Terms and Conditions
The following constitutes the entire terms and conditions on which property listed in the auction sale catalog shall be offered for sale or sold by Marketplace Machinery, Inc. (hereafter “Marketplace”). These terms may be amended by any posted notices and/or oral announcements during the auction sale. Any consignor of such property for whom Marketplace acts as agent is also bound by the following Terms and Conditions. Under these Terms and Conditions, the term “Bidder” and “Purchaser” are considered to be synonymous. If a Bidder intends to bid on any item listed in the Marketplace catalog, it is recommended that they thoroughly inspect all items during the pre-auction inspection period.
- Bidder acknowledges that an auction site is a potentially dangerous place where flammable, noxious, corrosive, pressurized and other dangerous substances may be present, heavy equipment may be in operation, and live electrical circuits may be present. Every person at the auction site before, during and after the auction sale shall be deemed to be there at his/her own risk with notice of the condition of the premises, the activities on the premises, and conduct of third parties. Bidder shall advise his/her agents and employees of the conditions mentioned previously in this paragraph. No person shall have any claim against Marketplace, its consignors, agents, employees, directors or principals for any bodily injuries sustained or for damages to or loss of personal property, which may occur from any cause whatsoever.
- No items may be removed from the sale site until they have been completely paid for. A paid invoice must be furnished to representatives of Marketplace Machinery, Inc. Removal of items paid for must be supervised by Marketplace representatives at all times.
- As used herein, the term “Bid Price” means the price at which a lot is knocked down to the Purchaser, and the term “Purchase Price” means the sum total of the Bid Price, the Buyer’s Premium and other surcharges, any Federal, State or local sales taxes and any other applicable taxes unless Purchaser is exempt by law from the payment thereof. Any Purchaser claiming exemption from any otherwise applicable taxes must establish to Marketplace’s satisfaction that they are exempt. Any Purchaser claiming an exemption will be required to pay the tax to Marketplace and seek a refund directly from the taxing authorities.
- A sale to the highest Bidder shall be complete upon the auctioneer’s call, with the highest Bidder purchasing the offered lot(s), in accordance with all the conditions set forth herein, including Purchaser assuming full risk of loss and responsibility thereof and immediately making a deposit of not less than twenty-five percent (25%) of the Purchase Price (please see paragraph 6 for acceptable forms of payment), and paying to Marketplace the balance of the Purchase Price in full within forty- eight (48) hours after the auction sale for all lots purchased. No lot may be removed until the Purchase Price is paid in full for all lots purchased. The Purchaser may transfer no lot to another prior to its removal.
- If the conditions herein or any other applicable condition(s) posted and/or orally announced during the auction sale are not complied with, in addition to other remedies available by law to Marketplace and/or its consignors, including but without limitation, the right to hold the Purchaser liable for the Purchase Price, Marketplace may, at its option, either (a) cancel the sale in part or in full, retaining as liquidated damages all payments made by Purchaser or (b) resell the property, either publicly or privately, after three (3) days’ notice to the Purchaser and for the account and risk of the Purchaser, and in such event the Purchaser shall be liable to Marketplace for any deficiency if the resale is less than the Purchase Price, plus all costs, including warehousing, the pro-rata share of expenses of both sales including reasonable attorney fees, Marketplaces’ commission, plus all other charges due hereunder and incidental damages suffered by Marketplace or its consignor.
- Only cash, wire transfer, ACH transfer, company check if accompanied by letter of guarantee or certified check will be accepted as payment of the Purchase Price. Company checks may be accepted by Marketplace, at its sole option, on the condition that they must be accompanied by a letter from the Purchaser’s bank unconditionally guaranteeing payment of the Purchase Price in full of items purchased. Letter of unconditional guarantee must be in the format specified by Marketplace.
- Marketplace reserves the right to withdraw any property at any time before actual sale. Unless otherwise announced by the auctioneer at the time of sale, all bids are per lot as numbered in the catalogue. Lots may be combined or divided at the auctioneer’s choice.
