Page 5 - Auction84-Book1

1. TERMS & CONDITIONS OF SALE. The following conditions of sale make up the entire terms and conditions on which items listed in Rock Island Auction Company’s (known hereafter
as “RIAC”) catalog, on the internet web site and addendum sheets will be offered for sale or sold by RIAC. All bidders
who participate by bidding in this auction agree to the terms and conditions of sale and agree to be bound by same. Any notices, posted or oral, during the sale, are also part of our terms and conditions of sale agreement. Acceptance of a bidder card or a bidder number constitutes acceptance of
the following terms and conditions of sale. The purchaser’s rights and RIAC’s respective rights and obligations hereunder are governed by Illinois law. By bidding at RIAC’s auction, whether in person or by agent, sealed bid, telephone bid, via the internet or other means, the purchaser or bidder agrees that the contract created by these terms and conditions of
sale is made and performed in the County of Rock Island,
State of Illinois and further agrees that should any dispute arise from this contract the sole and exclusive jurisdiction for contractual disputes is Rock Island County, State of Illinois. THE AUCTIONEER IS NOT RESPONSIBLE FOR ANY ERRORS OF THE PURCHASER INCLUDING BUT NOT LIMITED TO THE PURCHASER BIDDING ON THE WRONG LOT.
2. BUYER”S PREMIUM. All bid prices “hammer prices” (“hammer prices” mean the price at which a lot is knocked down to the purchaser) will be subject to a buyer’s premium 18.5% payable by the purchaser. The buyer’s premium shall
be reduced to 15% provided the payment is paid by cash
or the equivalent of cash (cashier’s check, wire transfer, or approved personal check). If the account is settled by credit card, the buyer’s premium then shall be the standard 18.5%. This is not an aggregate percentage on the total items bid, but rather a per item percentage rate. In addition, if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, there will be
an additional 1% of the hammer price added to the buyer’s premium. The premium, which includes the additional 1% if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, is added to the purchaser’s successful bid and the two together equal the total purchase price. RIAC has been authorized by the consignor to retain as part of RIAC’s remuneration, the buyer’s premium, which includes the additional 1% of the hammer price if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, payable by the purchaser.
3. SALES TAX.
RIAC is a Marketplace Facilitator (as defined in the applicable regulations for each state) for purposes of collecting and submitting sales tax for each applicable state. A Marketplace Facilitator is a business that contracts with sellers to facilitate the sale of tangible goods and administers all aspects of the transaction. A Marketplace Facilitator is required to collect sales tax from the buyer and remit such sales tax to the state to which the items are shipped. The sale tax is based on the ship to address. If the item is picked-up from the RIAC facility or shipped to an Illinois address, Illinois sales tax of 8.5% will be collected. Generally, all items included on the invoice are taxable.
To establish a tax free sale, a copy of a valid reseller’s permit or other instrument or information establishing a sales tax exemption, as required by the applicable state, must be provided to RIAC’s satisfaction. Please refer to our website, rockislandauction.com, for additional information regarding resale certificates. Any purchaser claiming a sales tax exemption yet unable to provide satisfactory proof to RIAC at the time of payment will be required to pay the applicable tax to RIAC and thereafter seek a refund from the applicable
state. Buyer agrees to pay RIAC the actual amount of tax due if the incorrect amount of sales tax was collected at the time of purchase for any reason.
Sales tax is required to be collected and remitted in all states except the following:
States with no sales tax: Alaska (certain cities, counties and boroughs require RIAC to collect sales tax), Delaware, Montana, New Hampshire and Oregon.
State with no sales tax for Marketplace Facilitators: Florida, Kansas and Missouri. (Effective January 1, 2023.)
Other: District of Columbia (DC)-RIAC does not meet the thresholds to require the collection of sales tax.
4. METHOD OF PAYMENT. Auction sales are strictly for cash, cashier’s check, personal checks (with prior approval of RIAC’s management), MasterCard, Visa or Discover. NOTE TO FOREIGN BUYERS: Method of payment will be U.S. currency, certified check drawn on an American bank or wire transfer.
