Page 473 - 4093-BOOK1

471
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. If
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