Cancellation & Default Policy

RIDEAUCTION CANADA — CANCELLATION & DEFAULT POLICY This policy explains what happens when a RideAuction Canada sale is not completed. It forms part of the RideAuction Canada Terms of Bidding and Sale. It applies in the same way to sales formed at auction, by Buy Now and by an accepted post-auction offer. ──────────────────────────────────────── 1. SALES ARE BINDING ──────────────────────────────────────── 1.1 A sale binds the buyer to buy and the seller to sell. Neither party can cancel a sale on its own. Only RideAuction can cancel a sale, as described in section 4. ──────────────────────────────────────── 2. UNPAID PURCHASES ──────────────────────────────────────── 2.1 A purchase is overdue when its issued invoice is past its due date and an amount remains unpaid. RideAuction shows the overdue amount and the number of days overdue, and tells the buyer. 2.2 An unpaid purchase counts toward the buyer's buying limits until it is paid or cancelled. 2.3 For an overdue purchase RideAuction may: - place the buying dealership's bidding on hold; - reduce its buying limits; - put the sale on hold; - contact the dealership about the unpaid balance; - cancel the sale under section 4. 2.4 The unit is not released while the purchase is unpaid, unless RideAuction has authorized a documented exception. ──────────────────────────────────────── 3. BIDDING HOLDS ──────────────────────────────────────── 3.1 A hold on a dealership stops its new bids and Buy Now purchases. It does not cancel sales already formed. RideAuction records the reason for every hold and tells the dealership what it needs to do. RideAuction lifts the hold when the reason is resolved. ──────────────────────────────────────── 4. CANCELLATION BEFORE RELEASE ──────────────────────────────────────── 4.1 RideAuction may cancel a sale only before the unit has been physically released, and only while the sale is awaiting payment, its payment has failed, or the sale is on hold. Each cancellation is recorded with its reason by an authorized RideAuction administrator. 4.2 Before a sale is cancelled, any issued invoice is voided or fully credited, and any payment received is refunded, through RideAuction's normal records. 4.3 When a sale is cancelled, its fees and amounts are reversed on RideAuction's records. Nothing is deleted: the bids, the result, the invoices, the credit notes and the history are kept. The release authorization is cancelled and the unit returns to the seller's inventory. 4.4 A cancelled sale is final. ──────────────────────────────────────── 5. AFTER RELEASE ──────────────────────────────────────── 5.1 Once the unit has been released, the sale can no longer be cancelled. Any problem is resolved through a refund, a credit note, an adjustment or a documented resolution under the RideAuction Dispute Policy. ──────────────────────────────────────── 6. SELLER DOCUMENTS ──────────────────────────────────────── 6.1 The unit is not released while a required ownership document is missing, under review or has an open issue. RideAuction works with the seller to resolve it. 6.2 If the seller cannot provide the required documents, RideAuction may put the sale on hold, cancel it under section 4, or resolve it under the Dispute Policy. ──────────────────────────────────────── 7. UNITS THAT DO NOT SELL ──────────────────────────────────────── 7.1 A lot that closes without bids, or with its reserve not met, does not sell. The seller may then relist it free of charge, open a post-auction offer window, or return it to inventory. 7.2 A cancelled sale does not automatically relist the unit. ──────────────────────────────────────── 8. DEFAULT CHARGES AND RECOVERY ──────────────────────────────────────── 8.1 RideAuction currently charges no default fee, interest, collection cost or storage charge. 8.2 RideAuction and the other party may take any lawful step to recover amounts owed under a sale. END OF DRAFT. ──────────────────────────────────────── PROPOSED DECISIONS AND PUBLICATION HOLDS ──────────────────────────────────────── PROPOSED / DEMO DECISIONS — NOT APPROVED OR IN EFFECT Proposed overdue process: after the displayed invoice due date, send a notice and allow 2 business days to cure before an authorized person may apply a manual bidding hold, sale hold or cancellation review. Current controls are manual; no automatic cancellation or fee is represented. No interest, collection cost, resale shortfall, storage or default fee is charged under this proposal. A hold does not undo a sale already formed. Proposed seller-document deadline is 3 business days after RideAuction makes a specific request. If documents are not supplied, notify the seller, hold release/settlement, allow the seller to respond, and have an authorized Admin decide whether to continue, request more, or cancel before physical release. The proposed deadline is not an active timer until configured and published. Before-release cancellation requires an authorized, reasoned decision, and any issued invoice is voided or credited; recorded payments are refunded through the existing process. Keep the bid, sale, invoice, ledger, release and audit history. After release, resolve through dispute, credit/refund or adjustment; do not erase a sale record. Reserve Fee treatment: no fee for No Reserve, rejected/never-launched auction, or cancellation before opening. For an opened auction that does not validly conclude, hold assessment and create no obligation unless an authorized review confirms a valid concluded outcome. If a valid concluded Reserve auction is later voided for platform/auction integrity failure, propose audited reversal using existing ledger tools. A post-sale buyer/seller dispute does not automatically erase a valid Reserve Fee; any credit needs documented Admin review. No automatic payment collection or new charge.