Source One Auctions, LLC
Terms & Conditions
The following terms and conditions apply to the purchase of Online Auction items listed and sold through Source One Auctions, LLC. Dba Source1Auctions prior to, during or after the close of any auction.
By checking the box:
I HAVE READ AND UNDERSTAND ALL OF THE FOLLOWING TERMS AND CONDITIONS OF THE AUCTION.
I HEREBY AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS.
I FURTHER AGREE TO BE RESPONSIBLE AND PAY FOR ALL PURCHASES.
Bidder Registration
All persons who wish to bid in the auction or want to purchase must register by creating an online account. To register, the Bidder must provide all the registration information requested and sign the Agreement by checking the ‘I AGREE’ box.
By checking this box, you acknowledge that you are binding yourself to this contractual agreement. Source One Auctions, LLC. reserves the right to refuse to register or admit any person at its sole discretion.
Invoices and correspondence relating to purchases will be sent in accordance with the information on the bidder’s registration. Your registration will be accepted but your information will be verified, and your account may be disabled until the necessary information is provided to verify the account.
Starting Bid
Source One Auctions, LLC. will predetermine the number of Item(s) in an auction. Source One Auctions, LLC. will set the starting bid on each item.
Bidding on Items
You must be a registered user to bid on items. No bids will be allowed on item(s) you own or on behalf of any other owner. By bidding, you are stating that you are ready and willing to purchase that item for your bid amount, plus any additional charges disclosed in the listing.
If you are outbid, or your bid does not meet the reserve price, you are under no obligation to buy. But in all other cases, you are entering a contract to buy the item, and to deliver payment within the time specified (48 hours from auction closing). If you cannot pay, please do not bid. Your bids are final and non-retractable.
We will not accept e-mail or phone bids. All, Buyer / Seller information is confidential.
Extended Bidding
Source One Auctions, LLC. uses an “extended bidding” process to close all our auctions.
After 8:00 pm CST, for the current auction, the auction will continue for any lots that have multiple bids until there are no bids placed on any lots in the auction in a fifteen (15) minute time frame until 9:00 pm CST.
You MUST place a bid on the lot to bid in extended bidding. All lots with only one bid will close at the beginning of the extended bidding.
Reserve Auction
Unless explicitly stated otherwise by Source One Auctions, LLC., each Lot is being sold with a reserve as a “reserve auction”.
These terms are applicable to all reserve auctions. Source One Auctions, LLC maintains the right to withdraw any property before and during the sale of such property.
The reserve price will not be disclosed. A reserve not met sign will be displayed until the lot meets its reserve and then will be sold to the highest bidder.
All bids will be raised in a minimum of predetermined increments based upon the lot values. Source One Auctions, LLC., at its sole and complete discretion, may reject a nominal bid advance.
Reserve Bidding
All Lots are sold with a “reserve” value. Any bid submitted below the reserve price will not result in the purchase of a Lot.
Reserves may be decreased or removed at any time by Source One Auctions, LLC.
Bidder Rights
All rights granted herein are personal and exclusive to the registered bidder, and may not be assigned or transferred to another person or entity, by operation of law or otherwise. Any attempt to assign or transfer such rights shall be void and unenforceable.
No third party may rely on any benefit or right conferred herein or granted to any Bidder. If you have any questions, please contact Source One Auctions, LLC. immediately.
Disputes between Bidders
In case of any dispute between bidders, Source One Auctions, LLC., at its sole and complete discretion, may reopen the bidding pursuant to specific terms determined by Source One Auctions, LLC. between the two highest bidders only, until the property is sold.
If a dispute arises after the sale of any lot, Source One Auctions, LLC.’s records shall be deemed conclusive in all respects.
Internet Bidding
Buyer acknowledges that Source One Auctions, LLC. does not have any responsibility or liability for the website(s) used for Internet bidding. Buyer acknowledges that hardware malfunctions, software malfunctions, viruses, and similar issues do occur and are beyond the knowledge, scope, and control of Source One Auctions, LLC. Winning bidders will be notified via email at the auction close.
Seller acknowledges that the Source One Auctions, LLC. may not have any control over the website(s) and cannot guarantee its operation or performance. Seller acknowledges that hardware malfunctions, software malfunctions, viruses, and similar issues do occur and are beyond the knowledge, scope, and control of Source One Auctions, LLC.
Furthermore, Source One Auctions, LLC. shall not be held liable (for lost profits or special damages) dependent upon the function of the website or its inability to function. Source One Auctions, LLC. reserves the right to deny any person for any reason permission or access to bid online.
Time of the Auction
An auction starts and will close on the dates specified on the auction item’s detail page. However, Source One Auctions, LLC. follows the 15-minute Overtime rule. This rule means that the auction can continue for an additional fifteen (15) minutes, up to four (4) times totaling one (1) hour, for verified bidders that have bid on any lot prior to the close. The auction has ended when Source One Auctions, LLC. website indicates the auction is closed.
Stop Payment/Insufficient Funds
Upon making payment for a lot(s), no stop payment of funds will be honored. All stop payment order shall be deemed by the parties to be prima facie evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as intent to defraud.
