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1. TERMS & CONDITIONS OF SALE. The following terms and conditions of sale make up the entire terms and conditions on which items listed in Rock Island Auction Company’s (known hereafter as “RIAC”) catalog, on the internet web site and addendum sheets will be offered for sale or sold by RIAC. Any person who participates by bidding in this auction, accepts a bidder card, or accepts a bidder number (each a “Bidder”) agrees and accepts these terms and conditions of sale and agrees to be bound by same.
Each Bidder acknowledges and agrees that any notices by RIAC, posted or oral, during the auction, also become part of these terms and conditions of sale. The Bidder’s rights and RIAC’s respective rights and obligations hereunder are governed by Texas law. In
the event that a bid is executed by another person, on behalf of Bidder, whether in person by an agent, absentee bid, telephone bid, via the internet or other means, the Bidder agrees that Bidder is responsible, and guarantees payment, for any successful bid.
If a Bidder is bidding on behalf of another person, that person will need to complete the registration requirements before Bidder can bid, and supply a signed letter authorizing Bidder to bid for him/her. Additionally, the contract created by these terms and conditions
of sale is made and performed in the County of Tarrant, State of Texas and further agrees that should any dispute arise from this contract the sole and exclusive jurisdiction for contractual disputes is Tarrant County, State of Texas. NONE OF RIAC, ITS AFFILIATES,
OR EMPLOYEES IS RESPONSIBLE FOR ANY ERRORS OF A BIDDER INCLUDING BUT NOT LIMITED TO THE BIDDER BIDDING ON THE WRONG LOT.
2. BUYER’S PREMIUM AND FEES. All bid prices or “hammer prices” (“hammer prices” mean the price at which a lot is sold to a Bidder, with each successful Bidder of a lot in this auction being referred to herein as a “Purchaser”) will be subject to a buyer’s premium of 17.5% (“Buyer’s Premium”) payable by the Purchaser. This is not an aggregate percentage on the total items bid, but rather a per item percentage rate.
If a Purchaser utilizes RIAC’s live bidding platform “RIAC Live”, there will be a fee charged calculated as an additional 1% of the hammer price.
If a Purchaser utilizes a third party provider, such as Proxibid, there will be a fee charged calculated as an additional percentage of the hammer price as per the terms of the individual third party provider. The Buyer’s Premium and RIAC Live fee or third-party provider fee,
if applicable, is added to the Purchaser’s successful bid to calculate the total purchase price. RIAC has been authorized by the consignor to retain as part of RIAC’s remuneration, the buyer’s premium and the RIAC Live fee or third-party fee, if applicable, payable by the Purchaser.
All purchases made by credit card are subject to an additional 3.5% service fee calculated on the total purchase price.
3. CONDUCTING THE AUCTION
The auctioneer can, at his or her sole option, refuse any bid. The highest qualified Bidder recognized by the auctioneer shall be the Purchaser. In the event of any dispute between Bidders at auction, the auctioneer may, at its sole discretion, reoffer the lot. The auctioneer’s decision and declaration of the winning Bidder shall be final and binding upon all Bidders and RIAC. RIAC’s records will be deemed conclusive in all respect in the event there is any dispute after the sale. Lots bearing bidding estimates shall open at the auctioneer’s discretion in the event that no bid meets or exceeds that opening amount, the lot shall pass as unsold or the auctioneer may place a protective bid on behalf of the consignor. All items are to be purchased per lot as numerically indicated and the lots will not be broken. Bidder acknowledges and agrees that RIAC reserves the right to rescind the sale in the event of nonpayment, breach of warranty, disputed ownership, RIAC’s clerical error or omission in exercising bids and reserves, or for any other reason and in RIAC’s sole and absolute discretion.
From time to time, RIAC, its owners, affiliates, or employees may consign items to be sold in the auction. From time to time, RIAC, its owners, affiliates, or employees may place bids on lots in the auction. Bidder’s acknowledge and agree that RIAC, its owners, or affiliates may extend advances, guarantees, or loans to certain consignors. In addition, RIAC has the right to sell certain unsold items after the close of the auction. Such lots shall be considered sold during the auction and all of these terms and conditions shall apply to such sales including but not limited to the Buyer’s Premium, return rights, and disclaimers.
