Your consigner’s commission rate for each item is 6.9% after $2,500 AND 10% for the first $2,500 or less AND an additional $25/lot fee for lots selling for less than $150.
Owner agrees that he/she is Owner of record and Owner has good title and the legal right to sell the listed Equipment in Exhibit A. The Equipment is completely and accurately described as set out in Exhibit A. Owner conveys and agrees the Equipment is free from all encumbrances and not subject to any claim by any person or to any registered or unregistered charges, liens or interests except as specified on page 1 of this contract. The Equipment is not subject to the collection or attraction of any taxes, liens, or claims of any authority of competent jurisdiction of any kind and nature, notwithstanding any past, present or future use to which the Equipment may have been, presently is, or later may be put. Owner agrees that if Owner delivers any Equipment to Auctioneer by anyone other than the Owner, that such deliverer shall thereby be an Authorized Agent of Owner with full authority to sign this contract and bind the Owner if the Owner has not already executed such contract. In the alternative, Owner accepts full responsibility for all costs resulting from the attempted delivery of Equipment in contravention of this contract.
Terms and Conditions
Auctioneer will be responsible to arrange, advertise and conduct a public auction sale of the Equipment at the location and on the date noted on page 1 of this contract. Auctioneer shall pay all costs and expenses of advertising, auctioning, clerking and cashiering incurred with the auction, unless otherwise specified. All decisions regarding the grouping, lotting and incrementing of bids are at the sole discretion of Auctioneer. Owner agrees that all Equipment listed herein will be sold at auction without reserve or minimum. The Equipment will be sold to the highest bidder and there will be no guarantee whatsoever by Auctioneer as to the gross proceeds to be realized from the sale of Equipment. The auction will be conducted in accordance to Auctioneer’s usual practices and procedures.
Owner agrees to deliver all Equipment (Exhibit A), at Owner’s expense, to the auction location listed on page 1 along with all documents and titles no later than two weeks prior to auction date. If Auctioneer transports Equipment, Owner agrees that Auctioneer is not responsible for any damages or mechanical failures on that item and that Auctioneer’s transport costs will be deducted from the proceeds of the item. Owner shall make and/or pay for all repairs, improvements, and/or fueling of the Equipment done in preparation for sale. Failure to deliver the Equipment will result in a breach of contract and Owner will compensate Auctioneer the commission based on the fair market value of the Equipment. Fair market value is determined in the sole discretion of Auctioneer. Owner agrees to pay per the rates listed in “Seller Commission Rates and Terms” section on page 1 of this contract.
Auctioneer will pay Owner within thirty days following the auction less any commission, fees, or amounts necessary to obtain releases of any liens, claims, or other encumbrances on or against the Equipment including any money owed to Auctioneer. If the amount owed by Owner exceeds the proceeds, Owner shall pay the remaining amount within 7 business days of notification. In the event of a nonpaying buyer Owner will have the right to resell the item in a future auction under the same rates and terms or pick up the item without being charged the agreed upon commissions.
Auctioneer is an agent of the Owner and not a principal in the sale of the Equipment. Owner hereby nominates, constitutes and appoints Auctioneer its true and lawful representative for Owner and in Owner’s name and on Owner’s behalf to sign, execute and deliver all such documents required to transfer title to and permit registration of ownership of the Equipment to and by purchaser in the event that such documents have not been delivered by Owner to Auctioneer as agreed in this contract. Once an item is consigned to Auctioneer the item shall not be removed from the auction without mutual consent from Owner and Auctioneer. In the event that an item is pulled and cannot be sold Owner agrees to pay the Auctioneer the consignor commission and buyer's fee based upon the fair market value of the item. Fair market value is determined in the sole discretion of Auctioneer. Owner authorizes Auctioneer to use Equipment in setting up the auction. Owner herein authorizes Auctioneer to use Owner’s name, trade-mark or logo in advertising this Equipment for auction. Auctioneer has the right to bid and purchase on behalf of itself or others. Items may not have Internet bidding available. Buyers will be charged a buyer’s fee of 10% on the first $2500 and 3.5% after $2500 for each item. The following payments are accepted: Cash, Credit Card (with 3.5% charge), Check with Bank Guarantee, and Wire Transfer.
Liability and Indemnification Clause
Owner agrees to indemnify and defend Auctioneer from any claims, actions, costs or charges against Auctioneer arising from or out of the Auction, which are in any way attributable to any acts or omissions on the part of the Seller. Owner assumes responsibility for any personal injury or property damage caused by Owner or its agents, and further agrees to hold Auctioneer harmless for any personal injury to himself or its agents, and any property damage incurred on the sale premises. All risk of loss or damage to the Equipment shall remain with Owner until the payment is received for the Equipment and monies are disbursed to Owner. Owner should maintain insurance against such loss and or damage.
In the instance of any legal dispute, Wisconsin law shall control and the forum shall be Lincoln County Circuit Court. Receipt by Auctioneer via facsimile or email of a signed copy of this Agreement, shall upon acceptance by Auctioneer, be considered binding. The foregoing Agreement represents the entire agreement between Auctioneer and Owner and is intended to replace and supersede all negotiations, appraisals, agreements written, oral, or electronic, entered into or made by or between Auctioneer and Owner and is binding upon their heirs, executors, and assigns. Any changes to this Agreement must be made in writing and signed by both Auctioneer and Owner.