Consignment Terms
If this Agreement is executed by a representative or agent of the Owner, the undersigned represents and warrants that they have full authority to bind the Owner to this Agreement and to consign the Consigned Items for sale, and that Auctioneer may rely on such authority. Owner agrees that he/she is the owner of record and beneficial owner of the Consigned Items listed in Exhibit A and any attached or supplemental schedules and has good title and the legal right to sell such Consigned Items. The Consigned Items are completely and accurately described as set out in Exhibit A and any supplemental schedules. Owner is now the beneficial Owner of the Consigned Items with full right to sell said Consigned Items. Owner represents and warrants that any descriptions, statements, photographs, videos, hours, mileage, serial/VIN information, maintenance history, and any statements regarding condition, operating condition, or “running” status of any Consigned Item (collectively, “Item Statements”), whether made orally or in writing by Owner or Owner’s agents, are true, complete, and not misleading. Owner acknowledges and agrees that Auctioneer is relying upon Owner’s Item Statements and that Owner is solely responsible for the accuracy of all Item Statements. Owner shall promptly provide Auctioneer any material updates to condition, functionality, defects, or changes affecting any Item Statement. Owner agrees to indemnify, defend, and hold harmless Auctioneer from any claim, demand, chargeback, dispute, loss, or expense (including reasonable attorney fees) arising from or related to any inaccurate, incomplete, or misleading Item Statements made by Owner or Owner’s agents, including any statement that an item is in “running condition,” “operable,” “ready to work,” or similar. Owner conveys and agrees that the Consigned Items are free from all encumbrances and are not subject to any claim by any person, company or to any registered or unregistered charges, liens, or interests except as expressly disclosed in writing to Auctioneer. The Consigned Items are not subject to the collection or attraction of any taxes, liens, or claims of any authority of competent jurisdiction of any kind or nature.
Owner agrees to maintain liability and property damage insurance on the Consigned Items and grants permission for inspection, testing, and reasonable operation, including test drives where applicable.
ADDITIONAL CONSIGNED ITEMS; SUPPLEMENTAL SCHEDULES
Owner and Auctioneer agree that additional items may be consigned after execution of this Agreement by use of one or more supplemental schedules or exhibits (each a “Supplemental Schedule”), including but not limited to Exhibit A-1, A-2, or similar designation. Each Supplemental Schedule shall describe the additional consigned items and, upon acceptance by Auctioneer, shall be deemed incorporated into and governed by this Agreement as if fully set forth herein and shall constitute Consigned Items for all purposes of this Agreement. No separate execution of this Agreement shall be required for any Supplemental Schedule.
Auctioneer’s acceptance of any Supplemental Schedule may be evidenced by written confirmation, electronic communication, catalog listing, online listing, or inclusion of the item in Auctioneer’s auction materials, and such acceptance shall be binding upon the Parties. All terms of this Agreement, including delivery requirements, withdrawal penalties, commissions, storage fees, abandonment provisions, indemnification, and bidding disclosures, shall apply equally to items listed on any Supplemental Schedule.
TERMS AND CONDITIONS
Auctioneer shall be responsible to arrange, advertise, and conduct a public auction sale of the Consigned Items at the location and on the date or during the time period designated by Auctioneer. Auctioneer shall pay all costs and expenses of advertising, auctioning, clerking, and cashiering incurred with the auction, unless otherwise specified. All decisions regarding the grouping, lotting, sequencing, and incrementing of bids are at the sole and commercially reasonable discretion of Auctioneer. Owner agrees that all Consigned Items listed herein will be offered at auction. The Consigned Items shall be sold to the highest bidder. Auctioneer makes no guarantee whatsoever as to the gross proceeds to be realized from the sale of the Consigned Items. The auction shall be conducted in accordance with Auctioneer’s usual practices and procedures. Internet bidding is not guaranteed for all items.
BUY-IT-NOW OPTION
Eligibility for any Buy-It-Now option is at the sole discretion of Auctioneer. Any Buy-It-Now price is not a reserve or guaranteed price. The price of the Buy-It-Now option is not a guaranteed amount under this Agreement and may be updated or modified by Auctioneer via written communication, including electronic communication, prior to sale. At Auctioneer’s discretion, the Buy-It-Now option may be removed and the item sold at the live or timed auction to the highest bidder.
DELIVERY, TRANSPORT, AND PREPARATION
If Consigned Items are to be sold at Integrity Sales & Auction LLC’s yard, Owner agrees to deliver all Consigned Items, at Owner’s expense, to the auction location indicated, together with all documents and titles, no later than one (1) week prior to the auction date unless otherwise agreed in writing. If Auctioneer transports Consigned Items, Owner agrees that Auctioneer shall not be responsible for ordinary wear, mechanical failures, or latent defects, and that Auctioneer’s transport costs shall be deducted from the proceeds of the item. Auctioneer shall exercise commercially reasonable care while items are in its custody.
Owner shall make and/or pay for all repairs, improvements, washing, pressure washing, and/or fueling of the Consigned Items done in preparation for sale. Pressure washing shall be charged at a rate of $100 per hour.
FAILURE TO DELIVER OR WITHDRAWAL
Failure to deliver the Consigned Items as required shall constitute a breach of this Agreement. In such event, Owner shall compensate Auctioneer a fee equal to fifteen percent (15%) of the Fair Market Value of the Consigned Items. Fair Market Value shall be determined by Auctioneer in good faith using auction industry standards and comparable sales. Once an item is consigned to Auctioneer, the item shall not be removed from the auction without mutual written consent of Owner and Auctioneer. If an item is pulled or withdrawn without authorization and cannot be sold, Owner agrees to pay Auctioneer a fee equal to fifteen percent (15%) of the Fair Market Value of the item.
