Requirements, Restrictions and Registration for Online Auction Services

Buyer Agreement and Auctions Rules

By registering as a buyer ("Buyer") with CarPartsNigeria.com ("CPN") you agree to be bound by the following terms and conditions. CPN reserves the right to amend these terms and conditions at any time without prior notice to the Buyer. Terms and conditions printed on auction lists, announced at the live auctions and displayed on CPN's Website at www.CarPartsNigeria.com become part of this agreement by reference.

Registration

Eligibility - Individuals wishing to register must be 18 years of age or older and meet all requirements imposed by federal, state, and local government laws and regulations. In addition, CPN site-specific registration requirements will apply. CPN reserves the right to deny or cancel membership of any individual or entity at its discretion.

Registration - Any individual or entity wishing to bid at CPN, either in person or via the Internet, must complete the buyer registration form, submit proof of identity (driver's license, state ID, passport, etc), and pay the N5,000 registration fee. To gain access to bid in facilities not open to the public, either in person or via the Website, copies of current licenses and completed sales tax exemption certificates must be submitted to CPN. Membership must be renewed annually by verifying accuracy of current member information on file and paying the appropriate registration fee. Licenses must be renewed and submitted to CPN prior to expiration to retain active buyer status.

Authorized Bidders - Businesses may authorize additional buyers to place bids on behalf of the company. The completion of the Additional Bidder Request Form and payment of an additional fee is required to activate bidding privileges for these individuals. Limits as to the number of additional buyers on an account may be imposed at the sole and absolute discretion of CPN. Our system will not prevent multiple bidders from the same company from bidding against each other before or during the auction. All bidders assume full responsibility for each of their bids, regardless of who they are bidding against, including anyone from within their own organization.

Guests - Most CPN facilities will allow guest admittance to its auctions to individuals 18 years or older. All guests must register accordingly for a one time bidding account. They allow admittance, but do not extend buying privileges. Only registered Buyers in good standing may bid on vehicles. Please confirm guest policy with facility prior to your visit.

Account Responsibility - Buyers are responsible for all transactions on their account, including, without limitation, all live bids placed by authorized bidders and bids submitted through CPN's Auction Center using the login name and password issued to the Buyer. Accounts cannot be transferred. In the event of unauthorized use of Buyer's ID card or login information, buyer shall be responsible for all charges incurred prior to receipt of written notice by CPN advising of such unauthorized use.

Membership Cancellation - CPN reserves the right to suspend or revoke the buying privileges of a Buyer for any reason.

Release of Liability - Buyers and their guests irrevocably and unconditionally waive and release their rights (if any) to recover from CPN, its directors, officers, employees, representatives, agents, subsidiaries, and affiliates any and all damages, losses, liabilities; cost or expenses and claims thereof, whether direct or indirect, known or unknown, or foreseen or unforeseen, which may arrive from, or be related to, bodily injury, property damage, or other occurrence on CPN's premises. Under no circumstances, including negligence, shall CPN be liable for any special, incidental, or consequential damage or lost profits that result from or are related to the sale, distribution or use of, or the inability to use, any vehicle, even if CPN has been advised of the possibility of such damages. Furthermore, Buyers agree to indemnify, defend, and hold CPN harmless from any and all damages, losses, liabilities, and costs or expensed, arising from claims made by Buyer guests for bodily injury or property damage occurring on CPN's premises.

Auction Cancellation - CPN may, at any time, in its sole and absolute discretion and with or without notice, postpone or cancel a sale. CPN will neither be liable or obligated to the Buyer as a result of any auction postponement or cancellation.

Vehicle Withdrawal - CPN reserves the right to withdraw from auction any vehicle for any reason at any time at its sole and absolute discretion. Tie Bid Policy - Should a tie occur between two proxy bids placed for an CPN sealed bid sale, CPN will solicit follow-up bids from each party involved in the tie. If tie cannot be broken, Branch Manager may award vehicle to bidder who placed bid first or rerun the vehicle.

