TERMS AND CONDITIONS OF SALE
1. CONDUCT OF AUCTION. This auction will be conducted by Orange Coast Auctions, Inc. (the Auction Company), under the following Terms and Conditions. Please read them carefully. By accepting a bidder number or placing an electronic bid through Proxibid, you accept and agree to abide by these Terms and Conditions. Except as otherwise announced at the auction and subject to a reserve placed on any item offered in the auction, each item will be offered in numerical order and sold to the highest bidder. Unless not permitted by law, title will pass to the last highest bid when the auctioneer announces Asold,@ and/or on the fall of the auctioneer's hammer.
2. BUYER'S PREMIUM. A Buyer's Premium of 17.5% (which includes a 2.5% Proxibid service charge), will apply to all purchases, with a 3% discount (or 14.5% Buyer's Premium) for cash, check, or certified funds. The Buyer's Premium is added to your successful bid, and together with your successful bid equals your total purchase price, plus applicable sales tax, and other charges that are listed in this document and required by law, including any registration and transfer fees.
3. PAYMENT. Buyers must pay for their purchases on day of auction. (All items purchased by absentee bidding must be paid in full upon notification.) Payment terms are cash in United States currency, check, MasterCard, Visa, American Express, Discover, or other verified funds through means of verification acceptable to the Company. Payment by check may be accepted if credit has been pre-approved. Checks and wire transfers only on United States banks are acceptable. Any other arrangements for payment must be made in advance of sale.
4. INTEREST AND DEFAULT. If the Buyer does not pay for the item as required by the preceding paragraph, the Company shall have the right to charge and will charge interest at the rate of 1-1/2% per month, commencing on the 30th day after the sale, until the total amount due is paid in full. Payments will be credited in the following order: first unpaid interest and then unpaid charges, and finally toward the bid amount and Buyer's Premium. The Company shall have no obligation to deliver the item to the Buyer or his/her agent until all sums due are paid in full. Should the Buyer not fully comply with any of the terms in this Agreement, the damages recoverable by the Company shall include, but not be limited to, all loss arising from the default, which may include all losses incurred on the resale of the item, along with charges and expenses incurred in connection with the original sale and resale if the item is resold. The Company shall also be entitled to recover its attorney=s fees as well as all of its costs and expenses in enforcing its rights under this Agreement and under California law, including but not limited to, attorney's fees and costs incurred in the event of any litigation between the Buyer and the Company and/or mediation and/or arbitration.
5. SALES TAX. Buyers must pay local and state sales tax on the total bid price plus Buyer's Premium. Buyers claiming sales tax exemption must provide a copy of their current reseller=s permit or documentation of their tax exempt status on the day of sale. Otherwise, sales tax will be added, and the Buyer seeking to avoid payment of sales tax must seek a refund from the state.
6. RESERVES. Some items in this sale may be reserved (that is, subject to a minimum bid). Our policy is that the reserve may not be more than the minimum estimated price, and that the Company reserves the right to and may implement such reserve by bidding on behalf of the consignor. Consignors may not bid on their own items or have any agent bid on their behalf. If any such bidding is recognized, we reserve the right to withdraw any or all items consigned by that consignor.
7. WITHDRAWAL OF ITEM, DISPUTED BID. We reserve the right to withdraw any property that has a reserve against it prior to the final announcement by the Auctioneer that the item is sold. Items sold without reserve may be withdrawn at any time up to the Auctioneer's call for bids on the item (unless no bid is made within a reasonable time). No liability may be asserted in connection with withdrawal of any item. As to any dispute arising after the sale, our sales record will be conclusive in all respects.
8. AS IS, WHERE IS. Except as specifically provided in paragraph 9 below, all items are sold as is, where is, with no guarantee or warranty whatsoever, including but not limited to, any warranty of merchantability or fitness for any purpose. None of our employees, agents, or consultants are authorized to make any guarantee or warranty or binding representation, except: (i) as expressly set forth in the Catalogue, (ii) stated by the Auctioneer at time of auction or (iii) signed by a duly authorized officer of the Company.
