Terms and Conditions
General Regulation for the Sale of Assets
Article 1 - Firm
LEILOSOC® Worldwide is a registered brand of ISEGORIA CAPITAL S.A., forward designated by LEILOSOC®//Leilosoc.com.
Article 2 - OBJECT
The present regulation establishes the general rules to which the service made available by the platform Leilosoc.com must obey and, the participation of the interested in the Buy and Sale of Assets at Auction, according to:
With the legal regime for the sale of assets at auction;
With the legal provisions relating to the sale of assets in enforcement processes (ARTICLE No. 834 of the Code of Civil Procedure);
With the legal provisions relating to the sale of assets in insolvency processes (ARTICLE No. 834 of the Code of Civil Procedure);
With the legal provisions relating to the sale of assets on behalf of third parties;
The rules and conditions, specific to each sale and/or form of sale, available in the respective brochure.
Article 3 - scope
The present Regulation applies to:
The organization, publicity and follow-up of the sale of movable assets and Real Estate through Online Auction, Buy Now, Sealed Letter, Private Negotiation, Matrix Auction (ONLINE + LIVE + STREAMING) and, Live Auction in the platform Leilosoc.com.
Article 4 - DEFINItions
In the present Regulation, the terms and expressions listed have the meaning indicated bellow:
Auction Activity: the activity of selling movable assets and Real Estate, tangible and intangible, pursuant to a mandate given by the owner or resulting from a court decision, carried out at auction, through a bidding procedure directed by an auctioneer who appears in person or intervenes through a means of distance communication, in which the asset is awarded to the best bidder, with the successful bidder bound to acquire the asset;
Brochure: includes any and all advertisements, brochures, price lists or any publication by Leilosoc.com of whatever nature;
Client or Seller: the natural or legal person who enters into an Auction Service Provision Agreement with Isegoria Capital S.A.// LEILOSOC® Worldwide for the organization of one or more auctions.
Buyers' Comission: corresponds to the commission relating to the purchase, applied on the Hammer Price and paid by the Buyer at the Applicable Rate, referred to in this document.
Agreement: it's an Auction Service Provision Agreement that shall be compulsorily celebrated between Isegoria Capital S.A.// LEILOSOC® Worldwide and the Seller, for the organization and auctioning of the asset or assets that the seller intends to put up for auction, with a specific time period.
Recipient or Buyer: the natural or legal person that acquires the asset from a Leilosoc.com costumer following an auction;
Expenses: regarding the sale of any lot, related to the costs of Leilosoc.com, according to the price list in force, including cataloging, illustrations, publications, advertising, restorations, insurance, packaging, storage and transport, as well as any amount of VAT incident on Expenses;
Auction Company: Isegoria Capital S.A.// LEILOSOC® as a company that carries out the auction activity under the terms of Decree-Law No. 155/2015 of 10 August;
Auctioneer: the natural person that conducts the auction, on behalf of or in the name of ISEGORIA CAPITAL S.A.// LEILOSOC® Worldwide, as the Auction Company;
Online Auctions: the auctions carried out through the site Leilosoc.com;
Live Auction: the auctions held in a room, organized by LEILOSOC® Worldwide;
Bidder: is a previously registered User whose registration has been validated by Leilosoc.com, has been assigned a bidders' number and authorized to bid in the auctions organized by Leilosoc.com;
Total Debt Amount: it’s the amount that corresponds to the Hammer Price of a lot sold, plus the respective Purchase Commission and any additional charges and expenses, plus VAT at the legal rate, due by a Buyer;
Bidder’s Number: it’s the number by which the Bidder must always be identified, and which is assigned by Leilosoc.com to a user, after validation of their registration, enabling them to bid in the auctions organized by Leilosoc.com;
Hammer Price: price at which a lot was awarded by the Auctioneer in favor of the corresponding Buyer;
Estimate Value: Value from which the asset is considered sold, being awarded to the bidder with the highest bid;
Minimum Value: Value corresponding to 85% of the Estimate Value and from which the asset can be considered sold, if no bids are made that exceed the Estimate Value.
