Advanced search

Bid4Assets Terms of Service

 

Table of Contents

    1. Basic Account And Service Information
      1.1          Acknowledgment And Acceptance of Terms of Service
      1.2          Description of Bid4Assets Service
      1.3          Member Sign Up And Information
    2. Conduct Of Auctions On The Site
      2.1          Procedure For Conducting Auctions
      2.2          Extraordinary Circumstances; Limited Rights To Re-Open Auction
      2.3          Settlement of Transactions
    3. Responsibilities Of Buyers And Sellers
      3.1          Who Can Bid
      3.2          Who Can Sell
      3.3          Contractual Obligations Of Buyers And Sellers
      3.4          Other Responsibilities Of The Seller
      3.5          Other Responsibilities Of The Buyer
    4. Rights and Responsibilities of Bid4Assets
      4.1          Modifications To Terms of Service
      4.2          Supervision of Content
      4.3          Termination Of Member's Rights To Use Site
      4.4          Communication with Members
      4.5          Nature of Bid4Assets Responsibilities
      4.6          Deposit Services
      4.7          Settlement Services
    5. Other Provisions
      5.1          Disclaimer of Warranties
      5.2          Limitation of Liability
      5.3          No Resale Or Commercial Use Of The Services Provided On The Site
      5.4          Member Conduct
      5.5          Notices - Definitions
      5.6          Release And Indemnification
      5.7          Resolution of Disputes
      5.8          No Agency
      5.9          Applicable Law And Other Terms
 

 

I. Basic Account And Service Information


1.1 ACKNOWLEDGMENT AND ACCEPTANCE OF TERMS OF SERVICE

By completing the sign up process to become a member ("Member") of the Bid4Assets ("Bid4Assets") Web site (the "Site"), you accept and agree to be bound by the terms of service, operating rules, Privacy Policy and/or other policies of Bid4Assets, published by Bid4Assets as described below (all such terms of service, operating rules and/or policies as they may be amended from time to time shall hereinafter be referred to as these "Terms of Service"). Members may be referred to as "Member," "User," "Buyer" when a Member is being described as acting as a buyer in a transaction, "Bidder" when a Member is being described as bidding on an asset in order to act as a potential Buyer in a transaction, and "Seller" when a Member is acting as a seller in a transaction. These Terms of Service comprise the entire agreement between Member and Bid4Assets and supersede all prior agreements between the parties, regarding the subject matter contained herein.

In addition to agreeing to these Terms of Service, you also accept and agree to be bound by the Seller's additional conditions of sale, either in the asset listing or on a Seller's storefront, so long as those conditions of sale are not in violation of these Terms of Service or are unlawful.

If you are applying as an individual, you expressly represent and warrant that you have the capacity under applicable law to enter into a legally binding contract; for example, if you are a minor, you may only use Bid4Assets' services in conjunction with your parent(s) or guardian(s). If you are applying as a legal entity, you expressly represent and warrant that you have been duly authorized by your company, partnership, or other legal entity to enter into agreements on behalf of that entity.

 

back to top

 

1.2 DESCRIPTION OF BID4ASSETS SERVICE
Bid4Assets provides an online venue for Sellers to list assets for sale and for Buyers to locate assets for sale in order to facilitate the transfer of ownership of assets ("Assets"). Unless specifically stated otherwise in any asset listing, assets available through the Site are offered by Sellers and not by Bid4Assets. Bid4Assets is not a party to the offer or sale of these Assets, does not own the Assets listed on the Site, and only provides the technical means for the offer and sale of the Assets. Bid4Assets does not ensure that a Seller and Buyer will complete a transaction. Bid4Assets is not responsible for fulfillment of any Asset sale or for facilitating the delivery of said Asset(s). Although Bid4Assets may supervise the content of information of the Site (see "Supervision of Content" below), Bid4Assets does not assume responsibility for verifying the material, content and information on its Site and is not responsible for any damages, losses, expenses or other injuries incurred by any Member as a result of relying on any material, content and information posted on the Site.

 

back to top

 

1.3 MEMBER SIGN UP AND INFORMATION

(a) Account Data. Each Member expressly agrees to: (1) provide certain current, complete, and accurate information about Member as prompted to do so, and (2) maintain and update this information as required to keep it current, complete and accurate. Furthermore, Member grants Bid4Assets the right to use Member-related data for purposes described in the Bid4Assets Privacy Policy. Member is further directed to review the Bid4Assets Privacy Policy for further information concerning the collection and usage of Member information. Bid4Assets membership is non-transferable. If any information provided by Member is incomplete or inaccurate, Bid4Assets retains the right to terminate Member's rights to use the Site.. Providing false or fraudulent Member information could subject a Member to criminal or civil liability as well as being a violation of these Terms of Service, or any applicable Bank Secretary Act (“BSA”)/Anti-Money Laundering (“AML”) and Office of Foreign Asset Control Compliance Program(s) and the USA Patriot Act of 2001, as amended (the “Patriot Act”). Member may change personal information on its existing membership account only to update the Member account. Bid4Assets accounts are limited to one per household or business, unless a special exception is granted by Bid4Assets, in writing.

