Auctioneer
Agreement
__________, referred to as SELLER, and __________,
referred to as AUCTIONEER, agree:
SELLER employs
AUCTIONEER to sell, at public auction, the property described in the attached
Exhibit
Place, Date, and Time of Sale
The auction shall be
held at _______________, on ______________.
Duties and Obligations of AUCTIONEER
AUCTIONEER shall carry
out the following duties:
(a) AUCTIONEER shall
have a catalog of seller’s property and shall distribute the catalog no fewer
than 14 days before the auction and the catalog shall be in a manner which will
interest all persons who might reasonably be interested in such sale and in the
sales thereof.
(b) Auctioneer shall
cause the auction be advertised in the _________________ Newspaper no fewer
than 3 times and at least 15 days before the sale.
(c) SELLER shall
deliver to the auctioneer the items for sale no later than 7 days before the
sale, and seller shall bear all risk of loss of or damage to the property not
caused by the auctioneer’s fault or negligence or as the case may be.
(d) AUCTIONEER shall
employ help reasonably necessary to carry out the sale and delivery of seller’s
property to buyers of such property at the auction sale.
(e) AUCTIONEER shall
represent and conduct the action sale as an auction with reserve.
(f) AUCTIONEER shall
conduct the auction to the best of his or her ability. However the auctioneer
does not guarantee a sale and auctioneer is not responsible in the event seller
and or any buyer at the auction sale fails to pay as agreed concerning any
property to be auctioned, or in the event of nondelivery of property by seller
to any such buyer.
(g) AUCTIONEER shall
collect from each buyer at the auction sale 10% percent of the purchase price
immediately after the sale is consummated, and shall have each buyer sign a
memorandum of sale.
(h) AUCTIONEER shall
purchase all risk for seller’s property after delivery by seller to the place
of sale. SELLER shall notify the auctioneer, in writing, of the property to be
insured, and for negotiating any settlement, payment, cancellation, or
reformation with the insurer.
(i) At the completion
of the sale the auctioneer will provide the seller a list of seller’s property
sold and unsold, along with the sale price.
SELLER shall have 7 days after receiving notice of the unsold property.
If seller, does not pick up the unsold property with 5 days the AUCTIONEER
shall store the property at the seller’s expense.
Authority of AUCTIONEER
AUCTIONEER may sign any
memorandum of sale and receive any deposit from any buyer on behalf of the
seller in connection with the sale.
AUCTIONEER is
prohibited from giving any warranty as to quality or description of seller’s
property.
Purpose
AUCTIONEER accepts the
terms of this agreement and will perform the auction sale to the best of his or
her ability.
Authority of SELLER
(a) SELLER may withdraw
any property before the time of sale. Property withdrawn will be subject to
unsold commission.
(b) SELLER may warranty
his property as quality or description as may the seller deem appropriate.
(c) Payment for
property can only made with cash, cashier’s or certified check, credit card or
by letter of credit from a bank which is reasonably acceptable to SELLER.
(e) SELLER may reject
or confirm bids, except that seller’s property shall be sold to the highest
bidder, subject to the terms of this agreement.
(f) SELLER may require
auctioneer to resubmit seller’s property to competitive bidding if a dispute
arises to any bid.
Cooperation of SELLER
SELLER shall cooperate
with the interests of auctioneer in discharging seller’s duties under this
agreement, and shall refrain from all acts that would interfere with auctioneer
in performing the auctioneer’s duties.
Compensation of AUCTIONEER
AUCTIONEER shall
receive ___ on property sold and ___ percent on unsold property. The seller
shall pay the auctioneer within 3 days after the sale with cash or certified
check.
Expenses
SELLER shall be liable
for the following expenses:
(a) Catalogs
(b) Advertising
(c) Delivery of
Property to AUCTIONEER
(d) Insurance for
seller’s property
Entire Agreement
This constitutes the
entire agreement between the parties and any prior understanding or agreement
before the signing of this document shall not be binding on either party except
what is incorporated in this agreement.
Modification of Agreement
Any modification of
this agreement shall be in writing and signed by both parties.
Assignment of Rights
The rights of under
this agreement are personal to that party and may not be transferred to any
other person, firm, corporation, or other entity without the prior express, and
written consent of the other party.
Dated:
_____________________________
________________________________________
SELLER
________________________________________
AUCTIONEER
Auctioneer Agreement
Review List
This review list is provided to inform you about this
document in question and assist you in its preparation. This is a standard Auctioneer agreement that
can be used for these purposes.
1.
Make
multiple copies. Give one to each
signatory. Keep one with the transaction
file.
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