowledges and agrees to Bloodstock Exchange's Privacy Statement. This includes the collection, use, and disclosure of the Vendor's Personal Information to third parties, such as Racing Victoria or other racing authorities.

Payment by the Purchaser:

1. Immediate Post-Auction Requirements:
   • Signing Documents: At the end of the auction (Auction End), the Purchaser is required to sign and provide all necessary documents to effectuate the sale as directed by the Vendor or Bloodstock Exchange.
   • Payment Deadline: The Purchaser must pay the full Purchase Price within 60 minutes of the Auction End, unless other payment arrangements have been pre-approved in writing by Bloodstock Exchange.
2. Interest on Late Payments:
   • If the Purchaser fails to pay the Purchase Price as required, they will be liable for interest on the outstanding balance at a rate of 16% per annum. This interest is calculated daily in arrears, starting from the Auction End date until the payment is completed.
3. Consequences of Default:
   • If the Purchaser (referred to as the Initial Purchaser) defaults on payment or any other financial obligations, several actions may be taken:
     1. Cancellation of Sale: The Vendor or Bloodstock Exchange may choose to cancel the sale.
        1. Forfeiture of Payments: In this case, all money paid by the Initial Purchaser, up to 25% of the Purchase Price, can be forfeited. If the Vendor is legally allowed to forfeit a lesser amount, that amount will be forfeited.
        2. Damages for Breach: The Vendor or Bloodstock Exchange can sue the Initial Purchaser for damages resulting from the breach of contract.
        3. Resale of the Lot: The Lot may be resold, either at auction or privately. The Initial Purchaser will be liable for any financial shortfall from the resale, along with related costs and expenses.
        4. Retention of Funds: Any money paid by the Initial Purchaser beyond the forfeited amount may be held as security for any damages or other money owed by the Initial Purchaser to the Vendor or Bloodstock Exchange.
     2. Affirmation of Sale: Alternatively, the Vendor or Bloodstock Exchange may affirm the sale and pursue the Initial Purchaser for the full Purchase Price, interest, and other outstanding amounts.
4. Credit or Finance Arrangements:
   • Any Bidder seeking credit or finance from Bloodstock Exchange must arrange this prior to the auction. These arrangements are between the Bidder and Bloodstock Exchange directly and do not involve the Vendor. Credit provided in previous sales does not automatically extend to new sales, so Bidders must reaffirm their credit arrangements before bidding.
5. Payment Obligations Under Credit Contract:
   • If a Purchaser buys a Lot on credit, they are obligated to pay the Purchase Price to Bloodstock Exchange as per the terms of the credit contract.
6. Creditworthiness Check:
   • Purchasers authorizing credit agree that Bloodstock Exchange may obtain personal and financial information from third parties to assess their creditworthiness.

Passing of Risk:

Risk associated with a Lot (thoroughbred) transfers from the Vendor to the Purchaser, and the responsibilities associated with that transfer.

1. Vendor's Responsibility Before Sale:
   • The Vendor is solely responsible for the risk and management of the Lot up until the point when risk transfers to the Purchaser as described in clause 9.2.
2. Purchaser's Responsibility After Sale:
   • Transfer of Risk: Once the sale is confirmed (referred to as "Confirmation of Sale"), all risk and responsibility for the Lot immediately transfers to the Purchaser. This means the Purchaser is now responsible for any potential loss, injury, or damage to the Lot after this point.
3. Indemnification:
   • The Purchaser agrees to indemnify (protect) and hold harmless both Bloodstock Exchange and the Vendor from any losses, expenses, injuries, or damages related to the Lot after the risk has transferred to the Purchaser.
4. Reversion of Risk for Unsold or Cancelled Sales:
   • If a Lot is not sold or if a sale is cancelled after it has been made, the risk for the Lot returns to the Vendor. The Vendor will then be responsible for all costs associated with the Lot, including its removal from its current location, if necessary.

