REM, LLC (Restaurant Equipment Movers).pdf
Auction Consignment Agreement – Terms and Conditions
Contract Definitions:
REM, LLC :
Auctioneer
__________________________:
Seller/Owner
Consignors must agree to the following:
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General:
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This Agreement is entered into by and between described Seller
and REM, LLC (Restaurant Equipment Movers), LLC (REM, LLC ).
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Seller hereby retains, authorizes, employs, and directs REM,
LLC to act as its Agent in arranging and conducting a public
auction of all
property listed.
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It is understood and agreed that NONE of the property herein
listed, shown, or photographed, shall be withdrawn from this
Agreement
except by the written consent of REM, LLC .
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Seller’s Warranties:
Seller hereby represents and warrants as follows:
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The property is accurately and completely described.b. Unless
otherwise specified, the odometer and hour meter readings on the
property is correct.c. Property is free of all liens and
encumbrances.
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Seller’s Duties:
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At its own expense, Seller shall deliver property to specified
sale location at least 3 days prior to the auction date.
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For titled items, titles, bills of sale and/or other
documentation required as proof of ownership, must be delivered
to REM, LLC ’s office no later than 7 days prior to auction
date. Prior to delivery to REM, LLC , Seller shall properly
endorse these titles and documents either by Seller’s signature
or a Power of Attorney as necessary to permit any Buyer to
register ownership of the property. Failure to comply will
result in removal of such item from the sale.
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Repairs, improvements, and/or painting of the property prior to
the sale is the Seller’s responsibility.
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Seller must ensure that vehicles and equipment have adequate
fuel to operate throughout the auction procedures, as well as
adequate batteries. Fuel charge will be $5 per gallon if
items need to be refueled.
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Seller must provide valid driver license for identification
purposes at time of initial consignment.
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REM, LLC ’s Duties:
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REM, LLC shall arrange for, advertise, and conduct a public
auction sale of the property at the auction location and auction
date specified.
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Unless otherwise noted herein, REM, LLC shall pay all costs and
expenses of advertising, auctioning, clerking and cashiering
incurred with conducting the auction sale.TERMS OF SALE:
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Owner, at its own cost and expense, shall deliver the Equipment
(Exhibit A) to the referenced sale location along with all
documents and titles no later than two weeks prior to auction
date. By signing this contract the owner acknowledges failure to
deliver the equipment will result in a monetary loss to the REM,
LLC . If owner fails to perform their obligations under this
contract a breach of contract will result in a loss to the REM,
LLC and the owner agrees to reimburse the REM, LLC the
commission based on the fair market value of the equipment.
Owner shall make and/or pay for all repairs,improvements, and/or
painting of the Equipment done in preparation for sale. Owner
hereby agrees that REM, LLC shall be permitted and authorized
to deduct from any and all sale proceeds in its possession,
amounts necessary to obtain releases of any liens, claims, or
other encumbrances on or against the Equipment including any
money owed to REM, LLC . In the event that such proceeds are
insufficient to obtain the necessary releases or terminations,
Owner shall immediately pay the additional amount necessary to
obtain such release.
Owner agrees to pay commission rates stated on front of auction
contract for all items sold and any “buy back”. REM, LLC also
will be compensated from a buyer's fee up to 15%.
Owner agrees that each and every piece of Equipment listed will
be offered for sale at the auction site. Owner and REM, LLC
agree that REM, LLC shall carry out the auction sale in
accordance with REM, LLC ’s usual practices and procedures.
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Items may not have internet bidding available. The lotting,
grouping, and bid increments of Items sold and the order of
which items are to be sold shall be at the absolute and sole
discretion of the REM, LLC . Owner agrees to pay REM, LLC , for
its services in conducting said auction sale of the Equipment.
There will be a percentage (see front of contract) of the last
bid made and received by REM, LLC , said commission and fees to
be due and paid on the day of auction. REM, LLC will pay Owner
the sale proceeds collected from the Auction less the sales
commission and any other charges referred to herein upon
approval and release of any and all creditors and lienholders
within thirty banking days from the date the funds are received
from the buyer for each item.
