These Bidder Terms and Conditions (“Terms”) bind the Auction sale of assets from The Smith Foundry, in Minneapolis, MN on September 26, 2024. All persons seeking to register to bid acknowledge acceptance of these Terms, and guarantees prompt payment of all purchases by cash, credit card, wire transfer, or certified check. No items will be removed prior to full payment, with all funds having cleared our accounts. The “Bidder” becomes a “Buyer” upon the Auctioneer’s acceptance of their bid on one or more items in the Auction by issuing invoices, which shall constitute the customary manner of confirming “sold” in this online auction. All sales are final. No returns or refunds or credit card charge backs will be permitted for any reason whatsoever. Bidder and HYPERAMS, LLC (“Auctioneer”) agree that these Terms and Conditions listed herein shall govern this auction sale (“Auction”).

1.     Bidder Registration; Bidder Qualification; Waiver: YOU (the “Bidder”) must register to bid. Auctioneer may establish such Bidder Registration requirements and Bidder qualification criteria as determined, in Auctioneer’s discretion, to be reasonably necessary or appropriate. In order to register to bid, YOU must provide such information (including identifying and financial information) as required by Auctioneer. Auctioneer may refuse to accept a Bidder Registration from any potential Bidder, may refuse to grant bidding privileges to any potential Bidder, and may revoke the Bidder Registration or bidding privileges of any Bidder. Auctioneer may, in Auctioneer’s absolute discretion, receive bids from a person or entity that has not registered to bid, and/or has not satisfied all requirements for Bidder Registration, and, by bidding, such person or entity will be bound by Auctioneers Bidder Terms and Conditions. Bidder qualification and registration provisions are intended for the benefit of Auctioneer and Seller, and create no rights or interests in any other persons, including competing Bidders. Auctioneer and/or Seller may (but will not be required to) waive any Bidder qualification and/or registration, provisions, either globally or on a case-by-case basis.

2.     International Buyers (Non-US) will be required to post a $5,000 cash deposit at least 24 hours before the Auction. Deposits will be held in escrow and applied to any purchases made, and any unused funds will be returned within 48 hours of the Auction concluding. Deposits must be made by wire transfer only. Please contact Swetha Vijayakumar at svijayakumar@hyperams.com for wiring instructions and with deposit questions.

3.     FULL PAYMENT must be made immediately for your purchase at the Auction. ALL PURCHASES MUST BE PAID IN FULL ON THE DAY OF THE AUCTION, OR THE DAY AFTER THE AUCTION. All purchases subject to an 18% online buyer’s premium. NOTE TO BUYERS: We do not automatically charge your card following the auction, however for purchases under $1,500 you will be able to pay online with a credit card after the auction. CREDIT CARD PAYMENTS ARE LIMITED TO INVOICES UNDER $1,500 AND WILL INCUR A 3% CONVENIENCE FEE IN ADDITION TO THE BUYER'S PREMIUM. BUYER’S HEREBY ACKNOWLEDGE THE AS-IS NATURE OF THIS AUCTION SALE AND WAIVE ANY RIGHT OR FURTHER ABILITY TO CANCEL ANY SALE OR CREDIT CARD CHARGE. If you would like to make other payment arrangements by wire or company check please contact our auction office for more information.

4.     Items left unpaid for more than 48 hours will be resold at the risk and expense of the Buyer. If any Buyer fails to pay the entire purchase price (in addition to the Buyer’s premium and any applicable tax) within 48 hours, or otherwise fails to comply with these Terms, the Auctioneer and the Seller will retain any deposit paid without notice. The Auctioneer and the Seller reserve the right to resell such items without notice, and the defaulting Buyer shall be liable to Auctioneer and Seller for any resulting deficiency, including costs incurred in storing and reselling such items.

5.     Auctioneer shall charge and collect from each Buyer an 18% buyer’s premium for each sale at the Auction, in addition to the purchase price as bid. Buyers paying with a credit card will be charged an additional 3% convenience fee for a total of 21%.

6.     Collection of applicable taxes will be in accordance with the laws of the state where the particular lot will ship from. Auctioneer reserves the right to charge and collect tax on all purchases, shifting the burden of determining any tax exempt status to the purchaser (if applicable).

7.     For any purchase paid in cash with a value of $10,000 or greater, Buyer is required to complete Department of the Treasury Internal Revenue Service form 8300 (https://www.irs.gov/pub/irs-pdf/f8300.pdf) at the time of purchase.

8.     Removal: Arrangements for removal of purchased items will be the sole responsibility of the Buyer by appointment only, September 30– October 31. WE ARE NOT A RIGGING OR LOGISTICS COMPANY AND ALL BUYERS MUST MAKE THEIR OWN SHIPPING ARRANGEMENTS. Riggers must be approved and provide adequate insurance. Please contact the Site Manager to schedule an appointment. All purchases MUST be removed by October 31. Purchases must be removed in their entirety, and lots may not be abandoned. Debris removal is the responsibility of the Buyer. All riggers must supply a valid insurance certificate prior to beginning work. All buyers must comply with the removal and rigging terms noted herein.

9.     The Buyer becomes fully responsible for and assumes all risk of loss and damage to items purchased until items are removed from the Auction site, whether or not the removal deadline has passed. If the Buyer does not remove an item within the announced removal period, Auctioneer and the Seller may, in their sole discretion, deem the item to have been abandoned by the Buyer and the Buyer will have no further rights with respect to the item.

