Auction Contract
Thomas Online Auctions Consignor Contract
Consignment Auction Agreement Thomas Online Auctions
Agreement made this ____ day of _____________ between __________, hereafter called Seller/Consignor, and Thomas Online Auctions, Thomas Combs, hereafter called Auctioneer. Auctioneer and ____________(Seller) agree to contract for Auctioneer to sell by live bid consigned assets & personal property, excluding real estate property, as described here in under the attached terms and conditions. Scope of Services Thomas Online Auctions is engaged in the business of selling by auction personal and real assets of businesses. Thomas Online Auctions will provide these services to liquidate at auction all the consigned assets/property to the highest bidder. Thomas Online Auctions scope of services will include: 1. Labor to set up the auction so that it flows in a normal and exciting matter. Presentation shall include planning to minimize risk of loss by theft or injury to attendees. 2. The necessary staff (including cashiers, clerks, ring men, auctioneers, checkout personnel, etc.) to complete the auctions. Auction will be conducted by the LIVE ONLINE AUCTION METHOD. 3. Advertising and marketing of auction dates, sale sites, items to be sold, terms of the sale using Auctioneer’s internet services, direct mail, print media, current client list and other proprietary sources. 4. Lot all items in an order to deliver a more “exclusive presentation. “Auctioneer will also market and advertise this exclusive presentation. 5. Supply necessary state sales tax forms and collection to comply with Texas Sales Tax law. 6. Provide sale catalogs to assist the buyers. All sale results will be computerized and Thomas Online Auctions will provide Consignor with an itemized auction sale report with settlement. Any assets/property that requires a bill of sale must be executed by the consignor. 7. The extension of credit by check or any other method than cash will be at the sole discretion of Thomas Online Auctions. Settlement will be five business days after the specific sale date for each auction. Sale proceeds will be deposited in Thomas Online Auctions Veritex bank account. Any unpaid or returned checks or charges will be the responsibility of Thomas Online Auctions to recover. 8. Sale time, location, and day will be set by Thomas Online Auctions. Exact location of the sale will also be determined by Thomas Online Auctions. 9. Sale of all assets/property will be absolute unless a reserve is stipulated by the consignor in writing and agreed by Thomas Online Auctions. All assets/property consigned will be sold without warranty expressed or implied and will be advertised that way. An authorized Consignor representative may review any of the auction process at any time. 10. Thomas Online Auctions will control access to auction area during the sale set up and preview period. Due care will be always used; however, Thomas Online Auctions will not be responsible for any damage or theft of consigned assets/property at any time during the consignment period. The consignor is responsible for any and all insurance coverage if desired. Consignor’s Responsibilities 11. Provide releases (UCC 3’s) from all creditors having a security interest in any or all of the consigned assets/property to be sold by Thomas Online Auctions if assets/property are part for any security instrument. The Consignor warrants that all items sold will be free and clear of any and all encumbrances or liens prior to the sale. Any releases will be provided prior to the advertising of the sale. Thomas Online Auctions will work at the Consignors request with any secured party to protect all party’s interest. Thomas Online Auctions will not be responsible to guarantee the title of any item. Sale settlement payments will be made direct to the Consignor unless directed otherwise by the Consignor in writing. 12. If the Consignor withdraws, removes, or sells, liquidate, disposes of any of the assets covered under the terms of this contact by privacy treaty, the consignor will pay Thomas Online Auctions the Sellers commission outlined in the FEES AND CHARGES section of this contract. Fees and Charges
13. Thomas Online Auctions will charge a commission of 35%. There will be a $5 charge or 7.5% of reserve price whichever is greater for all lots with reserves that do not get a bid. The reserve charge is refundable upon sale of reserve lots. There will be a charge for buy back bids by consignor or by auction house by proxy of $5 or 10% of the final hammer price whichever is greater.
Thomas Online Auctions will be paid the first $500 or commission rates whichever is greater before fund are distributed.
14. Thomas Online Auctions will also charge a Buyer’s Premium on the total purchase made by each Buyer as part of their respective purchase. 15. Any other auction expenses outside of the scope of services provided will be charged to the Consignor when requested in writing by the Consignor (major repairs, lien payoffs, etc.) A separate fee of ten percent (10%), of the total amount advanced for the benefit of the Consignor will be charged and deducted in addition to the amount advanced prior to settlements of net sales proceeds. 16. This is the complete AUCTION CONTRACT. This contract is not assignable by either party without the express written consent of the other party, but subject to the foregoing limitation, the Contract will insure to the benefit of and be binding upon the successors and assigns of the respective parties. The validity and interpretation of any of the terms and provisions of any Contract or the rights and duties of the parties hereunder, shall be governed by the laws of the State of Texas. Any changes or alterations to the terms of this contract will be executed in writing by both parties. 15. Consignor will be responsible for all shipping of consigned property both to and from the auction house as well as any tariffs or fees associated with shipping. 16. Attached to this contract is a complete list of items consigned.
Agreed to and executed effective on the ___________ day of ___________, ________2024________ __________________________________
Thomas Online Auctions Consignor’s Signature _______________________________________________
Printed name of Thomas Online Auctions Consignor __________________________________________
Consignor Phone:_______________________________
Consignor Address:_______________________________________ ______________________________
Consignor Email:____________________________________________________
Thomas Online Auctions Agent Signature ______________________________________
Thomas Online Auctions Agent Name Printed______________________________ _