Settlement of Sale (Settlement Date)

• The settlement date is the contractual date of sale.
• The settlement date will be stated in each horse’s description.
• Successful bidders will be notified of their obligation to settle at the closing of each lot.
• The settlement date will be:
  • At least two weeks after the close of bidding for that horse.
• Settlement of the sale will be complete:
  • Upon successful completion of the vet check; the veterinary check is to occur before settlement date. Sales of horse(s) that do not pass the veterinary check will be considered void.
  • Upon receipt of payment.
• Payment is to be made, in advance or on the settlement date, and will be made directly between the consignor and the buyer via wire transfer.
• Ownership of the horse(s) will be that of the consignor’s on the days preceding the settlement date, and until 12:00 midnight of the settlement date. After this time, the successful bidder will hold ownership of the horse(s).
• Requests for an alternative settlement date and time will be made directly to the consignor and will be honoured at the consignor’s discretion. This request may be made before or after the close of bidding.
• Upon verification from the consignor that funds are received and cleared, the Transfer of Ownership papers will be released from CWHBA to the buyer.
• If the sale of the horse(s) does not settle by the agreed upon date, the sale will be deemed to have failed. Bidders who fail on a sale will not be permitted into future sales.