BIDDERS' CONDITIONS OF BUSINESS
Please ensure that you have read and understand these Conditions of Business prior to bidding at this or any other RM Auctions, Inc. d.b.a. RM Sotheby's ("RM") sale. Please note that the winning Bidder becomes a Buyer who is also bound by these Conditions of Business.
1. Registration Fee. In order to register to bid onsite at auction, bidders must pay a $200.00 (USD) bidder registration fee.
2. Bidder must be at least 18 years of age. To bid at an RM auction, a Bidder must be at least 18 years of age.
3. All Bids are Final at Auction. At auction, there is no "cooling off period." If you are awarded the final bid, ownership changes hands at the drop of the gavel. You own the lot ("lot" meaning any item sold at auction) and are responsible for payment in full. No Bidder may retract a bid made during the sale for any reason.
4. Payment. In the event of a successful bid, one of our Administration Representatives will e-mail you a copy of your Bill of Sale and wire transfer instructions following the sale. Payment is due in full on or before 5:00 p.m. of the next business day following the auction ("payment deadline"), and payment is to be made to RM. All payments must be in the form of cash or certified funds unless other arrangements have been approved in advance. Cash payments will be reported according to U.S. federal government requirements. The title in a purchased lot will not pass until RM has received the full purchase price in cleared funds. RM is not obligated to release a lot to the Buyer until the title to the lot has passed, and any earlier release does not affect the passing of the title or the winning Bidder's unconditional obligation to pay the full purchase price (the purchase price is comprised of the winning bid, the Buyer's Premium, and other approved costs). In the event that the winning Bidder does not pay any portion of the purchase price by the payment deadline, the Bidder agrees to and acknowledges the following: if RM elects to pay the consignor any portion of the sale proceeds, RM shall have all of the rights of the consignor to pursue the Buyer for any amounts paid to the consignor, whether at law, in equity, or under these Conditions of Business. The Bidder hereby authorizes RM to deduct the purchase price from the Bidder's cash deposit or to charge this amount to the credit card that the Bidder has provided. If the Bidder's cash deposit and/or credit card payment does not cover the purchase price, in addition to other remedies available by law, RM reserves the right to impose from the payment deadline until the full purchase price has been made by the Buyer, a late charge of ten percent (10%) interest per annum on the (1) purchase price; (2) maximum published Seller's Commission; (3) maximum published Buyer's Premium; (4) expenses; (5) any collection costs, attorney fees, and court costs incurred to enforce payment; and (6) other damages.
5. All Sales are "As Is" and "Where Is." The Bidder is responsible for inspections and verification of condition, authenticity, and completeness of any lot purchased. No warranties or representations of any type whatsoever are made by RM. Statements printed in catalogues, brochures, signs, and window cards, as well as verbal statements made by auctioneers or auction staff, are representations made by the consignor, and RM has no obligation to verify or authenticate any such claims or representations. Any announcements made at the time of sale supersede any earlier printed information. Except as herein provided, all lots are sold as is, where is, with no representations or warranties, expressed or implied. THE CONSIGNOR AND RM DISCLAIM ALL WARRANTIES, EXPRESSED OR IMPLIED, AS TO CONDITION, ORIGINALITY, OR AUTHENTICITY; ORIGIN OR PROVENANCE; PREVIOUS USE OR OWNERSHIP; MANUFACTURING OR RESTORATION PROCESSES; YEAR OR AGE; SERIAL NUMBER, MAKE, OR MODEL; OPTIONS AND TOOLS; ENGINE HOURS; AND MILEAGE OF ANY LOT OR COMPONENT OF ANY LOT, AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
6. Bidder Responsible for All Risk of Loss or Damage. The Bidder is responsible for all risk of loss or damage immediately upon purchase of the lot.
7. Sales Tax. If a Purchaser of a vehicle resides in a state in which RM is registered to collect Sales Tax, RM is required to collect sales tax on the purchase of that vehicle. Currently, RM is registered to collect sales tax in the following states: California, Florida, Indiana, South Carolina, Arizona, New York, Pennsylvania, Michigan, and Texas. RM reserves the right to collect sales tax from residents from other jurisdictions if RM deems the collection of tax necessary.
8. Additional Fees and Taxes. The final bid price does not include the Buyer's Premium or applicable taxes on each lot purchased. The bidder is responsible to pay all city, state, or other taxes due for which the bidder does not qualify as exempt. Proof of exemption is the Bidder's responsibility. Bidders are responsible for any duty costs noted or announced that are associated with their purchase. International bidders must pay any and all import duties that are due upon the import of the lot to its final destination.
9. Buyer's Premium. Buyer's Premiums are as follows: a ten percent (10%) commission will be added to the final bid of each motor car lot purchased, and a fifteen percent (15%) commission will be added to the final bid of any other lot purchased.
