Multi-state Food Equipment Auction
Auction Date & Time: lots start closing on Wednesday, June 10th at 10:30 am CDT
Location: Assets are located in multiple states plus Canada
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Terms and Conditions
Terms and Condition of Auction Sale
R~M Auction & Appraisal Co.
Timed Auction – June 10th, 2020
NOTE: Please pay special attention TERM "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.
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) $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 Auctionn & 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. All payments must be completed 48 hours after the first item closes or the Auction company may notify BidSpotter that Bidder is did not comply with the payment terms which notification may affect bidders ability to bid at future Bidspotter auctions.
ALL BUYERS PLEASE BE AWARE THAT RIGGING FEES APPLY TO PURCHASES PER LOT DESCRIPTION. THAT AMOUNT WILL BE ADDED TO YOUR INVOICE. ONLY APPROVED RIGGERS MAY REMOVE EQUIPMENT UNLESS SPECIFICALLY AUTHORIZED BY OWNER AND AUCTIONEER IN WRITING.
Buyer agrees to pay Auctioneer 1.5 times the high bid if Buyer comes into prossession 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, Cashiers 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 seller's agent or the owners 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 was provided by the Seller, everything sold "AS IS" FOB Buyer's Truck, inless 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 does hereby indemnify and hold 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.
8. In the event the 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 Seller may retain and/or recover the deposit specified 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. Items must be removed from the premises before the end of the day on Thursday July 2, 2020 unless extended time is allowed in writing. No item can, on any account, be removed before termination of the sale. Removal shall be at the expense, risk and liability of the purchaser. Auctioneers shall not be responsible for items not removed within the time allowed. If equipment purchased is not removed within specified removal time,and an extension is not granted, the equipment is deemed abandoned and the Buyer loses all rights to the equipment.
11. 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.
12. 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.
13. The Seller's agent, when acting as agent only, is not responsible for acts of its principals.
14. Auctioneer reserves the right to remove lots, add lots, change terms, and change intital and incremental bid amounts at any time.
15. Bidder acknowledges that equipment is being sold at multiple locations in the USA.
16. Unless changed by written agreement, all items for this Auction shall be picked up after payment and before the end of day Thursday, July 2, 2020 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.
17. NOTE: A FEW OTHER ITEMS ARE SOLD "SUBJECT TO OWNER APPROVAL". LOOK AT EACH ITEM DESCRIPITON FOR THAT NOTICE.
18. Those BUYER'S wishing to remove purchased lots will have to present liability insurnace in the amount of $2,000,000 naming owner and auctioneer as "Additional Insured". That insurance must be approved in writing by owner and auctioneer. NOTE: no metal cutting of any type on premesis unless allowed by Seller in writing.
19. Buy It Now items must be paid for and money received by the Auction Company within 48 hours of the purchase. 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 differnce.
20. By registering to bid and by bidding, Bidder accepts, without reservation, any terms which may be changed prior to the first lot being sold. .