50 Ton Midwest Hydraulic Press Single Station Punch Model 50 P.O.

TERMS and CONDITIONS of Auction:

Registration & Bidding:

Only one (1) Bidder per paddle number is allowed. The party whose information is provided at the time of registration is responsible for all purchases of made under that Bidder paddle number.  KI Auctions, LLC reserves the right to refuse issuing a paddle number for any reason it believes necessary to protect the integrity of the bid.

NOTICE:  All bidders at this sale agree that they have read and have full knowledge of these terms and agree to be bound thereby.

FOREIGN BUYER DEPOSIT: Anyone located outside of the United States who wishes to participate in the sale are required to wire transfer a refundable deposit of $2500.00 at least 24 hours prior to the sale opening to be approved to bid.

Credit Card Authorization: All Bidders are required to provide a valid MasterCard, Visa or American Express and the appropriate Credit Card Authorization form (as instructed by KI Auctions Staff) in order to bid.  A $200 deposit authorization will be processed on the card provided (there will be no charge at this time, this is a “no transaction” authorization only).  By registering, the Bidder hereby expressly authorizes KI Auctions to charge this Card if the Bidder fails to pay their invoice in accordance with these Terms and Conditions of Auction (the Terms) within forty-eight (48) hours of the issuance of that invoice.

Bidder Information:  By placing any bid, each Bidder expressly represents that they have provided KI Auctions staff with accurate and complete contact, financial, Credit Card, and any other requested information during the registration process.  Each Bidder hereby further expressly warrants and acknowledges that, whether the Bidder is acting as a principal, an agent, or an officer, director, or other representative of an entity, or in any other capacity whatsoever, by placing a bid, they have entered into a legally binding contract with KI Auctions, whereby they will be held personally liable for, and shall be bound to remit payment of, the purchase price, buyer’s premium, taxes, and any other amounts payable on the invoice issued to their paddle number to KI Auctions upon demand and/or per these Terms.

ALL SALES ARE FINAL.  No Bidder may retract their bid.  No returns or refunds will be permitted.  All sales are final.  No invoice shall be cancelled unless authorized by KI Auctions and at their sole discretion.  Should KI Auctions agree to cancel an otherwise valid invoice or any individual lot(s) on same, Bidder expressly herein agrees to be held responsible for, and shall be required to immediately pay, a 10% restocking fee on the total of the bid or hammer price of the lot(s) inclusive of the buyer’s premium.

Disclaimer & Acknowledgement:

• KI Auctions and seller expressly disclaim, without limitation, any warranty of merchantability or fitness for a particular purpose.  These terms are merely meant to be representative; by registering for and/or bidding in this auction, you are expressly acknowledging and agreeing to these Terms as well as all of the Terms and Conditions in both the Bid Card and Auction Catalog.
• CONDITION OF ARTICLES SOLD:  Neither the auctioneer nor the seller shall be responsible for the correct description, genuineness, authenticity of, or defect in any lot, and makes no warranty in connection therewith. No sale shall be set aside nor allowance made on account of any incorrectness, error in cataloging, or any imperfection not noted.  ALL ARTICLES ARE EXPOSED FOR PUBLIC EXHIBITION & INSPECTION, AND SOLD "AS IS", "WHERE IS" AND “WITH ALL FAULTS”, AND WITHOUT RECOURSE.  ARTICLES ARE NOT WARRANTED AS MERCHANTABLE OR FIT FOR ANY PARTICULAR PURPOSE, AND NO CLAIM MAY BE MADE BY PURCHASER RELATING TO THE CONDITION OR USE OF ARTICLES PURCHASED OR FOR PROXIMATE OR CONSEQUENTIAL DAMAGES ARISING THEREFROM.
• SAFETY DEVICES:  Articles purchased may not incorporate approved activating mechanisms, operating safety devices or safety guards, as required by OSHA or otherwise.  It is purchaser's responsibility that articles purchased are so equipped and safeguarded to meet OSHA and any other requirements before placing such articles into operation. KI Auctions shall not be responsible for the functionality of existing safety devices. It is purchaser’s responsibility to ensure that all components are OSHA compliant and fully functional.

