TERMS OF AUCTION:
1) Seller gives SG Auctions their consent to the sale of vehicle, subject to the terms and conditions contained herein
2) Seller agrees to maintain insurance on vehicle until title is transferred to the Buyer
3) Seller agrees that SG Auctions shall assume no liability for loss, theft, or damage arising out of vehicle sale
4) Seller acknowledges that any monies owed to SG Auctions in the form of entry fees or vehicle service provided, examples of which are, but not limited to: mechanical work, body work, storage, transportation or detailing, will be paid before vehicle will checked in to the auction, unless arrangements have been made and approved by SG Auction management prior to the first scheduled day of auction vehicle check-in.
5) Seller acknowledges that any monies owed to a bank or lending institution which create a lien on a title, will be paid off by the Seller before the vehicle will be checked in to the auction, unless arrangements have been made and approved by SG Auction management prior to the first scheduled day of auction vehicle check-in.
6) Proceeds from the sale may be withheld, at SG Auction’s discretion, to satisfy any existing debt or obligation owed to SG Auction, a bank or lending institution by the Seller
7) Seller agrees to pay SG Auction a 7% commission of the highest bid if offered with a reserve, 5% if offered with no reserve which results in the sale of a vehicle(s), $250 minimum for each.
8) Seller can, at any time, lower their reserve price. However, the reserve price cannot be raised after SG Auction receives the listing agreement from the Seller
9) Seller agrees to present to SG Auctions a good, clear and transferable title prior to the sale
10) Seller warrants that he/she is sole and only owner of any consigned vehicle(s) and has the right to sell vehicle(s) with clear consent from any lien holder listed on the title
11) Seller agrees to correct any title defects and/or will pay any costs associated with providing Buyer a good, clear and transferable title as required by the state where Buyer seeks to register vehicle(s)
12) Seller agrees to indemnify SG Auctions from any attorney fees, costs and/or expenses connected with the sale of their vehicle(s) or transfer of vehicle(s) title
13) Seller authorizes SG Auctions to release said vehicle(s) to the successful buyer and agrees to rely only upon the Buyer for payment, thereby, releasing SG Auctions from any and all legal obligation for collection, attorney fees, or any costs and/or expenses connected with the sale
14) If, as convenience, SG Auctions should issue payment to the Seller on behalf of the Buyer, said payment can be withheld, cancelled or revoked at any time at SG Auction’s discretion until proper, good funds are received from the Buyer
15) Seller agrees SG Auctions may hold vehicle(s) title until any and all funds due, including cash, clear SG Auction’s bank
16) SG Auctions will pay the Seller when payment is received and confirmed from the Buyer
17) SG Auctions will not release vehicle(s) until payment is received.
18) SG Auctions is licensed and bonded in the state of Minnesota and will certify funds from the Buyer.
19) Seller checks will be mailed within 10 business days of the end of the sale.
20) If an unsold consigned vehicle is sold within 60 days of the of the last day of the auction in which the vehicle was offered to any person or business as a direct result of the auction, advertising or promotions the Seller agrees to pay the commission based on the original listing agreement.
21) The validity, interpretation and enforcement of this Agreement shall be governed by and construed in accordance with the laws of Minnesota, and this Agreement shall be binding on and enforceable by the parties and their respective heirs, legal representatives, assignees and devisees in accordance with Minnesota law.
22) The parties irrevocably submit to the jurisdiction of the State of Minnesota, District Court of Houston County, for any dispute arising out of, relating to in any way, concerning the auction Lots and irrevocably agree that all such claims shall be there entertained. The parties irrevocably waive any objection or defense founded on the forum’s inconvenience. The prevailing party shall be entitled to attorneys fees and costs.