Mid-South Processors Equipment Auction

Low opening bids.  Only 20 of 231 lots sold with reserve

R~M Auction & Appraisal Co. Timed Auction – Oct 1, 2014

Definition of certain terms:

“Auction Company” shall mean R~M Auction & Appraisal Co., a trade name of TCIS, Inc., an Arkansas corporation with its principal place of business at PO Box 1303, Fayetteville, AR.

“Back-up Bidder” shall mean the bidder in 2^nd place behind the highest bidder.

“Buyer” shall mean:

1)       The bidder whose high bid is accepted by the Auction Company, or

2)      The Buyer who executed the “Buy It Now” option, or

3)      The bidder who is the Back-up Bidder should the high bidder be disqualified for any reason.

“Seller” shall refer to the owner of the equipment, which may be one of any number of entities that consigns equipment to the above titled auction.

Condition

By applying to be accepted as an authorized bidder, “Buyer” enters into an agreement by which the Buyer accepts, without reservation, all the below Terms and Conditions of this agreement, together with the above definitions. Acceptance and use of a Bidder Number shall result in the Bidder's unreserved agreement to these Terms and Conditions. Consideration for this agreement is acknowledged to have been given and received.

Terms and Conditions

1)      Some pieces of equipment are sold in “Good Running Condition” with any exceptions stated in the equipment description. For example, if the description states that a part is missing from the machine, then the machine is sold in good running condition with the exception of that one missing part. The below lettered terms shall also apply:

A) For many of the items, which have been tested and were working at the time of the test, the “Good Running Condition shall only apply if a certain selling price is achieved,which price is shown in each applicable lot description.  If that price is not achieved, then the item will be sold AS IS.

B) Unless otherwise stated or agreed to, Buyer shall have exactly 5-working days from the date the machine arrives,  as shown on the trucking company’s signed bill of lading,  to test machine;

C) If the machine does not run well, when tested by Buyer, the buyer must so notify the Auction Company, in writing within five working days of receipt of the equipment or within 30 calendar days of the end of the auction, whichever comes first. (Email with return receipt is acceptable.)

D) Once so notified, the Auction Company shall have two options:

                i) Order the machine’s immediate return, freight pre-paid, for a full refund, with no further recourse, or

                ii) With Buyer’s agreement, send to Buyer’s location a technician and/or any replacement parts needed to make machine in good running condition.  If the Buyer chooses the replacement parts option, once the correct replacement parts have been sent, with or without a technician, the sale shall be considered final, and no further recourse shall be available to Buyer.  In any case, no warranty shall exist after 30 days from the Buyer’s receipt of the equipment.

D) Buyer is responsible for freight both to its facility, and, if so ordered, return freight to the Auction Company warehouse in Prairie Grove, Arkansas, or the origin site, whichever is designated by the Auction Company.

E) If return is ordered, machine must be returned in the same condition as it was sent, or in better condition.

F) If damage to the equipment occurs during the time it is being transferred, that damage shall be the responsibility of the Buyer, and the limited warrant shall be voided. So, please make sure you insure the shipment.

G) The term “Good Running Condition” shall mean that the machine can start and run and process the products for which it was designed. It shall not mean that the equipment has been rebuilt or reconditioned, unless that is explicitly stated. 

H) Equipment described as “Offered AS IS,” is sold with all faults and with no recourse to buyer.

I) No matter what condition is given in the equipment description, neither the Auction Company nor the Seller shall be responsible for any safety issues or downtime issues related to the equipment. The Buyer, solely, shall be responsible for assessing what safety standard(s) should apply to the usage of any purchased equipment.

J) All parties involved in describing equipment have done their best to do so accurately.  However, mistakes are possible.  Neither Seller nor Auction Company shall be held liable by Buyer for any inaccuracies or mistakes in description of any piece of equipment.

2) Bidders’ Qualification

A) All buyers must be approved by Auction Company.

B) If a Buyer has changed any contact information after originally registering his/her username at BidSpotter, Buyer must notify the Auction Company of the current contact information, including phone number, fax number, address, and email address.

C) Entities without a legal presence in the United States of America or Canada shall not be qualified to bid unless specifically approved by the auction house or unless the Auction Company receives a 20% deposit, in advance of bidding.

D) Back-up Bidder - If it is discovered that a non-qualified bid has been placed, that bid shall be made null and void, and the highest or winning bid shall revert to the next highest bidder. In other words, the 2nd highest bidder or Back-up Bidder, who, if the auction has ended, shall become the Buyer in that instance, and shall assume all obligations of the highest bidder, at the Back-up Bidder’s final high bid.

E) Prior to bidding, Buyer shall supply Auction Company with a Bank Letter of Guarantee, unless excused from doing so by the Auction Company. (See sample below.)

3) “Buy-It-Now” Option

A Bidder may execute the Buy It Now option, at which time the risk of loss and shall pass to the Bidder and the Bidder shall become fully liable for timely payment, which payment shall be due via bank wire or approved company check, within 48 hours of the execution of the Buy It Now Option. Any term applying to an auction purchase shall also apply to the Buy It Now option.  Buyer’s Premium shall apply to this option.

