Premier Asset Recovery Group, Certified Appraisers, Industrial Auctioneers


Live Webcast Auction Terms & Conditions

Premier Asset Recovery Group/Premier Industrial Auction Company

1. REGISTRATION: All bidders must register prior to the SALE, at which time you will be presented with a bidder's number. All bidders are required to register and give full identification and establish credit with the Auction Company prior to the beginning of the auction. Internet Bidders register early to assure your approval for bidding at the auction. Internet registration must be made at least 24 hours before the auction starts. Note: To supply your credit information by telephone please call (312) 280-1234.

2. TERMS: A $200.00 deposit is required to register prior to the auction sale. The deposit will be returned in its original form if the Buyer is not a successful bidder at the auction. The deposit can be in cash or a bank check left with the cashier.  If Buyer is the successful bidder, Premier will apply the deposit to the purchase price.  All purchases must be paid in full on the day of sale by cash, company check, cashier's check or bank wire. Personal & Company checks must be accompanied by a bank letter of guarantee. Checks are to be made payable to: Premier Asset Recovery Group.  Wire transfer instructions are available on Premier's Website and at the auction site (wire transfer instructions). All invoices must be checked at the time of sale as no adjustments will be made thereafter. All legal fees and charges due to nonpayment will be the responsibility of and paid by the purchaser. The purchaser shall not be entitled to possession of any part or parts of any of his purchases until the total purchase price of all his purchases has been fully paid. All sales are final. Successful Internet bidders will be notified by E-mail within 24 hours of auction ending. Internet bidder's payment must be received 24 hours after receipt of the e-mail notification to pay for their items.

3. SALES (EXEMPTION CERTIFICATE): All applicable sales tax will be added to the purchase price of all taxable purchases unless purchaser files a written "proof of exemption" satisfactory to the Auctioneer and the governing authority. Sales tax for "out of State buyers" will be collected and refunded upon receipt of a bill of lading showing the items shipped out of state via common carrier. Applicable taxes will be added to the purchase price of all taxable items as a default. Taxes will be reimbursed ONLY after invoices are paid in full.

4. WARRANTY: All items are sold on "as is - where is", "in place", "with all faults" basis with no conditions or warranties, whether expressed, implied, statutory or otherwise, including without limitation, warranties or conditions as to title, description, fitness for purpose, quantity, quality, merchantability, state, condition, location or otherwise. Any descriptions are meant only as a guide. The Auctioneer does not warrant the accuracy, genuineness, authenticity, description , weight, count or measure of any listing specified herein. The Auctioneer provides no warranty or guarantee either expressed or implied in the description or nomenclature. Premier Asset Recovery Group assumes no liability for error or omissions associated with the auction sale. The buyer does hereby assume and does agree to indemnify and hold the auctioneer and seller harmless from any future claim which shall pertain to the fitness or use of the asset being purchased. All sales are final.

5. OWNER RESPONSIBILITY AND REMOVAL: Purchases become the responsibility of and shall be and remain at the risk of the Purchaser immediately upon acceptance of his bid. It is the responsibility of the purchaser to insure his purchases immediately. From the All purchases must be removed auction site within the time and according to the procedures announced. All cost, responsibility and risk shall be borne by the purchaser. A purchaser is deemed to have accepted a lot when he makes his bid. No equipment may be removed until complete settlement is made. All loading, rigging, removal and transportation are the responsibility of the purchaser. All heavy rigging requiring the use of forklifts, cranes, etc., whether performed by the buyer or a rigging company, will require the presentation of a certificate of insurance for a minimum of $1,000,000 naming Premier Asset Recovery Group as the insured (Rigger/Buyers Removal Instructions. Buyer hereby assumes full responsibility and sole risk for any assets purchased at the auction. Any assets left at the auction site shall be at the sole risk of the buyer. Buyer agrees to take all necessary precautions when removing equipment not to damage or destroy any personal or Real property and is responsible for any and all repairs or clean up of site as a result of the removal process. No merchandise will be released during the Auction Sale. Buyers wanting to hire Riggers for removal must release their purchases to the Riggers (Agent/Riggers Release Form).

6. MANNER OF OFFERING: All assets in the auction shall be sold to the highest bidder; provided, however, that some assets may be auctioned with minimum reserve prices, and/or subject to seller's right of confirmation. The Auctioneer reserves the right to group, reduce, add or delete lots as well as accept or reject any or all bids. The Auctioneer reserves the right to sell items as it may deem appropriate. The Auctioneer/Seller reserves the right to bid on any lot at any time. The Auctioneer reserves the right to represent buyers via proxy at this sale. This is not an absolute auction sale.

7. DISPUTES BETWEEN BIDDERS: The Auctioneer may designate the Purchaser after each item of merchandise is auctioned. If a dispute arises between bidders, the Auctioneer may reopen the bidding or designate the purchaser. His designation is final.

8. AUCTIONEER: The Auctioneer shall have the right to resell any property not paid for within 48 hours after the Auction. The defaulting buyer agrees to indemnify and hold the Auctioneer harmless for any expenses of resale and collection and any damages resulting from resale. The Auctioneer can retain any deposits collected from defaulting buyers.