5. TERMS OF PAYMENT. At the announcement of “SOLD”,
the highest bidder will have purchased the offered lot. All sales are final at the fall of the Auctioneer’s hammer or at
the announcement of “SOLD”. The purchase is subject to all the terms and conditions set forth herein. The purchaser assumes full responsibility thereof and if requested will sign a confirmation of the purchase. The purchaser further agrees to pay the Total Amount Due. The Total Amount Due must be paid in full the day of sale if attending in person, otherwise upon receipt of the buyer’s invoice. All property must be removed from RIAC’s premises at the purchaser’s expense
no later than 5:00 p.m. five days following the date of sale unless otherwise agreed. If the property is not removed within five days following the date of sale, it will be stored at RIAC’s facility at a cost of $50 per month. The purchaser will then be unable to pick up the purchased lots until the storage fees
are paid to RIAC. If the purchased lots are not picked up and storage fees paid to RIAC, the items will be sold pursuant to the Illinois Labor and Storage Lien Act, 770 ILCS 45/0.01 et seq. and/or 770 ILCS 50/0.01 et seq.
Each purchaser at this auction grants RIAC a security interest in the property purchased. Any of the purchaser’s property and all monies held or received by RIAC on the purchaser’s behalf will be retained as collateral security for the purchaser’s obligations to RIAC. RIAC may apply against such obligations monies held or received by RIAC for the account of, or owing to, the purchaser. RIAC retains all rights of a secured party under the Illinois Commercial Code. Whenever the purchaser pays only a part of the Total Amount Owed for one or more lots purchased, RIAC may apply such payments, at RIAC’s
sole discretion, to the lot or lots RIAC chooses. Payment will not be deemed made in full until RIAC has collected the
Total Amount Due in cash or good funds. RIAC has the sole discretion to determine what is considered good funds. In the event Purchaser pays by check and the check is returned due to insufficient funds, stopped payment, closed account, or for any other reason, and Purchaser already has possession of the property, such possession of the property will be deemed theft by deception and/or theft under 18 U.S.C.
§ 922(u), which may result In penalties of a fine of up to $250,000, imprisonment in federal prison for up to 10 years, or both. In addition to remedies available to RIAC and the consignor by law, if the purchaser does not comply with the terms and conditions of sale (this includes but is not limited to payment in full of the Total Amount Due), RIAC, at its
option, may either: (1) cancel the sale and retain as liquidated damages all payments made by the purchaser; or (2) resell
the property either publically or privately, and in such an event the purchaser shall be liable for the payment of the deficiency, plus all costs and expenses of both sales and RIAC’s commission for both sales at RIAC’s standard rates, as well as any other damages, including but not limited to loss of profits. The purchaser hereby waives any and all notices of disposition of collateral and sale required under the Illinois Commercial Code. The purchaser is also responsible for all other charges due hereunder, in addition to any attorney’s fees incurred by RIAC, incidental damages, and any other damages incurred
by RIAC.
6. INTEREST AND DEFAULT. Payment of the Total Amount Due is due upon receipt of the buyer’s invoice. If the amount noted within the buyer’s invoice is not paid in full within 15 days of the auction, RIAC has the right and will charge the purchaser’s credit card of record on file for the total invoice amount. Interest will be charged on all unpaid balances at the rate of 1-1/2% per month (18% APR), or the highest allowable rate under Illinois law, whichever is lower, beginning 15 days after the date of purchase/auction. The purchaser acknowledges that should the purchaser not comply with any of the terms and conditions of sale, including payment of the full amount indicated on the buyer’s invoice, the damages incurred by RIAC includes, without limitation, consignor commission, loss of use of money for an indefinite period, costs to relist the item and potential depreciation of the item, and loss arising on the resale of the lot, whether such damages are now known or may become known in the future. Accordingly, in the event the purchaser fails to pay the full amount indicated on the buyer’s invoice within 45 days after the auction, purchaser shall be immediately liable for liquidated damages in an amount equal to 30% of the amount on the buyer’s invoice. These liquidated damages are in addition to the total amount invoiced on the buyer’s invoice and any applicable interest. RIAC shall hold any money deposited in partial payment on account of any liability of the defaulted item and will apply it at the sole discretion of RIAC to the outstanding debt.
7. WITHDRAWAL. RIAC reserves the right to withdraw any property from the auction prior to sale.
8. PROTESTS, DISPUTES AND THE AUCTIONEER. RIAC reserves the right to reject a bid from any bidder. The highest bidder, acknowledged by the Auctioneer, will be the purchaser.