Lot Order & Withdrawal:  KI Auctions reserves the right to withdraw items, alter the order of the sale, accept bids from the Seller or their agents or assigns and group lots as it may deem appropriate in their sole discretion or at the direction of Seller or Seller’s agent(s).

Security Interest. Each Bidder expressly grants to KI Auctions a security interest in, and lien upon, the purchased assets and proceeds thereof to secure payment of the purchase price for the purchased assets. Each Bidder expressly acknowledges and agrees that, in the event of non-payment by a Bidder, KI Auctions may proceed to file the Bidder Registration Agreement, UCC-1 financing statements, and any other documents to perfect the security interest and lien granted hereby and that KI Auctions will pursue their interests in such assets to the fullest extent of the law and equity.

Payment:

• All bidders are required to pay in full within 48 hours of invoice date – NO EXCEPTIONS

• Buyer’s Premium:    A “Buyer’s Premium” of 18% of the final hammer price shall be added to each invoice.  Onsite Bidders (where applicable) who pay their invoice in full within 24 hours of its issuance shall receive a 2% discount in their aggregate buyer’s premium.

• Sales Tax:  Applicable sales tax will likewise be added to the purchase price of all taxable items.  All resellers need to contact Mary Kay Hogan at (847) 640-8600 to make arrangements to either fax or email a copy of their Resale Certificate or other state issued certification of exempt status to our office at least 24 hours prior to the day of auction.  Any reseller not doing so risks their exempt status for that auction and, if sales tax is charged, will be required to seek a refund of those monies directly from the state taxing authority in the state in which the auction is held.  ONCE COLLECTED, KI AUCTIONS WILL NOT REFUND STATE SALES TAX – NO EXCEPTIONS.  Lots not paid for (and removed by published deadline and per the terms of removal, below) may be resold at public or private sale without further notice and any deficiency, together with all expenses of that resale and/or removal, will be charged to the defaulting purchaser.

Removal:

• Purchased lots will not be released until payment has been received in full.  Wire transfers must clear in order for payment to be considered “received in full”.

• Rigging/Removal: IS THE RESPONSIBILITY OF THE BIDDER/BUYER and all riggers are required to be licensed, insured and approved, in advance, by KI Auctions.  Every effort will be made to facilitate the timely and professional removal of the assets.  All removal activity must be in accordance with OHSA guidelines and at the direction of on-site KI Auctions and/or Seller staff.  Removal may begin when the auction has been completed and Payment in full has been made (each Invoiced lot and any other invoiced line item – sales tax, Buyer’s Premium, etc. – must be paid).  Any lot not removed from the premises by the published removal deadline shall be removed and may be resold at public or private sale and/or scrapped by KI Auctions, in their sole discretion, without further notice and the costs of same shall be charged to the defaulting buyer.

• Preferred Riggers/Disclaimer:  For most sales, KI Auctions will provide a list of “preferred riggers” who have offered services for that sale, have proof of commercial liability insurance on file with KI Auctions and are familiar with the particular offerings of the sale.  Preferred rigger information is provided solely as a courtesy to our buyers. KI Auctions is not affiliated with and does not endorse or guarantee the services of any machinery rigging, transport or export company, and cannot be held responsible for any damage or other problems incurred as a result of the actions of said companies.

• Buyer Responsibility/REMOVAL DEADLINES:  Each buyer expressly acknowledges and agrees that they shall be responsible for all costs and expenses associated with removal of the purchased lots and shall be liable to KI auctions, Seller, owner and/or landlord of the premises at which the purchased lots are located, and all other third parties and are solely responsible for removing all purchased lots from site by removal deadline.  Buyers with items left on site after deadline are subject to fines of $500 per day or could be subject to abandonment (and in accordance with other Terms found in this Section) with no further recourse.

• REMOVAL DATES: Removal will take place from THURSDAY, JULY 18^th – FRIDAY, JULY 26^th, BY APPOINTMENT ONLY. Alan’s Machinery Movers will be offering on site loading for a fee. Fees will be listed with each lot in the sale on Bidspotter. Please contact Enrique at Alan’s Machinery Movers to coordinate rigging, 773-302-2362. Winning bidders may send in other riggers, only if proper insurance is provided to KI Auctions prior to removal. KI Auctions reserves the right to approve or deny any rigging company access for removal of items.