Call Vehicles - Vehicles requiring the approval by the vehicle provider/seller will not be released or conformed as SOLD to Buyers until bid is accepted by the Seller.

Bid Rejection – CPN or CPN liaison reserves the right to reject or void bids at any time for any reason. Should a dispute arise regarding a bid, CPN is the single deciding authority with sole and absolute discretion in resolving disputes. Buyers agree to indemnify, defend, and hold harmless CPN from any and all liability arising from decisions made resolving disputes.

Auction Policies

Payment and Pickup

Fees - A listing fee of N3000 will be charged for each vehicle listed for the Auction. A 3% fee will be charged to the seller upon successful bid and sale. It is the sole responsibility of the Buyer/sellers to verify fees charged by any CPN facility prior to incurring such charges.

Payment - Payment for any vehicle awarded is due within 5 working days (auction day plus 2 working days, i.e., if auction is on Monday, payments is due by close of business on Friday). Vehicles not paid for within the specified timeframe will be subject to a Late Fee of $10000 or 1% of the selling price of the vehicle, whichever is greater. Payment for vehicles may be made by wire transfer, cashier's check, or bank transfer, Cash at bank (See payment Structures). Company checks will only be accepted with prior approval by CPN and vehicle paperwork transfer can only be completed upon check clearance at the bank. Restitution for any checks returned to CPN for any reason will need to be received within two working days. Any check returned for NSF will be subject to CPN's NSF processing fee and any and all collection costs including but not limited to collection agency fees and/or attorney's fee and court costs.

Sales Tax Indemnification - Buyers purchasing vehicles from CPN upon presentation of a sales tax exemption certificate agree to indemnify, defend and hold CPN harmless from any and all sales tax assessments, fines, penalties, damages, and costs, including attorney fees, incurred as a result of a taxing authority determination that the transaction was subject to the payment of sales or excise tax.

Reneges Fee - In the event a buyer reneges on a vehicle, buyer agrees to pay CPN the renege fee of N10000 or 2% of sale price, whichever is greater. Buyer is also responsible for any and all collection costs, including attorney fees and court costs. Bidding privileges will be suspended until payment has been received. Any buyer that reneges on a second vehicle will have his bidding privileges revoked.

Vehicle Loading - Vehicles may not be loaded until after the sale completes and payment has been made. Additional service fees apply.

Vehicle Pickup - Vehicles must be picked up within 5 working days1 (auction day plus 4 working days). If not picked up within specified timeframe, storage fee will be charged per day/per vehicle. Vehicles can only be picked up during the day only. CPN urges successful bidders to pick up their vehicles immediately after the sale to ensure their protection. Vehicles remaining at Sellers or CPN Liaison’s facility after the sale will be at the sole risk of the Buyer. CPN will not recognize any claim for theft or damage, in whole or in part, after the vehicle has been awarded.

Yard Rules:

1. No one under the age of 18 allowed access to CPN Liaison facilities.
2. The use of cameras at CPN facilities is prohibited.
3. Briefcases, backpacks, purses, and any like packages are not allowed in the sale area.
4. Repairs or work on vehicle on or around any CPN Liason’s facility is strictly prohibited.
5. Any damage to CPN property by Buyer will be charged to Buyer.
6. Anyone caught stealing, removing parts, taking keys, or damaging vehicles will be arrested and prosecuted to the fullest extent of the law.

Internet Bidding Terms and Conditions

Registration and Fees - You must be a Buyer in good standing in order to gain access to or bid on vehicles offered via CPN's Internet-based vehicle bidding program and procedures ("System"). By registering for and using the system, you agree to be bound by the terms and conditions provided herein and any and all other terms and conditions outlined on run lists, announced at live auctions, and the Website Terms of Use available for viewing at http://carpartsnigeria.com/termsandconditions. CPN reserves the right to amend the terms, conditions, and fees set forth herein at any time without prior notice. If, at any time you do not agree with the terms and condition of this Agreement, or of any subsequent amendments to this Agreement, immediately discontinue using and accessing the System.

