PRESTIGE AUCTION COMPANY, LLC TERMS & CONDITIONS
SELLER AND BUYER TERMS AND CONDITIONS
Prestige Auction Company, LLC is an independent contractor regularly engaged in the business of conducting online timed consignment sales of equine and is recognized as “sale management.” Please read these Terms and Conditions carefully, as they will govern your use of Prestige Auction Company, LLC’s (PAC) website and auction services. Those who consign and bid are bound by these Terms and Conditions, Entry Form, Health and Fitness Guarantee as amended by any posted notices, which together form the contract of sale between the successful bidder (“Buyer”), PAC, and the consignor (“Seller”). When consigning or bidding on any horse offered by PAC, the Buyer and Seller indicate acceptance of the following Terms and Conditions. These sales provide a public means via live, online video and/or timed auctions, to bring together a seller and a buyer for the purpose of completing the sale of a specified horse. Prestige Auction Company, LLC holds no ownership interest in any horse offered for sale, and is not responsible for any liability whatsoever, including, but not limited to, the loss, damage, injury, death or illness of any horse, person or property before, during or after the sale. Any participation in the auction binds you to agreement of these Terms and Conditions, whether you read or understand said Terms and Conditions. If you do not wish to be bound by these Terms and Conditions, you may not use the PAC website or auction services. All horses are sold are subject to the following Terms and Conditions which shall control the mutual, reciprocal duties among PAC, the Seller and the Buyer.
GOVERNING LAW – Prestige Auction Company, LLC a Texas Corporation. All transactions and disputes are governed by Texas Law.
BIDDING & BIDDING ERRORS
Prestige Auction Company reserves the right to reject any and all bids.
A SOFT CLOSE bidding system is used. If bids are received within the last 5 minutes on the countdown timer on a horse, an additional 5 minutes will be added on that lot. Only after a 5-minute period passes with no additional bidding will the bidding close. A bidder may place individual bids.
-Bidding will open and close at a specific time and date, which is listed for each auction
-You should make sure to review all bids before and after submitting
-If you mistakenly increase your own bid or make a gross error you must immediately contact the PAC office by email (we must have your request in writing)
-We will not reverse bids that have caused another bidder to be outbid
-If you bid on the wrong horse we will not reverse your bid
Please make sure to immediately review your bid. We will not reverse bids after the auction has begun to close
Every potential buyer must pre-register prior to bidding. To participate please note US funds and a form of positive identification are necessary.
- I represent and agree that I am of legal age to form a binding contract
- I (referred to as Buyer) agree to these terms and conditions, and swear that all the information furnished is true and correct
- Buyer agrees that if they have the winning, final bid, or accepted bid in auction subject to Seller Confirmation, the Buyer has entered into a binding agreement to purchase the horse
- Buyer agrees to be responsible for any purchase made
- Buyer agrees to make any sale transaction for this entry through PAC
By placing a bid in this auction Buyer is indicating they have examined or researched a horse to their satisfaction
Prior to Bidding, Buyers may
-ask Seller for additional information
-make an appointment with Seller to examine the horse
-hire an agent to inspect and evaluate the horse
REPRESENTATION OF HORSE
ALL ONLINE DISPLAYED HORSE INFORMATION ERRORS AND ANNOUNCEMENTS ALL ELIGIBILITIES NOTED WITHIN THE AUCTION SITE HAVE BEEN PROVIDED BY THE OWNER AND HAVE NOT BEEN VERIFIED BY PRESTIGE AUCTION COMPANY, LLC
-Seller is responsible for the accuracy of all information regarding the description, entry form, health and fitness guarantee, riding and training sections of this submission, as well as in communication with potential buyers. Some representations on disposition, training, talent and handling are the opinion of the Seller and given only as an indication of the horse’s capability
-Buyer should inspect, examine, and/or research horse to their satisfaction before bidding
-Seller is responsible for disclosing any known conditions listed on the Health and Fitness Guarantee to the veterinarian who does the exam.
-Seller has a continuing duty to respond to the Buyer after the sale, in the event of a dispute over Seller’s representation of this entry. Buyer and Seller agree to hold PAC harmless from any claims arising out of any such inaccuracies or omissions
For mares selling as bred, a veterinarian must check the mare for pregnancy within ten (10) days prior to listing for this sale and a statement of this examination must be provided to
-Any broodmare so examined whose pregnancy status is found not to be as represented in the sale catalog, may be returned to the Seller as unsold, and the seller shall pay veterinarian’s fee for examination
-Any Seller offering mares as being bred with a live foal guarantee or return privileges must furnish PAC, or Buyer, with written acknowledgement of this agreement that such privileges will be honored
-If the stallion owner withholds the breeder’s certificate until the foal is born, the Seller must furnish a letter, signed by the stallion owner (or an authorized agent), that such certificate is free of any additional costs and indicate how the mare owner will obtain the certificate
RESERVES & SELLING OPTIONS
This is a Reserve Auction, unless otherwise announced
-The right of the seller to bid on their own horse, through the auctioneer of otherwise, is expressly reserved
-PAC reserves the right to bid, whether it is on behalf of a Seller for any minimums or reserves
-Will sell to the highest bidder
NO IMPLIED WARRANTIES
WARRANTIES & EXPRESSED LIMITED WARRANTIES BUYERS ARE ENCOURAGED TO PRE-INSPECT AND ARE CAUTIONED TO CAREFULLY EXAMINE ANY HORSE PRIOR TO BIDDING OR PURCHASING
There is no warranty expressed or implied by Prestige Auction Company or any representative as to the performing soundness, condition, merchantability or fitness for any particular purpose of any horse offered in this sale, other than those made specifically by the Seller.