In the event of non paying bidder/buyer REM, LLC shall have the
right to resell the item on another auction date (Online or
Live) then pay owner within 30 days upon receipt of payment.
Owner hereby agrees to sell the Equipment to the highest bidder
with no minimum prices and to deliver said Equipment to the
purchaser by Bill of Sale free and clear of all encumbrances.
Owner hereby nominated, constitutes and appoints REM, LLC its
true and lawful representative for owner and in owner's name and
on owner's behalf to sign, execute and deliver all such
documents required to transfer title to and permit registration
of ownership of the Equipment to and by purchaser thereof in the
event that such documents have not been delivered by Owner to
REM, LLC as required. Owner shall not withdraw the Equipment or
any part thereof from the auction sale. Owner authorizes REM,
LLC to utilize any part of the Equipment in setting up the
auction. The Equipment will be sold to the highest bidder and
there will be no guarantee whatsoever by REM, LLC as to the
gross proceeds to be realized from the sale of the Equipment.
The Owner or its employees are authorized to purchase items in
this sale (in accordance with bidder contract). The REM, LLC /
Auction Company may bid on behalf of itself or others. Owner
authorizes REM, LLC to use Owner’s name, trademark or logo in
advertising the auction. Miscellaneous items that do not receive
a bid may be charged a disposal fee.
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Terms of Sale and REM, LLC Commission:
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Seller agrees that each and every piece of property listed will
be offered for sale at the specified auction location and date
with the
REM, LLC ’s usual practices and procedures. The lotting
and grouping of the property sold and the order in which it is
sold shall be at the absolute and sole discretion of the REM,
LLC .
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REM, LLC reserves the right to exclude or withdraw any lot from
the sale at his absolute and sole discretion.
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Buyer premium collected by REM, LLC on all items is additional
compensation to the REM, LLC and it is agreed that the Seller
has no right to any portion thereof and also that the buyer
premium has no effect on the Seller’s commission to be paid to
the REM, LLC .
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Seller agrees to pay REM, LLC for its services in conducting
the sale and auction of the property at the commission rate
specified. Seller and REM, LLC signatures verify agreement and
acceptance of the commission rate. Commission is due and
payable on the auction day.
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REM, LLC will pay Seller net proceeds on or before 14 banking
days after the auction proceeds are collected.
Net proceeds are the gross sales prices less commission due
and any other charges the Seller may have incurred. REM, LLC
also reserves the right to pay any taxes, liens or attaching
creditors from the proceeds, further reducing the net amount due
to the Seller. REM, LLC will only pay net proceeds on property
where proceeds have been collected and REM, LLC will owe
nothing to Seller should REM, LLC , for any reason, be unable to
collect proceeds from a sale. No commissions will be owed to
the REM, LLC on these items, and property will remain in
ownership of the Seller. Additionally, if applicable, REM, LLC
reserves the right to withhold the net proceeds payment of the
property sold by Seller until Seller pays in full any amount due
to the REM, LLC on items purchased by Seller.
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Your seller commision rate charge is 12% for each item price
over $2500. AND 15% commission rate is charged to each item
price $2500 or less. AND all items charged an additional
$500/
item (lot).
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Risk of Loss:
All risk of loss or damage to the property shall remain with
the Seller until such time as payment is received for the property
and new Buyer takes possession. Seller should maintain insurance
against such loss or damage. REM, LLC shall not be responsible for
any damages to or loss of the property.
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Indemnification of REM, LLC :
Owner hereby agrees to indemnify and defend REM, LLC against
all suits, actions, costs (including attorney fees and expenses), or
charges whatsoever arising from or relating but not limited to (a)
any false or incorrect representations or warranties contained
herein or for any breach of the Owner’s obligations thereunder
including but not limited to any inaccuracies in the description of
Equipment or items or (b) the condition of Equipment. All risk of
loss or damage to the Equipment shall remain with the Owner until
such time as the payment is received for the Equipment and such sums
are disbursed to Owner. Owner should maintain insurance against such
loss and or damage. REM, LLC shall not be responsible for any
damages to or loss of the Equipment. Any dispute Virginia law will
prevail in Fairfax County court.
