Chicago Industries and Ingersoll Rand pneumatic impact tools

TERMS AND CONDITIONS OF BIDDING

NOTICE:  All Bidders and other persons attending this sale agree they have read and have full knowledge of the terms and agree and by the making of any bid the buyer acknowledges his/her acceptance of these terms.  Auctioneer has the right to remove any individual that is disruptive to the auction process.

1. IDENTIFICATION:  To register, all bidders will need to provide valid photo identification and fill out a Bidder Registration Form, including full name, address, driver’s license number and telephone number.  All bidders must sign the registration form, acknowledging acceptance of the terms of this sale.

1. DEPOSIT:  A $200.00 deposit is required to register for the auction.  The deposit will be returned in its original form if the Bidder is not a successful Buyer at the auction.  The deposit can be cash, a blank check with a letter of verification from your bank guaranteeing unconditional payment to Auction Consultants, Inc.  from (your person/company) up to the amount of $_______,

1. PAYMENT:  All invoices will be paid the day of the auction.  A 15% Buyer’s Premium will be added to the sale price.    Sales price plus premium equals total amount due.  Payment may be made with cash, or by personal/business checks that are accompanied by a letter of verification from your bank unconditionally guaranteeing payment to Auction Consultants, Inc. from (your name/business) up to the amount of $_______.  This guarantee will be valid for purchases made at the auction of (Auction Name) on (Auction date).  Wire transfers will be sent to Elgin State Bank, 2002 S. Randall Road, Elgin, IL  60123,  Ph# 847-888-7950, Route # 071908063, Acct# 9125288 .  NO MERCHADISE WILL BE RELEASED UNTIL INVOICE IS PAID IN FULL.

1. COMPLIANCE WITH TERMS OF SALE:  In default of payment of bills in full within the time therein specified, the auctioneer in addition to all other remedies allowed by law may retain all monies received as deposits or otherwise, as liquidated damages.  Lots not paid for and removed with the time allowed herein may be sold at public or private sales without further notice, and any deficiency, together with all expenses and charges for resale including legal fees, will be charged to the default purchaser.

1. REMOVAL OF ITEMS:  Small, carriable, items (Perishable Tools, Machine Parts & Accessories, Box Lots) must be removed within 24 hours of completion of sale.  WE ASSUME NO RESPONSIBILITY FOR SMALL CARRIABLE ITEMS LEFT ON PREMISE AFTER THAT TIME.   INVOICE MUST BE PRESENT AT THE TIME OF REMOVAL. (see Removal Terms and Conditions Attachment) Any merchandise remaining after this time will be considered abandoned.

1. THE BUYER:  The highest bidder is to be the buyer.  Any bid which is not commensurate with the value of the item offered, or which h is too nominal an advance over the previous bid, may be rejected by the auctioneer if, in his judgment, such a bid would be likely injurious to the sale.  If any dispute arises between two or more bidders, the lot in dispute, shall at the discretion of the auctioneer, either be reoffered for sale or sold as stated.  In any event, the auctioneer’s decision will be absolute and final.

1. BREACH:  Without limiting other remedies, we may limit your activity, immediately remove your bids or item listing, warn our community of your actions, issue a warning, temporarily suspend, indefinitely suspend or terminate your membership and refuse to provide services to you if:  (a) you breach this agreement; (b) we are unable to verify or authenticate any information you provide to us; (c) we believe that your actions may cause financial loss of legal liability for you, our Users, or us.

1. 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, errors in cataloging, or any imperfection not noted.  ALL ARTICLES ARE EXPOSED FOR PUBLIC EXHIBITION AND INSPECTION, AND SOLD “AS IS” “WHERE IS” AND WITHOUT RECOURSE.  ARTICLES ARE NOT WARRANTED AS MECHANTABLE OR FIT FOR ANY PARTICULAR PURPOSE, AND NO CLAIM MADE BY THE PURCHASER RELATING TO THE CONDITION OR USE OF THE ARTICLE PURCHASED OR FOR PROXIMATE OR CONSEQUENTIAL DAMAGES ARISING THEREFORE.

1. SAFETY DEVICES:  Articles purchased may not incorporate approved activating mechanisms, operating safety devices or safety guards, as required by OSHA or otherwise.  It is the purchaser responsibility that the articles purchased are so equipped and safeguarded to meet OSHA and any other requirements before placing such articles into operation.

1. INDEMNIFICATION:  Purchaser shall defend and indemnify and hold auctioneer and seller harmless from and against all claims and liabilities relating to the condition of, removal of, or use of the articles purchased or failure of user to follow instructions, warnings or recommendations of the manufacturer, or to comply with federal, state, and local laws applicable to such articles, including OSHA requirements, and Environmental Protection Agency requirements, or for proximate or consequential damages, costs or legal expenses arising there from.

1. RISK TO PERSON OR PROPERTY:  Persons attending during exhibition, sale or removal of goods assume all risks of damage or loss to person or property and specifically release the auctioneer and seller from liability thereof.  Neither the auctioneer nor his principal shall be reliable by reason of any defect in, condition of, the premises on which the sale is held.  Bidder acknowledges that an auction site is a potentially dangerous place with heavy equipment being operated and electric circuits being live.  Every person at the auction site before, during and after the auction shall be deemed there at their own risk with notice of the condition of the premises, the activities on the premises and the conduct of third parties and the Bidder shall so advise his agents and employees.  No person shall have any claim against the Auctioneers, their agents, employees or principals for any injuries sustained or for damages to or loss of property, which may occur from any cause whatsoever.

