36XDefinitions

1. In this subpart, unless the context otherwise requires,—

   auction means a process in which property of any kind (including goods, services, and interests in land) is offered for sale by an auctioneer on behalf of a vendor, and—

   1. bids for the property are placed with the auctioneer in real time, whether in person, by telephone, via the Internet, or by any other means; and
   2. the property is sold when the auctioneer so indicates

   registered auctioneer means an auctioneer registered as an auctioneer under the Auctioneers Act 2013

   vendor means the person whose property is offered for sale at an auction by an auctioneer.

2. To avoid doubt, a process of selling property is not necessarily an auction for the purpose of this subpart just because it is described as an auction. For example, a process described as an Internet auction, but that provides that any contract of sale resulting from the process is a contract directly between the winner of the bidding and the seller of the property, is not an auction for the purpose of this subpart.

Notes

• Section 36X: inserted, on 17 June 2014, by section 23 of the Fair Trading Amendment Act 2013 (2013 No 143).