KD AUCTIONS WEBSITE POLICY
This website is owned and operated by KD CAPITAL AUCTIONS, LLC., and its affiliated companies (KDAUCTIONS). Only registered users may participate in our online auctions as they take place, you agree and confirm your acceptance and acknowledgment of “KDAUCTIONS –ONLINE AUCTION TERMS AND CONDITIONS” and that you understand and accept these terms and conditions as written. By agreeing to the “KDAUCTIONS –ONLINE AUCTION TERMS AND CONDITIONS” you are agreeing to comply with “KDAUCTIONS-WEBSITE POLICY”.KDAUCTIONS may amend this Website Policy at any time by posting the amended Website Policy on our website. Any further use of this website will constitute your acceptance of such amendments.
Prior to participating in the buying or selling of items/lots on this website, Buyers and Sellers have an opportunity to review and accept the fees that will be charged as disclosed on the ‘Fee Schedule’ document and referenced in the “fees” tab located at the bottom of each website page, “Site Map” tab, “How to Sell” tab, and/or disclosed in the auction item/lot listing terms. Unless otherwise stated, all fees are quoted in U.S. dollars.
KDAUCTIONS may in its sole and absolute discretion:
- Change these fees from time to time, provided that no such change will affect current listings of items/lots.
- Make special pricing arrangements with Buyers or Sellers which must be agreed in writing and approved by KDAUCTIONS.
Buyers and Sellers are responsible for paying all fees and penalties associated with using KDAUCTIONS services and website, including all applicable taxes.
Buyers and Sellers must be a ‘Registered Member’ to be able to sell or buy any auction item/lot. KDAUCTIONS may require a Buyer or Seller to use a valid credit card upon registration to validate that user’s identity.
Bidding on an item/lot indicates your intent to purchase that item/lot and is considered a legally binding contract between yourself and the Seller of the item/lot. A Seller may choose to either reduce or remove an auction reserve any time prior to the final close of an auction and accept the high bid. Bids cannot be cancelled once they are submitted. Upon receiving notification that you are the winning bidder, Buyer is obligated to purchase the item/lot.
All purchases are subject to a Buyer’s Premium at the published percentage rate for each item sold (disclosed in the item/lot listing terms). This Buyer’s Premium is in addition to all other components of the sale, including applicable taxes and is due at the time of payment as provided herein. In the event that a winning Buyer does not pay the aforementioned by the specified deadline, a 5% “Late Fee” payable to KDAUCTIONS will become due and will be added to the final balance due. In addition, should the Buyer not pay for the full purchase of an item/lot including applicable taxes and other charges within 2 business days, a “Default Bid Fee” calculated at 10% of the purchase price or $2500.00 (whichever is greater), will be due and owed to KDAUCTIONS, in addition to all other amounts. The defaulting Buyer/bidder may be subject to other claims, damages and liabilities to the Seller and/or KDAUCTIONS. KDAUCTIONS may in its sole and absolute discretion tender the outstanding due amounts to a third party collection agency, and report unpaid amounts to Credit Reporting Agencies.
A Seller listing an item/lot on KDAUCTIONS website indicates your intent to sell this item/lot to the highest bidder and is irrevocable. Seller warrants and represents that it has the legal authority to sell such asset/item/lot, completely free and clear of any liens or encumbrances of any nature. Seller further agrees to use all commercially reasonable efforts to accurately describe the asset/item/lot and will be solely responsible for the listing information provided. Seller hereby grants KDAUCTIONS free of charge, a perpetual, irrevocable, non-exclusive worldwide right to use any and all trademarks, advertising or copyright that Seller may have in their provided content, known or unknown.
Seller agrees for items/lots sold on this website that KDAUCTIONS will be paid a percentage of the sale price by Seller which shall be deducted from the sale proceeds. Seller further agrees not to directly negotiate any agreement with a potential buyer to buy any items/lots listed on KDAUCTION website. Seller agrees to grant KDAUCTIONS an exclusive right to sell the item/lots listed for the duration of the auction plus an additional 30 days (Listing Period.) Any inquiries that the seller receives to buy the items/lots during this Listing Period will be referred to KDAUCTIONS. If the item/lot is sold or withdrawn, KDAUCTIONS shall receive full commission.