(b) Username and Password. Once a party becomes a Member of the Site, the Member will select a username and a password. Members are entirely responsible for maintaining the confidentiality of their usernames and passwords. Furthermore, Members are entirely responsible for any and all activities which occur under a Member's username and password. Member agrees to immediately notify Bid4Assets of any unauthorized use of Member's username or any other breach of security known to Member. Bid4Assets may terminate the membership of any Member due to the misuse, improper use or unauthorized use of their username, password or this Site. Bid4Assets shall not be responsible and the Member shall hold harmless Bid4Assets for any actual, special, consequential or incidental losses or damages arising from the misuse, improper use or unauthorized use of their username, password or this Site.

 

back to top

 

II. Conduct Of Auctions On The Site


2.1 PROCEDURE FOR CONDUCTING AUCTIONS

(a) Standard Auction Procedures Assets are listed for the specified bidding periods (the "bidding") shown on the Site and are deemed "sold" at the close of bidding set at a time pre-determined by the Seller, and as further provided below. Bidding will not close until an entire overtime period has passed without any bidding activity. Each Asset will have a description and disclosure information on the Site, as well as any additional conditions of sale provided by the Seller. Once bidding commences, Bidders may make a bid at any time prior to closing of the bidding. All Assets will have a minimum bid price disclosed on the Site. For certain Assets, the Seller may impose a reserve price, which is not disclosed on the Site. If there are no bids above the minimum bid or reserve price (whichever is higher), then the Seller is not obligated to sell the Asset. After bidding closes on each Asset, Bid4Assets will send the highest Bidder and Seller an e-mail detailing the highest bid and contact information (a "Sold Notice"). In all auctions, a Buyer who is designated as the winning bidder on the Asset listing, whether or not they receive a Sold Notice, is legally bound to buy the Asset at the quoted bid amount (see "Contractual Obligations of Buyers and Sellers" below), and the Seller is legally bound to sell the Asset, pursuant to these Terms of Service subject to the additional conditions of sale specified by Seller, or as otherwise required by applicable law.

(b) Make an Offer and Sealed Bid Auctions Notwithstanding the procedures described in 2.1(a), certain Assets may be offered using the Sealed Bid or Make an Offer auction types. For these auction types, neither a minimum bid nor a reserve are required. Any bids placed by the Bidder will be submitted to the Seller, along with any additional terms stipulated by the Bidder. Any such auctions will be governed by the conditions of sale set by the Seller.

 

back to top

 

2.2 EXTRAORDINARY CIRCUMSTANCES; LIMITED RIGHTS TO RE-OPEN AUCTION
Notwithstanding anything herein to the contrary, in the rare event of a documented interruption in service, technical error or other exceptional circumstance of a similar nature (defined by and determined at the sole discretion of Bid4Assets and its affiliates), with respect to the services provided by Bid4Assets or its affiliates (excluding technical errors with the Member's own equipment or Internet connection), the Seller for any adversely affected auction shall have the right, within two (2) business days after such auction has closed, or a "Sold Notice" issued, to direct Bid4Assets to re-open such auction. In such a case, the affected "Sold Notice" shall immediately become void and of no force and effect. Bid4Assets shall promptly send an email to all documented Bidders, including any Bidder that received a "Sold Notice", specifying the details pursuant to which the affected auction shall be re-opened. At the direction of the Seller, participation in the re-opened auction may be restricted to only those who participated in the original auction. Bidders must make claims of interruption in service or technical error with respect to the services provided by Bid4Assets within one (1) business day after an auction has closed. Bid4Assets will make final determination that there has been a documented interruption in service or technical error on the Bid4Assets Site that has impacted the Member's ability to place a bid. However, the decision to re-open any auction shall continue to be at the sole discretion of the Seller. Bid4Assets may periodically perform scheduled site maintenance and other updates that briefly bring down part or all of the webpages and functions on the bid4assets.com website. These updates would be conducted outside of normal business hours (Eastern Standard Time) and not while a public auction is open for bidding.

 

back to top

 

2.3 SETTLEMENT OF TRANSACTIONS
The Buyer must complete each transaction in accordance with the Seller’s conditions of sale applicable to such transaction.

III. Responsibilities Of Buyers And Sellers

 

3.1 WHO CAN BID?
Bidders must sign up with Bid4Assets as a Member and be capable of forming legally binding relations under applicable law. The services provided by Bid4Assets are not available to individuals under the age of 18 years old and any other individuals who are legally prohibited from, or otherwise incapable of, entering into binding contracts. Sellers are restricted from bidding on their own auctions. A foreclosure attorney bidding on behalf of a lender shall not be considered a bid from a Seller. Sellers may not manipulate prices of auctions by having others bid on their assets for them, which would be grounds for account suspension and may result in other legal consequences.

Sellers may impose additional requirements at their discretion on bidders, including but not limited to, deposits, proof of funds, a letter of credit, personal or corporate identification documents or other contractual requirements. Bid4Assets and Sellers reserve the right to  seek reimbursement for any lost fees and for any expenses, including collection costs, attorney fees, and/or damages incurred as a result of a bidder’s non-performance by initiating a credit or debit card charge on a credit or debit card that has been provided by the bidder; making deductions from any deposit, or funds on "hold"; bringing an action in a court of law; or through any remedy available.

