Welcome to McDougallBay.com, your total source for buying bank repossessed and lease returned recreational equipment, farm equipment, business equipment, vehicles, agricultural and industrial equipment and much more. Please read and review the terms and conditions ("the Agreement") below carefully. This Agreement summarizes the rules governing your use of mcdougallbay.com. The Agreement enables the owners of mcdougallbay.com, McDougall Auctioneers Ltd. (hereinafter "mcdougallbay.com"), to offer an easy, secure and fair place for buyers of bank repossessed and lease returned recreational equipment, farm equipment, business equipment, vehicles, agricultural and industrial equipment to enter into contracts with mcdougallbay.com for the purchase of such equipment. When you click on the "place bid" button on the "Place Bid" page you are entering into a legal contract with mcdougallbay.com in which you agree to abide by this Agreement in all aspects of your use of mcdougallbay.com. Anyone using mcdougallbay.com, executing a bid for an item on mcdougallbay.com, or requesting an item on mcdougallbay.com, will be deemed to have consented to this Agreement. If you do not agree to these terms and conditions, you may not place a bid on mcdougallbay.com or use any services of mcdougallbay.com. As used in this Agreement, "you" are an individual acting on your own behalf, or "you" are an agent of a person or entity that has authorized you to act on that person's or entity's behalf.
Eligibility And Authorized Use
Eligibility And Authorized Use
Use of mcdougallbay.com is limited to persons who may lawfully enter into and form contracts under applicable law. For example, minors are not allowed to enter bid contracts. By using mcdougallbay.com, you warrant or certify that: - You are at least 18 years of age (or older, if required by applicable law) and possess the legal authority to enter into this Agreement. - You agree to be financially responsible for all of your use of mcdougallbay.com (as well as for use of your account by others, including without limitation minors living with you). - You agree to supervise and be responsible for all usage of minors of mcdougallbay.com under your name or account. - All information supplied by you or members of your household in using mcdougallbay.com, including without limitation your name, email address, street address, telephone number is true and accurate. You Agree to pay all penalties, damages, losses, lawyer's fees, anticipated selling commissions as per value deemed by mcdougallbay.com and expenses incurred by mcdougallbay.com in the event you do not provide accurate information. - Notwithstanding the foregoing or any other provision of this Agreement, mcdougallbay.com reserves the right to refuse any bid for any reason in its sole discretion. All registered and existing users must have a current and accurate email address, and certify that all of the information entered on the registration including credit card information is true and correct. At the time of registration you consent to have McDougall Auctioneers Ltd. store your credit card information on file. Upon registration you are authorizing McDougall Auctioneers Ltd. to verify your credit card information by charging your credit card a non-refundable $1.00 dollar plus applicable taxes verification charge. Any credit card changes after registration will result in an additional non-refundable $1.00 dollar plus applicable taxes charge per credit card verification. With respect to existing customers a non-refundable $1.00 dollar plus applicable taxes charge will be levied if verification is required. Please refresh screen to view the current bid on any lot.
McDougall Auctioneers Ltd. reserves the right to revoke bidding privileges for any reason deemed necessary, and is not liable for any loss of bidding and/or potential purchases under any circumstances. McDougall Auctioneers Ltd. will not be held liable for any electronic/auto generated communication for the online bidding process.
As a buyer, you are obligated from the time you place your offer or bid to complete any purchase for which your offer is accepted or your bid represents a winning bid in accordance with the specifications of mcdougallbay.com. You may not retract any offer or bid. You may not influence or manipulate the offering or bidding process to compel other buyers to accelerate their offers or bids or hamper others from offering or bidding without interference. Owners/Consignors are forbidden by contract from bidding on items they are selling.We describe all units based on a visual inspection only. We make a good faith effort to accurately describe each item, however there may be hidden damage or details we may unintentionally miss that may appear obvious to the buyer. If you bid on an item you agree and fully understand all the terms and conditions of the use and interaction and payment/pick up conditions of www.mcdougallbay.com. By bidding on www.mcdougallbay.com or its subsidiary website addresses you agree that everything is sold on a AS IS WHERE IS basis.
Terms of Reserve Bids / Subject to Approval
Terms of Reserve Bids / Subject to Approval
On this item or piece of equipment, the customer who places the highest bid will be notified via email advising them that they are the highest bidder and the reserve price has not been met. The customer will be further advised that their bid has been submitted to the seller for consideration and is pending approval. A sales representative will be in contact with you within 48 hours to confirm the outcome of acceptance. Please note that your bid is binding throughout the 48-hour approval period and if accepted by the seller you must carry through with your purchase with no exceptions. If you have further questions, please feel free to contact the office at 800-263-4193.
Terms of Subject to Redemption
Terms of Subject to Redemption
On this item or piece of equipment, the term "subject to redemption" simply means that the piece of equipment possibly may be withdrawn from the auction, and not made available for sale at any point throughout the auction process. This is usually the case if the piece of equipment is written under a financial contract and we are selling for the creditor in which the original owner has a right to REDEEM the piece of equipment up until a certain date. Another situation where this would be posted is in a legal matter, and it is solved during the process and it makes the sale of assets not necessary, and legal counsel is obligated to remove from the auction sale, and the items are no longer viewed as "sellable" assets and equipment. IT DOES NOT MEAN there is any risk that if the piece of equipment goes to final sale by auction, and the transaction is completed, that you will not have full liberal enjoyment and usage of the piece of equipment, and you will be able to purchase with confidence free and clear of all liens and encumbrances as per McDougall Auctioneers Ltd. bond through the Saskatchewan Auctioneer's Association. This is solely to allow the financial institution or legal counsel to withdraw the piece of equipment, vehicle or asset from the auction sale, if there are legal obligations to any of the parties.