Opening Value: value from which bids will be accepted with a view to auctioning off an asset. Most times the Opening Value is lower than the Estimate Value of the asset. If the Estimate Value is not reached, it is up to the Auctioneer to decide whether to accept it or not, according to the decision of the Insolvency Administrator;
Current Bid: value of the highest bid received so far;
Amount Due: corresponding to the net amount owed to the Seller, that is, the Hammer Price of the lot sold minus the Sales Commission at the Applicable Rate, plus VAT at the legal rate;
Livestream Platform: is a direct transmission platform, accessed via internet, that Leilosoc.com makes available through a contracted partner, where Bidders who intend to use this tool to place bids in competition with those that are being issued in the Face-to-face Auction held in a room are registered;
Applicable Rate: corresponds to the Applicable Rates to the Purchase Commission practiced and duly publicized or specified by LEILOSOC® Worldwide.
Auction Technicians: LEILOSOC® employees, as an Auctioneer Company, who assist the auctioneers, performing tasks necessary for the preparation and fulfillment of the contracts concluded within the scope of the auction;
Users: natural people of legal age and tax-active, national or foreign, and/or the respective duly mandated attorneys-in-fact, registered in the Leilosoc.com website.
Article 5 - auction activity and civil liability
ISEGORIA CAPITAL S.A. carries out its auction activity, as an Auctioneer Company, pursuant to the provisions of Decree-Law no. º155/2015 from August 10th, acting in the process of selling the assets by mandate given by the owner and, has civil liability insurance that guarantees the obligation to indemnify third parties for property damage resulting from actions or omissions of the company itself or its operators, representatives or collaborators in the exercise of the activity, for which they may be civilly liable.
Article 6 - the LEILOSOC.COM platform
The Leilosoc.com platform is property of Isegoria Capital, S.A.//LEILOSOC® Worldwide, and intends to make available to the potential sellers a resource to promote and organize the sale of movable assets and Real Estate online and, intends to give the buyers a platform where they can purchase assets through an auction.
Article 7 - access conditions
Natural persons of legal age and tax-active, national or foreign, and/or the respective duly mandated attorneys may register in the room or through the Leilosoc.com platform.
The registration must contain the requested information, namely the following:
Individual: name, address, phone number, e-mail, ID number, Taxpayer Number, photocopy of identification documents, declaration of knowledge and acceptance of these Terms and Conditions.
Legal Person: company, registered office, name of legal representative, phone number, e-mail, Taxpayer Number, photocopy of identification documents, declaration of knowledge and acceptance of these Terms and Conditions.
Representatives: name, address, phone number, e-mail, ID number, Taxpayer Number, photocopy of identification documents, declaration of knowledge and acceptance of these Terms and Conditions.
Article 8 - LEGITIMacy in accessing the service
LEILOSOC® Worldwide, as a promoter of the valuation of movable assets and Real Estate, reserves the right to criminally prosecute those responsible for any illicit practice that interferes, manipulates or harms the website or the sales' process.
The auction participant undertakes to keep the electronic auction access password confidential and may not use an access identification that he does not own. The auction participant assumes full responsibility for operations carried out through the use of this data, even by third parties, with or without their authorization, also assuming responsibility for not disclosing the access password.
The auctioneer may suspend access to the portal whenever it violates any legal provision or any provision of these Terms and Conditions, or their annexes, as well as in the event that any fraudulent activity or connection to fraudulent activity promoted or carried out by the participant or related to the online auction is detected.
In the event that an auction participant's account is suspended or cancelled, the obligations assumed by that auction participant, namely the obligation to promptly pay any sums owed and to conclude any business proposed as a buyer, are not extinguished, and the auction participant must comply with such obligations.
Article 9 - LEILOSOC®'s responsibility
Make available at the place where the auction is held, as well as on its platform (Leilosoc.com), the respective regulation with the operating conditions of the auction.
Organize and keep up to date a register of all auction contracts concluded in the exercise of the respective activity.
Keep on file a copy of all auction contracts entered into in the exercise of the activity for a minimum period of five years from the respective signature.
The placement of assets on the platform, as well as the information entered.
Ensure its operation, guaranteeing the confidentiality of User identification.
LEILOSOC® Worldwide is not responsible for damages that result from failures or deficiencies that occur due to unpredictable and insurmountable events.
It is also not responsible for failures or ineffectiveness of electronic equipment used by bidders or for time differences in these devices.
Given the difficulty in confirming the identity of Internet users, the User is solely responsible for the declarations he makes, namely with regard to the identification of his or her representatives, quality and powers.
