TERMS & CONDITIONS FOR FILLMORE ELECTRIC SUPPLY COMPANY
AUCTION:

1. IDENTIFICATION: All purchasers are required to register
and give full name, address and credit card information.
VALID CREDIT CARD WILL BE REQUIRED FOR REGISTRATION.
2. Buyer is responsible for any applicable Sales Taxes and
will supply SELLER documentation and proof acceptable to the
State in which assets are located as satisfactory to the
SELLER. For purchases without proof of exemption, a sales
tax rate for Cook County, IL - will be added to the purchase
price plus the buyer’s premium and remitted to the Auction
Company.
3. A Buyer’s Premium of 18% of the bid price will be added
to the price of each item purchased to arrive at the total
purchase price.
4. SELLER reserves the right to group, reduce, add or delete
lots.
5. REMOVAL: Buyer is solely responsible to provide any
labor, equipment or material needed to pick up purchases and
shall assume all responsibility for the removal of any item
purchased at the sale. Buyer is required to remove all items
within the stated time frame which is on their invoice (no
later than 10 days following conclusion of the Auction)
unless prior arrangements have been made in writing and
approved by SELLER. In the event that the removal period
expires and the successful bidder has not removed their
items, those items will be considered abandoned, and buyer
shall lose all rights to said equipment without recourse or
refund due from SELLER after the removal deadline.
6. Although information has been obtained from sources
deemed reliable, SELLER makes no warranty or guarantee,
expressed or implied, as to the accuracy of the information
herein contained or the fitness for duty of any of the
assets. All assets are being sold “AS IS, WHERE IS, NO
EXCEPTIONS”.
7. If for any reason an item shall become non-deliverable,
SELLER shall not, in any event, be liable for non-delivery,
or for any other matter or thing, to any Buyer of any lot,
other than for the return to the Buyer of monies actually
paid to SELLER for that lot. No adjustments will be made
after the assets are removed from the sale site.
8. PAYMENT: Invoices must be paid in full within 24 hours of
the closing date of the sale unless otherwise specified. A
buyer’s premium of 18 % will be applied to all invoiced
sales and sales tax will apply without appropriate proof of
Sales Tax Exemption. Business checks will not be accepted
without a letter of verification from your bank similar to
below. (Your Bank Name) unconditionally guarantees payment
to FILLMORE ELECTRIC SUPPLY COMPANY from (Your Company Name)
up to the amount of __________. This guarantee will be valid
for purchases made at the auction of (Auction Name) on
(Auction Date). NO ASSETS WILL BE RELEASED UNTIL INVOICE IS
FULLY PAID.
9. PAYMENT METHOD: All deposits and balances due shall be
payable to the order of FILLMORE ELECTRIC SUPPLY COMPANY.
All payments must be made by Cash, Cashier`s Check, Wire
Transfer, Credit Card or Company Check with Bank Letter of
Guarantee. The full purchase price on all lots sold to the
same buyer must be paid in full within 24 hours of the
auction closing date and before removal of any lots. A
deposit of 10% at time of registration will be required for
buyer’s paying by credit card and any buyer’s seeking limit
approval of $5,000.00 or greater.
10. All items are being sold “AS IS, WHERE IS” and buyer
acknowledges they have inspected all items prior to bidding.
While care was taken in gathering information on the
inventory that is for sale, Seller will not be held
responsible for the correctness of the descriptions. INSPECT
BEFORE YOU BUY
11. All persons are inspecting, bidding and removing assets
at their own risk and liability without recourse on SELLER.
Further the undersigned and their employees or agents agree
to hold SELLER and their agents and employees harmless from
all claims of any kind or type.
12. All sales are in US Dollars.
13. By agreeing to these terms and conditions you signify
that you have the authority and you are binding you (as an
individual and/or employee), your company, and any agents or
persons who conduct business using your assigned buyer
number and/or under your employment or control. This
includes liability as to payment and all disclaimers.
14. Buyer hereby agrees to defend, indemnify and hold
harmless SELLER their directors, officers, employees and
other agent representatives from and against any and all
liabilities, judgments, claims,
settlements, losses, damages, penalties, obligations and
expenses, including attorney’s fees, incurred or suffered by
such person arising from, by reason of, or in connection
with any loss, damage or injury to person or property
arising from, by reason of or in connection with the assets
sold hereunder.
15. Any controversy or claim arising out of or related to
this Agreement, or any alleged breach of the terms hereof,
shall be settled by arbitration in accordance with the
rules, procedures, and regulations promulgated by the
American Arbitration Association (“Arbitration Proceeding”).
The arbitration hearing shall be held in the State of
Illinois. The Parties hereby agree that the award rendered
by the person conducting the Arbitration Proceeding
(“Arbitrator”) shall be final and non-appealable, and
judgment may be entered upon the award in any court of
competent jurisdiction. The Arbitrator shall not have the
authority to award punitive damages against either Party.
The Party who files notice of demand for an Arbitration
Proceeding (“Initiator”) must assert in such demand all
claims then known to the Initiator against the other Party
(“Respondent”), and the Initiator may amend its demands and
claims only with the consent of the Arbitrator.
16. Backup Bidder: If a winner at the auction does not meet
obligations to pay for the lot purchased, the next highest
bidder will be considered the winning bidder and will be
required to close on such purchase within the terms and
conditions herein.
17. ADDITIONAL TERMS AND CONDITIONS: The SELLER may add
other terms and conditions of sale, such additional terms
and conditions to be posted online prior to the auction.