Date of auction

Location of auction

web auction

Time of auction

open

Streaming Video

Auction will be carried live on the Internet. Buyers can bid on site, on the phone or on the Internet. Buyers and interested parties will be able to watch the auction live on their computers.

All equipment offered for sale will be subject to prior sale. Vessel owners will set a confidential realistic minimum sale price with the auction company at listing.

Owner’s sale costs

Commission

5% of total sale price to auction company if vessel is sold.

Example:
Sale price = $ 100,000
5% Commission = $ 5,000

Marketing Budget Fee

A pari-passu participation in the total marketing budget.

Example:
Total Auction Marketing Budget = $ 80,000
Total equipment value offered
for auction sale = $ 10,000,000
Sellers total equipment value
offered for sale = $ 1,000,000
Sellers Marketing fee = 10% or $ 10,000

Seller has the right to reject any offer that is not satisfactory to Seller If any Sellers’ vessels are sold pre-auction after vessels have been consigned, the auction company will receive a commission of 2%. Many times property will sell pre-auction because the buyer does not want to risk the price or loss possibility. The Auction Company shall have an exclusive 60 days following the auction to market the any unsold consignments, on behalf of the Seller under the auction terms and conditions.

Additional Auction Information

iBuyYou Consignment Terms

5% payable to auction company upon completion of sale

Participating Brokerage Commission

If a broker pre-registers his clients according to the auction rules he will receive a commission split of 2%.

Electrical equipment Inspections

Sellers will coordinate inspection tours of their equipment directly with the proposed buyers. Auction company will help coordinate tours and due diligence information with Seller.

Due Diligence Information

Some information will be posted on the Internet. Blue prints and other surveys etc. can be offered to serious buyers for a fee. Auction Company will coordinate this with the Sellers.