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1501 N Michael Drive

Wood Dale, IL 60191

 

(847) 499-7049

Info@hyperams.com

 

 

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How to Bid & Definitions

 

Auction 101

 

Live Webcast Auction:

  • Auctions will be conducted live with live audio and/or video feeds directly from the auction location. Bidders can attend live or bid online.

 

Timed Online Auctions:

  • Auctions are conducted without an auctioneer calling bids. Each lot closes at the end of its time period, typically 1-2 minutes apart. If a bid is submitted in the last minute of the defined time period, the time remaining on that lot automatically extends 5 minutes. The defined time period extends to 5 minutes for any bid received thereafter.

 

Registering for an Auction:

  • Registration can be completed by clicking the ‘Sign up to bid’ button next to your chosen auction on the Auctions Page. Direct links will be provided from hyperams.com.

 

Done Bidding?

  • After the auction is completed, you will receive an invoice in your inbox. Payment is due within 24 hours. Cash, wire transfer, cashier’s check or company check with a bank letter of guarantee are generally all forms of acceptable payment

 

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How To Bid & Definitions

How to Bid 

 

How do I register for an auction?

  • Click the ‘Register to Bid’ button next to your chosen auction on the Auctions page

 

How far in advance should I register for an auction?

  • Usually you can register as soon as the auction appears on our web page until the auction ends. Details can usually be found on the individual auction's page.

 

How do I bid at a timed online auction?

  • Each lot can be bid on for the time period displayed. During this period, you can place your bid at any time. Simply enter the highest amount you are prepared to pay as your ‘maximum bid’.

  • Your ‘current bid’ is clearly displayed when you log in and view the lot for which you've left a ‘maximum bid’. In many cases your ‘current bid’ is lower than the ‘maximum bid’ you entered.

  • If you have the leading bid when the defined time period ends, you will have won the bidding for this lot. Please remember, bidding online is a contractual commitment to buy.

 

In a timed online auction, can the end time of a lot change?

  • Timed online auctions have an auto extension facility. If a bid is placed in the last minutes of the defined timed period, the time remaining on that lot automatically extends. 

 

How do I bid online in a live webcast auction?

  • When the auction is about to commence the first lot will be displayed in the bidding window. A button appears showing the amount currently being asked. To bid for the lot simply click the green button when the amount you wish to bid appears on the screen. If you are the successful bidder, we will contact you to arrange payment.

  • Please remember, bidding, whether online or in the room, is a contractual commitment to buy.

 

How do I know when I have successfully bid for a lot?

  • We will contact you to confirm you have won and arrange payment.

 

Terms and Conditions

 

TERMS OF SALE (for example purposes only, terms and conditions subject to change with each sale):

 

IDENTIFICATION: All purchasers are required to register and give full name, address and credit card information. VALID CREDIT CARD WILL BE REQUIRED FOR REGISTRATION BUT WILL NOT BE ALLOWED FOR PAYMENT OF ASSETS.

 

Buyer is responsible for any applicable Sales and Use Taxes and will supply AUCTION COMPANY/SELLER documentation and proof that is acceptable to the State in which assets are located as satisfactory to the Auctioneer. For purchases without proof of exemption, a sales tax rate of “X”% will be added to the purchase price plus the buyer’s premium and remitted to the Auction Company.

 

A Buyer’s Premium of 18% of the bid price will be added to the price of each item purchased to arrive at the total purchase price. 

 

AUCTIONEER reserves the right to group, reduce, add or delete lots. AUCTIONEER reserves the right to bid on behalf of the owner.

 

REMOVAL: Buyer is solely responsible to provide any personnel, equipment or material needed to pick up purchases and shall assume all responsibility for the removal of any item purchased at the sale. Buyer is required to remove all items within the stated time frame which is on their invoice unless prior arrangements have been made in writing and approved by AUCTIONEER/SELLER. Items will be considered abandoned, and buyer shall lose all rights to said equipment without recourse or refund due from AUCTION COMPANY/SELLER after the removal deadline. 

 

Although information has been obtained from sources deemed reliable, AUCTIONEER/SELLER makes no warranty or guarantee, expressed or implied, as to the accuracy of the information herein contained or the fitness for duty of any of the assets. All assets are being sold “AS IS, WHERE IS, NO EXCEPTIONS.” There are no warranties, expressed or implied. 

 

If for any reason an item shall become non-deliverable, AUCTIONEER/SELLER shall not, in any event, be liable for non-delivery, or for any other matter or thing, to any Buyer of any lot, other than for the return to the Buyer of monies actually paid to AUCTIONEER/SELLER for said lot, should the Buyer be entitled thereto. No adjustments will be made after the assets are removed from the sale site.

 

PAYMENT: Invoices must be paid in full within 24 hours of the closing date of the sale unless otherwise specified. A buyer’s premium of 15-18% (depends on sale) will be applied to all invoiced sales and sales tax will apply without appropriate proof of exemption. NO ASSETS WILL BE RELEASED UNTIL INVOICE IS FULLY PAID.

