Terms of sale

Demonstration document. Bidding Floor Auctions LLC is a fictional company and this is illustrative copy for a template site. It is not a contract, no lot described on this site exists, and nothing here is legal advice. A real deployment must have these terms drafted and reviewed by a licensed attorney in the operating jurisdiction.

1. Registration and eligibility

Bidding requires a registered account with a payment method on file and a verified telephone number. Registration is free. We may refuse or revoke registration at our discretion, including where a bidder has previously abandoned a lot or failed to pay an invoice.

2. Bids are binding

Every bid is a binding offer to purchase at that price on these terms. Bids cannot be retracted. Every bid placed on this platform is a maximum bid: the system will bid the minimum required on your behalf up to the amount you enter, and no further.

3. Increments

Bids must clear the current price by at least the published increment for the price band. The increment table is published on every lot page and on the how-bidding-works page and forms part of these terms. Bids below the next accepted amount are refused, not rounded.

4. Soft close

Every lot closes on a soft close. A bid placed within the final two minutes extends the close to two minutes from the time of that bid. There is no limit on the number of extensions. The close time displayed on the platform at any moment is the operative close time.

5. Reserves

Lots may carry a confidential reserve set by the consignor. Where a reserve is not met at the close, the lot is passed and no sale occurs. Whether a reserve has been met is displayed on the lot page; the reserve amount is not disclosed. Lots marked no-reserve sell to the high bid regardless of amount.

6. Buyer's premium, fees and tax

A buyer's premium is added to the hammer price of every lot at the rate published on that lot page (currently 10%, 13% or 15% depending on category). A documentation and loadout fee of $79 per lot applies. Illinois sales tax at 10.25% is assessed on the total of hammer price and buyer's premium unless a valid Form CRT-61 resale certificate is received before the invoice is issued. Lots collected from the Gary cross-dock are taxed at the applicable Indiana rate.

7. Payment

Invoices are issued at the fall of the hammer and are payable within 48 hours. Card payment is accepted up to $5,000; ACH or wire is required above that. No lot is released until payment has cleared.

8. As-is, where-is

Every lot is sold as-is, where-is, with all faults, and with no warranty of any kind, expressed or implied, including any implied warranty of merchantability or fitness for a particular purpose. Descriptions, condition grades, hour meters, odometer readings and photographs are provided in good faith as a record of what was observed at intake and do not constitute a warranty. Inspection windows are published for every lot and bidders are expected to rely on their own inspection.

Claims that a lot materially differs from its description must be made within 24 hours of collection, in writing, with photographs. Dissatisfaction with condition that was described, photographed or observable at inspection is not a valid claim.

9. Title and registration

Title brands (clean, salvage, rebuilt, bill of sale only, no title) are stated on every titled lot. We make no representation that any vehicle can be registered in any particular jurisdiction. Registration requirements are the buyer's responsibility.

10. Removal, storage and abandonment

Removal deadlines run from the date of invoice and vary by category: seven days for vehicles, equipment and IT; five days for restaurant and estate lots; 72 hours for storage unit lots. Storage accrues after the deadline at $18 per lot per day, or $45 per day for lots occupying a bay or yard space, and is payable before release. Lots not removed within 21 days of the deadline are deemed abandoned and may be resold, with proceeds applied to outstanding charges and the buyer remaining liable for any shortfall.

11. Storage lien sales

Storage unit lots are sold under the Illinois Self-Service Storage Facility Act on behalf of the facility. Units are sold sight-limited: the published photographs and door video are the entire inspection. Personal documents and personal papers discovered in a unit must be surrendered to the facility. The winning bidder must remove all contents and leave the unit broom-clean within 72 hours.

12. Limitation of liability

To the fullest extent permitted by law, our liability in respect of any lot is limited to the amount actually paid for that lot. We are not liable for consequential, incidental or indirect loss, including loss of profit or loss of use.

13. Platform availability

We do not warrant uninterrupted availability of the bidding platform. Where a technical failure materially affects the conduct of a sale, we may extend, suspend or void a close at our discretion, and will publish the reason.

14. Governing law

These terms are governed by the laws of the State of Illinois, and the courts of Cook County have exclusive jurisdiction.