TERMS OF SALE FOR EXCESS TO THE ONGOING OPERATION OF MPI:
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 BUT WILL
NOT BE ALLOWED FOR PAYMENT OF ASSETS.
2. Buyer is responsible for any applicable Sales and Use
Taxes and will supply AUCTION COMPANY/SELLER documentation
and proof that is acceptable to the State in which assets
are located as satisfactory to the Auctioneer. For purchases
without proof of exemption, a sales tax rate of 5.5%
Deerfield, WI and 9.750% Greeneville, TN 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. AUCTIONEER reserves the right to group, reduce, add or
delete lots. AUCTIONEER reserves the right to bid on behalf
of the owner.
5. REMOVAL: Buyer is solely responsible to provide any
personnel, 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 (By Appointment between November 25-27 and December 2-
6) within the stated time frame which is on their invoice
unless prior arrangements have been made in writing and
approved by AUCTIONEER/SELLER. Items will be considered
abandoned, and buyer shall lose all rights to said equipment
without recourse or refund due from AUCTION COMPANY/SELLER
after the removal deadline.
6. Although information has been obtained from sources
deemed reliable, AUCTIONEER/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,
AUCTIONEER/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 AUCTIONEER/SELLER for said lot, should the
Buyer be entitled thereto. 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
exemption. NO ASSETS WILL BE RELEASED UNTIL INVOICE IS
FULLY PAID.
9. MANNER OF PAYMENT: All deposits and balances due shall
be payable to the order of HYPERAMS, LLC. All payments must
be made by WIRE TRANSFER OR CERTIFIED CHECK ONLY. 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 of the assets.
10. All assets are being sold “AS IS, WHERE IS” and buyer
acknowledges they have inspected all assets prior to
bidding. While all care was taken in gathering information
on the equipment that is for sale, AUCTIONEER/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
AUCTIONEER/SELLER. Further the undersigned and their
employees or agents agree to hold AUCTIONEER/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 your
company, yourself (as an individual and/or employee) and any
agents or persons who conduct business using your buyers
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 AUCTIONEERSELLER 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 nonappealable, 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 AUCTIONEER may add
other terms and conditions of sale, such additional terms
and conditions to be posted online prior to the auction.