Pacific Industrial Auctions and Appraisals LLC.
TERMS OF BIDDING AND SALE
1. Pacific Industrial Auctions and Appraisals LLC., (hereafter known as the “Auctioneer”) hereby grants to the party whose name appears on the bidders registration agreement (hereafter known as the “Bidder”), the right to use the number given for the purpose of bidding at an auction sale (either online, live or both) conducted by the Auctioneer. Such right is granted at the Auctioneers sole discretion and may be revoked at any time.
2. The Bidder acknowledges that he has received, read and understands these terms of bidding and sale by accepting and using this buyers number and agrees to comply with and be bound by such.
3. The auction will be conducted by offering items by lot, either individually or in groups. The Bidder offering the highest bid accepted shall be the purchaser (“Purchaser”) of the offered lot and no Purchaser shall retract his bid. ALL SALES ARE FINAL.
4. For all items there shall be a standard 10% buyer’s premium assessed on all purchases. For those purchases made with a credit card or are delayed payment beyond the posted payment terms a 3% additional service fee applies. The buyer’s premium and any service fees are in addition to the purchase price.
5. The Bidder, whether acting as an agent, director or representative of a company or as an individual in any capacity whatsoever, and the company he represents both jointly and severally agree:
A. to indemnify and save harmless Auctioneers and its consigners (“Consigner”) from any and all actions, causes of action, lawsuits, damages, costs and losses of any nature, arising from the purchase or use of any Lot or the attendance and participation of the Bidder, agents or employees at the auction sale or at the auction site either before, during or after the auction sale.
B. to be responsible for the payment of the purchase price, buyers premium, taxes and any and all costs due on all of the bidders purchases.
C. that all rights and defenses available to the Auctioneer hereunder shall also extend to the consigner.
6. The terms shall be governed by and interpreted under the laws of, and any action hereunder against Auctioneers shall be commenced in the State and County in which the auction occurs.
7. The bidder grants to the Auctioneers a security interest in the purchases, to secure payment of the purchase price. In the event of non-payment, the Auctioneers may proceed to perfect the security interest granted by this security agreement and recover the unpaid lots.
8. There shall be no guarantees or warranties, either written, expressed or implied, statutory or otherwise of any nature whatsoever in respect to the lots offered at the auction. Each and every lot will be sold “as is, where is” specifically, but without limitation. Auctioneers make no representation or warranty that any of the lots:
A. Conform to any standard in respect to safety, pollution or hazardous material or to any other standard or requirement of any applicable authority, law or regulation, or
B. Are fit for any particular purpose, or
C. Are merchantable or financeable, or
D. Are of any particular age, year of manufacture, model, make or condition.
9. Bidder agrees he has satisfied himself and is not relying on the Auctioneers, or their information, nor are the Auctioneers liable, for any matter in respect of the above. Bidder further agrees to repair at his cost, any lot purchased at the auction sale to a safe operating condition which meets any standard or requirement of any applicable authority, law or regulation including those concerning any use in which the lot may be put.
10. The Bidder acknowledges that an auction site is a potentially dangerous place. Flammable, noxious, corrosive and pressurized substances are present, heavy equipment is being operated and electrical currents may be live. Every person at the auction site at any time shall be there at their own risk with notice of the condition of the premises and the activities thereon. The Bidder shall so advise his agents and employees. No person shall have a claim against the Auctioneers, their agents, employees for any injuries sustained, nor for damages to or loss of property which may occur from any cause whatsoever.
11. If the Bidder registered for a bidder number at this auction multiple times and received multiple bidder numbers, all purchases shall be considered for the purposes of interpreting the terms, as if purchased under a single bidder number.
12. Auctioneers, at any time and at their sole discretion, without notice or liability to any buyer may withdraw or cancel the sale of any lot or offer any lots in groups or with privilege. Privilege is awarded to the highest bidder when given “choice” of multiple lots. He can take as many of the offered lots as he wants, each at the same bid price.
13. Any dispute arising as to any bidding shall be settled by the Auctioneers at their sole discretion and the auctioneers may put the lot in question immediately up for sale again. Auctioneers reserve the right to refuse any bid which they consider to be an insignificant advance over the preceding bid.
