be performed prior to Auctioneer’s acceptance of a bid. Check writing privileges and immediate delivery of merchandise may also be determined by pre-approval of credit based on a combination of criteria: RRAuction.com history, related industry references, bank verification, a credit bureau report and/or a personal guarantee for a corporate or partnership entity in advance of the auction venue. Buyer’s Premium: 10. All bids are subject to a Buyer’s Premium which is in addition to the placed successful bid. The buyer’s premium will be added to the successful bid price and is payable by the Bidder as part of the total purchase price. The Bidder acknowledges and agrees that a 20% Buyer’s Premium will be added to the hammer price on all individual lots if payment is made by cash, check or wire payments. RR Auction may accept a current and valid VISA or MasterCard, credit or debit cards and/or PayPal for payment for winning bids under $5,000.00, but under the express condition that any property purchased by credit or debit card shall not be refundable, returnable, or exchangeable, and that no credit to Buyer’s credit or debit card account will be issued under any circumstances. In addition, there will be an additional 2.5% buyer’s Premium for Bidders who chose to pay via credit card or Paypal for invoices of $5,000 or less. The last sentence constitutes RR Auction’s “official policy” regarding returns, refunds, and exchanges where credit or debit cards are used. For payment other than by cash, delivery will not be made unless and until full payment has been actually received by RR Auction, i.e., check has fully cleared or credit or debit card funds fully obtained. Unless otherwise agreed in a writing signed by RR Auction, payment in full is due within thirteen (13) calendar days of the auction or within twelve (12) calendar days of the invoice date, whichever is later. Bidding: 11. By submitting a bid, whether online, in person, by mail, by phone, by facsimile or through an employee or agent, the Bidder acknowledges (i) receipt of the catalogue, (ii) that the Bidder has read the Terms and Conditions of Sale and the descriptions for the lots on which they have bid, and (iii) that they agree to adhere to these Terms and Conditions of Sale. 12. Each Bidder’s determination of its bid should be based upon its own examination of the item(s), rather than the strict reliance as to what is represented in this Catalogue, online or elsewhere. In any purchase or sale, the value of the item(s) is determined by the price. THE BIDDER HEREBY ASSUMES ALL RISKS OF VALUATION CONCERNING ANY AND ALL PURCHASES. 13. RR AUCTION IS NOT RESPONSIBLE FOR ERRORS IN BIDDING. A Bidder should make certain to bid on the correct lot and that the bid is the maximum (plus the 20% Buyer’s Premium) that the Bidder is willing and able to pay. Since other Bidders (by mail, facsimile and in person) will be present, and since a re-offering could damage the momentum of the sale, once the hammer has fallen and the Auctioneer has announced the winning Bidder, such Bidder is unconditionally bound to pay for the lot, even if the Bidder has made a mistake. 14. If the description of any lot in the catalogue is incorrect (e.g. gross cataloging error), the lot is returnable if returned within five (5) calendar days of receipt, and received by RR Auction no later than twenty-one (21) calendar days after the sale date. NO RETURN OR REFUND OF ANY AUCTION LOT WILL BE CONSIDERED EXCEPT BY REASON OF LACK OF AUTHENTICITY, UNLESS OTHERWISE PROVIDED IN THESE TERMS AND CONDITIONS OF SALE. 15. All prospective Bidders who examine lots in person prior to the sale shall personally assume all responsibility for any damage they cause in so doing. RR Auction shall have sole discretion in determining the value of the damage caused, which shall be promptly paid by the prospective Bidder. 16. Title to any lot remains with Consignor, any secured party of the Consignor, or assignee of Consignor, as the case may be, until the lot is paid for in full by Bidder. RR Auction reserves the right to require payment in full before delivering any lot to the successful Bidder. 17. It is the Bidder’s responsibility and obligation to have the lots fully insured while in their possession. Bidder assumes any and all RISK OF LOSS once the lot(s) is in Bidder’s possession.
18. Bidder grants to RR Auction or its assigns the right to offset any sums due, or found to be due by RR Auction, and to make such offset from any past, subsequent or future consignment, or items acquired by Bidder in possession or control of RR Auction or from any sums due to Bidder by RR Auction. Bidder further grants RR Auction a purchase money security interest in such sums or items to the extent applicable, and agrees to execute such documents as may be reasonably necessary to grant RR Auction such security interest. Bidder agrees that RR Auction and its assigns shall be a secured party with respect to items bought by Bidder and in the possession of RR Auction, to the extent of the maximum indebtedness, plus all accrued expenses, until the indebtedness is paid. 19. By bidding in this sale, Bidder personally and unconditionally guarantees payment. If the Bidder is a corporation, the officers, directors, and principals of the corporation hereby agree to personally and unconditionally guarantee payment as part of the corporation’s agreement to bid. The authorized representative of any corporate Bidder who is present at the sale shall provide RR Auction or its agent, prior to the commencement of the bidding (or at the time of registration), with a statement signed by each principal, director and officer that they each personally and unconditionally guarantee any payment due RR Auction. 20. RR Auction may at its sole and absolute discretion, make loans or advances to Consignors and/or prospective Bidders. 21. If a dispute arises concerning ownership of a lot that has been bid upon during the course of the sale, RR Auction reserves the right to commence a statutory interpleader proceeding at the expense of the Consignor and successful Bidder and any other applicable party, and in such event shall be entitled to its reasonable attorney’s fees and costs. 22. In the event of a successful challenge to the title to any goods purchased, RR Auction agrees to reimburse any Bidder in an amount equal to the successful bid price actually paid by Bidder at auction plus any Buyer’s Commission actually paid, in full and complete satisfaction of all claims, which once tendered by RR Auction, relieves and releases RR Auction from any responsibility whatsoever to the Bidder, even if the instrument is not cashed or is returned. Bidding Options: 23. Non-Internet bids (including but not limited to podium, fax, phone and mail bids) are treated similar to floor bids in that they must be onincrement. Any podium, fax, phone, or mail bids that do not conform to a full increment will be rounded up or down to the nearest full increment and this revised amount will be considered your high bid. 24. When identical mail or FAX bids are submitted, preference is given to the first received. To ensure the greatest accuracy, written bids should be entered on the standard printed bid sheet and be received at RR Auction’s place of business at least twenty-four (24) hours before the Auction start. Auctioneer is not responsible for executing mail bids or FAX bids received on or after the day the first lot is sold, nor Internet bids submitted after the published closing time; nor is Auctioneer responsible for proper execution of bids submitted by telephone, mail, FAX, e-mail, Internet, or in person once the Auction begins. 25. In internet only Auctions, bids on an item must raise the current high bid by at least 10%. Bids will be accepted in whole dollar amounts only. No “buy” or “unlimited” bids will be accepted. In a live sale, bids on an item can change at the discretion of the auctioneer. 26. RR Auction reserves the right to accept or decline any bid. Bids must be for an entire lot and each lot constitutes a separate sale. All bids are per lot unless otherwise announced. Live auction lots will be sold in their numbered sequence unless the Auctioneer directs otherwise. It is unlawful and illegal for Bidders to collude, pool, or agree with another Bidder to pay less than the fair value for lot(s). Bidders participating in both live and online auctions acknowledge that the law provides for substantial penalties in the form of treble damages and attorneys’ fees and costs for those who violate these provisions. For live auctions the auctioneer will have final discretion in the event that any dispute should arise between bidders. The auctioneer will determine the successful bidder, cancel the sale, or re-offer and resell the lot or