Auction Specific Terms
These "Auction Specific Terms" pertain to this auction: Southeast Kentucky Wood Products Company, Inc. - Sale #2
CURRENCY: All On-line Auctions are conducted in United States Currency ("USD") only.
BUYER'S PREMIUM: A 15% Buyer's Premium will be added to the final bid price.
PAYMENT: All successful On-line Auction Bidders agree to make full payment to Industrial Recovery Service, Inc. within (48) hours of the Online Closing Date for the Auction Lot(s) purchased. All payments are to be made by Bank Wire Transfer or Bank Check payable to Industrial Recovery Service, Inc. ("IRS"). All Payments are to be made in United States Currency ("USD") only. IRS does NOT accept payment from leasing companies or third-parties.
|Immediately Available Funds: Bidder’s bids are not subject to financing. Bidder represents and warrants to IRS that such Bidder has IMMEDIATELY AVAILABLE FUNDS to fully pay for its successful bids within (48) hours of the Online Closing Date.|
|Fraudulent Bidders / Unpaid Invoices: IRS reserves the right, and You acknowledge and agree to its exercise of this right, to notify third parties, including law enforcement authorities, credit bureaus, other auction companies and industry regulators and authorities, about Bidders involved with or connected to fraudulent bidding or the failure to fully pay invoices in accordance with these Auction-Specific Terms.|
|Liability for Bids: Any Bidder, participating on behalf of their employer or acting as agent on behalf of a Principal and/or Principals, whether bidding, buying, attending, or otherwise, agree that such actions shall constitute sufficient evidence that such Bidder is authorized to bind such employer and/or Principal. IRS reserves the right to hold any and all individuals bidding personally liable for full payment of all winning bids and any and all obligations incurred in relation to said winning bid, whether incurred on behalf of their employer or Principal or not.|
YOUR BID IS A CONTRACT: Your Bid(s) are not retractable for any reason. When the bidding has closed for an On-line Auction Lot and the ending high bid has reached or exceeded such lots’ Reserve Amount, the Bidder with the highest bid is the contracted Buyer and as such has entered into a legally binding contract with Industrial Recovery Service, Inc. to purchase said Auction Lot(s) in accordance with these Auction Specific Terms and the Customary Terms of Sale.
CLOSING TIME: Each Auction Lot has its own individual "Closing Time", which Closing Time is the day and time that IRS has scheduled the bidding for such Auction Lot to end. As a courtesy to all Bidders, the Closing Time will extend (5) five minutes if any Bidder places a bid within the last five minutes prior to the Closing Time or any extended Closing Time(s). These five minute extensions will continue until all bidding activity has stopped. When (2) or more individual Auction Lots are also simultaneously offered in a single combined Auction Lot ("Bulk Bid"), both the Bulk Bid and Auction Lots subject to such Bulk Bid share the same Closing Time & time extensions. At its sole discretion, IRS may change the Closing Time at any time without warning.
SECURITY DEPOSIT: Prior to being able to participate in an On-line Auction, a Bidder may be required to place a good faith deposit (via bank wire transfer) with IRS to secure such Bidder’s payment of any of its purchases during an On-line Auction (the "Security Deposit"), which deposit shall be no less than 25% of the collective bidding amount that Bidder intends to bid (the "Bidding Limit") for Auction Lots in the On-line Auction. During the On-line Auction, should the Bidder’s purchases exceed the Bidder’s Bidding Limit, the Bidder shall immediately increase its Security Deposit with IRS accordingly. The requirement of any Security Deposit, amount of same and whether a Security Deposit is to be paid to IRS, prior to, during or immediately after an On-line Auction, shall be determined solely by IRS and may vary depending on a seller's contract, value of assets being auctioned or other reasons. Should a Security Deposit be required for an On-line Auction, IRS is hereby authorized to contact a Bidder in order to procure the Security Deposit or the necessary increase of same.
CONDITIONS OF SALE: All sales are final, on a "AS IS, WHERE IS", "IN PLACE", "WITH ALL FAULTS" BASIS WITHOUT ANY CONDITIONS, REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESSED, IMPLIED, STATUTORY OR OTHERWISE, BY INDUSTRIAL RECOVERY SERVICE, INC. OR ANY OTHER PERSON or entity. THERE ARE NO EXPRESSED OR IMPLIED REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ASSETS INCLUDING, WITHOUT LIMITATION, WARRANTIES OR CONDITIONS AS TO TITLE, DESCRIPTION, FITNESS FOR ANY PARTICULAR PURPOSE, QUANTITY, QUALITY, MERCHANTABILITY, STATE, CONDITION, LOCATION OR OTHERWISE.
IRS WEBSITE FUNCTIONALITY: Bidders are a 100% responsible for understanding the IRS Website functionality. Prior to bidding, Bidder represents and warrants to IRS that Bidder has read this "How Do I Bid?" link and fully understands same. Should Bidder need addition instruction on the use of the IRS Website, please contact IRS Support PRIOR TO BIDDING.
KENTUCKY SALES TAX RULES: All purchases from this auction will be subject to 6.00% Kentucky Sales Tax , unless the purchaser is exempt.
TAX EXEMPTION CERTIFICATES: All Buyers claiming an exemption from the 6.00% Kentucky Sales Tax agree to provide Industrial Recovery Service, Inc. with a properly filled out and executed Kentucky Sales Tax Exemption Certificate, prior to Buyer’s removal of purchased items. Buyer acknowledges and agrees that some items may not qualify for sales tax exemption in Kentucky and will be taxed accordingly.