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TERMS & CONDITIONS OF SALE
Associated Estate & Appraisal Co.

1. AGENCY

EJZ LLC dba Associated Estate & Appraisal Co. (“Auctioneer” or “Company”) acts solely as agent for consignor(s) or owner(s) of property offered for sale.

2. SCOPE OF SALES

These Terms apply to all sales conducted by the Company, including:

• Live auctions (in-person or simulcast)

• Timed/online auctions

• Buy-It-Now and private treaty sales

By registering, bidding, or purchasing, you agree to be bound by these Terms.

3. BINDING CONTRACT

All bids and purchases are legally binding.
A bid, whether placed live, online, absentee, or via telephone, constitutes an irrevocable offer to purchase.

The Company reserves the right to modify or waive Terms at its sole discretion.

4. CONDITION OF PROPERTY

All property is sold “AS IS,” “WHERE IS,” WITH ALL FAULTS.

The Company and consignors make no warranties, express or implied, including:

• authenticity

• provenance

• condition

• merchantability

• fitness for a particular purpose

• title

Descriptions, images, and condition reports are opinions only and not guarantees.

Buyers are solely responsible for inspection prior to bidding.

5. LIMITED AUTHENTICITY GUARANTEE

If a lot is proven to be a deliberate forgery or materially misrepresented:

• Buyer must notify the Company within 48 hours of receipt

• Item must be returned in original condition

Remedy, if any, is at the Company’s sole discretion.

6. REGISTRATION & BIDDER RESPONSIBILITY

All bidders must register and provide valid identification.

Bidders are responsible for:

• all bids placed under their account

• maintaining account security

The Company may refuse or revoke bidding privileges at any time.

7. BUYER’S PREMIUM & PAYMENT

• Live bidders: 20% buyer’s premium

• Online bidders: 25% buyer’s premium (plus platform fees if applicable)

Payment is due immediately upon sale.

Accepted methods:

• Cash

• Wire transfer

• Approved checks

• Credit cards (3% fee)

International bidders: wire transfer only

Title does not transfer until payment clears.

8. AUCTION FORMAT TERMS

A. LIVE AUCTIONS

• Conducted by an auctioneer in real time

• Auctioneer controls bidding increments and pace

• Auctioneer has final authority on disputes

B. TIMED / ONLINE AUCTIONS

• Lots close at scheduled times

• The Company may employ a “soft close”, extending bidding if bids are placed near closing

Max Bidding:

• The platform may automatically increase bids on behalf of a bidder up to their maximum

Technical Issues:

• The Company is not responsible for:

  • internet failures

  • platform outages

  • delayed bids

  • user error

The Company reserves the right to:

• extend, pause, or cancel auctions

• reopen bidding in the event of system issues

C. BUY-IT-NOW SALES

• Items are sold at a fixed price

• The first confirmed buyer secures the item

• Adding to cart does NOT guarantee purchase

The Company reserves the right to:

• cancel transactions due to errors or conflicting sales

• withdraw items at any time

9. ABSENTEE, PHONE & ONLINE BIDDING

These services are offered as a convenience only.

The Company assumes no liability for:

• failure to execute bids

• missed communications

• technical issues

10. RESERVES

Some lots may carry a confidential reserve.

The Auctioneer may:

• bid on behalf of consignor up to reserve

• open bidding at any level deemed appropriate

11. AUCTIONEER DISCRETION

The Auctioneer has absolute discretion to:

• accept or reject bids

• determine the winning bidder

• resolve disputes

• withdraw or reoffer lots

All decisions are final.

12. RISK OF LOSS

Risk transfers to the buyer immediately upon:

• fall of hammer (live auction)

• lot closing (timed auction)

• confirmation of purchase (buy-it-now)

13. PICKUP, STORAGE & ABANDONMENT

All property must be removed within 5 business days unless otherwise stated.

Failure to remove property will result in:

• storage fee: 10% of purchase price per month

• administrative fee: $200

After 30 days, property is deemed abandoned and may be resold or disposed of without refund.

The Company is not liable for loss, theft, or damage after the sale.

14. SHIPPING

Shipping is the buyer’s responsibility.

If the Company assists:

• all packing and handling is at buyer’s risk

• no liability for carrier performance

Items will not be released until paid in full.

15. DEFAULT

If a buyer fails to pay or comply:
The Company may:

• cancel the sale

• resell the property

• hold buyer liable for deficiencies and costs

• pursue legal remedies

• ban future participation

16. CHARGEBACKS

Chargebacks are strictly prohibited.

Any buyer initiating a chargeback agrees to:

• pay all amounts due

• reimburse fees, penalties, and legal costs

17. TITLE

The Company makes no guarantee of title.

Buyer assumes all risks related to ownership claims.

18. WITHDRAWAL

The Company may withdraw any lot at any time prior to sale without liability.

19. GOVERNING LAW

These Terms are governed by the laws of the State of Rhode Island.

20. SEVERABILITY

If any provision is deemed unenforceable, the remaining provisions remain in full force.