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AUCTIONEER TERMS AND CONDITIONS
THIS DOCUMENT CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS AND OBLIGATIONS, AS WELL AS CONDITIONS, LIMITATIONS, AND EXCLUSIONS THAT APPLY TO YOU. PLEASE READ IT CAREFULLY. These Auctioneer Terms and Conditions apply to auctions conducted by SIGMA AUCTION (“Auctioneer”), and constitute a legal, valid, binding, and enforceable contract between Auctioneer and You. These Auctioneer Terms and Conditions, along with any applicable written purchase agreement, form the basis for the contract of sale between You and the Seller to the extent You are the Winning Bidder on any Lot.
The Auction is conducted under and in accordance with these Auctioneer Terms and Conditions, any and all other terms and conditions posted by Auctioneer, any announcements or corrections made by Auctioneer at the time of the Auction, and applicable law.
All Participants, not just Bidders, are hereby made subject to these Auctioneer Terms and Conditions to the maximum extent allowed by applicable law.
Online Auction Platform. Access and use of any Online Auction Platform is subject to any and all third-party terms and conditions provided therein.
BY REGISTERING AS A BIDDER, YOU ACKNOWLEDGE AND AGREE THAT YOU HAVE READ, UNDERSTOOD, AND HAD A FULL AND FAIR OPPORTUNITY TO REVIEW ALL THESE TERMS AND CONDITIONS WITH OR WITHOUT AN ATTORNEY, AND AGREE TO BE BOUND BY SUCH TERMS AND CONDITIONS.
BY SUBMITTING A BID, EVEN IF YOU ARE NOT REGISTERED, YOU THEREBY AGREE TO BE BOUND TO THESE TERMS AND CONDITIONS.
Auctioneer may amend these Auctioneer Terms and Conditions from time to time and at any time without notice to You by posting such amendments on Auctioneer’s web site.
With respect to a particular Auction, Auctioneer may supplement these Auctioneer Terms and Conditions with conspicuous announcements, postings, and corrections, which are binding and take precedence over any advertisements or listings.
Should You not agree with any amendment to these Auctioneer Terms and Conditions, or should Auctioneer make any announcement, posting, or correction to these Auctioneer Terms and Conditions with which You do not agree, You must immediately notify Auctioneer of Your objection thereto and cease all further participation in the Auction.
Your continued voluntary participation in the Auction, whether at the Auction Site, online, telephonically, or through any other means (including Absentee Bid), constitutes further evidence of Your consent to be bound by, and to comply with, all Auctioneer Terms and Conditions.
Electronic Communications. By accessing or using the Online Auction Platform, providing your e-mail address during Bidding Registration, or sending Auctioneer an e-mail, You consent to receive communications from us electronically.
Inducement. Acceptance of these Bidder Terms and Condition specifically serves as an inducement on which Auctioneer will rely in the decision whether to accept a Bidder’s Registration, to issue a Bidder Number and/or Bidder Account, and to permit a Bidder to bid at the Auction.
Auctioneer is acting solely as Seller’s agent; Auctioneer is not Your agent and does not represent You. You specifically recognize that Auctioneer has not acted as Your attorney or tax advisor in connection with the Auction.
Except as expressly stated otherwise in writing, Auctioneer is providing services as an independent contractor for Seller only and is not responsible for statements made by other parties.
You recognize that, from time to time, Auctioneer may independently own a Lot (and, under such circumstances, also acts as the Seller) and/or may have a legal, beneficial, or financial interest in a Lot as a secured creditor or otherwise.
You recognize that, from time to time, Auctioneer may independently bid on a Lot for its own private purposes.
The following definitions apply to these Auctioneer Terms and Conditions for each Auction conducted by Auctioneer:
“Absentee Bid” means a bid submitted to Auctioneer in advance of the Bidding Period for execution during the Bidding Period under terms established by Auctioneer.
“Absentee Bidder” means a Person who submits an Absentee Bid (whether or not present during the Auction).
“Absolute” means, with respect to an Auction or the sale of a Lot at an Auction, that the subject property is sold to the highest bidder regardless of the amount of the final bid, with no limiting conditions, restrictions, or reservations; this type of auction is also known as an auction “without reserve.”
“Auction” means an auction conducted by Auctioneer.
“Auctioneer” means Sigma Auction.
“Auctioneer Terms and Conditions” means this document, together with any announcements or postings by Auctioneer concerning the Auction, as the same may be amended or modified by Auctioneer from time to time, including, without limitation, terms and conditions for Bidder Registration, bidding, payment, and resolution of disputes among Bidders and the terms and conditions of the third-party Online Auction Platform, which are hereby incorporated herein to the extent they are not otherwise incompatible.
“Auction Site” means the physical location where the Auction is conducted or where inspections or Removal may be made.
“Bidder” means any Person that tenders a bid at an Auction, whether or not the Person is registered.
“Bidder Account” means the number or other identifier assigned to a Bidder by Auctioneer or via the Online Auction Platform. (See, also, Bidder Number).
“Bidder Number” means the number or other identifier issued by Auctioneer to a Bidder for the purposes of identifying bids to such Bidder. (See, also, Bidder Account).
“Bidder Registration” means the formal enrollment of a prospective Bidder to bid at an Auction, including such Person’s provision of information and agreement to be bound by Auctioneer’s Terms and Conditions.
“Bidding Period” means, with respect to a Lot, the period during which bids thereon may be tendered.
“Buyer’s Premium” means, with respect to a Lot, a non-refundable administrative fee that is payable by the Winning Bidder to Auctioneer and which becomes Auctioneer’s own property.
“Contract Price” means an amount equal to the final sale price plus the amount of the Buyer’s Premium.
“High Bid” means, with respect to a Lot, the then-current highest amount offered from all bids recognized by the Auctioneer or the Online Auction Platform.
“Lot” means each individual item or grouping of items at an Auction offered for sale as a single unit.
“Online Auction Platform” means the hardware and software utilized to conduct an Auction online and to facilitate online bidding, including any associated, adjunct, and/or complementary websites, services, premiums, and promotions.
