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implement that reserve by bidding on behalf of the consignor.
No reserve will be allowed higher than the high estimate and in many cases the reserve is lower than the low estimate. This bidding will not generally constitute opening bidding. If the auctioneer declares an opening bid and no advance to that bid is received the auctioneer will pass the item. However, once bidding is opened the auctioneer will bid on behalf of the consignor to reach the reserve price. The auctioneer may reject nominal bids, which are small opening bids or very nominal advances made with the purpose
of disparaging an item. If a lot fails to achieve a bid equal to or exceeding 30 – 40% of the low estimate, the item may be passed and not sold and may not be re-offered until a later sale. This determination of whether to sell the item at the current auction
or re-offer it at a later auction is at the sole discretion of RIAC.
RIAC buys items on the open market or may offer a guarantee to
a consignor. In either event, RIAC can have an ownership or other financial interest in the item(s) being auctioned. Such interest in
the item(s) being auctioned may not be disclosed. If RIAC has an interest in an offered lot and the proceeds therefrom, other than our commission, RIAC may bid on the offered lot to protect such interest and such bidding shall not be prohibited under Section 15 below. Items which are not reserved are sold at RIAC’s discretion.
14. BIDS OF CONSIGNORS. Consignors, other than RIAC, are not allowed to bid on their own lots nor have any agent bid on their behalf. If RIAC recognizes such bidding or is advised of same,
RIAC reserves the right to withdraw any or all items consigned by the offending consignor. It is not prohibited conduct under this Section 14 when RIAC bids on behalf of the consignor to reach the minimum 30-40% of the low estimate or reserve price as provided In Section 13 above.
15. FINANCIAL INTEREST IN PROPERTY. Purchaser acknowledges that RIAC has a financial interest in all items offered for sale since
it is paid a seller’s commission and buyer’s premium. Additionally, Purchaser acknowledges that a conflict of interest may exist because RIAC, its officers or employees, or an entity owned by one or more of them, may have a financial interest in an item offered for sale beyond the seller’s commission and Buyer’s Premium, which may include an ownership interest or a guaranteed amount offered by RIAC to a consignor of an item for sale.
16. ABSENTEE BIDDING. As a service to anyone wishing to place bids in advance of the sale RIAC may accept bids on behalf of potential Bidders at RIAC’s own discretion by telephone or absentee bid
using the forms RIAC provides. An Absentee Bid must be received and credit approved in advance of the sale date. It is the Bidder’s responsibility to establish credit before bidding, or RIAC will accept a 15% deposit in the amount of the total bids submitted. (Deposits will be returned within ten (10) days after sale if not successful.) An Absentee Bid form is enclosed in the back of the catalog. Bids may also be faxed to (309) 797-1655. Additionally, on-line bidding is available on RIAC’s website. Bidder acknowledges that by bidding absentee via mail, e-mail, telephone, through internet providers, or any other absentee means (i.e., not in person bidding), no fiduciary duty exist between the Bidder and RIAC. Bidder acknowledges that RIAC has a fiduciary duty to the sellers and not to the Bidders or Purchasers. In addition each Bidder and Purchaser acknowledges that RIAC owes no duty to disclose the ownership of any item
being auctioned. Any absentee bid is executed as if the Bidder
was actually present and bidding themselves. RIAC will attempt
to execute bids in a manner such that the bids will prevail at the lowest bid possible. RIAC assumes no responsibility for failure to execute telephone, absentee, or website/online bids for any reason whatsoever or for failure to execute bids such that the bids do not prevail at the lowest bid possible.
17. TELEPHONE BIDDING. In order to bid on a lot over the telephone at the time it is being sold the Bidder must contact RIAC in
advance to make arrangements. The Bidder must contact RIAC
by 2:00 p.m. the day preceding the sale to make arrangements to bid via telephone. If the Bidder contacts RIAC after 2:00 p.m. the
day preceding the sale, RIAC cannot guarantee that the Bidder’s bids will be executed; it is ultimately dependent on RIAC’s staff availability to execute the bids.