You will receive an CPN Online Bidding Login ID ("Login") and a default password ("Password"). You are responsible for changing the default Password for your Login and maintaining the confidentiality of your Password. Buyer entering into this agreement and identified in the Buyer Registration Application is fully responsible for all bids placed with your Login and for any/all charges, which may accrue to your account. You agree your Login will only be used by or disclosed by you to any other duly authorized employees/agents on your account. Payment responsibility remains with you for all bids placed and accepted by you and your authorized bidders. You agree to immediately notify CPN of any unauthorized use of your Login or any other potential or actual breach of System security. You agree to exit from the system at the end of each session to minimize the possibility of an unauthorized person using your Login. Your Login and account cannot be transferred or assigned to any other person or entity. You acknowledge that once the System accepts your online bid, it can only be deleted for sealed bid sales. Online bids placed for vehicles sold at live auction can be reduced to the current high, but cannot be deleted. Please be careful when placing your bids. You acknowledge that CPN reserves the right, in its sole discretion, to delete, disable or suspend your Login at any time for any reason including, but not limited to, non-payment or late payment of any money due CPN, failure to claim a vehicle; expired registration or license. You further acknowledge that CPN reserves the right to change the System or the general business practices related to the System, at any time, temporarily or permanently, in its sole discretion, with or without notice.

You agree that all bids placed in the System will be bound by the then-current policies, fees, terms, conditions and restrictions set forth by the CPN office. You (seller) agree to pay an additional Online Sale Fee ("Fee"), which may be added to your total purchase price for each vehicle purchased via the system from a live auction facility. Fees vary based on the sale price and bidding method (I-bid Livesm / Proxy).. There is no extra Fee to access the System or to place bids as long as you are a Buyer in good standing with CPN. You agree that all outstanding amounts due CPN must be paid or settled in full before you will be allowed to place bids in the System.

Disclaimers

Conditions of Sale - PLEASE READ CAREFULLY AS THE FOLLOWING PROVISIONS AFFECT A BUYER’S LEGAL RIGHTS AGAINST CPN. BY PLACING A BID AT AN CPN AUCTION, BUYER WARRANTS THAT BUYER HAS READ AND UNDERSTANDS THE FOLLOWING CONDITIONS OF SALE AND AGREES TO BE BOUND BY THEM.

1.ALL VEHICLES SOLD THROUGH CPN'S AUCTIONS ARE SOLD "AS IS, WHERE IS", WITH NO WARRANTY, EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY.

2.CPN MAKES NO WARRANTY OR REPRESENTATION AS TO THE CONDITION OF ANY VEHICLE OR ANY OF ITS COMPONENT PARTS WHEN CPN PROVIDES INFORMATION ABOUT A VEHICLE FOR SALE AT AUCTION.

3.CPN MAKES NO WARRANTY OR REPRESENTATION AND UNDERTAKES NO DUTY TO CONFIRM THE ACCURACY OR COMPLETENESS OF ANY INFORMATION PROVIDED IN ORAL, WRITTEN OR IMAGE FORM TO BUYER REGARDING ANY VEHICLE FOR SALE AT AUCTION.

4.IT IS THE SOLE RESPONSIBILITY OF THE BUYER TO ASCERTAIN, CONFIRM, RESEARCH, INSPECT, AND/OR INVESTIGATE ANY VEHICLE FOR SALE AT AUCTION PRIOR TO PLACING A BID. BUYER EXPRESSLY AGREES NOT TO BASE A BID SOLELY ON INFORMATION PROVIDED BY CPN. THIS INFORMATION INCLUDES, BUT IS NOT LIMITED TO, THE YEAR, MAKE, MODEL, VIN, MILEAGE, ODOMETER DISCLOSURE, TITLE, AIRBAGS, VEHICLE’S CONDITION, ACTUAL CASH VALUE, ESTIMATED REPAIR COST, DAMAGE TYPE, IMAGES, SALE DOCUMENT, WHETHER THE VEHICLE HAS A CATALYTIC CONVERTER AND WHETHER OR NOT A CAR STARTS OR RUNS.