ALL HORSES ARE SOLD "AS IS" WITH ALL EXISTING
CONDITIONS AND DEFECTS. RESPONSIBILITY FOR THE REPRESENTATION OF THE
HORSE LIES BETWEEN THE SELLER AND THE BUYER
BUYER’S RIGHT TO POST-PURCHASE EXAMINATION
Buyer has the right to have a veterinarian perform a post-purchase examination, at Buyer’s expense, to determine if any of the issues were not disclosed from the health and fitness guarantee.
-The examination must be done within three (3) business days from the end of the auction and before the horse leaves the Seller’s possession.
-This examination will be limited to moving the horse for soundness or checking the reproductive tract on breeding horses. Unsoundness will constitute as a disease or disorder(Navicular,Chips,Spurs,Fractures, Etc.) that is found in X Rays as well as unclear heart, unclear eyes, and unclear breathing.
-Positive reaction to flexion tests and hoof testers does not constitute unsoundness, if the horse is moving sound.
-If a performance or show horse, or prospect for such, is found to be lame at the time of the examination, the sale of the horse can be rejected without further diagnosis.
-A horse sold with one or more soundness issues which was not disclosed at the time of sale can be rejected by the buyer at the final decision made by PAC, upon receipt of a statement from a qualified veterinarian, establishing the existence of the condition, within 3 business days of the date of sale and before the horse leaves the Seller’s facility.
-If a sale is rejected, the horse will remain the property of Seller
DRUGS AND MEDICATION
Seller agrees that this entry will not be given any drugs to alter soundness or temperament during this auction, including for presentation in videos, inspection by potential buyer, examination by veterinarian or delivery to buyer
-If the entry must receive any medication, this information must be provided to PAC and be disclosed in the online catalog
-Buyer has the right to have a licensed veterinarian draw a blood sample within Three (3) business days of the end of the auction and before the horse leaves the Seller’s facility
-Any net funds for the horse in the possession of PAC will be held pending the results of the blood screen
COGGINS REPORT & HEALTH CERTIFICATES & REGISTRAION PAPERS
-Seller must provide a copy of a Negative Coggins report drawn within 6 months of the
-Buyer will be responsible for obtaining the Health Certificate for transportation
-Papers will be released when a horse has been transported and/or all extra fees have been paid to the seller
-To obtain papers immediately, the horse or horses must be paid for with cashier’s or Official Bank check, or bank wire
TITLE, RISKS AND RESPONSIBILITIES
Title transfers immediately to the buyer at the final and winning bid. Title transfer includes all risk of loss including but not limited to illness, injury or death of the horse. Additionally, at title transfer, the buyer assumes all responsibility for the care and maintenance of the horse, for any loss or damage to property and for injury or death of persons caused by the horse, buyer or buyer’s employees. Additionally, the buyer agrees to hold harmless Prestige Auction Company, LLC for such loss or damage.
-Seller agrees to provide basic board and care for up to 5 days at no additional charge
-Beyond 5 days, Buyer will be responsible to pay for board, at a reasonable cost determined by Seller until Buyer has the horse picked up from the seller
-PAC recommends the buyer obtain Full Mortality Insurance on horses immediately after purchase, however, this decision and risk rest solely with the buyer
-TITLE AND RISKS ARE ASSUMED BY THE BUYER WHETHER OR NOT SETTLEMENT AND DELIVERY HAVE BEEN MADE.
PAYMENT BY BUYER
ALL PAYMENTS MUST BE MADE DIRECTLY TO THE PRESTIGE AUCTION COMPANY.
-Once bidding is closed an invoice will be emailed to Buyer
-Payment in full must be made within (3) banking days after the sale is closed
-1% Buyers Premium
Forms of payment
-bank wire transfer (RECOMMENDED)
-Credit Card (an additional 3% will be added to the final purchase price)
-cashier’s or certified check
In no case may any part of the purchase price be paid directly to the Seller by the Buyer, as such payment shall not be valid or entitle the buyer to obtain the horse
-A charge of $100.00 will be made on any check that is returned
-Buyer agrees not to stop payment on check or credit card for any reason
-Writers of any returned check or disputed credit card purchases will be turned over to the local district attorney and will be prosecuted to the fullest extent of the law.
