AMI Terms and Conditions for LIVE, ONLINE AUCTIONS AND ABSENTEE BIDDING
All AMI auctions are governed by these Terms and Conditions. By participating in an AMI Auction you agree to be bound by these Terms and Conditions as well as by any additional terms that may be imposed by the seller or announced before the auction begins. AMI Auction is an agent of the seller and is not responsible for any representations, omissions or acts of the seller or any of the seller’s, officers, directors, or employees.
Conditions & Value of Items: All items are sold AS IS, WHERE IS, AND WITH ALL FAULTS, with no warranties or guarantees, expressed or implied by AMI or Seller. Buyer assumes complete and sole responsibility for inspection of items prior to bidding and relies solely on its own inspection as to condition and value of items. AMI relies on item information that is provided by the seller. AMI does not investigate information, and makes no representation or warranty concerning the truth or completeness of that information. For the bidders’ convenience, photographs are provided, but shall not be used to create representations or warranties of any kind pertaining to the items and buyer waives any claims against AMI and/or seller relating to item photographs or descriptions.
Registration For absentee bidding: All potential bidders must register online before bids may be submitted. By registering you are agreeing to Terms and Conditions. AMI may deny registration to any person or entity.
Winning Bid: Absentee bidders place a maximum bid, (the highest amount they are willing to bid on item). Absentee bidders bid against live floor bids and other absentee bids. The winning absentee bid shall be one increment higher than the maximum floor bid or other absentee bid, but will not exceed or meet their maximum bid. For example, if an absentee bidder has a maximum bid of $300, but the highest floor bid or another absentee bid is only $100, the absentee bidder will win the item for $100 plus the next increment higher ($5, $10, $25, etc depending on the dollar value of the item), not their maximum bid of $300. In the event of a tie bid with a bidder at live auction, the winning bid goes to the live bidder.
Winning bid for online auction: You will be notified by email if you have won any items. This email will include an invoice for items won. If you do not receive an invoice, you have NOT won the item. An item will not be won if the reserve is not met.
Payment: A legally binding contract is formed between the bidder, and AMI Auction and the seller, when a bidder makes the highest bid and the auction is closed. Once a winning bid has been placed, the highest bidder is obligated to buy the item at the said price. BIDS CANNOT BE RETRACTED. By bidding on an item(s), the bidder acknowledges that it has the authority and capacity to enter such a bid and close the transaction. AMI reserves the right to use the bidder’s credit card for payment in part or in full for any successful bids within 48 hours of close of auction. Any bid that is made represents an irrevocable offer to buy the item(s) for the full bid amount, plus stated buyer’s premium and any local or state taxes . If AMI Auction determines that the highest bid was NOT a legitimate bid, item will NOT automatically go to the second highest bidder. AMI Auction reserves the right to determine who the next successful bidder will be. If the Buyer does not remove the item(s) within the ten day removal period, AMI Auction reserves the right to resell the item without notice. If an item is resold for an amount less than the original, highest successful bid, the Buyer is obligated to pay the difference. If full payment is not made by the end of the ten day removal period, the Buyer’s bidding privileges may be revoked and suspended from any other AMI Auctions. All bidders must be at least 18 years of age in order to register and bid.
Disputes: Any disputes that arise concerning the winning bid for an item shall be decided by AMI.
Buyer’s Premium & Sales Tax for Live Auction: Buyer’s Premium for Auto and Boat Auctions is a flat $195 fee for items over $1,000 and $100 for items under $1,000, tax and titling fees are additional. All other items, buyer agrees to pay a buyer’s premium of 12% with a 2% discount for payments of cash or check.
Buyer’s Premium & Sales Tax FOR absentee bidding and online auctions: Buyer agrees to pay AMI Auction a buyer’s premium of 13% of the sale when using ABSENTEE BIDS and buying items during an online auction.
The buyer’s premium is not negotiable and is payable by all Buyer’s. When and where Minnesota State Sales Tax is applicable it will be invoiced on top of the sale price plus buyer’s premium since the buyer’s premium is considered part of the sales price in accordance with state law.
Shipping & Handling: It is the sole responsibility of the Buyer to remove and/or ship of all items and will incur all removal/shipping costs. Buyer shall arrange with Buyers’ choice of shipper to have items picked up or shipped by the date and time identified for removal at the specific auction site. Please contact the shipper of your choice to arrange for packing and removal of your items. AMI is NOT responsible for packaging, broken merchandise, or shipper’s negligence or errors. Shipper must notify AMI at least 24 hours prior to pick up, and items must be picked up during normal business hours M-Th, 9-5. Items must be removed within10 days of auction close or a fee of $15.00 per day, per item fee shall be charged to the Buyer. If items are not removed within ten days, the ownership of the items will revert back to the original Owner/Seller and the Owner/Seller may dispose of or resale the item at their discretion.
Indemnification: Buyer agrees to indemnify and holds harmless each AMI Auction, its directors, officers, employees and agents against any damage or loss which the Buyer, AMI Auction or third parties may suffer on incur with respect to loss, damage or injury arising from the removal if any item(s).
Court of Law Arbitration: All disputes relating to an AMI auction shall be governed by and interpreted by and in accordance with the laws of the State of Minnesota. Any and all claims shall be brought in District Court in Stearns County, MN and bidders hereby consent to the jurisdiction of said court.
Consignment Terms and Conditions:
- Consignor agrees to all terms and conditions of sale items. 2. The consignor acknowledges he/she is the true owner of each consigned item and each item is free and clear of all liens, encumbrances, or claims by any other persons. 3. AMI is not responsible for loss, damage or mechanical failure of any consigned item while on AMI property. 4. AMI Commission rate is $185 if sold at an auto auction or 10% for all other auctions. 5. Consignor agrees to sell items to the highest bidder 6. AMI will charge a $150 BUY BACK fee, payable prior to removal of items from AMI property. 7. AMI IS NOT RESPONSIBLE FOR THE SALE PRICE OF ANY ITEM. 8.AMI is not responsible to pay the consignor for any item a bidder may bid on and not pay for. 9. ANYTHING requiring a title will NOT be sold unless the title is in AMI possession prior to the auction. 10. For advertising please have this consignor form signed, completed and to AMI 1 month prior to auction. Consignor agrees to have items at AMI 5 days prior to auction. 11. Commission will be deducted from the sale price of each item and the balance due the consignor will be mailed by AMI within two weeks from the date of the auction. 12. Each auction item, sold or not sold, must be removed from AMI property within one week of the auction unless other arrangements are made and agreed upon by AMI and consignor. If not removed, the item becomes the property of AMI and may be disposed of in whatever manner AMI chooses.