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Lake Placid Festival of Cars Auction Rules and RegulationsBidders must be registered to bid with our Bidders Office. No bids will be taken from unregistered bidders . Bidders may pre-register by MAIL, FAX, or register at the SALE SITE (pre-registration will save you time on the sale date.) You must have valid identification with you (drivers license, passport, credit card etc.) Bidders-- Free to register as bidder. General admission tickets to the auction and car show are seperate and are not included as part of your bidders registration. PAYMENT TERMS: Cash, Certified funds, Personal or Company check with a Pre-Approved bank letter of guarantee pre-approved by the auction company 3 days in advance of the auction. Without a bank letter, you will be required to leave a $1000.00 credit card charge on the day of the auction as a refundable deposit. Any vehciles you purchase will be paid in full by cash or bank wire transfer of the funds by 5pm the Monday following the auction. This deposit will be credited back to your credit card within 14 days after the sale, after you have met your obligations. The deposit will not be refunded during the sale under any circumstances. Credit cards are not an acceptable form of payment other than the deposit above. Payment is required within one hour of purchase unless other terms are pre-arranged. NO CAR WILL LEAVE THE PREMISES UNLESS PAID FOR in FULL by CASH or VERIFIED CERTIFIED CHECK! (if payment is in cash and over $10,000. the appropriate forms will be filed.) Bidders pay the stated sum in accordance with the following schedule:Final Vehicle Price Buyers Premium 7 percent Non-automobile lots Buyers Premium 10 percent Buyers Premiums will be added automatically upon settlement and payable without relief to the auction company. Sales tax is governed by where you title the vehicle, all New York sales will follow appropriate NY DMV / DOT guidelines , if you are a dealer you will be required to follow your dealer guidelines.. ALL BIDS ARE FINAL AT AUCTION. At auction there is no "Cooling Off Period." If you are awarded the final bid, ownership changes hands at the drop of the gavel. You own the merchandise and are responsible for payment in full. ALL LOTS ARE SOLD AS IS, WHERE IS. Tel # 518-483-8025 or 888-674 -5266 /fax # 518-483-5615 GENERAL RULES 1) LPFC AUCTION is merely performing an auction service, and is responsible only for their warranties and guarantees set forth herein, herein referred to as Auction Company. 2) Purchaser agrees to accept ownership of merchandise/property at the fall of the gavel and he/she willingly assumes all responsibility and liability for said merchandise/property at that time and without exception. 3) Purchaser’s Agreement: PURCHASER agrees to purchase Said Lot for purchase price of last bid plus buyer’s premium; that upon making settlement that NO stop payment of funds will be honored: and any stop payment order of check or giving a check which is returned marked "insufficient funds": shall be deemed by the parties to be prima facie evidence of Fraud existing at the time the transaction was consummated and shall be construed by the parties as an intent to defraud in order to consummate the transaction. 4) All transactions are to abide by the Laws and Rules of Uniform Code of New York State. 5) ALL bids are to be per lot unless otherwise mentioned by the Auctioneer. 6) The highest bidder is to be the buyer. In all cases of disputed bids, the lot shall be resold, but the auctioneer will use his judgment as to the good faith of all claims and his decision is final. 7) BIDDERS are required to register and give full identification prior to bidding and are required to use the number issued to them when identifying themselves as the successful bidder. Invoicing on purchases will be done according to the information on Bidder’s application. 8) Automobiles are offered for sale by Lot Number. The auctioneer will accept bids from the bidders present in the room, absentee bidders by telephone, or absentee bidders who leave written bids in advance of the auction. The auctioneer may also execute bids in response to salesroom, telephone or absentee bids. The auctioneer has the right to place a bid for consignor up to the reserve amount. Under no circumstances will the auctioneer place a bid on behalf of the consignor at or above the reserve. Further the consignor has the right to "lift’ the reserve price whereupon it will be sold at the highest bidder at the hammer. When the reserve has been lifted, the auctioneer will duly announce it 9) THE seller will afford every opportunity to view all lots prior to sale. However the purchaser must understand that he/she is buying property entirely upon his own or his agent’s examination and opinion. All lots are sold "AS IS, WHERE IS". Any guarantees written or implied to the authenticity, originality, or condition of any lot are not the guarantee of the Auction Company, and should be relied on by the purchaser’s own inspection and discretion. 10) SHOULD any dispute arise after the sale, the auctioneer’s records shall be conclusive in all respects. 11) LPFC AUCTION IS NOT RESPONSIBLE FOR LOST, STOLEN, OR DAMAGED PROPERTIES. 12) LPFC AUCTION IS NOT LIABLE FOR ANY THIRD PARTY LIABILITIES. LPFC AUCTIONS is not responsible for any and all liabilities. 13) LPFC AUCTION will supply an area for cars that do not reach agreeable sale price, so as to endeavor to secure a proper buyer for the seller/consignor. a. This area will be staffed by LPFC AUCTION to accept offers on such vehicles. Any and all vehicles sold in this manner will be sold by the same terms as cars sold on the auction block. 14) LPFC AUCTION is entitled to any fee on any vehicle sold due to LPFC AUCTION event up to 21 days after said event 15) LPFC AUCTION shall be entitled to any Attorney’s Fees incurred in the enforcement of this rules contract or the enforcement of Sell/Buy Agreement. 16) Upon being awarded high bid, you are responsible to pay end hammer price plus bidder fee. Non-payment will deem you liable for any losses incurred in the resale of said lot # to include, but not inclusive of freight, storage, difference in received value, auction fees. 17) Purchaser authorizes, without further notice, LPFC AUCTION to recover any deficiencies due seller and/or LPFC AUCTION and to charge purchaser’s credit card for said amount(s).18 ) If the buyer fails to comply with any of these General Rules and Terms, LPFC AUCTION may in Initials _________ addition to asserting all remedies available by law including the right to hold such defaulting buyer x liable for the purchase price (i) cancel the sale, retaining as liquidated damages any payment made by the buyer, (ii) resell the property without reserve at public auction or privately on seven days notice to the buyer or (iii) take such action that we deem necessary or appropriate. If LPFC AUCTION resells the property, the original defaulting buyer shall be liable for the payment of any deficiency in the purchase price and all costs and expenses, including warehousing, the expense of both sales, responsible attorney’s fees, commission, incidental damage and all charges due hereunder. In the event that such buyer pays a portion of the purchase price for any or all lots purchased, LPFC AUCTION shall apply the payment received to such lot or lots that LPFC AUCTION, in our sole discretion, deems appropriate. Any buyer who fails to comply with these General Rules and Terms will be deemed to have granted LPFC AUCTION a security interest in, and LPFC AUCTION may retain as collateral security for such buyer’s obligation to LPFC AUCTION any property in LPFC AUCTION possession owned by such buyer. LPFC AUCTION shall have benefit of all rights of a secured party under the Uniform Commercial Code adopted in the state where the auction is held. This agreement shall be governed by and interpreted under the laws of the state of New York. By signing this document, both parties agree that any action that must be taken to enforce the terms of this agreement shall be brought in the Circuit Court of Essex County., New York. 19) Any litigation brought forward by bidder/purchaser will be against seller. LPFC AUCTION is merely performing an auction Service, and does not own the property. Upon litigation, bidder/purchaser will not be entitled recovery of fees earned by LPFC Auction duly performing its service.
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Note: All prices in US Dollars
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