Bidders acknowledge and agree that RIAC may videotape and record proceedings at any auction. RIAC will use commercially reasonable efforts to keep any personal information confidential, except to the extent disclosures required by law. Furthermore,
RIAC may through this process use or share these recordings with another company and marketing partners to analyze our customers and to help us tailor our services. If any Bidder does not want to be videotaped such Bidder may make arrangements to bid at auction via telephone, sealed bid or on Rock Island Live instead. Unless RIAC agrees in writing no Bidder may videotape or record, in whole or in part, any auction.
4. SALES TAX.
RIAC is a Marketplace Facilitator (as defined in the applicable regulations for each state) for purposes of collecting and submitting sales tax for each applicable state. A Marketplace Facilitator is a business that contracts with sellers to facilitate the sale of tangible goods and administers all aspects of the transaction. A Marketplace Facilitator is required to collect sales tax from the Purchaser and remit such sales tax to the state to which the items are shipped.
The sales tax is based on the ship to address. If the item is picked- up from the RIAC facility or shipped to a Texas address, sales tax of 8.25% will be collected. Generally, all items included on the invoice are taxable.
To establish a tax free sale, a copy of a valid reseller’s permit or
other instrument or information establishing a sales tax exemption, as required by the applicable state, must be provided to RIAC’s satisfaction. Please refer to our website, rockislandauction.com,
for additional information regarding resale certificates. Any Purchaser claiming a sales tax exemption yet unable to provide satisfactory proof to RIAC at the time of payment will be required
to pay the applicable tax to RIAC and thereafter seek a refund from the applicable state. Each Purchaser agrees to pay RIAC the actual amount of tax due if the incorrect amount of sales tax was collected at the time of purchase for any reason.
Sales tax is required to be collected and remitted in all states except the following:
States with no sales tax: Alaska (certain cities, counties and boroughs require RIAC to collect sales tax), Delaware, Montana, New Hampshire, and Oregon.
Other: West Virginia does not charge a sales tax on the purchase of firearms.
Purchased lots may be subject to taxes or fees imposed by various foreign taxing agencies. Purchaser is responsible for paying all foreign imposed taxes whether VAT, GST, etc. prior to delivery unless arrangements are made in writing. Lots delivered to Purchaser, or Purchaser’s representative are subject to all applicable state and local taxes, unless appropriate permits are on file with RIAC. The appropriate form or certificate must be on file at, and verified by, RIAC five (5) days prior to the auction or tax must be paid. A refund of a tax that has been paid may be made only if
the appropriate form or certificate is received by RIAC within four (4) days after auction. Purchaser agrees to pay all applicable state sales taxes as required by the delivery state as of the shipping date, even if such sales tax becomes applicable after the date of the auction but before the property is delivered. Purchaser further agrees to pay RIAC the actual amount of tax due in the event sales tax is not properly collected due to: (A) an expired, inaccurate
or inappropriate tax certificate or declaration, (B) an incorrect interpretation of the applicable statute, or (C) any other reason.
5. METHOD OF PAYMENT. Auction sales are strictly for cash, cashier’s check, personal checks (with prior approval of RIAC’s management), credit card (MasterCard, Visa, AMEX or Discover accepted), automated clearing house (“ACH”) transfer or wire transfer. Any Purchaser’s using wire transfer is recommended to contact RIAC
to confirm wire instructions prior to making any such transfer for payment.
NOTE TO ALL PURCHASERS: All payments must be made in U.S. currency in immediately available funds (except with prior approval of RIAC’s management). Purchaser is responsible for any foreign currency exchange rates or fees. Delivery of purchased property will not be made until RIAC receives full payment in U.S. dollars for such property, taking into consideration any clearing period that may
be required for the method of payment utilized by the Purchaser. Any checks drawn on a U.S. bank are subject to a ten (10) business day hold (or clearing period); any checks drawn on an international bank are subject to a thirty (30) day hold (or clearing period). Clients with prearranged credit may receive immediate credit payment for payments via eCheck, personal, or corporate checks.
