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PROFESSIONAL TRUSTED TRANSPARENT

Payment & Settlement

SECURE . SIMPLE . TRANSPARENT

At GLD Commercial Auctions Ltd, we aim to make the payment and settlement process secure, straightforward and fair for all buyers and sellers.

Effective Date: 1 July 2026

1. Purpose

This Payment & Settlement Policy explains how payments are made to and from GLD Commercial Auctions (“GLD”, “we”, “our” or “us”) for assets sold through our online auction platform.

By registering as a buyer or seller, you agree to this policy.

2. Buyer Payments

Successful buyers must pay the full purchase price within the payment period stated on the auction listing.

Payment instructions will be provided once the auction has ended.

Accepted payment methods may include:

Bank Transfer (preferred)
Debit Card
Other approved payment methods offered by GLD

Cash payments will not normally be accepted.

3. Cleared Funds

An asset will not be released until payment has been received in cleared funds.

GLD reserves the right to delay the release of any asset until payment has been fully verified.

4. Ownership

Ownership of an asset does not transfer to the buyer until:

Full payment has been received in cleared funds; and
GLD has confirmed the transaction.

Risk passes to the buyer upon collection, as set out in the Buyer Terms & Conditions.

5. Seller Payments

Following a successful sale, GLD will deduct any agreed commission, fees and applicable VAT before making payment to the seller.

Unless otherwise agreed in writing, payment will normally be made by bank transfer within the agreed payment period after:

Cleared funds have been received from the buyer.
The asset has been collected (where collection is part of the agreed process).
Any required documentation has been completed.

6. Failed or Late Payments

If a buyer fails to pay within the required timeframe, GLD may:

Cancel the sale.
Suspend or permanently close the buyer’s account.
Offer the asset to another bidder.
Recover any reasonable losses or costs resulting from the default.

7. Refunds

Refunds will only be made where:

Required by law.
Authorised by GLD following an investigation.
A payment has been taken in error.

Approved refunds will be returned using the original payment method wherever possible.

8. Fraud Prevention

GLD reserves the right to:

Verify the identity of buyers and sellers.
Delay payments while security checks are completed.
Refuse suspicious transactions.
Report suspected fraudulent activity to the relevant authorities where required by law.

9. Payment Security

Payments are processed using secure payment systems.

GLD does not store full payment card details unless required by law or where securely handled by an authorised payment provider.

10. Amendments

GLD may update this Payment & Settlement Policy from time to time.

The latest version will always be available on our website.

Contact

GLD Commercial Auctions

Email: admin@gldcommercialauctions.co.uk

Telephone: 1342 621052

Website: www.gldcommercialauctions.co.uk

1. WINNING BID

When your bid is successful, you will receive a confirmation email with payment instructions.

2. PAYMENT

Full payment is required within the timeframe stated on the auction listing. Payment must be made using our approved methods.

3. CLEAR FUNDS

Ownership of the asset does not transfer until cleared funds have been received in our designated bank account.

4. SETTLEMENT

Once payment has cleared, we will authorise collection and advise the seller that settlement is in process.

SECURE PAYMENTS

All payments are handled securely through our trusted banking partners.

FAST SETTLEMENT

Sellers are paid promptly once collection is confirmed and funds have cleared.

FAIR & TRANSPARENT

Clear communication at every step of the process for complete peace of mind.