WHY AN AUCTION?
The Sellers' have chosen the Accelerated Marketing Method in order to sell their
vessel/equipment in an expedient and timely manner. Part of their reasoning
includes the enormous amount of holding costs to maintain the properties (e.g.,
taxes, insurance, maintenance, etc.).
WHAT IS AN "ABSOLUTE" AUCTION?
Asset offered at Absolute Auction will be sold to the highest bidder, regardless
of price, with no minimums and no reserves!
WHAT IS AN ASSET SOLD SUBJECT
TO THE SELLER'S CONFIRMATION?
Vessel/Equipment that are sold subject to the Seller's confirmation are offered
with the Seller reserving the right to reject a top bid for any or all
consignments. If the brochure does not reflect "Absolute", then it will be sold
subject to Seller's confirmation. However, Sellers spend a great deal of time
and advertising/promotion money on an Accelerated Marketing Program.
IS THE INFORMATION IN
THE BROCHURE AND MEDIA ADS GUARANTEED?
In an Accelerated Marketing Program when numerous vessel/equipment is involved,
errors are possible. Buyers must rely on their own inspection, judgment and
public records. As indicated in the brochures, all announcements from the
Auction block will take precedence over any previously printed material or any
other oral statements made. All sales made by the Seller are on an "As Is",
"Where Is" basis and without representation or warranty of any nature
whatsoever.
WHAT DOES IT MEAN TO BUY IN AN
"AS IS" CONDITION?
Buyers purchase the Vessel/Equipment with no guarantees in regards to the
condition. Buyers shall rely entirely on their own information, judgment, and
their own inspection of the assets.
WHAT IS A 10% BUYER'S PREMIUM?
Often we utilize a 10% Buyer's Premium (check specific Auction Terms and
Conditions). Simply stated, if the bid is $1,000,000 (example only), the total
contract price would be $1,100,000. If you are unsure of this concept, realize
if you want to purchase the property for right under $1,000,000 - bid $900,000.
The total contract price would read $990,000 and you will have saved $10,000!
Execution of all contracts
and bills of sale will be prepared/finalized by the on-site
Auction staff.
Potential Bidders are
encouraged to view and inspect vessel/equipment prior to the
auction, or arrange a preview, time date with the respective
consignors.
Each Top Bidder shall sign
the Auction Contract without any changes, additions, or
modifications, and endorses a cashier's check deposit (per
asset) the day of the sale. Additional funds required (if
any, for the required 10% deposit) may be paid by personal
or company check. Often the immediate back-up bidder will be
required to exercise Auction Contract and escrow the bid
deposit.
Please make sure that you
make your cashier's check deposit in your own name, unless
otherwise indicated. This will make it easier to re-deposit,
should you not be the successful high bidder.
All Buyers are urged to
review all documents necessary for the transaction within
the Due Diligence Information Packages, along with
supporting summaries.
All announcements made
Auction day take precedence over any written or advertised
materials; however the Auction Sales Contract as executed
shall be the controlling document.
Marine Auction Exchange LLC.,
and the Consignors wish you the best of luck in the bidding
process!
Information contained in
this material is prepared to assist a prospective buyer through
bidding process. Neither the Seller nor Marine Auction Exchange
LLC., guarantees the accuracy of the material, and bidders are
urged to review the specific terms and conditions of each
auction event.
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