Lot- Drills

Auction Terms & Conditions

These Terms and Conditions constitute a legally binding agreement between the bidder (“Bidder”) and Pearce & Associates Auction Company (“Auctioneer”). By registering and bidding, you agree to all terms outlined herein.

1. General Terms

All property is sold AS IS, WHERE IS, with all faults and without warranty of any kind, expressed or implied.

Auctioneer makes every effort to provide accurate descriptions; however, all descriptions, statements, and representations are matters of opinion only and are not guarantees.

Bidders are strongly encouraged to inspect all items prior to bidding.

All sales are final. No refunds, returns, or chargebacks will be permitted.

Auctioneer reserves the right to:

Add or remove items
Cancel or postpone the auction
Reject any bid or bidder at its sole discretion

2. Bidding & Auction Process

This auction utilizes an Auto-Extension (soft close) feature.

If a bid is placed on a lot within the final 5 minutes:

That lot will extend an additional 5 minutes
Bidding will continue until no bids are placed for 5 minutes consecutively

Max Bid / Proxy Bidding

When placing a max bid:

The system will automatically bid on your behalf
Your max bid is not immediately shown
The system only increases bids as competing bids are placed

3. Buyer’s Premium & Taxes

A 15% Buyer’s Premium will be added to all purchases:

Applicable sales tax will be collected unless a valid resale certificate is provided.

For titled items (vehicles, vessels, etc.):

Sales tax will be paid at the time of registration per state law

4. Payment Terms

Accepted forms of payment:

Cash
Certified Funds
Wire Transfer
Credit Card (up to $2,500)

A 3% processing fee applies to all credit card transactions.

All invoices must be paid within 2 business days of auction close unless otherwise stated.

5. Default & Non-Payment

Failure to pay within the stated timeframe constitutes default.

In the event of default:

The bidder may be revoked from future auctions (including MarkNet platforms)
The Auctioneer may charge the bidder’s credit card on file
The bidder remains liable for the full purchase amount
Items may be resold without notice

6. Pickup, Removal & Abandonment

All items must be removed within the scheduled pickup period.

Failure to remove items will result in:

Items being deemed abandoned
Ownership reverting to seller or Auctioneer
No refunds issued

Auctioneer is not responsible for:

Damage
Theft
Storage of items after auction

Any assistance provided by Auctioneer staff is at the bidder’s risk.

7. Condition of Items

All items are sold AS IS, WHERE IS.

No guarantees are made regarding:

Condition
Authenticity
Functionality
Completeness

No allowances will be made for:

Errors in cataloging
Defects not disclosed

8. Bidder Responsibilities

Bidders are responsible for:

Maintaining confidentiality of login credentials
All activity is conducted under their account

Any misuse of the platform or violation of laws will result in the termination of bidding privileges.

9. Credit Card Authorization

By registering, bidder agrees:

Auctioneer may charge the card on file for unpaid invoices
Card may be charged if bidder fails to complete payment or pickup
Bidder will not dispute or chargeback valid charges

Failure to comply may result in:

Legal action
Permanent bidding suspension

10. Jewelry Disclaimer (If Applicable)

Pearce & Associates Auctioneers are not certified gemologists.

All jewelry descriptions and appraisals:

Are provided by the seller
Are not guaranteed

Buyers are strongly encouraged to inspect and verify all items prior to bidding.

11. Legal & Jurisdiction

All disputes shall be resolved in:

Charleston County, South Carolina

By participating, bidder agrees to jurisdiction and venue in this location.