AirSpace Auctions - Terms and Conditions for online auction bidding: Updated June 27, 2023
Permission to Use Bidding Software and Website:
By agreeing to the terms and conditions you
AirSpace Auctions, as the Auction Firm, authorizes you or anyone designated in writing as your agent(s) as a registered bidder, to use this software for bidding purposes. By using this software to place a bid: (II) you acknowledge that you have read and understand all of the written terms, conditions, and disclaimers set forth herein; (III) you agree to all such terms, conditions, and disclaimers; (I) you agree to all of the terms, conditions, and disclaimers of the Auction Firm for the specific auction in which you are placing a bid. You further agree not to copy, reproduce, or publicly display any content from the website or software outside the functions of the website without first obtaining written permission from the Auction Firm.
The Auctioneer is retained by the Auction Firm to conduct that given Auction.
Registration to Participate in Bidding:
In order to participate in our online auctions, you must create a bidder profile and become a registered bidder. You shall agree to provide true, accurate, current, and complete information about yourself and/or your organization, as applicable, as requested during the registration process. This must include contact information where you can be reached during and after an auction. The Auction Firm is committed to keeping your information secure. A deposit will generally be required to become a registered bidder. The deposit will be made via wire transfer or credit card to the Auction Firms escrow account. The deposit amount will vary according to each auction and will be conveyed in the auction listing.
You shall be 18 years of age or older and have full legal capacity and authority to complete such contractual action without need for additional approval or consents. If you do not qualify, you will not be permitted to participate in our online auctions.
It shall be your responsibility to read and understand the auction terms, including these Terms and Conditions and any auction-specific terms in the listing. You are required to select a checkbox to accept terms upon registering for online auctions and before placing a bid on an auction item. You are required to digitally sign a copy of the current terms and conditions. Only individuals who are registered and have signed the terms are qualified to place bids.
These Terms and Conditions are subject to change. No changes will occur during an auction. The version you will be required to accept will be the current version applicable at the time of the auction.
You can search through active auctions that may be open. By selecting a particular auction you may view the item and any details and documents. Each auction is independent of all others, any bids you wish to submit must be placed on each auction separately.
Each participant has two options to place bids:
Quick Bid. The red Quick Bid button allows you to place your bid based on our pre-set increments. This requires you to manually click this button for each bid.
Maximum Bid. You can manually type your maximum bid in the provided space and then click the green Submit button. If the reserve price has been met, the system will automatically bid in pre-set increments for you, up to your maximum bid that you entered.
If the reserve price has not yet been met, the system will enter a bid up to your maximum bid attempting to meet the reserve price for you. You will have the opportunity to continue to participate by raising your bid until the closing time of the auction. By using this method, you can achieve your desired purchase price sooner.
Remember, once the Quick Bid or the Submit button is clicked that bid is final and shall be a legally binding offer to purchase the item(s).
The software posts the status of the reserve price, so the participants know if the reserve has been met.
While participating in an online auction you must be aware of the current bid price and the Time Remaining. Our online auctions are automatically closed at the pre-advertised time, except to prevent auto-scamming programs, and in fairness to all bidders, sniper bidding protection starts three minutes prior to the auction ending and continues until there are no additional bids.
In the event of multiple bids coming in precisely at the same time, the software will accept the leading bid and we cannot guarantee your bid will be the high bid. We encourage you to place your final bid prior to the auction closing time.
It shall be the sole responsibility of the bidders to know their bid and know if they are the high bidder at the close of the auction.
The inability to obtain financing does not relieve you of your legal agreement to purchase the item and if you cannot complete the transaction, you forfeit your deposit.
By agreeing to the terms and bidding in an auction, you attest that you shall be both willing and capable of paying the bid amount, plus the buyer’s premium, plus taxes, transfer and any other costs, before bidding starts and must be available within the timeframe described in these terms and conditions.
The inability to obtain financing shall not relieve you of your legal agreement to purchase the item and if you cannot complete the transaction, you shall forfeit your deposit.
Bidding in an Online Auction:
Any bid that you place through the software in an auction shall be legally binding offer to purchase the item(s) being auctioned. Your bid (i.e., offer) may be accepted by the Auctioneer, in which case shall become a legally binding agreement that shall be in place between you and the Auction Firm. The terms, conditions, and disclaimers of the Auction Firm for that specific auction shall be part of said agreement.
Bid Status During an Auction:
All bids shall be accepted or rejected by the auctioneer. All bids are considered pending until accepted. The auctioneer has the sole and absolute discretion to advance the bidding, including the discretion to reject any bid which the Auctioneer believes does not advance the auction and/or is injurious to the auction. Bids that may be rejected include without limitation bids that appear to the Auctioneer to be nominal, suspicious and/or fraudulent.