Passing of Title:

1. Pre-Auction Requirements by Vendor:
   • Before the auction begins, the Vendor (seller) must ensure that all necessary documents are executed and delivered to Bloodstock Exchange. These documents should confirm the registration of the Lot with Racing Information Services Australia Pty Ltd and allow for the transfer of title from the Vendor to the Purchaser. Additionally, all applicable stud book and registration fees must be paid up to the sale date.
2. Conditions for Transfer of Title:
   • The title (ownership) of the Lot will only transfer to the Purchaser once the full purchase price, along with any other costs and expenses owed to either the Vendor or Bloodstock Exchange, is paid in full by the Purchaser. Even if the Purchaser takes possession of the Lot before making full payment, the title does not transfer until all amounts are settled.
3. Bloodstock Exchange’s Right to Retain Title Documents:
   • Bloodstock Exchange has the right, but not the obligation, to hold onto the title documents for the Lot until all the money owed by the Purchaser to the Vendor or Bloodstock Exchange is fully paid. If the Vendor buys back the Lot, Bloodstock Exchange may also retain the registration documents until any commissions or other outstanding amounts are paid by the Vendor.
4. Post-Auction Transfer Authority:
   • Once the auction ends, Bloodstock Exchange is authorized to complete the registration and transfer of the Lot on behalf of the Vendor to the Purchaser. Both the Vendor and the Purchaser are obligated to execute any additional documents and perform any other necessary actions to finalize the sale and transfer of title to the Lot.

Responsibilities of the Purchaser, Vendor, and Bloodstock Exchange:

1. Delivery Timeline: The Purchaser must take delivery of the Lot within five (5) days of the Confirmation of Sale unless other arrangements have been made with Bloodstock Exchange. Bloodstock Exchange may withhold the Confirmation of Purchase until the full Purchase Price and any other owed amounts are paid.
2. Liability for Expenses: If the Purchaser does not take possession of the Lot within the specified period, they will be liable for any expenses incurred for the care of the Lot, such as stabling and agistment, unless other arrangements are made with the Vendor.
3. Vendor's Risk in Early Release: If the Vendor allows the Purchaser to take possession of the Lot before the Confirmation of Purchase is issued by Bloodstock Exchange, the Vendor assumes all risks and remains liable for paying the auctioneer’s fees and commissions.
4. Repossessing the Lot: If the Purchaser takes delivery of the Lot without paying the Purchase Price and the sale is later cancelled under clause 8.3(a), the Vendor and/or Bloodstock Exchange may repossess the Lot without prior notice to the Purchaser. They may use reasonable force and enter any premises to recover the Lot, with all costs of repossession being a debt owed by the Purchaser.
5. Cancellation Due to Vendor Breach: If the Purchaser cancels the sale due to a breach of a Vendor warranty under clause 13, and they have already taken possession of the Lot, the Lot must be returned to the Vendor at the Vendor’s expense. The Purchaser is responsible for any transportation, agistment, and veterinary costs incurred up to the cancellation of the sale.
6. Vendor Repayment: If the sale is cancelled and Bloodstock Exchange has already paid the Vendor the proceeds, the Vendor must repay the money to Bloodstock Exchange upon demand. This voids any debt Bloodstock Exchange owes the Vendor under clause 7.4.
    

Bloodstock Exchange:

1. Entitlement to Commission: Even if a sale is cancelled for any reason, Bloodstock Exchange remains entitled to receive its commission on the sale. Additionally, it is entitled to be paid or reimbursed for any money owed to it by either the Vendor or the Purchaser.
2. Right to Deduct Amounts Owed: Bloodstock Exchange has the right to deduct any necessary amounts from money it holds or receives from any source. This is to cover any commission, or other amounts owed to it by the Vendor or the Purchaser.
3. Limitation of Liability: Bloodstock Exchange is not liable to the Vendor for any breach or default by the Purchaser or vice versa. Its liability to both parties, for any negligence or breach on its part, is limited to the lesser of the actual direct loss incurred by the party or the sale price of the Lot. Under no circumstances is Bloodstock Exchange liable for any consequential losses.

