Prime Bid Auctions is your source to Prime equipment and Prime Bids!
General Terms and Conditions for Prime Bid Auctions in Arkansas
1. AUCTIONEER LICENSE:
The auction will be conducted by a duly licensed Arkansas auctioneer, license number AR#IRES03106, in accordance with the regulations of the Arkansas Auctioneers Licensing Board.
2. TERMS OF SALE:
This auction is conducted With Reserve unless other wise stated on a particular item.
- If "with reserve," the auctioneer or seller may withdraw an item at any time until the completion of the sale announcement.
- If "without reserve" or "absolute," the item cannot be withdrawn after the auctioneer calls for bids, unless no bid is made within a reasonable time, and the highest bona fide bid will be accepted regardless of price.
3. ANNOUNCEMENTS:
Any changes to the terms and conditions announced by the auctioneer at the beginning of the auction shall take precedence over any previously published terms, but must be consistent with the type of auction advertised (e.g., "absolute" vs. "with reserve").
4. REGISTRATION:
All prospective bidders must register and provide valid identification prior to bidding. By registering, the bidder agrees to be bound by these terms and conditions.
5. "AS-IS, WHERE-IS":
All items are sold "AS-IS, WHERE-IS" with all faults and imperfections. No warranties or guarantees of any kind, express or implied, are made by the auctioneer or the seller regarding the nature, value, condition, or merchantability of any item. Bidders are strongly encouraged to inspect items thoroughly before placing a bid.
6. BIDDING:
- Irrevocable Offer: All bids placed are considered an irrevocable offer to purchase the goods at the bid price.
- Highest Bidder: The item will be sold to the highest responsible bidder.
- Right of Rejection: The auctioneer reserves the right to reject any or all bids, or to cancel the sale of any item at any time before the completion of the sale.
- Disputes: In case of a dispute between bidders, the auctioneer has the sole and final discretion to determine the successful bidder or to re-open the bidding process for the item in dispute.
7. BUYER'S PREMIUM:
A buyer's premium of 5% will be added to the high bid price of each item sold to determine the total purchase price. This amount will be disclosed in all advertising and announced prior to the auction.
8. PAYMENT:
- Full Payment: The full purchase price must be tendered at the time of sale. Failure to do so may result in the bidder being barred from future auctions and potentially facing legal action.
- Accepted Payment Methods: Acceptable forms of payment are Cash, Certified Funds, Credit Card - Credit Card fees will be 3% of amount processed.
- No Time Payments: No time-payment plans are available.
9. SALES TAX:
Applicable Arkansas sales tax 6.5% will be added to all purchases unless the buyer provides a valid, official tax exemption certificate.
10. ITEM REMOVAL (PICK-UP):
- Timing: All items must be removed by the buyer at their expense by 14 business days after auction closed.
- Forfeiture: Items not removed by the specified time will be considered abandoned and the buyer will forfeit all funds paid, with no refund.
11. LIMITATION OF LIABILITY:
The auctioneer and seller shall not be liable for any damage, loss, or expense arising from the possession or use of items purchased, nor for any incidental or consequential damages.
12. GOVERNING LAW AND VENUE:
These terms and conditions are governed by and construed in accordance with the laws of the State of Arkansas. Any disputes will be resolved in the appropriate court in Arkansas.