5.THE IMAGES OF THE VEHICLE THAT CPN PROVIDES ARE NOT INTENDED TO EXHAUSTIVELY DISPLAY THE CURRENT CONDITION OF THE VEHICLE. CPN MAKES NO WARRANTY OR REPRESENTATION ABOUT THE CONDITION OF THE VEHICLE BY PROVIDING THESE IMAGES.

6.IN ACCORDANCE WITH APPLICABLE STATE LAW, VEHICLES SOLD WITH A CLEAR TITLE MAY HAVE A SALVAGE HISTORY.

7.CPN DOES NOT WARRANT OR REPRESENT THAT VEHICLES SOLD CAN BE LEGALLY REGISTERED IN ANY STATE OR COUNTRY. BUYER ACCEPTS ANY AND ALL RISKS ASSOCIATED WITH VARIATIONS IN STATE OR COUNTRY VEHICLE SALE DOCUMENT AND REGISTRATION LAWS AND THE POSSIBILITY THAT THOSE MAY NEGATIVELY IMPACT THE MARKETABILITY OF VEHICLES PURCHASED AT CPN AUCTIONS. FOR EXAMPLE, BUYER MAY PURCHASE A VEHICLE IN ONE STATE UNDER A CLEAR SALE DOCUMENT BUT IS REQUIRED TO SELL SAME VEHICLE UNDER A SALVAGE SALE DOCUMENT IN THE STATE WHERE SELLS THE VEHICLE.

8.CPN DOES NOT GUARANTEE OR WARRANT THAT THE SHRINK WRAP WILL COMPLETELY PROTECT THE VEHICLE AND ITS INTERIOR OR COMPONENT PARTS AGAINST THE ELEMENTS. CPN DOES NOT GUARANTEE OR WARRANT THAT A SHRINK WRAPPED VEHICLE WILL REMAIN SO UNTIL THE TIME THE VEHICLE IS PICKED UP BY THE BUYER.

9.VEHICLES LISTED FOR SALE AND SOLD AT CPN MAY HAVE BEEN REPORTED TO THE NATIONAL MOTOR VEHICLE TITLE INFORMATION SYSTEM (NMVTIS) AS REQUIRED BY APPLICABLE LAW. BUYER ACCEPTS ALL RISKS ASSOCIATED WITH PURCHASING VEHICLES AT CPN ARISING OUT OF ANY NMVTIS REPORTING BY CPN OR CPN'S VEHICLE PROVIDERS.

Privacy Notice - CPN will NOT disclose any personal information to non-affiliated third parties except:

1. 1. When required by law or in the good-faith belief that such action is necessary.
2. To co-operate with the investigation of purported unlawful activities.
3. To comply with a subpoena or other legal process served on CPN.
4. To protect and defend the rights or property of our customers and visitors to our Site.
5. To protect and defend the rights or property of CPN.
6. To identify persons, who may be violating the law or the rights of third parties.

We may share statistical or aggregated non-personal information about our visitors with advertisers, business partners, sponsors and other non-affiliated third parties. This data is used to customize our Site content and to deliver a better experience to our users and does not involve revealing your personal information.

While we use all reasonable efforts to safeguard the confidentiality of your information, CPN will have no liability for any breach of security, for disclosure of any information obtained due to errors in transmission, or for any actions of any third parties that otherwise obtain your information.

In the event CPN or its subsidiaries or affiliates or their assets are sold, merged or otherwise involved in a corporate transaction, your personal information will likely be transferred as part of that transaction. We reserve to right to transfer your information without your consent in such a situation; provided that we will make reasonable efforts to see that your privacy preferences are honored by the transferee. You may Opt Out from allowing us to share your personal information by sending a written request to the Marketing Department at our corporate address.