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.
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.
2.1.1. 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.
2.2.1. 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 either (1) a percentage of the final purchase price for such goods or (2) a flat premium fee. 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.
2.2.2. 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, in addition to any other remedies available to the Company or to the Seller, the winning Bidder must pay to the Company a late fee equal to 2% of the purchase price.
2.2.3. Buyer Default Penalty
A winning Bidder will be placed in Default for failing to comply with the terms of the listing, the User Agreement and these Website Rules, and must pay the Company a Buyer Default Penalty. Specifically, but without limitation, a winning Bidder will be placed in Default for (i) failure to make full payment of the purchase price and the Buyer’s Premium fee, and the Buyer Late Fee if applicable, and any other related fees if applicable, within five (5) business days after selection of the winning bid, or (ii) failure to either pick up the goods or assume control of the goods by the Pick Up Date stated in the listing. Pending payment of the Buyer Default Penalty, the defaulting Bidder will be barred from bidding on any other listings on this and any other affiliated website operated by the Company. 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 withhold any default penalties and other applicable charges from monies previously paid by the Buyer, at Company’s sole discretion. The Company reserves the right to use a collection agency to collect any outstanding fees and penalties, and to report any unpaid payments to credit reporting agencies. Bidders that are placed in Default on three (3) separate occasions in a twelve (12) month period may be subject to at least a one (1) year ban from bidding on any auction on this and any other affiliated website operated by the Company. Notwithstanding the foregoing, the Company, at its sole discretion, may permanently ban any Bidder for any reason.
The Buyer Default Penalty will be 10% of the purchase price of the listing, with a minimum of $100 per defaulted listing and a maximum of $2,000 per defaulted listing.
3. PAYMENT AND ESCROW PROCESS; PICK UP DATE
3.1. Invoice and Payment
At the conclusion of a listing 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 three (3) business days of the bid selection). 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.
3.2. Pick Up Date
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). By using this website you acknowledge and agree that the Pick Up Date is a material term of your agreement concerning the use of this website and any transaction in which you bid. You further agree that your failure to either pick up the goods or assume control of the goods by the stated Pick Up Date will be a material breach of your agreement with both the Company and the Seller.
3.3. Escrow Process
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. 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. Once the Company disburses the Escrow Funds in conformity with the requirements of these rules, the Company shall be relieved of all further liability with respect to the Escrow Funds, and the Buyer and Seller must deal directly with each other concerning the Escrow Funds.
3.4. Seller Making Goods Available
If the Buyer notifies the Company that the 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, if the parties cannot agree to a pick up schedule.
3.5. Title Transfer Process
When requested to do so by the Seller, AssetNation will facilitate the transfer of titles for assets from the Seller to the Buyer. Not all transactions will result in a title transfer, and Buyers must review the marketplace listing to determine whether a title transfer is applicable. For assets that will result a title conveyance, the transfer may occur as follows:
3.5.1. Company will send the title to the Buyer. Titles will not be sent to the Buyer unless and until Company has received a Presentation of Buyer, executed by the Buyer and Seller, which serves as evidence that Pick Up of the asset has occurred. The Buyer must also provide any other documentation required in the listing, including but not limited to a fully executed Equipment Sales Agreement, export documentation, etc. Titles will not be conveyed until all required documentation is received from the Buyer. Buyers are required to send all necessary documentation to Company to the attention of the Title Clerk in a timely manner to receive the title. If the Buyer fails to return all completed documentation within 30 days of the Pick Up Date, Company may dispose of the title, after which time the title will no longer be available to the Buyer.
3.5.2. The Seller will convey title to the Buyer at the time of Pick Up. Please note that requirements vary between Sellers. As such, Buyers must refer to the listing to determine what documentation the Seller will require to convey the title at time of Pick Up.
As noted above, not all transactions will result in a title transfer. In lieu of titles, certain transactions may result in the Seller providing a Bill of Sale to the Buyer. The Buyer is responsible for providing an executed Presentation of Buyer, along with any other additional documentation which might be required, including, but not limited to, a fully executed Equipment Sales Agreement and export documentation in order to obtain the Bill of Sale. Buyers are encouraged to review the listing details to understand the necessary requirements which must be met before a Bill of Sale would be provided.