6. TERMS OF PAYMENT. At the announcement of “SOLD”, the highest Bidder will have purchased the offered lot and become a Purchaser. All sales are final at the fall of the hammer or at the announcement
of “SOLD”. The purchase is subject to all the terms and conditions set forth herein. The Purchaser assumes full responsibility thereof and
if requested will sign a confirmation of the purchase. The Purchaser further agrees to pay the total amount due to RIAC as listed in
the Purchaser’s invoice from RIAC, in addition to all shipping and insurance charges (the “Total Amount Due”). The Total Amount Due must be paid in full the day of sale if attending in person, otherwise upon receipt of the Purchaser’s invoice. RIAC reserves the right
to void any sale if payment in full is not received within fifteen
(15) days after the auction’s close. In cases of nonpayment, RIAC’s election to void the sale does not relieve the Purchaser from the obligation to pay RIAC its fees (sellers and buyers premium) on the lot and any other damages sustained by RIAC or the consignor.
Each Purchaser at this auction grants RIAC a security interest in the property purchased. Any of the Purchaser’s property and all monies held or received by RIAC on the Purchaser’s behalf will be retained as collateral security for the Purchaser’s obligations to RIAC. RIAC may apply against such obligations monies held or received by
RIAC for the account of, or owing to, the Purchaser. RIAC retains all rights of a secured party under the Texas Business and Commerce Code including but not limited to the right of sale. Purchaser acknowledges and agrees that any auction conducted by RIAC at any one of its locations to satisfy Purchaser’s obligations under these terms and conditions (through foreclosure or otherwise)
is deemed to be a reasonably commercial sale under the Texas Business and Commerce Code.
In addition with respect to payment of his or her obligations, Purchaser waives any and all rights of offset he or she might otherwise have against RIAC and consignor of the property. Purchaser owes RIAC or its affiliates on any account, RIAC and its affiliates shall have the right to offset such unpaid account by any credit balance due the Purchaser.
Whenever the Purchaser pays only a part of the Total Amount Due for one or more lots purchased, RIAC may apply such payments,
at RIAC’s sole discretion, to the lot or lots RIAC chooses. Payment will not be deemed made in full until RIAC has collected the Total Amount Due in cash or good funds. RIAC has the sole discretion to determine what is considered good funds.
In the event Purchaser pays by check and the check is returned due to insufficient funds, stopped payment, closed account, or for any other reason, and Purchaser already has possession of the property, such possession of the property may be deemed theft by deception and/or theft under 18 U.S.C. § 922(u), which may result in penalties of a fine of up to $250,000, imprisonment in federal prison for up to 10 years, or both.
In addition to remedies available to RIAC and the consignor by law, if the Purchaser does not comply with these terms and conditions of sale (this includes but is not limited to payment in full of the
Total Amount Due), RIAC, at its option, may either: (A) cancel the sale; or (B) resell the property either publically or privately, and
in such an event the Purchaser shall be liable for the payment
of the deficiency, plus all costs and expenses of both sales and RIAC’s commission for both sales at RIAC’s standard rates, as well
as any other damages, including but not limited to loss of profits. The Purchaser hereby waives any and all notices of disposition of collateral and sale required under the Texas Business and Commerce Code. The Purchaser is also responsible for all other charges due hereunder, in addition to any attorney’s fees incurred by RIAC, incidental damages, and any other damages incurred by RIAC. Purchaser also acknowledges and agrees that should RIAC proceed with a public sale of any property of the Purchaser, any auction conducted by RIAC is deemed to be a reasonable commercial sale under the Texas Business and Commerce Code.
7. INTEREST AND DEFAULT. Payment of the Total Amount Due is due upon receipt of the Purchaser’s invoice. If the amount noted within the Purchaser’s invoice is not paid in full within fifteen (15) days of the auction, Purchaser hereby authorizes RIAC, and RIAC has the right and will charge the Purchaser’s credit card of record on file
for the total invoice amount. Interest will be charged on all unpaid balances at the rate of 1-1/2% per month (18% APR), or the highest allowable rate under Texas law, whichever is lower, beginning fifteen (15) days after the date of purchase/auction. The Purchaser acknowledges that should the Purchaser not comply with any of
the terms and conditions of sale, including payment of the full amount indicated on the Purchaser’s invoice, the damages incurred by RIAC includes, without limitation, consignor commission, loss
of use of money for an indefinite period, costs to relist the item
and potential depreciation of the item, which Purchaser agrees
RIAC may recover on behalf of the consignor, and loss arising on
the resale of the lot, which Purchaser agrees RIAC may recover on
behalf of the consignor, whether such damages are now known
or may become known in the future. Accordingly, in the event the purchaser fails to pay the full amount indicated on the Purchaser invoice within forty-five (45) days after the auction, Purchaser shall be immediately liable for liquidated damages in an amount equal
to 30% of the amount on the Purchaser invoice. RIAC shall hold
any money deposited in partial payment on account of any liability of the defaulted item and will apply it at the sole discretion of
RIAC to the outstanding debt. Purchaser agrees to pay attorney’s fees, court costs, and other collection costs incurred by RIAC to collect on the outstanding debt. If RIAC assigns collections to its in-house legal staff, such attorney’s time expended on the matter shall be compensated at a rate comparable to the hourly rate of independent attorneys.