Terms of Lien Release
Terms of Lien Release
The funds are forwarded within 7 days to the creditor upon payment to McDougall Auctioneers Ltd., then at that point the creditor will begin the release of their registration. Our auctioneer bond covers this process of the purchaser paying McDougall Auctioneers Ltd. McDougall Auctioneers Ltd. will then forward the funds to the specific creditor, which in turn removes the registered lien. This process could take up to three weeks to complete, however it quite often is a much quicker process. Always remember, McDougall Auctioneers Ltd is the safeguard for your free and clear title, and the clear title will show up in registration in due course. If you plan on selling or financing the item immediately, and cannot wait for the registration system to catch up, we recommend you do not purchase the unit, as we are restricted by other parties as to how fast this can be completed. If you have any questions, please forward to email@example.com
McDougall Autioneers reserves the right to charge various fees to buyers for the use of any and all services of mcdougallbay.com, including, but not limited to, sale and/or auction listings and transaction fees based on completed transactions using mcdougallbay.com. McDougall Auctioneers Ltd. reserves the right to charge a buyers premium which is laid out on each lot. For example, 15% to a max of $750.00. If there is a lot with a Must Take X Times the Bid Price the buyers premium will be charged on a per item basis, not on a lot basis. For example, if you are bidding on a lot described as Yamaha Golf Cart (Must Take 3 Times The Bid Price) and the bid price sold is $2,500.00, the total of the purchase would be $7,500.00 plus 15% buyers premium of $1,125.00 plus applicable taxes. The buyers premium/fee is subject to change at the discretion of McDougall Auctioneers Ltd. Mcdougallbay.com further reserves the right to impose or change any and all fees from time to time including a 3% fee for use of Visa/Master Card to pay for purchases. Buyers are responsible for any charges, duties, taxes, and assessments arising out of their use (and the use by another acting as an agent of a buyer or over whom a buyer has control) of mcdougallbay.com. McDougall Auctioneers Ltd. reserves the right to charge buyers fees and/or buyers premiums on all items sold. Mcdougallbay.com reserves the right to charge fees to buyers for their use of any inspection services offered by mcdougallbay.com. Further, mcdougallbay.com has the right to charge storage fees for items that are not recovered by the winning bidder within 5 business days from receiving notification of successful bid. The rate charged for items left at a mcdougallbay.com sale location for over a 5 business day period shall be subject to, $2 per item per day to a maximum of $28.00 on items stored inside and minimum $10.00 per item per day on items stored outside unless otherwise arranged. Applicable storage fees will accrue from the original sale date. If property is not physically picked up within 5 calendar days from receiving notification on sale closing day we reserve the right to resell with or without notification. Photo ID is required on pick up of all equipment and merchandise purchased from our yardsite. A letter or email of authorization will be required if buyer is unavailable to pick up items and sends a third party to do so. For live auction sales, proxy bidding & phone bidding will be accepted for a 3% 'proxy premium' to a max of $750.
Any item(s) paid or outstanding and determined to be abandoned by McDougall Auctioneers Ltd., following the allocated pick-up terms and conditions of the sale shall be treated as "Abandoned Property". McDougall Auctioneers Ltd. will initiate the abandonment process at their discretion with or without notifying the purchaser which will include but not limited to, sale of the item(s), removal from site, forfeit of funds, site cleanup and associated fees which may include storage, administration, commission and or other miscellaneous charges.
Terms Of Sale
Terms Of Sale
If your offer is accepted or you place the winning bid in an auction, you must tender payment to McDougall Auctioneers Ltd. within three (3) business days inclusive of the closing day of the auction in which your offer was accepted or you placed the winning bid. Payment is required to be made in the form of a certified cheque, cashiers check, money order, cash, or a wire transfer of immediately available funds, and must be made payable to McDougall Auctioneers Ltd., for an amount equal to the full amount of the buyer's winning bid plus listed transaction fee and any applicable sales tax and title transfer fees in Canadian Funds. You agree to pay for your purchase within three days of the closing date of the online auction, and you also agree to pick up your purchase within five days of online sale closing. In the event that your account is not paid in full, you consent to have McDougall Auctioneers Ltd. to use any/all credit cards on file to balance the account. You authorize payment and agree for McDougall Auctioneers Ltd. to collect funds on a credit card without verification of signature or pin number. McDougall Auctioneers Ltd. reserves the right to take a non refundable deposit on outstanding accounts of up to 10% of the balance owing. For Saskatchewan Ministry of Agriculture sales where the bidder has been determined to be delinquent or disqualified, either at McDougall Auctioneers or the Ministry of Agriculture's determination for any reason including but not limited to non-payment, missing paperwork, lack of communication, etc. We reserve the right to charge the delinquent or disqualified account a penalty fee of 2% of the total bid price, payable to McDougall Auctioneers and authorize McDougall Auctioneers Ltd. to charge any and all credit cards on file and or pursue with legal action plus expenses to balance the delinquent account. In addition, the bidder would be banned from all future McDougall Auctioneers Ltd. auction sales including all Saskatchewan Ministry of Agriculture auctions. For Saskatchewan Ministry of Agriculture leases allocation auctions where the bidder has been determined to be delinquent, either at McDougall Auctioneers Ltd or the Ministry of Agriculture's determination for any reason including but not limited to ineligibility, disqualification, non-payment, missing paperwork, etc. We reserve the right to charge the account a penalty fee of $750.00 CDN, payable to McDougall Auctioneers and authorize McDougall Auctioneers Ltd. to charge any and all credit cards on file and or pursue with legal action plus expenses to balance the delinquent account. In addition, the bidder would be banned from all future McDougall Auctioneers Ltd. auction sales including all Saskatchewan Ministry of Agriculture auctions. Mcdougallbay.com is also an Approved Auction through Automotive Finance Corporation (AFC). We will accept payment from AFC drawn against a credit account a dealer has in place with this lender. Without limiting mcdougallbay.com's discretion, no corporate checks without a bank guarantee and no personal checks will be accepted. No title shall pass to the buyer until the total amount of the winning bid has been paid to McDougall Auctioneers Ltd. in collected funds. If mcdougallbay.com fails to receive the accepted offer or winning bidder's payment on the third day following the close of the sale or auction in which the buyer submitted the accepted offer or winning bid, the accepted offer or winning bid shall be deemed null and void effective at 12:01 am Central Time on the following day. If the buyer defaults in making timely payment or in any other respect whatsoever, mcdougallbay.com shall be held harmless against any and all related lawsuits and judgments arising there-from. Purchaser is responsible for paying the entire amount due in its entirety to McDougall Auctioneers Ltd., including any applicable taxes, shipping and other charges prior to any item being released. Shipping / Mailing smaller items will always be subject to a minimum $5.00 charge, or an increased fee at the discretion of McDougall Auctioneers staff. With respect to applicable taxes, mcdougallbay.com will advise you subsequently of the exact amount of tax due on your purchase. If the item is not paid in full within the (3) day time period or if you, as a high bidder (buyer), convey to mcdougallbay.com in any way that you are "backing out" of your responsibility to purchase a unit that you are the high bidder on with the reserve being met your bidding privileges will be revoked. However, McDougall Auctioneers reserves the right to remove or sell items if the item is deemed of no interest, and only if there has been no prior bidding activity on that lot. McDougall Auctioneers reserves the right to revoke a bid for any reason they deem important. The customer or agent of the customer acknowledges and understands that damages may occur during the loading and unloading service provided by McDougall Auctioneers Ltd. By using www.mcdougallbay.com or its affiliates the customer hereby releases McDougall Auctioneers Ltd. from any and all liability associated to the loading and/or unloading service. We reserve the right to additions and deletions of items in live or online auction at anytime for any circumstance. A maximum limit of $2,500.00 will be accepted via online credit card payment, and if the invoice amount is higher than $2,500.00, other certified payment arrangements must be made within the payment terms laid out in this agreement. If McDougall Auctioneers does not receive full payment within the payment terms laid out within the auction details, interest on overdue amounts will be paid by Purchaser at a rate of 18% per annum or at such other maximum rate as allowed by law, together with any legal or collection costs incurred by McDougall Auctioneers.
