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BIDDER TERMS AND CONDITIONS
These Bidder Terms and Conditions apply to auctions conducted by The Auction Team Inc. ("Auctioneer"), and constitute a legal, valid, binding, and enforceable contract between Auctioneer and each Participant, Bidder, and Buyer.
These bidder terms and conditions also form the basis for the contract of sale between the Seller and the Buyer.
1. Auction Conducted Under and In Accordance with These Bidder Terms and Conditions, Additional Terms and Conditions Posted by Auctioneer, and Announcements Made at the Time of the Auction, and Applicable Law.
The Auction is conducted under and in accordance with these Bidder Terms and Conditions, any and all other Terms and Conditions posted by Auctioneer (whether at the Auction Site or online), any announcements or corrections made by Auctioneer at the time of the Auction, and applicable law. By participating in the Auction, whether at the auction site, online, telephonically, or though any other means (including Absentee Bid), each Participant agrees to be bound by, and to abide by, all such Bidder Terms and Conditions.
2. Definitions. The following definitions apply to these Bidder Terms and Conditions for each auction conducted by Auctioneer:
“Absentee Bid” means a bid submitted to Auctioneer in advance by an Absentee Bidder for the execution during the Auction under terms established by Auctioneer.
“Absentee Bidder” means a person or entity that submits an Absentee Bid. An absentee Bidder may or may not be present at the Auction.
“Attendee” means any person who attends the Auction at the Auction Site, whether such person is a Registered Bidder or not.
“Auction” means the auction sale at which Auctioneer solicits bids, or is scheduled to solicit bids.
“Auction Site” means the physical location of the Auction, or, for an Auction conducted entirely online, the location where Property may be inspected and where a Buyer may pick up Personal Property.
“Bidder” means any person or entity that makes a bid at the Auction.
“Bidder Number” means the number or other identifier issued by Auctioneer to a Registered Bidder for the purposes of identifying bids to such Registered Bidder.
“Bidder Registration” means the information provided by a prospective Bidder, and the process of registering such prospective Bidder to bid at the Auction, including the prospective Bidder’s agreement to be bound by these Bidder Terms and Conditions.
“Bidder Terms and Conditions” means these Bidder Terms and Conditions.
"Buyer" means the Winning Bidder with respect to each Lot of Personal Property.
"Buyer's Premium" is an amount with respect to each Lot of Personal Property, calculated as a percentage of the
Hammer Price, that is payable by the Buyer to Auctioneer for Auctioneer's own account, or as directed by Auctioneer.
"Catalogue" means any printed, online, and/or electronic auction catalogue made available by Auctioneer in connection with the Auction, as the same may be amended from time to time, which Catalogue includes a description of Lots to be offered for sale at the Auction.
“Commission” means the amount payable by or on behalf of Seller to Auctioneer for Auctioneer’s services, calculated as a percentage of the Hammer Price.
“Fall of the Hammer” means the point, after bids have been received, at which Auctioneer declares a Lot of Personal Property “sold” to the Bidder acknowledged by Auctioneer as having made the Winning Bid. During an auction that is exclusively online, the Fall of the Hammer may occur electronically at the end of timed (or extended) bidding.
“Hammer Price” means the high bid amount recognized by Auctioneer with the Fall of the Hammer.
“High Bid” means the high bid amount recognized by Auctioneer at the conclusion of bidding on a Lot.
“High Bidder” means the Bidder recognized by Auctioneer as having made the High Bid with respect to a Lot.
"High Estimate" if used, means an amount that Auctioneer anticipates (based on Auctioneer’s internal calculations
and industry knowledge) that property may bring at the high end of the spectrum of possible bids at a well-advertised and
well-attended auction with more than one interested bidder. The High Estimate is not a valuation and cannot be relied on as such.
"Knocked Down" or "Knock Down" means, with respect to any Property put up at the Auction, that Auctioneer has acknowledged the Winning Bid with the Fall of the Hammer, or by announcing "sold", or by giving a similar such indication.
Property may be Knocked Down electronically at the conclusion of a timed online auction event. (Also, "Struck Off" or "Strikes Off").
“Lot” means each individual item or grouping of Personal Property offered at one time by Auctioneer.
