10 % BUYERS PREMIUM
TERMS AND CONDITIONS
- OF IMPORTANCE TO BIDDERS -
Please Read Carefully
All items are sold at auction subject to the following TERMS and CONDITIONS which shall control the mutual, reciprocal duties among Bid Buy Get (BBG)., [Sales Management], the Consignor, and the Buyer.
1. PURPOSE. The purpose of these TERMS AND CONDITIONS is to: a) establish sale procedures, b) facilitate informed bidding, c) provide for orderly settlement of finances in completion of purchases, d) allocate rights, responsibilities, and risks, and e) provide for orderly dispute resolution.
2. PURCHASE. The Buyer is the high bidder recognized by the auctioneer at the fall of the gavel. The right to bid is reserved for all Consignors, as provided by law unless otherwise announced. If a dispute arises between competing bidders, Sales Management shall immediately re-present the item for advance bids. If there is no advance, the bidder having the last bid recognized by the auctioneer is the successful Buyer.
3. ACKNOWLEDGMENT OF PURCHASE. Upon the auctioneer's declaration that the item is "sold" the Buyer shall forthwith sign the "Acknowledgment of Purchase" presented by Sales Management. If a Consignor repurchases an item by right of the reserve, i.e., the reserve is not achieved, Consignor (or Consignor's Designee) shall execute an acknowledgment affirmatively stating "No Sale". Sales Management reserves the right to void a sale and to re-present the item for sale at auction if a) the high bidder refuses to execute the Acknowledgment of Purchase or otherwise repudiates or fails to perform according to the TERMS AND CONDITIONS, b) auctioneer or Sales Management identifies a material mistake, or c) the bid is declined by Sales Management due to a non-qualifying bidder.
4. BUYER’S PREMIUM. It is the Consignors choice whether or not to charge a buyer’s premium. Bidders are responsible for reading and understanding the terms for each auction prior to bidding. Bidders are responsible for paying the buyer’s premium on any item for which they place a winning bid.
5. PAYMENT. The Buyer shall pay the entire purchase price to Consignor in U.S. funds together with any tax and incidental expenses by wire transfer or credit card. Payment is due within 24 hours. In the event payment has not been made in 24 hours, Buyer agrees to allow Consignor or Sale Management to apply charges to credit card on file. Registration or title and transfers thereof will be held by Sales Management until the funding clears the bank and the entire purchase price and incidental expenses are collected. VISA, MasterCard, American Express and Discover cards are also accepted by Sales Management. The Buyer shall pay any portion of the purchase price, commission, or additional consideration or expenses directly to the Consignor. No form of purchase money financing or extended payments is acceptable unless approved in advance and in writing by Sales Management and Consignor. All Canadian and foreign Buyers must pay via U.S. Bank funds. No drafts or two-party checks will be accepted. Buyer is solely responsible for applicable sales, excise, or transfer tax levied by taxing authorities having territorial jurisdiction. State laws and collection practices vary.
6. PICK UP. Buyer is responsible for pick up within allotted time designated by the auction. If the item is not picked up within given time, item and payment are forfeited.
Upon receipt of full payment, the cashier will issue a paid acknowledgment which must be presented by the Buyer and to the Sales Management authorizing delivery of possession of the item.
7. SHIPPING. Winning bidders are obligated to pick up their items during the scheduled removal dates, as listed with each auction. If you are unable to pick up your items, you may contract with a carrier to pick up, pack and deliver your item on your behalf. However, any third party you authorize on your behalf shall be held to the same obligation to pick up during the scheduled removal dates. BBG maintains a list of preferred carriers, but maintains no liability for damage to items, as described above. If you fail to arrange for your items to be picked up, BBG will charge your credit card on file for the purchase amount, as well as any associated taxes and fees. In addition, BBG will charge you a minimum $50 handling fee to remove items to storage plus $10 per day per item. This handling fee may be raised at the sole discretion of BBG for any item that is difficult to transport.
8. NON-QUALIFYING BIDDER. Sales Management is authorized by the Consignor to decline any bid made by a non-qualifying bidder. A non-qualifying bidder is a person who, in the judgment of Sales Management, does not qualify to purchase the item and to complete the transaction for any of the following reasons: a) lack of financial responsibility including default in payment on a former purchase, b) falsifying information to Sales Management or any Consignor in any way relating to a purchase, including any former purchase, c) intoxication, unruliness, or other conduct which interferes with the progress of the sale, d) lack of contractual capacity, e) repudiation or refusal to comply with purchase requirements, or f) other unacceptable conduct which causes Sales Management to conclude that the bidder is not reliable and responsible.
9. PASSING OF TITLE / RISK OF LOSS. Title passes immediately upon the Buyer's signing of the Acknowledgment of Purchase at which time all risks and responsibility for the item pass to the Buyer; Buyer thereupon assumes all responsibility and expenses for the item. If so desired, the Buyer may arrange for insurance in conjunction with the purchase. Delivery of possession shall not occur until full payment by Buyer and the cashier's issuance of a paid acknowledgment. Each Consignor warrants clear title to the item to be freely transferable at the time of auction upon compliance with any association rules. Furthermore, the Consignor has a duty to disclose information regarding any interest holders having a claim or lien which must be satisfied from the proceeds of the sale. The Consignor warrants that the Consignor is not subject to any association suspension, or restraining order, judgment, or decree impairing Consignor's authority to transfer ownership and possession.
10. BREACH OF PURCHASE. If the successful bidder (i.e., Buyer) fails to make full payment or otherwise to complete the purchase within the required time, Sales Management or Consignor may declare a breach and the defaulting Buyer shall be responsible for the entire purchase price, sales tax (if applicable), incidental expenses, and any consequential damages incurred by Sales Management or Consignor. In addition the defaulting Buyer shall be responsible for payment of a FINANCE CHARGE to be computed on the entirety of the unpaid purchase price, sales tax (if applicable), and incidental expenses at the rate of one and one-half percent (1-1/2%) per month (18% APR annual percentage rate), commencing on the date of sale. In addition, the defaulting Buyer shall be responsible for all expenses of collection, including reasonable attorney fees, board, transportation, farrier, training, conditioning, veterinary expense, and the costs associated with the resale of the item.
11. CONDITION OF THE ITEM. ALL ITEMS ARE AS IS WHERE IS. Each Consignor has a good faith duty to provide accurate information about the item to enable potential bidders to make an informed judgment regarding the item and to prevent disputes regarding the condition of the item.
12. TIME. TIME IS OF THE ESSENCE regarding all-time limitations and time-related duties specified herein which will be strictly enforced by Sales Management.
13. MATERIALITY. All terms and conditions set forth herein are regarded as material and constitute a part of the consideration and inducement to enter into the sales transaction.
14. SEVERABILITY. The unenforceability of any term or covenant of this agreement shall not affect the enforceability of the remaining terms and covenants.
15. CHOICE OF LAW. All items in this sale are offered according to the law of the state where the sale is conducted. The state of Ohio is the forum where Sales Management has its principal place of business and where the consignments originate. Ohio is, therefore, a preferred forum for comparative analysis because of its contacts in interstate commerce with sale related activities.
16. ARBITRATION. Any claims of whatever kind arising from the auction sale or Terms and Conditions are subject to arbitration according to the applicable rules of the American Arbitration Association in the Greater Cincinnati Ohio area