Sellers may choose to either lower or remove a reserve amount any time prior to the final close of an auction and accept the high bid. Sellers MUST contact a KDAUCTIONS administrator to lower or remove a reserve amount.
Seller hereby grants KDAUCTIONS an option to take ownership of the items/lots whereby KDAUCTIONS may legally or otherwise be required to do so in order to assist in the sale of Sellers items/lots. This option may be exercised in the absolute and sole discretion of KDAUCTIONS.
In order to list an item/lot on this website, Seller agrees to refrain from doing any of the following:
- Inflate the price by bidding on the item/lot, either personally or through an agent.
- Engage in fraudulent or illegal activity.
- Send or cause to be sent an unsolicited email to users of this website.
- Infringe on any third party copyright, trademark, service mark or patent.
It is the Buyer’s and Seller’s responsibilities to determine if any tax applies to their transaction and hereby agree to calculate, collect, report, and remit the correct tax and amount to the tax authority. KDAUCTIONS is not obligated to determine whether any such taxes apply and is not responsible for collecting, remitting or reporting any such taxes arising from any transaction unless otherwise agreed in writing and approved by KDAUCTIONS.
DENIAL OF SERVICE
KDAUCTIONS reserves the right to refuse service to anyone for any reason and in its sole discretion. This right will be exercised when it becomes evident a user is in some way abusing the website.
ESCROW, PAYMENT, REMOVAL DATE
KDAUCTIONS will act in the capacity of Escrow Agent. After selection of the winning bid, Buyer will promptly receive an invoice via e-mail to the Buyer’s registered e-mail address. Buyer agrees to pay the purchase price and all other fees to KDAUCTIONS which shall be held in a separate segregated bank account used for Escrow Funds (“Escrow Funds”). No interest shall accrue on funds while held in escrow by KDAUCTIONS. The winning bidder is required to pay the agreed purchase price and other fees to KDAUCTIONS in advance of the deadline specified on the invoice and/or the “Lot Terms” (typically within 24 hours).
Each item/lot will have a specified Removal Deadline or Pick Up Date (“Pick Up Date”), which is the date by which Buyers are required either to take physical possession of the item/lot or to assume control of the item/lot (such as when the item/lot is located in a third party storage facility or when removal has been commenced but not yet completed).
Removal of the item/lot is usually evidenced by KDAUCTIONS receipt of:
(i) Buyer’s conformation stating that removal of the item/lot has begun, or has assumed control of the item/lot from the Seller;
(ii) Seller’s confirmation that the item/lot has been picked up by the Buyer; or
(iii) reasonable verification that the item/lot has been released or shipped to the Buyer.
KDAUCTIONS will investigate and attempt to resolve any delay in the removal of an item/lot.
Buyer must communicate any claim of material shortages in quantity or other material discrepancies of an item/lot from the listed description to KDAUCTIONS no later than 5:00 p.m. (Pacific Time) on the next business day following the specified Pick Up Date. After such time, Buyer will relinquish any rights to make any claims regarding material shortages in quantity or other material discrepancies of the item/lot from the listed description.
KDAUCTIONS reserves the right to charge storage for all items not removed after the Pick Up Date deadline, including all costs incurred to move the items to other suitable locations, if necessary. Items not removed within thirty days of the auction will be considered as abandoned by the purchaser and KDAUCTIONS is authorized to re-sell those items as it sees fit, retaining the sales proceeds.
KDAUCTIONS is authorized to make a distribution of the Escrow Funds to Seller, or Seller’s designee, less KDAUCTIONS agreed commission, fees for additional services and any applicable taxes payable on services upon the earlier of:
a. removal of the item/lot or
b. the third business day after the specified Pick Up Date, whether or not the item/lot has been removed by such date.
Any item/lot not removed by Buyer as required by specified Pick Up Date will receive a notice from KDAUCTIONS that the item/lot has not been removed and Escrow Funds will be distributed.
Should Seller fail to make the item/lot available for removal by the specified Pick Up Date, KDAUCTIONS will notify Buyer and Seller and refund the Escrow Funds to Buyer within ten (10) business days after the notice is given.
GUIDE TO BIDDING ON AUCTIONS ON OUR WEBSITE
See the bidding procedures outlined below that set forth the rules that govern this website. Any conflict in terms between the Website Policy and item/lot terms, the item/lot terms shall govern. Any User that submits a bid on an item/lot, is subject to the terms of that item/lot.
