Budapest Transport Closely Held Corporation

AUCTION RULES

These rules (hereinafter referred to as the "Rules") apply to the open auctions (hereinafter "Auction") conducted by Budapest Transport Closely Held Corporation (hereinafter referred to as "BKV Zrt."), via its online auction platform (http://arveres.bkv.hu).

1. Launching an Auction

1.1 Prior to launching an Auction, BKV Zrt. uploads the auction notices (hereinafter: "Auction Notice") per lot for the moveable assets intended to be sold by auction (hereinafter: "Assets") to the Auction Notices menu of its website. The Auction Notice includes the details: data, description, pictures - if any, bidding price of the Asset, information on viewing possibilities and on the bidding increments. BKV Zrt. shall not launch an Auction without publishing an Auction Notice.

1.2 BKV Zrt. will also send a special notice of the publication of the Auction Notice by e-mail to the companies and persons known to it who have previously expressed an interest or have previously purchased Assets or concerning their scope of activity and can be deemed as potential bidders.

2. Conditions for participation (bidding) in the Auction

2.1. Persons or companies, who wish to make a bid (hereinafter: Bidders), have to register for BKV Zrt's auction portal (http://arveres.bkv.hu), which can be accessed by clicking on the Registration link at the top right-hand corner of the website. To place a bid, you must specify at least one Buyer who will be bidding on your behalf (this can be yourself or your company). Buyer(s) can be specified in the “Profile” field, or you can register him/them before placing the first bid. (Please, note that during the bidding period the username you entered during registration will be displayed on the auction portal next to the current highest bid.

2.2. The Buyer shall pay, per Asset, an auction deposit in the amount set out in the Auction Notice (hereinafter referred to as the "Auction Deposit") by credit card or bank transfer as indicated on the website by one of the payment methods on the website. The Auction Deposit shall be paid in HUF. BKV Zrt. deems the payment performed when the amount is credited to its account.

2.3. If all the conditions set out above are fully satisfied in order to participate in the Auction, BKV Zrt. notifies the Bidder by e-mail sent to the e-mail address given by the Bidder that he may start bidding at the auction of the Asset(s) he has named.

2.4. BKV Zrt. undertakes no liability for crediting the Auction Deposit to its bank account within the time limit specified in the Auction Notice. Activation of the usernames will be carried out by BKV Zrt. exclusively on the basis of the amount(s) credited to its bank account no later than the working day following the crediting. When paying the Deposit this has to be considered. Due to late receipt of the payment the Buyer shall bear the risk of losing the opportunity to bid, there is no legal remedy in connection with it. BKV Zrt. will not pay any interest on the Auction Deposit.

2.5. BKV Zrt. shall not activate the Bidder for the Auction (for any Asset):

a) if the Auction Deposit has not been credited to the bank account of BKV Zrt. by the deadline specified in the Auction Notice,

b) if the amount of the Auction Deposit received is less than the amount of Auction Deposit specified for the Asset(s) the Buyer intends to bid for,

c) if at the time of the bank transfer of the Auction Deposit, the ‘Purpose of Payment’ is incomplete or contains incorrect information and therefore it is not identifiable or,

d) if a company or natural person registers who contracted earlier for buying any asset of BKV Zrt as the winner of a sale procedure and has not fulfilled any of its contractual obligations within the last 3 years or any problem emerged in connection with the contract to the detriment of the BKV Zrt.  

3. The bidding process

3.1 Having logged in, you can go to the „Current Auctions” menu and click on „View Auction” to see the details of the auction. To place a bid, you must first click on the "I'm taking part in the auction" button and then enter/select the Buyer as described there, accept and approve the Auction Rules, the Privacy Policy and the Privacy Notice, that the information provided is correct, and to indicate payment method of the Auction Deposit.

3.2 The possibility to place a bid for the selected auction is activated at once if the payment is made by credit card, and if the payment is made by bank transfer, as described in section 2.2., it is activated right after the sum has been credited to our bank account, about which the Bidder will be notified in e-mail, too.

Then the Bidder will have the opportunity to bid for the current auction, which can be done either by setting automatic bidding or by placing bids. For automatic bidding the maximum bid remains hidden, until the maximum amount is reached which can automatically outbid the other bidders by the increment.

3.4. If a Bidder bids for the Asset within 5 minutes prior to the expiry

of the Auction, the Auction will be extended automatically with 5 minutes, allowing for additional bids to be submitted.

3.5 As the Auction is closed, the time of the close, the strike price and the winning Bidder (Winning Bidder) will be displayed. Then the closed Auction will be replaced into the “Closed Auctions” menu.

4. Sales, conclusion of contracts

4.1 BKV Zrt. shall enter into a contract (hereinafter: Contract) with the Buyer named by the Winning Bidder for the given Asset. The sample of the contract to be concluded is set out in the ’Auction Information’ menu item. The Winning Bidder shall not name other person/company than the one he specified at the start of the bidding process.

