Terms and Conditions of Auction

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Terms of Sale

All postings provide notification of the auction and auction items and do not constitute offers to sell. The offer to sell will occur at the auction.

UNRESERVED POLICY
All auctions are unreserved which means every item sells to the highest bidder the day of the auction. Sellers are prohibited by contract from bidding on their own equipment or from buying it back.

ABSENTEE BIDDING
Bidders who are unable to physically attend the auction may choose to bid on line through www.catauctions.com/onlinebidding or via submission of an absentee bid. Upon receipt of the absentee bid form, Cat Auction Services staff members will represent the highest received absentee bid per lot. Completion of the registration and absentee bid forms is required for representation and must be received thirty (30) minutes prior to the start of the auction. A deposit of ten thousand dollars ($10,000) or 25% of all bids, whichever is greater, is required via wire transfer from all bidders submitting an absentee bid. A two percent (2%) buyer’s premium is charged on all winning off site bids, whether placed on line or via absentee bid. Other administrative and handling fees may apply.

PAYMENT
The United States and state laws and penalties for a failure to settle and pay shall apply. The Buyer agrees to make complete settlement on all purchases during or immediately after the conclusion of the auction by Cash, Bank Certified Funds or Equivalent, or Wire Transfer, unless an alternative method is agreed upon in advance of the auction. The Cat Access card can be used for purchases at the auction. If you intend to pay by personal or company checks, we require a Letter of Guarantee or equivalent at or before the time of registration. If you register without a Letter of Guarantee or equivalent your purchases will be subject to verification and you may not receive immediate possession of your purchases. This Letter of Guarantee must include the following: “(Your bank) will guarantee or honor your check up to a specified amount for purchases made at this auction.”

Buyers whose principal place of business is not located in the U.S. must pay by Wire Transfer only. For complete wiring instructions and any questions, please call 866-750-9432. All payments are to be made in United States currency and no items may leave the auction site until full payment has been received. Equipment remaining onsite past the removal deadline is subject to storage and transport fees at the buyer’s expense.
SIGHT DRAFTS AND CREDIT CARDS ARE NOT ACCEPTED. Please note: All purchases made on line, whether or not via www.catauctions.com/onlinebidding, and/or the Cat Auction Services absentee bidder program are subject to a purchase fee of two percent (2%) of the purchase price per lot. In addition, a handling fee of ten percent (10%) will be added to all lots selling for two thousand five hundred dollars ($2,500) or less, regardless of method of purchase; on site, on line, or via absentee bid. These fees apply only to buyers. No charges or fees apply to unsuccessful bidders.

TAX, LICENSES
All sales are subject to the sales tax and/or other applicable tax laws. Buyer is responsible for government issued licenses, safety and/or inspection certificates and agrees not to use any identification, trade name, licenses and/or certificates authorized to or used by the Seller.

CERTIFICATE OF TITLE INFORMATION
All titles will be mailed upon receipt of full payment as follows: (A) If Buyer pays in Cash or U.S. Bank Cashier’s Check or equivalent, the Title will be mailed within three (3) working days or (B) if Buyer pays by Company or Personal Check or equivalent, the Title will be mailed in ten (10) banking days after the auction.

VERIFICATION
Due to increased enforcement of the Financial Privacy Act, banks have adopted restrictive guidelines to verifying funds. If you intend to pay by personal or company checks, we require a Letter of Guarantee or equivalent at or before the time of registration. If you register without a Letter of Guarantee or equivalent your purchases will be subject to verification and you may not receive immediate possession of your purchases. This Letter of Guarantee must include the following: “(Your bank) will guarantee or honor your check up to a specified amount for purchases made at this auction.”

NOTICE TO CUSTOMERS
Customer waives as to (him/herself), itself, its partners, officers, directors, shareholders, agents and employees and any related entities all claims, damages and expenses (including but not limited to attorney’s fees and other legal costs and expenses) and assumes all risk that may relate to or arise out of its presence at the site of the Auction (“Premises”) and to the condition of the Premises including, but not limited to, any injury or damage to person or property, including, but not limited to, to the Equipment. Customer does hereby acknowledge and understand that Customer and its agents and subcontractors must carry their own insurance for any such injury or damage and that Customer and its subcontractors are assuming all risks of any such injury or damage.

DISCLAIMER
ALL ITEMS ARE SOLD AS IS, WHERE IS AND NO WARRANTIES (INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE) ARE PROVIDED OR IMPLIED BY ASSOCIATED AUCTION SERVICES, LLC D/B/A CAT AUCTION SERVICES. ASSOCIATED AUCTION SERVICES, LLC D/B/A CAT AUCTION SERVICES IS NOT THE SELLER OF THE ITEMS. THERE IS NO REJECTION OR REFUND. INSPECTION REPORT DATA IS AS OF TIME AT INSPECTION AND IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. BIDDERS ARE RESPONSIBLE FOR INSPECTING ITEMS BEFORE AUCTION.

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