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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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auction2.ws
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1993-08-01
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178 lines
Contract to Employ AUCTIONEER
______________, referred to as SELLER, and ___________________,
referred to as AUCTIONEER, agree:
SELLER employs AUCTIONEER to sell, at public auction, the
property described in the attached exhibit "A."
Place, Date, and Time of Sale
The auction shall be held at ____________________, on
__________________________.
Duties and Obligations of AUCTIONEER
AUCTIONEER shall carry out the following duties:
(a) AUCTIONEER shall have a catalog of sellers property and
shall distribute the catalog no fewer than 14 days before the
auction and the catalog shall be in a manner which will interest
all persons who might reasonably be interested in such dale and
in the sales thereof.
(b) The auctioneer shall cause the auction be advertised in the
_____________ Newspaper no fewer than 3 times and at least 15
days before the sale.
(c) SELLER shall deliver to the auctioneer the items for sale
no later than 7 days before the sale, and seller shall bear all
risk of loss of or damage to the property not caused by the
auctioneer's fault or negligence or as the case may be.
(d) AUCTIONEER shall employ help reasonably necessary to carry
out the sale and delivery of seller's property to buyers of such
property at the auction sale.
(e) AUCTIONEER shall represent and conduct the action sale as
an auction _________ reserve.
(f) AUCTIONEER shall conduct the auction to the best of his or
her ability. However the auctioneer does not guarantee a sale and
auctioneer is not responsible in the event seller and or any
buyer at the auction sale fails to pay as agreed concerning any
property to be auctioned, or in the event of nondelivery of
property by seller to any such buyer.
(g) AUCTIONEER shall collect from each buyer at the auction
sale 10% percent of the purchase price immediately after the sale
is consummated, and shall have each buyer sign a memorandum of
sale.
(h) AUCTIONEER shall purchase all risk for seller's property
after delivery by seller to the place of sale. SELLER shall
notify the auctioneer, in writing, of the property to be insured,
and for negotiating any settlement, payment, cancellation, or
reformation with the insurer.
(i) At the completion of the sale the auctioneer will provide
the seller a list of seller's property sold and unsold, along
with the sale price. SELLER shall have 7 days after receiving
notice of the unsold property. If seller, does not pick up the
unsold property with 5 days the AUCTIONEER shall store the
property at the seller's expense.
Authority of AUCTIONEER
AUCTIONEER may sign any memorandum of sale and receive any
deposit from any buyer on behalf of the seller in connection with
the sale.
AUCTIONEER is prohibited from giving any warranty as to quality
or description of seller's property.
Purpose
AUCTIONEER accepts the terms of this agreement and will perform
the auction sale to the best of his or her ability.
Authority of SELLER
(a) SELLER may withdraw any property before the time of sale.
Property withdrawn will be subject to unsold commission.
(b) SELLER may warranty his property as quality or description
as may the seller deem appropriate.
(c) Payment for property can only made with cash, cashier's or
certified check, credit card or by letter of credit from a bank
which is reasonably acceptable to SELLER.
(e) SELLER may reject or confirm bids, except that seller's
property shall be sold to the highest bidder, subject to the
terms of this agreement.
(f) SELLER may require auctioneer to resubmit seller's property
to competitive bidding if a dispute arises to any bid.
Cooperation of SELLER
SELLER shall cooperate with the interests of auctioneer in
discharging seller's duties under this agreement, and shall
refrain from all acts that would interfere with auctioneer in
performing the auctioneer's duties.
Compensation of AUCTIONEER
AUCTIONEER shall remit to the SELLER the full amount bid on the
property; however, AUCTIONEER shall be netitled to establish a
buyer's premium for all sales, not to exceed 15% and the buyer's
premium shall be retained by the AUCTIONEER. Upon collection and
payment, AUCTIONEER shall separately collect the premium and
sales price.
Expenses
SELLER shall be liable for the following expenses:
(a) Catalogs
(b) Advertising
(c) Delivery of Property to AUCTIONEER
(d) Insurance for seller's property
Entire Agreement
This constitutes the entire agreement between the parties and any
prior understanding or agreement before the signing of this
document shall not be binding on either party except what is
incorporated in this agreement.
Modification of Agreement
Any modification of this agreement shall be in writing and signed
by both parties.
Assignment of Rights
The rights of under this agreement are personal to that party and
may not be transferred to any other person, firm, corporation, or
other entity without the prior express, and written consent of
the other party.
Dated: _____________________________
________________________________________
SELLER
________________________________________
AUCTIONEER