1. SUBMISSION FORM. Buyers must submit their offers/bids via the online submission form linked to the Bank’s official website- www.buenamano.ph or via the QR code disseminated through Buena Mano's official communications. The listings of auto/chattel are found on the same website.
2. AS IS, WHERE IS.
2.1 All auto/chattel are sold on an “AS IS, WHERE IS” basis without representation or warranty of any kind or nature (whether expressed, implied or created by operation of law). Except for its right to sell the auto/chattel, the buyer/s acknowledge/s that the Bank is selling the auto/chattel without warranties as to the condition or any aspect of the auto/chattel, and that any sale of the auto/chattel shall be made on an “AS IS, WHERE IS” basis, with all faults and without recourse. The buyer/s is/are solely responsible for examining and judging the condition of the auto/chattel for his/her/their own protection and undertake/s to conduct his/her/their own due diligence, inspection and examination, of the auto/chattel, as well as the documents (i.e., Certificate of Registration) relative thereto, prior to submitting his/her/their offer/bid.
2.2 Any representation or warranty made by any third party, including any representation or warranty made by the former owner/s of the auto/chattel, attorney-in-fact, agent(s) and/or other persons, shall not be binding on the Bank, its directors, officers and employees. All issues and problems that may arise during the buyer’s inspection/examination/due diligence of the auto/chattel shall be for the exclusive account of the Buyer.
3. FREE AND HARMLESS. The buyer/s agree/s to hold the Bank of the Philippine Islands (hereinafter, the “Bank”), free and harmless from any and all losses, claims, demands, damages, liabilities and causes of action arising from, in connection with, in relation to, or resulting from this offer/bid.
4. INSPECTION AND WAIVER. Prior to submitting their offer/bid, the buyer/s undertake/s to do the following:
4.1 Make the necessary inspection and due diligence on the documentation with various offices and agencies (i.e., Land Transportation Office or LTO, Land Transportation Franchising and Regulatory Board or LTFRB, Philippine National Police Highway Patrol Group or PNP-HPG) and historical background/registration of the auto/chattel being purchased, with the Register of Deeds, LTO, and other relevant government agencies. The buyer/s acknowledge/s that such records may not be updated at the time of his/her/their inspection.
4.2 Make reasonable inspection and examination of the auto/chattel itself, including the physical condition (interior, exterior, mechanical and electrical) thereof.
4.3 To solely assume any and all of the risks and responsibilities attendant to any problem or concern that will be discovered during the buyer’s inspection/examination/due diligence and after full payment of the selling price, without any recourse to the Bank.
5. RESERVATION. The Bank has no obligation to accept the offer/bid and reserves the right to accept or reject the offer/bid, or terminate or cancel the bidding process, at any time 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, or to go into sealed bidding and other means to sell the auto/chattel, as it may consider most beneficial to the Bank.
6. CONFIDENTIALITY. The Bank shall treat all confidential and non-public information provided by the buyer/s to the Bank, including confidential non-public documents submitted to it, in the strictest confidence. The Bank shall deal only with the buyer/s and/or his/her/their attorney-in-fact, if any.
7. DATA PRIVACY. The buyer/s expressly authorize/s the Bank to process any and all information/data/documents submitted by the buyer/s for purposes of implementing, administering and/or enforcing the buyer/s’ bid/offer. Should the buyer/s submit to the Bank personal data or information of any individual, the buyer/s represent/s and warrant/s to the Bank that all necessary authorizations and consents as may be required under applicable confidentiality and data privacy laws or agreement have been obtained, to enable the Bank to process such data or information.
8. ACCEPTANCE. All offers/bids will only be accepted through the online submission form within the prescribed period.
a. All offer/bid received is subject to validation by the Bank’s authorized personnel.
b. Corporate bidders must indicate the company name and the complete details of its authorized representative on the online submission form.
9. MODE OF PAYMENT. Payment schemes for the auto/chattel purchase may be through the following:
a. Cash
b. Bank Financing - subject to a separate credit approval of the financing bank and on terms and conditions acceptable to the Bank. This mode of payment is not applicable to Lot Sale and Bid Now transactions which should be paid via one-time cash only.
10. OFFICIAL TIME. The official time of receipt will be the time the bid was officially received as registered in the Bank’s automated online submission registry.
11. REQUIREMENTS. On top of the submission of the signed Offer to Bid form, Buyer’s Information Sheet/s and valid/unexpired identification card/s, the buyers (and their spouses, if applicable) will be required to provide all the documents listed below within five (5) banking days from date of notice, prior to payment. Non-submission of requirements means no acceptance of payment from the approved buyer/s. Failure to provide these documents within the given period will mean non-compliance with the Bank’s requirements and forfeiture/cancellation of the offer/bid and the Bank shall be free to award the auto/chattel to the next eligible buyer.
• EMPLOYED (any two of the requirements below)
o Certificate of Employment
o Payslip
o BIR Form 2316
• RETIREE
o Bank Certificate
o Pension Documents (SSS or GSIS)
• IF SELF-EMPLOYED OR IF THE BUYER IS A SOLE PROPRIETORSHIP
o DTI registration
o Current Year’s Mayor’s/ Business permit
o BIR Form 1701(optional)
• CORPORATION (all documents are required)
o SEC Registration
o Articles of Incorporation and By-Laws
o Updated GIS and AFS
o Notarized Corporate Secretary Certificate/ Board Resolution specific to the purchase of the auto/chattel and the Corporation’s authorized signatory thereto
Additional documents may be required in compliance with the Bank’s internal policies and guidelines and applicable laws, rules and regulations.
