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final total of hammer price plus premium. default. This provision is in addition to and in no way
supersedes or replaces Buyer’s financial responsibility
(B) Buyer will be required to pay all applicable taxes, regarding such purchase.
license fees, or other fees levied by any authority unless
BJAC receives satisfactory proof of exemption, including 4. PASSING OF TITLE
a proper bill of lading (to be determined in BJAC’s (A) Upon the fall of the Auctioneer’s hammer, title
sole discretion). There are no refunds once BJAC has of the offered Lot will pass to the highest Bidder
paid taxes and license fees (typically two weeks). Buyer acknowledged by the Auctioneer, subject to the
acknowledges that the bidder registration fee paid to conditions set forth herein, and at such time Buyer:
participate in the auction is not included in or deducted (i) assumes full risk and responsibility for the Lot
from the total price of any Lot purchased. and neither BJAC nor its agents shall be responsible
(C) Buyer agrees that if he acquires, or if any related for the loss of, or any damage to, any article due to
entity or person acquires, within 60 days after the theft, fire, breakage or any cause whatsoever; (ii) will
auction date, any Lot consigned to the BJAC auction that sign a contract of sale confirming purchase of the Lot
is not sold through the auction for any reason Buyer and any related purchase documents; (iii) will pay
will be obligated jointly and severally, with the Seller, the full purchase price plus applicable commission;
for the immediate payment to BJAC of a commission in (iv) will ensure the purchased vehicle complies with
the amount of 18% (No Reserve Lots) or 20% (Reserve any emissions testing requirements in the applicable
Lots) of the sale price of the Lot. jurisdiction; and (v) warrants and agrees that he will
perform the necessary steps to document the transfer of
3. PAYMENT title in accordance with applicable state law within 30
(A) All bidder fees are non-refundable and non- days of receipt of transfer documentation from BJAC.
transferable. (B) Buyer must remove all property from BJAC’s
(B) A valid method of payment must be submitted for premises not later than 72 hours following the sale,
each auction. Buyer shall bring a bank reference and a unless otherwise specifically instructed in writing by
copy of Buyer’s signature certified by that bank. Buyer BJAC. If any Lot is not removed, a handling charge of
agrees to pay for all Lots on the day of sale in U.S. 1% of the purchase price will be payable by the Buyer
currency, certified check or cashier’s check. Personal per month, until the Lot is removed, with minimum
checks may be accepted, at BJAC’s sole discretion, of 5% for any property not removed within 60 days
but only if accompanied by irrevocable bank letter of after the sale. After 90 days, BJAC may dispose of the
guaranty in favor of BJAC stipulating Buyer’s credit property. Buyer Hereby Waives All Requirements Of
limit on the day of the sale. There shall be no deviation Notice, Advertisement And Disposition Of Proceeds
from this provision without the prior written consent Required By Law, And Releases BJAC From Any Liability
of BJAC. Buyer hereby authorizes BJAC to recover lost Whatsoever In Connection With Such Disposal.
commissions or fees due to BJAC should Buyer default (C) Lots, titles and/or bills of sale will only be released
and charge this amount to Buyer’s credit card on file or in the case of cash purchases. In all other cases the
to recoup such commissions or fees through any other title and/or bill of sale will normally be delivered to
available means of payment. Buyer within 30 days following the sale. For vehicles
(C) Buyer acknowledges and agrees that he is expressly described as “title in transit,” Buyer agrees that
prohibited from submitting a bid for purchase of any significant title delays may occur and that Buyer shall
Lot if any such single or cumulative bid(s) exceed(s) make no claims for damages or otherwise against BJAC
Buyer’s credit limit then on file with BJAC for the as a result of such delays in title processing, and that, in
auction. If Buyer circumvents this provision and BJAC’s sole discretion, BJAC may unwind or rescind the
succeeds in entering a winning bid in excess of his sale if needed.
credit limit, Buyer hereby warrants and agrees that (D) If Buyer or Buyer’s representative drives a vehicle
he shall remain fully liable to BJAC and to Seller for on the auction site, all applicable Motor Vehicle Laws
the complete purchase price, plus applicable fees and must be observed at all times. Buyer is responsible for
commissions, and that funds shall be remitted to BJAC providing proof of current insurance for each auction
on the day of sale. event.
(D) Should Buyer default upon the purchase for any (E) Prior to driving any vehicles purchased at auction,
reason, Buyer agrees to pay BJAC the full sum of both Buyer agrees to check or inspect any safety or driving
the Buyer’s premium and Seller’s commission. This sum components or mechanisms of such vehicles.
is due and payable without relief. Buyer also agrees (F) Buyer acknowledges the final vehicle description
to pay any court cost, attorney fees, storage, or other may vary from previous printed catalog or online
related cost or expense of any kind or nature whatsoever description and the final vehicle description announced
incurred by Seller or BJAC as a result of Buyer’s
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