This website is affiliated with AssetNation, Inc. (www.assetnation.com) and its affiliated companies (individually or collectively, the “Company” or “we”), and subject in all respects to the User Agreement (the “User Agreement”) which must be accepted to be a registered user of this website. By agreeing to the User Agreement, and then subsequently using this website, you are agreeing to comply with these Website Rules.

We may amend these Website Rules at any time by posting the amended Website Rules on our website. Your continued use of this website after our posting of any changes will constitute your acceptance of such changes.

  1. LISTING REQUIREMENTS

    When you list goods for sale on this website, you represent and warrant that you have the authority to sell such goods, free and clear of any liens, claims or other encumbrances. You further agree to use commercially reasonable efforts to supply accurate information for each listing, and will be solely responsible for the listing information you provide. From the information you provide regarding your goods, we will prepare and send you the listing for your review prior to posting on this website, and if no response is received from you, the listing will be deemed to be approved by you twenty-four (24) hours after being sent.
  2. FEES

    When you either sell or purchase goods on our website, you have an opportunity to review and accept the fees that you will be charged, which we may change from time to time. Certain of our sellers have written contracts with us which set forth the fees they will be charged. The Company may change its fees and penalties at any time; provided that no such change will affect any current listings on this website. Unless otherwise stated, all fees are quoted in U.S. dollars. You are responsible for paying all fees and penalties associated with using our service and our website as well as all applicable taxes.

    1. Sellers:

      Seller Commission Fee

      For goods sold by a seller on the website, the Company will be paid a commission (deducted from the escrowed purchase price) as agreed to by the seller.
    2. Buyers:

      Buyer’s Premium Fee

      For goods purchased by a buyer on our website, buyer agrees to pay the Company a buyer’s premium that is a percentage of the final purchase price for such goods. The buyer’s premium for each auction is disclosed either in the listing terms for the auction or in the bidder’s box when the bidder enters a bid for the auction.

      Buyer Late Fee

      If the winning bidder does not pay the agreed purchase price and other fees to the Company by the specified deadline, then the winning bidder must pay a late fee equal to 2% of the purchase price to the Company.

      Buyer Default Penalty

      If the winning bidder for any auction does not make full payment of the purchase price and the buyer’s premium fee within five (5) business days after selection of the winning bid, such bidder is in default and must pay the Company a default penalty of $2,000 (the "Default Penalty"). Pending payment of the Default Penalty, the defaulting bidder will be barred from bidding on any other auctions on this and any other affiliated website operated by AssetNation, Inc. The defaulting bidder may be subject to other claims, damages or liabilities to the seller and/or the Company. The Company reserves the right to use a collection agency to collect any outstanding penalties, and to report any unpaid payments to credit reporting agencies.
  3. PAYMENT AND ESCROW PROCESS; PICK UP DATE

    At the end of an auction and upon the selection of the winning bid by the seller, the Company will promptly e-mail the winning bidder an Invoice to the winning bidder's registered e-mail address. The winning bidder is required to pay the agreed purchase price and other fees to the Company prior to the deadline specified in the invoice (generally within 48 hours). The Company will act as Escrow Agent to hold such funds in escrow (the "Escrow Funds") in a separate and segregated bank account used for the Escrow Funds. The Company shall be entitled to hold the Escrow Funds in an interest-bearing bank account and shall be entitled to the interest accruing thereon.

    Each listing will have a scheduled Pick Up Date or Removal Deadline (the "Pick Up Date"), which is the date by which buyers are required either to pick up the goods or to assume control of the goods (such as when the goods are in a third party storage facility or when pickup has been commenced but not yet completed).

