PRECISION MACHINE TOOL, VERTEX MACHINING WORKS COMPANY

Auction Terms & Conditions 

***THIS IS AN ONLINE AUCTION ONLY***

***ALL ITEMS SOLD AS-IS/WHERE-IS***

Notice: All bidders and other persons participating in this Internet/Online sale acknowledge that they had read and had full knowledge of the terms and conditions.  By making a bid, the bidder accepts the terms and conditions below and will be bound by them.

1.  Invoices: Invoices will be emailed to successful bidders following the close of the auction. Payment & Pick-Up Instructions will be included.

2.   Time of Payment - Acceptance of payment(s) will begin following the close of the auction. 18% Buyers Premium will be added to each sale. 

3. Manner of Payment- All payments for successful bids can be made by Credit card +(3.5%)., Wire Transfer+($25), or E-Transfer.  Any payments made using credit card will be charged a premium of 3.5%. Any payments made using Wire Transfer will be charged a premium of $25.00.  Please inquire about any of these options. All bills must be paid to representatives of Studio 1 unless otherwise announced. The full purchase price on all lots sold to the same buyer must be paid within the time fixed and before removal of any of the goods.

4. No lot can, on any account, be removed during the sale. Removal shall be at the expense, risk, and liability of the purchaser. Purchases will be delivered or picked up only on the presentation of the paid bill.  Studio 1 shall not be responsible for goods not removed within the time allowed, but Studio 1 shall have the option to remove and store at the expense and risk of the purchaser any article purchased, but not paid for and removed within the time aforesaid.  If items are not picked up one week after the auction closing date, there will be a storage charge of $50.00 per day. The items purchased and stored cannot be picked up until all storage costs have been paid.

5.  Due to Covid-19 all removal of items shall be by appointment only.

6. Condition of Articles Sold – Studio 1 shall not be responsible for the correct description, genuineness, authenticity of, or defect in any lot, and makes no warranty in connection therewith. No sale will be set aside nor allowance made on account of any incorrectness, error in cataloging, or any imperfection not noted. No deduction is allowed on damaged articles, all goods being exposed for public exhibition, and sold "as is" and without recourse.

7. Claims - No claims will be allowed after the removal of goods from premises. 

8. Responsibility for Non-Delivery- Studio 1 shall not, in any event, be liable for non-delivery or for any other matter or thing, to any purchaser of any lot, other than for the return to the purchaser of the deposit or sum paid on said lot, should the purchaser be entitled thereto. 

9. 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 deposit or otherwise, as liquidated damages. Lots not paid for or removed within the time allowed herein may be resold at public or private sale without further notice, and any deficiency, together with all expenses and charges of resale, will be charged to the defaulting purchaser.

10. Risk to Person & Property- Person(s), attending during exhibition, sale, or removal of goods assume all risks of damage or of loss to person and property and specifically release and indemnify the auctioneer (Studio 1) & Seller from liability to the fullest extent allowed by law, for all claims and costs incurred by Buyer in connection with any loss, damage or injury to person or property arising in connection with the equipment sold hereunder. Neither the auctioneer nor his principal shall be liable by reason of any defect in or condition of the premises on which the sale is held.

11. Addition to, OR Withdrawal 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 the property listed, in bulk.

12. Dispute Between Bidders - If any dispute arises between two or more bidders, Studio 1 may decide, or put the lot up for sale again at once, and resell it to the highest bidder.  Studio 1’s decision shall be final and absolute.

13. Reserve – Studio 1 reserves the right to reject any and all bids. On lots upon which there is a reserve, Studio 1 shall have the right to bid on behalf of the seller.

Subject to Approval: Any item being sold "Subject To Approval" cannot be concluded, and is not a binding sale until the secured lender approves the sale amount. It is a legal requirement for all leasing companies to follow this simple guideline in order to be able to pursue legal action against the previous debtor for shortfalls and deficiencies. Any seized item must be exposed for public sale, advertised in a major journal, and must have a minimum of 3 bids placed on it. Our sell-through rate for assets sold on a "Subject To Approval" basis is over 95%. Once approved, the purchaser will be notified by email and the sale can be concluded. If not approved, the high bidder will have the opportunity to increase their bid, if they wish to do so, until an agreement can be reached. There will be no financial obligation by the high bidder until a sale can be concluded.

14. Records - The record of sale kept by Studio 1 and/or bookkeeper will be taken as final in the event of any dispute.

15. Agency – Studio 1 is acting as an agent only and is not responsible for the acts of its principals.

16. Additional Terms & Conditions – Studio 1 may add other terms and conditions of sale, such additional terms and conditions to be announced prior to the auction.

17. Buyers acknowledge and understand that the Equipment sold may be dangerous if improperly used. Buyer acknowledges that it must contact the original manufacturer to obtain up-to-date instructions and operation manuals and other information to ensure the safe operation of equipment. Studio 1 and the Seller will not be responsible for any loss or injury resulting from defects or alleged defects in the Equipment or from the subsequent use of the items.

** VERY IMPORTANT PAYMENT NOTICE, PLEASE READ!!** 

IT IS THE RESPONSIBILITY OF THE BUYER TO MAKE PAYMENT OR PAYMENT ARRANGEMENTS WITH OUR OFFICE WITHIN 24 HOURS AFTER THE AUCTION ENDS.