Surplus Equipment to the Ongoing Operations of a Major
Defense Contractor

1. ALL REGISTRIANTS MUST AGREE TO TERMS OF SALE PRIOR TO
BEING APPROVED TO PARTICIPATE IN THIS AUCTION.
2. Buyer is responsible for any applicable Sales and Use
Taxes and will supply AUCTION COMPANY/SELLER documentation
that is acceptable to the state. Should the State of reject
such documentation, buyer will make the payment of said
taxes immediately and agrees to defend AUCTION
COMPANY/SELLER from any and all tax claims. The sales tax
liability remains the sole obligation of the purchaser.
3. A Buyer’s Premium of 15% on site (18% on line) 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. In the event there is a dispute between two or
more claims of entitlement as to the successful bidder,
AUCTIONEER reserves the right to re-offer the item in
dispute or to declare the item sold at AUCTIONEER`S
discretion. AUCTIONEER reserves the right to bid on behalf
of the owner.
5. Any announcements made the day of the sale take
precedence over catalog or other previously announced or
documented information, but do not alter in any way the
basic terms and conditions of sale. Any additional Terms and
Conditions to be announced at sale.
6. 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. Asset removal is from (May 17-25).
Buyer is required to remove all merchandise within the
stated timeframe 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.
7. 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 and WITH ALL FAULTS AND WITHOUT RECOURSE”.
8. 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 merchandise is removed from the sale site.
9. Full payment is due within 24 hours of completion of
auction in cash, certified check, cashier’s check, company
check with bank letter of guarantee or wire transfer. Time
is of the essence as to payment and removal portions of this
agreement. Company checks will not be accepted without a
letter of verification from your bank similar to below.
(Your Bank Name) unconditionally guarantees payment to
HYPERAMS, LLC from (Your Company Name) up to the amount of
__________. This guarantee will be valid for purchases made
at the auction of (Auction Name) on (Auction Date).
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. CONTRACT MOVERS: If purchaser wishes to hire or contract
with a machinery mover, rigger or other type of outside
contractor, HYPERAMS WILL NOT ALLOW them to work on the sale
premises unless they have placed with the auctioneer PROPER
INSURANCE protecting HYPERAMS, LLC and the people or company
that the auctioneers are conducting the sale for against any
or all claims arising from personal injury and/or property
damage created by their actions. This requirement is for
the auctioneer’s protection-NOT FOR 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 damage
or loss of the equipment the may be moving for the
purchaser.
12. All persons are attending at their own risk and
liability without recourse to 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.
13. All sales are in US Dollars.
14. By signing 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.
15. 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.
16. 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.
17. 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.