 

back to top

 

3.2 WHO CAN SELL?

Sellers must be the public agency with legal authority to conduct the public auction or rightful owners, or authorized by the owners of such property, a court of law, or through power of attorney to sell an Asset.

back to top

 

3.3 CONTRACTUAL OBLIGATIONS OF BUYERS AND SELLERS

(a) Terms of Service As Contract. These Terms of Service, together with any additional conditions of sale provided by a Seller for a particular Asset disclosed on the Site, comprise a contract between a Seller and the winning Bidder in any completed auction. By bidding on an Asset a Bidder agrees, and by listing an Asset on the Site a Seller agrees, to be bound by these Terms of Service and the Seller's conditions of sale included in the Asset's description, so long as those conditions of sale are not in violation of these Terms of Service or unlawful. In the event of any direct conflict between these Terms of Service and any conditions of sale provided by a Seller, then these Terms of Service shall prevail.

(b) Offer and Acceptance - Binding Contract Between Buyer and Seller. A bid made by a Buyer is an offer to purchase the Asset from the Seller at the stated bid price and terms. The bid is an irrevocable offer, subject only to material changes in the description of an Asset made after such bid is placed by a Buyer. Buyers are required to conduct any research or due diligence of an Asset prior to making a bid. All Assets are listed and sold on an "as is" "where is" basis, unless otherwise indicated by the Seller on the auction listing. If a Buyer bids on an Asset and that bid represents the highest bid for that Asset, and the highest bid is at or above the Seller's minimum and/or reserve price (whichever is higher), with the exception of Make an Offer or Sealed Bid auctions as described above, the Buyer's bid is deemed accepted by the Seller (subject to these Terms of Service, including the right of a Buyer to change or retract a bid in the event of a material change in the description of the Asset, as set forth below), except for exceptional circumstances, such as a material typographical error. For Make an Offer and Sealed Bid auctions, the Seller’s procedures for accepting bids shall be outlined in the Seller’s conditions of sale. Once the Seller accepts a Buyer's bid, the Buyer is obligated to purchase the Asset at the price he/she offered and pursuant to these Terms of Service and the Seller's conditions of sale. If a Seller receives at least one bid at or above the Seller's stated minimum price (or in the case where the Seller has set a reserve price, at or above the reserve price), the Seller is obligated to complete the transaction with the highest Bidder upon the completion of the bidding, except for an exceptional circumstance, such as a material typographical error or other conditions stated in these Terms of Service. The Seller's conditions of sale may provide for a specific form of purchase agreement to be executed by the Seller and winning Bidder after the auction closes.

(c) Completing a Settlement. The Seller and the Buyer are jointly and equally responsible for completing the sale of an Asset. After the online bidding is complete, unless otherwise indicated/engaged, the Seller is responsible for taking all necessary actions to complete the sale once a winning Bidder is identified to the Seller. Similarly, the Buyer is responsible for taking all necessary actions to complete the sale. Bid4Assets retains the rights to terminate a Buyer's rights to use the Site in the event a Buyer fails to perform its obligations to settle on a completed auction.

(d) Other Conditions of Purchase and Sale. All purchases and sales of Assets and use of the Site by Members shall be conducted in compliance with applicable law. Purchases made on the Site are entirely without recourse to Bid4Assets. All Members acknowledge and agree that closing of all sales of Assets may be subject to final approval of a court or other agency and that if such approval is not obtained, the Seller may withdraw such Asset after a completed bidding process without any recourse or liability on the part of Seller.

(e) Enforcement of Buyer and Seller Contract Obligations. All Members are third party beneficiaries of these Terms of Service, and Buyers and Sellers shall be entitled to enforce the provisions hereof and may pursue legal action against each other for non-performance of any provision hereof, including without limitation, non-performance of a purchase and sale after a completed bidding process. In addition, Bid4Assets retains the right to assess fees or terminate a Member's rights to use the Site in the event a Member violates these Terms of Service.

(f) Conducting Due Diligence. Bidders are required to conduct any research or due diligence of an Asset that they wish to conduct prior to making a bid. The Asset description may contain information regarding inspections and other due diligence opportunities available. Links to third-party tools and websites should be considered a guide to assist in due diligence, neither Seller nor Bid4Assets warrant the accuracy of any information provided by third-parties.

(g) Electronic Signature. You understand and acknowledge that in various places on the Site it may require the Bidder or Seller to input a password or their name, and to then click a button labeled "accept," "agree," "Bid," "acknowledge," or some such similar phrasing, in which case the Bidder or Seller (as the case may be) is agreeing to the specified terms, and by entering the password or your name (including where your name is linked to your password and auto-fill inserted) and clicking the button you are providing your "Electronic Signature" which shall be as binding, enforceable and valid as a written "pen and paper" signature in accordance with the provisions of the Electronic Signature in Global and National Commerce Act (15 USC 7001, et seq.), as amended or revised from time to time. You understand and agree that certain transactions may also require additional electronic documents, contracts, agreements, signatures, or acceptances and your providing your Electronic Signature shall also be as binding, enforceable and valid as a written "pen and paper" signature in accordance with the provisions of the Electronic Signature in Global and National Commerce Act (15 USC 7001, et seq.), as amended or revised from time to time.

back to top

 

3.4 OTHER RESPONSIBILITIES OF THE SELLER

(a) Description of Assets. Seller must accurately describe Assets in an auction provided for inclusion on the Site in accordance with the law. Seller agrees to indemnify Bid4Assets against any action brought against Bid4Assets by any person or entity arising out of or due to any action of the Seller whether said action is described herein or not, or may otherwise relate to any transaction between Bid4Assets, the Seller and any third party. Prior to listing an Asset, the Seller shall provide to Bid4Assets any terms or conditions of sale for particular Assets in addition to these Terms of Service. All public auction sales should be regarded as being sold "As is," and/or "Where is," with the Buyer is fully responsible for obtaining all information with regard to the item being sold.

