Auction Bidder Agreement
Draft — pending counsel review. Governs participation in the VIG hardware auction.
This Bidder Agreement (“Agreement”) governs your participation in the periodic B2B hardware auction operated by VIG LLC (“VIG”). It is incorporated into the Terms of Service by reference. By registering as a bidder or placing a bid, you agree to this Agreement.
1. Eligibility & verification
The auction is for verified business buyers only. Bidder accounts require identity and business verification and a refundable deposit before bidding is enabled. VIG may decline or revoke bidder access at its discretion.
2. Refundable deposit
A refundable deposit is required before your account is approved to bid. The deposit is applied to winning purchases or returned after the auction if no lots are won, less any amounts owed. [Deposit amount and refund timing — counsel to finalize.]
3. Bidding
Bids are binding offers and may not be retracted. Each lot has a scheduled close; bids placed in the final two minutes extend the close by two minutes (up to a maximum of ten extensions) to allow a fair response. The highest bid at final close wins, subject to any reserve.
4. Buyer’s premium
A 15% buyer’s premium is added to the winning hammer price of each lot. The premium and any applicable taxes are reflected in your invoice total.
5. Payment & title
Invoices are payable by wire or ACH within the period stated on the invoice. Title and risk of loss pass to the buyer upon VIG’s receipt of cleared funds. Wire details are provided only through VIG’s secure channels — see payment instructions. [Payment window — counsel to finalize.]
6. Condition grading & inspection
Lots are sold based on the condition grade and description shown. Grades are good-faith assessments, not guarantees of future performance. Buyers are responsible for confirming suitability for their intended use.
7. Misrepresentation warranty (7-day)
VIG backs every lot with a 7-day warranty against misrepresentation and dead-on-arrival (DOA) defects. If a lot materially differs from its description or arrives non-functional, notify VIG within seven (7) days of delivery to arrange a return, replacement, or refund. This warranty does not cover cosmetic wear consistent with the stated grade or damage caused after delivery. [Claim process and remedies — counsel to finalize.]
8. Data sanitization
All storage-bearing devices are sanitized to NIST 800-88 standards before sale. Certificates of data destruction are available on request where applicable.
9. Shipping & pickup
Buyers arrange and pay for shipping or scheduled pickup unless otherwise stated. Lots not collected or shipped within the stated window may incur storage fees. [Logistics terms — counsel to finalize.]
10. Taxes & resale
Buyers are responsible for applicable sales, use, and import taxes. Tax-exempt resellers must provide a valid resale or exemption certificate before invoicing.
11. Default
Non-payment, chargebacks, or breach of this Agreement may result in deposit forfeiture, cancellation of awards, suspension of bidder access, and recovery of costs. [Remedies — counsel to finalize.]
12. Governing law
This Agreement is governed by the laws of the State of Texas. [Venue/arbitration — counsel to finalize.]
13. Contact
Auction support: ks@viginc.ca · (682) 716-2740.