Benaco Sales Ltd., Online Auction Terms & Conditions

***This is an Online Auction ONLY, all items are sold As-Is/Where-Is***

Notice: All bidders and other persons participating in this Internet/Online sale acknowledge that they have read and have full knowledge of the terms and conditions and agree to be bound thereby.

Registration: Bidders must register at https://benacosales.hibid.com/auctions/ prior to bidding. All bidders must complete the registration form provided including name, company (if applicable), mailing address, and phone number. Bidders are also required to provide a valid email address & Active/Valid Credit card for deposits. *Please Note*: All bidders will be required to pay a Credit Card Security Deposit of $500.00 in order to be a "qualified" bidder . The deposit shall be completely refundable provided the purchaser has not successfully won any bids in the subject auction. When a bidder has successfully bid on items and they have been paid for in full, the deposit will be reversed and made void. Deposits will be retained if the buyer has not paid their invoice in full, in an effort to recover any missing funds.

Invoices: Invoices will be emailed to successful bidders following the close of the auction. All Payment & Pick-Up Instructions will be included.

1. Identification- All purchasers are required to give full name and address.

2. Registration - All purchasers are required to register before each auction. Registration requires purchasers to provide their full name, business name, phone number & $500.00 refundable registration deposit.

3. Deposit - Each purchaser will be charged a deposit of 25% of each item they purchase. The deposit will then be applied to the purchasers final invoice as a deposit towards the total owing amount, unless the purchaser chooses to pay through another method in which case the charges will be refunded upon completion of payment.

4. Time of Payment - Acceptance of payment(s) will begin following the close of the auction. 18% Buyers Premium, 15% for Interac, Money Order, Wire Transfer, E-Transfer or Certified Cheque payments. Please inquire about any of these options by calling us at 416-667-0712.

5. **Pick-up & Viewing are By Appointment Only! Call us at 416-667-0712 to schedule a spot, please do not arrive on-site without an appointment or you will be asked to wait outside our facility until the next availability.

All Items left after posted, or agreed times, will result in loss of items, NO REFUNDS will be given. No lot can on any account, be removed during the sale. Removal shall be at the expense, risk and liability of the purchaser. Purchases will be delivered only on presentation of paid bill. Auctioneer shall not be responsible for goods not removed within the time allowed, but shall have the option to remove and store at the expense and risk of the purchaser any article purchased, but not paid for and removed within the time aforesaid.

6. Manner of Payment- All payments for successful bids can be made by Interac, Money Order, Wire Transfer, E-Transfer or Certified Cheque. Please inquire about any of these options. All cheques for deposits and balances due shall be payable to the order of Benaco Sales Ltd. All bills must be paid to representatives of the auctioneer unless otherwise announced. The full purchase price on all lots sold to the same buyer must be paid within the time fixed and before removal of any of the goods.

7. Condition of Articles Sold - The auctioneer shall not be responsible for the correct description, genuineness, authenticity of, or defect in any lot, and makes no warranty in connection therewith. No sale will be set aside nor allowance made on account of any incorrectness, error in cataloguing, or any imperfection not noted. No deduction is allowed on damaged articles, all goods being exposed for public exhibition, and sold "as is" and without recourse.

8. Claims - No claims will be allowed after removal of goods from premises.

9. Responsibility for Non-Delivery- Auctioneer shall not, in any event, be liable for non-delivery or for any other matter or thing, to any purchaser of any lot, other than for the return to the purchaser of the deposit or sum paid on said lot, should the purchaser be entitled thereto.

10. Compliance with Terms of Sale - In default of payment of bills in full within the time therein specified, the auctioneer, in addition to all other remedies allowed by law, may retain all monies received as deposit or otherwise, as liquidated damages. Lots not paid for or removed within the time allowed herein may be resold at public or private sale without further notice, and any deficiency, together with all expenses and charges of re-sale, will be charged to the defaulting purchaser.

11. Risk to Person & Property- Person(s), attending during exhibition, sale or removal of goods assume all risks of damage or of loss to person and property and specifically release and indemnify the auctioneer & Seller from liability, to the fullest extent allowed by law, for all claimes and costs incurred by Seller in connection with any loss, damage or injury to person or property arising in connection with the equipment sold hereunder. Neither the auctioneer nor his principal shall be liable by reason of any defect in or condition of the premises on which the sale is held.

12. Addition to, OR Withdrawl from Sale - The auctioneer reserves the right to withdraw from sale any of the property listed or to sell at this sale property not listed, and also reserves the right to group one or more lots into one or more selling lots or to subdivide into two or more selling lots. Whenever the best interest of the seller will be served, the auctioneer reserves the right to sell all the property listed, in bulk.

13. Sale by Estimated, Weight, Count or Measure - Where items are sold by estimated weight, count or measure, the purchaser will be billed for and required to pay for the estimated weight, count or measure. If, upon delivery, any shortage exists, the purchaser will receive a refund at the rate of purchase. If there be an excess, the purchaser will be required to take and pay for such excess, at the rate of purchase.

14. Dispute Between Bidders - If any dispute arises between two or more bidders, the auctioneer may decide, or put the lot up for sale again at once, and resell to the highest bidder. The auctioneer's decision shall be final and absolute.

15. Reserve - The auctioneer reserves the right to reject any and all bids. On lots upon which there is a reserve, the auctioneer shall have the right to bid on behalf of the seller.

Subject to Approval: Any item being sold "Subject To Approval" cannot be concluded, and is not a binding sale until the secured lender approves the sale amount. It is a legal requirement for all leasing companies to follow this simple guideline in order to be able to pursue legal action against the previous debtor for shortfalls and deficiencies. Any seized item must be exposed for public sale, advertised in a major journal, and must have a minimum of 3 bids placed on it. Benaco Sales Ltd. follows these rules strictly, and our sell through rate for assets sold on a "Subject To Approval" basis is over 95%. Once approved, the purchaser will be notified by email and the sale can be concluded. If not approved, the high bidder will have the opportunity to increase their bid, if they wish to do so, until an agreement can reached. There will be no financial obligation by the high bidder until a sale can be concluded.

16. Records - The record of sale kept by the auctioneer and/or bookkeeper will be taken as final in the event of any dispute.

17. Agency - The auctioneer is acting as agent only and is not responsible for the acts of its principals.

18. Additional Terms & Conditions - The auctioneer may add other terms and conditions of sale, such additional terms and conditions to be announced prior to the auction.

19. Buyers acknowledges and understands that the Equipment sold may be dangerous if improperly used. Buyer acknowledges that it must contact the original manufacturer to obtain up-to-date instructions and operation manuals and other information to insure the safe operation of equipment. Auctioneer and Seller will not be responsible for any loss or injury resulting from defects or alleged defects in the Equipment or from the subsequent use of the items.

** VERY IMPORTANT PAYMENT NOTICE, PLEASE READ!!**
IT IS THE RESPONSIBILITY OF THE BUYER TO MAKE PAYMENT OR PAYMENT ARRANGEMENTS WITH OUR OFFICE WITHIN 72 HOURS AFTER THE AUCTION ENDS

OCTOBER RESTAURANT & MULTI INDUSTRY