“Participant” means any Person who attends or who otherwise participates in the Auction, whether physically or remotely; the term includes, but is not limited to, Bidders, prospective Bidders, a Bidder’s guests, and a Bidder’s agents, including those involved only in inspection and Removal activities.
“Person” means any individual 18 years or older, and any partnership, firm, company, corporation, association, joint stock company, trust, estate, governmental entity, or any other legal entity; the term also includes any legal representatives, agents, and assigns thereof except where such use would create a substantial injustice.
“Removal” means the act of picking up or removing a sold Lot by its respective Winning Bidder at the date(s), time(s), and location indicated for such during the Auction or as later agreed to by Seller and Winning Bidder.
“Private Sale” means an event in which any Lot, or portion thereof, for which a sale was not finalized as part of the Auction, is sold by the Seller.
“Private Sale Price” means, with respect to one or more items of property offered for sale at a Private Sale, either:
the purchase price for the items, as part of an arm’s-length transaction; or
the fair market value of the property, if otherwise disposed or transferred;
whichever is higher.
“Reserve Price” means the minimum amount, if any, that Seller is willing to accept for a Lot as a Winning Bid.
“Seller” means, with respect to a Lot before it has been sold at the Auction, its owner; the term includes any agents of such Person.
“Unpaid Lot” means a Lot for which the respective Winning Bidder has not timely tendered full payment for the Contract Price.
“Winning Bid” means the High Bid when the Bidding Period concludes, disregarding any bids that may become rejected by Auctioneer in accord with applicable law.
“Winning Bidder” means, with respect to a Lot, the Bidder who made the Winning Bid.
“With Reserve” means, to the extent such term is applied to a Lot, that the Auctioneer may Withdraw the Lot and/or reject bids placed thereon before the Bidding Period concludes.
“Withdraw” means to remove a designated Lot during the Bidding Period, or else, never to expose the Lot for sale at the Auction.
“You” (related terms: “Your,” “Yourself”) means and includes, except where such use would create a substantial injustice:
the Person that is currently accessing this copy of these Auctioneer Terms and Conditions;
any Person you represent or on whose behalf You are acting; and
Your legal representatives, agents, and assigns;
provided, however that the term does not include the Auctioneer, any legal authority with jurisdiction over the Auction or, with respect to a Lot, the Seller.
Absolute Discretion. Auctioneer will regulate all matters relating to the conduct of the Auction.
“May.” The use of “may” with respect to an Auctioneer power in these Auctioneer Terms and Conditions means that the Auctioneer can choose to exercise, or refrain from exercising, the power for any reason and in its sole and absolute discretion,
Sale of Lots. Auctioneer may terminate, change, or suspend the sale of any Lot or any aspect of any Auction sale.
Bidder Registration. Auctioneer may refuse to accept a Bidder Registration from any prospective Bidder, may refuse to grant bidding privileges to any prospective Bidder, and may suspend or revoke the bidding privileges of any Bidder at any time.
Bidding Period. Auctioneer may close early, extend, reset, or reopen the Auction, including the Bidding Period on any Lot.
Bidding. Auctioneer will have sole and absolute control over bidding procedures.
Winning Bidder Certification. The Auctioneer will make and certify the final determinations as to the Winning Bidder of each lot. The certification may be generated manually or automatically, and the Auctioneer may make this certification personally, by email, by electronic message, or otherwise.
Technology. Auctioneer may continue, suspend, delay, extend, reschedule, or close an Auction because of a disruption caused by a technology failure, even after the Bidding Period has commenced.
Auction Site. Auctioneer may eject any Bidder or other Participant from the Auction Site at any time.
Lot Removal. Auctioneer may prohibit the Removal of any Lot from the Auction Site until payment for the Lot has cleared.
Disputes. Auctioneer will resolve any and all disputes, and Auctioneer’s decisions will be final and binding.
Records. Absent any clerical error, Auctioneer’s records will be final and conclusive.
Waiver. Auctioneer may waive any provision of these Auctioneer Terms and Conditions that are intended for the benefit of Auctioneer and/or Seller.
Auction. Except as otherwise indicated, the Auction is being conducted at the Auction Site, which is located in the State of Indiana.
Property. Except as otherwise indicated, all Lots are offered for sale in the State of Indiana and will be sold in the State of Indiana.
Documentation. Notwithstanding the physical location of any Bidder or Participant:
these Auctioneer Terms and Conditions;
all bids and payments; and
all contracts between Seller and Winning Bidder;
will be deemed to have been made, accepted, and entered into in the State of Indiana.
Delivery. Except as otherwise agreed to in writing, all Lots will be delivered in the State of Indiana.
Requirement. All Bidders are required to register to bid at the Auction; provided, however, that Auctioneer may receive a bid from any Person that has not registered to bid and/or has not satisfied all requirements for Bidder Registration.
Eligibility. By registering to bid, a Bidder represents to Auctioneer that:
to the extent that the Bidder is a natural person, the Bidder is at least eighteen (18) years of age and is otherwise legally able to enter into contracts; and
to the extent that the Bidder is an entity (i.e., corporation, limited liability company, or other organization), the Bidder has the power and authority to register, to bid, and to complete a purchase transaction if the Winning Bidder.
Identification. All Bidders are required to provide a copy of a valid form of government-issued identification.
Rules. Auctioneer may establish forms and such other Bidder Registration requirements and Bidder qualifications, such as guarantees of financial responsibility, as Auctioneer determines to be reasonably necessary or appropriate.
Information. Each Bidder must provide such information (including identifying information and qualifications) as requested by Auctioneer.
Security of Bidder Account. Each Bidder is responsible for monitoring and maintaining the security of the Bidder Account and its contents. If, at any time, a Bidder knows or suspects that the Bidder Account has been hacked, cloned, compromised, or improperly accessed, the Bidder must immediately notify Auctioneer thereof in writing A Bidder who notifies Auctioneer in this manner will not be responsible for a third-party bid tendered through the Bidder’s Bidder Account after such notice is received by Auctioneer.