8. WITHDRAWAL. RIAC reserves the right to withdraw any property from the auction prior to sale.
9. FAILURE TO DELIVER PURCHASER’S PROPERTY. If RIAC is prevented by fire, theft, or any other reason from delivering any property to the Purchaser, RIAC’s liability shall be limited to the sum actually paid therefore by the Purchaser and shall in no event include any incidental or consequential damages.
10. GUARANTEE. All property offered for sale is as is, where is.
ALL SALES ARE FINAL. THERE WILL BE NO REFUNDS AND NO EXCHANGES. RIAC does not guarantee or make warranties on any lot sold. The bold headline of the description is the only written statement RIAC will guarantee as correct. Descriptions in the catalog and on our website are opinion. They are written as an
aid to potential Bidders. RIAC acknowledges that there may be errors in what is written beyond the bold headline description.
RIAC recommends that each Bidder personally view any item
such Bidder bids on or have an acknowledged expert view the
item. Statements referencing an item’s condition are opinions, not statements of fact or guarantees. If a dispute about a lot arises, it
is the Purchaser’s responsibility to provide a written statement by an acknowledged qualified expert within thirty (30) days after the auction that the bold headline is in fact incorrect. The thirty (30) day return period IS NOT calculated from the date payment is made or the date the items are received. The thirty (30) day return period
will not be extended due to delay in payment or delay in receipt
of the goods. If the expert’s statement is indeed correct RIAC will make a full refund upon return of the lot(s), provided that the lot(s) is returned in the same condition it was received. In the unlikely event that Purchaser needs to return a lot to RIAC, Purchaser is responsible for all shipping costs. RIAC must again reiterate the guarantee is only on the bold headline of the description and
RIAC will only honor this guarantee within thirty (30) days of an auction. This right to return an item purchased at an auction shall be expressly limited to situations where errors occurred in the bold headline description of an auction item and such 30-day return provision shall not apply to a return of an auction item for any
other reason. RIAC will have no further obligation, i.e., no refunds
or returns will be accepted, if the above conditions are not met. Items offered for sale as described in the catalog, on our website or any bill of sale, advertisement, addendum sheet, or elsewhere as
to authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition, or physical condition
are qualified statements of opinion and not representations or warranties. No employee of RIAC or any person purporting to act
on behalf of RIAC is authorized to make on RIAC’s or the consignor’s behalf, any representation or warranty, oral or written, with respect to any lot or item for sale.
11. NO IMPLIED WARRANTIES
NEITHER SELLER NOR RIAC MAKE ANY OTHER WARRANTY, EXPRESSED OR IMPLIED, ORAL OR WRITTEN WITH RESPECT TO THE LOT, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, EACH OF WHICH IS SPECIFICALLY DISCLAIMED.
12. BINDING EFFECT, MODIFICATIONS, AND SEVERABILITY. The terms and conditions of sale shall bind the successors and assigns of all Bidders and Purchasers and inure to the benefit of RIAC’s successors and assigns. No waiver, amendment or modification of the terms hereof (other than posted notices or oral announcements during the sale) shall bind RIAC unless specifically stated in writing and signed by RIAC. If any part of these terms and conditions of sale is for any reason illegal, invalid or unenforceable, the invalid portion shall be stricken and the rest of the terms and conditions of sale shall remain valid and enforceable.
13. RESERVES. Unless otherwise indicated, all lots are subject to a reserve (the confidential minimum price below which the lot will not be sold). If a lot is offered with a reserve, the auctioneer may
Terms and Conditions
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