Terms Of Buy Now
Terms Of Buy Now
If you initiate the BUY NOW option on a lot you must contact the office immediately and make a down payment of 10% of the buy now price. The remaining amount must be paid in full within 24hrs of initiating the buy now option. The Buy Now option is no longer available after 9:00 AM closing day of the auction.
Modification Of This Agreement
Modification Of This Agreement
Mcdougallbay.com reserves the right to amend this Agreement at any time. All modifications and amendments will be posted on the mcdougallbay.com website, and you are responsible for regularly reviewing and understanding these modified or amended terms and conditions. Unless otherwise specified by mcdougallbay.com or by law, any modifications or amendments shall be effective immediately upon posting to this site.
Links To And From Third Party Sites
Links To And From Third Party Sites
Mcdougallbay.com may contain hyperlinks to web sites of affiliates and advertisers. These linked sites provide services of affiliates and advertisers who are independent of mcdougallbay.com. Mcdougallbay.com provides these links to you solely as a convenience, and the inclusion of any link does not imply endorsement by mcdougallbay.com of the site or any association with its operators. The linked sites are not under the control of mcdougallbay.com and mcdougallbay.com is not responsible for the contents of any linked site, including without limitation any link contained in a linked site, or any changes or updates to a linked site. Mcdougallbay.com is not responsible for web casting or any other form of transmission received from any linked site.
No Unlawful Or Prohibited Use
No Unlawful Or Prohibited Use
As a condition of your use of mcdougallbay.com, you warrant that you will not use mcdougallbay.com for any purpose that is unlawful or prohibited by this Agreement. You may not use mcdougallbay.com in any manner that could damage, disable, overburden, or impair mcdougallbay.com or any user of mcdougallbay.com, or interfere with any other party's use of mcdougallbay.com.
It is your responsibility to determine whether the purchase of any listed item is legally permissible. Mcdougallbay.com is for the sale of bank repossessed and lease returned recreational equipment, farm equipment, business equipment, vehicles, agricultural & industrial equipment and or other items .
Use of Information Provided by Users to McDougallBay.com
Use of Information Provided by Users to McDougallBay.com
When you register to become a user of mcdougallbay.com, you provide us with information about you and your business. mcdougallbay.com's primary goal in collecting information is to facilitate the sale of an item listed on the mcdougallbay.com website. You are sharing the information that you provide with mcdougallbay.com alone, unless it is specifically stated otherwise. We also provide to buyers the information necessary to facilitate the sale or auction transaction between the buyer and McDougall Auctioneers Ltd. Mcdougallbay.com may disclose from time to time aggregated user statistics that do not identify individual users in order to describe our services to prospective partners, advertisers, and other third parties, and for other lawful purposes. mcdougallbay.com may disclose account information in special cases when we have reason to believe that disclosing this information is necessary to identify, contact or bring legal action against someone who may be violating mcdougallbay.com's Terms and Conditions of Use of this Site or may be causing injury to or interference with (either intentionally or unintentionally) mcdougallbay.com's rights or property, other mcdougallbay.com users, or anyone else that could be harmed by such activities. Mcdougallbay.com may disclose or account information when we believe in good faith that the law requires it and for administrative and other purposes that we deem necessary to maintain, service, and improve our products and services.
No Professional Advice
No Professional Advice
Any information supplied by any employee or agent of mcdougallbay.com, whether by telephone, e-mail, letter, facsimile or other form of communication, is intended solely as general guidance on the buying services offered through mcdougallbay.com, and does not constitute legal professional advice
McDougallBay.com provides its products and services "as is" and without any warranty or refund or representation as to condition, express or implied.
No Guarantee of Continuous Operation
No Guarantee of Continuous Operation
McDougallbay.com will endeavor to use diligent and reasonable efforts to maintain the security and operational integrity of the website. However, numerous factors outside the control of mcdougallbay.com may interfere with the operation of its web site, and accordingly, mcdougallbay.com does not guarantee continuous, uninterrupted or secure access to its services.
Mcdougallbay.com is not responsible for any communication or transaction among users. As a user, you agree to release, indemnify and hold harmless mcdougallbay.com and its officers and employees from any and all claims, demands and damages (whether actual and/or consequential), including reasonable lawyer's fees, resulting from or associated in any way with your use of mcdougallbay.com, your violation of this Agreement or any applicable laws or regulations, or your violation of any rights of another.
Right to Independent Action
Right to Independent Action
Mcdougallbay.com reserves the right, in its sole discretion, to take any independent action it concludes is necessary or desirable to protect the interests of mcdougallbay.com and eliminate or mitigate any potential liability or injury to any party which may arise.
The failure of mcdougallbay.com to enforce any terms of this Agreement or respond to a breach by you or other parties shall not in any way waive its right to enforce subsequently any terms or conditions of this Agreement or to act with respect to similar breaches.
Site outage during auction closing time
Site outage during auction closing time
In the event of a site outage during closing time, all auctions will be extended to noon the following day, pending return of the mcdougallbay.com site.
Extension of Scheduled Closing Time
Extension of Scheduled Closing Time
mcdougallbay.com runs on a set closing date and closing time as listed on the individual lot. It also runs a server time, showing that according to that time the bidding will close. As a bidder, you have the right to believe if you are registered with high bid at that time, you will be either the successful purchaser or our sales team will deal further with you. However, in all fairness, mcdougallbay.com reserves the right to extend the time limit, if bidders click their bid within the last 10 minutes. The server is set up to extend the closing time to 10 minutes after the last bid. For example, with a 12:00pm closing time, a new bidder clicks to bid at 11:59am, the bidding now does not close until 12:09pm.
SELLERS ONLINE TERMS AND CONDITIONS AS PER CONSIGNMENT TO AUCTION
The following terms and conditions (the Terms) apply to any Consignment to Auction agreement, www.mcdougallbay.com services agreement, preferred provider agreement or multi-channel Contract to Auction between you and McDougall Auctioneers Ltd. (each a Contract to Auction, collectively with the Terms, the Agreement) and are in addition to the terms and conditions set out in the Contract to Auction. These Terms are separated into four sections as follows:
A. Terms and Conditions applicable to both Live or Online Auction Events and Online www.mcdougallbay.com
B. Terms and Conditions Applicable to Only Live or Online Auction Events
C. Terms and Conditions Applicable to Only Online www.mcdougallbay.com
D. General Fees for Equipment Please ensure you review each and every section relevant to your Agreement. Unless otherwise defined in these Terms, capitalized words have the meanings provided in the Contract to Auction.