Credit Card Hold. As a condition of registration, Auctioneer may require a hold and pre-authorization of up to Five Thousand Dollars ($5,000.00) to be placed on a Bidder’s credit card from the date of registration until the close of the Auction. If the Bidder is not a Winning Bidder with respect to any Lot or to the extent a Winning Bidder has satisfactorily performed its payment obligations, such hold will be removed from the credit card in accordance with the respective credit card company’s procedures.
Deposit. As a condition of registration, Auctioneer may require a deposit or letter of credit that is reasonable under the circumstances.
Waiver. Auctioneer and/or Seller may (but will not be required to) waive any Bidder Registration requirements, either globally or on a case-by-case basis.
Disclaimer. BIDDER QUALIFICATION PROVISIONS ARE INTENDED FOR THE BENEFIT OF AUCTIONEER AND SELLER AND CREATE NO RIGHTS OR INTERESTS IN ANY OTHER PERSONS, INCLUDING COMPETING BIDDERS.
Mailing List. Auctioneer may use Bidder Registration information to notify previously registered Bidders (by email or otherwise) about future Auctions and events. A Bidder may opt out of receiving such notification by providing written notice to Auctioneer.
Posted Times. Any advertised or published times for bidding on a particular Lot are estimates provided for convenience only, and Auctioneer will have no liability with respect to any Lot sold before or after an advertised or published time.
Time Zones. The default local time zone for the Auction Site is Central Daylight Time. Except as otherwise stated, all posted or listed times are intended to reference the local time zone at the Auction Site. Posted closing times and time displays are approximate.
Calculation of Days. Time limits shall be computed by excluding the first day and including the last. Any provision specifying a certain amount of days includes all intervening weekdays, weekends, and/or holidays except that, if the last day be a Saturday, Sunday, or a state or federal holiday, it will be excluded from the computation. Any document received after the close of Auctioneer’s regular business hours shall be deemed received the following business day.
Lot Descriptions and Images.
Any description of a Lot, and any photograph, drawing, depiction, or other image of a Lot, that is provided by Auctioneer is based solely on visual impression and is given solely for identification purposes.
By submitting a bid on a Lot, a Bidder waives any argument that a description or image of the Lot may be inadequate in any way.
EXCEPT AS OTHERWISE EXPRESSLY STATED IN WRITING, NO LOT DESCRIPTION OR IMAGE CREATES ANY REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, BY AUCTIONEER OR SELLER.
Withdrawal. All Lots, whether Absolute or With Reserve, may be Withdrawn by Auctioneer or Seller before the Bidding Period begins.
“As Is / Where Is” Condition. EACH LOT IS PUT UP FOR SALE, AND WILL BE SOLD, IN ITS AS IS/WHERE IS CONDITION AT THE TIME OF THE AUCTION, WITH ALL FAULTS, INCLUDING ANY HIDDEN DEFECTS OF ANY NATURE. EXCEPT AS EXPRESSLY STATED OTHERWISE IN WRITING, PROPERTY THAT IS EXPOSED FOR SALE IN ITS “AS IS” CONDITION HAS NOT BEEN MODIFIED, ALTERED, INSPECTED, OR TESTED BY AUCTIONEER. NEITHER AUCTIONEER NOR SELLER MAKES ANY REPRESENTATION, WARRANTY, OR GUARANTEE WHATSOEVER, EXPRESS OR IMPLIED, REGARDING THE NATURE, VALUE, SOURCE, AUTHENTICITY, FITNESS, MERCHANTABILITY, AND/OR ANY OTHER ASPECT OR CHARACTERISTICS OF SUCH LOT. NO STATEMENT ANYWHERE, WHETHER EXPRESS OR IMPLIED, INCLUDING VERBAL STATEMENTS MADE BY AUCTIONEER, WILL BE DEEMED A WARRANTY OR REPRESENTATION BY AUCTIONEER OR SELLER. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THERE ARE NO WARRANTIES OF NON-INFRINGEMENT, AUTHENTICITY, ORIGIN, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED. EXCEPT AS EXPRESSLY STATED OTHERWISE IN WRITING, AUCTIONEER DOES NOT GUARANTEE OR WARRANT HOURS OR MILEAGE ON MACHINERY, EQUIPMENT, OR VEHICLES. THIS “AS IS” DISCLAIMER APPLIES PRE-AUCTION, POST-AUCTION, AND DURING THE AUCTION.
Acknowledgment of Inspection. By submitting a bid on a Lot where inspection is available, a Bidder certifies that the Bidder:
is solely responsible for any inspection desired;
has had a full and fair opportunity to inspect the Lot;
is relying solely on, or has waived, such inspection and investigation; and
has not relied on any statement, representation, warranty, or guarantee made by Auctioneer, Seller, or their respective agents or representatives.
Acknowledgment of Risk. By submitting a bid on a Lot where inspection is unavailable, a Bidder certifies that the Bidder:
is knowingly and willing bidding on the Lot without an inspection;
is not relying on any statement, representation, warranty, or guarantee by Auctioneer, Seller, or their respective agents or representatives; and
assumes any and all risks associated with the purchase of the Lot without an inspection.
Questions. By submitting a bid on a Lot, a Bidder waives any argument that he or she did not have a full and fair opportunity to ask questions and to conduct any and all due diligence deemed necessary or appropriate therefor, and that any responses received, were inadequate.
Parameters. Once the Bidding Period begins, a Lot put up for sale as an Absolute Auction will be sold to the High Bidder no matter how low the final bid amount may be, and the Seller has given up any right to place a minimum or reserve amount on the bidding or sale.
Notice. EXCEPT AS EXPRESSLY STATED BY AUCTIONEER IN WRITING, NO LOT SHALL BE CONSIDERED TO BE FOR SALE AT ABSOLUTE AUCTION OR WITHOUT RESERVE.
Power to Withdraw. Except as otherwise expressly and unequivocally stated in writing, each Lot will be deemed, by default, to be for sale “With Reserve,” and Auctioneer may Withdraw any such Lot before the Bidding Period concludes, even if bids have been tendered and/or recognized.
