Importance of Terms- Please take the time to read the following set of terms and conditions for the auction. By obtaining a Bidder Number, you acknowledge that you have read and agree to these terms and conditions.
Iron Horse Auction Company, Inc. (“Iron Horse”) is acting as an agent of W. Joseph Burns, Chapter 7 Bankruptcy Trustee for Sam Bass Illustration & Design, Inc., Case No. 16-51021 in the United States Bankruptcy Court for the Middle District of North Carolina, (the “Seller”) and at no time acting on behalf of the Bidder.
3. Buyer’s Premium:
For both the real and personal property, there will be a FIFTEEN PERCENT (15%) Buyer’s Premium added to final bid price to determine the final contract purchase price. 7% Sales Tax (Sales tax does not apply on auction lots 128-153 and 379-444)
4. Auction Ending:
The auction will be conducted live onsite with an online simulcast accepting bids from Internet bidders. The Auctioneer reserves the right to offer the property to be sold and to accept bids in the manner that creates the highest amount of return for the Seller. Online Bidders will be made aware of their position by the software application. Once the high bid price has been determined by Iron Horse in its sole and absolute discretion, the item will be posted as SOLD. Iron Horse will, in its sole and absolute discretion, decide any and all disputes regarding bidding. Such decisions are final.
5. Property Information & Inspection:
Neither the Seller nor Iron Horse shall be responsible for any missing or incorrect listing information. Iron Horse has attempted to provide accurate descriptions. However, it is the bidder's responsibility to conduct any and all due diligence or inspections to determine the condition and feasibility of the property for the Bidder’s intended use. Descriptions that are provided by Iron Horse are provided in good faith and are matters of opinion. Bidder acknowledges that by registering to bid that Bidder has, to Bidder’s satisfaction, personally inspected the property, hired an agent to inspect the property, or has waived Bidder’s right to inspect the property. Bidder’s failure or inability to conduct any investigation or inspection prior to placing a bid shall not invalidate a bid. Placing a bid creates a contractual agreement to purchase the property at the bid price plus Buyer’s Premium and any additional fees included in or related to the sale as described herein, including but not limited to closing costs and shipping costs.
6. Auctioneer's Discretion:
Iron Horse 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 or the Seller.
7. 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., Proxibid, Live Auctioneers and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Iron Horse Auction Company, Inc., Proxibid, Live Auctioneers 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 may send email notifications to registered bidders with updated information as deemed necessary.
8 . Sale Terms: PERSONAL PROPERTY
Online Bidders: Payment is due in full at the conclusion of the auction. All invoices under $2,000.00 will be charged with the credit card on file. If your invoice exceeds $2,000.00 you must provide a certified check, cash, or wire transfer within 48 hours of the close of auction. Bidder shall be responsible for all wire transfer fees. If your credit card is declined there will be additional fee of $25.00 per attempt to collect the invoice balance. If you have an invoice in excess of $2,000.00 and have not attempted to pay your invoice within 48 hours after the auction, you authorize Iron Horse to charge your credit card for the balance of the invoice or partial charges until your invoice is paid in full. You agree that you will not initiate a dispute or issue a charge back on your credit Card after Iron Horse has charged your card. No items will be released from the auction site without full payment and a valid paid invoice.
Onsite Bidders: Payment is due in full at the end of each auction day. Acceptable forms of payment are cash, cashier’s check, company or personal check accompanied by a bank letter of guarantee, electronic funds transfer, or credit card not exceeding $2,000.00. Any amount above $2,000.00 must be made in certified funds. You furthermore agree that they will not initiate a dispute or issue a charge back on your Credit Card after Iron Horse has charged your card. No items will be released from the auction site without full payment and a valid paid invoice.
Personal Property Condition:
All items in this auction are selling 'AS-IS, WHERE IS' with all faults, if any. Neither the Seller nor Iron Horse make any representations or warranties, express or implied, concerning the items being sold. Descriptions of the items are believed to be correct, but are not guaranteed. There will be no Letters of Authenticity provided unless stated by the Auctioneer at the time the items enter the bidding ring. It is the Bidder's responsibility to conduct any and all due diligence and inspections prior to bidding in the auction. All due diligence periods end the date the auction is scheduled. It is possible that the property being sold is subject to charges, regulation, permitting, or any other type or sort of restrictions by Local, State and Federal Regulatory Authorities. It is the Bidder's responsibility to ascertain if the item bid upon by Bidder are subject to such authorities. Ultimately, it is the Bidder's responsibility to inspect all aspects of the items before placing a bid. Bidder acknowledges that by registering to bid that Bidder has, to Bidder’s satisfaction, personally inspected the property, hired an agent to inspect the property, or has waived Bidder’s right to inspect the property. Bidder’s failure or inability to conduct any investigation or inspection prior to placing a bid shall not invalidate a bid. Placing a bid creates a contractual agreement to purchase the property at the bid price plus Buyer’s Premium and any additional fees included in or related to the sale as described herein, including but not limited to closing costs and shipping costs. The sale of an item is not negotiable or rescindable if you are not the winning bidder of another item or items. If you bid on an item, you will pay for in full and take possession of that item.
Items are not released from auction sites or facilities until the Bidder has a paid invoice. The Bidder shall insure their items once they have been deemed the winning bidder. Bidders of the multiple items can have an extended removal period to be coordinated by the Auctioneers. Removal periods shall not extend past the last day May 2017.
9. Legal Interpretations:
This document will be interpreted by the laws of the State of North Carolina and by the United States Bankruptcy Code.
Any and all disputes resulting or arising in connection with this auction shall be heard in the United States Bankruptcy Court, Middle District of North Carolina as the sole and exclusive venue.
11. Auction Cancellation Bid Rejection:
Seller and Iron Horse reserve the right to reject any and all bids for any reason. Iron Horse 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, unless the auction is an Absolute Auction.
12. Acceptance of Bid Prices:
All bids are subject to Seller Confirmation. The Seller and Iron Horse reserve the right to sell to the next highest qualified Bidder or Bidders if the winning Bidder or Bidders have defaulted or otherwise filed to timely and properly consummate the winning bid. Defaulting bidders will be black flagged as a NON PAYING BIDDER, subject to possible Bankruptcy Court sanctions, and will not allowed to participate in any further Iron Horse auctions. By registering and placing a bid you agree that if you happened to become a Default Bidder or Non Paying Bidder, Iron Horse may charge your credit card for up to the entire balance of your invoice.
13. Bidder Verification:
The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Iron Horse will reject the registration, and bidding activity will be terminated. The Seller and Iron Horse reserve the right to refuse service to any person who we feel to be fraudulent.
14. Online Bidder Responsibilities:
Bidder responsibilities include, but are not limited to: Bidder agrees to keep its username and password confidential, as Bidder is responsible for ANY and ALL activity, bids, and purchases involving Bidder’s account. Bidder agrees to obey any and all local state and federal laws applicable to Bidder. Violations will result in termination of web site use privileges. Iron Horse and Seller, and their respective employees and agents, may not bid in the auction. We gather aggregate information from the web site, which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence.
15. 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 earnest money payment to Iron Horse Auction Company, Inc.
16. Age Requirement:
All bidders must be eighteen (18) years of age or older.
Time is of the essence for all time periods, dates, and deadlines contained herein.
By signing below: (i) the signer acknowledges that he/she has read this document, or has had this document read to him/her; (ii) Bidder and signer understands and agrees to all the provisions of this document without change or amendment; and (iii) Bidder and signer have consulted with an attorney regarding this document and the Purchase Agreement to the extend Bidder and signer deem appropriate.
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