Personal Property Securities Act (PPS Act):

1. PMSI Grant: The Purchaser grants Bloodstock Exchange a Purchase Money Security Interest (PMSI) over their interest in the Lot, including any foals or proceeds from the Lot. This security interest is meant to secure the Purchaser's obligations, including the full payment of the Purchase Price and any associated fees and charges.
2. Registration of Security Interest: Bloodstock Exchange has the discretion to register this Security Interest on the Personal Property Securities Register (PPSR) and amend the registration as needed.
3. Purchaser's Obligations: The Purchaser agrees to execute all necessary documents, provide required information, and take any other actions necessary to ensure that Bloodstock Exchange obtains and maintains a perfected security interest under the PPS Act. This security interest will have priority over any other security interests or encumbrances on the Lot.
4. Restrictions on Disposal: The Purchaser agrees not to dispose of any rights in the Lot or grant any other security interest or encumbrance to another person without the written consent of Bloodstock Exchange. This consent is entirely at Bloodstock Exchange's discretion and may come with terms imposed by Bloodstock Exchange.
5. Waiver of Rights Under PPS Act: The Purchaser agrees to waive certain rights provided under the PPS Act, including:
   • Receiving notice of an intention to seize collateral (Section 123).
   • Receiving notice of the disposal of collateral (Section 130).
   • Receiving a statement of account under Section 132(3)(d).
   • Receiving a statement of account if there is no disposal (Section 132(4)).
   • Receiving a notice of retention of collateral (Section 135).
   • Receiving a notice of a verification statement (Section 157).
6. Discharge of Security Interest: Bloodstock Exchange will discharge its Security Interest once it is satisfied that all the Purchaser's obligations under the terms and any related credit or financing arrangements have been fulfilled.

Vendor warranties:

1. Vendor's Representations:
   • True Information: The Vendor guarantees that the description, pedigree, and all other information provided to Bloodstock Exchange about the Lot are true and correct in all respects.
   • Ownership: The Vendor either owns the Lot or is authorized by the legal owner(s) to list it for sale.
   • Right to Sell: The Vendor asserts they have the right to sell the Lot, can provide good title, and hold any necessary authorizations for the sale.
   • Disclosure of Surgery: If the Lot is two years old or younger, the Vendor must fully disclose any upper respiratory tract surgery or abdominal surgery the Lot has undergone. The Vendor is responsible for ensuring this disclosure is accurate and complete.
   • Racing Restrictions: The Vendor guarantees that the Lot is not, and has not been, subject to any bans, embargoes, or other restrictions (such as for bleeding or barrier behaviour) imposed by a horseracing authority unless such restrictions were disclosed to Bloodstock Exchange in the Entry Details. The Vendor is responsible for making sure these disclosures are accurately communicated.
   • Retirement Disclosure: If the Lot has been officially "retired" according to Racing Australia Rule AR.64JA, this must be disclosed to Bloodstock Exchange in the Entry Details. The Vendor is responsible for ensuring this information is accurately provided.
   • Security Interests: Any security interest or other encumbrances over the Lot must be disclosed to Bloodstock Exchange in the Entry Details.
2. Responsibility for Accuracy: The Vendor is solely responsible for the accuracy of any statements, descriptions, or details relating to the Lot in the Entry Details. If there are any errors, omissions, or inaccuracies, the Vendor must notify Bloodstock Exchange before the sale. Bloodstock Exchange does not bear responsibility for any such errors.
3. Current Engagements: Each Lot is sold with the benefit of any current engagements, meaning any ongoing commitments, entries, or registrations related to the Lot are included in the sale.
4. Remedy for Breach: If the Vendor breaches any of the warranties listed in this clause, the Purchaser may cancel the sale by providing written notice to Bloodstock Exchange within ten (10) days of the sale. The Purchaser is entitled to a full refund of the Purchase Price if it has been paid. The Purchaser acknowledges that they have no other claims against the Vendor or Bloodstock Exchange

Characteristics of the Lot:

1. Windsuckers and Wobblers:
   • Vendor Disclosure: The Vendor must disclose in writing to Bloodstock Exchange if the Lot is a Wobbler or Windsucker prior to the sale. Bloodstock Exchange will then disclose this information before or at the time of the sale.
   • Purchaser's Rights: If the Vendor fails to disclose this information and the Lot proves to be a Wobbler or Windsucker within five (5) days of the auction completion, the Purchaser can cancel the sale. This is subject to the Purchaser providing written evidence from a veterinary surgeon approved by Bloodstock Exchange certifying the condition. The Vendor must refund the full sale proceeds and arrange for the collection of the Lot, including any costs associated with the collection.
2. Roarers and Respiratory Problems:
   • Vendor Disclosure: The Vendor must disclose in writing to Bloodstock Exchange if the Lot shows symptoms of being a Roarer prior to the sale. Bloodstock Exchange will then disclose this information before or at the time of the sale.
   • Post-Sale Evaluation: Despite any other conditions or prior customs, yearlings, two-year-olds, untried racehorses, and tried racehorses sold in the sale may be subject to a post-sale upper respiratory laryngoscopic evaluation (excluding the trachea) by a veterinary surgeon approved by Bloodstock Exchange, at the Purchaser's expense within ten (10) days of the sale.
   • Exclusion for Weanlings and Broodmares: Weanlings and broodmares are excluded from endoscopic examinations.
   • Veterinary Findings: If the approved veterinary surgeon finds any of the following conditions that were not announced prior to the sale:
     • Laryngeal neuropathy (Grades 4 and 5)
     • Epiglottic entrapment
     • Persistent dorsal displacement of the soft palate
     • Rostral displacement of the palatopharyngeal arch
     • Arytenoid chondritis or arytenoid chondropathy
     • Sub epiglottic cyst(s)
     • Cleft palate
     • Any airway condition causing significant airway obstruction and resulting in exercise intolerance
3. Impaired Vision:
   • Vendor Disclosure: The Vendor must disclose in writing to Bloodstock Exchange any Lot that shows symptoms of impaired vision to the extent that it could be deemed unfit to race. Bloodstock Exchange will disclose this information before or at the time of the sale.
4. Definition of "Colt":
   • Inclusion of Rig/Crypt-orchid: The term "Colt" includes a "Rig" or "Crypt-orchid." Any disputes regarding this issue will be determined by Bloodstock Exchange, which may obtain veterinary advice at the Vendor's expense if necessary.
5. Age Restrictions for Broodmares:
   • Broodmare Age Limit: Mares aged 20 years and over who are not in foal will not be accepted into the sale.
6. In-Foal Broodmares:
   • Free Return Disclaimer: When a broodmare is sold as being "in foal," there is no guarantee that the stallion owner will offer a free return should the mare fail to produce a live foal. Neither the Vendor nor Bloodstock Exchange will be liable for any loss resulting from the failure of a stud to offer a free return.

Goods and Services Tax (GST):

1. GST-Exclusive Bidding:
   • Auction Basis: All bidding on the Bloodstock Exchange site will be on a GST-exclusive basis. If the Vendor is registered for GST and the Lot is sold, GST will be added to the final bid price (subject to condition 15.4) and must be paid by the Purchaser.
2. Compliance with GST Legislation:
   • Vendor and Purchaser Obligations: Both the Vendor and the Purchaser must ensure that all requirements under GST legislation are met in relation to each sale.
3. GST on Bloodstock Exchange Services:
   • Vendor Responsibility: The Vendor is responsible for paying GST on all supplies provided by Bloodstock Exchange and on all supplies provided by Bloodstock Exchange as an agent.
4. Reliance on Vendor's GST Status:
   • GST Registration: Bloodstock Exchange will rely on the Vendor's representation regarding their GST registration status.
5. GST-Exempt Sales:
   • GST-Free Transactions: If the Purchaser advises that the sale should be GST exempt, the sale may proceed on a GST-free basis, subject to the agreement of the Vendor, Purchaser, and Bloodstock Exchange.
6. Liability for GST:
   • Bloodstock Exchange's Liability: Bloodstock Exchange will not have any liability or obligation to either the Vendor or Purchaser concerning GST. Specifically, Bloodstock Exchange is not obligated to pay any GST to the Vendor unless and until the Purchaser has paid the relevant GST to Bloodstock Exchange.