1. RESERVE:  The auctioneer reserves the right to reject any and all bids.  On lots, which there is a reserve, the auctioneer or his assigned agents, shall have the right to bid on behalf of the seller.

1. ADDITION TO OR WITHDRAWL FROM SALE:  The auctioneer reserves the right to withdraw from sale any of the property listed or to sell at this sale property not listed, and also reserves the right to group one or more lots into one or more selling lots or to subdivide into two or more selling lots.  Whenever the best interest of the seller will be served, the auctioneer reserves the right to sell all property listed, in bulk.

1. PURCHASER RESPONSIBILITY:  It is the purchaser’s sole responsibility to meet all government safety and environmental standards in removing, shipping, and using purchased items.  Certain items for sale may contain “hazardous substances” as that term is defined under federal, state, local environmental laws and regulations.  Auction Consultants, Inc. has no duty to remove hazardous substances that are contained in or are a part of any item.  Purchaser agrees to defend (by counsel satisfactory to Auction Consultants, Inc.) and indemnify Auction Consultants, Inc. and hold Auction Consultants, Inc. harmless from and against any claim, demand, cause of action, liability or expense (including attorney’s fees and costs) asserted against or incurred by Auction Consultants, Inc. in connection with the sale, removal, shipment or use of any purchased items.

1. CONTRACT MOVERS:  If purchaser wishes to hire or contract with a machinery mover, rigger or other type of outside contractor, Auction Consultants, Inc. WILL NOT ALLOW them to work on these premises unless they have placed with the auctioneer PROPER INSURANCE protecting Auction Consultants, Inc. and the people or company that the auctioneers are conducting the sale for against any and all claims arising from personal injury and/or damage created by their actions.  This requirement is for the auctioneer’s protection- NOT FOT THE PURCHASER’S- therefore the auctioneer suggests that the purchaser review the insurance policies of the machinery mover regarding the coverage that they have protecting the purchaser and the damage or loss of the equipment they may be moving for the purchaser.

1. RECORDS:  The record kept by the auctioneer and bookkeeper will be taken as final in the event of any dispute.

1. INDEPENDENT CONTRACTOR:  The auctioneer is acting as an independent contractor only and is not responsible for the acts of its principle or sellers.

1. ADDITIONAL TERMS AND CONDITIONS:  The auctioneer may add other terms and conditions to be announced the day of the auction.  Some items subject to prior sale.

THESE TERMS AND CONDITIONS, AND ALL QUESTIONS WITH RESPECT TO THE INTERPRETATION OF THESE TERMS AND CONDITIONS, SHALL BE GOVERNED BY AND CONSTRUCTED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO CONFLICT OF LAWS AND PROVISIONS.  ALL BIDDERS EXPRESSLY CONSENT TO PERSONAL AND EXCLUSIVE JURISDICTION IN THE COURTS OF THE STATE OF ILLINOIS LOCATED IN KANECOUNTY.

                                                             REMOVAL TERMS AND CONDITIONS

1. INVOICE MUST BE PRESENT AT TIME OF REMOVAL:  All purchasers must submit a copy of the Auction Consultants, Inc. Invoice to all contracted/hired labor, rigging, trucking crews (etc.).  MERCHANDISE WILL NOT BE RELEASED WITHOUT AN INVOICE. 
2. BILLS OF LADING:  It is the purchaser’s responsibility to provide any and all trucking or freight companies with the bill of lading.  Bill should read:

                               FROM:   YOUR COMPANY NAME

                                               ADDRESS OF AUCTION LOCATION

                                    TO:    YOUR COMPANY NAME

                                               DELIVERY ADDRESS

        3. WIRE TRANSFER INSTRUCTIONS:

            ST. CHARLES BANK AND TRUST 1011 S. RANDALL RD ELGIN, IL 60123, (847) 088-87950

            ROUTING NUMBER: 071926650 ACCOUNT NUMBER: 91252844

1. PACKING, PACKAGING, BOXING OR PALLETING PURCHASES:  It is the purchaser’s responsibility to make item ready for shipping.  Auction Consultants, Inc. Staff can assist packing/palleting SMALL INVOICES for an additional handling fee.      

 Rigger to use: (BUYER'S RESPONSIBILITY)

              A:   The purchaser will pay for all packing materials.

              B:   Any item over 70lbs and or not easily fit into a box or on a pallet will not 

                     be handled by ACI staff. (staff’s discretion.)

              C:   The purchaser must provide ACI staff with UPS/FEDEX

                     shipping/billing number.  The amount each package is to be insured for,

                     and the rate of delivery (overnight, ground, 3 day ground…)  And a

                     delivery address.

1. ACI staff WILL NOT DISCONNECT any item that is wired or plumbed.
2. Handling fees will vary.  Fee will be no less than $10.00 per lot.
3. If a fork lift is on sight and it is required to load a pallet onto a truck or trailer, the fee is $10.00 per pick.

1. REMOVAL DECONSTRUCTION:  All wiring to be capped or taped with 3” of wire remaining.  All waterlines will be valved or capped and soldered.  If  the line has a valve, the valve stays with the building.  All drain pipes will be wrapped or   

        capped.  All toilet drains will be capped/plugged with commercial caps or plugs.

1. TRASH/DEBRIS:  It is the purchaser’s responsibility to clean up all deconstruction debris and any trash associated with Lot removal.  Clean up fees will be assessed.

1. UNCLAIMED LOTS:  Any Lot, or portion of lot, still on premises after

scheduled Removal Dates/Times, the purchaser will be assessed a $300.00 daily storage fee and any and all expenses involved with removal of or discarding of Lot or portion of lot.   All monies paid for these Lots are NON-REFUNDABLE.