9. CATALOG DESCRIPTIONS AND DISPUTES. Bidders are strongly urged to personally inspect each item on which they intend to bid and to base their bids on their own opinions. Buyer has a limited 20-day guarantee of the accuracy as to the item description listed in the catalog only, running from the date of acceptance of the Buyer's successful bid. This guaranty does not, under any circumstances, extend beyond what is listed in the catalog (including changes therein made by the Company before bidding on the item). If Buyer believes that any portion of the description of any item is inaccurate in any way and/or Buyer asserts any claim of any kind with regard to the item and/or lot on which Buyer was the successful bidder, the Company will allow a rescission of the sale provided all of the following occur within the times set forth:
(i) telephonic and/or in person notice of the discrepancy and the factual basis for the claim is immediately provided to the Company and written notice of the discrepancy as well as all other bases for the Buyer's claim, if any, is received by the Company via telefax, mail or overnight delivery within no more than five (5) calendar days of the auction for that item; the notice shall include, but is not limited to, detailing exactly what in the description is not accurate and detailing the factual basis for any other claim asserted;
(ii) if Buyer or Buyer's agent has received the item, within fifteen (15) calendar days of the auction, the item (together with whatever else was included in the lot purchased by the successful bidder) shall be received by the Company by hand delivery or through legal means for transporting a firearm, in the same condition it was in when it left the Company's possession, with adequate insurance (at a reasonable cost for the insurance) for the item sufficient to cover the full purchase price paid by the Buyer (including Buyer's Premium), sales tax, registration fees, and shipping. (Insurance and shipping shall be at the Buyer's expense.) If the item has not been received by the Buyer or Buyer's agent and it has not been shipped by the Company, the Company has no obligation to deliver the item (as well as all other items in the lot sold, if any), unless and until Buyer waives and relinquishes, in writing signed by Buyer, all claims and allegations and the Buyer's assertions as to accuracy and any other claims, if any, are fully resolved to the Company=s satisfaction, and the Buyer pays for the item and the lot of which it is a part, if any, including Buyer=s Premium and all other charges set out in these Terms and Conditions of Sale.
(iii) deliver to the Company within 20 days of Buyer's first notice of any inaccuracy, or other bases, if any, for the Buyer's claim, a written statement establishing the inaccuracy and establishing the claim (if any), signed by a recognized authority generally recognized by firearms auction companies;
(iv) the inaccuracy and all other bases (if any) for the claim by Buyer must materially affect the value of the item; and
(v) the Buyer shall provide reasonable cooperation to the Company (at no expense to the Company) in the Company's efforts to document the inaccuracy (and other bases for the claim, if any) and events leading to its being returned to the Company, if returned, and the dispute.
Strict compliance with all time deadlines must be met by Buyer. Time is of the essence as to the Buyer's performance under this provision and all other provisions in these Terms and Conditions of Sale. The Company will pay the consignor for the item sold on the 30th business day after the Buyer pays for the item, and therefore, if Buyer fails to comply with these time deadlines, he shall have forfeited, and have no remedy, for any alleged inaccurate description or for any other claim related to the item (including the lot sold, of which the item is a part). Under no circumstances will the Company agree to rescind a sale when the item (as well as the balance of the lot of which the item was a part) has not been returned to the Company in the same condition it was in when it left the Company's possession. If the Company decides to rescind the sale, it will pay the Buyer the amount paid, consisting of his/her bid, Buyer Premium, as well as any sales taxes, and registration fees actually paid by the Buyer, as well as reasonable shipping and insurance costs actually paid by the Buyer. If the Company decides Buyer has not met all of the requirements of Section 9 (including its sub-paragraphs), it will so notify Buyer who may then pursue only the remedies set forth in this Agreement. It is expressly understood and agreed that the Buyer assumes the risk of loss, or damage during shipping the item or lot to the Company and the Buyer will look to the insurance obtained by Buyer as the sole remedy for loss or damage due to shipping the item and lot to the Company. It is expressly understood and agreed if the Company refuses to rescind that the determination of damages will be extremely difficult to accurately assess, and therefore this paragraph provides the sole and exclusive remedy for each Buyer who asserts that a description of an item is not accurate, as well as for any Buyer who asserts any other claim with respect to an item or lot; in the event of a dispute due to the Company not rescinding the sale, Buyer's sole remedy is to seek a refund of the sums paid by Buyer to the Company but only after the Company has received the item in the same condition it was in at the time it left the Company's possession, including Buyer's Premium, taxes and registration fees and any other sums paid by the Buyer as set forth above, with interest thereon at the rate of 10% per annum (collectively Buyer's Remedy). Irrespective of whether or not the sale is rescinded by the Company with or without litigation, Buyer shall not be entitled to seek any other remedy or damages, including, but not limited to, allegedly lost actual or potential profits or the cost of acquiring such item, any other financial damages, or any consequential damages of any kind.
10. It is recommended that all firearms purchased at auction be inspected and approved for use by a competent gunsmith before firing. We expressly disclaim any liability whatsoever for accident, injury or damage resulting to any person from the storage or subsequent use of any such lot.
11. ESTIMATED PRICES. For your convenience, we attempt to make rough estimates of the current market value of each item offered for sale. Often, the actual sales price of an item may exceed the estimated range. Remember that these are estimates only and constitute only the Company=s opinion and nothing more. They are not prices nor are they intended to be nor are they a representation of actual market value.