(b) Compliance With All Applicable Laws. Sellers are also responsible for complying with all applicable local, state, federal, or foreign laws, rules, regulations and legal approvals regarding the sale of any Assets. It is the Seller’s responsibility to be aware of such laws as referenced herein.

(c) Accepting Risk of Buyer's Ability to Complete a Transaction. Sellers acknowledge and agree Bid4Assets does not provide any representations with regard to the ability of Bidders to pay Sellers the bid price for the Asset being sold.

(d) Exclusivity. Unless otherwise agreed to by Bid4Assets in writing, Seller agrees that Bid4Assets will be the sole and exclusive venue for each listed Asset for the term of the listing online or otherwise. If Seller sells a Buyer they meet through Bid4Assets alternate property (be it one or multiple) to purchase outside of the Bid4Assets Site, Bid4Assets’ standard fees shall apply to this transaction(s).

back to top

 

3.5 OTHER RESPONSIBILITIES OF THE BUYER

(a) Non-Performing Bidders. When a Buyer prepares to place a bid on a public auction, they must meet the stated requirements of Seller, which may include a deposit. All bidders should be aware that they have entered into a legally binding agreement if they place a winning bid on an auction on Bid4Assets. We take bidder performance very seriously and expect every winning bidder to complete their transaction. We vigorously enforce any violation of policy. A “non-performing” winning bidder will be subject to the following penalties:

  1. If a deposit was required to bid, your deposit will be forfeited.
  2. Public agencies shall have the authority to ban bidders from their public auctions at their sole discretion.

back to top

 

IV. Rights and Responsibilities of Bid4Assets


4.1 MODIFICATIONS TO TERMS OF SERVICE
Bid4Assets may change these Terms of Service from time to time. Any amendment shall be effective immediately without notice upon posting on the Site. Member's continued use of the Site constitutes an affirmative: (1) acknowledgment by Member of these Terms of Service and any modifications; and (2) agreement by Member to abide and be bound by these Terms of Service, including any modifications. Both the Seller and Buyer acknowledge that they shall be solely responsible for obtaining updated information concerning changes to these Terms of Service. It is further acknowledged by the Member that the Terms of Service in effect at the time that a dispute shall arise shall control in all matters.

back to top

 

4.2 SUPERVISION OF CONTENT
Bid4Assets reserves the right to supervise all material, content and information on its Site, including, but not limited to, Asset listings and bidding activity, to determine compliance with the Terms of Service and all current and future operating procedures and rules of conduct established by Bid4Assets. Bid4Assets reserves the right, at its sole discretion, to amend, edit, remove or otherwise block any material posted by a Member, which may violate any state, federal or local law or violate any aspect of these Terms of Service or which may otherwise jeopardize the business operations or goals of Bid4Assets. Bid4Assets shall not be responsible for material content and information contained on this Site that is provided by the Members, and all parties agree to hold Bid4Assets harmless with regard to same pursuant to the limitation of liabilities, and release and indemnification provisions contained in these Terms of Service.

back to top

 

4.3 TERMINATION OF MEMBER'S RIGHTS TO USE SITE

Bid4Assets retains the right to terminate a Member's rights to use the Site, deny access to the Site and/or terminate any active auctions for cause. Cause for such termination shall include, but not be limited to: (a) breaches or violations of the Terms of Service (including but not limited to Section 5.4 hereof) or other incorporated agreements or guidelines: (b) requests by law enforcement or other government agencies: (c) unexpected technical or security issues or problems: (d) fraud; and/or (e) actions which might jeopardize the business operations or goals of Bid4Assets. Further, the Member agrees that all terminations shall be made in Bid4Assets’ sole reasonable discretion and that Bid4Assets shall not be liable to the Member or any third-party for any termination of an account or access to the Site.

back to top

 

4.4 COMMUNICATION WITH MEMBERS
Members may elect to receive notification of new Asset listings and other opportunities available to Sellers or Buyers. Bid4Assets also relies on electronic messaging to keep its Members informed of events on its Site and the Member agrees to allow Bid4Assets to so communicate. Member may "Opt Out" of such communications by contacting [email protected].

back to top

 

4.5 NATURE OF BID4ASSETS RESPONSIBILITIES

Bid4Assets agrees to act with respect to each Bid4Assets transaction in accordance with these Terms of Service. The duties and responsibilities of Bid4Assets and its affiliates shall be limited to those expressly set forth in these Terms of Service. Bid4Assets shall not be subject to, or obliged to recognize, any other agreement between, or direction or instruction of, any or all of the parties to any such Bid4Assets transaction.