The Auctioneer shall have sole and final discretion as to the disposition of any dispute including the re-offer and resale
of any article in dispute. RIAC’s records will be deemed conclusive in all respect in the event there is any dispute after the sale.
9. FAILURE TO DELIVER PURCHASER’S PROPERTY. If RIAC is prevented by fire, theft, or any other reason from delivering any property to the purchaser, RIAC’s liability shall be limited to the sum actually paid therefore by the purchaser and shall in no event include any incidental or consequential damages.
10. GUARANTEE. All property offered for sale is as is, where is. ALL SALES ARE FINAL. THERE WILL BE NO REFUNDS AND NO EXCHANGES. RIAC does not guarantee or make warranties on any lot sold. The bold headline of the description is the only written statement RIAC will guarantee as correct. Descriptions in the catalog are opinion. They are written as an aid to potential bidders. RIAC acknowledges that there may be errors in what is written beyond the bold headline description. RIAC recommends that you personally view any item you bid on
or have an acknowledged expert view the item. Statements starting with the word condition are opinions, not statements of fact or guarantees. If a dispute about a lot arises it is the purchaser’s responsibility to provide a written statement by an acknowledged qualified expert within 30 days after the auction that the bold headline is in fact incorrect. The 30 day return period IS NOT calculated from the date payment is made or the date the items are received. The 30 day return period will not be extended due to delay in payment or
delay in receipt of the goods. If the expert’s statement is indeed correct RIAC will make a full refund upon return of the merchandise, provided that the merchandise is returned in the same condition it was received. In the unlikely event that you need to return the merchandise to RIAC, Purchaser is responsible for all shipping costs. RIAC must again reiterate the guarantee is only on the bold headline of the description and RIAC will only honor this guarantee within 30 days of
an auction. This right to return an item purchased at an auction shall be expressly limited to situations where errors occurred in the bold headline description of an auction item and such 30-day return provision shall not apply to a return of an auction item for any other reason. RIAC will have no further obligation, i.e., no refunds or returns will be accepted, if the above conditions are not met. Items offered for sale as described in the catalog or any bill of sale, advertisement, addendum sheet, or elsewhere as to authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition, or physical condition are qualified statements of opinion and not representations or warranties. No employee of RIAC or any person purporting
to act on behalf of RIAC is authorized to make on RIAC’s or the consignor’s behalf, any representation or warranty, oral or written, with respect to any lot or item for sale.
11. BINDING EFFECT, MODIFICATIONS, AND SEVERABILITY. The terms and conditions of sale shall bind the successors and assigns of all bidders and purchasers and inure to the benefit of RIAC’s successors and assigns. No waiver, amendment or modification of the terms hereof (other than posted notices or oral announcements during the sale) shall bind RIAC unless specifically stated in writing and signed by RIAC. If any part of these terms and conditions of sale is for any reason invalid or unenforceable, the invalid portion shall be stricken and the rest of the terms and conditions of sale shall remain valid and enforceable.
12. RESERVES. Some items in this auction may be subject to reserve (the confidential minimum price below which the lot will not be sold). If a lot is offered with a reserve, RIAC may implement that reserve by bidding on behalf of the consignor. No reserve will be allowed higher than the high estimate
and in many cases the reserve is lower than the low estimate. This bidding will not generally constitute opening bidding.
If RIAC declares an opening bid and no advance to that bid
is received RIAC will pass the item. However, once bidding is opened RIAC will bid on behalf of the consignor to reach the reserve price. The Auctioneer may reject nominal bids, which are small opening bids or very nominal advances made with the purpose of disparaging an item. If a lot fails to achieve a bid equal to or exceeding 25 – 30% of the low estimate, the item may be passed and not sold and may not be re-offered until a later sale. This determination of whether to sell the item at the current auction or re-offer it at a later auction is at the sole discretion of the Auctioneer. RIAC buys items on the open market or may offer a guarantee to a consignor. In either event, RIAC can have an ownership or other financial interest in the item(s) being auctioned. Such interest in the item(s) being auctioned may not be disclosed. If RIAC has an interest in an offered lot and the proceeds therefrom, other than
Terms and Conditions 3