A. TERMS AND CONDITIONS APPLICABLE TO BOTH LIVE OR ONLINE AUCTION EVENTS AND ONLINE WWW.MCDOUGALLBAY.COM
1. Contracting Party, Notice, Governing Law Unless otherwise indicated in the Contract to Auction, the applicable McDougall Auctioneers Ltd. contracting entity, notice address, governing law/venue, and currency will depend on the location of Equipment at the time of sale, and shall be as set forth in the table below. Any notice sent shall be sent to the attention of Legal Affairs at the notice address for the applicable McDougall Auctioneers Ltd. contracting entity set out below with a copy to firstname.lastname@example.org. Any legal action brought by the Seller arising from or relating to this Agreement shall be litigated exclusively in the jurisdiction of the applicable McDougall Auctioneers Ltd. contracting entity set out in the table below and the parties irrevocably attorn to such jurisdiction for the resolution of such disputes. This Agreement shall be governed by and in accordance with the laws of the Province of Saskatchewan, and that the parties hereto agree that a dispute about this Agreement
shall be litigated in a Court of competent jurisdiction in the Province of Saskatchewan.
2. Limitation Period.
YOU AGREE THAT ANY CLAIM YOU BRING ARISING OUT OF OR RELATED TO THIS AGREEMENT MUST BE COMMENCED WITHIN SIX MONTHS AFTER THE DISPUTE AROSE, AND IF NOT COMMENCED TIMELY SHALL BE PERMANENTLY BARRED.
3. Improperly Filed Legal Disputes.
Any claims that are filed or brought contrary to this Agreement shall be improperly filed and of no force and effect.
4. Creation of Lien.
In addition to any other rights or remedies available to McDougall Auctioneers Ltd., this Agreement creates a lien and charge upon the Equipment and may be registered under any applicable personal property security legislation as may be in effect from time to time and entitles McDougall Auctioneers Ltd. to seize and retain possession of the Equipment as security for, and to sell the Equipment to recover, all sums owing hereunder.
5. Sellers Representations and Warranties.
The Seller represents and warrants that: (a) the Equipment is, and on the date of sale will be, owned by the Seller free and clear of any and all registered and unregistered liens, security interests, tax or duty obligations or other encumbrances or contrary claims whatsoever (Encumbrances), except as set out in the applicable Schedule A and/or Schedule B of the Contract to Auction; (b) the Equipment is in good operating condition, free of material defects, except as disclosed to McDougall Auctioneers Ltd. on the applicable Schedule; (c) the Seller is solvent and has not made, nor is it aware of, any assignment, proposal or other proceeding for the benefit of its creditors; (e) the description of the Equipment shall be accurately set forth on the applicable Schedule, and in the case of all motor vehicle Equipment, such Equipment has never 2 been re-built, salvaged or glidered except as disclosed to McDougall Auctioneers Ltd.; (f) all odometer and hour meters on the Equipment reflect actual mileage or usage unless otherwise disclosed to McDougall Auctioneers Ltd. on the applicable Schedule of the Contract to Auction; (g) the offering for sale, advertising or selling of the Equipment will not contravene or infringe upon any patent, copyright, trademark, agreement or similar right of any third party; (h) the Equipment has not been modified or tampered with in any manner that would be contrary to applicable legislation or misleading to a potential buyer, including, but not limited to, tampering with emission control devices; (i) the Equipment has not been fraudulently obtained, is not stolen or counterfeit; and (j) the Seller and its signatories are duly authorized to enter into this Agreement and to complete and deliver all Schedules that are delivered to McDougall Auctioneers Ltd..
6. Transaction Fee.
You acknowledge that McDougall Auctioneers Ltd. may charge buyers (Buyers) a transaction fee based on the selling price of each lot.
7. No Buybacks or Price Manipulation.
You shall not bid or make an offer, directly or indirectly, nor allow any other person to bid or make an offer on your behalf, by agency or otherwise, on the Equipment or any part thereof. In the event of price manipulation or a buyback, McDougall Auctioneers Ltd. may, at its option: (a) ban you from future use of the www.mcdougallbay.com and/or participation at a Live or Online Auction Event; (b) cancel any involved transaction(s); and (c) charge you a Buyback Charge set out in Section D.
8. Additional Services.
You may request any of the services outlined in Section D in association with the sale of Equipment and you agree to pay all fees due for services completed. The cost of the services will be deducted from amounts otherwise due to Seller when available. Otherwise, service fees will be invoiced directly to Seller.
9. Right of Set-Off.
McDougall Auctioneers Ltd. may, in its discretion, apply any proceeds from the sale of the Equipment towards any outstanding amounts otherwise due and owing to McDougall Auctioneers Ltd. in connection with any purchases, deficiencies or services rendered by McDougall Auctioneers Ltd.
10. Specific Performance.
In addition to any other remedies that may exist, (i) for listings on the Www.mcdougallbay.com, if you cancel a listing within two weeks prior to the listing opening time or if you fail to have the Equipment available for transportation no later than one business day following the creation of a Binding Obligation (as defined below) with the Buyer or (ii) you fail to deliver the Equipment to the Site or withdraw the Equipment from a Live or Online Auction Event, you hereby acknowledge and agree that (a) the damages to McDougall Auctioneers Ltd.'s business reputation, brand and customers are significant and irreparable, (b) an adequate remedy at law for such breach is inadequate, and (c) McDougall Auctioneers Ltd. may seek enforcement of this Agreement by means of specific performance or injunction, without any requirement to post a bond or other security, and you waive all rights to object to such an application.
You will defend, indemnify and save McDougall Auctioneers Ltd., its subsidiaries and affiliates, and each of their officers, directors, shareholders, employees and agents, harmless against any and all claims, demands, suits, actions, causes of action, damages, costs or charges whatsoever arising from: (a) any breach of the representations, warranties or covenants set out in this Agreement; (b) hazardous materials associated with the Equipment or contamination resulting from any leakage, spills, or malfunction of the Equipment; (c) deficiencies in the provision of documents required for the purpose of titling or registering any part of the Equipment by any purchaser thereof; (d) encumbrances against or defects in title to, or taxes or customs duties payable in respect of, the Equipment or any part thereof; (e) any deficiency in compliance with any applicable environmental rules or regulations; (f) your improper use of the Www.mcdougallbay.com; (g) any tax, cost or expense arising from your failure to satisfy any laws or regulations in relation to a transaction; and (h) any negligence, unlawful act, or willful misconduct by you in connection with the Agreement.