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Miscellaneous:
This Agreement represents the entire agreement between REM,
LLC and Seller. This Agreement replaces all prior agreements,
whether written, oral, or implied. This Agreement shall be binding
on the Seller for all property placed in future auctions with REM,
LLC unless Seller executes a new Agreement. This Agreement is
binding upon the parties hereto and their heirs, successors and
assigns. The parties herein acknowledge and agree that this Auction
Agreement and all transactions contemplated by this Agreement shall
be governed by,construed and enforced in accordance with the Laws of
Connecticut without regard to principles or conflicts of laws. Any
changes must be in writing and signed by both Seller and REM, LLC .
Both Seller and REM, LLC agree that, should a dispute arise
relating to the performance or breach of any part of this Agreement,
and a settlement cannot be reached between the parties, the matter
will be resolved in a Hartford County, Connecticut court
jurisdiction. In the event REM, LLC is required to take any action
to enforce the terms of this Auction Agreement,REM, LLC shall be
entitled to recover all of its reasonable attorney’s fees and all
its costs and expenses. Reasonable attorney’s fees shall include
those fees incurred
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before, during and after litigation, including those incurred in
attempting collection without litigation;
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in the litigation at all trial and appellate levels;
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in any bankruptcy proceedings; and in any postjudgment
proceedings.
The undersigned (the “Owner”) hereby instructs “REM, LLC ” to sell, as
agent of the Owner, the Equipment set out in Exhibit A below together
with additional items (the “Equipment”) delivered to the auction site by
the Owner. In consideration of REM, LLC . agreement, by its acceptance
hereof, the undersigned Owner and Guarantor each and together engage
REM, LLC on the terms and conditions hereof, at REM, LLC s discretion
and expense, to advertise, conduct, REM, LLC and clerk an auction sale
of the Property and Equipment set out hereafter and on the reverse
hereof agree to those terms and conditions. Complete an accurate
description of the Equipment and any encumbrances and liens thereon or
contrary interests therein are as follows:
EXHIBIT A Attached Additional Items Worksheet (Exhibit A)
DESCRIPTION - Year, Manufacturer, Model, Serial Number, Detailed
Description
I solemnly declare that I am the Owner or Owner’s Agent of the
Equipment/Property hereof and as such have knowledge of the matters set
out in this Auction Contract and that the representations and warranties
made herein are accurate. I have read and agree to this contract and
will make any reasonable concessions to facilitate the sale of these
items. The seller will also compensate REM, LLC any fee charged to on
site and internet buyers. I understand that any monies owed to REM, LLC
for purchases or any other reason may be withheld from proceeds
including commission charge for any “buy back”. Owner bound by these
terms.The Equipment is completely and accurately described as set out In
Exhibit A. Owner is now the beneficial owner of the Equipment and the
Equipment is not subject to any claim by any person or to any registered
or unregistered charges, liens or interests of any nature or in any way
arising excepting only as fully set out in Exhibit A. The Equipment is
not subject to the collection or attraction of any taxes, liens or
claims of any authority of competent jurisdiction of any kind and
nature,notwithstanding any past, present or future use to which the
Equipment may have been, presently is or hereafter may be put. Owner is
the true owner of the Equipment with full right and authority to sell
such Equipment. Except as specified on this contract, the Equipment is
free and clear of all liens,encumbrances, or claims by any other
persons.
OWNER INFORMATION: (Print)
Company__________________________________________________________________________________
Name__________________________________________________________________________________
Address_____________________________________________________________________________
City/State/Zip_______________________________________________________
___________________________
Tel____________________________________________
Fax____________________________________
Email______________________________________________________________________________
LIEN HOLDER: (List If Applies)
Name/Contact/Phone
_______________________________________________________________________________________________________________________________________
Owner or Registered Agent’s Signature Printed Name Date
REM, LLC . Alexandria VA 22314
Email:auctionagreement@restaurantmovers.com
Main Phone: (888) 539-8440
REM. LLC Auction
Alexandria, VA 22314
Signature of seller:
________________________________________________________ Date:
_____________
Accepted by/Date:_________________________________________
Auction Start Contract Date: __________________________________
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