BY PARTICIPATING IN TELEPHONE BIDDING, THE BIDDER AND PURCHASER UNDERSTAND, ACKNOWLEDGE AND CONSENT TO THE TELEPHONE CONVERSATION BEING RECORDED.
“Cover-Me Bids”: As a Telephone Bidder be aware that there is the risk of RIAC not being able to reach the Telephone Bidder. Therefore the Telephone Bidder may want to consider allowing his or her phone representative to execute bidding on his or her behalf. At
the time of arranging for the phone bids, the Telephone Bidder
need simply give the maximum amounts he or she is willing to
bid on each lot in the event RIAC is unable to reach the Telephone Bidder. This amount is only utilized if the Telephone Bidder is not
on the phone with his or her representative. If the Telephone Bidder is reached via telephone, the phone representative will rely on
the Telephone Bidder’s verbal instructions only. “Cover-me bids”
are not mandatory; the Telephone Bidder can place them at his
or her discretion. “Cover me bids” are simply a safety net in case
the Telephone Bidder cannot be reached in time or not at all. All terms provided under Section 16 above apply to any “Cover-Me Bids”, including but not limited to all acknowledgements made by Purchaser and any disclosure of the absence of any duties by RIAC. 18. FIREARMS LAWS. All post – 1898 firearms must be registered in compliance with federal and Texas state law. Purchasers of post – 1898 firearms must complete state and federal registrations forms at Rock Island Auction Company, 3600 E. Harwood Rd., Bedford,
TX 76021, unless otherwise specified. Dealers and out-of-state Purchasers must have in their possession on the day of sale, signed copies of their Federal Firearms License (FFL) in order to accept same-day delivery of modern weapons.
19. NATIONAL FIREARMS ACT (NFA), TITLE II (CLASS III) ITEMS.
All firearms designated as NFA/Class III must be registered in compliance with the NFRTR (National Firearms Registration
and Transfer Record) registry. A NFA/Class III item is a firearm
or firearm accessory that is regulated by the ATF in accordance
with the National Firearms Act of 1986. These items include full
auto machine guns, silencers, short barreled rifles, short barreled shotguns, AOW’s and destructive devices. Purchaser’s should consult with their federal, state, and local laws, law enforcement personnel, or legal counsel to make sure they may legally own, possess, or use the purchased NFA/Class III item and that all fees, licenses and approvals are completed.
20. CONDITION OF FIREARMS. RIAC makes no warranties or representations whatsoever and no affiliate, employee, contractor or consultant of RIAC has the authority to do otherwise for the condition of firearms, which includes, but is not limited to, any warranties or representations concerning the operation of firing condition, fitness for use, safety to store, or reliability of any
firearm, ammunition, or parts. Use of any firearm or ammunition purchased at RIAC is entirely at the user’s risk. RIAC offers for sale the lots as “collector” lots only. RIAC strongly recommends that
all weapons, ammunition, etc. purchased at auction be examined
by a competent gunsmith. RIAC expressly disclaims any liability whatsoever for accident, injury or damage resulting to any person from the storage or subsequent use of any such lot.
21. ENDANGERED OR PROTECTED SPECIES OR WILDLIFE. Any property made of or incorporating endangered or protected species or wildlife may have import and export restrictions established by the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITIES). These items are not available to ship internationally and in some cases, domestically. Additionally, these items may be subject to confiscation by state or federal officials if the proper documentation authorizing their sale is not produced. By placing a bid, the Bidder acknowledges that he is aware of the restriction and takes responsibility in obtaining and paying for any license or permits relevant to delivery of the item(s). RIAC does not accept liability for the inability to ship the purchased items or if such item(s) is (are) confiscated by state or federal officials prior to their shipment or transport to the Purchaser.
22. DELIVERY, SHIPPING, AND STORAGE CHARGES. All delivery, shipping and storage charges must be paid by the Purchaser prior to delivery of the firearm.
