Auction Contract

Short version: how our auctions work

1. Registration & KYC. Only verified business accounts approved by our compliance team may place bids. You confirm at registration that you are an authorized representative of the bidding entity.
2. Lots & descriptions. Lots are sold "as-is, where-is". Photographs, technical descriptions, and documentation are provided in good faith but do not form warranties.
3. Bidding. Each bid is a binding offer to buy the lot at the bid amount. Bids cannot be withdrawn once submitted.
4. Winning & payment. The highest bid at the close of the auction, accepted by the auctioneer, wins. The winner must pay the full invoiced amount (including any buyer's premium and taxes) within seven (7) business days of invoice issue.
5. Collection. Title passes only on full payment. Risk passes to the buyer at the close of the auction. Collection arrangements and any export documentation are the buyer's responsibility.
6. Default. Failure to pay entitles us to cancel the sale, retain any deposit, resell the lot, recover the shortfall from the defaulting bidder, and suspend the account.
7. Disputes. Any dispute is to be resolved by negotiation in good faith first. Failing that, disputes are referred to arbitration in Kampala, Uganda, under the Arbitration and Conciliation Act, with the courts of Uganda retaining supervisory jurisdiction.

Full contract

1. Parties & definitions

"THALETRA" means THALETRA General Trading Co. (the auctioneer). "Bidder" means the registered, KYC-approved business account placing bids. "Lot" means an item or grouping of items offered for sale. "Auction" means a timed online or onsite sale event run by THALETRA.

2. Eligibility & KYC

Participation is restricted to legal entities active in the aviation industry (airlines, lessors, MROs, traders, brokers, and related). Bidders must provide accurate company information, including legal name, country of incorporation, registration number, addresses, VAT/tax identification, authorized representative details, and a brief company profile. THALETRA may request additional documentation and may refuse, suspend, or revoke access at its sole discretion.

3. Nature of bids

Each bid is an irrevocable offer to purchase the Lot at the bid amount, capable of acceptance by THALETRA. In accordance with the Sale of Goods and Supply of Services Act 2017 and Ugandan auction practice, a sale is concluded when the auctioneer announces its completion (online: when the timer closes on the highest accepted bid; onsite: by the fall of the hammer). Until that moment any bid may be retracted only by THALETRA, not by the Bidder.

4. "As-is, where-is"

All Lots are sold strictly "as-is, where-is" with all faults. Descriptions, photographs, traceability records, and technical documentation are provided for information only. Bidders are responsible for satisfying themselves as to condition, suitability, and regulatory compliance before bidding.

5. Buyer's premium, taxes & payment

A buyer's premium and applicable taxes may be added to the hammer price as set out in the specific auction notice. The invoice is payable in full within seven (7) business days of issue, by bank transfer to the account specified by THALETRA. Title to the Lot passes only on receipt of cleared funds; risk passes to the buyer on conclusion of the sale.

6. Collection, export & logistics

The buyer is responsible for collection, transport, insurance, export licences, customs clearance, airworthiness release certificates where applicable, and all other regulatory documentation. THALETRA may assist on a best-efforts basis but gives no warranty in respect of such matters.

7. Default

If the buyer fails to pay or collect within the stated period, THALETRA may (a) cancel the sale; (b) retain any deposit; (c) resell the Lot privately or by re-auction; (d) recover from the defaulting buyer any shortfall, storage charges, and reasonable costs; and (e) suspend or terminate the buyer's account.

8. Liability

To the maximum extent permitted by law, THALETRA's aggregate liability arising out of any Lot or auction is limited to the amount actually paid by the buyer for that Lot. Nothing in this contract excludes liability that cannot be excluded by law.

9. Governing law & dispute resolution

This contract is governed by the laws of Uganda, including in particular the Auctioneers Act, Cap 76, the Sale of Goods and Supply of Services Act, 2017, and the Contracts Act, 2010. The parties will first attempt to resolve any dispute by good-faith negotiation. Failing resolution within 30 days, the dispute is referred to arbitration in Kampala, Uganda, under the Arbitration and Conciliation Act, Cap 4, with the courts of Uganda retaining supervisory jurisdiction.

10. Acknowledgement

By creating a bidder account and by placing any bid, the bidder confirms that it has read, understood, and accepted this contract and that the person placing the bid is duly authorized to bind the bidder.