Fill and Sign the Master Seller Agreementartnet Auctions Form

AGREEMENT WITH AUCTIONEER E15 SELLER__________________________________ AUCTIONEER__________________________________ Address___________________________________ Address_______________________________________ __________________________________________ _____________________________________________ City/County/State/Zip City/County/State/Zip 1. Statement of Employment. Seller hereby employs Auctioneer to sell the property described in Schedule A annexed to and incorporated in this Agreement, herein referred to as Seller's property, at public auction. 2. Place of Sale. The auction sale shall be held at _____________________________________, City of _______________________________, County of ____________________, State of ________________. 3. Time of Sale. The auction sale shall be held on ____________________ _, at ______ __.M. o'clock. 4. Duties and Obligations of Auctioneer. Auctioneer shall carry out the following duties and obligations, pursuant to the sale of Seller's property under this Agreement: (a) Preparation and Distribution of Catalogue. Au ctioneer shall prepare a catalogue of Seller's property before the auction sale, and shall distribute copies of such catalogue in a manner calculated to advise all persons who might reasonably be interested in such property and in the sale thereof. (b) A dvertising. Auctioneer shall cause the auction sale of Seller's property to be advertised in the ____________________________ in the City of __________________________, County of _________________________, State of _________________________. Auctioneer s hall also, and shall otherwise advertise the auction sale of Seller's property according to the custom and usage of the business. (c) Delivery and Display of Property. Seller shall deliver Seller's property to the above -stated place of sale before the t ime of the auction sale. Seller shall bear all risk of loss of or damage to the property not caused by Auctioneer's fault or negligence. Auctioneer shall prepare Seller's property for the sale and display Seller's property at the place of sale in a manne r designed to induce bids for the highest obtainable price. (d) Employment of Help. Auctioneer shall employ help reasonably necessary to effectuate sale and delivery of Seller's property to buyers of such property at the auction sale. (e) Sale Without Reserve. Auctioneer shall represent and conduct the auction sale as an auction without reserve. (f) Use of Best Efforts. Auctioneer shall conduct the auction sale to the best of his ability. However, Auctioneer does not guarantee a sale and Auctioneer is not responsible in the event buyer and Seller fail to live up to their agreement, or in the ev ent of nondelivery of property by Seller to buyer. (g) Deposit from Buyer. Auctioneer shall collect a deposit from buyer of _______ per cent of the purchase price immediately after the sale is consummated, pursuant to the provisions contained in this Ag reement. (h) Memorandum of Sale. Auctioneer shall cause buyer to sign a memorandum of sale immediately after the sale is consummated. (i) Insurance. Auctioneer shall purchase all risk insurance for Seller's property after delivery by Seller to the ab ove -stated place of sale, for the approximate sum of $___________________. In case of loss, the proceeds of such insurance shall be paid to Auctioneer to the extent of his commission on unsold property of _______ per cent of the value thereof, as well as other expenses due Auctioneer; and the balance thereof shall be paid to Seller. Seller shall bear full responsibility for notifying Auctioneer, in writing, of the property to be insured, and for negotiating any settlement, payment, cancellation, or reform ation with the insurer. (j) List of Property Sold and of Prices. Auctioneer shall furnish a list of Seller's property sold to buyer at the completion of the auction sale, along with the full and true amounts of sale prices and of deposits received ther efor. (k) Property Remaining Unsold. Auctioneer shall notify Seller of any property remaining unsold at the completion of the sale and shall thereafter await the instructions of Seller, provided that Auctioneer shall receive such instructions by _______ _______________. Thereafter, in the event Auctioneer receives no instructions, Seller's property may be stored by Auctioneer at Seller's expense, at the sole risk of Seller. 5. Authority of Auctioneer. Auctioneer is hereby empowered to do the following on Seller's account, pursuant to the sale of Seller's property under this Agreement: (a) Signing Memorandum of Sale. Auctioneer may sign any memorandum of sale on behalf of and in the name of Seller, or in Auctioneer's own name, in connection with the sale of Seller's property. (b) Receipt of Deposit from Buyer. Auctioneer may receive a deposit from buyer of _______ per cent of the purchase price immediately after the sale is consummated, pursuant to the provisions of this Agreement. (c) Prohibitio n Against Warranties. Auctioneer is prohibited and disabled from giving any warranty as to quality or description of Seller's property. 6. Purpose. Auctioneer accepts this employment according to the terms of this Agreement and will perform same to the best of his ability. 