3.6. Failure to Pick Up
If the Seller notifies the Company that the Buyer has failed to pick up the goods or assume control by the Pick Up Date, the Buyer will be placed in Default, and will be subject to the Buyer Default Penalty and rules outlined above. In addition to the Buyer Default Penalty, the defaulting Buyer will forfeit all rights to the goods (which may be resold to a third party by the Seller) and may be subject to other claims, damages or liabilities to the Seller and/or the Company; such as storage fees, administrative fees, the amount of any reduction in sales price upon resale of the goods by the Seller, and any applicable fines. Pending payment of the Buyer Default Penalty and any other assessed claims, damages, liabilities, and fees, the defaulting Buyer will be barred from bidding on any other listings on this and any other affiliated website operated by the Company. The Company reserves the right to withhold any default penalties and other applicable charges from monies previously paid by the Buyer, at Company’s sole discretion. The Company reserves the right to use a collection agency to collect any outstanding fees and penalties, and to report any unpaid payments to credit reporting agencies.
3.7. Buyer’s Claims of Material Discrepancies
Any claims of material shortages in quantity or other material discrepancies of the goods from their posted description must be communicated in writing to the Company by contacting Customer Care from the Contact Us page prior to 5:00 p.m. (Central time) on the second business day after the scheduled Pickup 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. Claims not submitted in the manner referenced above will not be considered. If a claim is submitted per the required process, the Company will investigate the claim and advise the Buyer of the findings. Filing of a claim does not necessarily result in a credit or refund to the Buyer.
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. Invoices to Buyers may contain tax. When tax is due, Buyer is required to remit the stated tax. Failure to pay tax will result in Buyer being placed in default.
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:
5.1. 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.
5.2. 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.
5.3. 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.
5.4. 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.
5.5. 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".
5.6. How Bid Selection Works: Every auction uses one of three possible bid selection methods. The bid selection method and process will be described in the terms of each lot. In each method, once a winning bid is selected, that Bidder will be emailed an invoice by the Company within 24 hours, at which time the Seller and winning Bidder are obligated to complete the transaction. These methods include:
5.6.1. Auto Bid Select: The highest bid at the conclusion of the auction is automatically selected by the Seller.
5.6.2. Seller Bid Select: The Seller will select the winning bid after the conclusion of the auction, which may or may not be the highest bid, or may reject all bids. The amount of time allotted to the Seller to review and select or reject bids will usually be included in the lot terms.
5.6.3. Seller Bid Select with Asking Price: With an asking price auction, a price will be published to the Buyer. If a lot is listed with an asking price, the Seller is not obligated to sell for any bid received below that price. When the asking price has been met, the highest bid at close of the auction will automatically be selected by the Seller. If the asking price is not met the Seller reserves the right to select a winning bid, which may be lower than the asking price, or the Seller may reject all bids. The amount of time allotted to the Seller to review and select or reject bids will usually be included in the lot terms.
5.7. How the maximum bid (or "Max Bid") function works: When a bidder enters a maximum bid, the auction system 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. The Company reserves the right stop the Max Bid from incrementing, at the last entered bid, if the bidder is placed in default or otherwise has violated the User Agreement, these Website Rules, or any Lot Terms of any listing.
5.8. 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.
5.9. 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. If a clear typographical error is made, the Bidder must immediately notify the Company, via the Contact Us page or by phone. Notifications must be received no later than one hour after the erroneous bid is placed. Company reserves the right to approve or deny any bid retraction requests and retraction may result in default proceedings against the Bidder.
5.10. 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. Bidders are obligated to complete transactions on all winning bids awarded to them. If a Seller chooses not to select a winner on any individual lot, Bidders are still obligated to complete transactions on all lots they were awarded.
5.11. 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.
5.12. 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.
5.13. 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.
5.14. 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.
5.15. 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.