Terms & Conditions
CONDITIONS OF SALE The following Conditions of Sale, as amended by any published or posted notices or verbal announcements during the sale, constitute the entire terms and conditions on which property included in the auction shall be offered for sale or sold by Structured Solutions, Inc. and any consignor of such property for whom we act as agent.
- As used herein, the term “bid price” means the price at which a lot is successfully knocked down to the purchaser. The term “purchase price” means the aggregate of (a) the bid price and (b) unless the purchaser is exempt by law from the payment thereof, California state or local sales tax (or compensating use tax) and other applicable taxes. Bids may be placed by registered bidders only, in person at the auction, in writing in advance of the auction as an absentee bid, or by telephone if staff availability permits.
- On the fall of the auctioneer’s hammer, the highest bidder shall have purchased the offered lot in accordance and subject to compliance with all of the conditions set forth herein and (a) assumes full risk and responsibility therefor, (b) if requested will sign a confirmation of purchase, and (c) will pay the purchase price in full. Any person placing a bid as agent on behalf of another (whether or not such person has disclosed that fact or the identity of the principal) may be jointly and severally liable with the principal under any contract resulting from the acceptance of a bid. No lots may be transferred. Unless otherwise agreed, payment in good funds is due and payable immediately following the auction sale. Payment will not be deemed made in full until we have collected good funds for all amounts due. Payment for purchases may be made in or by (a) cash, (b) cashier’s check or money order, (c) personal check drawn on a California bank, with photo identification (d) wire transfer or other immediate bank transfer, or (e) Visa or MasterCard charge or debit card. A processing fee will be assessed on any returned checks. To the fullest extent permitted by applicable law: The purchaser grants us a security interest in the property, and we may retain as collateral security for the purchaser’s obligations to us, any property and all monies held or received by us for the account of the purchaser, in our possession. We also retain all rights of a secured party under the California Commercial Code. If the foregoing conditions or any other applicable conditions herein are not complied with, in addition to all other remedies available to us and the consignor by law, we may at our election: (a) hold the purchaser liable for the full purchase price and any late charges, collection costs, attorneys’ fees and costs, expenses and incidental damages incurred by us or the consignor arising out of the purchaser’s breach; (b) cancel the sale, retaining as liquidated damages all payments made by the purchaser; and/or (c) cancel the sale and/or resell the purchased property, at public auction and/or by private sale, and in such event the purchaser shall be liable for the payment of all consequential damages, including any deficiencies or monetary losses, and all costs and expenses of such sale or sales, our commissions at our standard rates, all other charges due hereunder, all late charges, collection costs, attorneys’ fees and costs, expenses and incidental damages. In addition, where two or more amounts are owed in respect of different transactions by the purchaser to us, we reserve the right to apply any monies paid in respect of a transaction to discharge any amount owed by the purchaser. If all fees, commissions, premiums, bid prices and other sums due to us from the purchaser are not paid promptly as provided in these Conditions of Sale, we reserve the right to impose a finance charge equal to 1.5% per month (or, if lower, the maximum nonusurious rate of interest permitted by applicable law), on all amounts due to us beginning on the 31st day following the sale until payment is received, in addition to other remedies available to us by law.
- We reserve the right to withdraw any property and to divide and combine lots at any time before such property’s auction. Unless otherwise announced by the auctioneer at the time of sale, all bids are per lot as numbered and no lots shall be divided or combined for sale.
- We reserve the right to reject a bid from any bidder, to split any bidding increment, and to advance the bidding in any manner the auctioneer may decide. In the event of any dispute between bidders, or in the event the auctioneer doubts the validity of any bid, the auctioneer shall have sole and final discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, our sales records shall be conclusive in all respects.
- If we are prevented by fire, theft or any other reason whatsoever from delivering any property to the purchaser or a sale otherwise cannot be completed, our liability shall be limited to the sum actually paid therefor by the purchaser and shall in no event include any compensatory, incidental or consequential damages.
- If a lot is offered subject to a reserve, we may implement such reserve by bidding on our own behalf or on behalf of the consignor, whether by opening bidding or continuing bidding in response to other bidders until reaching the reserve. If we have an interest in an offered lot and the proceeds therefrom other than our commissions, we may bid therefor to protect such interest. Affiliates or agents of Structured Solutions, Inc. may bid on any lot as bona fide purchasers.
- All statements or descriptions contained in any auction documents or advertisements ARE QUALIFIED STATEMENTS OF OPINION AND NOT REPRESENTATIONS OR WARRANTIES. No employee or agent of Structured Solutions, Inc. is authorized to make on our behalf or on that of the consignor any representation or warranty, oral or written, with respect to any property. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL STRUCTURED SOLUTIONS, INC., ITS AGENTS, AFFILIATES OR EMPLOYEES, BE LIABLE FOR ANY DAMAGES INCLUDING, WITHOUT LIMITATION, ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES. ALL ITEMS ARE SOLD “AS IS AND WHERE IS.” STRUCTURED SOLUTIONS, INC., ITS AGENTS, AFFILIATES AND EMPLOYEES, AND THE CONSIGNOR DO NOT MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS FOR ANY PURPOSE, CONDITION OF THE PROPERTY, THE CORRECTNESS OF DESCRIPTION, GENUINENESS, OR MEASUREMENT OF ANY LOT.
- All purchased property shall be removed from the premises at which the sale is conducted by 5:00 p.m. on June 12, 2018. If not so removed, a storage fee of $50.00 per lot per day will be payable to us by the purchaser beginning on June 13, 2018, and we may thereafter transfer such property to an offsite warehouse at the purchaser’s risk and expense. Accounts must be settled in full before property will be released. Packing and handling of purchased lots are the responsibility of the purchaser, but if packing and handling of purchased lots is done by us, it is done at the entire risk of the purchaser. If the property that has been paid for is left longer than 30 days from the last day of the auction, it will be considered abandoned and resold to recoup storage fees, and purchaser shall remain liable for all damages under these Conditions of Sale.
- These Conditions of Sale shall bind the successors and assigns of all bidders and purchasers and inure to the benefit of our successors and assigns. No waiver, amendment or modification of the terms hereof (other than posted notices or oral announcements during the sale) shall bind us unless specifically stated in writing and signed by us. If any part of these Conditions of Sale is for any reason invalid or unenforceable, the rest shall remain valid and enforceable.
- These Conditions of Sale and the purchaser’s and our respective rights and obligations hereunder are governed by the laws of the State of California. By bidding at an auction, each purchaser and bidder agrees to be bound by these Conditions of Sale. Any dispute, controversy or claim arising out of or relating to this agreement, or the breach, termination or validity thereof, brought by or against Structured Solutions, Inc. (but not including claims brought against the consignor by the purchaser of lots consigned hereunder) shall be resolved by the procedures set forth below.
MEDIATION PROCEDURES Within 30 days of written notice that there is a dispute, the parties or their authorized and empowered representatives shall meet by telephone and/or in person to mediate their differences. If the parties agree, a mutually acceptable mediator shall be selected and the parties will equally share such mediator’s fees. The mediator shall be a retired judge or an attorney familiar with commercial law and trained in or qualified by experience in handling mediations. Any communications made during the mediation process shall not be admissible in any subsequent arbitration, mediation or judicial proceeding. All proceedings and any resolutions thereof shall be confidential. No suit shall be filed until the parties have exhausted efforts to resolve all disputes between or among them.