Reserve Price. A Lot put up for sale “With Reserve” may, but not must, have a Reserve Price if expressly agreed to between Auctioneer and Seller in writing
Acceptance of Terms. Registered Bidders may only bid at the Auction by agreeing to be bound by these Auctioneer Terms and Conditions.
Bid Increments. Auctioneer and/or the Online Auction Platform may establish, control, adjust, or modify bid increments.
Online Bidding; Maximum Bids.
A successful online bid on a Lot is submitted as either a single advancing bid or as a maximum bid, and bidding will advance competitively to the next available increment.
A Bidder who submits a single advancing bid on a Lot that is greater than both the then-current High Bid and any maximum bid previously submitted thereon will have the new High Bid.
A Bidder who submits a single advancing bid on a Lot that is equal to or less than the maximum bid previously submitted by another Bidder on the same Lot will be deemed outbid, but the High Bid will advance by one or more corresponding increments.
When a Bidder submits a maximum bid on a Lot for which a maximum bid is already in place, the higher of the two bids will become the new High Bid, subject to any increment rules.
Automatic Bidding Period Extensions. An automatic Bidding Period extension feature may be used with respect to any Lot sold using an Online Auction Platform. This means that the Bidding Period will be extended one or more times by a set amount determined in advance by the Auctioneer to the extent that a bid is entered within a set time period approaching the end of the Bidding Period.
Sale. Subject to applicable reopening provisions, when the Auctioneer declares a Lot “sold” or the Bidding Period timer for a Lot on the Online Auction Platform has elapsed, the Bidding Period is closed, bids are no longer accepted thereon, and the Bidder with the High Bid becomes the respective Winning Bidder.
Bid retractions are disruptive and interfere with the Auction, may undermine Bidder confidence in the Auction, and may have a negative impact on the final sale price.
Auctioneer relies on tendered bids in the conduct of the Auction.
No Bidder may retract, revoke, reduce, or cancel a bid that has been acknowledged by Auctioneer and/or that has been submitted online except as Auctioneer may specifically allow for good cause.
No retraction will serve to revive any previous bid.
Bidding by Seller.
Except for a Lot that is expressly identified, in writing, as being exposed for sale as an Absolute Auction that is not a forced sale, Seller retains the right to bid at the Auction, either directly or indirectly.
Auctioneer may execute bids on Seller’s behalf on any and all Lots exposed for sale With Reserve, and there is no requirement that any specific bid executed on Seller’s behalf or against the Reserve Price be identified as such or that such bids will be tendered under any particular Bidder Number or Bidder Account.
Reopening the Bidding.
Auctioneer may reopen the Bidding Period to the extent that:
a bid is made concurrently with the end of the Bidding Period;
after the end of the Bidding Period, Auctioneer is made aware of a bid that was previously unnoticed;
after the end of the Bidding Period, Auctioneer is made aware that Auctioneer and a bid assistant have each acknowledged a High Bid in the same amount from different Bidders;
clear evidence that a bid tendered or attempted to be tendered prior to the end of the Bidding Period has gone unrecognized; or
some other bid dispute arises.
If the Bidding Period for a Lot is reopened, the bid recognized by Auctioneer as the High Bid prior to the reopening remains as such.
Auctioneer will suffer no liability because of Auctioneer’s decision to reopen the bidding or not.
Each Bidder is responsible for all bids made using its Bidder Number or Bidder Account.
Each Person that owns the computer, device, or Bidder Account on which the Winning Bid is submitted will be deemed to be the Winning Bidder and jointly and severally responsible with each other such Bidder.
A Bidder whose Bidder Number has become lost, stolen, or misappropriated, or whose Bidder Account has been hacked or compromised should notify Auctioneer immediately. Each Bidder is liable for all bids tendered prior to such notice.
Policies. Auctioneer may create policies and procedures for Absentee Bids and require that all Absentee Bidders comply therewith.
Relationship. Auctioneer acts as the agent of the Seller only, and the receipt and/or execution of an Absentee Bid will not create an agency relationship between Auctioneer and any Absentee Bidder.
Disclaimer. Auctioneer may receive Absentee Bids. Auctioneer will make reasonable efforts to execute any Absentee Bid received, but Auctioneer will have no liability to any Absentee Bidder for the failure to execute any Absentee Bid for any reason whatsoever.
If the execution of an Absentee Bid at its maximum amount would require Auctioneer to accept a bid that is less than a full bidding increment, Auctioneer may acknowledge or reject such Absentee Bid.
An Absentee Bidder may authorize Auctioneer to advance the bid by one or more bidding increments after the maximum amount of the Absentee Bid is, or would be, reached.
Resolving Tie Bids. A Lot may be sold to another Bidder for the maximum amount of the Absentee Bid based on a bidding sequence that causes another Bidder to reach such amount first.
Obligation. A Person who is declared or certified as the Winning Bidder on a Lot will be contractually obligated to pay the Contract Price. The resulting sales contract is made directly between the Seller and the Winning Bidder.
Documentation. No additional or further writing will be required to evidence the existence of a contract of sale for any Lot sold at the Auction regardless of the Contract Price, and the Bidder Registration (if any), these Auctioneer Terms and Conditions, Auctioneer’s clerking sheets, and any other physical or digital notation identifying the Lot, the final sale price, and the Winning Bidder will be conclusive evidence of the purchase and sale contract between the Winning Bidder and the Seller, as well as the terms of the sale.
Incorporation. These Auctioneer Terms and Conditions will be incorporated into and made a part of the respective contract between Winning Bidder and Seller.
Memorandum. Auctioneer may require a Winning Bidder to sign a memorandum memorializing the sale, but the absence of any such memorandum will not affect the sale or the contract of sale.
Title. Title, ownership, and risk of loss with respect to the Lot pass to the Winning Bidder immediately upon the end of the Bidding Period, subject to an Auctioneer lien to ensure that the Winning Bidder fulfills the ultimate sales contract and pays the Buyer’s Premium and other taxes and fees.
Removal. Removal of a Lot is the responsibility of the respective Winning Bidder.
In General. Each Lot is subject to a Buyer’s Premium that will be calculated as a percentage of the final sale price.