DEFAULT ON PURCHASE/ PAYMENT BY THE ONLINE BIDDER
Seller understands that PAC does not guarantee the validity, enforceability, payment or collection of any instrument received in payment of the purchase price of any entry
If any person shall purchase a horse and not pay for it as prescribed above, PAC or consignor shall have the right to resell the horse or at their option bring legal action
- If legal action is pursued the buyer agrees to pay all cost of such suit together with reasonable attorney fees as fixed by the court
-In the event of resale, the defaulting buyer agrees to pay all costs of resale and price deficiency, if any Interest of 2% per month will be charged on the unpaid balance of any account not paid for as set forth in these conditions
Due to the nature of the electronic transaction PAC cannot guarantee the validity or performance of an Internet bidder.
PAYMENT TO SELLER:
PAC AGREES TO MAIL CHECKS TO THE CURRENT OWNER FOR THEIR ENTRY NOT EARLIER THAN FIVE (5) BANKING DAYS NOR LATER THAN TWELVE (12) BANKING DAYS FROM THE DATE THE AUCTION ENDS OR ONCE FULL PAYMENT HAS BEEN VERIFIED AND FUNDS CLEAR THE BANK, whichever is later.
Payment is normally mailed on the 10th banking day after the auction. Payment will be made to Seller, as stated above, providing all registration and health papers are in order, or the purchaser has not failed to pay for the entry for any reason, or the sale of the horse is not in dispute.
Seller agrees that if the sale of any entry is not consummated by reason of default of the buyer or otherwise, PAC shall not be liable for the payment or collection of the purchase price or for the return of the entry. In the event a purchaser fails to pay for and receive an entry for which they placed the final bid, PAC shall not be held liable for said sale, but shall have the right to accept the same amount from another person, accept the next highest bid or put the entry up for sale again.
Buyer and Seller agree that PAC shall not be required to remit to Seller or Buyer, the net proceeds of the sale of any entry which is the subject of a dispute or claim by the buyer, for misrepresentation, fraud or breach of warranty, until such dispute or claim is resolved and the proceeds of the sale have been received by PAC
The responsibility to resolve such a claim lies between the Seller and the Buyer
Notwithstanding any other provision hereof, should a dispute arise between the Seller and the Buyer, PAC may retain its fees and costs and may hold in escrow the balance of any proceeds of sale in its possession, as well as any titles or registration certificates, pending a resolution of the dispute
Any and all legal fees and costs incurred by PAC may be deducted by PAC from the net proceeds of sale still in their possession
Otherwise, the Seller and Buyer shall be jointly and severally liable for the same upon demand
RELEASE/TRANSPORTATION FROM SELLER TO BUYER
Once bidding concludes, and PAC has collected payment from the Buyer, PAC will send a confirmation email to the Seller and Buyer
-Seller shall not release a horse to a Buyer until Buyer has made full payment for the horse and funds have been verified
Buyer is responsible for cost and arrangements for transportation of horse from Seller to Buyer
-Soon after purchase Buyer will contact Seller directly to schedule removal of horse
NO GUARANTEE OF SERVICE
PAC does not guarantee or covenant that the Auction technology, the website or any related services will meet Buyer’s requirements or be uninterrupted or error-free.
PAC does not guarantee real-time performance of any service or that it will execute all online or absentee bids
DISPUTED CONDITION & BINDING ARBITRATION
In the event of a dispute between the parties, a claim to enforce this Agreement or the allegation of a default, which is not resolved by agreement, the parties waive the right to litigate the issue and agree the matter shall be submitted to binding arbitration using a single arbitrator to be selected by the parties
If the parties cannot agree on the selection of the arbitrator, they shall allow the arbitrator to be designated by PAC
The arbitration shall take place in ERATH COUNTY, TX unless mutually agreed otherwise
In any procedures arising out of, regarding or related to this Agreement, the defaulting party shall pay to PAC, any cost, expense and attorney’s fee incurred PAC in such proceeding, in addition to any amounts awarded in such proceedings in the PAC substantially prevails
Buyer or Seller may bring no action, regardless of form, including arbitration, more than one year after the cause of action has accrued. Should either party fail or refuse to cooperate upon a demand for arbitration, the arbitrator shall automatically declare the non-cooperative party to be the defaulting party
Buyer and Seller release PAC and its representatives, from any and all responsibilities, liabilities, obligations, claims, lawsuits, or legal proceedings arising from the sale of this entry
If legal action is initiated against PAC involving this entry, the Seller and Buyer agree to fully indemnify PAC from such suit, including legal fees and costs incurred by PAC
Seller and Buyer agree that PAC may publish sale results including information concerning this sale transaction
LIMITS OF LIABILITY
PAC shall not be liable for lost profits or any incidental, special or consequential damages whatsoever arising out of or in connection with any sale or transaction
In NO event will the total liability of PAC from all damages, losses, and causes of action resulting from Seller’s or Buyer’s use of the PAC website or service exceed the largest amount of funds held for their benefit
By registering as a bidder or consigning a horse in this auction, Buyer and Seller agree to the use of Buyer’s or Seller’s information by PAC. Buyer’s or Seller’s information will be used by PAC to contact Buyer or Seller and for record keeping.
If any provision or portion of a provision of this agreement is held to be invalid or unenforceable for any reason, such provision or portion of a provision shall be struck and the remaining provisions shall be enforced.
Once the sale has ended and it is past the 3 day post-purchase vet exam, there is NO REFUNDS.
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