Online Bidding Terms & Conditions
(For purposes of this document, the terms ‘bidder’ and ‘buyer’ are used interchangeably)
General Terms & Conditions for ALL Live Webcast Auctions
(For Both Personal Property & Real Estate Live Webcast Auctions)
- All bidders are required to register and give full identification and establish credit with Auction Company prior to the beginning of the auction. Register early to ensure your approval for bidding by auction time. Auction registration must be made at least 48 hours before auction starts. Note: To supply your credit information by telephone rather than online, please call (618) 234-8751.
- Auction Company reserves the right to refuse admittance to any person(s). No transfer will be recognized from one bidder/buyer to another.
- All items, whether personal property or real estate, are sold “As Is, Where Is”, with no warranties or guarantees, express or implied, made by the Seller, Auctioneer or Auction Company.
- All sales are final.
- By bidding on an item, the bidder shows acceptance of the terms of the auction and acceptance of the item(s) being bid on.
- No bidder shall retract their bid. Online bidding during a live auction is a fast process, and as a result, there may be no confirmation given – bids will be taken immediately and are irrevocable.
- A Buyer’s Premium will be added to each item sold. Please refer to the specific terms of each auction on the marketing flier or website information for the buyer’s premium percentage. (Example: A 10% buyer’s premium added to a $100 high bid on an item equals a total purchase price for bidder of $110).
- Catalog and/or website descriptions of items or properties are for identification purposes only; no representation is made to the correctness, authenticity, age, origin or value of the item(s). Bidders must do the necessary ‘due diligence’ on the item(s) or property prior to the auction and rely solely on their own judgment when bidding.
- Any and all announcements or changes made by the Auctioneer at the time of the auction supersede any prior marketing materials.
- If bidder breaches or defaults any portion of the terms & conditions of auction, bidder agrees to pay any and all charges and expenses incurred by Auction Company, including, without limitation, reasonable attorney’s fees, and deficiencies and re-marketing expenses resulting from resale of the item(s) or property. Additional commission shall be due and payable.
Additional Terms for Personal Property Live Webcast Auctions Only
(For Personal Property & Equipment, Non-Real Estate Items)
The Auctioneer or Auction Company reserves the right to withdraw any lot or item(s) prior to the time of lot or item(s) being offered. In addition, Auctioneer or Auction Company may break down or consolidate any lot(s) at their sole discretion.
If a lot has a stated quantity that is more than 1(one), the bid shall be multiplied times the quantity to determine the total cost of the lot, unless otherwise specified by Auctioneer prior to offering the lot for auction.
Auctioneer may, in their sole discretion, determine that a bid is not commensurate with the value of an item(s) offered, reject the bid and withdraw the item(s) from the auction. In addition, Auctioneer, having acknowledged an opening bid, may decide that an advance is not sufficient and reject the advance.
Auctioneer reserves the right to bid on behalf of buyer, seller or any approved party.
Ownership passes upon the fall of the Auctioneer’s gavel and buyer accepts risk for the item(s) thereafter. The Seller, Auctioneer, nor Auction Company shall be responsible for loss, theft or damage.
Successful bidders will be notified via email within 24 hours of auction ending. Bidders’ payment must be received within 24 hours upon receipt of email notification. Payment must be made in the form of a Bank Wire Transfer or Credit Card (Visa or MasterCard). All payments must be made in full before items will be released or shipped.
Bidders are responsible for all removal, shipping and damage costs incurred with their items purchased. It is the buyer’s responsibility to secure any safety equipment needed to meet all applicable government safety standards in using or removing items purchased. The Auction Company may require proof of adequate insurance from the buyer.
In the event the buyer fails to pay for the entire purchase within the time set forth by the Auction Company, and/or fails to comply with any of the conditions or terms of sale:
- the seller may retain and/or recover any monies paid as part of damages;
- items that are not paid for can be resold at public or private sale without further notice;
- any deficiency resulting from such resale shall be due to the Auction Company by the defaulting buyer together with all charges, fees and expenses, including reasonable attorney fees incurred by such resale and enforcement of the obligation hereunder.
Should a dispute arise after the auction, Auction Company records shall be conclusive in all respects. In an unresolved dispute case, the item(s) may be re-offered for auction; however, Auctioneer, in their sole discretion, will analyze the good faith of the parties involved and make the final determination as to the final disposition of the item(s). Auctioneer’s decision is final.
Additional Terms for Real Estate Live Webcast Auctions Only
Bidder should refer to each property’s marketing flier for specific terms of the auction (i.e., Buyer’s Premium, Closing Timeframe and Earnest Money Deposit required of winning high bidder).
Required Earnest Money Deposit for each property must be sent to Auction Company 72 hours prior to auction via bank wire transfer or charged to a credit card. Call (618) 234-8751 for wiring instructions.
The Buyer’s Premium for each property will be added to the successful high bid amount to arrive at the total purchase price of the property (Example: High bid amount of $100,000 on a property with a 5% buyer’s premium will equal a total purchase price for buyer of $105,000).
The successful high bidder:
- will be announced at the end of the auction;
- will be expected to cooperate fully with Auction Company and title insurance company with regard to signing and completing the sales contract, disclosures (if applicable) and any paperwork necessary to complete the sale, whether via overnight mail, standard mail, electronic communication, fax, or in person.
The transaction will be handled by a local title insurance company chosen by seller and/or Auction Company.
The balance of the transaction will be due and the transaction will close within 30 days of the auction date, unless otherwise agreed to in writing by all parties involved.
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