Tangible Personal Property Terms and Conditions of Sale
1. This auction is being conducted by National Property Solutions, Inc., which shall be referred to herein as “NPS” or “Auctioneer”. Only individuals duly authorized by NPS may act in accordance herewith. Thus the term “NPS” or “Auctioneer” is expressly limited to such individuals.
2. All bidders are required to register prior to bidding by completely filling in the forms provided at the auction. The Auctioneer reserves the right to exclude from the auction site any and all persons who do not register. By making a bid at the sale, bidders hereby agree to all of the terms and conditions set forth below unless such terms are modified or supplemented by language in the catalog available at the sale site or by NPS’s announcements and to the catalog language. WebCast and Proxy Bidders will pay a 13.5% Buyer’s Premium that applies to all gross personal property (Furniture, Fixtures, and Equipment) purchases at this sale. Onsite Bidders will pay a 13.5% Buyer’s Premium that applies to all gross personal property (Furniture, Fixtures, and Equipment) purchases at this sale.
3. All payments must be made by cash, cashier’s check, wire transfer, personal or company check. However, if you pay with a personal or company check, NPS requires that you also submit with your check a bank letter of guarantee to NPS. As a courtesy to you, we have provided the following example of the proper language to use in your bank letter of guarantee: [“Customer Name” is a customer of this bank. This bank will guarantees unqualified payment to NPS Auction, Inc. on the account listed herein up to the amount of $__________. This letter is good until (insert expiration date 30 days from sale date)]. If your check is accepted by NPS and check is returned unpaid, you authorize Cross Check to debit your account electronically for both the face amount of said check and legal check fee. All amounts due are payable to the order of National Property Solutions, Inc., unless instructed differently by NPS. Unless otherwise announced, all bills must be paid in full at the auction site before removal of any goods.
4. Applicable sales tax will be added to the purchase price of all taxable auction items. A dealer who purchases for resale must provide NPS, at the time of registration, with a copy of a valid resale certificate in order to avoid paying the area’s sales tax. The resale certificate must be representative of the same industry as the items that are purchased.
5. At the time the hammer falls or NPS announces the item sold, the successful bidder is acknowledged, the items purchased becomes the full responsibility of the bidder, who assumes all risk of loss and damage to property purchased until removed from the sale premises.
6. NPS reserves the right to accept bids made on behalf of the Seller, alter the order of the sale, and reject any and/or all bids. NPS reserves the right to withdraw from the sale any of the property listed or to sell at this sale property not listed, and also reserves the right to group one or more lots into one or more selling lots or to subdivide into two or more selling lots. NPS reserves the right to sell all the property listed, in bulk, whenever the best interest of a Seller will be served. This auction may include equipment owned or consigned by third parties.
7. All items must be removed by the time announced at the start of the sale. NPS shall not be responsible for any goods a purchaser fails to timely remove and retains the absolute right to remove and store any article purchased but not paid for and removed within the time allowed, at the expense and risk solely of the purchaser.
8. In the event a purchaser fails to pay in full within the period of time specified, in addition to all other remedies allowed by law, NPS may retain all monies received as deposit or otherwise, and shall be entitled to recover its attorney fees. Further, NPS may, without notice, resell at public or private sale any lots not paid for and removed within the time period allowed. All expenses and charges of resale, in addition to any deficiency, will be charged to the defaulting purchaser. There are no exceptions.
9. Purchaser acknowledges, as an inducement to Seller to commit purchaser to bid, that purchaser has independently inspected the goods bid upon by the purchaser, and expressly acknowledges to the Seller that purchaser is acquiring all goods “AS IS, WITH ALL FAULTS, AS INSPECTED, and WITH REMOVAL AT THE PURCHASER’S RISK AND EXPENSE.”
10. As a material part of the consideration for this Agreement; Auctioneer, Seller, and Purchaser agree that the Purchaser is taking the Property “AS IS” with any and all latent and patent defects and that there is no warranty by Auctioneer or Seller that the Property is fit for a particular purpose. Purchaser acknowledges that it is not relying upon any representations, statements, assertions or non-assertions by the Auctioneer or Seller with respect to the Property condition, but is relying solely upon its examination of the property. Purchaser takes the Property under the express understanding there are no express or implied warranties. Provisions of this Section shall survive the final Sales Transaction and Conveyance of Funds.
11. Purchaser expressly agrees to indemnify, protect, and hold harmless NPS and/or the Seller from any and all causes of actions, liabilities, claims, demands and judgments relating to the condition or use of the articles purchased, or failure of user to follow instructions, warnings or recommendations of the manufacturer, or to comply with federal, state and local laws applicable to such articles, including but not limited to OSHA requirements, or for consequential or proximate damages, legal expenses or costs arising therefrom.
12. Persons attending during exhibition, removal or sale of goods assume all risks of damage of or loss to property or person and specifically release NPS from any and all liability. Bidder acknowledges responsibility for any personal injury and/or property damage caused by bidder or his agent, and further agrees to hold NPS and/or Seller harmless for any personal injury to himself or his agent. Neither NPS nor Seller shall be liable by reason of any defect in or condition of the premises on which the sale is held.
13. Although all information has been obtained from sources deemed reliable, NPS and/or Seller, shall not be held responsible of the genuineness, authenticity of, correct description, or defect in any lot, and makes no express or implied warranty in connection therewith. All descriptions are merely a guide and are subject to additions or deletions. Articles are not warranted as merchantable or fit for any particular purpose. Buyer expressly waives any claim arising from, but not limited to, the condition or use of articles purchased, in respect to any present or possible future use of any asset purchased for any purpose whatsoever, or for proximate or consequential damages arising therefrom.
14. Riggers, movers, electricians or buyers performing work at the auction site must provide auctioneer with evidence of insurance. The insurance coverage must be at a level acceptable to NPS.
15. Although it is not likely, auction sales are subject to cancellation or postponement. Kindly contact NPS prior to attendance.