4.2. After closing the Auction, BKV Zrt. will send the Buyer a notification (hereinafter: Notification) in e-mail in which he asks the Buyer to fill and send back the attached documents of the person(s) who will sign the contract on behalf of the Buyer within 5 working days to e-mail address ingoeretekesites@bkv.hu as follows:

• in the case of a natural person or sole proprietorship, the Buyer shall send the scanned version of both sides of his identity card (when signing the Contract, the original document shall be presented)
• in the case of a company, the copy of an official sample signature of the person(s) entitled to represent the company has to be sent (when signing the Contract, the original document or its certified copy shall be presented)
• authorized representative(s) of the Buyer – both in the case of natural persons or legal entities – shall send an electronic copy of their letter of appointment notarised or countersigned by a lawyer. (When signing the Contract, the original or certified true copies of the document shall be submitted.)

4.3. If the Buyer fails to present the documents of the person(s) intending to sign the Contract within 5 working days, BKV Zrt. deems the Auction unsuccessful.

4.4 BKV Zrt. prepares the Contract based on the received documents, and by e-mail, indicating the date and time, he requests the Buyer to sign it in BKV Head Office. If the Buyer fails to show up till/at the time defined by BKV Zrt. to sign the Contract, BKV Zrt. considers it as withdrawal from the purchase.

5. Repayment of Auction Deposit

5.1. The Bidders other than the Winner or those who are specified in point 2.5.d. the Auction Deposit will be repaid to their bank account number given by them at the registration by bank transfer, within 10 (ten) working days after closing the Auction.

5.2 The Auction Deposit will be included in the purchase price.  

5.3. In case the Buyer fails to send the identifying documents of the person(s) signing the Contract within 5 working days after sending the Notification, or, respectively, fails to sign the Contract until the date and at the location defined by BKV Zrt, then the Auction Deposit will not be returned for him.

6. Questions

For questions or comments, please, contact our Customer Service through phone on working days between 8:00 and 14:00 on +36/1-461-6500 extension 11-132, or by e-mail at ingoertekesites@bkv.hu, or in person or by letter. Contact details:

1072 Budapest, Akácfa utca 15.

Customer service opening hours:

Monday – Thursday: 8.00-14.00;

Friday: 8.00-13.00;

Saturday – Sunday: closed.

Postal address: 1980 Budapest, Pf. 11.

7.1 The information on the Website is provided in good faith, however, it is provided for informational purposes only and the accuracy of the information is not guaranteed, BKV Zrt. accepts no responsibility for the accuracy, completeness or correctness of the information provided.

7.2 The Bidder may use the Website solely at his/her own risk and accepts that BKV Zrt. shall not be liable for any pecuniary and non-pecuniary loss or damage arising from the use of the website beyond liability for damage caused intentionally, by gross negligence or by a criminal act, damage to life, limb or health, or for breach of contract.

7.3 BKV Zrt. excludes all liability for any damage or loss caused by the conduct of users of the Website. The Bidder takes responsibility fully and exclusively for his conduct, and in such case BKV Zrt. shall cooperate fully with the competent authorities in order to detect infringements.

7.4. BKV Zrt. has the right, but not the obligation, to monitor the content that the Bidder may make available through the use of the Website. BKV Zrt. shall be entitled, but not obliged, to look for signs of illegal activity.

7.5 Due to the global nature of the Internet, the Bidder accepts that he observes also the provisions of the applicable national laws during the use of the Website.

If any the activity relating to the use of the Website breaches the law of the Bidder's country, the Bidder shall be solely responsible for the use of the Website.

7.6 Should the Bidder find an objectionable content on the Website, he shall report it to BKV Zrt. without delay. If BKV Zrt., acting in good faith, finds the report established in the course of its investigation, it is entitled to delete or amend the information without delay.

7.7 BKV Zrt. shall not be liable for any damages originating from the case if the user forgets his/her password or if his/her password becomes available to unauthorized persons for any reason not attributable for the Service Provider.

8. Copyrights

8.1. The Website is protected by copyrights. BKV Zrt. is the copyright owner or the authorized user of the Website and of any material available through the Website and all contents displayed in the course  of providing services: any works of authorship or other intellectual property (including, without limitation, any graphics, other materials such as the layout, design, and editing of the interface of the Website, the used software and any other intellectual property rights, including the software and other solutions, ideas and their implementations).

8.2 Saving the content of the Website or its certain details physically or to other storage media is allowed only with the previous written permission of BKV Zrt. Other use beyond private usage – e.g. storage in database, transmission, publication or making it available or downloadable, commercialisation – is allowed only with the previous written permission of BKV Zrt.

8.3 Beyond the rights expressly provided for in the present Auction Rules, the registration, the use of the Website or any provisions of the Auction Rules do not entitle the Bidder to use any trade names or trademarks displayed on the Website.

In addition to the presentation of the Website for its intended use, the necessary temporary reproduction and private copying, these intellectual works cannot be used or utilized in any other form without the prior written permission of BKV Zrt.

9. Other provisions

9.1. The level of security of BKV Zrt’s auctioning system is adequate, its usage does not take a risk, however, it is recommended to use virus- and spyware protection software with an up-to-date database. Purchasing from the Website implies the Bidder’s familiarity with the technical limitations of the Internet and the acceptance of the

potential for error inherent in the technology.

9.2. BKV Zrt. is entitled to amend the stipulations of this Auction Rules unilaterally.  BKV Zrt. publishes the amendments on the websites 11 (eleven) days before their entry into force. By using the websites, the Buyer agrees to be automatically bound by all applicable law and regulations relating to the use of the Websites.