Auction Rules & Guidelines

1.1 Age & Legal Capacity: All participants must be at least 18 years old and have legal capacity to enter into binding contracts. For businesses, a valid business registration is required.

1.2 Jurisdiction: Participants must be located within Zambia or have a valid Zambian address and phone number. International buyers may participate subject to additional verification.

1.3 Prohibited Persons: Individuals or entities under sanctions, with outstanding debts to zam.auction, or with a history of fraudulent activity are not eligible to participate.

2.1 Account Registration: All users must register via the website with accurate, complete information. False or misleading information is grounds for account suspension.

2.2 KYC Documents: The following documents are required for KYC approval:

• Valid Zambian National ID or Passport (not expired)
• Proof of current address (utility bill, bank statement, or lease agreement)
• Contact phone number and email
• Business registration (if registering as a business entity)

2.3 Verification Timeline: KYC approval typically takes 24-48 hours. Accounts will not be active for auction participation until approved.

2.4 Re-verification: zam.auction reserves the right to request updated documents at any time to ensure compliance.

3.1 Bidder Deposit: All active bidders must maintain a deposit (typically 10-20% of expected hammer price) in their account. This ensures serious participation.

3.2 Deposit Holdback: The deposit is held as security against winning bids. Upon winning, the deposit is credited toward the final purchase amount.

3.3 Deposit Refund: If you do not win, your deposit is available for withdrawal within 3-5 business days of auction closure.

3.4 Insufficient Deposits: If your account deposit falls below the required amount, you cannot place new bids until the balance is restored.

4.1 Minimum Bid Increments: Bids must increase by at least the specified increment shown on each auction:

• ZMK 0 - ZMK 1,000: increment of ZMK 100
• ZMK 1,000 - ZMK 10,000: increment of ZMK 500
• ZMK 10,000+: increment of ZMK 1,000

4.2 Bid Validity: Once placed, a bid is binding and cannot be withdrawn. Bids are final and constitute a valid contract.

4.3 Proxy/Auto-bid: Auto-bid allows you to set a maximum bid. The system will bid incrementally on your behalf up to that limit.

4.4 Bid Shilling: Encouraging others to place bids by offering personal funds (shilling) is prohibited and grounds for account suspension.

4.5 Technical Issues: Bids placed due to technical errors may be reviewed. Contact support immediately if you believe a technical error occurred.

4.6 Published Evidence: Inspection notes, known issues, service records, and public documents published with a lot form part of the buyer review process and should be considered together with the lot narrative, photos, and viewing instructions.

5.1 Setting Reserve: Sellers may set a reserve price, which is the minimum price below which the asset will not be sold.

5.2 Reserve Met/Not Met: "Reserve Met" indicates bids have reached the reserve. "Reserve Not Met" means the highest bid is below the seller's reserve.

5.3 If Reserve Not Met: The item remains unsold. The seller may re-list, negotiate with the highest bidder, or withdraw the item.

5.4 Hidden Reserve: Sellers may keep the reserve price private (hidden reserve) during the auction.

6.1 Hammer Price: The final bid price at which the lot is sold to the highest bidder.

6.2 Buyer's Premium: An additional 5% fee is charged to the buyer on top of the hammer price. Total due = Hammer Price + (Hammer Price × 5%).

6.3 Payment Deadline: Payment is due within 48-72 hours of auction closure. Failure to pay results in:

• Forfeiture of deposit
• Non-payment fee of ZMK 5,000
• Account suspension from future auctions

6.4 Payment Methods: Bank transfer, MTN Money, Airtel Money, Zamtel Money, and Flutterwave payments are accepted.

6.5 Escrow: All payments are held in escrow until delivery is confirmed by the buyer.

7.1 Collection Terms: Buyers assume possession of assets immediately upon payment. Collection arrangements are the buyer's responsibility.

7.2 Collection Timeline: Assets must be collected within 30 days of payment. Storage fees may apply for items not collected within this timeframe.

7.3 Delivery Available: For select items, logistics partners can arrange delivery at an additional cost quoted at point of sale.

7.4 Condition on Delivery: Assets are sold "as-is, where-is." Buyers waive rights to return items based on condition unless there is fraud or material misrepresentation.

7.5 Documented Exceptions: Where the delivered asset materially differs from the published description, disclosed evidence, or documented inspection findings, the buyer should raise a dispute promptly through the platform for review.

The following conduct is strictly prohibited:

• Shill bidding: Bidding on your own items or encouraging others to place bids
• Collusion: Agreeing with other bidders to artificially manipulate prices
• Fraud: Misrepresenting items, falsifying documents, or engaging in financial fraud
• Harassment: Abusive behavior, threats, or illegal communication with other users
• Automated bidding tools: Using bots or scripts to circumvent platform controls
• False information: Providing inaccurate KYC, contact, or account information
• Payment disputes: Disputing legitimate payments to avoid obligations
• Underage participation: Anyone under 18 years old participating in auctions

Consequences: Violations result in account suspension, forfeiture of deposits, legal action, and reporting to authorities where appropriate.

9.1 Filing a Dispute: Disputes must be filed within 7 days of auction closure by contacting support with detailed evidence.

9.2 Grounds for Dispute:

• Material misrepresentation of item condition or specifications
• Non-delivery of purchased asset
• Payment processing errors
• Suspected fraudulent activity

9.3 Resolution Process: zam.auction will investigate and mediate. If mediation fails, disputes proceed to binding arbitration under Zambian law.

9.4 Seller Obligations: Sellers are responsible for accurate descriptions. Claims of ignorance do not excuse material misrepresentation.

10.1 Commission Rate: zam.auction charges 8% of the total sale amount (including buyer's premium) as the seller commission.

10.2 Payment to Seller: Proceeds = Hammer Price + Buyer's Premium - (8% Commission). This amount is transferred to the seller within 3-5 business days of payment.

10.3 Listing Fees: Listing is free for sellers. No upfront fees are charged.

10.4 Unsold Items: If an item does not sell, there is no commission charged.

11.1 Governing Law: All auctions and transactions are governed by the laws of Zambia.

11.2 Regulatory Compliance: zam.auction operates in compliance with Zambian business registration, tax, and consumer protection laws.

11.3 Asset Legality: Sellers warrant that all assets offered are legally owned and not subject to liens, encumbrances, or legal disputes.

11.4 Buyer Obligations: Buyers are responsible for verifying asset legality, roadworthiness (for vehicles), and compliance with local regulations.

11.5 Legal Action: zam.auction reserves the right to report violations to law enforcement and pursue civil or criminal claims as warranted.

12.1 Right to Modify: zam.auction reserves the right to modify these rules at any time. Changes are effective immediately upon publication.

12.2 Notification: Users will be notified of significant rule changes via email or platform announcement.

12.3 Continued Use: Continued use of the platform after rule changes constitutes acceptance of the new terms.