10.   Pursuant to the UCC, all online bids constitute offers until the Auctioneer declares the item as sold as outlined herein, at which time the sale is final. Notwithstanding the foregoing statement, due to the unique nature of a virtual online auction the Auctioneer reserves the right to: (a) cancel, suspend, extend, or reschedule the sale of an individual lot, auction and/or auction event, (b) make changes to the auction’s closing, inspection, or removal times, or (c) take any other action the Auctioneer deems necessary to conduct the Auction.

11.   In the event of any dispute concerning the winning bid price for an item, the record kept by Auctioneer shall control. In any dispute between two or more bidders, the Auctioneer’s decision shall be absolute and final.

12.   All items in the Auction shall be sold to the highest bidder; provided, however, that some items may be auctioned with minimum reserve prices, and/or subject to Seller's right of confirmation. Auctioneer reserves the right to reject any bid that is only a minimal increase over the preceding bid, that is not commensurate with the value of the item being offered, or any bid that Auctioneer believes was made illegally or in bad faith. Further, Auctioneer may bid at the Auction either for its own account or on behalf of the Seller or a third party. All sales are final. No returns or refunds will be permitted, unless authorized by the Seller in writing.

13.   ALL ITEMS ARE SOLD AS-IS, WHERE-IS AND WITH ALL FAULTS. NEITHER SELLER NOR AUCTIONEER MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE NATURE, QUALITY, VALUE, OR CONDITION OF ANY ITEM. AUCTIONEER AND SELLER EXPRESSLY DISCLAIM ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.

14.   No sale shall be invalidated by reason of any defect or inaccuracy in any description or listing, and no liability shall be borne by the Auctioneer with respect to such errors. All information has been obtained from sources generally believed to be reliable, but the accuracy cannot be guaranteed or warranted by the Auctioneer. Bidder acknowledges it is their responsibility to inspect all items and to make their own inquires prior to their bidding.

15.   Use of Technology: Independent third-party service providers are responsible for supplying and maintaining various online electronic bidding platforms used in connection with online bidding, and as such each Bidder is subject to a set of terms specific to that service provider, typically agreed to upon registration with respective platform. Bidder acknowledges that neither the Auctioneer nor the Seller will be held responsible for any interruption in service, slow connection speeds, errors, and/or omissions, or any other complication encountered during the course of any online bidding. Auctioneer cannot guarantee continuous, uninterrupted or error free service for any online bidding. Bidder acknowledges that online bidding is conducted electronically and relies on hardware and software that may malfunction without warning, and by use of these platform(s) each Bidder agrees to indemnify and hold harmless Auctioneer and/or the Seller from any and all claims that may arise from use of any online bidding platform. Auctioneer may, in its sole discretion, void any sale, temporarily suspend bidding and/or re-sell any item/lots that may have been impacted by any malfunction of an electronic bidding platform.

16.   Computers, drives and other electronic equipment may contain copywritten software that is governed by a license agreement issued to a third party. In such event the Buyer acknowledges that said software and license agreement(s) are not included in their purchase(s). Buyer guarantees the destruction of any personally identifiable information that may be stored on such devices, and shall indemnify and hold harmless the Auction Company and their Seller from any claims, suits or other actions brought against them that relates in any way to personally identifiable information or any other data that remains on such devices, latent or obvious.

17.   Buyers acknowledge that an Auction site or the Seller’s site is a potentially dangerous place. Flammable, noxious, corrosive and pressurized substances may be present. Heavy equipment may be operated, and electrical circuits may be live. Every person enters such site at his or her own risk with notice of the condition of the premises and the activities that will be or have been conducted on the premises. Buyers shall so advise their agents and employees. No person shall have any claim against Auctioneer, the Seller or their respective agents or employees for any injuries sustained or for damages to or loss of person or property that may occur at such site.

18.   The aggregate respective liability of Seller or Auctioneer in respect of any other loss or damage suffered by a Buyer and arising out of or in connection with these Terms or arising out of or in any way connected with a Buyer's participation in the Auction, whether in contract, tort (including negligence) or for breach of statutory duty or in any other way, shall not exceed (i) in the case of the Seller, the amount of the purchase price paid by the Buyer; and (ii) in the case of the Auctioneer, the Buyer's premium paid by the Buyer, in each case in respect of the goods which are the subject of the claim.

19.   Any controversy or claim arising out of or related to this Auction, or any alleged breach of the Terms hereof, shall be settled by arbitration in accordance with the rules, procedures, and regulations promulgated by the American Arbitration Association. The arbitration hearing shall be held in the State of Illinois. All parties hereby agree that the award rendered by the arbitrator shall be final and non-appealable, and judgment may be entered upon the award in any court of competent jurisdiction. The arbitrator shall not have the authority to award punitive damages against either party. The initiating party filing notice of demand for an arbitration proceeding must assert in such demand all claims then known to the initiator against the other party and the initiator may amend its demands and claims only with the consent of the arbitrator.

20.  This sale is being conducted by HYPERAMS, LLC.

21.  These Terms are incorporated and merged with any sale-specific terms and conditions which may be distributed via our website at HyperAMS.com and / or at the physical auction location.

Terms and Conditions for the online auction of Smith Foundry R1