 4) Payment

    Immediately upon notification of a successful winning bid, or at the latest, within 2 business days after the end of the sale, payment shall be made via wire transfer or overnight delivery of a company check, backed by a Bank Letter of Guarantee, if so required by Auction Company.

    Buyer shall make full payment, in USD, including applicable 18% Buyer’s Premium. 

    Any  skidding/crating/palletizing and/or loading charges, per lot, will is due and will be collected at the time of settlement. 

5) ESCROW ACCOUNT

                For all equipment offered in good operating condition, until the 5-Working-Day machine-test-time has expired, Auction Company shall hold all funds in an escrow account. Once the test time has expired, or once 30 days from the end of the auction has passed, Auction Company shall issue payment to the seller, after which time Buyer shall have no further recourse of any kind.

6)  BUYER’S PREMIUM

                 An 18% Buyer’s premium shall be added to the final high bid amount for each sold item.   

                 R~M Auction will charge, if applicable, an additional 3.5% handling charge on the total invoice for all credit card transactions.

7) Non-payment

A) Buyer authorizes Auction Company to notify anyone Auction Company chooses, informing them that the Buyer has defaulted on the payment terms of this agreement, if Buyer’s payment is not made in full and in a timely manner. Such authorization shall remain in effect until full payment, including any recovery fees and expenses, has been made.

B) Buyer shall be responsible for any and all costs of payment recovery, available under law.

8) Shipping

A) All equipment shall ship from its origin in Arkansas, Louisiana, Missouri, Oklahoma, or Nebraska.

B) For all items at Auction Company warehouse in Prairie Grove, AR, Auction Load Out Days/ Hours are Mondays, Tuesdays, and Wednesdays from 9:00 AM to 3:30 PM.

C) Unless otherwise noted, the Auction Company shall load all equipment onto a truck designated by the Buyer.

D) CRATING & SKIDDING

Should crating, palletizing or skidding be required, Auction Company will expect payment for that cost at the time of settlement.   Please note that crating/skidding/palletizing will be done on a first come first serve basis.    Skidding/Crating lead-time can delay shipment. Crane charges, if applicable, are also due in advance of loading.  If “Loading” is offered, then you may choose that charge and declne any skidding or crating or palletizing, and thus avoid Skidding or Crating charges. Please understand that most Box Van LTL freight companies will not accept Un-skidded or Un-crated or Un-palletized freight.

E) Damage to the equipment caused during shipping, shall void the machine status from Good Operating Condition.  Any Buyer recourse for such damage shall be addressed only to the shipping company. Neither the Auction Company nor Seller shall incur any shipping damage liability, nor will Auction Company or Seller accept any equipment returns if the equipment is damaged during shipping.  Buyer hereby agrees to indemnify and hold harmless both the Auction Company and the Seller from any shipping damage-related expenses.

F) Equipment not picked up after 30 days from the close of the auction shall be considered abandoned. After 30 days, Buyer shall have no recourse, unless Buyer has made other arrangements with the Auction House before the 30-day period has expired.

9) The Auction House reserves the right to change the starting bid, the bid increment, the Buy It Now price,  and/or the reserve price (if the starting bid has not been met) during the course of the auction, or to remove an item from the auction if the starting bid has not been met.

10) For all but 20 Lots with reserves, the opening bid shall be a winning bid, if not further bids are placed, and thus will result in an absolute sale.

11)  Arkansas shall be the jurisdiction governing any dispute, and Arkansas Law shall govern this agreement.

12)  Should any terms be ruled as unenforceable, the remainder of the terms shall be in full force and affect.

13) Bidders acknowledge that they have read and accepted these and any other posted terms, by virtue of accepting a bidding number and placing a bid.

Per R~M Auction & Appraisal Co.

*See BANK LETTER OF GUARANTEE TERMS AND SAMPLE ON NEXT PAGE

Bank Letter of Guarantee

A LETTER OF GUARANTEE must accompany Non-Arkansas-Bank PERSONAL CHECKS or ANY COMPANY CHECKS . All funds are payable in US Dollars.

Once you have a Bank Letter of Guarantee, you may

• Mail it to us at:

R-M Auction & Appraisal, PO Box 1303, Fayetteville, AR 72702

• Email it to us at

rmauction@bmaster.com

• Or, fax it to us at 479-442-5860.

All parties agree that transmission of the Bank Letter of Guarantee via one of the above 3 methods will be deemed an original.

Below is a SAMPLE Bank Letter of Guarantee.

Bank Letter of Guarantee

(Letterhead)

Date

To: R~M Auction & Appraisal

PO Box 1303

Fayetteville, AR 72702

From: Name of bank

Name of Bank Officer

Re:  Mid-South Processors Equipment Auction

September 8, 2014

Internet bidding, timed auction only

Ending on October 1 beginning at 12 pm, Central time zone

The (name of bank here) hereby guarantees checks written on

(name of company here), account number (number of your checking account here) in an amount up to (maximum total  expenditure here) for items purchased at Mid-South Processors Equipment Auction  September 8^th, 2014   by Internet bidding only, ending  October 1, 2014  beginning at 12 pm central time zone.

(Signature of bank officer here)

(Title of bank officer here)