Spencer Manufacturing 12 K Belt Slitter

IMPORTANT INFORMATION: PLEASE READ BEFORE BIDDING.GENERAL TERMS OF THE PERSONAL PROPERTY AUCTIONPROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED. PLEASE READ AND REVIEW THE TERMS THOROUGHLY BEFORE BIDDING ON ANY PROPERTY. After reviewing these terms, do not bid if you do not agree or accept them. By placing a bid, you accept the terms of this auction and will be held to them as presented and updated. These terms create a legally binding contract between you and Taylor Auction & Realty, Inc. Bids cannot be canceled or revoked.All lots sold in this auction are subject to a 10% buyer's premium and Tennessee applicable sales tax (See payment paragraph below). The hammer bid, buyer's premium, and applicable sales tax will determine the final price. Buyers' premium details are on the Auction Details Page and above the auction catalog.ALL PROPERTY IS SOLD AS IS WHERE IS WITH NO WARRANTY, EXPRESSED, WRITTEN, OR IMPLIED, AND ALL SALES ARE FINAL: Taylor Auction & Realty, Inc. has made every effort to prepare the catalog for this auction. All information obtained came from the seller or third-party sources.Taylor Auction & Realty, Inc. may attempt to describe the merchandise in advertising, on the Internet, and at the auction, but makes no representations. Printed statements or descriptions by staff are provided in good faith and are matters of opinion. In no event shall Taylor Auction & Realty, Inc. be held responsible for having made or implied any warranty of merchantability or fitness for a particular purpose. Bidder shall be the sole judge of value. Bidders who bid from off-site understand and acknowledge that fact. Taylor Auction & Realty, Inc. will not be responsible for any errors or omissions in the merchandise description. The Bidder agrees that all items are sold as is and that they may not return any purchased item. Items may be inspected at our facility Monday through Friday.BIDDER REGISTRATION:To facilitate authorizations, we encourage you to register and bid early. Waiting until the last minute to register or become familiar with the system can negatively impact your bidding. We encourage you to register at least 24 hours before the auction. To better serve our customers, all bidders must provide their name, address, daytime phone number or cell number, credit card information, and email address at which they can be contacted. This ensures clear communication between Taylor Auction & Realty, Inc. and the bidder throughout the transaction. Each bidder's identity will be verified. Bidding rights are provisional; if complete verification is impossible, Taylor Auction & Realty, Inc. reserves the right to reject the registration and terminate bidding activity.BIDDING PROCEDURES:Our online auctions move quickly! If you are interested in bidding, please submit your bid promptly, especially near the close of the bidding period. The bidding software will notify bidders by email when they have been outbid. Bidders may also discover if they have been outbid by refreshing the individual lot information or the entire screen. Due to varying internet connection speeds, please place a maximum bid or continuously monitor the auction as it closes. Email notifications may occasionally be delayed. If you win, you will be notified by email. Please watch the auction during the extended bidding time session to ensure you are the high bidder.Online Auctions are shared among the MarkNet Alliance Group and at marknet.com. By placing a bid, you agree to all of the terms and conditions set forth by each auction company and expressly acknowledge and affirm that you have read and are familiar with the terms and conditions of each auction company and each term and condition. The Auctioneer and Auction Company have the sole discretion to advance the bidding. They may reject any bids that do not advance and/or are injurious to the auction, including, but not limited to, minimal suspicious or suspect advances. The Auctioneer shall have sole discretion to determine the successful bidder in the event of a bidding dispute or to make decisions beneficial to sellers regarding their items. You acknowledge that your bid constitutes a legally binding offer to purchase the property being auctioned.Time shall be of the essence. Taylor Auction & Realty, Inc. reserves the right to update, lower bids, withdraw bids, or re-catalog items in this auction. Winning bidders are notified by email when all auction items have closed. Bidders are responsible for checking their email to receive notification that they have won a lot(s). Auction company employees and the auction company may bid on behalf of absentee bidders or at the direction of interested and approved bidders who prefer not to create an online account but wish to bid at the auction. Auction company employees may bid on auction items for personal consumption.EXTENDED BIDDING/Staggered Ending:This auction features EXTENDED BIDDING. If the lot receives a bid within five minutes of its scheduled closing time, it will remain open for bids past its normal close. Active lots will remain open for five minutes until there are no bids on that lot. If you have any questions, please don't hesitate to call us.MAX BIDS:Internet bidders who want to ensure their bids are acknowledged should use the Internet bidding feature and leave their maximum bid. When you bid your maximum, the current bid price does not automatically update