Information about Auction Items is posted by 702 Auction, LLC. on behalf of Sellers. Users may find Item information to be inaccurate or lacking in detail. 702 Auction, LLC. makes no representations or warranties with respect to such information or Auction Items, all of which are provided "as is". We strongly advise that You make use of any available inspection period to personally inspect Items so that You can make the best bidding and buying decision possible. Please use caution and common sense when using the Website. 702 Auction, LLC. has no control over the quality, safety or legality of the Auction Items listed, the truth or accuracy of the listings or any other information provided by Sellers about the Items.
Auction Period: The Auction period shall be determined by 702 Auction, LLC. and will end at a time to be determined by 702 Auction, LLC., at its sole discretion.
Bidder Conduct: You acknowledge and agree that once a bid has been submitted on Your behalf, You may not retract the bid. In addition, sale price manipulation of any kind, directly or indirectly, by users is prohibited, including shill bidding.
Binding Offer to Purchase: If You are the highest bidder ("Buyer") at the end of an Auction and have met the reserve bid, if there is a reserve bid, then You are obligated to complete the transaction unless the transaction is prohibited by law or by this Agreement. Bidders agree that bidding on the Website is the legal equivalent of a firm purchase order.
Void Bids: 702 Auction, LLC. reserves the right to reject or void bids, whether winning or not, which it believes have not been made in good faith, are intended to manipulate the Auction process, or are prohibited by applicable law.
Winning Bids: 702 Auction, LLC. is the one and only judge for the determination of winning bids, but 702 Auction, LLC. shall not be liable for any errors or omissions relating to such determination, whether by 702 Auction, LLC. or some other person.
Postponement and Cancellation: 702 Auction, LLC. reserves the right to postpone or cancel any Auction, or any sale resulting therefrom, at its own discretion, without notice. 702 Auction, LLC. will have no liability to prospective bidders or Sellers as a result of any withdrawal, cancellation or postponement of Auctions or sales.
Withdrawal of Auction/Auction Items: User acknowledges and agrees that Auction Items may be withdrawn or sold prior to or after the end of the designated auction period, that the Auction may be discontinued, either temporarily or permanently, and that the Auction may, at 702 Auction, LLC.'s sole discretion, be extended beyond the designated auction period, all without notice to User. Generally, Auction Items shall be sold to the highest bidder; provided, however, that some Items may be auctioned with minimum reserve prices, and/or subject to Seller's right of confirmation.
COMPLETION OF TRANSACTIONS
Liability for Auction Items: Auction Items shall be and remain at the risk of the Seller (and not 702 Auction, LLC.) until the Item is removed from the posted Auction location by the Buyer or the Buyer's designated transportation provider. The Item shall be and remain at the risk of the Buyer and/or the Buyer's designated transportation provider (and not 702 Auction, LLC.) while in transport. The Item shall be and remain at the risk of the Buyer once delivered to the designated location.
Sales and Use Tax: All bids and offers must be net of any taxes imposed with respect to the sale or purchase transaction. Buyers are liable for all such taxes or for establishing to 702 Auction, LLC.' satisfaction on behalf of the Seller a valid exemption certificate from such taxes. Buyers and Sellers acknowledge and agree that 702 Auction, LLC. is providing a service in the calculation, reporting and remittance of sales or use taxes which may be assessed, due or owing to the taxing authorities of any taxing jurisdiction for transactions that arise in connection with Your use of the Service. Each Buyer shall indemnify 702 Auction, LLC. against any tax, cost or expense relating to the failure of the Buyer to satisfy any sales or use tax liability related to a transaction. Each Seller shall indemnify 702 Auction, LLC. against any tax, cost or expense relating to the failure of the Seller to satisfy any sales or use tax liability related to a transaction within their jurisdiction
Buyer's Premium: 702 Auction, LLC. may, at its discretion, charge a Buyer's Premium and/or Processing Fee on Auction Items sold. The Buyer's Premium and/or Processing Fee is an additional service charge, for which the Buyer is responsible. It is a fixed percentage of the final selling price. If an Auction includes a Buyer's Premium and/or ProcessingFee, it will be clearly indicated in the auction-specific terms, and on Item detail pages. All fees, including Buyer's Premiums, must be paid prior to releasing any Auction Items for pick-up and transport.