23. SHIPPING. If RIAC is asked to ship the purchased lots, there will be a separate charge for such shipping. Shipping charges to the Purchaser for firearms will be based upon RIAC’s standard rates depending on the type of firearm shipped. Shipping rates for all non-firearm lots will be based upon the size and weight of the
item. RIAC’s standard rates do not apply to any items shipped to the states of Alaska or Hawaii or to the Commonwealth of Puerto Rico. All lots shipped shall be covered by shipping insurance unless the Purchaser expressly waives such shipping insurance, in which case such insurance shall not be provided for any of Purchaser’s shipped lots. If any packing and handling of purchased lots is
done by RIAC, it is done entirely at the risk of the Purchaser. All packages are sent with adult signature required. RIAC is not liable for any acts of omissions in packaging or shipping. Purchased lots handled by outside carriers or packers, including those RIAC may have recommended, may carry their own insurance and any claims for losses or damages should be addressed directly to the outside
carriers or packers. RIAC will arrange for packing and shipping at RIAC’s earliest possible convenience. RIAC will attempt to ship as soon as possible; however, due to RIAC’s high volume of business, shipping can take up to two to three weeks after full payment
is received. In the case of crating or any exceptional packaging,
the Purchaser will be charged RIAC’s cost from outside agents. Purchaser pays shipping, packing materials, and insurance charges. Purchaser acknowledges and agrees that RIAC reserves the right
to purchase its own shipper’s insurance, to be self-insured if RIAC determines such insurance is necessary in RIAC’s sole and absolute discretion.
It shall be the responsibility for the Purchaser to arrange pickup
or shipping in a timely manner. All property will be subject to storage, insurance, and moving charges including but not limited to a $100 administration fee plus a $10 daily storage after thirty (30) days if such property is not picked up by the Purchaser. The cost of insurance of such property shall equal 1% of the total price invoiced. In the event the property is not removed from RIAC’s premises within ninety (90) days the property may be offered for sale to recover any past due storage or moving fees, including a 20% seller’s commission.
RIAC reserves the right to ship ammunition lots to FFL’s only. All state and local laws apply.
The shipping of any purchased items outside of the United States is hereby classified as “foreign export”. All foreign export is the sole responsibility of the Purchaser.
24. Miscellaneous
Agreements between Bidders and consignors to effectuate a non-
sale of an item at auction, inhibit bidding on a consigned item to enter into a private sale agreement for set item, or to utilize RIAC’s auction to obtain sales for non-selling consigned items subsequent to an auction, are strictly prohibited. If a subsequent sale of a previously consigned item occurs in violation of this provision, RIAC reserves the right to charge the Bidder the applicable buyer’s premium and consignor a seller’s commission as determined for each auction venue and by the terms of the seller’s agreement. Acceptance of these terms and conditions qualifies a Bidder as a client who has consented to be contacted by RIAC in the future.
In conformity with the do not call regulations promulgated by the federal or state regulatory agencies, participation by a Bidder is affirmative consent to being contacted at the phone number shown in his application and this consent shall remain in effect until it
is revoked in writing. RIAC may from time to time contact Bidder concerning the sale, purchase, and auction opportunities available through RIAC and its affiliates and subsidiaries.
RIAC owns the copyright and all images and illustrations in written material produced by or for us relating to a lot (including the contents of our catalogs unless otherwise noted in the catalog). No Bidder or Purchaser can use them without RIAC’s prior written permission.
You may not grant a security interest in or transfer your rights or responsibilities under these terms and conditions of sale unless we have given our written permission. These terms and conditions of sale will be binding on your successors or estate and anyone who takes over your rights and responsibilities.
No failure or delay to exercise any right or remedy provided under these terms and conditions of sale shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.
25. NOTICE AS TO AN AUCTION IN TEXAS. Notice is hereby given the auctioneer’s license by the Texas Department of professional licensing and regulations, and any concerns may be address the department P.O.Box 12157, Austin, TX 78711, (512) 463 – 6599, or http://www.tdlr.texas.gov/.
