The following information applies to all Ritchason Auctions and is subject to any additional terms and conditions applicable to each specific auction:
Reduced Buyers’ Fee on Higher $ Items:
BUYERS’ FEE: CALCULATED PER ITEM: $1-$2,500 (8%), $2,501-$45,000 (6%), $45,001-$70,000 (5%), $70,001 & up (4%)
TN SALES TAX:
Under item description the *C- – – – indicates items not subject to TN sales tax. Refer to RA Terms/TN Sales Tax for conditions.
A 25% Deposit of expected purchases with a minimum of $1000 is required to register for first time RA buyers without prior approval.
A $25,000 Deposit is required to register unless prior arrangements have been made with Ritchason Auctioneers. This Deposit will be refunded if no purchases are made.
Payment will be accepted by cash, check, cashiers check, VISA, MC, Discover (3% Admin Fee), or wire transfer. A Bank Letter of Guarantee drawn on a U.S. Bank addressed to Ritchason Auctioneers, inc. must accompany all checks. (REFER TO PAYMENT TERMS BELOW)
BOUND BY TERMS & CONDITIONS:
By registering to participate in this Ritchason Auctioneers, Inc. (Auctioneer) sale and by obtaining a bid number, the individual whose signature appears on the Registration Agreement (Bidder), has agreed to be bound by all written Terms and Conditions contained herein as well as by any announcements made at the sale. Bidder, whether acting as principal, agent, officer or director of a company or otherwise and the company he represents are bound by these terms and conditions.
The listing of all items herein is a guide only and is based on information given to Auctioneer, but its accuracy is not guaranteed or warranted. Auctioneer is not responsible for any errors in description or condition. Some years listed may reflect year of purchases and not manufacture. Bidder must inspect all items to his satisfaction prior to bidding. Bidder agrees to rely exclusively on his pre-auction personal inspection of all items.
• EVERY ITEM SOLD “ AS IS, WHERE IS” AND WITH ALL FAULT
• NO GUARANTEES OR EXPRESS WARRANTIES
• NO IMPLIED WARRANTY OR MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE
FOR ANY ITEM
• ALL SALES ARE FINAL
Bidder has had the opportunity to inspect all items and agrees he has satisfied himself and is not relying on Auctioneer for guarantees or warranties, expressed or implied or otherwise.
In case of a tie bid, Auctioneer reserves the right to reopen the bid between those two bidders. Auctioneer reserves the right to revoke any bid card at any time. Anyone bidding for an account other than his or her own must obtain a separate bid number for that account. The bidder offering the highest bid accepted by the Auctioneer shall be the “Purchaser” of the lot being sold and may not retract his bid. Purchaser will not be entitled to any adjustment, allowance, rescission, or damages or any other remedy regarding the condition of any item purchased.
Satisfactory settlement in U.S. Funds is to be made during or at the conclusion of the auction. Purchaser may pay 25% of total invoice with a minimum of $10,000 on day of sale. Balance of invoice is due within (6) six days from date of auction.
• Payment for domestic buyers will be accepted by cash, check (accompanied by Bank Letter of Guarantee), cashiers check, VISA, MC, Discover, American Express (3% Admin Fee), or wire transfer
• Payment for international buyers: wire transfer only.
Purchased items will not be released until the total purchase price has been fully paid. A Buyers’ Fee (based on dollar amount of item) will be added to all invoiced purchases. No additional Online Bidding Fee. Purchaser must pay all state and local sales tax on an item when applicable. Refer to “Failure to Settle” section.
RISK OF LOSS:
All risk transfers to the purchaser at the fall of gavel. Purchaser agrees to obtain full liability insurance coverage for the item as may be required by law.
TENNESSEE SALES TAX:
Taxable items under $1600 will be taxed at 9.25% Sales Tax.
From $1601 – $3200 will be taxed at 9.75% per item. Purchase amount in excess of $3200 per item will be taxed at 7%. All dealers must execute certificate of resale on day of sale to claim exemption of sales tax.
Under item description the “*C——” indicates items not subject to sales tax at RA auction. Purchaser is still liable for sales tax on motor vehicles & trailers upon execution of title and registration.
FAILURE TO SETTLE:
Any purchases not paid in full by 6th calendar day from day of sale, will be considered in default and will incur additional fees of 24% per annum of total purchases with a minimum of $100 per day. In the event Purchaser fails to settle or fails to comply with any Terms, Auctioneer shall take possession of all Purchases and, at Auctioneer’s sole discretion, have the right to resell such Purchases without notice to Purchaser. Should resale take place, original Purchaser will be responsible for any deficiency arising from the resale, a 10% commission to Auctioneer, any Failure to Settle and/or Storage fees and any legal costs incurred. To the extent permitted by law, you will also be required to pay our collection expenses, including costs associated with the use of a collection agency, court costs and reasonable attorney’s fees.
A $50.00 administrative fee will be added to the purchase price of all titled items. Titles will be mailed via Registered U.S. Mail in ten (10) banking days from date of satisfactory settlement.
REMOVAL AND STORAGE:
All purchased items must be removed from Auction Site within fourteen (14) days of sale. All items remaining after that date will incur a $25 per day storage fee per item. Storage fees will continue per day up to 30 days after original purchase date. Items remaining on Auction Yard past 30 days will be considered abandoned and Auctioneer may resell any and all items per terms under “Failure to Settle” above. Storage fees will continue per item until that item is resold.
Anyone caught damaging an item will be held responsible for the difference of auction price and Auctioneer appraisal, as well as any legal action taken by owner.
Trading lots on yard between Purchaser and another Bidder does not allow for the item to bring best possible price for the Consignor. Therefore, anyone trading on Auction Yard will be charged a commission of 10% or $250 whichever is greater. Trading must be done in office in order to invoice proper Purchaser.
ALL INDIVIDUALS AT THE AUCTION SITE ARE PRESENT AT HIS OR HER OWN RISK. Bidder agrees the auction site is potentially dangerous because of heavy equipment operation, electric circuits and presence of flammable, corrosive or pressurized liquids or other materials. Bidder shall warn its agents, employees, or any other persons accompanying Bidder of these possible dangers. Regardless of cause, Auctioneer or its agents will not be responsible for any injury or death to anyone at the auction site
Monday – Friday | 8:00am – 4:30pm (CST)