to that amount. Someone else has to bid to increase the current price, and the computer will automatically bid up to your maximum in the specified increments. Maximum bids are accepted in the order they are placed.BROWSER INFORMATION: Google Chrome and Mozilla Firefox are the preferred Internet browsers for our bidding platforms. As Microsoft is phasing out support for Internet Explorer 8, 9, and 10, bidders may encounter issues with Internet Explorer when using our website.REFRESH YOUR SCREEN:It is best to refresh your screen periodically. To restore your screen, click `RESET CATALOG` or REFRESH ALL for the whole page to refresh, or use the refresh button on your browser. This is most important at the end of the auction. Please call with any questions at 662-226-2080. It would help if YOU refreshed the screen to keep the time accurate.Reserve Statement: A reserve-not-met statement is placed on lots with a reserve. When the reserve is met, the statement will disappear. After the auction closes, bidders may call the office to request the reserve, and negotiations can be discussed.TECHNICAL SOFTWARE ISSUES: NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR THE AUCTION COMPANY SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Taylor Auction & Realty, Inc. provides online bidding to the Bidder. The Bidder acknowledges and understands that this service may or may not function correctly on the auction day. Under no circumstances shall the Bidder have any claim against Taylor Auction & Realty, Inc. or anyone else if the internet service fails to work correctly. Taylor Auction & Realty, Inc. will not be responsible for missed bids from any source.Time Increase or Decrease: In the event of technical difficulties related to the server, software, or any other online auction-related technologies, Taylor Auction & Realty, Inc. reserves the right to extend bidding, continue the bidding, close the bidding, or increase or decrease the extended time amount at the end of the auction.INVOICES: Winning/high bidders are notified by email when all auction items have closed. Bidders are responsible for checking their email to receive notification that they have won a lot(s).PAYMENT and REMOVAL TERMS:All accounts must be settled within the timeline noted for payment and removal dates. Only Cash, Wire transfer, or ACH are accepted for payment on this auction. The hammer bid, 10%  buyer's premium, and applicable sales tax will determine the final price. Applicable SALES TAX is CHARGED to the Gross Amount. Resale Tax Permits are accepted after verification of the permit number, and a copy is provided to auction staff at checkout. Any buyer who pays over $10,000.00 in cash will be required to verify their personal information to complete IRS Form 8300.Photo Identification: The registered buyer must present a photo during the payment process if it is unknown to our staff. The successful registered bidder must pay for each lot separately. All credit cards used by the bidder for registration must have been issued in the bidder's name or to the business the bidder registered to represent at the auction. Electronic bank transfers for the final purchase cost must originate from an account of the registered buyer or the business the buyer represents. The transfer must include the bidder number and the invoice number.DEFAULT OF BUYERS: Bidders not paying for items at the end of the auction will be considered in default. Such default by the Successful Bidder will result in the Bidder’s liability to both the Seller and the Auction Company. Seller shall have the right to (a) declare this contractual agreement canceled and recover total damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance, or (c) Seller can resell the items either publicly or privately with Taylor Auction and Realty, Inc. and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding/transporting/storage costs of the items, the expenses of both sales, legal and incidental damages of both the Seller and Taylor Auction and Realty, Inc., Inc. In addition, Taylor Auction and Realty, Inc. also reserves the right to recover any damages separately from the Buyer’s breach. To collect funds, the purchaser agrees to pay all reasonable attorney fees and costs incurred by Taylor Auction and Realty, Inc. Taylor Auction and Realty, Inc. reserves the right to refuse bidding privileges to any person(s).REMOVAL POLICY:After receiving the invoice, please arrange payment and removal details with Taylor Auction & Realty, Inc. Please note the removal dates on the auction catalog and details page. Buyers are responsible for verifying the conditions before bidding. At removal, buyers must verify with staff the lot they have purchased in the presence of a Taylor Auction & Realty, Inc. employee before removing it from the premises. We will not be held responsible for any issues discovered after the items leave the auction location. The Bidder agrees that all items are sold as is and that no returns or refunds will be granted for any item purchased. Taylor Auction & Realty, Inc. will not be held accountable for the buyer's additional loading costs, commission, transportation, or mechanical repair fees. A loader is available for load-out.CARRIER SERVICES: Freight services are the responsibility of the purchaser. Taylor Auction & Realty, Inc. will assist the buyer’s carrier with freight services. The buyer must inform the auction firm of freight arrangements.ITEMS