Terms of Auction Sale
THE FOLLOWING ARE GENERAL TERMS FOR MACHINERY & EQUIPMENT AUCTIONS. THESE TERMS DO NOT APPLY TO REAL ESTATE AUCTIONS.
The Auctioneer sells everything "AS IS" and "WHERE IS" without any warranty whatsoever as to quality, condition, description, or merchantability.
All bidders shall be required to provide their paddle number and a 25% minimum deposit in cash or certified funds at the time of knockdown. In the event a bidder fails to give a 25% deposit, the Auctioneer may resell the lot at any time during the sale.
Payment of the balance in full, in cash or certified funds, is required to be paid within 24 hours after sale is completed. Applicable sales tax must be paid to the Auctioneer. Exceptions: Resale certificates will be accepted ONLY if the buyer is registered in this state. Sales tax will be collected from all out of state purchasers. This sales tax will be refunded directly to the purchaser upon receipt of a properly completed bill of lading showing out of state delivery of the items purchased if received prior to the 15th day of next month. Otherwise, refunds may be obtained directly from the State Sales Tax Bureau. IRS regulations require us to report all cash payments exceeding $10,000.00 from any one individual.
Removal of the items purchased must be completed in accordance with the terms stated by the Auctioneer. All items are required to be removed by the purchaser at his own risk and expense from where sold and in accordance with all applicable laws or ordinances concerning those items. No allowances or adjustments of any kind will be made once the items purchased are removed from the sale premises.
All lots offered for sale that have drawers, storage compartments or other areas for storage, are sold without contents therein or thereon unless specifically announced otherwise by the Auctioneer.
The Auctioneer reserves the right to sell in bulk, consecutive lots in number order, or in any order he deems advisable. In the event of any disputed bid, the Auctioneer reserves the right to immediately put up for sale the said disputed item to the highest bidder.
The Auction sheets and records of sale as set forth by the Auctioneer must be accepted as final by all purchasers.
In the event that the bidder fails to comply with the terms of final payment and removal as required: the Auctioneer reserves the right to resell the item concerned, without notice to the bidder and the bidder's deposit will be forfeited and bidder will remain liable for any deficiency as well as the expenses incurred by such resale.
The Auctioneer is not bound by any actions or statements made by any person other than himself.
In the event that the Auctioneer is unable to release any lot to a purchaser, the extent of the Auctioneer's liability will be to refund any funds collected against that lot.
The Secured Party reserves the right to confirm any and all bids.
These terms of sale are read at the beginning of the sale and posted on the premises so that all prospective purchasers are deemed to have full knowledge of the same regardless of what time they entered the sale premises.
Any lots connected to water, gas or electric must be capped off in a workmanlike fashion by the buyer, at the time of removal, and meet the approval of the Auctioneer's staff.
Additional terms and conditions of sale may be announced and/or posted at the time of sale.
A BID SIGNIFIES ACCEPTANCE OF ALL TERMS AND CONDITIONS.