10. Reserve. Lots not marked as "no reserve" (or similar) are subject to a reserve bid set by the consignor. When a lot is sold subject to such a reserve bid, the auctioneer may bid on the consignor's behalf in an amount not to exceed the amount of the reserve bid.
11. Title Transfer. In an effort to ensure all titles are free and clear of liens or encumbrances, RM manages the process of title reassignment on behalf of the Bidder. Buyers will receive titles in the mail up to fifteen (15) business days following the auction.
12. Legal Action. In the event that either party brings action against the other, arising from or relating to this auction, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys' fees and costs. Jurisdiction for any action brought shall lie exclusively in a court of competent jurisdiction in the judicial district in which the auction is located.
13. Absentee and Telephone Bidding. Absentee and telephone bidding are services provided by RM for your benefit, and RM cannot be held responsible for errors or omissions with respect to the bidding process, including failure to execute any bid. By submitting these bids, you have entered into a binding contract to purchase each lot if your bid is successful. If your bid is successful, you are to pay the purchase price, including the Buyer's Premium and sales tax, if not otherwise exempt. It is your responsibility to provide proof of exemption from sales tax at the time of registering to bid. By participating in telephone bidding, you acknowledge that RM has the right to record all telephone calls.
14. Online Services are "As Is" and "As Available." Bidders may be able to bid via websites, telephone services, applications, and tools (collectively "Services").
RM tries to keep the Services safe, secure, and functioning properly, but RM cannot guarantee the continuous operation of or access to the Services. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RM's control.
Bidders agree that they are making use of the Services at their own risk and that they are being provided to Bidders on an "AS IS" and "AS AVAILABLE" basis. Accordingly, to the extent permitted by applicable law, RM excludes all expressed or implied warranties, terms, and conditions, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, and non-infringement. In addition, to the extent permitted by applicable law, RM (including any parent, subsidiaries, affiliates, officers, directors, agents, and employees) is not liable, and Bidders agree not to hold RM responsible for any damages or losses (including, but not limited to, loss of money, goodwill or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from:
• The inability to use RM's Services
• Pricing, shipping, or other guidance provided by RM
• Delays or disruptions in RM's Services
• Viruses or other malicious software obtained by accessing or linking to the Services
• Glitches, bugs, errors, or inaccuracies of any kind in the Services
• Damage to any hardware device from the use of any RM Services
• The content, actions, or inactions of third parties, including items listed using RM's Services or the destruction of allegedly fake items
• The duration or manner in which the listings appear in search results
• The need to modify practices, content, or behavior, or the loss of or inability to do business as a result of changes to this user agreement or RM policies.
15. Posted Terms. Any and all terms of sale posted on the auction premises, printed in sale brochures or forms, described in this catalogue, publicly announced, or otherwise published are incorporated herein by reference. It is the Bidder's responsibility to familiarize themselves with these terms.
16. Responsibility of Bidder. You are responsible for all bids made with your assigned Bidder number, whether or not made by you, and whether or not authorized by you. If your Bidder card is lost or stolen, immediately report it to RM, as all bids made with your Bidder number will be your responsibility.
17. Rescission of Bid. RM may, at RM's sole discretion and without any obligation to do so, rescind a bid on or sale of a lot if RM believes the bid or sale could subject RM to liability. RM is not responsible for any damages or losses that are claimed to have resulted from the rescission of the bid or sale.
18. Currency Display. RM may use a currency display in the saleroom for informational purposes only. The currencies listed on the currency converter are not real-time conversions pegged to market rates and are not to be relied on by anyone. Errors and inaccuracies may occur in the operation of the currency converter. To be clear, the bid price stated by the auctioneer is the prevailing and binding bid price.
19. Bank Letter. Please note that in order to register to bid at an RM sale, RM requires that all bidders provide a Bank Letter. All Bank Letters must be written on bank letterhead.
20. Credit Card Hold and Pre-authorization. Please note that in order to register to bid at an RM sale, RM requires a $5,000.00 (USD) hold and pre-authorization to be placed on your credit card. If you fail to pay for a lot purchased on or before 5:00 p.m. of the next business day following the auction, you acknowledge that your credit card will be charged $5,000.00 (USD) for the missed payment; please note that you are still bound to pay your remaining balance. The $5,000.00 (USD) hold will not be charged to your credit card if you make full payment on or before 5:00 p.m. of the next business day following the auction. If you do not purchase a lot, your credit card will not be charged. If your credit card is not to be charged, the $5,000.00 (USD) hold will fall off your credit card within three to four business days depending on your credit card company.
21. Removal of Purchased Lots. All purchased lots must be removed from the auction site by 5:00 p.m. on Monday, January 23rd, 2017 ("Removal Period"). If lots are not removed by the Removal Period, they will be removed by a third party and the Buyer will be charged a removal fee of $250.00 and a daily storage fee of $25.00 by the third party until the lot is removed. Please note that the Buyer is required to insure their lot while it is being stored on their behalf.
