Terms & Checkout Procedures

BIDDING TERMS & CONDITIONS

1. Terms:

All purchases are to be “PAID IN FULL” in negotiable U.S. Funds on Sale Day. Company or Personal Checks or Wire Transfers will be accepted as payment. Bank wires and company or personal checks will be accepted provided they are accompanied by a “BANK LETTER OF GUARANTEE” guaranteeing payment. The buyer waives the right to stop payment on any check or monies given as payment. No drafts, credit cards or ACH accepted. The buyer may receive purchases upon completion and execution of all funds (check-out procedures are defined in the inside cover of auction catalog). The Auctioneer reserves the right to hold any purchases until all funds have cleared the Auctioneer’s Bank and to hold ALL purchases on partial payment. A 2% late fee will be charged if payment is not received in full within 5 business days of receipt of the invoice.

2. Bidder Registration:

All perspective Buyers and Bidders must register and receive a bidder number at each Kruse Energy & Equipment Auctioneers auctions. Anyone bidding on behalf of a third party must also register to bid and will be held responsible and liable for all purchases. No person shall bid on any item they own or on behalf of the owner. Buyers names are to remain confidential. The Auctioneer reserves the right to refuse any person a bidder number and may revoke the bidders’ privileges at any time.

3. Resale of Merchandise:

The Auctioneer reserves the right to reclaim any or all merchandise for any unpaid purchases in part or in full. Buyer agrees to pay any deficiencies from the initial sales price and all expenses incurred including attorney’s fees on merchandise that must be resold. In the event a buyer chooses to resale a lot, they must make up any deficiencies from the initial sales price. The resale of any merchandise is at the sole discretion of the Auctioneer. Any lots left over 30-days will be considered abandoned property and may be resold by Kruse.

4. Sales Tax:

Buyer agrees to pay all applicable sales tax on all purchases, unless the buyer provides proof of exemption that is issued by the appropriate state or local Government Agency. Buyers must meet exemption requirements of the state or local Government Agency at the location in which the auction is held. Buyer also agrees to pay any sales tax that may be assessed after payment has been received.

5. Warranty or Guarantee:

Every item is sold “AS IS, WHERE IS, WITH ALL FAULTS” and without warranty or guarantee of any kind, either written, expressed or implied, as to merchantability or fitness for a particular purpose or otherwise. There are no warranties or guarantees as to year, make, model, serial number, condition, performance, and/or dotting & numbering, and/or digital slide production. All items are listed as accurately as possible and information is derived from sources deemed reliable. However, Buyer must inspect all items personally and accept with any faults or defects. Buyer in no way holds Auctioneer or Seller responsible for any defects, inaccuracies or errors in any way. All announcements sale day supersede any printed material. Your bid indicates you have previously inspected the lot and your know what you are bidding on.

6. Contested or Tie Bid/Lotting:

In the event two (2) or more parties claim the same bid at the fall of the Auctioneer’s gavel (sold), the Auctioneer may re-open the sale and commence the bidding between said parties until a high bidder and new owner is established. This is entirely at the sole discretion of the Auctioneer and he may elect not to re-open the bidding if he deems the bid was late and the item was considered sold. The Auctioneer may also refuse any bid he deems as a mere fractional advance. The Auctioneer reserves the right to group, withdraw or break-apart any lot he determines is necessary.

7. Indemnification & Hold Harmless/Injury & Damages:

Bidders and their agents, employees or representatives agree to hold harmless Kruse Energy & Equipment Auctioneers, its agents, employees or representatives along with the same for the Seller for any damages, injury or death occurring on or near the auction site. The auction site shall include any yard or location at which any lot is located as well as the actual location where the bid calling is conducted. The Bidder agrees to enter any site at their own risk. No person shall have any claim against Kruse Energy & Equipment Auctioneers, its agents, employees or representatives along with the same for the Seller or Site Owner for any injury, damages or loss of life which may occur from any cause or nature. The Buyer also agrees to the same terms for load-out and check-out on all auction sites and will provide certificate of insurance where applicable.

8. Titles/Bills of Sale:

All Titles and Bills of Sale, along with other pertinent documents will be mailed from Kruse Energy & Equipment Auctioneers’ Odessa office within a reasonable time period following the auction, allowing for satisfactory collection of all negotiable funds. Delivery of such documents is subject to receiving the documents from the Seller. Kruse Energy & Equipment Auctioneers is acting as agents only and any loss of title must be reconciled either through the Seller or the appropriate Government Agency.

9. Agreement:

This Agreement is between the Bidder and the “Auctioneer” (Kruse Energy & Equipment Auctioneers, LLC) and shall be governed by and interpreted by the laws of the State of Texas.

10. Administrative Fee:

A 2.5% Administrative Fee will be charged on all purchases. An additional Fee will be charged for Internet bidding if available, see auction’s webpage for details.

11. Load-Out/Transportation Disclaimer:

Kruse Nor The Seller(s) Are Involved In Arranging Load-Out or Transportation Services On Behalf of Buyer(s). All Load-Out and/or Transportation Charges/Arrangements Are The Responsibility of Buyer(s). Kruse Nor the Seller(s) Are To Be Considered The Shipper, The Consignor Or The Consignee. Additionally, Kruse Nor The Seller(s) Have Any Contractual or Agency Relationship With Buyer(s) For Any Load-Out Or Transportation Services.

12. Charges for Late Pickup of Lots:

All lots must be removed during posted Checkout Period. Checkout dates for each yard are listed in the YARD DIRECTIONS & CHECK-OUT INFO section. Charge for late pickup is $25.00 per lot, per day.

CHECKOUT PROCEDURES

Buyer must present Picking Ticket to the checkout Supervisor for each yard. Kruse Energy may hold any equipment until all funds have cleared.

Partial removal of any lot must be indicated on the Picking Ticket. All counts, including pipe or multi-unit lots, must be verified at the time of checkout.

Any lots or partial lots that are not claimed by the end of the checkout period will be considered abandoned and can be re-claimed and sold for storage costs at Kruse Energy’s discretion. Neither the Auctioneer, Seller nor yard Owner is in any way responsible for any injury, loss or damage during or after the checkout period.

All items must be inspected and approved by the checkout Supervisor before removal from the yard. Buyer may be required to submit appropriate certificate of insurance for load-out on certain yards.

NOTE: Checkout dates, times, locations and pertinent information for individual yards can be found on the inside of the auction catalog.

Address

11611 County Rd 128 West
Odessa, TX 79765
1-432-563-2005 (Tel)
432-563-7929 (Fax)

Associations

National Auctioneers AssociationInternational Association of Drilling ContractorsAssociation of Energy Service Companies