    The Company is authorized to distribute to seller, or seller's designee, the Escrow Funds (less our agreed commission, any agreed fees for other services and any applicable taxes payable on our services) upon the earlier of (i) pick up of the goods or (ii) the second business day after the scheduled Pick Up Date, regardless of whether the goods have been picked up by such date. If the goods have not been picked up on or prior to the scheduled Pick Up Date, the Company will provide notice to the buyer that the goods have not been picked up as required and that the Escrow Funds will be promptly distributed. Pick up of the goods will normally be evidenced by our receipt of: (i) notice from the buyer stating that the buyer has commenced pick up of the goods, or if otherwise agreed, assumed control of the goods from the seller; (ii) notice from the seller stating that the goods have been picked up by the buyer; or (iii) documentation (such as a bill of lading) executed by buyer or buyer's agent or other reasonable verification that the goods have been released or shipped to the buyer. If pick up of the goods does not occur within a reasonable time after we receive the Escrow Funds, we will investigate the reason for the delay, and attempt to resolve the matter. If seller does not make the goods available by the scheduled Pick Up Date, we will notify both parties and refund the Escrow Funds to buyer within ten (10) days after we send the notice.

    Any claims of material shortages in quantity or other material discrepancies of the goods from their posted description must be communicated to the Company prior to 5:00 p.m. (Central time) on the business day immediately after the scheduled Pick Up Date. After such time, buyer will have no rights to make any claims regarding material shortages in quantity or other material discrepancies of the goods from their posted description.

    Any goods that have not been picked up within thirty (30) days after the scheduled Pick Up Date will be deemed "Abandoned," and after such 30-day period, the buyer will forfeit all rights to the abandoned goods and any money paid for such goods.

  4. TAXES

    In any transaction on this website, buyer and seller are responsible for determining whether sales, use, VAT, GST, transfer, ad valorem or other similar taxes of any taxing authority apply to the transaction and to collect, report and remit the correct tax to the appropriate tax authority. Unless otherwise agreed with the seller, the Company is not obligated to determine whether any such taxes apply and is not responsible for collecting, remitting or reporting any such taxes arising from any transaction.
  5. BIDDING PROCEDURES FOR AUCTIONS ON OUR WEBSITE

    The bidding procedures set forth below are the rules that govern this website. In addition, you are subject to the listing terms for any specific auction items or lots on this website for which you submit bids. In case of any conflict between the listing terms of any specific items or lots and these Website Rules, the specific listing terms shall control.

    We have four auction formats on our website which are explained below:

    Open Auction Format: In the Open Auction Format, bidders are invited to submit bids for listed items prior to the set ending time for the sale. Bidders can only submit market leading bids and they may not submit bids that include changes to the terms of sale. The leading bid amount, next bid required and a detailed bid history for the lot is displayed to the public. For any completed auction, the winning bid is displayed, but the winning bidder's identity is not publicly disclosed on our website.

    Sealed Bid Auction Format: In the Sealed Bid Auction Format, bidders are invited to submit bids for listed items prior to the set ending time for the sale. Bidders are provided their rank position for the auction and may enter subsequent bids that are higher than their current high bid. Bid amounts are not disclosed to other bidders. For any completed auction, the final purchase price and winning bidder are confidential and will not be publicly released on our website.

    Best Offer Bidding Format: In the Best Offer Bidding Format, bidders are invited to submit offers which can be accepted or rejected by the seller. There is no definitive closing time for the sale unless such a time is specified in the listing terms for the sale. For any completed sale, the final purchase price and winning bidder are confidential and will not be released to other parties.

    Fixed Price Listing Format: In the Fixed Price Listing Format, buyers may purchase an item at a fixed price that is published with the listing. For any completed sale, the fixed price is disclosed, but the winning bidder is confidential and will not be publicly released on our website.
    1. How auction extension works: Every listing that uses an auction format (Open Auction Format or Rank Only Auction Format) will have a bid extension interval. This interval will vary from auction to auction and will be published in the listing terms. Any market leading bid placed within the bid extension interval just before an auction's scheduled ending time will cause the auction's ending time to be extended. The new closing time will be established by adding the bid extension interval to the time of the market leading bid. There is no limit to the number of times an auction may be extended in this situation. This feature is also known as "extended bidding", “dynamic close” and “overtime”.