"Low Estimate" if used, means an amount that Auctioneer anticipates (based on Auctioneer’s internal calculations and industry knowledge) that property may bring at the low end of the spectrum of possible bids at a well-advertised and well-attended auction with more than one interested bidder. The Low Estimate is not a valuation and cannot be relied on as such.
“No Sale” occurs if Property is put up at the Auction but is not Struck Off or sold, and Auctioneer passes on such Property or declares a No Sale.
“Online Auction Platform” means the hardware and software utilized to conduct the Auction online and to facilitate online bidding, including any associated, adjunct, and/or complementary websites, services, premiums and promotions.
“Online Auction Platform Provider” means the provider of the Online Auction Platform and related services.
"Online Bidding Period" means, with respect to an Auction conducted in whole or in part online, any established period during which online bids may be tendered.
“Participant” means any person who attends, or otherwise participates in, the Auction (in person or remotely). The term Participant includes, but is not limited to, Attendees, Registered Bidders, Bidders, and Buyers.
“Personal Property” means the tangible and moveable property, and any intangible property (including, without limitation, intellectual property) put up at the Auction.
“Private Sale” means an event in which Property is sold by Seller, or on Seller’s behalf, other than at the Auction (including a sale at an auction conducted by a person or entity other than Auctioneer).
“Private Sale Price” means the fair market purchase price of the Property paid, or agreed to, at a Private Sale in an arms-length transaction between Seller and the purchaser of the Property. If the Property is sold through a Private Sale for less than its fair market value, or in a transaction that is not an arms-length transaction, or is gifted by Seller, the Private Sale Price will be an amount equal to the fair market value of the Property in an arms-length transaction.
“Property” means the Personal Property.
“Purchase Price” means an amount equal to the Hammer Price plus the Buyer’s Premium.
"Registered Bidder" means a person or entity that has registered to bid at the Auction.
“Registration Deposit” means, if required by Auctioneer, the deposit made by a Registered Bidder in order to register for the Auction. Auctioneer may require that the Registration Deposit be made in certified funds or in such other form as determined by Auctioneer in Auctioneer’s discretion.
"Struck Off" or "Strikes Off" means, with respect to any Property put up at the Auction, that Auctioneer has acknowledged the Winning Bid with the Fall of the Hammer, or by announcing "sold", or by giving a similar such indication.
Property may be Struck Off electronically at the conclusion of a timed online auction event. (Also, "Knocked Down" or "Knock Down").
“Winning Bid” means the highest bid received and accepted.
"Winning Bidder" means the Bidder who is recognized by Auctioneer as having made the Winning Bid.
“Withdrawn”, “Withdrawal”, or “Withdraw” refers to the circumstance in which the Property is removed or withdrawn from the Auction, or in which it is determined that such Property will not be offered or sold at the Auction.
3. Bidder Registration; Bidder Qualification. All persons desiring to bid at the Auction, must register to bid and be issued a Bidder Number. In order to register to bid, each potential Bidder must provide such information (including identifying information and qualifications) as requested by Auctioneer. Each person registering to bid represents to the Auctioneer that such person is at least eighteen (18) years of age and is otherwise legally able to enter into a contract. Auctioneer may refuse to accept a Bidder Registration from any potential Bidder, may refuse to issue a Bidder Number to any potential Bidder, and may revoke any Bidder Registration or Bidder Number. Each person registering to bid, or otherwise participating, at the Auction acknowledges and agrees that such person has read, understands, and agrees to be bound by, these Bidder Terms and Conditions. In Auctioneer’s discretion, bids may be received from a person who has not registered to bid, and/or who has not satisfied all requirements for Bidder Registration, and/or who has not been issued a Bidder Number, and, by bidding, such person will be bound by these Bidder Terms and Conditions. Auctioneer may establish such Bidder qualifications as Auctioneer determines, in Auctioneer’s discretion, are reasonably necessary or appropriate. Bidder qualification provisions (which may include proof of the availability of funds) are intended for the benefit of Auctioneer and Seller, and create no rights or interests in any other persons, including competing Bidders. Auctioneer and/or Seller may (but will not be required to) waive any Bidder qualifications, either globally or on a case by case basis.
4. Bidding. By bidding, each Bidder acknowledges and agrees that such Bidder is subject to, and bound by, these Bidder Terms and Cond