Absolute Auction. The Property will be sold at an Absolute Auction. “Absolute Auction” means an auction to which all of the following apply: (a) the property is sold to the highest bidder without reserve and without any limitations; (b) there is no minimum bid requirement; (c) Seller or Seller’s agent may not bid at the Consignment Auction on the Property; and (d) Seller cannot withdraw the property from Consignment Auction after the auction is opened and there is public calling for bids. Seller shall not sell or withdraw any Property, except by mutual agreement between Seller and Bright Star.
Auctioneer’s Authority and Exclusivity. Seller retains Bright Star to sell the Property at the Consignment Auction. Seller gives Bright Star the sole and exclusive right to offer for sale, and to sell the Property for the Seller according to this Agreement. The exclusive right to sell the Property shall continue for three (3) months and will terminate on three months after the date shown on the first page. Bright Star shall be paid the commission as provided herein if the lots are sold at public auction or by private sale during the term of this Agreement.
Property, Inspection, Estimate. Seller agrees to consign to Bright Star the Property listed on the first page, attached hereto and incorporated herein, and/or on additional pages or photographs that are attached to and made an integral part of this Agreement. Bright Star will inspect the Property when it is received at its place of business or other designated area. The condition of the Property will be determined by inspection. The inspection is solely for the benefit of Bright Star and is not to determine whether the Property is safe, able to be used, or whether it functions. Bright Star assumes no risk related to any defects or problems with the Property. To the extent there are any defects or other issues with the Property, Seller shall be solely responsible for them and shall indemnify, defend, and hold harmless Bright Star from any liabilities, claims, or damages (including reasonable attorney fees) arising from any defects, safety issues, or other problems with the Property. Bright Star will give a pre-sale estimate to the Seller. The pre-sale estimate is a range in which Bright Star expects the Property to sell. This is not an appraisal or reserve. It is simply an estimate based on Bright Star’s experience. The market and bidding is beyond the control of Bright Star, so it does not guarantee that the Property will sell within the range given at in the pre-sale estimate.
Agency Relationship. Seller agrees that Bright Star is an agent of the Seller and is not taking title or ownership of the Property. Seller shall insure the Property for its full value and bears the risk of loss for the Property until the Property is sold. Bright Star is not engaging in a joint business venture, employment relationship, or partnership with the Seller. Bright Star is acting as an independent contractor free of control from the Seller. Bright Star is authorized to sign any memorandum of sale on behalf of the Seller, or in Bright Star’s own name, in connection with the sale of Seller’s Property.
Conduct of the Auction. The Property may be sold in one or more Consignment Auction during the term of this Agreement. The Seller authorizes Bright Star to conduct the Consignment Auction anywhere in the United States of America, at the Auctioneer’s sole discretion. Bright Star at its sole discretion, may sell any or all Property online or via the internet, including, but not limited to, using eBay or another internet auction websites.
Acknowledgment of Risk. Seller acknowledges and understands the risk of having property sold at an Absolute Auction. Each piece of the Property will be sold to the highest bidder at the Auction. Seller is committed to the sale, no matter what the level of bidding, or the Seller’s notion of a lot’s “true” value. The Seller has a bona fide intention to transfer ownership of each lot to the highest bidder.
Terms of Sale. Bright Star shall establish all terms of the Auction and procedures for bidding within its sole discretion. Bright Star is authorized to solicit and accept absentee, phone, and Internet bids, along with bids from a live gallery. All absentee bids will be represented by Bright Star’s representative and will be handled in a competitive manner.
Commission, Broker Fees, and Buyer’s Premium. Seller agrees that Bright Star may deduct its professional fees, at the rates set forth in this Agreement, as compensation for Bright Star’s services to be provided under this Agreement. This fee shall be deducted from the gross proceeds realized from the sale of the Consigned Items. Gross proceeds are defined as the “hammer price” of lots sold and exclude any Buyer’s Premium or Sales Tax. Seller agrees that Bright Star is not obligated to pay any fee or commission to any broker, finder, or other intermediary in connection with the sale of the Property. Seller authorizes Bright Star to charge a buyer’s premium. The buyer’s premium is to be paid to the Auctioneer for the Auctioneer’s sole benefit.
Advertising Costs. Bright Star is authorized to place Consignment Auction advertisements in such media as Bright Star selects, and provide necessary support, promotional assistance, supplies and materials as Bright Star deems necessary to obtain the highest available bid for the Property. Bright Star shall be responsible for all costs and expenses incurred in advertising the Consignment Auction.
Accepting and Collecting Payments. Bright Star is authorized to accept payments for the Property sold in cash, check, credit card, wire transfer, or any other commercially reasonable means. All auction proceeds shall be paid directly to Bright Star and Bright Star shall be responsible for the receipt of all funds. Bright Star agrees to pay Seller the net proceeds (gross proceeds less Bright Star’s professional fee) from the sale of the Lots within thirty (30) days following the receipt of monies for the Property. Bright Star shall provide to seller a settlement statement. The contract for the sale of each lot is between the successful bidder and the Seller. Bright Star shall not be responsible for collection of the purchase price in the event the buyer breaches the contract, refuses to pay, or the buyer’s payment is subsequently dishonored for any reason. In these instances, Bright Star shall have the option of letting the seller keep his equipment or paying the seller the net proceeds and taking ownership of the equipment. The seller’s preferences will certainly be taken into consideration by Bright Star but Bright Star’s decision is final. Seller agrees that Bright Star’s professional fee shall be paid first from the gross proceeds realized from the sale of Property.
Interest Earned. Any and all monies received from the Consignment Auction shall be deposited in the Bright Star’s trust account. Any interest earned on the proceeds held in the trust account, if any, shall be paid to the Seller.
Indemnification. Seller agrees to indemnify, defend, and hold harmless Bright Star and its agents and employees from any and all liabilities, claims, or damages (including reasonable attorney fees) arising out of the breach of this Agreement.
Unsold Property. Bright Star will notify Seller of any unsold Property. Seller must make arrangements to pick up and recover the unsold Property within thirty (30) days of the notice. If Seller does not make reasonable arrangement, Bright Star may charge fees for storage of the unsold Property and deem worthless property abandoned.
Miscellaneous. This Agreement constitutes the entire agreement between Seller and Bright Star. It supersedes any prior or contemporaneous understanding or agreement with respect to the transactions contemplated by this agreement. It may be amended only by another written agreement signed by Seller and Auctioneer. This Agreement will be governed and construed in accordance with the laws of the State of Indiana, without regard to the choice of law provisions. All claims, disputes, or litigation relating to the Agreement must be brought in the state or federal courts sitting in and for Elkhart, Indiana. In the event any provision in this Agreement shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

IronRing Heavy Equipment Consignment Form