12. 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/s , and such other taxes and fees as may be imposed by law and regulations, shall be borne exclusively by the buyer/s. The actual cancellation of the existing mortgage and transfer of ownership of the auto/chattel bought shall be done by the buyer/s.
13. DEED OF SALE. The Bank shall execute the Deed of Sale (in form and substance acceptable to the Bank) upon full payment or clearance of the check for the full payment of the purchase price.
14. PULL OUT OF UNITS.
14.1 The buyer/s shall immediately pull-out the auto/chattel on the date of full payment of the selling price. In case the buyer/s, for whatever reason, cannot pull-out the auto/chattel, a grace period of three (3) banking days will be given to the buyer/s within which to pull out the auto/chattel from the stockyard, free from any parking or storage charges; provided that, the Bank, its personnel, guards and third-party contractors shall not be liable for (and the buyer/s shall hold each of them free and harmless from) any loss, damage or injury to the auto/chattel for any cause or reason whatsoever.
14.2 If after three (3) banking days, the buyer/s still failed to remove the auto/chattel from the Bank’s premises, the Bank may impose storage fee in the amount of P1,500/per day; provided, however, that the Bank, its personnel, guards and third-party contractors shall not be liable for (and the buyer/s shall hold each of them free and harmless from) any and all loss, damage, or injury to the auto/chattel during such period, irrespective of the payment of storage fee.
14.3 The Bank, its personnel, and third-party service providers shall not be liable for any and all damage, loss, and injury to the auto/chattel, or any third-party and their property, arising from, in connection with or as a result of, the storage and/or pull out of the auto/chattel, including, but not limited to, those arising from any act or omission of third-persons or force majeure events such as, but not limited to, malicious mischief, carnapping or theft, terrorism, flood, fire, government action, rebellion, and any other incidents of violence and calamities or disasters.
15. SANCTIONS/ BLACKLISTING. In the event the offer/bid to buy the auto/chattel is received and accepted by the Bank, the buyer/s is/are committed to completing the purchase of the auto/chattel. Should the buyer/s back/s out from purchasing the auto/chattel, the Bank reserves the right to impose penalty(ies), including but not limited to, charging the buyer a certain amount and/or blacklisting the buyer from participating in future biddings and/or other offerings of the Bank and/or its subsidiaries. The buyer/s acknowledge/s and agree/s that such blacklisting may extend not just to the relevant buyers/bidders themselves (including joy bidders/cherry pickers) but their spouses and relatives up to the first degree of consanguinity and affinity, for period to be determined by the Bank at its sole discretion.
15.1. Permanent Blacklisting
Buyer will be subject to permanent blacklisting if any of the following serious act/s is/are committed:
a. Submission of bids and/or requirements containing false information, e.g., fake or false name, birthday, address, SSS number, Taxpayer’s Identification Number, etc.
b. Submission of falsified documents, e.g., driver’s license, DTI Certificate.
c. Using another party's name to defraud the Bank, whether authorized or not by the owner.
d. Violation or breach (including attempt to violate or breach) of applicable laws and regulations, including, but not limited to, the anti-money laundering laws, anti-terrorism laws, local and international sanctions, and anti-corruption and anti-bribery laws.
e. Other acts assessed by the Bank as a grave offense.
15.2. Temporary Blacklisting if Buyer commits multiple back-outs.
15.3 Joy Bidding shall be applicable only to declared winning bidders.
a. Repeat Buyer with history of back-outs
i. Penalty: Temporary blacklisting for six (6) months or pay a penalty of PHP10,000 per auto/chattel.
ii. After six (6) months or after payment of penalty, buyer’s name will be removed from the Temporary Blacklist.
b. New Buyer or Repeat Buyer with no history of back-outs
i. First Offense: A written warning will be served, documenting the offense and cautioning against further incidents.
ii. Second Offense: The joy bidder will be blacklisted for a period of six (6) months or will be required to pay a penalty of PHP10,000 per auto/chattel. After six (6) months or after payment of penalty, buyer’s shall be lifted from the Temporary Blacklist.
16. BID NOW. The buyer who wishes to purchase the auto/chattel immediately without participating in the regular sealed bidding may submit a BID NOW offer.
a. The buyer with the highest “BID NOW” offer wins.
b. BID NOW buyers must be willing to buy the auto/chattel via CASH (one-time payment).
c. The winning BID NOW buyer will be awarded the auto/chattel and will be notified within two (2) banking days after the scheduled opening of BID NOW bids. In case of a tie, a rebidding will be held, and its schedule will be announced separately.
17. BID/OFFER SUBMISSION. The buyer/s irrevocably authorize/s the Bank to accept, rely upon and act on information and documents submitted by him/her/it/they through www.buenamano.ph or such other online or electronic platforms as the Bank may deem appropriate and acceptable. By submitting a bid/offer to the Bank (whether electronically or otherwise), the buyer acknowledges that he/she/it/they have read these terms and conditions and agree/s to be bound thereby.