MEMBER ACKNOWLEDGES AND AGREES THAT BID4ASSETS' DUTIES ARE MINISTERIAL IN NATURE. BID4ASSETS IS MERELY A FACILITATOR AND PROVIDES TRANSACTIONAL ASSISTANCE TO ITS MEMBERS AND IS NOT A PRINCIPAL TO ANY TRANSACTION. BID4ASSETS SHALL NOT AND DOES NOT TAKE TITLE OR OWNERSHIP OF ANY PROPERTY OR FUNDS HELD BY IT. TITLE TO SUCH PROPERTY OR FUNDS SHALL BELONG TO THE SELLER OR BUYER, AS THE CASE MAY BE, AND SHALL BE HELD AND DISPOSED OF IN ACCORDANCE WITH THE TERMS AND CONDITIONS CONTAINED IN THESE TERMS OF SERVICE OR AS OTHERWISE AGREED UPON BETWEEN BUYER AND SELLER. ANY DISPUTES AND/OR DISAGREEMENTS BETWEEN BUYER AND SELLER MUST BE ADDRESSED BETWEEN BUYER AND SELLER, AND MEMBER EXPRESSLY AGREES NOT TO HOLD RESPONSIBLE, BID4ASSETS OR ANY OF ITS EMPLOYEES, REPRESENTATIVES OR AFFILIATES IN ANY WAY OR IN ANY MANNER. MEMBER ACKNOWLEDGES AND AGREES THAT NEITHER BID4ASSETS NOR ANY OF ITS EMPLOYEES, REPRESENTATIVES OR AFFILIATES ENDORSES ANY OF THE ASSETS THAT ARE TRANSFERRED THROUGH THE SITE AND THAT NEITHER BID4ASSETS NOR ITS EMPLOYEES, REPRESENTATIVE OR AFFILIATES IS RESPONSIBLE FOR ANY DAMAGES TO GOODS DURING TRANSIT NOR FOR MISREPRESENTATIONS AND/OR BREACHES OF CONTRACT BY EITHER BUYER AND/OR SELLER. BID4ASSETS AND ITS EMPLOYEES, REPRESENTATIVES AND AFFILIATES SHALL ALSO BE FULLY PROTECTED IN RELYING UPON ANY WRITTEN NOTICE, DEMAND, CERTIFICATE OR DOCUMENT, WHICH IT IN GOOD FAITH BELIEVES TO BE GENUINE. NEITHER BID4ASSETS NOR ITS EMPLOYEES, REPRESENTATIVES OR AFFILIATES SHALL INCUR ANY LIABILITY WHATSOEVER, AND BOTH BUYER AND SELLER SHALL INDEMNIFY THE EMPLOYEES, REPRESENTATIVES AND AFFILIATES OF BID4ASSETS, WITH REGARD TO THEIR CONDUCT IN OPERATING OR MAINTAINING THIS WEBSITE OR IN THE FULFILLMENT OF THEIR DUTIES AS EMPLOYEES REPRESENTATIVES OR AFFILIATES OF BID4ASSETS AS MORE FULLY DESCRIBED IN THE RELEASE AND INDEMNIFICATIONS CONTAINED HEREIN. AS DEFINED HEREIN, REPRESENTATIVES INCLUDE, BUT ARE NOT LIMITED TO OFFICERS, DIRECTORS AND CONSULTANTS OF BID4ASSETS.

back to top

 

4.6 DEPOSIT SERVICES
(a) Service Description. For certain auctions, a Seller may require that Bidders deposit a specified dollar amount to qualify to place a bid. The deposit helps ensure (but is not a guarantee) that the Bidder is willing to purchase the Asset if he or she is the winning Bidder.

(b) Authorization to Hold and Release Funds. By submitting a deposit or settlement funds (see Section 4.7), you authorize Bid4Assets to keep possession of all funds deposited, including any additions to those funds (together the "Deposited Amounts"), and to deliver and dispose of the Deposited Amounts, according to the terms and conditions of this Agreement.

(c) Availability and Return of Funds. Deposited Amounts will initially become available, depending on the method of deposit, after the time periods specified by Bid4Assets. EACH MEMBER AGREES THAT IT SHALL NOT ISSUE ANY CHARGEBACK OF A DEPOSITED AMOUNT.

Deposited Amounts, once available, remain available to Member until designated as: a deposit; as payment; or as refund processed to Member; or treated as abandoned funds if the Member cannot be contacted for the period set forth by applicable state law (“Abandoned Funds”), in which case the Abandoned Funds, less any allowable fees or expenses, will be remitted to the appropriate state as escheated funds (“Escheated Funds”) when required by state regulations.

Bid4Assets shall use commercially reasonable efforts to return deposits to non-winning bidders in an auction within 10 business days of such auction’s close via printable e-check. If Bid4Assets suspects, detects or is notified of potential credit card or other fraud, Bid4Assets may hold funds until the absence of fraud is confirmed at the sole discretion of Bid4Assets.

Upon notice from Member delivered to Bid4Assets by email, or at Bid4Assets' election at any time, Member's account may be closed. Closing an account cancels access to all Bid4Assets services immediately. When an account is closed, Bid4Assets shall return to Member all available funds as they become available and/or are released upon Member's request, minus any payments, fees and charges due from Member, in accordance with the procedures set forth in these Terms of Service.

(d) Release of Funds - Winning Bid. If a Member is the winning Bidder in an Auction requiring a deposit, Bid4Assets will forward the entire deposit from available funds (less any Seller fees for this service that may apply) to the Seller to apply to the final purchase price. If all winning bids in total are less than the required deposit amount or if Buyer sends overpayment, Bid4Assets will either send the total balance of funds (net of Bid4Assets’ fees) to the Seller to release balance of the funds to the Buyer or else Bid4Assets will directly release the funds to the buyer (in accordance with the auction’s terms). Bid4Assets may charge a fee to disburse an overpayment to a Buyer, which would be disclosed in the terms of that auction. All refunds payments to users will be addressed to the name provided on your Bid4Assets account. If payment needs to be canceled and reprocessed due to inaccurate contact information on your Bid4Assets account, Bid4Assets may charge a fee to void the payment and/or reissue a new payment. The deposit funds from the winning Bidder will be used as a down-payment for the purchase of the Asset(s). Should the winning Bidder fail to complete the purchase of the Asset(s), the deposit will be forfeited, and the Seller is free to relist the Asset(s) or otherwise dispose of the property.