COMMISSIONS AND POST-AUCTION SALES
Owner agrees to pay Auctioneer in accordance with the rates listed in the Seller Commission Rates and Terms section of this contract. Auctioneer retains the right to sell unsold Consigned Items for up to ninety (90) days following the auction date unless otherwise agreed in writing.
SETTLEMENT AND PAYMENT
Auctioneer shall deposit all required trust funds in a trust account in accordance with Wis. Stat. § 480.16 and applicable SPS rules and shall pay Owner within thirty (30) days following the auction, less any commission, fees, transport costs, preparation costs, lien payoffs, or any amounts necessary to obtain releases of any liens, claims, or other encumbrances on or against the Consigned Items, including any money owed to Auctioneer. All titles and lien releases must be received before payment will be released. If the amount owed by Owner exceeds the sale proceeds, Owner shall pay the remaining balance within seven (7) business days of notification.
NON-PAYING BUYER
In the event of a non-paying buyer, Owner shall have the right to reoffer the item in a future auction under the same rates and terms or to remove the item without being charged the agreed-upon commissions.
Auctioneer reserves the right to reschedule an auction and sell the Consigned Items on the rescheduled date.
OFF-SITE SALES AND RELEASE
For Consigned Items sold off-site at Owner’s designated location, Owner agrees to release all items to Buyer or Buyer’s authorized representative. Owner shall release items only upon presentation of a paid-in-full invoice or other release verification expressly approved by Auctioneer, including written or electronic authorization. Owner acknowledges and agrees that Auctioneer has no control over off-site premises or releases, and that any release of a Consigned Item by Owner or Owner’s agents without Auctioneer-approved proof of purchase shall be solely at Owner’s risk. Owner shall be fully responsible for and shall bear all loss, theft, mis delivery, or damage arising from any unauthorized or premature release and shall indemnify, defend, and hold harmless Auctioneer from any claim, loss, chargeback, or dispute arising therefrom.
Owner shall provide Auctioneer with a list of any lots remaining at the off-site location after 30 days from the sale date. If any lots remain after 60 days, Owner shall have complete discretion over such items, unless otherwise agreed upon in writing.
AGENCY AND AUTHORITY
Auctioneer is an agent of Owner and not a principal in the sale of the Consigned Items. Owner hereby nominates, constitutes, and appoints Auctioneer as Owner’s true and lawful representative, in Owner’s name and on Owner’s behalf, to sign, execute, and deliver all documents required to transfer title or permit registration of ownership if such documents have not been delivered by Owner as required. Owner authorizes Auctioneer to use the Consigned Items in setting up the auction and to use Owner’s name, trademark, or logo in advertising the Consigned Items.
BIDDING DISCLOSURES
Auctioneer has the right to bid and purchase Consigned Items for its own account or for inventory acquisition or resale purposes. Owner may bid on Owner’s own Consigned Items. If Owner is the successful bidder, the item shall be deemed sold to Owner and a buy-back fee or commission may apply.
STORAGE FEES AND ABANDONMENT (BUY-BACK ITEMS)
In the event Owner is the successful bidder on any Consigned Item and such item is deemed sold to Owner as a buy-back, Owner shall remove the item from Auctioneer’s premises within thirty (30) days from the sale date. Any buy-back item remaining on Auctioneer’s premises after thirty (30) days shall be subject to a storage fee of Twenty-Five Dollars ($25.00) per item, per calendar day. Any buy-back item remaining on Auctioneer’s premises for ninety (90) days or more shall be deemed abandoned, and Auctioneer may resell, dispose of, or otherwise exercise ownership rights without further notice and without obligation to account for proceeds.
BUYER FEES AND PAYMENT METHODS
Buyers will be charged a buyer’s fee of up to and including ten percent (10%).
Accepted forms of payment include Cash, Credit Card (3.5% charge), Check with Bank Guarantee, and Wire Transfer.
LIABILITY AND INDEMNIFICATION
Owner agrees to indemnify and defend Auctioneer from any claims, actions, costs, or charges arising from the auction attributable to any act or omission of Owner. Owner assumes responsibility for any personal injury or property damage caused by Owner or its agents. All risk of loss remains with Owner until payment is received and proceeds are disbursed.
AUCTION CONDUCT AND COMPLIANCE
All auctions shall be conducted in compliance with applicable Wisconsin law, including Wis. Stat. ch. 480 and applicable rules of the Wisconsin Department of Safety and Professional Services, including Wis. Admin. Code chs. SPS 120–128. Neither Auctioneer nor Owner shall employ undisclosed reserves, sham bidding, bid protection, or other deceptive practices.
LEGAL PROVISIONS
This Agreement shall be deemed accepted by Auctioneer when any Consigned Item is listed in Auctioneer’s catalog or offered for sale. Wisconsin law governs this Agreement. Venue shall be Lincoln County Circuit Court. Receipt by Auctioneer via electronic transmission shall be binding. This Agreement constitutes the entire agreement and may only be amended in writing signed by both parties.
OWNER ATTESTATION
Owner/Authorized Agent declares the information here conveyed is true and agrees to all terms.