Via Sealed Bidding
TERMS and CONDITIONS
1. SUBMISSION FORM. Buyers must submit their offers/bids via the online submission form linked in our website-www.buenamano.ph or via QR code disseminated thru Buena Mano's official communications. The listings of vehicles are found on the same website.
2. AS IS- WHERE IS.
3. FREE AND HARMLESS. The buyer/s agree/s to hold the Bank free and harmless from any loss, claims, demands, damages, liability, or causes of action arising from, in connection with, in relation to, or resulting from this offer.
4. INSPECTION AND WAIVER. The buyer/s has/have undertaken the necessary inspection of the auto/chattel/lot being purchased prior to making a bid/offer. The buyer/s has/have made reasonable inspection and examination of the auto/chattel/lot, including its/their
5. RESERVATION. The Bank has no obligation to accept the offer and reserves the right to accept or reject the offer without any obligation to disclose the reason for its decision. The Bank likewise reserves the right to revise all or any part of these rules, including going into sealed bidding for a lot or retail sale, and other means to sell any or all of its auto/chattel/lot that may be considered most advantageous to the Bank.
6. CONFIDENTIALITY. The Bank shall treat all gathered information as well as the submitted documents in strictest confidence. The Bank shall deal exclusively with the buyer/s and/or his/her/their attorney-in-fact if any.
7. ACCEPTANCE. All offers/bids will only be accepted through the online submission form within the prescribed period.
8. MODE OF PAYMENT.
9. OFFICIAL TIME. The official time of receipt will be the time the offer/bid was officially received as registered in our automated online submission registry.
10. REQUIREMENTS. On top of the signed Offer to Bid form, Buyer’s Information Sheet/s and valid identification card/s, individual buyers and their spouses will be asked to provide at least any two (2) of the following documents prior to payment (no submitted requirements means no payment) within five (5) banking days from date of notice prior to payment. Failure to provide these documents within the given period will mean non-compliance and the offer/bid shall be deemed forfeited and the Bank will be free to award the unit/s to the next valid buyer.
11. TAXES AND FEES. All Documentary Stamp Tax (DST), Value Added Tax (VAT), if any, transfer tax, expenses in preparation of the Deed of Sale and other relevant documents, notarial fees; expenses/ fees for the cancellation of previous ownership and corresponding transfer in favor of the buyer and other taxes and fees as may be imposed by law shall be borne exclusively by the buyer. The actual cancellation of the existing mortgage and transfer of ownership of the auto/chattel bought shall be done by the buyer.
12. DEED OF SALE. The Bank shall execute the Deed of Sale upon full payment/ clearance of the check for the full payment of the purchase price.
13. STORAGE FEE. The approved buyer must pull out the unit from Buena Mano stockyard within three (3) banking days from the date of full payment. Otherwise, the buyer shall be obliged to pay a storage fee of P1,500 per unit per day.
14. SANCTIONS/ BLACKLISTING. In the event the offer/bid to buy the auto/chattel is received and accepted by the Bank, the buyer is committed to complete the purchase of the auto/unit. Should the buyer backs out from doing so within the allotted time, the Bank shall impose a sanction to the extent of blacklisting the buyer. The process of blacklisting potential buyers and joy bidders/cherry pickers will be applied for buyers/ bidders, his/her spouse up to his/her first degree of consanguinity and affinity.
15. The buyer who wishes to purchase the auto/chattel/lot immediately must participate in the special sealed bidding.