(e) Release of Deposit - No Winning Bids. If the Member fails to win the auction, Bid4Assets will make all reasonable efforts to return available funds no later than ten (10) business days from the business day upon which the auction has closed, or after funds become available, whichever is later. Bid4Assets may solicit backup bids from non-winning Bidders (the "Backup Bidder") should any winning bidder fail to perform. Backup Bidders are under no obligation to purchase an Asset after the close of an auction. However, upon written agreement from the Backup Bidder, the Backup Bidder will be considered the winning bidder and Bid4Assets will transfer the deposit to the Seller.

(f) Non-Liability For Compliance With Attachments Or Financial Disclosures Required By Law. If any Deposited Amounts shall be attached, garnished or levied upon by any order of court; or if the delivery of any Deposited Amounts shall be stayed or enjoined by any order of court or by any other order of any governmental agency; or if any judgment or decree shall be made or entered by any court or arbitral tribunal affecting such property or any part thereof or requiring any action by Bid4Assets, Member expressly authorizes Bid4Assets to obey and comply with all such statutes, writs, orders, judgments or decrees, including but not limited to escheatment regulations; and Bid4Assets shall not be liable to Member, nor to any successor or assign, nor to any other person or other legal entity, by reason of such compliance, notwithstanding that such writ, order, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. Bid4Assets may be required to disclose, or may voluntarily disclose, to one or more governmental agencies information concerning Member's Deposited Funds, payments or withdrawals of funds, in order to comply with one or more laws of the United States or of other governments. Bid4Assets shall not be liable to Member, nor to any successor or assign, nor to any other person or other legal entity, by reason of its compliance with any such law.
(g) Additional Fees For Return Of Deposits. Bid4Assets will make every effort to return a deposit to the Member who is not a winning bidder, whose funds are Available Funds, and who is entitled to receive the return of their deposit, as further provided above or elsewhere in these Terms of Service (“Returned Deposit”). The Returned Deposit is only valid for ninety (90) days after the issue date. If the payee requests a duplicate Returned Deposit, payee authorizes Bid4Assets to deduct the greater of Thirty-Five Dollars ($35.00), or the actual fees charged Bid4Assets by their financial institution, from the amount of any reissue of each Returned Deposit.

back to top

 

4.7 SETTLEMENT SERVICES.
(a) Services Description. Bid4Assets may offer settlement services on certain auctions. Through this service, Bid4Assets may facilitate the sale and purchase of an Asset by collecting the sale proceeds from the Buyer and forwarding the proceeds to the Seller.

(b) Obligations of Sellers

i. Seller shall post on the Bid4Assets Site the terms of sale for the Auction.

ii. Seller shall deliver or convey the Asset directly to the successful Bidder following notification that the Bidder has made full payment, or as otherwise required by applicable law and/or as directed by a court of proper authority.

(c) Obligations of Successful Bidder: The successful Bidder shall send funds to Bid4Assets within the time period set forth in the conditions of sale for the auction and identify the auction for which the funds apply.

(d) Bid4Assets' Responsibilities: Bid4Asset will hold funds received from successful Bidder and release settlement funds to the Seller (less Bid4Assets fees) after the Auction's close, in a timeline to be mutually agreed upon with Seller.

(e) Additional Conditions

  1. Bid4Assets reserves the right to restrict the maximum amount accepted through any particular payment method.
  2. Bid4Assets is not responsible for payment of any sales, use, personal property or other governmental tax or levy imposed on any Assets purchased or sold using the settlement service or otherwise arising from the transaction.
  3. All notifications required of the successful Bidder or Seller shall be sent to and from the email addresses the member signed up with Bid4Assets. Notifications and correspondence to Bid4Assets shall be sent to [email protected].

back to top

 

V. Other Provisions


5.1 DISCLAIMER OF WARRANTIES
MEMBERS EXPRESSLY AGREE THAT USE OF THE SITE IS AT A MEMBER'S SOLE RISK. THE SITE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. BID4ASSETS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. BID4ASSETS MAKES NO WARRANTY THAT THE SERVICES PROVIDED ON THE SITE WILL MEET A MEMBER'S REQUIREMENTS, OR THAT SUCH SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE; NOR DOES BID4ASSETS MAKE ANY WARRANTY AS TO THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SITE OR AS TO THE ACCURACY OR RELIABILITY OF ANY INFORMATION OBTAINED THROUGH THE SITE OR THAT DEFECTS IN ANY SOFTWARE WILL BE CORRECTED. BID4ASSETS MAKES NO WARRANTY REGARDING ANY GOODS OR SERVICES PURCHASED OR OBTAINED THROUGH THE SITE OR ANY TRANSACTIONS ENTERED INTO THROUGH THE SITE. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY MEMBER FROM BID4ASSETS OR ANY OF ITS EMPLOYEES, REPRESENTATIVES OR AFFILIATES OR THROUGH THE SITE SHALL CREATE ANY WARRANTY NOT EXPRESSLY MADE HEREIN.