9. ADJUSTMENTS: Errors in estimates of merchandise inventory will be adjusted, but no adjustment will be made after merchandise has been moved from its place of sale, handled by the purchaser or after the removal dates as listed on the Sale invoice and announced by the Auctioneer at the start of the sale whether or not the property has been removed. All adjustments must be authenticated by Premier Asset Recovery Group authorized personnel. In no cases will any adjustments be made after the property has been removed.

10. RECEIPT: The buyer will be furnished a computer receipt at the time of payment. This receipt must be presented to and authenticated by check-out personnel before Buyer will be permitted to remove purchases from the sale premises. No reproductions of this receipt may be used for check out.

11. BUYER'S PREMIUM: The Buyer's Premium is a commission charge paid by the Buyer. The Buyer's Premium is part of Premier Asset Recovery Group compensation for auction services. Premier shall charge and collect for its own account a buyer's premium from each successful bidder in addition to the purchase price as bid. Notwithstanding the foregoing, a discount from the Buyer's Premium equal to 3% of the sales price shall apply to purchasers who pay in the form of cash, cashier's check, company check (with a letter of guarantee) or wire transfer. Purchasers who do not bid over the Internet shall receive an additional discount equal to 2% of the sales price.

Buyer's Premium Rates:
- Internet Bidder paying by Credit Card: 18% - credit card agreement form).
- Internet Bidder paying by Cash, Cashier's check, or Wire Transfer, 15%
- On-Location Bidder paying by Credit Card: 18% less 3% (On-Location) discount - 15%
- On-Location Bidder paying by Cash, Check, or Wire Transfer. 15% = 15%
- All bidders are subject to State Sales Tax unless the bidder has filled out a Sales Tax Exemption Certificate and has supplied a copy of the certificate (exemption certificate)

Payment - Internet bidders are required to pay for their purchases immediately upon receipt of an electronic or paper invoice. Acceptable forms of payment include company or personal check with a bank letter of guarantee, bank check, bank wire transfer. Credit cards are accepted only for Internet bidding registration, not payment of purchases(Payment Instructions).

If Premier has not received payment for winning bids 48 hours after bidders have been notified of their purchases, the bidder authorizes Premier to charge their purchases to the credit card left on file during the registration process.

12. By participating in an auction, each bidder represents, warrants and covenants that (i) it shall not misrepresent its ability to close the transaction pursuant to the terms and conditions of sale, (ii) it has the capacity to close the transaction, (iii) it has actual authority to enter a bid, and to enter into an agreement to purchase the item, and (iv) any bid it makes on an item constitutes an irrevocable offer to buy the item for the full amount of the bid.

13. Premier may, in its discretion, offer the assets for sale by the piece or the lot. In addition, Premier may augment this auction with assets from various sellers. These assets may be interspersed throughout the auction. The seller has the right to remove assets from the auction either before or after bidding has completed. In the event of a removal after bidding has been completed, the purchaser's sole remedy shall be the refund of any purchase price actually paid.

14. Neither Premier nor seller shall be liable for any damages of any type or nature (whether in contract tort or otherwise) sustained or claimed by any bidder or any other person or entity in connection with the auction. Without limiting the foregoing, in no event shall Premier's liability to any bidder for any act or omission occurring in connection with the auction exceed the amount that such bidder has actually paid to Premier as a deposit or as payment for a purchased item.

15. Bidders acknowledge that an auction site is a potentially dangerous place. Flammable, noxious, corrosive and pressurized substances may be present. Heavy equipment may be operated, and electrical circuits may be live. Every person enters the auction site at his or her own risk with notice of the condition of the premises and the activities that will be or have been conducted on the premises. Bidders shall so advise their agents and employees. No person shall have any claim against Premier, the seller or their respective agents or employees for any injuries sustained or for damages to or loss of property that may occur at the auction site.

16. It is the purchaser's sole responsibility to meet all governmental safety and environmental standards in removing, shipping and using purchased items. Certain of the items for sale may contain "hazardous substances," as that term is defined under federal, state , or local environmental laws and regulations. Premier has no duty to remove any hazardous substances that are contained in or are a part of any item. Purchasers agree to defend (by counsel satisfactory to Premier) and indemnify Premier and hold Premier harmless from and against any claim, demand, cause of action, liability or expense (including attorneys' fees and costs) asserted against or incurred by Premier in connection with the sale, removal, shipment, or use of any purchased items.

17. These terms and conditions, and all questions with respect to the interpretation of these Terms and Conditions, shall be governed by and construed in accordance with the internal laws of the State of Illinois, without regard to conflict of laws provisions. All bidders expressly consent to personal and exclusive jurisdiction in the courts of the State of
Illinois located in Cook County.

Premier Asset Recovery Group Silent Online Auction User Agreement; Rules & Guidelines

Using Silent Online Auction Premier Asset Recovery Group Services

By using our services it is assumed that you have read the guidelines provided here, and are expected to follow them. 

Silent Online Auction Overview and General Disclaimer

Premier Asset Recovery Group is a service for buyers to bid through an online auction format. Premier Asset Recovery Group may take action against a registered user for their conduct, and reserve the right to exclude any company or individual from access to our services if we determine their actions to be inappropriate. 