- Marketplace reserves the right to reject a bid from any Bidder. The highest Bidder as acknowledged by the auctioneer shall be the Purchaser. In the event of any dispute between bidders, or in the event of doubt on the part of Marketplace as to the validity of any bid, the auctioneer shall have the sole discretion either to determine the successful bidder or to re-offer and resell the lot in dispute again at once. If any dispute arises after the sale, Marketplaces’ sales record shall be conclusive in all respects.
- The auctioneer reserves the right to accept or reject any and all bids. If there is a reserve on a lot, the auctioneer has the right to bid on behalf of the seller. If there is a reserve on any particular single item, the auctioneer can reject the highest bid subject to the reserve after the conclusion of the sale. The auctioneer may disclose reserve this information if he so chooses. The Auctioneer reserves the right to sell subject to reserve and to purchase for its own account and/or for the account of others, whether by verbal or written proxy, all subject to prior sale.
- Purchase of any lot is at the Purchaser’s risk with risk of loss immediately passing to Purchaser upon the auctioneer’s call. Neither Marketplace, nor its consignors, has any liability of any nature whatsoever to Purchaser if the lot is not delivered to Purchaser due to fire, theft, damage, or any other cause.
- All lots purchased shall be removed in their entirety from the site at Purchaser’s sole cost and responsibility and by the date as specified in the auction catalogue or as posted or announced at the sale. No items may be prior to the conclusion of the sale. Removal shall be at the sole risk and liability of the Purchaser or Purchaser’s agent and only after Purchaser has provided Marketplace satisfactory proof of insurance by Certificate of Insurance for liability and workers’ compensation in the amount of at least $1,000,000.00 prior to commencing any removal activities. Purchaser shall fully indemnify Marketplace and its consignors for any loss arising from damage to any person or property caused to any extent by Purchaser’s removal of the lots purchased. Purchaser is solely responsible to secure all safety equipment as may be necessary and prudent to meet all government safety standards in using, operating or removing lots purchased. Should any pits, floor bolts or hazards of any type exist after removal equipment, it is the responsibility and cost of the Buyer/Rigger to guard these areas using generally accepted safety practices, such as safety tapes, pipes or bars welded in place, or suitable safety barrier acceptable to Marketplace. All floor bolts and/or anchoring fasteners are to be cut flush to the floor and the area left broom clean. All electric wiring and utility piping must be safely disconnected at the incoming main switch or valve, which will remain with the building. Any hydraulic fluid or oil leaks that result from Buyer/riggers removal of any Purchased lots are the Buyer/riggers responsibility to clean up. Buyer/Rigger must take full responsibility for and exercise all reasonable care to ensure that there is no release to the environment of any hazardous wastes or substances as defined in applicable Federal, State and Local Statues, Regulations, Rules or Ordinances. Additionally, Purchaser will be charged $500 per day if Purchaser does not remove any Purchased lots in their entirety by the dates specified by Marketplace.
- If Marketplace or its consignor is unable to deliver any lot or any necessary documentation required in respect of any lot, their sole and exclusive liability shall be the return of any monies paid on such lot by Purchaser.
- No warranty or representation, written or oral, of any kind is given with any lot. All statements contained in Marketplaces’ catalogue, website, marketing material or by the auctioneers, or in any bill of sale, invoice or elsewhere as to description, size, quantity, quality, capacity, model, serial number, measurements or condition, are approximated statements and shall not be deemed to be representations or warranties, oral or written, with respect to any lot. No sale is invalid or made void by reason of any flaw in a lot or by reason of a lot being incorrectly described, and Marketplace will not be liable and no compensation will be paid for any such fault or error of description.
- All property is sold “AS IS, WHERE IS”. Neither Marketplace nor the consignor makes any representation or warranty, oral or written expressed or implied, as to the merchantability, fitness for a particular purpose, condition of the property, correctness of the description, condition, capacity, age or any other details used to describe the property. Absolutely NO RETURN of sold goods. NO REFUNDS and NO EXCHANGES will be permitted.