NOTICE: All Bidders and other persons attending this sale (“Bidders”) agree that they have read and have full knowledge of these terms and agree to be bound hereby. The Bidder identified by the Auctioneer as the high bidder or successful bidder at auction (“successful Bidder”) shall have entered into a legally binding contract to purchase the item bid upon (“Lot”) at the price and subject to the terms and conditions set forth herein. All determinations, rulings, and adjustments made by the Auctioneer in good faith shall be final, binding, and conclusive upon all Bidders. The term “Auctioneer” herein means Cincinnati Industrial Auctioneers, Inc.
1) IDENTIFICATION - All Bidders are required to give full name and addresses at time of registration.
2) DEPOSIT - Each successful Bidder will be required to make a deposit in cash or by bank cashier’s or certified check of 25 percent (25%) of the successful bid on each Lot at time of knockdown. In default of such deposit, the Lot may be put up again immediately and resold.
3) TIME OF PAYMENT – Each successful Bidder shall receive an invoice during or at the conclusion of the auction. All invoices must be paid in full by the close of business on the last day of the auction sale and prior to removing any Lot. Any other arrangements must be made with auctioneer prior to bidding. In the absence of payment or agreement by the auctioneer, title to the Lot shall not transfer to the successful Bidder and such Bidder will lose any right, title or interest such Bidder may have acquired, and the deposit paid, if any, without further notice to such Bidder. The Bidder shall nonetheless remain liable for any damages caused by the Bidder’s failure to pay.
4) REMOVAL - All purchases must be removed not later than the date specified in the Auction Catalogue and/or announced at the sale. No Lot can, on any account, be removed during the sale. All goods are sold “Where Is.” Removal shall be at the expense, risk, and liability of the successful Bidder. Purchases will be released only on presentation of paid invoice. Auctioneer shall not be responsible for Lots not removed within the time allowed, but Auctioneer shall have the option to remove and store at the expense and risk of the successful Bidder any article purchased, but not paid for and removed within the time required.
5) MANNER OF PAYMENT – All payments must be made by cash, bank cashier’s check or company check with a bank letter of authorization guaranteeing funds to “Cincinnati Industrial Auctioneers, Inc.” All checks for deposits and balances due shall be payable to the order of “Cincinnati Industrial Auctioneers, Inc." All invoices must be paid to representatives of the Auctioneer at the auction site unless otherwise announced. The full purchase price on all Lots sold to the same successful Bidder must be paid within the time fixed and before removal of any Lot.
6) DISCALIMER OF ALL WARRANTIES INCLUDING IMPLIED WARRANTIES OF MERCHANTIBILITY AND FITNESS FOR PARTICULAR PURPOSE; CONDITION OF ARTICLES SOLD – The Auctioneer and any owner, seller, or secured party make no warranties express or implied as to merchantability or fitness for purpose whatsoever. All such express or implied warranties are expressly excluded hereby. No oral statement or other writing by any person negates this exclusion. If you think you have received any assurance or warranty of any kind as to a Lot offered in this auction do not bid on such item unless the Auctioneer has signed a writing specifically directed to you and identifying the Lot and stating the modification of this exclusion The Auctioneer shall not be responsible for the correct description, genuineness, authenticity of, or defect in any Lot, and makes no warranty in connection therewith. No sale will be set aside nor allowance made on account of any incorrectness, error in commentary, cataloging, or any imperfection not noted. No deduction, credit or avoidance shall be allowed on damaged articles, all Lots being exposed for public exhibition are purchased and accepted by successful Bidder “AS IS”, “WHERE IS” and “WITH ALL FAULTS”. Auctioneer makes no warranties or guarantees whatsoever whether written, oral or implied as to quality, quantity, condition, usability, salability, weight, measurement, age, model, mechanical condition, performance or other specifications and all sales made are utterly without recourse.
7) CLAIMS – No Claims will be allowed after removal of Lots from premises.
