This Buyer’s Agreement (“Agreement”) governs all bids submitted and purchases made in connection with any auction designated by the A. N. Abell Auction Co. as a sealed bid auction (the “Auction”), conducted by the A. N. Abell Auction Co. (“Abell”). By submitting a bid in writing, the bidder (“Buyer”) agrees to be bound by all of the terms and conditions set forth in this Agreement.

1. Auction Format

The Auction is conducted by sealed bids (“Bids”).  All Bids are final and irrevocable one submitted. Bids must be submitted in writing  prior to the announced close of bidding for each lot. Bids are not read aloud or announced during the bidding period. The highest bid on file for each lot at the close of the Auction, as determined solely by Abell, shall be the winning bid, subject to any reserve price on the lot. All bidders shall be required to register in writing  as an express condition of having the right to participate in the Auction.  The registration by the Buyer shall be deemed acceptance of all terms and conditions of this Sealed Bid Auction Buyer’s Agreement. Abell reserves the right, in its sole discretion, to accept, reject, or decline any bid, to withdraw any lot, to determine the successful bidder, to resolve any tie or bidding dispute, and to cancel any sale. Subject to Abell’s discretion and any applicable reserve or minimum bid requirement, property offered in a sealed bid auction may be sold to the highest acceptable bidder.

2. Buyer’s Premium

A Buyer’s Premium of thirty-three percent (33%) of the winning (hammer) bid price will be added to each lot and is payable by Buyer in addition to the hammer price. The Buyer’s Premium is non-negotiable and applies to all lots purchased through the Auction. Applicable sales tax, if any, will be calculated on the combined total of the hammer price and the Buyer’s Premium unless a valid tax exemption certificate is provided prior to invoicing.

3. Payment Terms

Full payment for all winning bids, including the hammer price, Buyer’s Premium, and any applicable taxes and fees, is due in full no later than forty-eight (48) hours after the close of the Auction. Abell reserves the right to charge any payment method on file, assess late fees, cancel the sale, and/or pursue any remedy available at law or under this Agreement if payment is not received within this 48-hour period.

• Credit card authorization forms are mandatory for all bidders participating in  sealed bid auctions. By submitting a sealed bid, if the full invoice amount, including the Hammer Price, Buyer’s Premium, applicable taxes and any other amounts due under the Sealed Bid Auction Buyer’s Agreement (“Full Invoice Amount” ), is not paid by Buyer within forty eight (48) hours after the close of the auction, Buyer authorizes Abell, without further notice to charge the credit card on file for the Full Invoice Amount. If Buyer’s credit card is declined, invalid, or otherwise cannot be processed, Buyer remains fully responsible for payment, and Abell may exercise any remedies available under the Sealed Bid Auction Buyer’s Agreement.  All sales are final. No lot will be released, and title will not pass, until payment has been received in full and has cleared. Note:  no additional credit card convenience fee shall be charged for payments processed by Abell for this Sealed Bid Auction. 

4. Removal of Purchased Items

Buyer is solely responsible for arranging removal of all purchased items. All items must be picked up no later than five (5) days after the close of the Auction (the “Pickup Deadline”), during Abell’s posted pickup hours, unless Abell agrees in writing to an alternate arrangement in advance.

Items not removed by the Pickup Deadline will be deemed abandoned by Buyer, and Abell may, at its sole discretion and without further notice or liability to Buyer:

• Assess storage, handling, and/or late-removal fees for each day the item remains unclaimed;
• Relocate, store, donate, resell, or otherwise dispose of the item(s) by any means Abell deems appropriate; and
• Retain all proceeds of any such disposition, with no obligation to refund any portion of the purchase price, Buyer’s Premium, or associated fees paid by Buyer.

Abell assumes no liability for loss, theft, or damage to any purchased item left on the premises after the close of the Auction, whether before or after the Pickup Deadline.

5. Condition of Items / “As-Is” Sale

All items are sold “AS IS, WHERE IS,” with all faults and without any warranty of any kind, whether express or implied, including without limitation any warranty of merchantability or fitness for a particular purpose. Buyer is responsible for inspecting (or having inspected) any lot prior to bidding. Descriptions, photographs, and estimates provided by Abell are for guidance only and are not guaranteed.

6. Title and Risk of Loss

Title to each purchased lot passes to Buyer only upon receipt of payment in full and clearance of funds. Risk of loss or damage to a purchased item passes to Buyer upon removal from Abell’s premises, or upon the Pickup Deadline, whichever occurs first.

7. Default by Buyer

If Buyer fails to comply with any term of this Agreement, including failure to pay by the deadline in Section 3 or failure to remove items by the deadline in Section 4, Abell may, in addition to any other remedy available under this Agreement or applicable law: cancel the sale of the lot to Buyer; resell the lot at public or private sale; pursue Buyer for any deficiency and for costs of resale, storage, and collection, including reasonable attorneys’ fees; and suspend or revoke Buyer’s bidding privileges in future Abell sales.

8. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflict of laws principles. Any dispute arising out of or relating to this Agreement shall be venued in the state or federal courts located in Los Angeles County, California.

9. Entire Agreement

This Agreement, together with any published Auction terms and conditions and any lot-specific notices, constitutes the entire agreement between Buyer and Abell with respect to the Auction and supersedes all prior or contemporaneous understandings, whether written or oral.