LEILOSOC® Worldwide reserves the following rights:
Do not award, in case the values obtained are considered insufficient.
Cancel or suspend sales when they occur irregularly.
Require, if deemed necessary, that payments be made by certified check.
Consider auctions that are not signaled to be null and void.
Article 10 - applicable law and jurisdiction
The sale of assets relating to court proceedings is carried out in accordance with the provisions of ARTICLE 834 of the Code of Civil Procedure.
LEILOSOC® Worldwide is duly accredited by D.L.: no. 155/2015 of August 10, bearer of civil liability insurance in the amount of € 200,000.00 Policy n.º RC63465018 Fidelidade – Companhia de Seguros, S.A.
Under the terms of ARTICLE 825. no. 1 c) of the Code of Civil Procedure, failure to deposit the price may lead to the seizure of sufficient assets to guarantee the missing amount, plus costs and expenses, without prejudice to CRIMINAL PROCEDURE and being that, simultaneously, executed in the process itself for payment of that amount and additions.
For all matters not expressly regulated in these Terms and Conditions, Portuguese law will apply.
APplicable to users and bidders
Article 11 - acceptance of registration and bidders
LEILOSOC® Worldwide will carry out a prior evaluation of User registrations, depending on the information provided and their history, commercial and credit policies, being able to accept or refuse their registration and request the payment of a deposit or the provision of a guarantee irrevocable by a first-class bank.
Article 12 - INFORMAtion
All users are provided with the information necessary for their participation, namely:
Full description of the assets;
Auction duration;
The terms of payment and delivery of assets, when applicable;
The guarantee of protection of personal data protected by law (under the RGPD);
Ensuring the reliability of communications;
The guarantee of the file of bids (including those that did not win the auction).
Article 13 - online auctions
Without prejudice to the fulfillment of other obligations applicable to auctions, the holding of online auctions by ISEGORIA CAPITAL S.A., as an Auction Company, obeys the following:
Disclosure, in a clear and unequivocal manner, of the day and time of opening and end of each electronic auction, at least three days in advance of its beginning;
Indication on the respective website of the place and time at which the assets can be examined, when applicable;
Bid offers, once entered into the system, cannot be withdrawn;
Disclosure of the result of the online auction on the website, with an indication of the amount for which the assets were awarded, in a clear and unequivocal manner;
Proof of the identity of participants in the auction through means of secure authentication, namely the citizen's card or the digital mobile key.
Article 14 - COMIssion for rendered services
Isegoria Capital, S.A.//LEILOSOC® Worldwide will charge a commission to the buyer for the services provided, to which VAT will be added (at the legal rate in force):
Real Estate: 5% on the proposed value and respective VAT (at the legal rate in force);
Movable Assets: 10% on the proposed value and respective VAT (at the legal rate in force);
Hereditary Shares and Rights (Usufructs, Quotas, Shares and Others): 10% on the proposed value and respective VAT (at the legal rate in force);
Commercial Establishment: 10% on the proposed value and respective VAT (at the legal rate in force);
Art: 15% on the proposed value and respective VAT (at the legal rate in force).
Specific cases will be indicated in the specific conditions of the auction and/or in the information area dedicated to the electronic auction and/or to the specific product.
Article 15 - PAyment of assets
REAL ESTATE
The auctioneer and promissory buyer will pay, with the Adjudication/Bill, 10% of the proposed value, as a down payment and principle of payment, as well as the corresponding value for the services provided by the auctioneer. The remainder of the price will be paid on the date of the purchase and sale deed, to be carried out within a maximum period of 30 days.
MOVABLE ASSETS
With the auction there will be payment of the entire proposed value and respective VAT.
Non-payment of the price, non-collection of assets or withdrawal will have the following implications:
The sale is considered null and void;
Not being able to compete for a new sale;
Respond criminally and/or civilly for damages or losses caused;
Not recovering the amount paid as a down payment;
Being called upon to reimburse the insolvent estate and Isegoria Capital, S.A., for the difference in the value that the respective movable or immovable property will be awarded (applies when the award is made to the previous bidder or when the award is carried out through new sell action).
If, for reasons beyond the control of the Auctioneer, the purchase and sale deed is not signed – by decision of the Insolvency Administrator, by court decision or by the Seller, namely in the event of irregularity or other defect that prevents or renders the sale invalid or ineffective – any amounts paid by the bidder will be returned to him in full.