back to top

 

5.2 LIMITATION OF LIABILITY
IN NO EVENT SHALL BID4ASSETS OR ANY OF ITS EMPLOYEES, REPRESENTATIVES OR AFFILIATES BE LIABLE TO A MEMBER OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THIS AGREEMENT FOR ANY ACTUAL, SPECIAL, CONSEQUENTIAL, INCIDENTAL OR RELIANCE DAMAGES (OR ANY LOSS OF REVENUE, PROFITS OR DATA), HOWEVER CAUSED, WHETHER FOR BREACH OF CONTRACT, NEGLIGENCE OR UNDER ANY OTHER LEGAL THEORY, WHETHER FORESEEABLE OR NOT AND WHETHER OR NOT A MEMBER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE, AND NOTWITHSTANDING THE FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. BOTH PARTIES AGREE THAT THESE LIMITATIONS OF LIABILITY ARE AGREED ALLOCATIONS OF RISK AND ARE REFLECTED IN THE FEES AGREED UPON BY THE PARTIES. FURTHER, BID4ASSETS' AGGREGATE LIABILITY ARISING WITH RESPECT TO MEMBER'S USE OF THIS SITE SHALL NOT EXCEED THE GREATER OF (A) $100 or (B) THE TOTAL AMOUNTS PAID BY THE MEMBER TO BID4ASSETS UNDER ANY AUCTION COMPLETION FEE AGREEMENT IN THE 6 MONTHS PRIOR TO THE ACTION GIVING RISE TO LIABILITY. ADDITIONALLY BOTH BUYER AND SELLER, RESPECTIVELY AGREE TO INDEMNIFY BID4ASSETS AGAINST ANY AND ALL CLAIMS (INCLUDING BUT NOT LIMITED TO ANY COSTS AND ATTORNEY FEES INCURRED BY BID4ASSETS) ARISING OUT OF THE LIMITATION OF LIABILITY CONTAINED HEREIN AND DESCRIBED MORE FULLY IN RELEASE AND INDEMNIFICATIONS CONTAINED HEREIN.

back to top

 

5.3 NO RESALE OR COMMERCIAL USE OF THE SERVICES PROVIDED ON THE SITE
Member's right to use the Site is personal to Member. Member agrees not to resell or make any commercial use of the services provided on the Site, without the express written consent of Bid4Assets. Member acknowledges that content appearing on the Site may be protected by copyrights, trademarks or other proprietary or personal rights and that applicable laws will govern the Member's use of such content. Member agrees that without the prior written consent of Bid4Assets, Member shall not resell the Site, or the services provided on the Site, or use the Site for the transmission of commercial solicitations (other than an offer by Seller of Assets for sale) or for the receipt of responses to commercial solicitations (other than a Buyer's interest in purchasing Assets offered for sale through the Site) without the express written consent of Bid4Assets. Member agrees not to, for a commercial purpose, upload, transmit, reproduce, distribute or participate in the transfer or sale, or in any way exploit, any content obtained through the Site. Member agrees not to use the Site for the transmission of (or receipt of responses to) chain letters, lotteries, gambling or pyramid schemes of any kind. Member agrees not to use the Site to disseminate any message in a broad-based mailing without the prior written permission of Bid4Assets. Member agrees not to forge communications or take any other action that would disguise the origin of communications Member transmits through the Site. Member agrees not to permit another person to transmit communications that falsely identifies the Member's account as the origin of such communication.

back to top

 

5.4 MEMBER CONDUCT

Member is solely responsible for the contents of his/her/its transmissions through the Site. Member's use of the Site is subject to all applicable local, state, national and international laws and regulations. Member agrees: (1) to comply with US law regarding the transmission of technical data exported from the United States through the Site; (2) not to use the Site for illegal purposes; (3) not to interfere or disrupt networks connected to the Site; (4) to comply with all regulations, policies and procedures of networks connected to the Site; (5) not to post any information which is meant to be deceptive or knowingly inaccurate; and (6) to refrain from infringement on any material posted on the Bid4Assets Site, including information posted by other Members, that is copyrighted, patented, trademarked or similarly protected under proprietary rights or rights of privacy. Member agrees not to transmit through the Site any unlawful, harassing, libelous, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature. Member further agrees not to transmit any material that encourages conduct that could constitute a criminal offense, give rise to civil liability or otherwise violate any applicable local, state, national or international law or regulation. Attempts to gain unauthorized access to other computer systems are prohibited. Member further agrees not to use the Site in a manner that violates any Federal, state or local laws or statute, including but not limited to the sale of any regulated substances.