NOT PICKED UP:For any item not picked up on the designated day(s) for removal, your credit card will be automatically charged for the invoice amount, plus any applicable storage and handling fees. If you refuse to honor your bid, you will be blocked from the system. If you need assistance with the removal dates, please get in touch with us at (662-226-2080), and we will work with you if possible. However, this auction has strict removal dates. If the buyer fails to pick up items or make timely payments on merchandise, they will be blocked from all MarkNet auctions. This includes all auction companies in the MarkNet Alliance Organization (www.marknetalliance.com). This means you will not be able to bid on any online auctions run by auction companies associated with MarkNet Alliance.If any items are paid for but not removed from the auction location within the established removal time, Taylor Auction & Realty, Inc. has no further obligations to the purchaser who did not meet the removal terms. Items are left at the discretion of the winning buyer/purchaser, and Taylor Auction & Realty, Inc. bears no responsibility for items remaining at the location after specified removal dates.ANY ITEM PURCHASED AND NOT PICKED UP WITHIN 30 DAYS AFTER PAYMENT WILL BE SUBJECT TO A $10.00 PER DAY STORAGE FEE AND WILL BE SOLD AFTER 45 DAYS FOR THE STORAGE FEES DUE.SOLE AND EXCLUSIVE VENUE & JURISDICTION OF ALL DISPUTES: Any claims, including debt collection and all other disputes of any kind, nature, or character whatsoever arising from this auction sale shall be brought to the appropriate court of Grenada County, Mississippi, and shall be governed by the laws of the State of Mississippi; Seller, Bidder, and Buyer each individually and collectively by participating in the Auction conducted by Taylor Auction and Realty, Inc. do at this moment irrevocably agree to submit themselves and any claims to the jurisdiction and venue of the courts of Grenada County, Mississippi, and the laws of the State of Mississippi, which shall be the sole venue and jurisdiction for the resolution of any claims between them and Taylor Auction and Realty, Inc. regardless of the nature or location of the property sold or purchased or the physical location of the Auction. The successful purchaser agrees to pay any reasonable attorney fees and costs incurred by the Auction Company, the seller, and their servants, agents, or employees in the commencement or defense of any actions and the collection of any obligations hereunder. The purchaser agrees that a fee of 2% per month will be added to any unpaid balance due to the Auction Company, as well as any other costs or losses incurred by the purchaser’s failure to adhere to these terms.HOLD HARMLESS: Buyer and/or bidder agree that Taylor Auction and Realty, Inc. is a representative of the Seller and agrees to hold harmless and indemnify Taylor Auction & Realty, Inc. and its Agents, Owners, Directors, Employees, and Representatives from any claims, demands, expenses, and damages which bidder/buyer may claim on account of or in any way growing out of the said auction and to look solely to the Seller for any remedy demanded.Bidder Acknowledgment: The bidder acknowledges that no relationship of any nature or type, agent, employee, independent contractor, or otherwise is created between the bidder and the auctioneer, affiliated auction companies, affiliated software companies, and/or any servant, agent, or employee of the same by the bidder’s participation in this auction. The bidder acknowledges and agrees that the Auctioneer is acting solely as the seller's agent in this auction.Bidder Responsibilities: Bidder responsibilities include, but are not limited to, the following: Bidders agree to keep their username and password confidential and are responsible for any activities involving their account. You must obey local, state, and federal laws when using the website. Violations will result in the termination of website use privileges. Auction company employees and the Auction Company may bid on the auction on behalf of absentee bidders or at the direction of interested bidders.Guaranty Agreement for a Business Entity: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement, guaranteeing payment to Taylor Auction & Realty, Inc. for the completion of the transaction.Reasonable Accommodation: Taylor Auction & Realty, Inc. is an employer and professional service organization that has no intention of discriminating against individuals with disabilities or other legally protected characteristics. We are an affirmative action, equal opportunity employer and service provider. Our decisions are made without regard to race, color, religion, sex, disability, sexual orientation, gender identity, national origin, veteran status, or genetic information. Accommodations are made for hiring employees or assisting clients or customers with our services unless the accommodation would impose an undue hardship. Requests for reasonable accommodations should be directed to Ruthie Taylor @ [email protected] bidding on any item, the bidder acknowledges acceptance of the auction terms and conditions.Benny TaylorTaylor Auction & Realty, Inc.INFORMATION IS SUBJECT TO CHANGEAnnouncements in the form of updated terms posted on the website will take precedence over any previously viewed terms at registrations, previous material, or any other oral statements. Please view the terms periodically for any changes.