If a valid claim cannot be resolved via negotiation, the matter may be referred to arbitration. By entering into the arbitration process, both parties agree to a legally binding and final resolution.
The arbitration process involves:
- Each party makes payment of arbitration fee ($1000 ex GST)
- Each party submits signed paperwork & documentation
- Payment is made to AuctionsPlus of the full amount, as per the invoice for the stock at the sale price
- AuctionsPlus removes identifying features on all paperwork and supporting documentation
- AuctionsPlus engages (anonymous) appropriate industry experts to deliberate on thepanel
- An outcome is reached (agreed to by all members of the panel), including any compensation or re-distribution of funds
- Both parties receive written notification of outcome
- Funds distributed as per findings
If you or your company are intending to utilise the AuctionsPlus arbitration panel, after advisement from the AuctionsPlus Integrity Unit, you will need to download and return this Acceptance for Arbitration form to AuctionsPlus.