26. DISPUTES UNDER THIS CONTRACT; MEDIATION; ARBITRATION. All claims, disputes, or controversies in connection with, relating to, and/or arising out of a Bidder’s or Purchaser’s participation in this auction or purchase of any lot, any interpretation of these terms and conditions of sale or any amendments thereto, any description of any lot or condition report, any damage to any lot, any alleged verbal modification of any term of sale or condition report or description, and/or any purported settlement whether asserted in contract, tort, under any federal or state statute or regulation, or any claim made by Purchaser of a lot or a Bidder’s or a Purchaser’s participation in this auction, involving the auction, or a specific
lot involving an alleged warranty or representation of a consignor or other person or entity including RIAC (collectively, “Claim”)
shall first be submitted to mediation. In the event that mediation is unsuccessful (or the opposing party refuses to mediate for a period of no less than ninety (90) days from the date such Claim
is presented to the opposing party to be mediated), such Claim shall be exclusively heard by, and each of Bidder, Purchaser, and RIAC each consent to the Claim being presented in a confidential binding arbitration before a single arbitrator administrated by and conducted under the rules of, the American Arbitration Association that must be initiated and carried out in Tarrant County, Texas. Each Bidder and Purchaser at this auction acknowledges and agrees that any Claim must be brought within two (2) years of its occurrence or the Claim is waived. After one (1) year has elapsed from the occurrence of the Claim, each Bidder and Purchaser acknowledges and agrees that RIAC’s maximum liability shall be limited to any commissions and fees RIAC earned on the property subject to the Claim.
Each Bidder or Purchaser in this auction agrees that the election of restricting any and all claims to Arbitration is a voluntary decision and is evidenced by the Bidder or Purchaser’s participation in the auction.
Each Bidder or Purchaser specifically agrees to the following: I have read these terms and conditions of sale and by my participation
in this sale I agree any Claim arising out of my participation in this auction will be first submitted to mediation, and if mediation is not successful in resolving the Claim, I then submit to neutral binding Arbitration with RIAC and any other entity under this contract in Tarrant County, Texas. With the exception for Purchaser’s failure to make full payment of Purchaser’s obligations to RIAC as provided in these terms and conditions, no lawsuit shall be filed until a person has in good faith completed all mediation and arbitration proceedings as required hereunder.
Prior to commencing any arbitration action, Purchaser or Bidder, as applicable, and RIAC agree to mediate any Claim arising between them.
Notwithstanding any other provision in these terms and conditions to the contrary related to any Claim, neither mediation nor arbitration shall be required to be pursued by RIAC if a Purchaser fails to make full payment of Purchaser’s obligations to RIAC as required under these terms and conditions. In the event the Purchaser fails to make full payment of his or her obligations to RIAC, RIAC may, but is not required to, proceed directly to a court of competent jurisdiction located in Tarrant County, Texas. Furthermore, each of Bidder or Purchaser, as applicable, and RIAC agree for any such mediation, mediation fees, if any, will be borne equally by the parties. Should a party commence legal action without first submitting the claim to mediation and/or arbitration, except as otherwise permitted under these terms and conditions of sale, the party so commencing the legal action will not be entitled to recover attorney’s fees even if they would otherwise be allowed in the action.
27. LIMITATION OF LIABILITY. EXCEPT AS EXPRESSLY PROVIDED ABOVE, ALL PROPERTY IS SOLD “AS IS”. NEITHER ROCK ISLAND AUCTION COMPANY NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS
TO THE TITLE, MERCHANTABILITY, FITNESS OR CONDITION OF
THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY OR AS TO WHETHER THE PURCHASER ACQUIRES ANY COPYRIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS IN LOTS SOLD OR AS TO WHETHER A WORK OF ART IS SUBJECT TO THE ARTIST’S MORAL RIGHTS OR OTHER RESIDUAL RIGHTS OF THE ARTIST. ALL FIREARMS AND AMMUNITION ARE SOLD AS COLLECTOR LOTS ONLY. FITNESS TO FIRE OR OTHERWISE DISCHARGE THE
ARM OR AMMUNITION IS EXPRESSLY DENIED BY ROCK ISLAND AUCTION COMPANY. A COMPETENT GUNSMITH SHOULD BE CONSULTED BEFORE ATTEMPTING TO USE OR FIRE ANY FIREARM
OR AMMUNITION. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL ROCK ISLAND AUCTION COMPANY BE LIABLE FOR ANY DAMAGES INCLUDING WITHOUT LIMITATION ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES.
398 Terms and Conditions