ArtiCLE 16 - SALE CONditions
Knowledge of the General Sales Conditions of the different sales methods is mandatory, which will be made available on the Leilosoc.com platform, as well as in each auction.
Article 17 - deposit
The participation of interested buyers may include the provision of a deposit, 24 hours before the end of the auction, by means of a check issued in favor of Isegoria Capital, S.A.// LEILOSOC® Worldwide, or any other form of payment considered to be more appropriate and to be defined in due course, of value to be fixed for each sale process and announced on Leilosoc.com and in the respective catalogue, or in any other way made public.
The value of the deposit referred to in the previous point will be returned to the issuer, except for the one that proposed the best price, which may be deducted from the sale price.
If the interested buyer who offered the highest sale price refuses, without legal reason, to pay the remainder of that price, the value of the deposit will be forfeited in favor of Isegoria Capital, S.A. //LEILOSOC® Worldwide or the selling entity, without prejudice to any civil liability that may arise in the circumstances.
Article 18 - Award of Assets
In case of award of one or more assets, the bidder will be contacted after the end of the auction, in order to proceed with the payment of the commission, the assets and the respective collection.
In the event that the bid price, despite being the highest, is lower than the sale price of the item, the bidder will be contacted in due course in order to communicate the position of the auctioneer.
Article 19 - Disregard of purchase offers
The Bid Records that are registered at Leilosoc.com after the closing of the auction may not be considered for the purposes of determining the best price, leaving Isegoria Capital, S.A.// LEILOSOC® Worldwide to decide on this fact with total discretionary power.
Article 20 - REsponsibility of the auction's participant
The participant undertakes not to adopt behaviors that violate the current legal order or that harm interests or legally protected positions and undertakes not to disturb or degrade the quality of the service.
The auction participant undertakes to observe all the procedures indicated by the auctioneer for the correct use of the platform and to base its performance on high standards of seriousness, providing only true and up-to-date information.
Participation in an auction for speculative purposes is not permitted, with the aim of promoting an increase or decrease the price of the auctioned product, either by launching bids for purchase or sale, or by inciting or provoking the launch of these offers, not being allowed, in any way, to manipulate the process of carrying out the auctions or influence the behavior of other users, as well as to perform any act that implies an unjustified overload, or that may damage or interfere with the computer system.
APplicable to sellers
Article 21 - auction service provision agreement
All assets must be put up for auction pursuant to an Auction Service Provision Agreement entered between the respective Seller and Isegoria Capital S.A.// LEILOSOC® Worldwide.
The Auction Service Provision Agreement must be reduced to writing, clearly, precisely and with legible characters, in digital format with electronic signature, or made in two copies, signed by both parties.
The contract must contain the following elements:
The identification of LEILOSOC® Worldwide, as an Auction Company, with indication of its head office, legal person number, as well as the name and tax identification number of its legal representatives;
Identification of the Client or the authorized entity, mentioning the name, residence, civil identification number and taxpayer tax number and, where appropriate, the judicial process, within the scope of which the service is awarded;
Indication of the type of property to be put up for auction, namely whether it is a movable asset or Real Estate;
The remuneration of LEILOSOC® Worldwide as an Auction Company;
Identification of the LEILOSOC® civil liability insurance, financial guarantee or equivalent instrument, indicating the policy or document proving the maintenance of the financial guarantee contract or equivalent instrument, the insurance company and the insured amount;
The detailed identification of any accessory services to be provided by LEILOSOC® Worldwide;
Reference to the exclusivity regime, when agreed, specifying the effects that result from it, both for LEILOSOC® Worldwide and for the Customer;
When the contract is silent on the respective duration, it is considered concluded for a period of six months;
The Contract can only be amended by mutual agreement of the parties, reduced to writing;
Without prejudice to the provisions of the previous number, in the Catalog where the asset is included, LEILOSOC® Worldwide may unilaterally change the description and increase the minimum sale price of the asset fixed in the Agreement, as well as freely establish the number of assets to be placed in each batch.
Article 22 - general provisions
The terms of this regulation may be unilaterally changed by LEILOSOC® Worldwide, and will be considered accepted by users if, within a period of 10 days, they do not manifest themselves.