Member email contact information is provided to facilitate the purchase and sale of Assets posted on the Site. Use of this contact information to transact purchase and sale of items, whether posted on the Site or similar items, is a violation of these Terms of Service. Bid4Assets is due normal fees on all such purchase and sale transactions consummated in circumvention of the Bid4Assets Site.

back to top

 

5.5 NOTICES - DEFINITIONS
Sold Notices and other notices given by Bid4Assets shall be valid when sent by e-mail to the e-mail address the member signed up with Bid4Assets. The term "Buyer", "Bidder", "Seller", and "Member" includes corporations, partnerships, persons, agents, representatives and any legal entity entitled to participate in the Site.

back to top

 

5.6 RELEASE AND INDEMNIFICATION
Notwithstanding any other release, agreement to "hold harmless" or indemnification contained herein, Member hereby further waives, releases, forgives, discharges and relinquishes any and all claims that Member now has or may have (both known and unknown) against Bid4Assets, its affiliates, subsidiaries, parents, shareholders, directors, officers, employees, agents and representatives which are connected with, arise out of, relate to or are incidental to any Bid4Assets transaction or the use of the Site. Member hereby agrees to indemnify, defend and hold Bid4Assets, its affiliates, subsidiaries, parents, shareholders, directors, officers, employees, agents and representatives harmless from and against any and all claims, loss, damage, tax, liability and/or expense that may be incurred by Bid4Assets, its affiliates, subsidiaries, parents, shareholders, directors, officers, employees, agents and representatives arising out of or in connection with the performance of its duties as described in this Agreement, including the legal costs, fees and expenses of defending itself against any claim by any or all of the parties to any Bid4Assets transaction and/or by any other person and/or as a result of the Member taking any action or refraining from taking any action or instituting or defending any action or legal proceeding. Member further agrees to indemnify and hold Bid4Assets, its affiliates, subsidiaries, parents, shareholders, directors, officers, employees, agents and representatives harmless from any claim or demand, including reasonable attorneys' fees, made by any third party due to or arising out of Member's use of the Site, the violation of these Terms of Service by Member, or the infringement by Member, or other Member of the Site using Member's computer, of any intellectual property or other right of any person or entity. If you are a California resident, you waive California Civil Code §1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

back to top

 

5.7 RESOLUTION OF DISPUTES

(a) Resolution of Disputes Generally. MEMBER ACKNOWLEDGES AND AGREES THAT ANY DISPUTE INVOLVING BID4ASSETS SHALL BE RESOLVED SOLELY IN ANY COURT OF COMPETENT JURISDICTION LOCATED IN MONTGOMERY COUNTY, STATE OF MARYLAND, UNLESS OTHERWISE REQUIRED BY APPLICABLE LAW IN THE JURISDICTION IN WHICH THE ASSET AT ISSUE IS LOCATED. MEMBER FURTHER ACKNOWLEDGES AND AGREES THAT THEY SHALL BE RESPONSIBLE FOR ALL COSTS TO ENFORCE THIS AGREEMENT, INCLUDING REASONABLE ATTORNEY’S FEES AND COURT COSTS. MEMBER ADDITIONALLY ACKNOWLEDGES AND AGREES THAT THEY SHALL BE RESPONSIBLE FOR ALL COSTS ASSOCIATED WITH THE COLLECTION OF FEES DUE TO BID4ASSETS, INCLUDING BUT NOT LIMITED TO ATTORNEY’S FEES IN THE AMOUNT OF THIRTY THREE PERCENT (33%) OF THE TOTAL AMOUNT DUE, COURT COSTS PLUS ANY OTHER FEES.

(b) Dispute Resolution Assistance. While Bid4Assets is not responsible for resolution of any disputes between Members, Bid4Assets may at its sole discretion assist Members involved in a dispute. Any assistance requested from Bid4Assets must be in writing for review and consideration. Bid4Assets is in no way responsible for resolving the dispute between Members, nor does assistance provided by Bid4Assets relieve the Members from their responsibilities under these Terms of Service.

Should Bid4Assets be notified in writing, or otherwise determine, that a dispute has arisen between a Bidder and Seller, or should Bid4Assets suspect, detect or be notified of potential credit card or other fraud related to the transaction, Bid4Assets is authorized, in its sole and absolute discretion, to hold the funds at issue until notified in writing by all parties that the dispute has been resolved, or until the absence of fraud shall have been confirmed to its satisfaction, or until the dispute is resolved by mutual agreement. Bid4Assets is also authorized, in its sole and absolute discretion, to commence an action to interplead the funds in dispute, either in the state or federal courts in Maryland, in the jurisdiction of which a Member irrevocably consents, or in a court located where one or more of the parties to the dispute resides. The Member agrees that the decision of the courts in the interpleader action shall be final and binding upon the parties. Member further agrees that Bid4Assets shall be entitled to recover its reasonable costs of bringing the interpleader action, including its reasonable attorneys’ fees, from the disputed funds.

back to top

 

5.8 NO AGENCY
Bid4Assets is an independent contractor, and no agency, partnership, joint venture, employee-employer or franchiser-franchisee relationship is intended or created between the Member and Bid4Assets by these Terms of Service.

back to top

 

5.9 APPLICABLE LAW AND OTHER TERMS
These Terms of Service shall be governed by and construed in accordance with the laws of the State of Maryland, unless otherwise required by applicable law in the jurisdiction in which the asset at issue is located. If any provision(s) of these Terms of Service is held by a court of competent jurisdiction to be contrary to law, then such provision(s) shall be construed, as nearly as possible, to reflect the intentions of the parties with the other provisions remaining in full force and effect. Bid4Assets' failure to exercise or enforce any rights or provisions of these Terms of Service shall not constitute a waiver of such right or provision unless acknowledged and agreed to by Bid4Assets in writing. Member and Bid4Assets agree that any cause of action arising out of or related to the use of the Site must commence within one (1) year after the cause of action arose; otherwise, such cause of action is permanently barred and Member and Bid4Assets forever waives any such cause of action. The section titles in these Terms of Service are solely used for the convenience of the parties and have no legal or contractual significance.

 

back to top

Updated October 21, 2024