Sale by Lots
Source One Auctions, LLC reserves the right to include in the auction any Lot and the right to withdraw any Lot prior to posting for bids at the beginning of the auction. Source One Auctions, LLC may combine, subdivide, regroup, or reorganize any Lots.
Payment
All purchases are to be “PAID IN FULL” in non-negotiable U.S. funds upon receipt of invoice. Bank wire transfer is the only acceptable form of payment unless alternative arrangements have been made and approved by Source One Auctions, LLC. prior to the start of bidding.
Buyer shall pay the purchase price and all applicable taxes unless such taxes are exempted by law (proof of exemption must be provided). Buyer also agrees to pay any sales tax that may be assessed after initial payment has been received.
The Buyer also waives the right to stop wire transfers given as payment. No drafts, credit cards or ACH payments will be accepted. The Buyer may receive their equipment purchases upon completion of payment.
Source One Auctions, LLC. reserves the right to hold ALL equipment until ALL funds have cleared Source One Auctions, LLC.’s bank and to hold ALL equipment on any partial payment.
A late fee will be assessed if payment is not received in full within (5) business days of receipt of your invoice. Contact Support@Source1Auctions.com regarding your Bank Letter of Guarantee.
If any Bidder/Buyer does not pay Source One Auctions, LLC. for any Item(s) within forty-eight (48) hours, (2 business days), after the end of an Auction, Source One Auctions, LLC. has the right to offer the item(s) to the second highest bidder for payment.
If Source One Auctions, LLC. does not have a second bidder, the item may be re-listed for sale online or added to another auction lot in the future.
Failure to fulfill Buyer’s payment obligations will affect future bidding privileges.
Warranties or Guarantees
ALL items are sold “ALL IS, WHERE IS, WITH ALL FAULTS” without a warranty and or guarantee of any kind, whether written, expressed or implied as to merchantability or fitness for a particular purpose or intent.
Any reference to year, make, model, serial number, condition, mileage, performance, lot numbering, and digital pictures are provided as accurately as possible from sources believed to be dependable.
Neither Source One Auctions, LLC. or the Seller shall be held liable for any defects or inaccuracies. Buyer specifically releases Source One Auctions, LLC. of any liability arising from the lack of merchantability to fitness of use or condition of any item purchased.
Upon acceptance of Buyer’s high bid, Buyer is responsible to ensure equipment purchased and Source One Auctions, LLC. and the Seller shall not be responsible for loss or damage.
Release of Purchased Equipment (Lot)
Once all funds have cleared Source One Auctions, LLC.’s bank the buyer will receive a “Item release form.”
The location and pertinent pick-up information will be given to the buyer. Buyer is responsible to adhere to Seller’s requirements for loading and removal of said equipment.
No items will be released without the Item release form!
Risk of Loss
BUYER ASSUMES ALL RISK OF LOSS TO THE PROPERTY FROM AND AFTER THE AUCTION IS CONCLUDED. Buyer shall be responsible to insure all of Buyer’s equipment purchases against all loses from the auction date until removal of such purchases by the buyer.
Limit of Liability
IN NO EVENT SHALL SOURCE ONE AUCTIONS, LLC. BE LIABLE TO BUYER FOR ANY INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES OR LOST PROFITS ARISING OUT OF OR RELATED TO THE AUCTION, THE PERFORMANCE OR BREACH THEREOF. SOURCE ONE AUCTIONS, LLC. LIABILITY TO A BIDDER SHALL IN NO EVENT EXCEED THE TOTAL OF THE PURCHASE PRICE, BUYER’S PREMIUM, AND TAXES PAID BY BIDDER TO SOURCE ONE AUCTIONS, LLC., REGARDLESS OF WHETHER BUYER’S CLAIM IS BASED ON CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.
Severability
If any provision of this Agreement is declared or determined to be null, void, inoperative, illegal or invalid for any reason, the validity of the remaining parts, terms or provisions will not be affected thereby and they will retain their full force and effect, and said null, void, inoperative, illegal or invalid part, term or provision will not be deemed to be part of this Agreement.
Interpretation
Each party to this Agreement acknowledges that it has read, or has had the opportunity to read, the terms provided herein. The parties agree that this Agreement reflects the terms as agreed to by the parties hereto.
In the event a term or terms is considered ambiguous, neither party hereto, nor their respective counsel, will be considered the draftsperson of this agreement for the purpose of causing the terms of this Agreement to be construed against a party hereto.
Applicable Law
The parties hereto acknowledge and agree that this Agreement is made and entered into in the State of Oklahoma, Oklahoma County and will in all respects be interpreted, enforced, and governed under the internal laws (and not the conflicts of laws) of the State of Oklahoma.
If the parties hereto, or anyone of them, litigate any actual or potential breach of this Agreement, the parties hereto stipulate and agree that the exclusive and continuing venue for any such action will be in Oklahoma County, State of Oklahoma, or the United States District Court, located in the State of Oklahoma.