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  1. An auction entrant must be of full legal capacity to enter the auction. However, a legal guardian may bid and purchase on behalf of a minor, and a natural or corporate person of full legal capacity may as a principal use a third-party agent to bid for and buy the property under a legal power of attorney.
  2. An auction entrant shall be deemed to have read, understood and agreed to all the terms of the auction.
  3. The liquidator of the Estate of Omar Saleh Suleiman Alhamdy (hereinafter, the Seller) shall establish the opening price of the auction which shall be verbally communicated those interested in entering the auction.
  4. A person wishing to enter the auction shall submit a letter to OMG sufficiently identifying themselves (including name, ID number, domicile and place of business, and where the auction entrant will be represented, information on the representative and a copy of the relevant power of attorney) and stating their desire to buy the property, and shall attach to that letter specific information that enables a due diligence exercise to be conducted as well as an internationally acceptable certified check or irrevocable bank guarantee favoring the Heirs of Omar Saleh Suleiman Alhamdy for the value of the bid bond specified in the advertisement and brochure that shall be valid for at least three month from date of receipt (hereinafter, the bid bond instrument). The bid bond instrument received from the successful bidder (hereinafter, the Buyer) shall be retained until the sale price and the sale commission have been fully paid.
  5. Bidders will be notified of the auction date and venue two weeks in advance of the auction date.
  6. Those who do not satisfy the conditions for entering the auction (including submitting a bid bond) may not bid and shall not be allowed in the auction hall.
  7. The auction shall take place at the specified date and venue. The property shall be sold to the highest bidder if, and only if, that final bid is deemed an appropriate price for the property in the judgment of the Administrator of the Estate of Late Omar Saleh Suleiman Alhamdy.
  8. A bidder shall be deemed to have thoroughly inspected the property, to have obtained all the information they need for their own assessment, to have agreed to buy the property on as is basis, and to have understood and accepted that the Seller will not be responsible for continuing or starting any legal action or doing any paperwork regarding the property.
  9. Upon awarding the auction, the sale contract shall be executed by the Buyer and the Seller in counterparts and notarized and shall take force conditional upon full payment of the sale price and sale commission by the Buyer to the Seller. OMG shall retain all counterparts of the sale contract and the Buyer’s bid bond instrument until the due diligence exercise is complete and the Buyer has fully paid the sale price and the sale commission to the Seller.
  10. The Seller retains the right not to proceed with the sale if the due diligence exercise brings into question the business or financial standing of the Buyer.
  11. Within five (5) business days of receiving the Seller's instruction, the Buyer shall pay the full sale price by a single international bank transfer to the bank account of the Heirs of Omar Saleh Suleiman Alhamdy specified by the Seller, and, over and above the sale price, a sale commission of 2.5% of the sale price by a single international bank transfer to the bank account of the liquidator of the Estate of Omar Saleh Suleiman Alhamdy specified by the Seller. Failing to pay the sale price and the sale commission within that time window shall cancel the sale, in which case the Seller shall be entitled to, and may cash, the bid bond submitted by the Buyer as penalty.
  12. Any government fees or taxes related to title transfer shall be borne by the Buyer, including any purchase taxes.
  13. Possession of the property shall not be given up to the Buyer until the Seller has fully received the sale price and the sales commission. Possession of the property shall then be given up to the Buyer on as is basis.
  14. Bid bond instruments received from unsuccessful bidders shall be returned to them at the conclusion of the auction.
  15. The bid bond instrument received from the Buyer shall be returned to them once the Seller has fully received the sale price and the sale commission.
  16. Bid bond instruments shall only be returned to the bidders themselves or their appropriately authorized agents.
  17. Any one or group of the heirs of Late Omar Saleh Suleiman Alhamdy may enter the auction without the right of pre-emption on the same terms as above.