Terms & Conditions > Premiere Auction 1.TERMS & CONDITIONS OF SALE. The following conditions of sale make up the entire terms and conditions on which items listed in our catalog, on the internet web site and addendum sheets will be offered for sale or sold by Rock Island Auction Company (known hereafter as 'RIAC'). All bidders who participate by bidding in this auction agree to the terms and condition of sale and agree to be bound by same. Any notices, posted or oral during the sale, are also part of our condition of sale agreement. Acceptance of a bidder card or a bidder number constitutes acceptance of the following terms and conditions of sale. The purchaser's rights and our respective rights and obligations hereunder are governed by Illinois law. By bidding at our auction whether in person or by agent, sealed bid, telephone bid, via the internet or other means, the buyer or bidder agree that the contract created by these conditions of sale is made and performed in the County of Rock Island, State of Illinois and further agrees that should any dispute arise from this contract the sole and exclusive jurisdiction for contractual disputes is Rock Island County. AUCTIONEER IS NOT RESPONSIBLE FOR ANY ERRORS OF THE BUYER INCLUDING BUT NOT LIMITED TO THE BUYER BIDDING ON THE WRONG LOT. 2. BUYER'S PREMIUM AND SALES TAX. All bid prices 'hammer prices' (means the price at which a lot is knocked down to the purchaser) will be subject to a buyer's premium 20.5% payable by the purchaser. The buyer's premium shall be reduced to 18% provided the payment is paid by cash or the equivalent of cash (cashier's check, wire transfer, or approved personal check). If the account is settled by credit card, the buyer's premium then shall be the standard 20.5%. This is not an aggregate percentage on the total items bid rather a per item percentage rate. The premium is added to your successful bid and the two together equal the total purchase price. Some items are exempt from Illinois sales tax and others may be subject to Illinois sales tax or local sales tax. The tax is computed on the total purchase price. To establish a tax free sale, a copy of a valid reseller's permit or other instrument of information must be provided to our satisfaction establishing a sales tax exemption. Any purchaser claiming an exemption yet unable to provide proof will be required to pay the tax to us and seek a refund from the State of Illinois. Generally, all items shipped out of state are tax free sales. We have been authorized by the consignor to retain as part of our remuneration, the buyer's premium payable by the purchaser. 3. METHOD OF PAYMENT. Auction sales are strictly for cash, cashier's check or checks (with prior approval of the management), MasterCard, Visa or Discover. NOTE TO FOREIGN BUYERS: Method of payment will be U.S. currency, certified check drawn on an American bank or wire transfer. 4. TERMS OF PAYMENT. At the announcement of 'SOLD', the highest bidder will have purchased the offered lot. All sales are final at the fall of the Auctioneer's hammer or at the announcement of 'sold'. This purchase is subject to all the terms and conditions set forth herein. The purchaser assumes full responsibility thereof and if requested will sign a confirmation of the purchase. The purchaser further agrees to pay the purchase price, buyer's premium and any applicable taxes. All items purchased by successful bidders must be paid for in full the day of sale. All property must be removed from our premises at the purchaser's expense no later than 5:00 p.m. five days following the date of sale unless otherwise agreed. If the property is not removed, it may be transferred to a public warehouse for the purchaser at the purchaser's risk and expense. Each purchaser at this auction grants us a security in the property purchased. We may retain as collateral security for the purchaser's obligations to us any of the purchaser's property and all monies held or received by us. We may apply against such obligations monies held or received by us for the account of, or owing to, the purchaser. We retain all rights of a secured party under the Illinois Commercial Code. Whenever the purchaser pays only a part of the total price for one or more lots purchased, we may apply such payments, at our sole discretion, to the lot or lots we choose. Payment will not be deemed made in full until we have collected all amounts due in cash on good funds (by our definition). If the conditions of sale are not complied with, in addition to remedies available to us and the consignor by law, we hold the purchaser liable for the purchase price, 15% buyers premium, and applicable sales tax, we at our option may either (1) cancel the sale, retain as liquidated damages all payments made by the purchaser or (2) resell the property either publicly or privately, and in such an event the purchaser shall be liable for the payment of any deficiency plus all costs and expenses of both sales and our commission at our standard rates. The purchaser is also responsible for all other charges due hereunder attorney's fees and incidental damages, etc. 5. INTEREST AND DEFAULT. Payment is due upon reciept of the buyer's invoice. If the amount noted within the buyer's invoice is not paid in full within 15 days of the auction, RIAC has the right and will charge the buyer's credit card of record on file for the total invoice amount. Interest will be charged on all unpaid balances at the rate of 1-1/2% per month(18% APR) beginning 15 days after the date of purchase/auction. Should