7. Authority of Seller. Seller hereby reserves the right to control the details of the conduct and enforcement of the auction sale in the following matters: (a) Withdrawal of Property. Seller may require Auctioneer to withdraw S eller's property before the time of auction sale. Property so withdrawn will be subject to the same commission as that on unsold property, as set forth in this Agreement. (b) Warranties. Seller may give any warranty as to quality or description of Selle r's property that he may deem appropriate. (c) Bids. Seller may prescribe the mode of bidding at the auction sale so that no bid that is less than the reserve price of $____________________ shall be considered. Tentative bids may be submitted in advance for any and all of Seller's property. Such bids shall be placed in the hands of Auctioneer and shall not be binding, except that the highest of such bids will automatically be considered the opening bid for the item, provided that it at least equals the above -stated reserve price. Bids may be entered in person, in writing, by telegraph, or by telephone. During the auction sale, each bid shall be required to be at least $____________________ over the preceding bi d and in no case less than the reserve price stated. Seller may bid at the auction sale. (d) Rejection or Confirmation of Bids. Seller may reject or confirm bids, except that Seller's property shall be sold to the highest bidder, subject to the provisi ons of this section. (e) Method of Payment. Seller may prescribe the method of payment by buyers of Seller's property at auction sale so that Auctioneer shall collect and buyer shall pay a deposit of _______ per cent of the purchase price immediately a fter the sale is consummated, in cash or certified check. The balance must be paid to Seller _______ days from the date of sale, in cash or certified check; otherwise, Seller will retain the deposit and resell the property. (f) Disputed Bids. Seller m ay require Auctioneer to resubmit Seller's property to competitive bidding if a dispute arises as to any bid. 8. Cooperation by Seller. Seller shall in all respects cooperate with and further the interests of Auctioneer in discharge of his duties under this Agreement as required by statute and by this Agreement, and shall refrain from all acts that would reasonably tend to interfere with Auctioneer in discharge of his duties under this Agreement or as required by statute. 9. Compensation of Auctioneer. (a) Commission on Property Sold. In consideration of performance of this Agreement, Auctioneer shall receive, and Seller shall pay, _______ per cent of the total amount realized from sale of Seller's property. This commission, or a portion thereof, ma y be retained by Auctioneer out of the proceeds of the deposits required of buyers, and maybe verified by means of the list of Seller's property sold prepared, pursuant to this Agreement. The balance shall be paid in cash or certified check within _______ days of the auction sale to Auctioneer at the address mentioned herein above. (b) Property Remaining Unsold. In the event that any of Seller's property shall remain unsold at the completion of the auction sale, Auctioneer shall receive, and seller sha ll pay, _______ per cent of the fair market value of such property, as commission. This commission shall be paid by Seller to Auctioneer in cash or certified check within _______ days of the auction sale. 10. Expenses. Seller shall be liable for the fol lowing expenses. Seller may pay for such expenses directly but shall reimburse Auctioneer to the extent that Auctioneer expends any amounts in discharge of his duties under, or pursuant to the authority conferred on him by, this Agreement. In the event su ch reimbursement is necessary, it shall be paid in cash or certified check to Auctioneer by Seller within _______ days of the auction sale. (a) Catalogues. Seller shall be liable for the expense of preparing and distributing catalogues as required unde r this Agreement. (b) Advertising. Seller shall be liable for the expense of advertising the auction sale as required under this Agreement. (c) Delivery of Property to Auctioneer. Seller shall be liable for the expense of delivering Seller's property to Auctioneer as required by this Agreement. (d) Insurance. Seller shall be liable for the expense of insuring Seller's property as required by this Agreement. 11. Choice of Law. This Agreement, and all suits and special proceedings hereunder, shall be construed in accordance with and under and pursuant to the laws of the State of _________________, and in any action, special proceeding, or any other proceeding that may be brought arising out of, in connection with, or by reason of this Agreement, the laws of the State of ____________________ shall be applicable and shall govern to the exclusion of the law of any other forum, without regard to the jurisdiction in which any such action or special proceeding may be instituted. IN WITNESS WHEREOF, the Parties have Agreed and Executed this Agreement on this _____ day of ______________________________, 199___. SELLER__________________________________ AUCTIONEER_____________________________ Witness_______________________ _____________ Witness____________________________________