Payment and Payment Period: The Payment Period for all Auctions shall be determined by 702 Auction, LLC. and will be posted in the auction-specific terms and on Item detail pages. Full payment from the winning bidder in the amount of the auction closing price, applicable Buyer's Premiums and sales tax must be posted to a secure payment account designated by 702 Auction, LLC. within the posted Payment Period. Buyers may pay for their Items online with a valid credit card or send payments via wire transfer or certified bank check. Without limiting the foregoing, full payment is due prior to the removal or transportation of purchased Items.
Buyer Default: If, after the Payment Period has ended, the Buyer does not make full payment in accordance with the terms set forth above, the Buyer is considered in default and their Auction Item(s) will be re-listed in an Online Auction and a 25% re-listing fee (which You agree is a reasonable estimate of the minimum damages incurred by 702 Auction, LLC. as a result of Your failure) will be charged to their account. The re-listing fee is based upon the original selling price of the Auction Item. By registering a valid credit card with 702 Auction, LLC., the Buyer authorizes 702 Auction, LLC. to charge applicable re-listing fees to the credit card.
Item Removal and Removal Period: The Removal Period for Auction Items shall be determined by 702 Auction, LLC. and will be posted in the auction-specific terms and on Item detail pages. Buyer may remove Auction Items from the Seller's location once the total purchase price (and any applicable sales tax and the Transaction Fee) has been received and posted to a secure payment account designated by 702 Auction, LLC.. Buyers are responsible for loading and shipping Auction Items unless otherwise noted. 702 Auction, LLC. shall have no responsibility with respect to disconnecting utilities to Auction Items, including electric, gas, waste and water lines. It is the Buyer's responsibility to arrange and pay for the insurance, removal and shipment of purchased Items. Item removal shall be conducted responsibly and with due care for the Seller's premises. The Buyer shall restore and repair all real and personal property that is altered or damaged as a result of the removal of purchased Items. In some cases the Buyer may be required to provide a deposit before removal but that deposit will be refunded immediately upon completion of removal and approval of the property owner or manager. If the Buyer does not remove an Item within the designated removal period, the Buyer will be deemed to have abandoned the Item and the Buyer will have no further rights with respect to the Item. No claims of any kind shall be allowed after Item has been removed by the Buyer.
Freight and Transportation: The Buyer is responsible for all freight, shipping and other costs related to transporting Auction Items from the posted Auction location, including but not limited to any costs associated with certificates and/or permits required to move Auction Items within or across state, province and/or country borders. Buyers are advised to have all such certificates and permits issued and completed prior to transporting the equipment; otherwise Buyer may be subject to cleaning, permit, and/or other fees if the Items are stopped and held at a Port of Entry to a state, province or country. Buyers may arrange transportation of Auction Items on the Website through a third party, but 702 Auction, LLC. will not be liable for any acts or omissions arising from such third party transportation and claims no responsibility for the actions of any transportation provider. If the person picking up and removing Items from an auction location will be someone other than the registered Buyer, the registered Buyer must establish that person or company as an "Authorized Agent" by completing an "Agent Release Authorization" form. Buyers may not transport Auction Items until full payment (including any applicable sales tax andBuyer's Premium) has been received posted to a secure payment account designated by 702 Auction, LLC..
Constructive Receipt: Once Constructive Receipt has occurred for any Auction Item, remittance of proceeds to the Seller may occur. Any dispute claims subsequently filed by the Buyer are invalid. Constructive Receipt of Auction Items occurs at the first occurrence of any of the following milestones (unless a dispute claim has been previously filed by the Buyer), provided full payment has been received by 702 Auction, LLC. for the Item:
a) At the time Buyer or Buyer's Authorized Agent removes the item from the Seller's location.
b) At the time Buyer or Buyer's Authorized Agent begins disassembly of Item from its as-inspected configuration, including disassembly for transport.
702 Auction, LLC. does not transfer legal ownership of Items from the Seller to the Buyer, and nothing in this agreement shall modify the governing provisions of Uniform Commercial Code § 2-401(2), under which legal ownership of an Item is transferred upon physical delivery of the Item to the Buyer by the Seller. Unless the Buyer and the Seller agree otherwise, the buyer will become the Item's lawful owner upon physical receipt of the Item from the seller, in accordance with Uniform Commercial Code § 2-401(2).