the buyer not comply with any of the Terms and Conditions of Sale, including payment of the full amount indicated on the buyer's invoice, the damages Incurred by RIAC including, without limitation, consignor commission, loss of use of money for an indefinite period, costs to relist the item and potential depreciation of the item, loss arising on the resale of the lot,whether such fees are now known or may become known in the future. Accordingly, in the event buyer fails to pay the full amount indicated on the buyer's invoice within 45 days after the auction, buyer shall be immediately liable for liquidated damages in an amount equal to 30% of the amount on the buyer's invoice. RIAC shall hold any money deposited in partial payment on account of any liability of the defaulted item and will apply it at the sole discretion of RIAC to the outstanding debt. 6. WITHDRAWAL. We reserve the right to withdraw any property prior to sale. 7. PROTESTS, DISPUTES AND THE AUCTIONEER. We reserve the right to reject a bid from any bidder. The highest bidder, acknowledged by the auctioneer, will be the purchaser. The Auctioneer shall have sole and final discretion as to the disposition of any dispute including the re-offer and resale of any article in dispute. Any dispute after the sale our records will be deemed conclusive in all respects. 8. If we are prevented by fire, theft, or any other reason from delivering any property to the purchaser, our liability shall be limited to the sum actually paid therefore by the purchaser and shall in no event include any incidental or consequential damages. 9. GUARANTEE. All property offered for sale is as is, where is. ALL SALES ARE FINAL. THERE WILL BE NO REFUNDS AND NO EXCHANGES. Rock Island Auction does not guarantee or make warranties on any lot sold. The bold headline of the description is the only written statement Rock Island Auction Company will guarantee as correct. Descriptions in the catalog are opinion. They are written as an aid to potential bidders. We acknowledge that there may be errors in what is written beyond the bold headline description. We recommend you to personally view any item you bid on or have an acknowledged expert view the item. Statements starting with the word condition are opinions, not statement of fact or guarantees. If a dispute about a lot arises it is the buyer's responsibility to provide a written statement by an acknowledged qualified expert within 30 days after the auction that the bold headline is in fact incorrect. If the expert's statement is indeed correct Rock Island Auction Company will make a full refund upon return of merchandise. Providing the merchandise is returned in the same condition it was received. We must again reiterate the guarantee is only on the bold headline of the description and Rock Island Auction Company will only honor this guarantee within 30 days of an Auction. This right to return an item purchased at an auction shall be expressly limited to situations where errors occurred in the bold headline description of an auction item and such 30-day return provision shall not apply to a return of an auction item for any other reason. Rock Island Auction Company will have no further obligation including no refunds or returns will be accepted if the above conditions are not met. Items offered for sale as described in the catalog or any bill of sale, advertisement, addendum sheet, or elsewhere as to authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition, physical condition are qualified statements of opinion and not representations or warranties. No employee of Rock Island Auction Company or any person purporting to act on behalf of Rock Island Auction Company is authorized to make on our behalf or that of the consignor, any representation or warranty, oral or written, with respect to any lot or item for sale. 10. The Conditions of Sale shall bind the successors and assigns of all bidders and purchasers and inure to the benefit of our successors and assigns. No waiver, amendment or modification of the terms hereof (other than posted notices or oral announcements during the sale) shall bind us unless specifically stated in writing signed by us. If any part of these Conditions of Sale is for any reason invalid or unenforceable, the rest shall remain valid and enforceable. 11. RESERVES. Some items in this auction may be subject to reserve (the confidential minimum price below which the lot will not be sold). If a lot is offered with a reserve, we may implement that reserve by bidding on behalf of the consignor. No reserve will be allowed higher than the high estimate and in many cases the reserve is lower than the low estimate. This bidding will not generally constitute opening bidding. If RIAC declares an opening bid and no advance to that bid is received we will pass the item. However once bidding is opened we will bid on behalf of the consignor to reach the reserve price. Nominal bids ' the auctioneer may reject nominal bids, small opening bids or very nominal advances made with the purpose of disparaging an item. If a lot fails to achieve a bid equal to or exceeding 25 - 30% of the low estimate, the item may be passed and not sold and may not be re-offered until a later sale this is at the sole discretion of the auctioneer and an auctioneer may in fact sell the item. If we have an interest in an offered lot and the proceeds there from other than our commission, we may bid therefore to protect such interest. Items which are not reserved are sold at the auctioneer's discretion. 