AUCTION TERMS AND CONDITIONS
** All successful bids will be charged to the Bidder's credit card post-auction. Items not collected within seven days post-auction will be deemed abandoned and subsequently resold to recover storage expenses.**
1. YYC Auctions (hereinafter referred to as 'Auctioneers') grants the registered online account holder or the individual whose signature is on the Bidder's Registration Agreement (hereinafter referred to as 'Bidder') the right to bid at an auction conducted by the Auctioneers. This right is subject to the Auctioneer's discretion and may be revoked at any time. Approval of new online bidder profiles may require up to two business days. Bids from unapproved profiles will remain pending until approval.
2. The Bidder hereby acknowledges receipt, comprehension, and agreement to adhere to these terms as outlined in the Listing Catalogue or as presented in other notices.
3. The auction process involves offering items (referred to as 'Lots') either individually or in groups. The highest bid acknowledged by the Auctioneers will determine the purchaser of each Lot. Acceptance of a Lot occurs upon the placement of a bid. All sales are final.
4. The Bidder, in any capacity, including but not limited to principal, agent, officer, director, or representative of a company, alongside the represented company, jointly and severally, agrees to:
(a) indemnify and hold harmless the Auctioneers and its Consignors from any actions, lawsuits, damages, costs, and losses arising from participation in the auction;
(b) assume responsibility for payment of the purchase price and applicable taxes on all purchases.
(c) comply with Auctioneers' requirement of presenting a Photo ID matching the invoice name for item collection.
5. Certain auction items may be subject to a reserve price.
6. The Bidder authorizes the Auctioneers to hold a security interest in the purchased items to secure payment of the purchase price. Non-payment may result in the filing of a financing statement under the Bidder Registration Agreement to perfect this security interest.
7. All Lots are sold 'as is, where is' with no warranties or guarantees, either expressed or implied, including but not limited to warranties of safety, pollution, hazardous materials, or compliance with laws or regulations. The Auctioneers do not warrant the fitness for a particular purpose, merchantability, or any specific attributes of the Lots. The Bidder acknowledges their responsibility to conduct due diligence.
8. The auction site is acknowledged as a potentially hazardous area. The presence of flammable, noxious, corrosive substances, operation of heavy machinery, and live electricity is noted. Each individual present on the auction site assumes all risk and responsibility for their safety and the safety of their agents and employees.
9. The Auctioneers reserve the right, at their sole discretion, to:
(a) withdraw or cancel the sale of any Lot.
(b) offer Lots in groups or with special terms.
10. Auctioneers have the sole discretion to resolve any bidding disputes, including the potential re-auctioning of disputed Lots.
11. Responsibility and risk for purchased Lots transfer to the purchaser upon bid acceptance. It is the purchaser's obligation to insure their purchases immediately. The Auctioneers bear no responsibility for loss or damage to any item post-sale.
12. Payment for purchases must be made to the Auctioneers via cash, Interac direct debit, bank draft, or cheque accompanied by a bank letter of guarantee. Full payment is required on the day of the auction for Lots under $10,000. For Lots exceeding $10,000, payment must be completed within two business days.
13. Possession of purchased items is contingent upon full payment, including applicable taxes. Failure to comply with payment terms may result in the resale of items by the Auctioneers. The original purchaser is liable for any deficiency and related costs arising from such resale.
14. Purchasers are responsible for the removal of purchased items within the specified timeframe. Removal must be conducted responsibly, with proof of adequate insurance coverage required for certain items. The purchaser indemnifies the Consignor and Auctioneers against any damage during removal or dismantling.
15. The Listing Catalogue serves as a guide and is based on information believed to be accurate; however, its accuracy is not guaranteed. The Bidder is responsible for inspecting items and conducting due diligence prior to bidding.
16. The Auctioneers' liability for inability to deliver any purchase or clear title, or to provide necessary documentation, is limited to the return of the purchase amount upon item return.
17. Overdue payments will incur an interest charge of 18% per annum or the maximum legal rate, plus legal and collection costs.
18. Upon arranging satisfactory shipping, the Auctioneers will facilitate delivery of purchases to a specified destination, with all associated risks and costs borne by the purchaser.
19. These Terms are definitive and may only be amended by a written agreement signed by both the Auctioneers and the respective Purchaser.
20. Buyer's Premium rates are as follows:
(a) 15% for regular Miscellaneous Auctions.
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