Responsibility. The Buyer’s Premium accrues at the end of the Bidding Period, vests in the Auctioneer, and is the payment responsibility of the Winning Bidder.
Display. The exact percentage of the Buyer’s Premium is typically shown on the Bidder Registration page and/or otherwise announced by Auctioneer.
Default Percentage. Unless otherwise stated in writing, posted on Auctioneer’s website, or posted at the Auction Site, the Buyer’s Premium will be in an amount equal to eighteen percent (18%) of the final sale price for each Lot.
The amount of the Buyer’s Premium may vary depending on whether a Bidder’s bid is submitted online, at the Auction Site, or otherwise.
Auctioneer may reduce, either globally, or on a case-by-case basis, the amount of the Buyer’s Premium.
Processing Fees. The Auctioneer may assess a credit card processing fee and/or check verification fee on top of the Buyer’s Premium to cover the costs associated with processing the Buyer’s Premium.
Advance Payment. The fees assessed pursuant to this section shall be paid in advance before any Lot is delivered to the Winning Bidder.
Ignorance of, or refusal to pay, the Buyer’s Premium shall in no way entitle a Winning Bidder to retract, revoke, or cancel a Winning Bid.
Default on payment on a Lot does not remove a Winning Bidder’s obligation, in full or in part, to pay the Buyer’s Premium associated therewith, even if a Lot is resold and a separate Buyer’s Premium is obtained thereon.
Once the Buyer’s Premium is earned at the end of the Bidding Period, it is impossible for Auctioneer to mitigate its damages with respect to the Buyer’s Premium, and therefore Auctioneer has no obligation to do so.
Applicability. Unless an exemption applies, each purchase is subject to sales tax in the jurisdiction(s) where delivery or pick-up occurs.
Calculation. Except as otherwise directed by the applicable taxing authority, sales tax will be calculated based on the Contract Price.
Collection. Sales tax will be collected at the point of sale and will be remitted to the applicable taxing authorities.
Multiple Taxing Authorities. Notwithstanding anything in this section to the contrary, if another jurisdiction or taxing authority (including, without being limited to, the jurisdiction where a Winning Bidder resides, conducts business, or will maintain the purchased property) requires the collection and remittance of sales tax, use tax, or a similar tax, the Winning Bidder will be responsible for payment of an amount equal to the tax required by such other jurisdiction or taxing authority.
Exemption. No sales tax exemption will be applied without the Winning Bidder having first delivered to Auctioneer an acceptable certificate of exemption.
Foreign Bidders. To the extent that a purchase of a Winning Bidder is subject to a foreign sales tax or other use tax, special rules and procedures may apply and the Winning Bidder’s full cooperation will be required.
Disputes. Any dispute of any kind regarding the imposition by Auctioneer of any sales tax or similar tax to the Lot or to the Buyer’s Premium will not relieve the Winning Bidder from immediately paying any such tax, but, as the Winning Bidder may desire, must instead be brought to the respective taxing authority for potential redress.
Errors. If it is determined that Auctioneer has collected and paid the sales tax to the wrong jurisdiction or taxing authority, the respective Winning Bidder and Auctioneer must cooperate to obtain a refund of such tax and to cause its remittance to the proper jurisdiction or taxing authority.
Finality. ALL SALES ARE FINAL; NO REFUNDS OR RETURNS.
Time for Payment. Payment for a Lot must be received within two (2) days after its sale, and before the Lot is removed from the Auction Site.
Payment Method. Online purchases must be paid by credit card, ACH, or by wire transfer.
An online purchase with a Contract Price in excess of Five Thousand Dollars ($5,000.00) must be paid by ACH or wire transfer unless another arrangement has been approved.
The purchases of a Winning Bidder, if they have a total combined Contract Price plus sales tax less than the amount of the credit card hold placed during registration, will be automatically processed by Auctioneer using the credit card associated with the Winning Buyer’s account.
Failure to Pay.
Abandonment. A Winning Bidder who fails to make a timely payment in full will be deemed to have abandoned any interest in the Unpaid Lot but will remain liable for payment of the Contract Price.
Resale. An Unpaid Lot may be retained by Seller, resold at a subsequent auction date, or otherwise disposed of. Under no circumstances will a Winning Bidder be entitled to any surplus from the resale of any unpaid Lot.
Liability. If an Unpaid Lot is sold at a subsequent auction, the Winning Bidder remains liable for any shortfall or deficiency on the resale of the Lot, the Buyer’s Premium, and the costs incurred in connection with reselling the Lot.
Legal Action. Seller, or Auctioneer on Seller’s behalf, may, at any time, commence a lawsuit and/or other legal action against a Winning Bidder for the Contract Price of any Unpaid Lot and/or for any deficiency realized on the subsequent sale of such Lot.
Ban. Auctioneer may ban the Winning Bidder of any Unpaid Lot from any and all its future auctions, and the failure to make payment may be reflected on the Bidder Account or the Online Auction Platform or otherwise truthfully disclosed to third parties, including other auctioneers.
Registration Deposit. Auctioneer may apply a Winning Bidder’s registration deposit to any sale that is not timely and fully completed.
Chargeback. Under no circumstances may a Bidder initiate a credit card chargeback, stop payment order, or otherwise dishonor a payment with respect to any purchase at the Auction. By submitting a bid, each Bidder covenants to Auctioneer not to make a chargeback or otherwise dishonor a payment.
Substantiation. These Auctioneer Terms and Conditions will constitute conclusive evidence of the waiver of any right of a Winning Bidder to issue a credit card chargeback or stop payment order. On Auctioneer’s presentation of these Auctioneer Terms and Conditions to the bank, credit card company, or other financial institution that issued the credit card on which charges were made, the financial institution will reverse or deny any credit card chargeback or other dishonored payment, and will re-credit all amounts to Auctioneer.
Liability. If, in violation of these Auctioneer Terms and Conditions, a Winning Bidder should initiate a credit card chargeback, stop payment order, or otherwise dishonor a payment, such Person will remain liable for all purchases made at the Auction and will be responsible for all costs and expenses, including attorneys’ fees, incurred by or on behalf of Auctioneer and/or Seller in challenging the chargeback or order and/or in collecting payment.