12. Consignors are not allowed to bid on their own merchandise nor have any agent bid on their behalf. If the Auctioneer recognizes such bidding or is advised of same, the Auctioneer reserves the right to withdraw any or all items consigned by the offending consignor, no exceptions. ABSENTEE BIDDING. As a service to anyone wishing to place bids in advance of the sale we may accept bids to bid on a potential bidders behalf at our own discretion by telephone or sealed bid using the forms we provide. A Sealed Bid must be received and credit approved in advance of sale date. It is the Bidders responsibility to establish credit before bidding, or we will accept a 15% deposit in the amount of the total bids. (Deposits will be returned within ten (10) days after sale, if not successful). A Sealed Bid form is enclosed in the back of the catalog. Bids may also be faxed to (309)797-1655. Additionally on-line bidding is available on our website. Buyers acknowledge by bidding absentee via mail, e-mail, telephone, through internet providers, or any other absentee means (not in person bidding) no fiduciary duty exist between the bidder and RIAC. The buyer acknowledges RIAC has a financial interest in all items offered for sale. The buyer acknowledges that there may be a conflict of interest in that RIAC may have an interest in items beyond the seller's commission and buyer's premium. In fact RIAC may have offered a guaranteed amount to a particular consignor or may actually have an ownership interest in an item offered for sale. Buyer acknowledges that RIAC has fiduciary duty to sellers and not the buyers. Any absentee bid is executed as if the bidder was actually present and bidding themselves. RIAC will execute bids in a manner such that they will attempt to prevail at the lowest bid possible. We assume no responsibility for failure to execute telephone, sealed, or website/online bids for any reason whatsoever. In order to expedite notification of your bidding all clients with a RIAC web account will be notified via email that you were successful and to check your account. A form is provided for you there to complete and return to us in regards to shipping instructions and method of payment. Once we receive the form we then follow up with a phone call to confirm all information is correct, upon receiving payment and any applicable licensing we process your order. If you do not have a web account with us we will call you regarding payment and shipping instructions and follow up with an invoice in the mail. 14. TELEPHONE BIDDING. In order to bid on a lot over the telephone at the time it is being sold you must contact us in advance to make arrangements. Generally if you contact us by 2 p.m. the day preceding the sale we will have plenty of time to process your Information. Any bids received later than this date risk being not executed. The day of the sale that you have lot(s) to bid on a representative of RIAC will contact you prior to your lot(s) going up for sale and familiarize themselves with you. Telephone Bids may be faxed to (309)797-1655 or they can be submitted through our online service. 'Cover-Me Bids': As a Telephone Bidder be aware that there is the risk of us not being able to reach you. Therefore you may want to consider allowing your phone representative to execute bidding on your behalf. At the time of arranging for your phone bids simply give amounts that you are willing to go to on each lot in the event we are unable to reach you. This amount is only utilized if you are not on the phone with your representative. Assuming you are reached via telephone, they will rely on your verbal instructions only. 'Cover-me bids' are not mandatory, you can place them at your discretion; they are simply a safety net in case you cannot be reached in time or not at all. On line bidding is available through third party providers. Potential bidders are informed those services charge an additional buyers premium above and beyond the premium charged by RIAC. 15. FIREARMS LAWS. All post - 1898 firearms must be registered in compliance with Federal and Illinois State Law. Buyers of post - 1898 firearms must complete state and federal registrations forms at Rock Island Auction Company, 7819 42nd Street West, Rock Island, IL 61201, unless otherwise specified. A 3-day waiting period is mandatory for modern handguns, a 24-hour waiting period on modern long arms. Dealers and out-of-state buyers must have in their possession on the day of sale, signed copies of their Federal Firearms License in order to accept same-day delivery of modern weapons. Buyers who act as agents for FFL dealers must have a letter of agency as well as a signed copy of the dealers Federal Firearms License (FFL). 16. CLASS 3. All firearms designated as Class 3 must be registered in compliance with the NFA registry. A $200 federal tax payment is required each time a functional NFA firearm is transferred to or from a private owner. This fee as well as full purchase payment is due at time of purchase in order to process the paperwork. The new owner of the Class 3 firearm will be required to complete 3 forms - 1) ATF Form 4, 2) fingerprint card, 3) ATF form 5330.20 Certificate of Compliance. These forms will be provided to you by Rock Island Auction Company. Note: if state of local law requires a permit or license to purchase, possess, or receive NFA firearms, a copy of the transferee's (buyer) permit or license must accompany the application. Rock Island Auction Company then mails the paperwork for the Federal Transfer Tax to BATFE. The BATFE says