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4.3 Buyer's obligations:
(a) You must only place a Bid for the Stock if you intend to buy the Stock at the price offered and meet the Delivery Charges.
(b) If you are notified that your Bid has been accepted, you must complete the transaction and make full payment to Britcom for the price agreed for the Stock (without set off or deduction) within 24 hours of you receiving the final proforma invoice including delivery charges & if applicable insurance & VAT. If your payment is not received by Britcom within 3 working days of you receiving the final proforma invoice then your bid will be cancelled. In this case we will also have the right to demand from you any successful sale fees or commission that the seller is liable to pay Britcom as a result of a binding contract of sale being made, unless it is specifically proven that a bank is responsible for the non-arrival of funds. This is without prejudice to your obligation to indemnify us in accordance with clause 3.4 above and without prejudice to the right of both us and the Seller to being a claim against you for damages and/or specific performance for breach of contract; In addition no payment shall be made directly to the Seller without our prior written permission. By making an offer to purchase the Stock, you warrant and represent that you have the legal right to enter into and complete the transaction.
(c) You warrant that you are a trader/ business and not a consumer;
(d) Your Bid to purchase the Stock is an irrevocable offer which cannot be withdrawn without our consent and the consent of the Seller. Upon acceptance of the Bid you will be legally obliged to purchase the Stock at the price Bid and accepted and at no other price.
(e) If your Bid is successful and you do not pay for the Stock, Britcom may terminate or suspend your Membership at its sole discretion without notice to you. Furthermore we have the right to demand from you any successful sale fees or commission that the Seller is liable to pay Britcom as a result of a binding contract of sale being made. This is without prejudice to your obligation to indemnify us in accordance with clause 3.4 above and without prejudice to the right of both us and the Seller to being a claim against you for damages and/or specific performance for breach of contract;
(f) You will not whilst a Member of the Website and thereafter for a period of 3 years following the termination of this Agreement directly or indirectly, contact, deal with, negotiate or attempt to negotiate with, enter into or attempt to enter into any agreement and or transaction with or attempt to transact with or otherwise become involved with any Member or entity or any other entities or parties introduced, directly or indirectly, by or through us without our prior written approval.
(g) Should you act in breach of clause 4.3(f) aforesaid you shall pay to us within five days of demand, liquidated damages calculated as follows:
D = A x B x C
A = the value of the total sales made between the Buyer and a Member of the Website at any time in breach of 4.3(f) above;
B = 3;
C = 75% representing a 25% discount for accelerated payment, our duty to mitigate our loss and us not being obliged to perform our obligations under this Agreement. Where payment is not made within five days of demand this discount shall be revoked and “C” shall then be 100%;
D = payment due from the Seller.
(h) For the avoidance of doubt we shall also be entitled to demand liquidated damages from the Member with whom you have had dealings for acting in breach of it’s obligations under the terms and conditions for the use of the Website. Notwithstanding the fact that we might recover liquidated damages from the Buyer, you shall not be entitled to any discount or reduction in the level of liquidated damages you are obliged to pay to us pursuant to clause 4.3(f) above.
(i) Should you arrange to resell the Stock or any part thereof before receiving it, you do so at your own risk.
(j) You must comply with any of the Seller’s restrictions on re-sale as set out in the Listing (e.g. restrictions on territories, branding etc);
(k) You are entitled to inspect the Stock during the Offer Period but only with our permission and at a date and time convenient to us. In deciding whether or not grant permission for the inspection we reserve the right to take a deposit from you which will be refunded in the event that you do not wish to purchase the Stock, less our reasonable costs of and associated with the inspection. Notwithstanding the granting of our permission you shall not be entitled to act in any manner which may breach clause 4.3(f) above. In the event that you are guilty of a breach of clause 4.3(f) in addition to liquidated damages as aforesaid, you will forfeit any deposit paid to us pursuant to this clause 4.3(l) in any event and regardless of whether a contract of sale for the Stock is formed.
