11023- RACK

TERMS AND CONDITIONS: By registering or submitting a bid with Polk Auction Company (“Auctioneer”) through this website, you agree that the below terms and conditions govern the auction, and the online bidding process for same. Herein you are referred to as the “Bidder” or “Buyer”. 1. “As Is” Sale. ALL SALES ARE FINAL. ALL ITEMS ARE SOLD “AS IS-WHERE IS”, WITH ALL FAULTS AND WITH NO GUARANTEES OR WARRANTIES OF ANY TYPE, EXPRESS OR IMPLIED, INCLUDING WARRANTIES AS TO THE MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE. FURTHER, UNLESS AUCTIONEER IS ALSO SELLER OF THE LOT/GOODS, AUCTIONEER FURTHER DISCLAIMS ANY WARRANTY OF TITLE. Any oral representation made by the Auctioneer shall not modify these “AS IS-WHERE IS” terms. Any description or information given in a catalog or written on the lot is not guaranteed, warranted, or assumed by Auctioneer, and Buyer must rely solely on his/her own inspection. Property is open to thorough public inspection and bidders from off-site understand and acknowledge that he/she may not be able to inspect as well as if present, in person. It is the bidder's responsibility to determine condition, age, genuineness, value or any other determinative factor. Auctioneer reserves the right to withdraw or re-catalog items in any auction. 2. Bidding Rules. Once the Auctioneer declares the item “SOLD”, Bidder cannot revoke, retract, or assign the bid and/or purchase. Any bid or bids that, in the opinion of the Auctioneer, is/are not commensurate with the value of the article offered, may be rejected and the article withdrawn from the sale. Where there is a reserve on an item or items, the Auctioneer shall have the right to bid on same or on behalf of the Seller or any lienholder. The record kept by the clerk of the sale, together with the marked catalog of the Auctioneer, shall in all cases be accepted by the Bidder as final if any question arises as to the price. If for any reason Auctioneer is unable to deliver the purchase, or deliver such purchase free and clear of liens, Auctioneer may terminate the purchase, in which case Bidder’s only recourse shall be the return of any monies actually paid. 3. Registration. All registration information the Bidder provides to Auctioneer or NextLot shall be current, complete, and accurate. Bidders must be 18 years of age or older. As a Bidder you are responsible for any bids placed under your bidding number and password. The security of your Bidder information is your sole responsibility as you, the Bidder, will be responsible for any and all bids placed under your number. If at any time you feel that your Bidder number and password have been compromised due to lack of security on your part you must notify Auctioneer immediately. 4. Website; Online Bidding. Auctioneer provides Internet pre-auction and live bidding as a service to the bidders. Bidders acknowledge and understand that this service may or may not function correctly the day of the auction. Auctioneer cannot and shall not be held responsible for any interruption of service, errors, and/or omissions caused by any means and does not guarantee continual, uninterrupted or error free service or use of this Site. Bidder acknowledges that this auction is conducted electronically and relies on hardware and software that may malfunction without warning. The Auctioneer, in its sole discretion, may void any sale, temporarily suspend bidding and re-sell any item/lots that were affected by any malfunction. The decision of the Auctioneer is final. In addition, Bidder agrees to not use any device, software or routine to interfere or attempt to interfere with the proper working of or any transaction being conducted on and during the auction. IN THE EVENT OF A TIE BID, THE BID OF ANY FLOOR BIDDER PRESENT AT THE AUCTION SHALL BE DEEMED TO BE THE SUCCESSFUL BID. You further agree that you will not copy, reproduce, alter, modify, create derivative works, or publicly display any content from the Site without prior, express written permission of Auctioneer. 5. Online Auction Fee. A 5% Internet Charge ($1,500 Maximum per item) will be added to the final selling price for all online bidders. Invoices will be emailed out to all winning online bidders within 48 hours of completion of the auction. 6. Payment; Transfer of Title. Buyer agrees to pay in full within the time announced or as posted. If not specifically posted, payment must be made within five (5) days of the auction. If Buyer fails to pay in full when due, Buyer shall further be liable to the Auctioneer for interest at a rate of 18% on all sums unpaid as well as all Auctioneer’s collection costs, including but not limited to, attorneys fees and court costs, incurred in connection with Buyer’s breach or nonpayment. If Buyer pays by wire transfer, an additional $25.00 fee will be assessed. If Buyer pays by credit card an additional 4% will be assessed. If buyer pays by check, checks must be overnighted to Auctioneer. Any check returned for insufficient funds shall incur a service fee of $50.00, as well as result in the breach of these terms. For items requiring a Certificate of Title, a Certificate of Title will be transferred upon full payment. It shall be the responsibility of Buyer and the Seller (if goods are not owned by the Auctioneer) to arrange a mutually agreeable time and location in which to complete all required paperwork. 