Auctions Conducted in the State of Victoria:

1. Application of Victorian Laws:

   Relevant Legislation: The following legislation and any related regulations will apply to each sale conducted in Victoria, unless these terms and conditions validly exclude specific provisions:
   Estate Agents Act 1980 (VIC)
   Goods Act 1958 (VIC)
   Crimes Act 1958 (VIC)
   Fair Trading Act 1985 (VIC)
   Competition and Consumer Act 2010 (Cth)

2. Jurisdiction:
   Governing Law: The terms and conditions of the sale are governed by the laws of Victoria.
   Court Jurisdiction: All parties consent to the non-exclusive jurisdiction of the Courts of Victoria.

Power of Attorney:

1. Appointment of Bloodstock Exchange as Attorney:

   Purpose: Both the Vendor and the Purchaser grant Bloodstock Exchange the authority to act as their attorney. This power enables Bloodstock Exchange to execute necessary documents, give instructions, and perform other acts required to enforce these terms and conditions of sale.

2. Default Scenario:

   Enforcement: If either the Vendor or Purchaser defaults under these conditions of sale, they irrevocably appoint Bloodstock Exchange as their attorney. Bloodstock Exchange is empowered to enforce any rights under these terms, including executing necessary documents and taking actions to protect its interests in the Lot.

General Provisions:

1. Variation of Terms:
   • Any changes to these terms and conditions must be documented in writing and signed by the parties intended to be bound by the variation.
2. Collection and Use of Personal Information:
   • Bloodstock Exchange is authorized to collect and use your personal information as defined by the Australian Privacy Act 1988 (Cth).
3. Severability:
   • If any provision in these terms and conditions becomes unenforceable or invalid, the remaining provisions shall still be enforceable to the fullest extent permitted by law.
4. Disclosure of Reserve Price:
   • Bloodstock Exchange reserves the right to disclose, disclaim, or discuss the reserve price before, during, or after the Auction at any time.
5. Exclusion of Implied Warranties:
   • All implied conditions, guarantees, and warranties not expressly included in these terms are excluded from the sale, as allowed by law.
6. Use of Personal Information for Marketing:
   • Bloodstock Exchange may use your personal information for promotional, marketing, and publicity purposes, including publishing your full name, stud name (if applicable), and the Purchase Price of any Lot(s) on their Site or other locations as deemed appropriate
      

Definitions:

• "Authorisation": Any required consent, approval, permit, registration, or other authorization issued by a regulatory authority or other relevant person.
• "Auction": The auction of a Lot conducted by Bloodstock Exchange through its site.
• "Auction End": Defined in clause 3.3, referring to the conclusion of the auction.
• "Catalogue": The list containing the Lots available for auction.
• "Conditions" and "Conditions of Sale": Refers to these terms and conditions of sale.
• "Confirmation of Sale": Defined in clause 5.6, referring to the formal acknowledgment of the sale.
• "Entry Details": Information provided by the Vendor about a Lot, included in the Catalogue and listing.
• "PPS Act": The Personal Property Securities Act 2009 (Cth), including any amendments.
• "PPSR": The Personal Property Securities Register, where security interests are registered.
• "Purchaser": Defined in clause 5.1, referring to the buyer of the Lot.
• "Roarer": A Lot showing laryngeal neuropathy, specifically grossly deficient abductor function of arytenoid cartilages (as defined in Lane JG. Bain-Fallon Proceedings 1993).
• "Secured Party": A party holding a security interest in a Lot.
• "Security Interest": As defined under the PPS Act, referring to a legal claim on assets as collateral for a debt.
• "Windsucker": A vice where a horse noisily draws in and swallows air by contracting neck muscles, arching the neck, and retracting the larynx.
• "Wobbler": A Lot showing ataxia and proprioceptive defects due to cervical vertebral stenosis.