11.2. Notice and Control of Claim.
McDougall Auctioneers Ltd. shall promptly notify you in writing of any threatened or actual claim or demand and reasonably cooperate with you to facilitate the settlement or defense thereof. You shall have sole control of the defense or settlement of any claim or demand, provided that McDougall Auctioneers Ltd., at its option and expense, may participate and appear on equal footing with you. You shall not settle any claim or demand without the written consent of McDougall Auctioneers Ltd.
12. Risk of Loss.
The Seller shall be responsible for loss or damage to the Equipment, other than loss or damage arising as a result of the negligence of McDougall Auctioneers Ltd., its agents or employees, until the earliest of: (a) if the Equipment is sold through a Live or Online Auction Event, the removal of the Equipment from the Site by the Buyer; (b) if the Equipment is sold through a Www.mcdougallbay.com, the removal of the Equipment from Sellers location or other applicable storage location of the Equipment; or (c) regardless of the venue through which the Equipment is sold, receipt by the Seller of all proceeds from the sale of the Equipment. The Seller shall insure the Equipment, with McDougall Auctioneers Ltd. a loss payee, to its fair market value against all perils so that in the event of damage to, or destruction of, the Equipment or any part thereof, all insurance proceeds shall be credited to the gross proceeds of the sale, regardless of the venue through which the Equipment is sold, and payment made to McDougall Auctioneers Ltd. forthwith for all deductions permitted by this Agreement and shall, upon request, provide McDougall Auctioneers Ltd. with a copy of the insurance certificate, or other documentation evidencing McDougall Auctioneers Ltd. as a loss payee, to the satisfaction of McDougall Auctioneers Ltd..
13. Termination, Rescission and Default.
McDougall Auctioneers Ltd. shall have the right, in its sole discretion, to terminate this Agreement in whole or in part if (a) there are Encumbrances on or to any Equipment in addition to those that are listed in the Contract to Auction, (b) your net proceeds are insufficient to discharge creditor claims and pay McDougall Auctioneers Ltd.'s fees after title is cleared, (c) your lien holders are unwilling to release liens and/or allow Equipment to be listed for sale, (d) you are in breach of the Agreement, (e) you have provided inaccurate, fraudulent, outdated or incomplete information during the registration or listing process or thereafter, (f) you have violated applicable laws, regulations or third party rights, (g) McDougall Auctioneers Ltd. believes in good faith that such action is reasonably necessary to protect the safety or property of other customers, McDougall Auctioneers Ltd. personnel or third parties, or (h) termination is required for fraud prevention, risk assessment, security or investigation purposes. In the event of such termination, in addition to any other remedies available to McDougall Auctioneers Ltd., you shall pay McDougall Auctioneers Ltd. (i) the Listing Fee, if applicable, and (ii) any costs incurred by McDougall Auctioneers Ltd. In addition to the foregoing, in the event of termination as a result of items (d), (e), (f), (g), or (h) of this Clause 13, you shall pay McDougall Auctioneers Ltd. 25% of the estimated market value of Equipment as determined by McDougall Auctioneers Ltd.
This Agreement contains the entire agreement of the parties and supersedes all previous communications, representations, understandings and agreements, either oral or written, between us. In the event of a conflict between these Terms and the Contract to Auction, the Contract to Auction shall control. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then such provision shall be struck out and the remaining provisions shall continue in full force and effect. The failure by either party to exercise or enforce any rights or provisions of this Agreement shall not constitute a waiver of such right or provision. No partnership, joint venture, or agency relationship is intended or created by this Agreement. In the event of an assignment, this Agreement shall bind and inure to the benefit of the parties, their respective successors and permitted assigns. To the extent any novation is required for McDougall Auctioneers Ltd. to assign this Agreement, you hereby appoint the officers of McDougall Auctioneers Ltd. as your attorney-in-fact to execute all documents necessary to affect such novation. All provisions in this Agreement regarding representations and warranties, indemnification, disclaimers, limitations on liability, and payment obligations for fees incurred prior to the termination date shall survive any termination of this Agreement. Any delay in the performance of any duties or obligations of either party will not be considered a breach of this Agreement if such delay is caused by a labor dispute, market shortage of materials, fire, earthquake, flood or any other event beyond the control of such party, provided that such party uses reasonable efforts, under the circumstances, to resume performance as soon as reasonably practicable.
Information provided in the Contract to Auction or under these Terms will be retained by the McDougall Auctioneers Ltd. in accordance with McDougall Auctioneers Ltd.s Privacy Statement, provided on www.mcdougallbay.com.
In connection with the Sellers use of the Www.mcdougallbay.com and/or Live or Online Auction Event, McDougall Auctioneers Ltd. may use the Sellers name, trademark, logos, service marks and other designations (Marks) to list the Seller as a reference customer and to advertise, promote and market the Equipment. The Seller hereby grants to McDougall Auctioneers Ltd. and represents and warrants that the Seller has a right to grant, a non-exclusive, worldwide license to use, publicly display and perform, reproduce, and distribute the Marks, solely as permitted in this Agreement, including distributing e-mails to potential buyers that incorporate Marks.
B. TERMS AND CONDITIONS APPLICABLE TO ONLY LIVE OR ONLINE AUCTION EVENTS
Unless otherwise noted in the Contract to Auction, the below terms and conditions will apply to all sales of equipment through a Live or Online Auction Event. All references to Equipment in this Section B shall refer to equipment that the seller is selling through a Live or Online Auction Event.
1. McDougall Auctioneers Ltd. Obligations and Responsibilities
1.1. Sale Sites and Dates.
McDougall Auctioneers Ltd. shall, as your agent, offer the Equipment for sale at unreserved auction at the Site and on or about the date specified in the Contract to Auction. You shall provide to McDougall Auctioneers Ltd. a completed Schedule A no later than 15 days prior to the scheduled Live or Online Auction Event. If advertising of specific pieces is requested in the auction brochure, you must provide a completed Schedule A to McDougall Auctioneers Ltd. at least 30 days before the scheduled Live or Online Auction Event.
McDougall Auctioneers Ltd. shall make payment to you within 30 days after the Live or Online Auction Event, by cheque or electronic funds transfer unless you specify otherwise in writing, the amount due and owing to you from monies collected from the sale of the Equipment after making all deductions permitted under this Agreement.