Administrative Fee. Any payment that is dishonored is subject to an administrative fee of Two Hundred Fifty Dollars ($250.00) or the maximum amount allowed by applicable law, whichever is greater, plus any actual charges imposed by any depository institution, in addition to any other remedy provided by these Auctioneer Terms and Conditions.
Possession. Possession for a Lot will pass to the Winning Bidder upon:
Removal by such Person from the Auction Site; or
delivery to a carrier (e.g., USPS, UPS, FedEx, etc.) at the Auction Site or at the carrier’s place of business in the State of Indiana.
Default. Any Lot that is sold will be delivered to the respective Winning Bidder at the physical location of such Lot at the close of the Auction, which will be either:
the Auction Site;
such other location as indicated in the specific Auction listing; or
as otherwise designated by Auctioneer.
No Obligation. Except as otherwise agreed to in writing, Auctioneer has no obligation to disassemble, derig, remove, or transport any Lot to any particular location.
Deadline. The times, including the deadline, for Removal will be as posted or announced by Auctioneer on an auction-specific basis.
Agency for Removal.
A Winning Bidder may designate, appoint, and empower an agent to remove or accept delivery of the Lot at the Auction Site.
A Winning Bidder who designates an agent to remove or accept delivery of the Lot at the Auction Site must notify Auctioneer thereof in writing and in advance.
A Winning Bidder or its agent must show a copy of the invoice (digital or hard copy) and government-issued photo identification before a Lot will be released.
A Winning Bidder may arrange for shipment of a Lot to a designated location.
Any Lot shipped to a Winning Bidder will take place via a shipment contract free on board at the Winning Bidder’s expense from Auctioneer’s location in Vanderburgh County, Indiana, or at the Auction Site, as the case may be.
Responsibility. Except as otherwise agreed, each Winning Bidder, with respect to the purchased Lot, is solely responsible for all risks, liabilities, and costs associated with:
its safeguarding and protection;
its disassembly, derigging, and rigging;
its packaging, cabling, and harnessing;
its Removal, shipping, and transportation;
the proper licensure, insurance, and safety features of transportation vehicles;
any and all damage attributable to the Winning Bidder during removal; and
any abandonment and disposal.
Standard. Disassembly and Removal must be done in a workmanlike manner.
Each respective Winning Bidder is solely and immediately responsible for obtaining insurance on the purchased Lot.
Auctioneer may require that a respective Winning Bidder provide a Certificate of Insurance (COI) to verify the existence of an insurance policy that grants the Auctioneer and/or Seller protection against liability for workplace accidents or injuries.
Lot Unavailable. If any Lot is not available for Removal, the Contract Price will be refunded; provided, however, that, if the unavailability of the Lot results, in whole or in part, from the acts or omissions of the Winning Bidder, instead no refund will be provided.
Relinquishment of Rights. Any Winning Bidder who, after paying the Contract Price, fails to Remove the respective Lot within the time specified in the Auction listing (but, under any circumstances, within thirty (30) days after the Auction), will be deemed to have abandoned such Lot, and to have relinquished to Auctioneer any interest therein.
Storage Fees. After the final Removal date, a per-Lot storage fee in the amount of Two Dollars per square foot ($2.00/square foot) will accrue on a daily basis, payable by the Winning Bidder.
Auctioneer Rights. A Lot that has been abandoned to Auctioneer may be retained by Auctioneer, sold at a subsequent auction, or otherwise disposed of without entitlement of the Winning Bidder to any proceeds therefrom. Auctioneer retains a possessory lien in any abandoned lot upon which it may execute in order to satisfy any storage fees due.
Prohibition. No Bidder may enter into, or to agree to enter into, a Private Sale for the purchase of any property included, or scheduled to be included in, the Auction, prior to, during, or within one hundred eighty (180) days after the Auction.
Auctioneer’s Commission. A Bidder who makes a purchase at a Private Sale in conflict with this section will be jointly and severally responsible with Seller for the payment to Auctioneer of an amount equal to:
a percentage of the Private Sale Price that corresponds to the Buyer’s Premium when the property was a part of the Auction; plus
Auctioneer’s commission payable for Auctioneer’s services under the terms of the third-party agreement between Auctioneer and the Seller.
Notice. The Auction Site may be subject to security and/or marketing surveillance, including video, audio, and photographic recording.
Commercial Purposes. Video, audio, and photographic recordings may also be taken by Auctioneer and used on Auctioneer’s website, or, otherwise, in advertising and/or for other commercial purposes.
Consent. Each Participant, by participating in the Auction, consents to any depiction or other inclusion in such media and to the use and dissemination in any such media for any purpose on a royalty-free basis with no further consideration or remuneration to such Participant.
No Person shall submit a Bidder Registration with incomplete, false, or misleading information.
No Bidder shall fail to update any outdated information provided on the Bidder Registration while the Auction is ongoing or before final payment required of the Person remains unpaid.
Transfers. No Bidder shall transfer a Bidder Number or Bidder Account.
Cooperation. No Participant shall fail to cooperate with the reasonable instructions of the Auctioneer.
Machinery. No Person shall attempt to operate or activate any machinery or equipment at the Auction Site without Auctioneer’s express consent.
Removal. No Person shall bring any pet or young child to the Auction Site during Removal, as the movement of Lots presents an extremely high-risk environment that could result in injury or death.
Online Auction Platform. No Person may use any robot, spider, other automatic device, or manual process to monitor, reverse engineer, or copy the Online Auction Platform, Auctioneer’s website, any technology associated with the Auction, and/or any content associated with the Auction. No Person may use any device, software, or routine to interfere with, or to attempt to exploit or interfere with, the proper functioning of the Online Auction Platform, Auctioneer’s website, any technology associated with the Auction, or any activity being conducted in connection with the Auction. No Person may take any action that imposes an unreasonable or disproportionately large load on the Online Auction Platform and/or Auctioneer’s website and/or online infrastructure. No Person may copy, reproduce, alter, modify, create derivative works, or publicly display any content from the Online Auction Platform and/or Auctioneer’s website. Access and use of any Online Auction Platform is subject to any and all terms and conditions provided therein.
