GEARS Industrial Auctioneers – Auction Terms and Conditions

By registering for our auction, you acknowledge that you have read, agree to, and accept the Terms and Conditions as outlined herein and agree to be bound thereby. Your acknowledgment and acceptance are legally binding whether you register directly from GEARSauctioneers.com or through a third-party platform (e.g., Bidspotter.com, Proxibid, or others). If you do not understand these Terms and Conditions, please contact us for clarification prior to registering or bidding. Do not register or participate if you do not agree to be bound by the terms, as you will be subject to them regardless of having read or understood them in part or in full.

1. General Auction Information

• This is a Reserve Price Auction, not an Absolute Auction. All items are sold subject to reserve or pending seller approval.
• The Seller reserves the right to accept or reject any and/or all bids.
• All items are subject to prior sale, transfer, or withdrawal at any time before finalization of any transaction.
• An 18% Buyer’s Premium applies to all sales and will be added to the winning bid to determine the total purchase price (pre-tax).

2. Deposits

A $500 pre-authorization hold will be placed on your credit card upon registration. This is not a charge, but a temporary hold to validate your eligibility to bid. The hold may remain in effect until invoices have been paid, depending on your bank or credit card issuer’s policies.

3. Payment Terms

Payment in full must be received by GEARSauctioneers.com no later than 5:00 PM (local time at the auction site) on the next business day following issuance of an invoice.

• Accepted forms of payment: Wire transfer or direct deposit.
• Unaccepted forms of payment: Checks, credit cards, or in-person payments.

Failure to remit full payment may result in:

• Cancellation of the purchase;
• Forfeiture of the deposit or pre-authorization hold;
• A negative report to the bidding platform, which may result in suspension or revocation of your bidding privileges across other auction companies using the same platform.

4. Sales Tax

Sales tax will be added to all taxable items by default.

• Buyers claiming exemption must provide a valid and current resale certificate, tax exemption certificate, or similar documentation.
• It is preferred that this documentation be submitted prior to participation in the auction.
• However, it must be submitted immediately upon winning lots to qualify for exemption.
• A new certificate is required for each auction, regardless of previous participation.
• If documentation is not submitted in time, sales tax will be collected and will not be refunded.

5. Item Condition and Warranty

All items are sold “AS IS” and “WHERE IS”, with no guarantees or warranties expressed or implied.

• Descriptions are believed to be accurate but are not guaranteed.
• No warranties are made regarding merchantability or fitness for a particular purpose.
• Buyers are solely responsible for inspecting items and determining condition and suitability.

6. Bidding Process

• This is an Internet-only auction. The highest bid at the time of close, provided it meets reserve or seller approval, will be considered the winning bid.
• Auctioneer may bid on behalf of the Seller or third parties to protect reserve pricing.
• No bid retractions are allowed. All bids are final and legally binding.
• Do not place a bid higher than you are willing and able to pay, based on the item’s condition.

7. Invoice and Pickup

• Invoices will be issued promptly after the close of the auction.
• A paid invoice is required for all pickups—no exceptions.
• Pickup information and contact details for the on-site removal supervisor will be included with your invoice.
• Buyers are solely responsible for securing and insuring their purchases immediately after the winning bid.

8. Removal Requirements and Fees

All items must be removed no later than 21 calendar days (3 weeks) after auction close.

• A $25 removal fee per lot will be added to your invoice. This covers:
  • Loading of your items onto a truck or trailer.
  • Consolidation and preparation (banding, wrapping) for LTL freight if requested.
• GEARS will provide weights and dimensions to assist with freight arrangements.
• Email shipping@GEARSauctioneers.com to coordinate transportation or for removal questions.

Late removals may incur storage fees of $50/day per lot, and GEARSauctioneers.com reserves the right to deem such items abandoned and resell them without notice.

9. Non-Payment or Default

In the event of:

• Non-payment or
• Failure to comply with any auction terms,

The seller may retain the deposit as liquidated damages and resell the item(s) publicly or privately. Any deficiency or loss from resale will be charged to the defaulting buyer, along with all expenses, fees, and enforcement costs.

10. Risk and Liability

• Buyer assumes full responsibility for all items immediately following the winning bid.
• Buyer agrees to indemnify and hold harmless the Seller, Auctioneer, and their affiliates from any and all claims or damages resulting from participation in the auction or removal of purchased items.
• Seller is not responsible for injuries or property damage occurring on-site or during removal.

11. Technology Disclaimer

Auctioneer does not warrant uninterrupted access to any auction platform or website features. Technical failures (e.g., platform outages, internet failures, etc.) may occur and GEARSauctioneers.com reserves the right to:

• Reopen or reschedule the auction within 72 hours of closing time;
• Adjust results if technology failure materially impacts the outcome.

12. Seller Representation

GEARSauctioneers.com may act solely as an agent for the Seller. We are not responsible for the actions or representations of the Seller or third parties.

13. Limitation of Liability and Waiver

To the fullest extent permitted by law:

• GEARSauctioneers.com, the Seller, and their representatives shall not be liable for any direct, indirect, incidental, special, consequential, statutory, punitive or exemplary damages, including personal injury, lost profits, or economic loss.
• Buyer’s sole remedy in any case where goods cannot be delivered or are lost prior to transfer of risk is a refund of payments made, if applicable.
• By registering and participating in the auction, Buyer expressly waives and releases any and all claims, whether known or unknown, that may arise from or relate to the auction or any purchase made therein.

14. Legal Compliance

These Terms and Conditions shall be governed by the laws of the State of Tennessee, without regard to conflict of law rules. Any legal action arising from this auction shall be brought exclusively in the state or federal courts of Knox County, Tennessee, and all bidders consent to such jurisdiction.

By registering for and/or participating in this auction—intentionally or otherwise—you agree to be bound by all Terms and Conditions stated above.