that it can take up to 90 days for approval. We will receive back one of the Form 4's (they are sent in duplicate) with a Federal Tax Stamp attached to it. This is given to the new owner when he/she picks up the NFA firearm. No further tax is due. The following states do not allow individuals to own machine guns: California, Hawaii, Illinois, Iowa, Kansas, Maine, Michigan, Mississippi, New Jersey, and New York, Rhode Island. SPECIAL NOTE: If you are an SOT (Special Occupation Tax) payer (Class 3 dealer) you are able to transfer functional NFA firearms to or from other SOT payers and government agencies with BATFE approval, but without having to pay a transfer tax. 17. Rock Island Auction Company makes no warranties or representations whatsoever and no employee or consultant of Rock Island Auction Company has the authority to do otherwise, concerning the operation of firing condition, fitness for use, safety to store, or reliability, of any firearm, ammunition, or parts. Use of any firearm or ammunition purchased at Rock Island Auction Company is entirely at the user's risk. Rock Island Auction Company offers for sale the lots as 'collector' lots only. We strongly recommend that all weapons, ammunition, etc. purchased at auction be examined by a competent gunsmith. Rock Island Auction Company expressly disclaims any liability whatsoever for accident, injury or damage resulting to any person from the storage or subsequent use of any such lot. 18. All delivery, shipping and storage charges must be paid by the successful bidder prior to delivery of the firearm. SHIPPING. If packing and handling of purchased lots is done by Rock Island Auction Company, it is done at the entire risk of the purchaser. All items must have shipping insurance; this insurance is mandatory. RIAC will not charge any labor charges for shipping. We are not liable for any acts of omission in packaging or shipping. Purchased lots handled by outside carriers or packers including those we may have recommended such carriers or packers may carry their own insurance and any claims for losses or damages should be addressed directly to them. We will arrange for packing and shipping at our earliest possible convenience. We will attempt to ship as soon as possible, however, due to our high volume of absentee bids shipping can take up to two weeks after full payment is received. In the case of crating or any exceptional packaging, the buyer will be charged our cost from outside agents. Buyer pays shipping, packing materials, and insurance charges. The shipping of any purchased items outside of the United States is hereby classified as 'foreign export'. All foreign export is the sole responsibility of the purchasing buyer. DISPUTES UNDER THIS CONTRACT Buyer and RIAC agree to mediate any dispute or claim arising between them resulting from the buyer participating in the auction or any resulting transaction. Furthermore the buyer and RIAC agree should Mediation be necessary that Mediation fees if any will borne equally by the parties. Buyer and RIAC are required under the terms and conditionF-Drive:Terms & Conditions 10-24-2011 of sale to enter into Mediation before arbitration or any court action. Should a party commence legal action other than Mediation without giving written notice to the other party that party will not be entitled to recover attorney's fees even if they would otherwise be allowed to that party in the action. All mediation, arbitration and court proceedings, whether in state or federal court, shall be filed and conducted solely within Rock Island County, State of Illinois, and not in any other jurisdiction. Should Mediation not settle the dispute between the parties the buyer and RIAC agree that any dispute, claim in law or equity resulting from the participation in the auction or any resulting transaction shall be settled utilizing neutral binding arbitration utilizing the standards of American Arbitration Association and must be initiated and carried out in Rock Island County state of Illinois. Any bidder or actual buyer agree the election of restricting any and all claims to Arbitration is a voluntary decision and evidenced by participation in the auction. The buyer states 'I have read the terms and conditions of sale and by my participation in this sale I agree all disputes arising out of my participation will be first submitted to Mediation, and if Mediation is not successful in resolving the dispute I then submit to neutral binding Arbitration with RIAC and any other entity under this contract. No lawsuit shall be filed until a person has in good faith completed all Mediation and Arbitration proceedings as required hereunder. Limitation of Liability. EXCEPT AS EXPRESSLY PROVIDED ABOVE, ALL PROPERTY IS SOLD 'AS IS'. ROCK ISLAND AUCTION COMPANY NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY OR AS TO WHETHER THE PURCHASER ACQUIRES ANY COPYRIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS IN LOTS SOLD OR AS TO WHETHER A WORK OF ART IS SUBJECT TO THE ARTIST'S MORAL RIGHTS OR OTHER RESIDUAL RIGHTS OF THE ARTIST. ALL FIREARMS AND AMMUNITION ARE SOLD AS COLLECTOR LOTS ONLY. FITNESS TO FIRE OR OTHERWISE DISCHARGE THE ARM OR AMMUNITION IS EXPRESSLY DENIED BY ROCK ISLAND AUCTION COMPANY. A COMPETENT GUNSMITH SHOULD BE CONSULTED BEFORE ATTEMPTING TO USE OR FIRE ANY FIREARM OR AMMUNITION. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL ROCK ISLAND AUCTION COMPANY BE LIABLE FOR ANY DAMAGES INCLUDING WITHOUT LIMITATION ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES. 3/14/2012 8:56:55 AM