12. SHIPPING AND REMOVAL. Subject to the Buyer's compliance with all applicable laws for the delivery of a firearm, all purchases are final upon the Auctioneer's pronouncement of Sold, and the Buyer assumes all risks and responsibility for the purchase at that point. If allowed by law, you must remove all of your purchases the day of the auction after you have paid for them, unless other arrangements are made. Curio & Relic firearms may be removed from the premises if you hold a current federal firearms license and meet all legal requirements for removal. All post-1898 firearms must be registered, as well as pre-1898 firearms that are required to be registered, per paragraph 13 of these Terms and Conditions. Upon your request, and after payment has been made and registration requirements, if any, have been satisfied, we will release your purchases to the person you specify, provided such release complies with law and such person has whatever documents are reasonably required for such release. For your convenience, we will arrange packing and shipping of your purchases by our staff or through outside agents, at your expense, plus a charge of $5.00 per box shipped. (If reasonably possible, lots will be combined to minimize the number of boxes needed.) Any storage, packing or shipping after the auction is at your sole risk as the Buyer, and you agree to hold us harmless for any damage or loss. If exporting from the Country, you are responsible for all export arrangements and expenses.
13. REGISTRATION. All firearms requiring registration must be registered in compliance with all applicable laws. Buyers of registerable firearms must complete state and federal registration at Orange Coast Auctions, Inc., 16600 Aston Street, Irvine, CA 92606, unless otherwise specified. A ten-day waiting period is mandatory for most guns. Dealers must present all proper paperwork and a signed copy of their current Federal Firearms License along with a release number from the Department of Justice, if required, in order to accept same-day delivery of modern weapons. After registration, all firearms must be picked up within thirty (30) days or they must be re-registered with appropriate fees and waiting periods that are applicable. California law limits one handgun registration per month, and Department of Justice transaction numbers are mandatory for California.
14. BIDDING. Bidding can be accomplished as follows:
A. LIVE BIDS. Bidder registration will take place on day of sale. Except as announced at the auction, each lot will be sold in numerical order and except when a prior reserve is not met, sold to the highest bidder. You may bid by holding up your bidder=s card until the maximum amount you are willing to pay is reached. The bidding ends when the Auctioneer says sold.
B. BIDS THROUGH THE INTERNET. You may use Proxibid to bid at our auctions. Since these providers are independent of the Company, you must separately register through those providers. The Company's Terms and Conditions of Sale will apply irrespective of whether or not you use Proxibid. The Company will not be responsible for an error on the part of Proxibid.
15. DISPUTES ON BIDS OR BIDDING. In the event of any disputed bids, the determination of who was the successful bidder, or as to any other disputes as to bids or bidding, the Auctioneer who auctioned the item at the time shall be the sole determinant as to who is the successful bidder and for how much, within his/her sole and exclusive discretion, which may include re-offering the item for sale and re-selling it.
16. MEDIATION. In the event of any disputes between Buyer and the Company, each party shall submit the dispute to mediation through Alternative Dispute Resolution Services, Inc. (AADR@), 1900 Avenue of the Stars, Suite 250, Los Angeles, CA 90067, according to the ADR Mediation Rules then in effect, if any. The parties shall share equally in the cost of the Mediator and the ADR fee and any other fee in connection with the mediation, and each shall bear his/her own attorney's fees except as set out in paragraph 17. If any party commences a lawsuit before a recommendation is rendered by the Mediator, then that party may not recover any of the expenses, fees, costs or attorney's fees incurred in connection with the mediation, or in connection with such litigation, unless he/she can demonstrate that he/she was compelled to do so to protect a material right or interest that could not be protected after receiving the recommendation of the Mediator.
17. LITIGATION. Any lawsuit brought under, in connection with, or in any way related to this Agreement, any bid at any auction by the Company, or in connection with or in relation to any auction by the Company, or in connection with or relating to any item purchased at any auction by the Company, may only be commenced in the Superior Court of the State of California for the County of Orange, or in the United States District Court, for the Central District of California, Southern Division. Except as provided under paragraph 16 above, the prevailing party shall be entitled to an award of costs, recovery of his/her legal fees, including attorney's fees and attorney's fees and costs of mediation.
18. JURISDICTION. This Agreement shall be interpreted under the laws of the State of California and each person bidding at an auction by the Company consents to and agrees to submit to the jurisdiction of the Superior Court of the State of California, County of Orange, and the United States District Court, Central District, Southern Division, which are the only Courts in which any action on, under, in connection with, or in relation to this contract, may be brought.
19. DEFINITION. Feminine or masculine terms herein shall be deemed to include each other and shall also be deemed to include the terms Ait@ and Aits.@
20. PARAGRAPH HEADINGS. Paragraph headings are for ease of reference only, and shall not be used in interpreting any of the Terms and Conditions in this TERMS AND CONDITIONS OF SALE.