Auction Sales Terms
Power Transmission Engineering, Inc, hereby referred to as PTE has provided Photographs and catalog data for reference and typical of items measurements.
All lots have approximate quantities from last inventory of May 5, 2017, subject to prior sale. Inventory quantities are typically accurate within five (5) percent. It is the buyer’s responsibility to verify and or request any data in writing, The article you receive may have cosmetic variances from the photographed item, sizes, dimensions published from Tollok catalog specifications. Most items were purchased directly from Tollok in Italy, some items were purchased from Italian manufactures Compomac, Chiaravalli and MAV. No items were purchased from China or India. Please contact PTE before purchasing if you would like additional photographs or data, exact quantity of the item you will actually bid on / receive.
THE AUCTIONEER WILL NOT WAIVE ANY TERM OR CONDITION CONTAINED HEREIN AND PUTS ALL PURCHASERS ON STRICT NOTICE THAT THESE TERMS SHALL BE ENFORCED. ALL MATERIALS OFFERED FOR AUCTION (the "items") ARE LOCATED IN ADDISON, ILLINOIS. INSPECTION MAY ONLY TAKE PLACE BY APPOINTMENT ONLY.
1. REMOVAL: All items must be picked up within Three (3) business days of Auction. Buyer is responsible for removal of item (s). Items can only be removed once full payment is received. Buyer shall prepare items for loading onto their transport; F.O.B. on site. Upon failure of Purchaser to collect goods within Four (4) BUSINESS DAYS, the Auctioneer / PTE shall have the option in its sole discretion of removing and storing the purchased items at the expense and risk of the Purchaser or may resell the purchased items without notice at public sale or otherwise dispose of goods at the sole risk and expense of the Purchaser. The Purchaser shall remain liable for any losses, expenses and damages arising from the Purchaser's failure to make payment or to obtain the purchased items within the time specified by the Auctioneer. The Purchaser hereby indemnifies and holds the Auctioneer and PTE harmless against all losses, damages, expenses, including legal fees and transportation expenses arising directly or indirectly from the Purchaser's failure to make timely payment or to pick up purchased items within the time(s) specified. PTE WILL PACKAGE AND SHIP TO YOUR COLLECT UPS / TRUCK ACCOUNT FOR A NOMINAL FEE OF $25.00 PLUS, PACKAGING COST.
2. IDENTIFICATION: All potential Purchasers are required to register prior to becoming an "Approved Purchaser". All Purchasers are required to give their full name or business name; permanent street address (P.O. Boxes will NOT be accepted or approved); phone number(s); email address, and website, if applicable. The information collected by the Auctioneer shall be used for the purposes of verifying identity of the successful Purchasers on certain lots of items, to enforce the terms of the auction, and for collection measures on failure to pay or to pick up purchased items on the part of the Purchasers. The auctioneer complies with relevant privacy legislation.
3. PAYMENT: Full payment is due within ONE (1) BUSINESS DAY of receipt of invoice. Only Wire transfer and PayPal payments accepted. Additional payment processing charges may apply for invoiced paid via PayPal. (Paypal ID: CS2@PTEcoupling.com). A BUYER'S PREMIUM WILL BE APPLIED TO INVOICE IN ADDITION TO THE SALES PRICE AND SHALL BE PAID AS PART OF THE TOTAL PURCHASE PRICE. All SALES PRICES ARE LISTED IN US DOLLARS.
4. NO WARRANTIES - All property is sold "as is" and the Auctioneer / PTE makes no warranties or representations (express, implied or otherwise) regarding merchantability, fitness, use, operation, or quality of the property and no statement anywhere shall be deemed such a warranty, representation or condition. Prospective Purchasers should inspect the property before bidding to determine its condition and quality. Each and every lot is sold by the Auctioneer with all faults and defects and with all errors of description and is to be taken and paid for whether genuine and authentic or not and no compensation shall be paid for same. The Purchaser shall indemnify and hold the Auctioneer / PTE harmless against any incorrectness, error, or imperfection not noted in the online catalogue whether known or unknown by the Auctioneer / PTE. No deduction will be allowed on damaged articles as all goods being exposed for public exhibition are sold "as is" and without recourse.
5. COMPLIANCE WITH TERMS OF SALE: In default of payment of the purchase price in full within the time therein specified, lots not paid for and removed within the time allowed herein may be resold at public or private sale without further notice (by the auctioneer), and any deficiency, together with all expenses and charges of resale including legal fees, will be charged to the defaulting Purchaser.
6. RIGHTS RESERVED. The Auctioneer reserves the right to reject any bid. The highest Purchaser acknowledged by the auctioneer will be the purchaser. In the event of any dispute between Purchasers, or in the event of doubt on the part of us as to the validity of any bid, the auctioneer will have the final discretion either to determine the successful Purchaser or to reoffer and resell the article in dispute. If any dispute arises after the sale, the Auctioneer's sale record is conclusive. The Auctioneer further reserves the right to withdraw any item(s) at any time before the actual sale.
7. OWNERSHIP - All items become the sole responsibility of the purchaser immediately at the expiry of the time allotted for the item. Although the Auctioneer will exhibit reasonable care to safeguard purchases, until removed by purchaser, no refunds or adjustments will be allowed for any shortages. If you believe you are entitled to an adjustment to your invoice due to missing or damaged item(s), you must report the problem to the Auction Coordinator. Once the equipment has left the building, there will be no adjustments. If for any reason whatsoever a purchased item as bid cannot be delivered within that period of time of delivery provided for at the sale, the Buyer expressly waives any liability on the part of the Auctioneer and further agrees that any obligation with respect thereto shall be limited to the bid and paid for price for said purchased items.
8. BUYER'S PREMIUM - Buyer's premium applies to all purchases in the amount stated above.
9. RECORDS - The record of sale kept by the Auctioneer will be taken as final in the event of any dispute.
10. BIDS - The Auctioneer shall serve as regulator and arbitrator on all matters relating to bidding. No bidder may retract a bid.
11. THE BUYER does hereby assume and does agree to indemnify and hold the Auctioneer and Seller PTE harmless from any future claim, which shall pertain to the fitness or use of that asset as being purchased.
12. SHIPPING - The Auctioneer will contact the Purchaser for shipping arrangements ONLY when the equipment has been paid in full. All pickups are by appointment only.
13. ADDITIONAL TERMS AND CONDITIONS - Additional terms or conditions of sale may be added by Auctioneer by announcement or posted on the premises prior to the auction.