1.3. Document Administration Fees; Lien Search Fees.
A document administration fee for each item of Equipment requiring title, registration documents or customs documents will be charged as set out in the applicable jurisdiction-specific clause in Section B, Clause 7. McDougall Auctioneers Ltd. will conduct lien searches as it deems necessary and all costs incurred shall be at the expense of and paid by the Seller.
McDougall Auctioneers Ltd. shall collect and remit state and local sales tax arising upon the sale of the Equipment at the Live or Online Auction Event.
McDougall Auctioneers Ltd. may divide the Equipment into such lots as it may in its absolute discretion deem desirable for a Live or Online Auction Event. McDougall Auctioneers Ltd. shall not be liable for any loss or damages claimed in respect of the manner in which the Equipment is divided into lots nor in respect of any failure by McDougall Auctioneers Ltd. to divide the Equipment into lots.
2. Sellers Obligations and Responsibilities
At your cost, you shall deliver the Equipment: (a) in good operating condition, free of material defects except as disclosed to McDougall Auctioneers Ltd., with adequate fuel and batteries and starting at the key; (b) free of hazardous materials other than normal operating fuels, oils and lubricants; and (c) in compliance with all applicable environmental, health and safety rules and regulations, together with all documents evidencing your title and/or necessary to transfer title to the Equipment, properly endorsed.
2.2. Unreserved Auction Sale.
You acknowledge that Live or Online Auction Events listed as unreserved are unreserved, and McDougall Auctioneers Ltd. shall have no obligation or duty to withdraw the Equipment or any part thereof from the Live or Online Auction Event or to cancel the Live or Online Auction Event. The Equipment shall be sold to the highest bidder on the date of the Live or Online Auction Event regardless of final bid value.
3. Mutual Agreements
3.1. Prohibition of Pre-Sale.
Neither McDougall Auctioneers Ltd. nor you shall sell or offer for sale any part of the Equipment prior to the Live or Online Auction Event without the written permission of the other Party.
3.2. Default by Seller.
If: (a) you withdraw or fail to timely deliver the Equipment or any part thereof or any documents required hereunder, or if the Live or Online Auction Event does not occur as a result of your actions or inaction, including without limitation the commencement of liquidation or bankruptcy proceedings of any sort by or against you; or (b) you, directly or indirectly, bid or permit another to bid on your behalf or for your benefit, by agency or otherwise, on the Equipment or any part thereof at the Live or Online Auction Event; or (c) your representations and warranties set out in this Agreement are not true, complete and correct in all respects; then: (i) commissions shall be payable to McDougall Auctioneers Ltd. upon demand, based upon the fair market value (as determined by McDougall Auctioneers Ltd. in its sole discretion) of any withdrawn or undelivered parts of the Equipment as if they had been sold; (ii) any advances made by McDougall Auctioneers Ltd. together with accrued interest shall become due and repayable immediately; and (iii) you will, upon demand, reimburse McDougall Auctioneers Ltd. for all out-of-pocket expenses incurred in preparation for the Live or Online Auction Event. In the event you are in violation of paragraph 3.2(b) above, in addition to any other rights or remedies McDougall Auctioneers Ltd. may have under this Agreement, McDougall Auctioneers Ltd. shall, at its sole discretion, have the right to sell or re-sell the Equipment by whichever means it deems appropriate and you shall pay to McDougall Auctioneers Ltd. as liquidated damages in addition to all other amounts due hereunder, an amount equal to 25% of the proceeds realized from such sale or resale. If, pursuant to this Section, the Equipment or any part thereof is not sold at the Live or Online Auction Event, such equipment shall be deemed to have been withdrawn by you and the provisions of paragraph 3.2(a), 3.2(b) and 3.2(c) above shall apply.
3.3. Use of Equipment.
You authorize McDougall Auctioneers Ltd. to operate the Equipment for the purpose of demonstrating it at the Live or Online Auction Event.
3.4. Collection of Proceeds.
McDougall Auctioneers Ltd. shall collect the full proceeds from the sale of the Equipment and you assign to McDougall Auctioneers Ltd.: (a) the amount required to discharge and satisfy all Encumbrances in respect of the Equipment; and (b) all amounts payable to McDougall Auctioneers Ltd. hereunder, including commission and any advances, together with interest thereon which shall be repayable at the time of the sale.
3.5. Uncollected Proceeds.
McDougall Auctioneers Ltd. may, as it deems necessary in its sole discretion, re-sell any part of the Equipment not sold or paid for at the Live or Online Auction Event through either a subsequent Live or Online Auction Event or on the Www.mcdougallbay.com, and you acknowledge that no monies shall be payable by McDougall Auctioneers Ltd. for any part of the Equipment until it has been paid for in full by the Buyer.
3.6. Other Consignments.
Equipment belonging to other owners may be sold at the Live or Online Auction Event.
3.7. Internet Bidding and Timed Auction Lot System.
McDougall Auctioneers Ltd. may in its sole discretion offer certain lots for sale, in conjunction with its unreserved auction, to registered bidders using its proprietary online bidding service or using its silent timed auction lot system. McDougall Auctioneers Ltd. shall use its best effort to ensure that such technologies and systems are available at all auctions for which they have been advertised, however at any given sale: (a) only those lots which McDougall Auctioneers Ltd. deems appropriate shall be offered using such technologies and systems, and (b) certain circumstances concerning the Internet and the technology in use are beyond McDougall Auctioneers Ltd.s control, and such systems may not be available at any given time or Live or Online Auction Event. You agree that McDougall Auctioneers Ltd. shall be held harmless from any and all claims, demands, suits, actions, causes of action, damages, costs or charges arising from (1) the failure of the internet, servers or other computer or communications components and systems, regardless of whether such failure is caused by the negligence of McDougall Auctioneers Ltd., (2) McDougall Auctioneers Ltd.s decision whether or not to use such technologies or systems, or (3) its failure to offer such systems at any time.
