Live Webcast Auction Terms & Conditions
Premier Asset Recovery Group/Premier Industrial Auction Company
All bidders must register prior to the
Premier Asset Recovery Group Silent Online Auction User Agreement; Rules & Guidelines
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
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.
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.