We have three auction formats on our website which are explained below:
English Auction/ Hidden Reserve: In the English Auction Format, bidders are invited to submit bids for listed items prior to the set ending time for the sale. Bidders can only submit market leading bids and they may not submit bids that include changes to the terms of sale. The leading bid amount, next bid required and a detailed bid history for the lot is displayed to the public. For any completed auction, the winning bid is displayed, but the winning bidder’s identity is not publicly disclosed on our website. A hidden reserve may be used by a Seller and sometimes may be in conjunction with a “Buy it now” price. If the reserve has not been met, you will be prompted.
Visible Reserve: Works the same as above except that the reserve price is visible. This type of auction format may be used in conjunction with a “Buy It Now” format.
Buy It Now: In a “Buy It Now” Listing Format, buyers may purchase an item at a fixed price that is published with the listing. If a bid is placed above the “Buy It Now” price, then the “Buy It Now” feature will not be valid or applicable. For any completed sale, the fixed price is disclosed, but the winning bidder is confidential and will not be publicly released on our website.
- How Auction Extension works: All items/lots listed for auction may use a bid extension interval. This interval will vary from auction to auction. When a new high bid is placed, within the extension interval just before an auction’s scheduled ending time, the auction will be extended for a short pre-determined time. This allows bidders a fair opportunity to place their bids.
- How Bid Types Work: Every auction uses one of two possible bid selection methods.
a. Regular Bid: With Regular Bid, a bidder must manually enter their bid amount and submit it.
b. Auto Bid: An Auto Bid will automatically bid on your behalf for an item up to your preset dollar amount. If your bid is less than the reserve, you will be prompted. If your bid is higher than the reserve, your bid will be made at the reserve price and increased until your preset limit is reached.
Winning bidders will be notified by KDAUCTIONS, at which time the Seller and winning bidder are obligated to complete the transaction.
Auctions that have commenced, cannot be changed by the Seller without KDAUCTIONS written approval. In some circumstances, KDAUCTIONS may allow Sellers to add additional non-material descriptive information, such as pictures or text, or correct inaccuracies, which do not materially change the original listing. If there are material changes needed to correct inaccuracies, the auction will be terminated by KDAUCTIOINS and subsequently re-listed as appropriate.
Starting bids: A Seller (or KDAUCTIONS on the Seller’s behalf) is permitted to provide a starting bid for any auction.
Bidders cannot retract their bids as they are binding. In rare situations, KDAUCTIONS may intervene to correct a typographical bid that is erroneously made. Carefully review your bids before placing them.
Binding bids: Bids made by bidders on listed items are binding, and winning bidder is obligated to complete the transaction. Bidders agree that bidding for items listed for sale on this website is a legally binding agreement to purchase.
KDAUCTIONS reserves the right to reject or void any bids which KDAUCTIONS believes have not been made in good faith, are intended to manipulate the auction process.
KDAUCTIONS reserves the right to void any auction, at any time, for any reason, including technology malfunctions that may affect the result of an auction.
Manipulation by any User of any sale price is strictly prohibited, including, without limitation, the use of multiple user accounts or in any way act in bad faith or otherwise harm the integrity of KDAUCTIONS on this website. Anyone found to be using these practices will face suspension or termination.
KDAUCTIONS may prequalify buyers on certain types of items/lots.
Sellers may choose to limit a designated auction to pre-qualified bidders who will be required to place a specified amount on deposit with KDAUCTIONS. Prior to the auction start, bidders may be required to pay this deposit amount to KDAUCTIONS by credit card or other approved methods. Only pre-qualified bidders will be allowed to place bids during the auction. At the end of the auction, if deposits were provided, KDAUCTIONS will promptly cancel the deposit charge on the credit cards of the bidders who did not win the auction. If the winning bidder for an auction defaults by failing to pay the agreed purchase price and other fees, the deposit amount of such bidder will be forfeited and the seller may exercise such other rights and remedies as are available under applicable law. In the event of such default, to the extent that the Default Penalty described above exceeds the deposit amount, KDAUCTIONS will be authorized to charge such excess amount on the defaulting bidder’s credit card.