Auction Bidder Agreement

Bidder and Auctioneer agree that the Terms and Conditions listed below shall govern this Live/Webcast Auction sale:

Terms and Conditions for live / webcast auction of Johnson Precision, Inc. Feb 25, 2020 R1 20200203

1. All persons seeking to register to bid must present a valid credit card to register online. In addition, Auctioneer reserves the right to verify the validity of all cashier's checks or certified funds drawn from lending institutions. The "Bidder" becomes a "Buyer" upon the closing of the lot, and the Auctioneer's acceptance of their bid on one or more items in the Auction sale. All sales are final. No returns or refunds will be permitted for any reason whatsoever.
2. FULL PAYMENT must be made immediately for your purchase at the Auction (online or live). This payment should be made in the form of cash, credit card (up to $5,000) or wire transfer (wire instructions on request). Company checks will be accepted only if accompanied by a letter from the issuing bank that reads: "(Bank Name) unconditionally guarantees payment to Blackbird Asset Services, LLC from (Purchaser's Name) on account number ______ up to the amount of $________. This guarantee will be valid for purchases made at the Johnson Precision auction on February 25, 2020." Buyers who place winning bids online will receive an unpaid invoice at the conclusion of the auction by email and will have to contact our office at [email protected] to let us know how you intend to pay (you can pay cash on site on February 26>, wire funds or use a credit card (up to $5,000) NOTE TO ONLINE BUYERS: We do not automatically charge your card for this particular auction. All credit card charges carry a 3% convenience fee, and are as-is, no refusals, turn-backs, or charge-backs permitted. For those bidding online with invoices over $5,000, or those wishing to pay by company check or wire transfer, you may also contact auction office prior to the auction to make arrangements. FULL PAYMENT must be made immediately for your purchase at the auction.
3. Items left unpaid for more than 48 hours will be resold at the risk and expense of the Buyer. In the event that a Buyer fails to pay the entire purchase price (in addition to the Buyer's premium and any applicable tax) within 48 hours, or otherwise fails to comply with these Terms and Conditions, the Auctioneer and the Seller will retain any deposit paid as liquidated damages without notice. The Auctioneer and the Seller reserve the right to resell such items without notice, and the defaulting Buyer shall be liable to Auctioneer and Seller for any resulting deficiency, including costs incurred in storing and reselling such items.
4. Auctioneer shall charge and collect from each onsite Buyer a 15% buyer's premium for each sale at the Auction, in addition to the purchase price as bid. Buyers using the webcast system will be charged an 18% buyer's premium. Buyers that pay by credit card will be charged a 3% convenience/credit card fee in addition to any buyer's premiums so noted. Online buyers are subject to this additional 3% convenience / credit card fee if they pay by credit card.
5. Collection of applicable taxes will be in accordance with the laws of New York State. Sales tax for Erie County, NY is 8.75%. Auctioneer reserves the right to charge and collect tax on all purchases, shifting the burden of determining any tax exempt status to the purchaser (if applicable). In such case, tax refunds will be issued by the respective state. If you are entitled to a sales tax exemption, please contact our office before February 24, 2pm ET to clear sales tax exemption. Buyers who fail to clear sales tax exemption prior to February 24, 2pm ET will be charged sales tax and must file with New York State for any refund to which they may be entitled due to exemption.
6. For any purchase paid in cash with a value of $10,000 or greater, Buyer is required to complete Department of the Treasury Internal Revenue Service form 8300 (https://www.irs.gov/pub/irs-pdf/f8300.pdf) at the time of purchase.
7. Removal: Arrangements for removal of purchased items will be the sole responsibility of the Buyer. Removal of small items immediately following the auction sale and also from February 26–March 7, 9am–4pm each day (no removal Sundays). Removal of items requiring rigging are by appointment only thereafter. All riggers must supply a valid insurance certificate prior to beginning work. Additional charges will apply to any buyer that holds over or requests additional time to remove their purchases. After March 7 riggers by appointment to remove major equipment as needed, all smalls must be removed by March 7. Online buyers must comply with the removal and rigging terms noted herein.
8. The Buyer becomes fully responsible for and assumes all risk of loss and damage to items purchased until items are removed from the Auction site, whether or not the removal deadline has passed. If the Buyer does not remove an item within the announced removal period, Auctioneer and the Seller may, in their sole discretion, deem the item to have been abandoned by the Buyer and the Buyer will have no further rights with respect to the item.