    2. How bid selection works:Every auction uses one of two possible bid selection methods.

      • Auto Bid Select: With Auto Bid Select, the highest auction bid at the conclusion of an auction is automatically accepted by the seller.
      • Auto Bid Select with Reserve: An Auto Bid Select auction listing may employ a published reserve price. If a reserve price is published for an auction, the seller is not obligated to sell for any bid received below that reserve price. If the highest auction bid is at, or above, the reserve price, the highest auction bid will be automatically selected as the winning bid.
      • Seller Select: With Seller Select, at the end of an auction, the seller will select the winning bid, which may or may not be the highest bid, or may reject all bids.

      In each method, once a winning bid is identified, that bidder will be promptly notified by the Company, at which time the seller and winning bidder are obligated to complete the transaction. The bid selection method will be described in the listing terms for an auction.

    3. How the maximum bid (or “Max Bid”) function works: When a bidder enters a maximum bid, our “auction engine” will automatically place bids on behalf of the bidder until either the bidder is the highest bidder (by the required published increment), or the bidder’s maximum bid has been reached, whichever comes first.

    4. Changes to a listing after auction commences: Once an auction has started, the seller may not change the listing without the Company’s approval. In very limited circumstances, the Company may permit sellers to add additional non-material descriptive information, such as pictures or text, or correct inaccuracies, which do not materially change the original listing. If material changes are needed to correct inaccuracies in a listing, however, the auction will be terminated and subsequently re-listed as appropriate.

    5. Non-retractable bids: Bids are not retractable except in extraordinary circumstances such as when a clear typographical error is made. Bidders should carefully review their bids prior to submitting them.

    6. Binding bids: Bids made by bidders on listed items are binding. At the end of an auction, if a bidder's bid is selected by the seller, the winning bidder is obligated to complete the transaction. Bidders agree that bidding for items listed for sale on this website is the legal equivalent of a firm purchase order.

    7. Void bids: The Company reserves the right to reject or void any bids which the Company believes have not been made in good faith, are intended to manipulate the auction process, or are prohibited either by applicable law or the listing terms for such auction.

    8. Technology Malfunction: If a technology malfunction materially affects the outcome of an auction, the Company reserves the right to void the auction within 72 hours of the scheduled ending time.

    9. Fair bidding and listing practices: Sale price manipulation of any kind by users is strictly prohibited, including, without limitation, bidding through a secondary account or other party, by communicating with other buyers, or by shill bidding. Buyers or sellers who do not act in good faith or otherwise subvert the integrity of the Company’s marketplace on this website are subject to suspension or termination.

    10. Collection of statistics on buyer performance: As part of the Company's monitoring of the marketplace, the Company collects statistics on each buyer's bidding activities to determine such buyer's performance history on this and other AssetNation affiliated websites. Such statistics may include the number of completed transactions by a buyer, failures or late funding of the purchase price, and taking late delivery of purchased goods. The Company reserves the right to allow sellers to access such statistics collected on a buyer who bids on a specific item.

    11. Pre-qualified bidder auctions: Sellers may choose to limit a designated auction to pre-qualified bidders who will be required to place a specified amount on deposit with the Company. Prior to the auction start, bidders may be required to pay this deposit amount to the Company by credit card or other approved methods. Only pre-qualified bidders will be allowed to place bids during the auction. At the end of the auction, if deposits were provided, the Company will promptly cancel the deposit charge on the credit cards of the bidders who did not win the auction. If the winning bidder for an auction defaults by failing to pay the agreed purchase price and other fees, the deposit amount of such bidder will be forfeited and the seller may exercise such other rights and remedies as are available under applicable law. In the event of such default, to the extent that the Default Penalty described above exceeds the deposit amount, the Company will be authorized to charge such excess amount on the defaulting bidder's credit card.