TERMS OF SALE
Each person or entity whose agent is bidding at auction are hereinafter referred to as a “Bidder”. Unless a Bidder registers by providing the information below and agrees to these Terms of Sale, such Bidder will not be provided a bidder’s number nor allowed to bid or participate in the auction. The information is as to the individual bidding and if applicable the information on whose behalf the Bidder is participating (who is hereinafter referred to as a “Company”).
5. Each Bidder whether live at auction or bidding through the internet, by registering and obtaining a bidder’s number agrees to submit him/her/itself to venue and jurisdiction over the individual and/or company (Company) to the courts of Hidalgo County, Texas. In the event of non-payment for a successful bid, suit can be brought against such individual and/or entity in Hidalgo County, Texas and such individual and/or entity waives any rights to any other venue and/or jurisdiction.
6. The auction catalog is merely a guide without any warranties expressed or implied. Auctioneer’s announcement will supersede any printed material.
7. A successful Bidder must pay his/her/its purchase not later than the end of the day of the auction when he/she was the successful Bidder. The end of the day means when the auction stops for the day.
8. Bidder must pay Bidder’s purchases in full in Cash, Wire Transfer, Cashier's Check or Check. However, a personal check or a company check must be accompanied by the Bidder’s or Company’s Bank Letter of Credit. 12. Each successful Bidder is to pay:
A. a ten percent (10%) Buyer’s Premium for onsite Bidders. Internet Bidders will pay a twelve percent (12%) Buyer’s Premium. The percentage is measured against the final bid/sale price.
B. Sales Tax will be added to the purchase price of all taxable items. If applicable, the Texas Emissions Reduction Plan (TERP) Off-Road, Heavy-Duty Diesel Equipment Surcharge will also be added to the purchase price.
C. A fifty-five-dollar ($55.00) administration fee will be added to the purchase price of all titled items. Additionally, there will be a ten-dollar ($10.00) e-tag fee for requested temporary plates.
13. Bidder accepts each item that he/she/it purchased at the auction in its physical, “as is”, “where is” condition. There are not any warranties as to the items sold at auction. Each Bidder is deemed and agrees to inspect each item prior to bidding to satisfy him/her/itself as to the condition of each item. The Bidder accepts that there are not any warranties, expressed or implied by law whether warranties of “workmanship”, “suitability”, “merchantability” and/or fitness for a particular purpose. Further, Bidder waives any warranties at law or in equity that could pertain under the Texas Uniform Commercial Code. Each item will be subject to the language contained on Exhibit “A” hereto attached.
14. The conditions of provisions of sale may be modified by the auctioneer at the time of the auctioning off a particular item and each Bidder is subject to those terms and conditions.
15. The auctioneer reserves the right to group, modify, increase, diminish or delete “auction lots” at the auctioneer’s sole discretion or to sell items in bulk if such action serves the best interest of the Seller.
16. Auctioneer will receive bids from any responsible and registered Bidder who makes his/her/its bid known so long as he or she conducts themselves in an orderly manner.
17. Auctioneer may refuse to accept any bid which is but a trifling advanced over the prior bid or which contains conditions not acceptable to the Auctioneer or Seller. Auctioneer will settle any bidder dispute by reselling the lot.
18. The item will be considered sold without exception upon the final gavel by the auctioneer for that item and will become the sole responsibility of the buyer. Possession of purchased items will be granted upon payment in full.
19. Bidder is solely responsible for removing, insurance on, arranging, loading, and securing of load any items purchased.
20. Upon the award of bid, title and risk of loss, damage to or destruction of the purchased item, passes to the purchaser and auctioneer will not have any liability for any damage to or destruction of any such item. The items left overnight or for a length of time are not in the charge of the Seller or auctioneer, not resulting in any bailment agreement. However, there is a charge of $30.00 per day, as noted below.
21. Bidders may not remove any purchased item until paid in full. Security will not allow the removal of purchases without a receipt of payment. The office will assist you with the receipt of payment for your transportation on the items purchased at this auction. Load out hours are between 8:30 AM - 5:00 PM, M-F and on select Saturdays. Loading will not occur after dark.
22. All items must be removed within the time announced at the sale, at purchaser's sole cost and risk. However, items that are not removable immediately (heavy objects or equipment) may be left on the premises at Bidder’s risk for a period not to exceed fourteen (15) days from the date of the end of the auction. If the items are not removed after the time forestated, then a daily storage fee of $25.00 per item or any part thereof will be charged to Bidder which must be paid PRIOR to the removal of said item. If the item is not removed on or before 180 days after the end of the auction [accumulating $25/day storage fees amounting to Four Thousand Five Hundred Dollars ($4,500.00)], then Seller is at liberty to reauction the item charging Bidder an auction fee of 10% measured against the final bid/sale price, plus any loss and associated costs, naming Seller as Bidder’s “attorney-in-fact” for the transfer of any right or title of the item. After deduction of all costs, expenses (including the accumulated storage fees to date of resale) and cost of commissions, the remainder will be mailed to Bidder at their last known address OR Seller may elect not to resale but to bring suit against Bidder and/or Company for the recovery of the sales price plus storage fees, attorney’s fees and related expenses/costs. If judgment is obtained and Bidder’s property is still in possession of Seller, Seller may exercise the collection of its judgement against such item.