4. Sellers Obligations for Virtual Sales
4.1. Virtual Sales from Sellers Yard for a Live or Online Auction Event
4.1.1. These provisions apply to any piece of Equipment to be sold at a Live or Online Auction Event on a virtual basis from the Seller or a third partys yard. Any such Equipment to be sold on the Seller or a third partys yard virtually shall be staged in compliance with the provisions listed in sections 4.1.1 through 4.1.6 below. The Seller agrees that the following additional terms shall apply:
220.127.116.11. the Seller shall provide, at no cost to the McDougall Auctioneers Ltd. and commencing upon the execution and delivery of this Agreement, a suitable and secure staging site acceptable to the McDougall Auctioneers Ltd. for staging for the applicable Live or Online Auction Event (each, a Staging Site);
18.104.22.168. The Seller shall ensure that the McDougall Auctioneers Ltd. and its employees and subcontractors are provided with access to each Staging Site as the McDougall Auctioneers Ltd. deems necessary for preparation and conduct of the Live or Online Auction Event;
22.214.171.124. each Staging Site must be suitable for tear-down and transport crews to access for the removal of the Equipment between the hours of 8:00 a.m. and 5:00 p.m. (local time) on regular business days beginning on the day after the Live or Online Auction Event and ending a minimum of four weeks thereafter;
126.96.36.199. the Seller shall ensure that property damage and public liability insurance is maintained in full force and effect throughout the period described in this section to cover third party personal injury, death or property damage claims. The Seller will ensure that the McDougall Auctioneers Ltd. is named as additional insured, and, upon request, McDougall Auctioneers Ltd. will be provided with a copy of the insurance certificate, or other documentation evidencing the McDougall Auctioneers Ltd. as an additional insured, to the satisfaction of the McDougall Auctioneers Ltd.; and
188.8.131.52. The Seller shall be responsible for loss or damage to the Equipment, other than loss or damage arising as a result of the negligence of the McDougall Auctioneers Ltd., its agents or employees, until the earliest of:
184.108.40.206.1. The removal of the Equipment from the Staging Site by the purchaser; or
220.127.116.11.2. Receipt by the Seller of all proceeds from the sale of the Equipment.
4.1.2. The Seller shall defend, indemnify and save harmless McDougall Auctioneers Ltd. from any and all liabilities, damages, costs (including reasonable attorneys fees), claims, suits or actions arising out of any contravention of applicable laws (including, but not limited to, environmental laws), property damage or injury to a person or persons, including death resulting at any time therefrom, arising out of:
18.104.22.168. The attendance of the Sellers employees, agents, subcontractors or prospective purchasers at the Staging Site;
22.214.171.124. The inspection or use of any Equipment by the Sellers employees, agents, subcontractors or prospective buyers;
126.96.36.199. The inspection of the Equipment by McDougall Auctioneers Ltd.;
188.8.131.52. the spill or release, unintentional or otherwise, of any toxic, dangerous or hazardous chemicals, materials, substances, pollutants or wastes, or any other requirements relating to pollution or protection of human health and safety of the environment; and
184.108.40.206. Failure to comply with environmental laws, regulations, bylaws, standards, policies, or other requirements relating to pollution or protection of human health and safety and the environment.
4.2. Equipment Inspections
4.2.1. Any Equipment sold virtually in accordance with section 4.1 above, from Sellers yard in a Live or Online Auction Event is subject to certification, Seller agrees to permit McDougall Auctioneers Ltd. and/or its authorized representatives to test and inspect each piece of Equipment at a time and place mutually agreed. McDougall Auctioneers Ltd. shall produce an inspection report (Inspection Report) for each piece of Equipment inspected by McDougall Auctioneers Ltd. McDougall Auctioneers Ltd. inspections are solely for the purpose of reporting on the visible condition of the Equipment's major systems and attachments. McDougall Auctioneers Ltd. inspections are NOT intended to detect latent or hidden defects or conditions that could only be found in connection with the physical dismantling of the Equipment or the use of diagnostic equipment or techniques.
4.2.2. Seller is responsible for maintaining the Equipment in the same condition as documented in the Inspection Report until it is removed from the Staging Site by the purchaser. Sellers failure to properly maintain the Equipment from the date of inspection until its removal from Staging Site by purchaser will void the inspection.
4.2.3. The Inspection Report is the sole and exclusive property of McDougall Auctioneers Ltd. Except as expressly stated, nothing in this Agreement shall be deemed to grant to any other party, by implication or otherwise, license rights, ownership rights or any other intellectual property rights in the Inspection Report. Seller cannot use the Inspection Report for any other purpose without the prior written approval from McDougall Auctioneers Ltd.
4.2.4. From the time an inspection is performed by McDougall Auctioneers Ltd. until the Equipment is removed from Staging Site by or on behalf of the purchaser, Seller may not operate, lease, rent, modify or alter the Equipment. In addition to any other rights and remedies that McDougall Auctioneers Ltd. may have, a breach of this provision prior to the conclusion of a sale for the Equipment may result in either of the following: (i) McDougall Auctioneers Ltd. may remove the Equipment from the Live or Online Auction Event and charge Seller a removal charge equal to 25% of the McDougall Auctioneers Ltd.s estimated market value for the Equipment; or (ii) McDougall Auctioneers Ltd. may continue with selling the Equipment in the Live or Online Auction Event, in which case, if the Equipment was inspected previously by McDougall Auctioneers Ltd., Seller must have the Equipment re-inspected and pay McDougall Auctioneers Ltd. a re-inspection fee equal to $295. In the event that a breach of this provision is determined by McDougall Auctioneers Ltd., in its reasonable discretion, and the Equipment has been sold to a purchaser, the transaction is subject to cancellation and Seller will be charged a seller default charge equal to 25% of the winning bid price, in addition to reimbursement of transportation and other costs incurred by the purchaser.
4.2.5. And Listing Fees, Each piece of Equipment sold virtually at the Live or Online Auction Event is required to obtain certification. A listing fee (the Listing Fee), as set out in Schedule A of the Agreement, will apply to each piece of Equipment being sold virtually at the Live or Online Auction Event. Seller agrees to pay McDougall Auctioneers Ltd. any applicable Listing Fee.
5. Live or Online Auction Event on Sellers Yard
5.1. These provisions apply to any Equipment to be sold through a Live or Online Auction Event to be held on the Sellers yard (each a Sale Site). All Equipment will remain at the Sellers yard and will be sold onsite. Equipment to be sold on the Sellers yard shall be in compliance with the provisions listed in sections 5.1.1 through 5.1.6 below:
5.1.1. the Seller shall provide, at no cost to the McDougall Auctioneers Ltd. and commencing upon the execution and delivery of this Agreement, a suitable and secure sale site acceptable to the McDougall Auctioneers Ltd. for the applicable Live or Online Auction Event;
5.1.2. The Seller shall ensure that the McDougall Auctioneers Ltd. and its employees and subcontractors are provided with access to each Sale Site as the McDougall Auctioneers Ltd. deems necessary for preparation and conduct of the Live or Online Auction Event;
5.1.3. Prospective bidders are provided with access to enter and use the Sale Site to inspect the Equipment in advance of the Live or Online Auction Event;
5.1.4. Purchasers are provided with access to enter and use the Sale Site to pick up Equipment after the Live or Online Auction Event;
5.1.5. Property damage and public liability insurance is maintained in full force and effect as required to cover third party personal injury, death or property damage claims. The Seller will ensure that McDougall Auctioneers Ltd. is named as additional insured, and, upon request, McDougall Auctioneers Ltd. will be provided with a copy of the insurance certificate, or other documentation evidencing McDougall Auctioneers Ltd. as an additional insured, to the satisfaction of McDougall Auctioneers Ltd.; and
5.1.6. The Seller shall be responsible for loss or damage to the Equipment, other than loss or damage arising as a result of the negligence of the McDougall Auctioneers Ltd., its agents or employees, until the earliest of:
220.127.116.11. The removal of the Equipment from the Sale Site by the purchaser; or
18.104.22.168. Receipt by the Seller of all proceeds from the sale of the Equipment.
5.2. The Seller shall defend, indemnify and save McDougall Auctioneers Ltd., its parents, subsidiaries and affiliates, and each of their officers, directors, shareholders, employees, and agents, harmless against any and all claims, demands, suits, actions, causes of action, damages, costs or charges whatsoever arising from any injury, loss, or damage to any third party, including personal injury, arising out of the third partys use of the Sale Site.