Illegal Conduct. No Person shallengage in illegal conduct on the Auction Site, and each Participant shall comply with all federal, state, and local laws. For example, bid pooling occurs when a Bidder colludes to regulate, and artificially suppress, bidding in an effort to reduce the final sale price. Anyone participating in bid pooling will be removed from the Auction Site and referred for prosecution.
Theft. No Person shall commit theft. Theft is a serious offense, and, if discovered, will be prosecuted to the fullest extent of the law. Any instance of theft will result in immediate termination of bidding privileges and expulsion from the Auction Site.
Catchall. No person shall otherwise fail to comply with a provision or requirement of this ordinance, either directly or within a variance provided on a permit.
Remedy. With respect to any Bidder or other Participant who has breached either these Auctioneer Terms and Conditions or a contract of sale for any Lot, Auctioneer and/or Seller may exercise any and all remedies available under these Auctioneer Terms and Conditions, and at law or equity, including, without being limited to, the resale of the Lot, sale costs, collection costs, judicial costs, and Attorney’s fees (and paralegal fees). Such Bidder or Participant will be responsible for any and all damages, including any deficiency or reduction in the Contract Price, along with incidental damages.
Auctioneer as Claimant. By submitting a bid, a Bidder agrees that Auctioneer may commence litigation against the Bidder, either on Auctioneer’s own behalf and/or on behalf of the Seller.
Cumulative Remedies. All remedies provided for in this section will be cumulative and in addition to, and not in lieu of, any other remedy available at law, in equity, by contract, or otherwise.
Effect of Termination. Upon any effective termination, including the revocation of a Bidder Registration or the expulsion of a Participant, all rights and obligations of such Bidder or Participant hereunder shall cease, and the Bidder or Participant shall immediately cease accessing the Auction Site or the Online Auction Platform; provided, however, that:
all obligations that accrued prior to the effective date of termination (including without limitation, all payment obligations) shall survive; and
all remedies for breach and all other provisions of Auctioneer Terms and Conditions that by their nature are intended to survive termination shall so survive.
Regarding Lots. Neither Auctioneer nor Seller assumes any liability for any Lot, and will accept no returns or claims related thereto, after it has been removed from the Auction Site.
Regarding Other Participants. Auctioneer assumes no liability for any actions of Seller or others, including Bidders, taken before, during, and after the Auction.
Regarding Auction Site. Auctioneer assumes no liability for typographical errors, misprints, loss of merchandise/money, injury to persons, damage to property, or failure of equipment, at the Auction Site, or otherwise related to the Auction.
Regarding Technology. Auctioneer assumes no liability for, technology disruptions, errors, or failures (including disruptions to bidding or the failure to execute, recognize, or record online bids), whether caused by:
loss of connectivity, breakdown, disruption, or failure of the Online Auction Platform or any Person associated therewith;
breakdown, disruption, or failure of a Bidder’s internet connection, computer, or system; or
Regarding Damages. Auctioneer assumes no liability for property damage and/or personal injury (physical or otherwise) caused by any Bidder or Participant. Furthermore, neither Auctioneer nor Seller will be liable for any damages of any type or nature sustained or claimed by any Participant in connection with, or in any way related to, the Auction, other than as may be directly and solely caused Auctioneer’s negligence, gross negligence, or intentional misconduct in handling and safeguarding a Lot while in Auctioneer’s sole and exclusive possession.
Force Majeure. If Auctioneer’s performance under these Auctioneer Terms and Conditions is prevented, restricted, or interfered with by reason of fire, flood, earthquake, explosion, or other casualty or accident; strikes or labor disputes; inability to procure parts, supplies, or power; war or other violence; any law, order, proclamation, regulation, ordinance, demand, or requirement of any government agency; or any other act or condition whatsoever beyond its reasonable control, Auctioneer shall be excused from such performance to the extent of such prevention, restriction, or interference.
Damage Types and Theories. To the extent that any damages lie against Auctioneer arising out of or relating to the Auction, Auctioneer’s cumulative liability resulting therefrom shall not exceed the aggregate amount paid by a Bidder or other Participant for participating in the Auction. Under no circumstances shall Auctioneer or Seller be liable for any indirect, incidental, consequential, special, exemplary damages, or lost profits, even if Auctioneer has been advised of the possibility of such damages. No bidder is entitled to specific performance or other equitable relief. The limitations set forth in this section shall apply whether the subject claim is based on breach of contract, tort, strict liability, product liability, or any other theory or cause of action.
Statute of Limitations. No Participant may bring any claims against Auctioneer in connection with the Auction more than one (1) year after the date of the Auction.
Auction Site Risks. You acknowledge and agree that the Auction Site may be a dangerous place that requires You to be vigilant, alert, and aware at all times.
Flammable, noxious, corrosive, pressurized, and otherwise hazardous substances may be present at the Auction Site.
Machinery, equipment, and vehicles may be operated at the Auction Site.
Electrical circuits may be live at the Auction Site.
Public Health & COVID-19.
You understand that due to public health communicable disease concerns (including, for example, COVID-19), there are risks associated with being in close proximity to others.
You understand that COVID-19 and other diseases may be transmitted through close contact may be highly contagious.
You further acknowledge and agree that You are familiar with and will comply with applicable federal, state, and local guidelines and executive orders related to communicable diseases (e.g., social distancing.)
Online Auction Platform. You understand that the Auction is conducted electronically and relies on hardware and software that may malfunction at any time without warning.
