Terms of Sale
1. Introduction
These Terms and Conditions ("Terms") govern the online auction conducted by Divergent Asset Management ("Auctioneer") for the sale of goods or property ("Item(s)"). By participating in this auction, all bidders and buyers ("Participants") agree to these Terms.
2. Auction Details
• Auction Start Time: The online auction will begin on December 16 at 11:00 AM PST.
• Auction End Time: The auction will end on December 27 at 11:00 AM PST (the "Auction Period").
• Auction Platform: The auction will be hosted on HiBid. All bids must be placed through the HiBid platform.
• Auctioneer's Discretion: The Auctioneer reserves the right to make changes to the auction schedule, items, and format at any time and at their sole discretion.
3. Bidding Process
• Bidding: All bids must be placed through the designated HiBid online auction platform. By placing a bid, Participants are making a legal offer to purchase the Item.
• Bid Increments: The Auctioneer will determine the bid increments, and reserves the right to adjust the increments as needed during the auction.
• Right to Reject Bids: The Auctioneer reserves the right to reject any bid for any reason, including if the bid does not meet the minimum required or is deemed inappropriate.
4. Reserve Price
• Items in the auction are subject to a reserve price. The reserve price is the minimum acceptable bid, and if the bidding does not reach this amount, the Item will not be sold.
• If the reserve price is not met, the Auctioneer may withdraw the Item from the auction or negotiate the sale with the highest bidder at their discretion.
5. No Warranty and "As-Is" Condition
• Items are sold "As-Is": All Items are sold without warranty or guarantee of condition. The Auctioneer and Seller disclaim any liability for defects, imperfections, or errors related to the Items.
• No Returns: All sales are final. Once an Item is sold, no returns, exchanges, or refunds will be allowed. The Buyer is responsible for inspecting the Item(s) via available descriptions, images, or any other means prior to bidding.
6. Payment Terms
• Payment: The Buyer is required to pay the full purchase price immediately after being declared the winning bidder ("Hammer Price").
• Accepted Payment Method: Payment must be made by wire transfer only. Wire Transfer Instructions will be emailed to Buyers when invoiced.
• No Late Payment Option: Payment is required in full immediately following the auction's close. No extensions or late payment options will be allowed. If full payment is not received by the specified time, the auction may be canceled, and the Item may be relisted or sold to another buyer at the Auctioneer’s discretion.
7. Buyer’s Premium
• A 15% buyer’s premium will be added to the hammer price of each Item and is payable by the Buyer in addition to the hammer price. This premium is subject to applicable taxes.
8. Shipping and Handling
• Shipping Arrangements: While Items will be loaded at no cost to the Buyer, the Buyer is responsible for arranging and paying for shipping. The Auctioneer will assist in coordinating shipping, but all costs associated with delivery, including packing and shipping fees, are the responsibility of the Buyer.
• Shipping Insurance: The Buyer may choose to purchase shipping insurance for the Item at their discretion. The Auctioneer is not responsible for any damage or loss during transit.
9. Transfer of Ownership
• Ownership of the Item(s) will transfer to the Buyer once full payment is received.
• The Buyer must make arrangements to take possession of the Item(s) after payment is received. The Buyer assumes all risk associated with the Item(s) upon full payment and transfer of ownership.
10. Auctioneer’s Rights
• Auctioneer’s Discretion: The Auctioneer reserves the right to cancel, postpone, or reschedule the auction at their discretion.
• Auctioneer’s Final Decision: The Auctioneer’s decision on all matters related to the auction, including disputes over bids, is final.
11. Liability
• The Auctioneer is not responsible for any errors, omissions, or misrepresentations regarding the Items being auctioned. All Items are sold at the risk of the Buyer.
• The Buyer acknowledges that once the Item is sold, it is the Buyer’s responsibility to arrange and pay for shipping and handling.
• The Auctioneer disclaims any liability for any loss or damage arising from the auction process, including shipping-related issues.
12. Dispute Resolution
• In the event of a dispute arising from the auction process, the Auctioneer will use reasonable efforts to mediate and resolve the issue.
• Any legal action or claim arising out of or related to the auction shall be filed in the appropriate court located in [jurisdiction], and the prevailing party shall be entitled to recover legal fees.
13. Governing Law
These Terms and Conditions will be governed by and construed in accordance with the laws of the State of Arizona.
14. Miscellaneous
• Amendments: These Terms may be amended or modified by the Auctioneer at any time. All amendments will be communicated to Participants prior to the auction.