The Internet being the fragile environment that it is, Premier Asset Recovery Group cannot be held responsible for server down time, or your inability to access our site. Notifications sent by E-mail may possibly take longer than expected, and cannot be counted on to inform you of an item's status. In the event of technical problems, we reserve the right to cancel, restart, or extend an auction as the circumstances may dictate. 

1) Silent Online Auction General

You must be at least 18 years old to bid on any item, and to be a registered user of Premier Asset Recovery Group. 

2) Silent Online Auction Registration

You must enter correct contact information to have user access to Premier Asset Recovery Group. To bid on an item. As mentioned before, registration is free. Also, your information will ALWAYS be kept confidential by Premier Asset Recovery Group staff.

3) Silent Online Auctions

At the Premier Asset Recovery Group option, Silent Online Auctions can last up to 14 days. Bidding automatically terminates at the end of the auction. 

When the auction ends, high-bidder(s) are notified by E-mail Auction results are also available for anyone to examine for at least seven (5) days after closing. If the high bidder fails to respond within three (3) business days, the Premier Asset Recovery Group may contact the next highest bidder, and the high bidder may lose their winning place as the winning bidder. 

4) Silent Online Auction Bidding

In order to bid in an auction, you must first register with Premier Asset Recovery Group. On every item in an auction, a minimum bid and a minimum increase (also called "bid increment") is set by our system. Our software will not accept a bid lower than either the opening bid, or the current bid plus the minimum increment (increase) . If an inappropriate bid is placed, a bidder will be notified immediately that their bid was not accepted, and provided with an option to correct the bid. Any current high bidders who are overbid at this time will receive notification by E-mail. 

On items with a quantity of one (1), a Maximum Bid may be placed when bidding on an item (this is sometimes called a "proxy bid"). A Maximum Bid is confidential, and will be used by our system to increase your bid automatically in case you are outbid by another user. Our system will only bid high enough to outbid the current high-bidder, according to the minimum bid increment (increase). This can be a very nice feature, because it allows the system to bid on your behalf, so you don't have to constantly monitor an auction. 

In the case of quantities greater than one (1), slightly different information will be displayed on the bidding form. Typically called a Yankee Auction, this format will allow bidders to state the price and the quantity of the items that they are bidding on (although it is not necessary to bid on the entire quantity). At the end of the auction, bidders with the highest bids will win the quantity they've placed bids on. In the event of a tie in the high bid, the bidder bidding on the greatest number of items will prevail. In the event of a tie in both high bid and quantity, the bidder who placed their bid first on that lot will prevail. The quantity is divided up between the winning bidders until there are none left. Often times with this format a bidder will have a winning bid, but only a partial quantity is left at their bid level (price). In this case, the bidder is expected to accept the lesser quantity of items. For more about Yankee Auctions, see below. 

Before bidding on an item, you should make sure that you know what the item is. Make sure you understand the extra costs of the item, such as sales tax or shipping charges. E-mail Premier Asset Recovery Group with any questions you have. 

By placing a bid, you are placing a legally-binding and irrevocable offer to purchase the item at any price up to your maximum bid amount. If your bid is the high bid and accepted by the seller, you are legally obligated to complete the transaction. Failure to complete the transaction is a breach of the User Agreement and may be grounds for legal action by the Premier Asset Recovery Group. Additionally, Premier Asset Recovery Group may suspend or terminate your user account if we deem it appropriate. 

5) Silent Online Auction Closing

Each auction has its own ending time listed on the bidding form. Auctions end automatically at this time. At about midnight of that day, notifications are sent out to the winning bidders.

6) Silent Online Auction Reserve Price Auctions

Auctions may be run with reserve prices. The reserve price is the lowest price the seller is willing to accept for the item. The reserve price is not disclosed to bidders. This feature enables the seller to list their items at a lower starting price without being obligated to sell the item until bidding reaches their reserve level. This is usually done to encourage bidding on an item.

When a bidder's maximum price meets or exceeds the reserve price, an indication is added to show the reserve price has been met. 

7) Silent Yankee Auctions

Yankee Auctions are auctions of multiple, identical items . The minimum starting bid and the quantity of items available are specified. A bidder may place a bid on one or more of the items. 

A winning bid is determined first by high-bid, then by highest quantity, and finally by the earliest bid. For Example: If 10 identical computers are for sale, for $100 each. 30 bidders bid $100 for one computer each. If the auction ended at this moment, only the first 10 bidders would receive their item, because their bid amounts were the same, and earlier bids take precedence. 

However, imagine that the auction is still running. Another bidder then bids $120 for one computer. Since this bid is higher than all the others, this bidder is currently a high bidder for one of the 10 computers. From the original 10 bidders, the one to place their bid last has now lost their standing as a high-bidder, and will not win a computer without rebidding at a higher price.

Again, bids are ranked in the order of highest bid, followed by the quantity bid on, and then by the time the bid was placed. In the event a winning bidder placed a bid on more items than are available for his winning amount, the bidder is expected to complete the transaction for the lesser quantity that is available.