6. Jurisdiction Specific Clauses.
The following jurisdiction-specific additional terms and conditions will apply for Sellers selling assets in a Live or Online Auction Event in the country noted:
United States of America
1. Should McDougall Auctioneers Ltd. be required to purchase titles on the Sellers behalf, McDougall Auctioneers Ltd. shall be entitled to interest on amounts advanced at a rate of US Bank prime plus 2%.
2. A document administration fee of $65 will be charged for each item of Equipment requiring title or registration documents.
1. The Seller represents and warrants that the Seller it is not and will not be at the date of the Live or Online Auction Event a non-resident of Canada within the meaning and intent of Section 116 of the Income Tax Act (Canada). 1. A document administration fee of $65 will be charged for each item of Equipment requiring title or registration documents.
C. TERMS AND CONDITIONS APPLICABLE TO LIVE OR ONLINE WWW.MCDOUGALLBAY.COM
Unless otherwise noted in your Agreement, the below terms and conditions will apply to all sales of equipment through www.mcdougallbay.com. All references to Equipment in this Section C shall refer to equipment that the seller is listing for sale through www.mcdougallbay.com.
1. McDougall Auctioneers Ltd.s Services
1.1. Services of McDougall Auctioneers Ltd.
Under the terms of this Agreement, McDougall Auctioneers Ltd. offers you the use of the applicable www.mcdougallbay.com, which functions as a platform on which you can list and advertise Equipment for sale to potential buyers. Each party is acting on its own behalf, and McDougall Auctioneers Ltd. is not a party to the subsequent binding obligation to sell/buy the Equipment that is entered into between you and the Buyer. Nor does McDougall Auctioneers Ltd. represent either party in the transaction that results from use of the www.mcdougallbay.com. In consideration of your use of the www.mcdougallbay.com for the listing and advertising of Equipment for sale, fees as listed in Section D are payable by you.
1.2. Listing Formats.
There are four listing formats available on the www.mcdougallbay.com:
1.2.1. Online Auctions.
A service where you are able to list and advertise Equipment for sale to the highest bidder who meets or exceeds the opening bid.
1.2.2. Buy Now.
A service where you are able to list and advertise Equipment at a Buy Now Price.
1.2.3. Make Offer.
A service where you are able to list and advertise Equipment for sale to a bidder at the Asking Price or a Negotiated Price.
A service where you are able to list and advertise Equipment for sale to the highest bidder in a reserved www.mcdougallbay.com, where you set the Reserve Price.
1.3. Commitment to Sell.
By entering into this Agreement for use of the www.mcdougallbay.com, you hereby extend an irrevocable offer to sell the Equipment, as applicable, (a) to a Buyer who is the highest bidder and who meets or exceeds the opening bid, the Reserve Price, or Asking Price, as applicable (b) to a Buyer who commits to purchase Equipment at the Buy Now Price; or (c) to a Buyer who commits to purchase Equipment at the Negotiated Price.
1.4. Opening Bid and Scheduling.
For Online Auctions, McDougall Auctioneers Ltd. will set the opening bid for the Equipment and schedule the listing opening times. For Buy Now and Make Offer listings, McDougall Auctioneers Ltd. will schedule the listing opening times and set the opening bid, if applicable; you will have the option of setting a buy now price (Buy Now Price) or an asking Price (Asking Price), not to exceed 120% of estimated market value as determined by McDougall Auctioneers Ltd. You may lower the Asking Price during a listing period, but you may not add an Asking Price after the opening time. If you have selected to list the Equipment by Reserve, you will have the option of setting a reserve price, not to exceed 120% of estimated market value as determined by McDougall Auctioneers Ltd. (Reserve Price). McDougall Auctioneers Ltd. will determine the period of time that the Reserve listing is published to the website and is available for Buyers to submit bids (the Reserve Period). If, at the end of the Reserve Period, the Reserve Price has been met, the highest bid received from a Buyer will be automatically accepted. If the Reserve Price is not met during the Reserve Period, McDougall Auctioneers Ltd. may elect to re-list the Equipment. All Buy Now and Make Offer listings will be scheduled to run for up to 90 consecutive days, at the discretion of McDougall Auctioneers Ltd. The listing period may be extended at McDougall Auctioneers Ltd.'s sole discretion. In the event the Equipment remains unsold, whether on a Buy Now, Make Offer or Reserve listing, after 90 days, (a) the Equipment must be re-inspected and will incur a Re-Inspection Fee and you agree to reduce the Asking Price or Reserve Price, as applicable, by 20% to continue the listing; or (b) you may elect, without penalty, to remove the listing, pay all fees due in the contract to auction.
1.5. Additional Options.
For Make Offer listings and Reserve listings where the Reserve Price is not met, you have the option to (a) accept bids lower than the Asking Price or Reserve Price, as applicable; (b) counter bids lower than the Asking Price or Reserve Price, as applicable, with a higher offer (Counter Offer); or (c) reject bids lower than the Asking Price or Reserve Price, as applicable, at any time during a listing. Counter Offers are valid for up to two business days. However, only one Counter Offer can be valid at any time; the last Counter Offer you issue supersedes and invalidates any previous Counter Offers. Upon acceptance of the Counter Offer by the Buyer, the listing is closed, and you are legally bound to complete the transaction.
1.6. Conclusion of Purchase;
Bill of Sale.
After the winning bid for a piece of Equipment has been established by McDougall Auctioneers Ltd. or the Buyer has committed to purchase the Equipment at the Buy Now Price or the Asking Price, the bid or purchase commitment of Buyer will be automatically accepted by you and a binding obligation to purchase and sell between you and Buyer is automatically created (Binding Obligation). All applicable terms and conditions of this Agreement sha