14. Purchases shall become the responsibility of and shall be at the risk of the Purchaser upon acceptance of his highest bid. It shall be the responsibility of the purchaser to insure his purchases immediately. Auctioneers shall not be responsible for loss or damage to any purchase.
15. All payments shall be made in cash, cashiers check, or regular check accompanied by a letter of bank guarantee acceptable to the Auctioneers. All auction day purchases under $10,000 must be paid in full within 48 hours of the auctions close. For amounts over $10,000, a deposit equal to or greater than 25% of the purchase price or $10,000 whichever is more shall be made within 48 hours of the auction close with the balance to be paid in full within five business days.
16. Purchaser shall not be entitled to possession of any of his purchases until the total purchase price of all his purchases including all goods, sales or use taxes has been fully paid. In the event that purchaser fails to pay the total amount due within the prescribed time, or fails to comply with any of the terms set herein, Auctioneers shall retain a possessory lien on all purchases of Purchaser. Upon 10 business days after the auction if payment for the item(s) remains unresolved the purchase shall be deemed abandoned. The Auctioneers shall, at their sole discretion have the right to resell such purchases by public or private sale without notice to the Purchaser. Should Auctioneers resell any purchase, the net proceeds there from (after deducting a resell sales commission of 20%) shall be reimbursed to the original Purchaser. The original Purchaser forthwith upon demand shall pay Auctioneers any and all damages or deficiencies arising from the resale.
17. All purchases must be removed from the auction site within the time announced or posted on the auction website and all costs, responsibility and risk of such removal shall be borne by the Purchaser. The Purchaser shall use prudence in effecting such removal. Auctioneers reserve the right to require proof of adequate insurance coverage from Purchaser for said purchases. Purchaser agrees to indemnify and save harmless both Consigner and Auctioneers against any damage caused by acts of the Purchaser. If for any reason the Purchaser fails to remove any purchase within the time specified, a storage fee of $10.00 per item per day may be assessed. Upon 10 business days after the auction sale if the item(s) removal remains unresolved the purchase shall be deemed abandoned, and Auctioneers at their sole discretion shall resell the item(s) as per term 16 above or remove and store the said purchase at the Purchasers sole expense. Purchaser shall be liable for any removal, transportation or storage expenses incurred or damages suffered by Auctioneers because of Purchasers failure to remove any purchase.
18. The sale catalog or item listing has been prepared as a guide only, based on information from sources believed to be reliable including from the consigner. Every effort has been made to assure the correctness of the catalog listing. However its accuracy cannot be guaranteed or warranted; the sales management and auctioneers are not responsible for any errors or omissions and assume no liability on its part or the part of the seller as to any statements, either verbal or written, regarding items sold. No sale shall be invalidated, nor shall Auctioneers be held liable as a result of defects or inaccuracies in the sale catalog. Purchaser acknowledges that all lots were available prior to the auction sale and that it is the responsibility of the Purchaser to inspect all items for sale and make his own inquiries prior to bidding.
19. All necessary documents will if available be delivered immediately to the Purchaser upon payment in full, or otherwise will be mailed within 10 business days after payment was received. Documents will be prepared to be effective only in the jurisdiction in which the auction is being conducted.
20. If for any reason Auctioneers are unable to make available or deliver any purchase or clear title to the same, or documentation required in respect of any purchase, whether before or after delivery, Auctioneers sole liability, If any shall be the return of monies paid in respect to such purchase upon its return by the Purchaser. Any such purchase shall be returned upon demand by the Auctioneers.
21. Interest on overdue accounts shall be paid by the Purchaser and figured at a rate of 18% per annum together with any legal or collection costs incurred by Auctioneers. If a Purchaser claims exemption based on goods being shipped out of state or for use out of state, then goods must be delivered to and shipped by a common carrier. In such a case Purchaser shall arrange for and assume all risks and costs associated therewith.
22. Auctioneers act as agents only, and shall endeavor to protect the interest of both the Purchaser and the Consignor. Any and all disputes that may arise shall be between Consigner and Purchaser only. Purchaser will indemnify and save harmless Auctioneer from any and all actions, law suits, damages, costs and losses of any nature, arising from the sale, purchase or use of any Lot or the attendance and participation of the Purchaser, agents or employees at the auction sale or at the auction site either before, during or after the auction sale.
23. These are the complete Terms and may not be amended except by agreement in writing signed by Auctioneers and the respective Purchaser.