Spence Electric Co. Retirement Auction – Complete Liquidation of Electrical Contractor Tools, Equipment & Inventory – Monroe, NC

Importance of Terms:

Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register the following items will pertain to you.

Agency:

Iron Horse Auction Company, Inc. is acting as agent of the Seller and at no time acting on behalf of the Buyer. The Auctioneer reserves the right to bid on items on behalf of the Seller as permissible by the Uniform Commercial Code.

Buyer's Premium:

There will be a Fifteen percent (15%) Buyer’s Premium added to the final bid price to determine the final contract purchase price. If you plan to pay with cash or certified funds please let our office know before this auction ends so we will not charge the credit card on file. Sales tax applies to all non-titled items. If you have a sales tax exemption number please get that information to [email protected] before the conclusion of this auction.

Auction Ending:

Iron Horse Auction Company, Inc. Online Auctions are timed events and all bidding will begin to close at a specified time. Iron Horse Auction Company, Inc. online auctions also have an auto-extend feature. Any bid placed in the final five minutes for an auction item will automatically add 5 minutes to the time the bid was placed. Example: If an auction item is scheduled to close at 3:00 and receives a bid at 2:56, the close time will automatically extend to 3:05. The auto-extend feature will continue until there is a five-minute period without a bid being placed on each item in the auction. We will close 10 auction lots per 5 minutes.

Outbid Notification:

During this auction process, there is a chance that you will be over bid. At that time you will receive an outbid notification. The bidding software will notify bidders by email or when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections and speed, sometimes email notifications can be delayed. We are not responsible for failure of any part of the bidding process or internet bidding.

24 Hour Credit Card Hold:

For all bidders, a credit card pre-authorization of $100.00 will be required when registering for an auction. This 24hr authorization will go back to the card. Funds are released by Iron Horse after 24 hours, but some banks can take up to a week to credit your account. $100.00 credit card authorization is a separate transaction and does not come off the total of the invoice

Property Information & Inspection:

Iron Horse Auction Company, Inc. is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct any inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions that are provided by Iron Horse Auction Company, Inc. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have either personally inspected the items being sold, hired an agent to inspect the items being sold, or waived your right to inspect the items being sold. Placing a bid creates a contractual agreement to purchase the items being sold at the high bid price plus a Buyer’s Premium and any additional fees including shipping.

 Auctioneer's Discretion:

Iron Horse Auction Company, Inc. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Iron Horse Auction Company, Inc. or the Seller.

 Server & Software Technical Issues:

In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Iron Horse Auction Company, Inc., or its software providers, and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Iron Horse Auction Company, Inc., its software partners, or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Iron Horse Auction Company, Inc. may send email notifications to registered Bidders with updated information as deemed necessary.

 Payment Terms:

Payment is due in full at the conclusion of the auction by cash, cashier’s check, business check, wire transfer or credit card. Items will not be released from the auction site without a valid paid invoice. NO EXCEPTIONS. INVOICES OVER $5,000.00 CAN ONLY BE PAID BY CASH, CHECK, OR WIRE TRANSFER . Credit Cards will not be charged for title vehicles and trailers. Only acceptable payments are cash, wire and certified check. ALL SALES ARE FINAL NO REFUNDS OR EXCHANGES

 Property Condition:

All items in this auction are selling “AS-IS, WHERE IS” with all faults, if any. Iron Horse Auction Company, Inc. makes no representations or warranties, expressed or implied, concerning the items being sold. Descriptions of the items are believed to be correct but are not guaranteed. It is the Buyer’s responsibility to conduct any inspections prior to the auction. All due diligence periods end the date the auction is scheduled to end and prior to the end of the auction. It is possible that the property being sold is subject to local, state and federal regulatory authorities and it is the Buyer’s responsibility to ascertain if they are subject to regulation and permitting. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the items before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. The sale of an item is not negotiable if you are not the winning bidder of other items. If you bid on an item, you will pay and pick up that item.

 Legal Interpretations:

The laws of the State of North Carolina and the United States shall interpret this document.

Disputes:

By registering in this auction, the bidder consents that any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Richmond County, North Carolina as the sole and exclusive venue.

Foreign Bidders:

 The Auctioneer may disregard any bid and the Auctioneer may set aside any sale to a bidder who is not domiciled in the United States unless such bidder irrevocably appoints an agent for service of process in the United States to the satisfaction of the Auctioneer. The Auctioneer must receive notice of such appointment within 24 hours after the conclusion of the bidding.

Auction Bidder and/or Buyer Default:

The Successful Bidder and/or Buyer not attempting to settle their invoice within 48 hours of the conclusion of the auction will be considered in default and will be black-flagged in our database as a Non-Paying Bidder. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder and/or Buyer in the event the successful high Bidder and/or Buyer does not comply with the terms of the sale. By bidding on the items in the auction, the Buyer agrees to all terms and conditions set forth. By registering and placing a bid, you agree that if you happened to become a Default Bidder or Non-Paying Bidder, Iron Horse Auction Company, Inc. has the right to charge your credit card for the entire balance of your invoice. If Iron Horse Auction Company, Inc. is able to sell your item to the next highest qualified Bidder at a price lower than the auction high bid price, the Default Bidder agrees to allow Iron Horse Auction Company, Inc. to charge their credit card for the difference in their high bid price and the actual selling price to the back-up Bidder.

 Auction Cancellation – Bid Rejection:

Iron Horse Auction Company, Inc. reserves the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed.

 Acceptance of Bid Prices:

All bids are subject to Seller confirmation. Any and all inspections that a Buyer may want must be completed at the Buyer’s expense prior to the end of the auction. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder if the winning Bidder is in default of these terms. In the event that you find yourself as a Bidder in default, you will be black-flagged as a NON-PAYING BIDDER and not allowed to participate in any further Iron Horse Auction Company, Inc. auctions, or those of any participating software partne

 Possession:

Items are not released from auction sites or facilities until the Buyer has a valid paid invoice. The Buyer shall insure their items once they have been deemed the winning Bidder.

 Bidder Verification:

The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Iron Horse Auction Company, Inc. will reject the registration, and bidding activity will be terminated. The Seller and Iron Horse Auction Company, Inc. reserve the right to refuse service to any person who we feel to be fraudulent.

 Bidder Responsibilities:

Bidder responsibilities include but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for any and all activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges. We gather aggregate information from the website, which may include but is not limited to: the number of page visitors, most visited pages, and any and all correspondence.

 Guaranty Agreement:

By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment in full to Iron Horse Auction Company, Inc.

 Age Requirement:

All bidders must be eighteen (18) years of age or older.

 Check Out:

Any items not picked up by the winning Bidder, or their preferred shipper they have hired and scheduled, after the last scheduled day of check out, will be considered forfeited and abandoned. Iron Horse Auction Company, Inc. is not responsible for items that are not picked up by the end of the advertised check out Date, regardless of agreement to allow pick up after the advertised check out dates. Iron Horse is not responsible for loading, packing or shipping your items.