9. In the event of any dispute concerning the winning bid price for an item, the record kept by Auctioneer shall control. In any dispute between two or more bidders, the Auctioneer's decision shall be absolute and final.
10. All items in the Auction shall be sold to the highest bidder; provided, however, that some items may be auctioned with minimum reserve prices, and/or subject to Seller's right of confirmation. Auctioneer reserves the right to reject any bid that is only a minimal increase over the preceding bid, that is not commensurate with the value of the item being offered, or any bid that Auctioneer believes was made illegally or in bad faith. Further, Auctioneer may bid at the Auction either for its own account or on behalf of the Seller or a third party. All sales are final. No returns or refunds will be permitted, unless authorized by the Seller in writing.
11. ALL ITEMS ARE SOLD AS-IS, WHERE-IS AND WITH ALL FAULTS. NEITHER SELLER NOR AUCTIONEER MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE NATURE, QUALITY, VALUE, OR CONDITION OF ANY ITEM. AUCTIONEER AND SELLER EXPRESSLY DISCLAIM ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.
12. No sale shall be invalidated by reason of any defect or inaccuracy in any description or listing, and no liability shall be borne by the Auctioneer with respect to such errors. All information has been obtained from sources generally believed to be reliable, but the accuracy cannot be guaranteed or warranted by the Auctioneer. Bidder acknowledges it is their responsibility to inspect all items and to make their own inquires prior to their bidding.
13. Use of Technology: Independent third-party service providers are responsible for supplying and maintaining various online electronic bidding platforms used in connection with online bidding, and as such each Bidder is subject to a set of terms specific to that service provider, typically agreed to upon registration with respective platform. Bidder acknowledges that neither the Auctioneer nor the Seller will be held responsible for any interruption in service, slow connection speeds, errors, and/or omissions, or any other complication encountered during the course of any online bidding. Auctioneer cannot guarantee continuous, uninterrupted or error free service for any online bidding. Bidder acknowledges that online bidding is conducted electronically and relies on hardware and software that may malfunction without warning, and by use of these platform(s) each Bidder agrees to indemnify and hold harmless Auctioneer and/or the Seller from any and all claims that may arise from use of any online bidding platform. Auctioneer may, in its sole discretion, void any sale, temporarily suspend bidding and/or re-sell any item/lots that may have been impacted by any malfunction of an electronic bidding platform.
14. The aggregate respective liability of Seller or Auctioneer in respect of any other loss or damage suffered by a Buyer and arising out of or in connection with these Terms and Conditions or arising out of or in any way connected with a Buyer's participation in the Auction, whether in contract, tort (including negligence) or for breach of statutory duty or in any other way, shall not exceed (i) in the case of the Seller, the amount of the purchase price paid by the Buyer; and (ii) in the case of the Auctioneer, the Buyer's premium paid by the Buyer, in each case in respect of the goods which are the subject of the claim.
15. Computers, drives and other electronic equipment may contain copyrighted software that is governed by a license agreement issued to a third party. In such event the Buyer acknowledges that said software and license agreement(s) are not included in their purchase(s). Buyer guarantees the destruction of any personally identifiable information that may be stored on such devices, and shall indemnify and hold harmless the Auction Company and their Seller from any claims, suits or other actions brought against them that relates in any way to personally identifiable information or any other data that remains on such devices, latent or obvious.
16. Buyers acknowledge that an Auction site or the Seller's site is a potentially dangerous place. Flammable, noxious, corrosive and pressurized substances may be present. Heavy equipment may be operated, and electrical circuits may be live. Every person enters such site at his or her own risk with notice of the condition of the premises and the activities that will be or have been conducted on the premises. Buyers shall so advise their agents and employees. No person shall have any claim against Auctioneer, the Seller or their respective agents or employees for any injuries sustained or for damages to or loss of person or property that may occur at such site.

These Terms and Conditions are incorporated and merged with any sale-specific Terms and Conditions which may be distributed via our online bidding site and / or at the physical auction location.