ProQuip Drive, Shaft and Paddles

Terms and Condition of Auction Sale

R~M Auction & Appraisal Co. 

Timed Auction – Wednesday, December 9th at 10:30 am CDT

NOTE: Please pay special attention Terms "16, 17 & 18" below

Definition of certain terms:

“Auction Company” and "Auctioneer" 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.

"Bidder" shall mean any person/entity registering for this auction.

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

“Buyer” shall mean:

1)      The bidder who is high bidder when the lot closes

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

3)      High bidder whose bid is accepted by Seller if lot description reads: "...Subject to Owner Confirmation", or

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

5)      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 consign equipment to the above titled auction.

"Rigging" shall mean the removal of, preparation-for-shipping of and the loading of equipment onto the Seller's contracted truck.

"Shipping" shall mean the same as "Rigging" and shall not in any sense refer to transporting equipment.

Condition of Bidding

1)     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. 

2)    A $1000 Credit Card Deposit may be required to register (Automatically refunded if you don't buy.)

Terms and Conditions of Auction Sale

2020  R~M Auction & Appraisal Terms

SELLER RESERVES THE RIGHT TO ACCEPT OR REJECT ANY AND ALL BIDS

18% Buyer's Premium on all sales, which includes a 3% Internet Fee. 

A credit card convenience fee of 3.25% will apply to all credit card purchases.

Full Payment Due at Termination of Sale, or within 48 hours of the  Auctioneer emailing the invoice to the Buyer whichever comes later.  If payment is not received in that time frame Auction company may provide public notice to other auction houses, via BidSpotter, that Bidder is did not comply with the payment terms which notification may affect bidder's required deposit to bid or bidder's ability to bid at future Bidspotter auctions.

RIGGING: BUYERS PLEASE BE AWARE THAT RIGGING FEES AUTOMATICALLY APPLY TO PURCHASES PER LOT DESCRIPTION. THAT AMOUNT SHOWN IN "  " COLUMN WILL BE ADDED TO THE HAKKMER PRICE OF ANY LOT BUYER PURCHASES.  NOTE: THE OWNER IS REQUIRING ITS CONTRACTER TO HANDLE ALL THE RIGGING.  NO BUYER MAY REMOVE EQUIPMENT.

Buyer agrees to pay Auctioneer 1.5 times the high bid if Buyer comes into possession of any auction items without having paid for those items. In addition Buyer expressly agrees to pay all the auctioneer's costs to recover any and all funds. 

1. PAYMENT:  Cash, Checks, Wire Transfers, Cashier’s Checks and approved Credit Cards payable to R~M Auction & Appraisal will be accepted. No equipment will be removed from the sale site until payment is received by R~M Auction & Appraisal. Sorry, NO EXCEPTIONS! 

2. While descriptions are believed to be correct, the Auctioneer, any Seller's agent and the Seller make no warranties or guarantees expressed or implied, as to the genuineness, authenticity of, or defect in any lot and will not be held responsible for advertising discrepancies or inaccuracies. No matter what description is provided to the Buyer,  everything sold "AS IS" with all faults, FOB Buyer's contracted Truck, unless listed as WHERE IS. Any changes in those terms must be in writing, signed by Seller and Auctioneer. No warranties are made as to the merchantability of any items or their fitness for any purpose.

3. Purchaser hereby agrees to defend, indemnify and hold harmless Seller its directors, officers, employees and other agents and representatives from and against any and all liabilities, judgments, claims, settlements, losses, damages, penalties, obligations and expenses, including attorney`s fees and expenses and other professional fees and expenses, 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 Goods sold hereunder. This indemnification shall survive delivery of the Goods to Purchaser and any subsequent sale or other transfer of the Goods to a third party.

4. It is the Buyer's responsibility to ensure that all equipment meets all applicable government safety standards in using or removing items purchased at this auction.  All Import, Export, Taxes, Packaging, & Transportation fees are the buyer`s responsibility.  R~M Auction & Appraisal will provide its customary invoice. 

5. Sales Tax, if applicable, will be added to the purchase of all taxable items. Dealers may avoid sales tax by sending Auctioneer a digital copy of their resale permit. If sales tax is not collected at the time of sale and ultimately is deemed due and owing by a state entity needed to be paid at a later date, buyer agrees to pay all required taxes.

6. Buyer hereby indemnifies and holds harmless Auctioneer and Seller from any and all damages, claims or liabilities from injuries to persons or property of any type whatsoever caused during the sale or by the removal of items purchased.

7. Seller's agent and Seller shall have no liability to the purchaser due to non-delivery of any item for any reason other than to return to the Purchaser the monies deposited for non-delivered items, and that at the Seller or Auctioneer's option.

8. In the event Buyer fails to pay the whole of the purchase within the time set forth by the auctioneers and/or fails to comply with any of the conditions or terms of sale, the Auctioneer and/or Seller may retain and/or recover the unpaid funds from any monies paid to the Auctioneer. Auctioneer and/or Seller may keep any deposit  as liquidated damages and, in addition thereto, items that are not paid for can be resold at public or private sale without further notice. Any deficiency resulting from such resale shall be paid to the Auctioneers by the defaulting purchaser together with all charges, fees, and expenses incurred by such resale and enforcement of the obligation hereunder.

9. The Bidder becomes solely responsible for all items purchased  immediately following the award of the winning bid at the auction. Therefore, Buyer is advised to further guard and insure Buyer items at Buyer's own discretion.

10. If any shortage exists on estimated counts, an adjustment will be made if claims are made at time of removal. No adjustment will be allowed after items are removed from the premises.

11. Technology Disclaimer: Auctioneer does not warrant that the functions, features or content contained in the website, including any third-party software, products or other materials used in connection with the website, will be timely, secure, uninterrupted or error-free, or that defects will be corrected. Bidder holds Auctioneer harmless for any loss of bids for any technology reason.

12. The Seller's agent, when acting as agent only, is not responsible for acts of its principals.

13. Auctioneer reserves the right to remove lots, add lots, change terms, and change initial and incremental bid amounts at any time before or during the auction.

14. Bidder acknowledges that equipment is being sold at multiple locations in the Arkansas. Each lot has the location of the item.

15.  Unless changed by written agreement, all items for this Auction shall be picked up after payment and before the end of day Friday, January 8, 2021 after which time items are forfeit and may be disposed of at owner and/or auctioneer's discretion, with any and all prior payment being kept by owner and/or auctioneer as Liquidated Damages. 

16. The last lot  on each day is a “Scrap Metal” lot.  Almost all the metal is Stainless Steel. Beside what is shown in pictures for the scrap metal lot on Day 1,  Auctioneer will add unsold closed lots to the scrap lot during the course of the auction.  There is currently a minor amount of scrap metal on DAY 2.  However Seller/Auctioneer may add closed and unsold lots to the Day 2 scrap metal lot.  SCRAPPERS, pls watch those lots and bid accordingly.

17. Scrappers may not process their lot(s) until the Contracted Riggers have finished loading equipment.  Scrap buyers, before processing the scrap, must present liability insurance in the  amount of $2,000,000, naming Auctioneer and Seller as "Additional Insured.  

18.  Buy It Now items must be paid for and money received by the Auction Company within 24 hours of the Auctioneer emailing the invoice for same.   Buyer risks having item relisted if money is not received per that time frame.  If the item is resold and sells for less than the Buy It Now price, the Buy It Now purchaser shall be liable for the difference and for any costs for collecting the difference.

19. Registering to bid and by bidding, Bidder accepts, without reservation,  any terms which may be changed prior to the first lot being sold.