8) RESPONSIBILITY FOR NON-DELIVERY- Auctioneer, any owner, seller or secured party shall not, in any event, be liable to any Bidder for non-delivery of any Lot or for any other matter or thing, other than for the return to the successful Bidder of the deposit or sum paid on said Lot, should the successful Bidder be entitled thereto. This means that if are a successful Bidder and for any reason your Lot is not made available to you, you agree that the damages you may claim for such non-delivery are limited to the amounts you have paid and you waive any claim for damages for lost profits, opportunity, the value of the Lot in excess of the purchase price, your time, expenses, incidental and consequential damages, all of which are expressly waived.
9) COMPLIANCE WITH TERMS OF SALE – In default of payment of invoices in full within the time therein specified, the Auctioneer in addition to all other remedies allowed by law, may retain all monies received as deposit or otherwise, as liquidated damages. Lots not paid for and removed within the time allowed herein may be resold at public or private sale without further notice, and any deficiency, together with all expenses and charges of re-sale, will be charged to the defaulting successful Bidder.
10) RISK TO PERSON AND PROPERTY – Persons attending during exhibition, sale, or removal of Lots assume all risks of damage of or loss to person and property and specifically release the Auctioneer from liability therefore and agree to indemnify and hold the Auctioneer harmless from any loss, claim, liability, cost, or expense caused all or in part by such person(s). Neither the auctioneer nor his principal shall be liable by reason of any defect in or condition of the premises on which the exhibition, sale, or removal of Lots is held.
11) ADDITION TO OR WITHDRAWAL FROM SALE – The Auctioneer reserves the right to alter the order of the sale, withdrawal from the sale any of the Lots or parts thereof or to sell at this sale Lots 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, or make any combination thereof which Auctioneer in its sole discretion determines. Whenever the best interest of the Seller will be served, the Auctioneer reserves the right to sell Lots in bulk.
12) SALE BY ESTIMATED WEIGHT, COUNT OR MEASURE – Where items are sold by estimated weight, count, or measure, the successful Bidder will be invoiced for and required to pay for the estimated weight, count, or measure. If upon delivery any shortage exists, the successful Bidder will receive a credit at the rate of the bid. If there be an excess, the successful Bidder will be required to take and pay for such excess, at the rate of the bid.
13) DISPUTE BETWEEN BIDDERS/BID INCREMENTS – If any dispute arises between two or more Bidders, the Auctioneer may decide the same or put the Lot up for sale again at once, or resell to the highest Bidder. The Auctioneer may reject a nominal or fractional bid advance in the Auctioneer’s sole discretion
14) RESERVE – The Auctioneer reserves the right to reject any and all bids. On Lots upon which there is a reserve, the Auctioneer shall have the right to bid on behalf of the seller, owner or secured party and shall have no obligation to denote or announce such reserve or bid.
15) RECORDS – The record of sale kept by the Auctioneer and bookkeeper will be taken as final in the event of any dispute.
16) AGENCY – The Auctioneer is acting as agent only and is not responsible for the acts of its principals.
17) SALES TAX – All sales are subject to state and local taxes, which will be collected from the successful Bidder unless a proper exemption certificate including tax-exempt number is presented at the time of payment.
18) BUYER’S PREMIUM – The Auctioneer in its sole discretion may impose a Buyer’s Premium on any Lots sold. The Buyer’s Premium is a percentage that is added to the final purchase price of any Lot.
19) SHIPPING – All coolants, oil and fluids must be drained from all machinery and equipment prior to removal. All of the above must be shipped in compliance with state and federal regulations. Unless otherwise expressly provided in writing, preparation and shipment shall be at the sole responsibility and cost of the successful Bidder.
20) INSURANCE – All successful Bidders, or the their riggers must provide the Auctioneer and the owner of the premises of the sale a certificate of insurance in amounts acceptable to the Auctioneer prior to removal of any Lot.
21) ADDITIONAL TERMS AND CONDITIONS – Except as set forth in Section 6 above, the Auctioneer may modify or supplement these terms and conditions of sale by language in the catalog available at the sale site or by announcement at the start of the sale.