 

MANNER OF PAYMENT: All deposits and balances due shall be payable to the order of HYPERAMS, LLC. All payments must be made by CASH, WIRE TRANSFER, CERTIFIED CHECK or COMPANY CHECK WITH BANK LETTER OF GUARANTEE. The full purchase price on all lots sold to the same buyer must be paid in full within 24 hours of the auction closing date and before removal of any of the assets. 

 

All assets are being sold “AS IS, WHERE IS” (no warranties, expressed or implied) and buyer acknowledges they have inspected all assets prior to bidding. While all care was taken in gathering information on the equipment that is for sale, AUCTIONEER/Seller will not be held responsible for the correctness of the descriptions. INSPECT BEFORE YOU BUY! 

 

All persons are inspecting, bidding and removing assets at their own risk and liability without recourse on AUCTIONEER/SELLER. Further the undersigned and their employees or agents agree to hold AUCTIONEER/SELLER and their agents and employees harmless from all claims of any kind or type. 

 

All sales are in US Dollars.  

 

By agreeing to these terms and conditions you signify that you have the authority and you are binding your company, yourself (as an individual and/or employee) and any agents or persons who conduct business using your buyers number and/or under your employment or control. This includes liability as to payment and all disclaimers. 

 

Buyer hereby agrees to defend, indemnify and hold harmless AUCTIONEERSELLER their directors, officers, employees and other agent representatives from and against any and all liabilities, judgments, claims, settlements, losses, damages, penalties, obligations and expenses, including attorney’s fees, incurred or suffered by such person arising from, by reason of, or in connection with any loss, damage or injury to person or property arising from, by reason of or in connection with the assets sold hereunder.  

 

Any controversy or claim arising out of or related to this Agreement, or any alleged breach of the terms hereof, shall be settled by arbitration in accordance with the rules, procedures, and regulations promulgated by the American Arbitration Association (“Arbitration Proceeding”). The arbitration hearing shall be held in the State of Illinois. The Parties hereby agree that the award rendered by the person conducting the Arbitration Proceeding (“Arbitrator”) shall be final and nonappealable, and judgment may be entered upon the award in any court of competent jurisdiction. The Arbitrator shall not have the authority to award punitive damages against either Party. The Party who files notice of demand for an Arbitration Proceeding (“Initiator”) must assert in such demand all claims then known to the Initiator against the other Party (“Respondent”), and the Initiator may amend its demands and claims only with the consent of the Arbitrator. 

All bids are considered offers until the auctioneer sends out the invoices for the auction, at which time the sale is final.  Auctioneer reserve the right to, (1) cancel, suspend, extend or reschedule the sale of an individual lot, auction and/or auction event, (2) make changes to the auction’s closing, inspection, or removal times, or (3) take any other action the Auctioneer deems necessary to effect the fair conduct of this sale/auction.  It is recommended that you check your emails often during the auction for updates and/or changes to the auction process. All bids are considered offers until the auctioneer sends out the invoices for the auction, at which time the sale is final.  Auctioneer reserve the right to, (1) cancel, suspend, extend or reschedule the sale of an individual lot, auction and/or auction event, (2) make changes to the auction’s closing, inspection, or removal times, or (3) take any other action the Auctioneer deems necessary to effect the fair conduct of this sale/auction.  It is recommended that you check your emails often during the auction for updates and/or changes to the auction process. 

 

Backup Bidder: If a winner at the auction does not meet obligations to pay for the lot purchased, the next highest bidder will be considered the winning bidder and will be required to close on such purchase within the terms and conditions herein. 

By registering for an auction, the registrant gives HYPERAMS permission to send occasional emails regarding upcoming auctions, of which the registrant can unsubscribe.

 

ADDITIONAL TERMS AND CONDITIONS: The AUCTIONEER may add other terms and conditions of sale, such additional terms and conditions to be posted online prior to the auction.

Removal and Riggers

 

Buyers are responsible for the removal of all items purchased. The buyer is required to remove all items within the stated time frame on their invoice. Buyers shall lose all rights to equipment without refund after the removal deadline.

 

If the purchaser wishes to hire or contract with a machinery mover, rigger or other type of outside contractor, HYPERAMS, LLC WILL NOT ALLOW THEM to work on the sales premises unless they have placed with the auctioneer PROPER INSURANCE protecting HYPERAMS, LLC and the people or company that the auctioneers are conducting the sale for against any or all claims arising from personal injury and/or property damage created by their actions. This requirement is for the auctioneer’s protection- NOT FOR THE PURCHASER”S therefore, the auctioneer suggests that the purchaser review the insurance policies of the machinery mover regarding the coverage that they have protecting the purchaser and damage of loss of the equipment that they may be moving for the purchaser.

 

Payment

 

We accept:

 

  • Cash

  • Wire transfer

  • Certified check

  • Company check with a bank letter of guarantee:

(Your Bank Name) unconditionally guarantees payment to HYPERAMS, LLC from (Your Company Name) up to the amount of __________. This guarantee will be valid for purchases made at the auction of (Auction Name) on (Auction Date).

 

Buyer's Premium

A buyer’s premium is a fee paid by the buyer, which is added to the final sale price of each item. If you purchase an item for $100.00, and there is a 15% buyer’s premium, your invoice total would be $115.00 plus sales tax.

 

Uniform Sales & Use Tax Certificate Form