Unless stated otherwise all auctions are considered as Reserve Auction, meaning an auction in which the seller or an agent of the seller reserves the right to establish a stated minimum auction price. The Auctioneer reserves the right to reject or accept any or all bids, and/or the right to withdraw the items at any time prior to the completion of the auction by the auctioneer. On items upon which there is a reserve, the Auction Firm, Auctioneer, or his assigned agents, shall have the right to bid on behalf of the seller.
The Close of an Auction:
The Auctioneer shall have sole discretion in deciding the successful bidder in the event of a dispute. The Auctioneer's determination of the successful bidder shall be final, upon such determination the item shall be considered as SOLD.
Total Sale Price and Payment Terms:
The successful bidder is subject to all terms and conditions listed in this document, as well as in the listing for each auction.
The final Sale Price will be established by the Auctioneer. The amount of the buyer's premium will be announced in the listing of each auction. If you are determined the successful bidder by the auctioneer, you will pay the Sale Price, which includes: (i) the amount of your winning bid, (ii) any commissions payable by the buyer noted in the auction listing, (iii) premiums, and (iv) other expenses that are set forth in these terms and conditions, as well as the auction listing.
Tax laws vary per state, county and/or municipalities and it shall be the bidder's responsibility to research prior to auction for their understanding and to pay upon becoming the successful bidder if applicable.
Title transfer fees and associated costs shall be paid 50% by seller and 50% by buyer, unless stated otherwise in a specific auction listing.
In the event bids do not reach or exceed the reserve amount by the last bid, but a final price is negotiated after the auction closes and the item is sold, these terms and conditions, including the determination of the Total Sale Price described herein (including, but not limited to, the buyer’s premium, and substituting the negotiated final price for the winning bid amount), shall apply for 90 days after the auction closes.
Payment of the Total Sale Price is due in full within 3 business days after the determination of the successful bidder, or within 3 business days with preapproved financing. Funds must be placed in escrow via wire transfer. The deposit required as part of registration will be counted toward the funds in escrow.
You agree to indemnify and hold the Auction Firm, Auctioneer and their employees, contractors, representatives, and agents harmless from and against any and all costs, expenses, losses, and damages, including, without limitation, reasonable attorney's fees, the Auction Firm may incur with respect to your failure to pay all amounts that you are legally required to pay as the successful bidder.
Auction Firm Handling of Deposit:
Deposits submitted to Auction Firm’s escrow account by registered bidders that were not the successful bidder will be returned via transfer instructions provided to the registered bidder. Auction Firm will initiate the transfer within the stated timeframes. The Auction Firm cannot guarantee the timing of receipt of the transferred funds, due to certain aspects of the transfer being out of Auction Firm’s control. Especially in the case of international wire transfers, transactions may take several days to reach the destination account.
• For a successful auction: Within seven (7) business days of the successful bidder fully funding escrow.
• For an auction that is canceled or where the reserve amount is not met: Within seven (7) business days of the end of the auction.
• For all auctions, regardless of escrow funding status: Within thirty (30) business days of the end of the auction.
Neither the Auction Firm, Auction Firm’s Licensor, Firm Manager, nor the Auctioneer, is your employee, contractor, representative, or agent, with respect to any auction in which you may participate. The Auction Firm is providing an internet-based service that enables you to place a bid with an auctioneer at auction. The Auction Firm, Firm Manager, Auctioneer, and their employees, serve as agents to the seller, not the buyer.
Unless otherwise expressly provided by the Auction Firm, all property is auctioned and sold in its "as-is" condition on the day of the auction. It is the bidder's responsibility to determine the nature, condition, and state of title of the property to be purchased. This inspection of said property can be inspected during a specific inspection time(s) announced in the auction listing.
Receiving Items Purchased:
Unless otherwise expressly provided by the Auction Firm, all property is auctioned and sold where it is located on the day of the auction ("where-is"). The successful bidder shall make arrangements with the Auction Firm for pickup of any item(s) that are purchased at an Auction.
Payment in full must be received prior to pick up of the item(s) purchased. Loading, delivery, and/or shipping costs are not included in the bid price and shall be the buyer’s sole responsibility unless agreed otherwise in writing between potential buyer and the Auction Firm prior to the end of the auction.
AirSpace Auctions is licensed and governed by auction laws in Texas as well as other appropriate states as required for the sale of each specific aircraft.
There shall be no returns or exchanges except as may be expressly permitted in writing by the Auction Firm under its terms and conditions for that given auction.
Agreement of Terms:
Acceptance and agreement of the terms listed in this document, as well as advertisements, announcements, and statements, made in each auction listing, shall be mandatory prior to any person registering and/or bidding in an auction.