23. Bidders are prohibited from conducting or transacting any business on the auction premises other than with Auction Co. without the express permission of auctioneer. Bidders who violate this provision and such violation results in damages to Seller or auctioneer will be liable to make them whole including the cost of court costs and attorney’s fees (including all associated costs in conjunction with a lawsuit).
24. All rights, privileges and power reserved to auctioneer in these Terms of Sale shall be deemed reserved and granted to auctioneer's employees, advertising representatives, and all owners for whom the items are being sold.
25. We appreciate your attendance. Please present any questions or request at once to the auctioneer or his assistants. We hope that you will enjoy our methods and make advantageous purchases.
The Seller of the item, by and through the auctioneer, is hereafter referred to as “Seller” and the successful purchaser is hereinafter referred to as “Bidder”. Bidder accepts the item purchased (hereinafter referred to as “Property”) by being the successful bidder at auction subject to the following:
A. BIDDER IS ACCEPTING THE PROPERTY “AS IS", "WHERE IS" AND “WITH ALL FAULTS", INCLUDING LATENT DEFECTS, INCLUDING NON-WORKING, OUT OF REPAIR, BROKEN AND/OR DEFECTIVE PARTS.
B. SELLER DOES NOT AND HAS NOT MADE AND SPECIFICALLY DISCLAIMS ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED, WITH RESPECT TO THE PROPERTY, (EXCEPT THOSE SET OUT IN THE WARRANTY OF TITLE, IF ANY) INCLUDING, BUT NOT LIMITED TO: TAX CONSEQUENCES; PHYSICAL OR ENVIRONMENTAL CONDITIONS; OPERATING HISTORY; VALUATION; GOVERNMENTAL APPROVALS, GOVERNMENTAL LAW AND/OR REGULATIONS; THINGS RELATING TO OR AFFECTING THE PROPERTY, INCLUDING, WITHOUT LIMITATION:
1) THE VALUE, CONDITION, MERCHANTABILITY, MARKETABILITY, PROFITABILITY,
SUITABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE OF THE PROPERTY.
2) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS
INCORPORATED INTO ANY OF THE PROPERTY.
3) THE MANNER, QUALITY, AND/OR STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY; AND
4) THE PERFORMANCE OF THE WORK ON THE PROPERTY
C. BIDDER ACCEPTS THE PROPERTY SOLELY BASED UPON BIDDER’S INSPECTION, TESTING AND/OR SOLE JUDGMENT AFTER BIDDER INSPECTED THE PROPERTY FOR WHATEVER PURPOSE DEEMED NECESSARY OR APPROPRIATE BY BIDDER AND BIDDER HAS SATISFIED HIM/HER/ITSELF IN REFERENCE TO SAME.
D. BIDDER HAS NOT RELIED UPON, EITHER DIRECTLY OR INDIRECTLY, ON ANY REPRESENTATION OR WARRANTY OF SELLER OR ANY AGENT OF SELLER; E. BIDDER REPRESENTS THAT:
1) BIDDER IS A KNOWLEDGEABLE PURCHASER OF AUCTION ITEMS, OR IF NOT, THEN BIDDER HAS HIRED KNOWLEDGEABLE PERSON(S) TO ASSIST BUYER IN THE EXAMINATION, INSPECTION AND PURCHASE OF THE PROPERTY.
2) BIDDER IS RELYING SOLELY ON BIDDER’S OWN EXPERTISE AND INSPECTIONS IN PURCHASING THE PROPERTY; OR THE EXPERTISE AND INSPECTIONS OF THE EXPERTS HIRED BY BUYER UPON WHICH BUYER IS SOLELY RELYING AS TO THE CONDITION OF THE PROPERTY.
3) BIDDER HAS CONDUCTED SUCH INSPECTIONS AND INVESTIGATIONS OF THE PROPERTY AS BIDDER DEEMS NECESSARY, INCLUDING, BUT NOT LIMITED TO,
THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF AND RELIES SOLELY ON SAME.
F. THERE ARE NOT ANY ORAL AGREEMENTS, WARRANTIES AND/OR REPRESENTATIONS,
COLLATERAL TO OR AFFECTING THE PROPERTY BY SELLER, ANY AGENT OF SELLER OR ANY THIRD PARTY.
G. THE TERMS AND CONDITIONS OF THIS EXHIBIT WILL EXPRESSLY SURVIVE THE CLOSING, NOT MERGE WITH THE PURCHASE.
H. BIDDER FURTHER ACKNOWLEDGES AND AGREES THAT THE PROVISIONS OF THIS PARAGRAPH WERE A MATERIAL FACTOR IN THE DETERMINATION OF THE PURCHASE PRICE OF THE PROPERTY.
I. AS PART OF THE CONSIDERATION IN THE PURCHASE OF THE PROPERTY, BIDDER WAIVES ANY CAUSES OF ACTION, CLAIMS, AND/OR DAMAGES BUYER COULD CLAIM AGAINST SELLER IN THE FUTURE AND WAIVING THE DISCOVERY RULE.
J. ADDITIONAL DISCLOSURES PROVIDED BY THE AUCTIONEER ALSO APPLY TO THE PURCHASE OF THE PROPERTY.
K. BIDDER ACCEPTS THAT THE PURCHASE IS FINAL, NOT SUBJECT TO ANY RETURNS.