THE ONLINE AUCTION PLATFORM AND AUCTIONEER’S WEBSITE ARE PROVIDED ON AN “AS IS” BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF TITLE OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. AUCTIONEER MAKES NO REPRESENTATIONS, WARRANTIES, OR GUARANTEES, AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, OR GUARANTEES: (I) THAT THE ONLINE AUCTION PLATFORM OR ANY RELATED WEBSITE OR TECHNOLOGY WILL BE UNINTERRUPTED, ERROR FREE, OR VIRUS FREE; (II) AS TO THE RESULTS THAT MAY BE OBTAINED BY USING THE ONLINE AUCTION PLATFORM OR ANY RELATED WEBSITE OR TECHNOLOGY; OR (III) AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, SECURITY, OR CURRENT NATURE OF THE ONLINE AUCTION PLATFORM OR ANY RELATED WEBSITE TECHNOLOGY. IF YOU ARE DISSATISFIED WITH THE AUCTION, OR THE NATURE, CHARACTER, OR FUNCTIONALITY OF TECHNOLOGY ASSOCIATED WITH THE AUCTION, YOUR SOLE AND EXCLUSIVE RECOURSE IS TO IMMEDIATELY DISCONTINUE YOUR PARTICIPATION IN THE AUCTION. AUCTIONEER RESERVES THE RIGHT TO TERMINATE YOUR BIDDER REGISTRATION, TO SUSPEND OR TERMINATE YOUR ACCESS TO THE AUCTION, TO IMPOSE LIMITS ON CERTAIN FEATURES OF THE ONLINE AUCTION PLATFORM, AND/OR LIMIT, RESTRICT, OR TERMINATE YOUR ACCESS TO THE AUCTIONEER’S WEBSITE OR TO THE AUCTION WITHOUT NOTICE.
General Assumption of Risk. You participate in the Auction with notice of the condition and activities related thereto. Nevertheless, You assume all risks, both on Your own behalf and any guest accompanying You (including minor children), in connection with Your participation, or attempted participation, in the Auction, including, without being limited to, risks arising from or associated with:
Your entry and continued presence at the Auction Site;
Your exposure to property that has been located at the Auction Site;
Your use of any Online Auction Platform utilized by Auctioneer or Auctioneer’s web site;
the removal, transport, or use of any Lot(s); and/or
any harm, injury, or damage to You or Your property resulting from acts other than those caused exclusively by Auctioneer’s gross negligence or intentional misconduct.
Indemnity. You hereby indemnify and hold harmless Auctioneer, its officers, employees, representatives, and agents from and against any and all any and all liability, debts, suits, actions, legal proceedings, claims, demands, damages, costs, expenses, lost wages or benefits, and attorney’s fees (including paralegal fees), whether known or unknown, and whether past, present, or future, resulting from Your willful or negligent act or omission arising out of or relating to Your participation in the Auction, and the purchase, derigging, Removal, transport, and subsequent sale of any Lot; provided however, that You shall not have any liability for a willful or negligent act or omission of Auctioneer, Seller, and their agents.
Release. You hereby irrevocably waive, release, and discharge any and all claims and/or causes against Auctioneer arising in connection with, or in any way related to:
Your presence at the Auction Site;
Your use of any Online Auction Platform utilized by Auctioneer; and/or
the Removal, transport, or use of any Lot.
Notice to Auctioneer. If a Bidder or other Participant should need to contact Auctioneer for any reason (e.g., scheduling an inspection or delivery, making an inquiry, etc.), then such Person shall contact Auctioneer using any contact information found on Auctioneer’s web site (i.e., www.sigma-auction.com).
Timing Rules. Notice shall be considered sent either when personally received, sent by email, or deposited in the United States mail.
Changes. If a Bidder should change its contact information contained in the Bidder Registration, that Bidder shall give written notice to Auctioneer within seven (7) days.
Binding to Successors. These Auctioneer Terms and Conditions are binding on each Participant, including their successors, legal representatives, assignees, and administrators.
Assignment Prohibited. No Bidder may assign any duty under this Agreement without the written consent of Auctioneer as such delegation does not relieve any obligation to perform.
Effect of Assignment. Unless specifically stated to the contrary in any written consent to an assignment, no assignment shall release or discharge the assignor from any duty or responsibility under these Auctioneer Terms and Conditions.
Third-Party Beneficiaries. Except as explicitly stated otherwise in these Auctioneer Terms and Conditions, no other Person has any rights, remedies, or interest in the Auction or the sale of any Lot.
Governing Law. These Auctioneer Terms and Conditions will be governed by and construed in accordance with the laws of the State of Indiana, including its statutes of limitations, but without regard to its rules governing choice or conflict of laws.
Venue. All claims, disputes, and other matters relating to the Auction will be brought in the state or federal courts sitting in and for Vanderburgh County, Indiana, which courts will have exclusive jurisdiction thereof, and You waive any objection that You may have to such venue or any right to seek venue elsewhere.
Waiver of Jury Trial. YOU HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE AUCTION, ANY CLAIM OF INJURY OR DAMAGE, AND/OR ANY STATUTORY REMEDY.
Waiver of Class Action. YOU HEREBY WAIVE ANY RIGHT TO RESOLVE ANY DISPUTE, WHETHER IN ARBITRATION OR COURT, IN A CLASS ACTION. YOU AGREE THAT ANY DISPUTE WILL BE CONDUCTED ONLY ON AN INDIVIDUAL BASIS AND NOT IN A CLASS OR REPRESENTATIVE ACTION OR AS A NAMED OR UNNAMED MEMBER IN A CLASS, CONSOLIDATED, REPRESENTATIVE OR PRIVATE ATTORNEY GENERAL ACTION, UNLESS BOTH YOU AND AUCTIONEER SPECIFICALLY AGREE TO DO SO IN WRITING AT A LATER TIME. THIS PROVISION IS NOT APPLICABLE TO THE EXTENT SUCH WAIVER IS PROHIBITED BY LAW.
Survival. Provisions in these Auctioneer Terms and Conditions relating to, as applicable, definitions, indemnification, limitation of liability, releases, assignment, and dispute resolution shall survive the expiration or termination of these Auctioneer Terms and Conditions to the maximum extent permitted by law.
Severability. Should any court, arbiter, or government agency determine any provision of these Auctioneer Terms and Conditions to be invalid, illegal, unenforceable, or against public policy, such holding shall not diminish the validity or enforceability of any other provision unless the remainder is so essentially and inseparably connected with, and so dependent upon, the invalid, illegal, or unenforceable provision or application that it cannot be presumed that the remainder would have been agreed to without such provision or application.