This auction agreement is entered into by Alliance Auction & Realty hereinafter referred to as “Auctioneers,” and the aforementioned hereinafter referred to as “Owner.” or their representatives. Auctioneers agree to conduct a public auction sale or otherwise sell the property submitted by and belonging to the Owner. The auction sale to be conducted at AllianceAuctioneers.com or subsequent bidding platform portal ending on the third Thursday of the month electronically selected by the owner at time of item submission.
Owner submits the property for auction based on the following agreement with auctioneers:
- Auctioneers agree to advertise sale and promote participation of buyers. Advertising and promotion schedule and budget will be at the sole discretion and expense of Auctioneers.
- Owner grants Auctioneers the exclusive right to sell said property and agrees to pay Auctioneers for services rendered by Auctioneers an amount stated in paragraph 4 below.
- Owner agrees that each item listed above will be delivered to the advertised location site within 48 hours of form and item submission.
- Auctioneers will charge a ten percent (10%) Buyer’s Premium of the final selling price per item listed and retain such as their compensation.
- Owner agrees to be completely and solely responsible for the care, custody, and control of all items listed and agrees to present such items in the same or better condition as it was when listed and advertised. All fees and cost associated with the transportation of all items to the address where items will be available for preview, sale and pick up and all cost and/or labor associated with sale prep or make ready will reside completely with the owners. Also, the owners agree to be available for preview and pick up at the agreed upon times.
- Owners take full responsibility for the quality, professionalism, and marketing that results from the photographs and information provided to the Auctioneers. This information will directly affect the merchantability and over all selling price. Any item submitted for auction will be reviewed by the auctioneer’s team and is subject to their professional interpretation of any subjective criteria. If the Auctioneer deems a correction is justified or warranted based on photographs or information provided then they reserve the right to make any such changes to the item listing, Auctioneers will consider coming and taking professional photographs for additional fees and this option will be assessed on a case by case basis with owners approval.
- Owner represents that no vehicle covered by this agreement has been “remanufactured” or “updated” to a subsequent model year (does not make sense) by use of a kit or otherwise, unless specified herein, and Owner agrees to indemnify and hold Auctioneers harmless from all liabilities, loss and expense arising out of any claim for loss or damage to said property, personal injury or property damage related to the sale of said property, breach of warranty, misrepresentation, or defect in title.
- Owners agree to provide a free and clear title or to furnish copies of all documents reflecting existing liens or security interests for all listed items which are titled, to the Auctioneers no later than 7 business days prior to the auction’s ending date.
- Owner agrees and authorizes Auctioneers to pay any such liens or security interests FIRST. Auctioneers do not guarantee to completely settle existing liens or security interests in said property but will pay such interest only and solely out of sales proceeds remaining after payment of Auctioneers’ expenses and commissions. If the proposed sale constitutes a “bulk transfer”, Owner agrees to immediately settle any and all additional monies owed on items sold and to timely furnish to Auctioneers all information required by law showing the settlement of all liens or encumbrances against items in question.
- Owner agrees to deliver title to said property to the auctioneers by appropriate documents free and clear of all encumbrances and transfer such title to the highest successful bidder who remits full payment. Should Owner fail to do so the Owner agrees to remit to Auctioneers an amount equal to 10% of the highest received bid which will in turn be divided equally between the Auctioneers and the highest bidder in lieu of Owners default. If documents showing clear title to sold items, or documents showing that they are free and clear of all liens and encumbrances, are not delivered to Auctioneers at least 3 days after sale day then Auctioneers shall have no responsibility for collection of funds in payment thereof, and Owner’s responsibility for payment of expenses and commission shall not be diminished by reason of such failure.
- Owner hereby agrees that if the owner PO’s or Buys back an item the owner shall rerun the item in the following months online consignment auction or remit 5% of the highest bid to auctioneers in lieu of re-running the item. Should the item not reach seller’s desired price in two auctions then owner will not owe auctioneers any monies for their effort.
- Owner agrees that they will not cancel, postpone or stop the auction of any submitted item without written permission of the Auctioneers.
- Once an item is listed for auction with the Auctioneers and it is advertised as an item for auction, IT MUST SELL with the Auctioneer’s full knowledge and will be subject to a removal fee of 10% of market value for the item.
- By owner’s submission of this form, the Owner is giving complete rights and duties to the Auctioneers to execute the sale of the listed asset and to act in the best interest of the owner.
- Owners agree to release all items at the direction of only the Auctioneer once they have cleared the item as paid in full. No items may be withheld from pick up by any person or entity once the Auctioneer has been paid in full (this may be prior to the funds being released to you the owner). You the owner are solely responsible for confirming the correct owner is receiving the correct merchandise. In the event there is a discrepancy, it shall fall solely as your responsibility to deliver the correct items to the correct buyers.
- All checks shall be made payable to Auctioneers, as Owner’s agent. Auctioneers shall have full authority to reclaim and resell any items not paid for. Auctioneers reserve the right to eliminate from settlement any property for which payment has not been made. In consideration for the waiver of Auctioneer’s commission on such property for which payment has not been made, Owner agrees to accept responsibility for reclaiming same wherever located.
- Auctioneers agree, unless delayed by legal proceedings or inability of Auctioneers, through no fault of its own, to transfer title or to comply with the Uniform Commercial Code or other laws. Auctioneers are not acting as a guarantor of funds for bids placed by bidders but only as a selling agent for the Owners. The auctioneers will issue settlement to the Owner on or before ten (10) banking days following receipt of funds.
The Auctioneers are licensed (#13507) in the State of Texas and are thus regulated by the Texas Department of Licensing and Regulation and are covered by a recovery fund administered by the Department. If you have an unresolved complaint notify TDLR, PO Box 12157, Austin, Texas 78711 (512) 463-5522