Auction Terms & Conditions BY PARTICIPATING IN THIS AUCTION, YOU HEREBY ACKNOWLEDGE, AND AGREE TO, THE TERMS AND CONDITIONS SET FORTH BELOW (AND ON THE FOLLOWING PAGES), AS WELL AS ANY OTHER TERMS/CONDITIONS OF SALE COMMUNICATED TO YOU BY THE AUCTIONEER.
All merchandise will be sold "as-is where-is" and NO REPRESENTATIONS or warranties of any kind expressed or implied are being made by Auctioneer or Seller with respect to the condition of the merchandise, its fitness for any particular purpose, or the quantities or descriptions being provided by Auctioneer. Buyers must do their own due diligence including conducting an inspection of the merchandise being auctioned and determining the quantities, descriptions and condition of all such merchandise contained in this catalogue and/or presented at auction. Pictures in online catalog may not represent actual items being offered. 10% Buyer's Premium added to final invoice
REGISTRATION: Buyers must register prior to bidding at this auction sale. All bidders must provide a driver's license or other form of government issued identification. By registering you represent and warrant that any and all Buyer information is correct. Auctioneer reserves the right to deny any registered bidder at any time at its sole discretion without notification.
INSPECTIONS: Bidders may inspect the offering on Thursday, December 14th and Monday December 18th from 10:30 AM to 4PM and two hours prior to auction from 9AM to 11AM on Tuesday December 19, 2017. You may only be able to inspect the offering during these time periods. The auction starts at 11AM, so please give yourself enough time prior to the start of the auction to inspect the lots you are interested in. Recent videos demonstrating many of the machines in working order is attached to the catalogue.
DEPOSIT & PAYMENT: A 25% minimum deposit is due immediately at the time of successful bid in cash, certified, or cashier’s bank check for lots that are above $250. For example, if a lot sells for $600, you must provide a deposit of $150 immediately at the time of successful bid. Final payment must be received from all bidders at conclusion of auction. No items can be removed until entire invoice is paid in full. Auctioneer reserves the right to resell buyer’s lots with buyer forfeiting their deposit if full payment is not made. Certified/Bank Checks must be made out to the name of the bidder (not a company) and endorsed over to Auctioneer upon successful bid. Business checks accepted if accompanied by a Specific Bank Letter of Guarantee (see catalog for sample). No Credit Cards. No Personal Checks. Bulk bidders (if applicable) must submit a 25% deposit in certified funds prior to the start of the auction. Final payment must be made at conclusion of auction.
REMOVAL: No goods will be released to the purchaser until the entire bill is paid for in full. Removal of small items (no vehicles, lifts, large equipment -see announcement below) will begin on Tuesday December 19 (however, that shall occur only after the conclusion of the auction) and continue on Wednesday December 20 and Friday December 22 from 10:30 AM to 4:00 PM. Buyers must remove the merchandise from the premises at their own risk, expense and liability. Auctioneer is not responsible for items that are not removed within the time specified and has the option of dumping, storing or re-selling any item purchased at the expense and risk of the Buyer. You may be assigned a pickup/removal time for your items at the conclusion of the auction. If you are a purchaser of a larger piece of equipment please confirm removal arrangements with auctioneer.
U. S. BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK
Re: VISION QUEST LIGHTING, INC. (“Debtor-In-Possession” or “Debtor”)
TERMS AND CONDITIONS OF SALE
Auction Date: December 19, 2017 @ 11:00AM
1. These Terms and Conditions of Sale are being promulgated in connection with the Bankruptcy Court authorized public auction sale (the “Auction”) of the Debtor’s furniture, fixtures, equipment, inventory, other personal property, and intellectual property (collectively, the “Assets”). The seller of the Assets is the Debtor. The Auction will be held on December 19, 2017 at 11:00 a.m. at the Debtor’s warehouse located at 90 13th Avenue, Unit 1, Ronkonkoma, NY 11779 (the “Premises”) and at the auction, remote bidding shall be accommodated through a simulcast system that shall be set-up for that purpose.
2. The Assets will be sold "AS-IS WHERE-IS WITH ALL FAULTS" and NO REPRESENTATIONS or warranties of any kind expressed or implied are being made by Debtor or Auction Advisors with respect to the condition of the Assets, their merchantability, their fitness for any particular purpose, or the specific quantities or descriptions or pictures being provided by Auctioneer. Bidders must do their own due diligence including conducting an inspection of the Assets being auctioned and determining the quantities, descriptions and condition of all Assets contained in the auction catalogue and/or presented at auction.