7. Risk of Loss. Purchases become Buyer’s responsibility and he/she assumes all risk of loss or damage immediately upon declaration of “SOLD” by the Auctioneer. Auctioneer shall not be responsible for any loss or damage to any lot/items. It is Buyer’s responsibility to immediately inspect and insure purchases. 8. Removal. If paid by wire transfer or check, ownership transfers upon declaration of “SOLD” by the Auctioneer, but removal of the purchase will not occur until the funds are confirmed, verified paid or Auctioneer’s approval in writing. All purchases shall be removed from the auction site without damaging any property and within 30 days of the date of the sale or as otherwise posted. All costs, responsibility and risk of such removal shall be borne by Buyer. If Buyer wishes to have the purchases shipped, all shipping coordination/logistics and costs of same shall be pre-arranged and pre-paid by the Buyer. If for any reason Buyer fails to remove any purchases within the time specified, the Auctioneer shall have the right but not the obligation, in its sole discretion, to resell, discard or remove and store said purchase at Buyer’s sole risk and expense, without waiving any rights that Auctioneer or Seller may have against Buyer. Buyer shall be liable for all storage charges and damages paid by the Auctioneer because of the failure to remove the purchase(s). Storage charges for any item(s) not removed within 30 days of the sale shall be assessed by Auctioneer at a daily rate of $20.00 per day. 9. Breach; Enforcement. If Buyer fails to complete the purchase of any item pursuant to these terms and conditions, any money deposited in part payment shall be first applied against Auctioneer’s damages, including storage charges, before payment of the purchase price. In the event of resale, Buyer shall be held responsible for any deficit between the successful bid and the price for which the item is resold and charges arising from such resale and is not entitled to any portion of any amount received by a resale. Buyer agrees to reimburse Auctioneer for any and all costs incurred, including its reasonable attorneys fees, expert fees, and court costs, which result from or are incurred due to Buyer’s breach or attempted breach of these terms and conditions. In addition, Buyer agrees to indemnify and hold Auctioneer harmless from all loss, cost, expense and other damage (including reasonable attorney’s fees and costs), directly or indirectly sustained by the Auctioneer or Seller, arising from or related to Buyer’s failure to comply with these terms. In the event of legal proceedings arising from this contract or from the auction in connection therewith, Buyer consents to being subject to the personal jurisdiction of the courts of the State of Indiana and agree that the proper venue shall be the Allen County Superior Court, Indiana (or in the event the sale takes place in a different County, in the Superior Court of said County). 10. Additional Terms. By bidding, Bidder agrees to abide by all of these terms, AS WELL AS THOSE WRITTEN IN THE AUCTION CATALOG OR OTHER PRINTED MATERIALS USED BY AUCTIONEER IN THE SALE PROCESS. Additional terms and conditions may be announced by the Auctioneer from the floor at the auction, which become part of this contract. For example, additional terms may include (but are not limited to) that the auction is a bankruptcy or judicial sale or subject to confirmation by the Court. 11. In the event it is necessary for Polk Auction Co. to hire counsel to prevent any breach or threatened breach of any provision of these Terms, or to collect payment of any amounts due under any invoice or for any purchase, the Bidder shall reimburse Polk Auction Co., upon demand therefor, for any and all costs and expenses reasonably incurred in connection with such breach, threatened breach, or collection efforts including, but in no way limited to, all reasonable attorney fees. 12. Bidder irrevocably agrees that the venue for any suit, action or proceedings with respect to these Terms shall be the Superior or Circuit Court of Allen County, Indiana or the United States District Court for the Northern District of Indiana, Allen County Division. Buyer further agrees and recognizes that that these Terms shall be governed by, construed and enforced in accordance with the laws of the State of Indiana (but not the conflict of law rules).