3. By participating in the auction, all Bidders represent that they have read and fully understand the auction terms and agree to be bound thereby.
4. To qualify to participate in the auction, a bidder must be reasonably approved by Auction Advisors prior to participate in the auction. Auction Advisors reserves the right to deny any registered bidder at any time at its sole discretion without notification.
5. A 25% minimum deposit in cash or certified funds (the “Deposit”) is required from all successful bidders at conclusion of the auction.
6. Successful bidders MUST tender the total purchase price for the Asset being purchased by such bidder (including any Buyer’s Premium and sales taxes due) at the conclusion of the auction but in any event no later than the 2nd business day after the conclusion of the auction Time is of the Essence. Such payment MUST be made by wire transfer or bank check or, at Auction Advisors discretion, in cash (for live auction bidders). Bidders must remove all Assets on the dates and time posted by Auctioneer and in no event shall any items be removed after December 22, 2017 (”Removal Date”), unless otherwise agreed to by Auctioneer.
7. Business checks may be accepted for the deposit and/or payment in full, provided it is accompanied by a specific bank letter of guarantee (a "Sample Bank Letter" shall be contained in auction catalog) which has been reasonably approved by Auction Advisors.
8. The failure to make a timely payment shall be deemed a material default under the terms of the auction. No items can be removed until the entire invoice is paid in full. Auction Advisors reserves the right to resell bidder’s lots at the expense and risk of bidder, and to charge bidder the difference between bidder’s bid and the ultimate sale price.
9. No Asset will be released to a bidder until the entire invoice is paid in full. Bidders must remove the Assets from the premises at their own risk, expense and liability. Auction Advisors is not responsible for items that are not removed by the Removal Date, and has the option of dumping, storing or re-selling any item purchased at the expense and risk of the bidder, and to charge bidder the difference between bidder’s bid and the ultimate sale price. Auction Advisors may also deem such Assets abandoned and take whatever action it deems reasonable and appropriate with respect thereto. In any event, the deposit will be forfeited. Removal times will be posted on Auction Advisors website prior to auction.
10. In the event of any disputed bid, the Debtor reserves the right to immediately put up for sale such item(s) that is/are the subject of such dispute.
11. The Debtor reserves the right to sell the Assets in bulk, consecutive lot number order, or in any order he deems advisable or other methods as deemed appropriate by Auction Advisors and/or the Debtor.
12. The auction sheets and records of sale as set forth by Auction Advisors must be accepted as final by all buyers.
13. No allowances or adjustments of any kind will be made.
14. Auctioneer and/or the Debtor will not bound by any actions or statements made by any other person.
15. The Auction is subject to confirmation by the Debtor, which reserves the right to refuse or accept any and all bids.
16. Applicable sales tax will be collected unless any such successful bidder supplies a valid resale certificate.
17. IRS regulations require the Auction Advisors to report all cash payments exceeding $10,000.00 from any one individual.
18. These Terms and Conditions of Sale are read at the beginning of the Auction and will be posted at the Premises during the Auction so that all prospective purchasers are deemed to have full knowledge of the same regardless of what time they entered the Premises. By making a bid for the Assets, all bidders will be deemed to have acknowledged having read these Terms and Conditions of Sale and having agreed to be bound by them.
19. There will be no refunds, substitutions or exchanges of deposits and all sales are final.
20. The sale of the Assets will be subject to buyer’s premium (the “Buyer’s Premium”) in the amount of ten percent (10%) of the gross sales price of the Assets. The Buyer’s Premium shall be added to the final sale price and payable by the successful bidder(s) of the Assets, and the estate shall not be responsible to pay any portion of the Buyer’s Premium.
21. Bid rigging is illegal, and suspected violations will be reported to the Department of Justice for investigation and prosecution. Any determination that a successful bidder, second bidder, or any competing bidder has engaged in bid rigging will result in the forfeiture of the Deposit.
22. Pursuant to Bankruptcy Rule 6004-1 no appraiser, auctioneer or officer, director, stockholder, agent, employee or insider of any appraiser of auctioneer, or relative of any of the foregoing, shall purchase, directly or indirectly, or have a financial interest in the purchase of, any property of the estate that the appraiser or auctioneer has been employed to appraise or sell.
Seller User Terms
Bidder User Terms