Terms and Conditions
K-BID Online, Inc. (K-BID) is responsible for maintaining the K-BID.com website. K-BID.com serves as the venue used by independent auction companies (Affiliates) to present their online auctions to bidders.
The following terms and conditions apply to every auction posted on the K-BID.com website. These terms and conditions relate to general website policies and procedures. In addition to the website terms, each auction appearing on K-BID.com has auction specific terms. The auction terms appear at the bottom of every auction page.
By placing a bid on K-BID.com, bidders are verifying they are at least 18 years old and acknowledging they understand and will comply with both the K-BID.com website terms and the auction specific terms.
NUMBER ONE RULE IN BIDDING
Removal Day Is NOT Inspection Day! Once a bid is placed, you are obligated to purchase if you are the winning bidder. Removal Day is not the time to "Change your mind" or decide you "Really don't like it". Failure to purchase for any reason will result in your bidder number being disabled and pending bids cancelled. Our fraud control system will NOT allow you to bid by creating another user account.
Web Site Guests Ability to Bid
ID may be requested. K-BID requires bidders to be over 18 and register with their full legal name. You may not register with any name other than your own. Attempts to register with a name other than your own(identity fraud) will be referred to appropriate legal authorities. In the event that you have a legal right to register on another's behalf, you must send a copy of the POA prior to registration.
Owners of items being sold on K-BID are expressly forbidden from bidding on their own items.
In the event that bidding rights are terminated due to no-show invoices, bidders MAY be reinstated at the discretion of K-BID only after a penalty fee of 20% of the unpaid invoice(s) and a reinstatement fee of $25.00 has been paid to K-BID and a scanned copy of your driver's license emailed to us. INVOICED ITEMS WILL NOT BE AWARDED. The payment is punitive and meant to deter no-shows. Duplicate bidder accounts will be deactivated when they are determined to exist. If possible and at our discretion K-BID reserves the right to delete any bid we believe has been place by a suspect bidder. Any registration that shows up on our fraud detection system may be placed on hold and bids removed until user is verified . K-BID Online, Inc reserves the right to disallow anybody from bidding on its web site. A member of a household who has "No-Showed" on an invoice will cause all members of the household to be disallowed from bidding. No further registrations from the household members will be allowed until prior issues are cleared. Cases of obvious bidding with no intent to redeem will be referred to appropriate legal authorities.
Credit Card Required to Bid
In order to place bids on the web site a valid credit card is required. Credit card information is for identity verification only and will not be used to pay for invoices (even at the request of the bidder). Registrants will be directed to our credit card processor and credit card information will be stored by the processor. The processor maintains full PCI compliance. K-BID will not have access to your credit card information. An online payment system may be launched in the future but that will be on an opt-in basis only and require separate registration.
K-BID's Role in Auctions Published on K-BID,com
K-BID’s role in the auctions listed on K-BID.com is limited to providing the venue for affiliate auctions. Affiliates are not employees, agents, representatives or partners of K-BID Online, Inc. K-BID’s knowledge about individual auctions and individual auction transactions is limited to the information appearing on the website.
Questions and issues relating to a specific auction or transaction must be directed to the affiliate named as conducting and managing that particular auction. The auction specific terms, found below each auction item picture and description, lists the name and phone number of the individual authorized by the independent business to conduct and manage that specific auction on the auction company's behalf.
Responsibility Associated with Obtaining a Bid Number
A unique bid number is provided to a bidder upon completing the registration form. Bidders are responsible for keeping the contact information associated with their bidder number up to date and accurate. During the registration process, bidders will choose a password. This password is immediately encrypted and is known only to the bidder. It is the bidder’s responsibility to ensure the security of their password. Bidders are held accountable for every bid placed with their bidder number.
Winning Bidder Notifications
K-BID's system automatically sends notifications to winning bidders. Once we send them, we have NO CONTROL over whether or not they reach their final destination. Bidders can check their status by looking on their dashboard two hours after the sale closes. Bidders are responsible for knowing if they have invoices. Claiming you did not receive your email, therefore it is not your fault that you didn't pick up does not work with us.
If you do not want an item, don't bid on it. Once placed, bids will not be retracted
Due to the expense in running credit cards for low value invoices, the minimum credit card transaction will be $5.00
Credit card payments are not accepted for more than $5,000; unless otherwise stated in the auction terms.
Bidder Training and Tutorials
Bidders are responsible for understanding how to use the K-BID.com bidding platform prior to placing bids. Training videos and instructions are available within the Bidder Knowledge Base. If bidders require further assistance, they should contact K-BID (763-479-3000) prior to placing bids.
Bidders are responsible for every bid placed with their bidder number. Bidders are responsible for knowing and abiding by the terms of every auction for which they receive a winning bidder invoice. Prior to placing a bid on an auction, the bidder should review the auction information and details included in the 4 tabs (Details, Terms, Directions and Shipping) at the bottom of each auction page:
- Which affiliate is conducting the auction and where the auction assets are located.
- The scheduled closing date and time of the auction, as well as when the auction inspection and removals are scheduled.
- Auction and Removal instructions contained in the auction terms, including payment types accepted by the affiliate.
- Availability of shipping.
Auction Item Descriptions and Pictures
Lot descriptions and pictures are intended to provide bidders with information for determining asset value. While the information on each asset is deemed to be accurate and include all relevant information affecting the value of the asset, bidders should not rely on the item descriptions and pictures as their sole means for determining an asset's value. Physically inspecting an asset is the best way for a bidder to determine its value. Affiliates are required to schedule inspections for every auction they conduct on K-BID.com. Bidders are strongly encouraged to ALWAYS inspect assets prior to bidding.
Assets are sold "AS IS WHERE IS"
Assets sold on K-BID.com do not have warranties, express or implied. Illustrations, pictures or videos posted on K-BID.com are for informational purposes only. Bidders have sole responsibility for determining an asset's value. Bidders must conduct whatever due diligence is necessary for them to assess value prior to placing a bid. Bidding strategies and amounts should be based on the asset research conducted by the bidder. Every bid is considered to be an offer to purchase the asset for the bid amount. By placing a bid, the bidder waives any and all claims against the affiliate based on the condition or value of items.
Assets Published with Reserves
Assets requiring a minimum bid price to sell, appear on K-BID.com with “Reserve Not Met” below the Next Required Bid information in the lot description. Once the high bid reaches the required minimum bid, the message changes to “Reserve Has Been Met” and the lot will be sold to the high bidder.
Auctions selling upon seller approval will be disclosed in the auction specific terms. In these cases, the reserve wording will not appear on the item listing.
Affiliates may lower a lot reserve at any time before or after an auction closes. If the reserve is lowered while the auction is in progress, the applicable reserve message will appear below the Next Required Bid information (Reserve Not Met or Reserve Has Been Met); the asset will sell to the high bidder if the lowered reserve amount is met. If the reserve is lowered after the auction closes, the highest bidder at auction close will receive a winning bidder invoice.
Auction Close and Extended Bidding
Information on bidding pages is static, not dynamic. It will not change or update until you click on the "Refresh" button or place a bid. Each auction has a scheduled closing time. This is the time the first lot on the auction is scheduled to begin closing. Each asset within the auction will begin closing at the time indicated for that asset.
K-BID.com extends the closing time of a lot if a bid is placed on the lot in the final 3 minutes prior to the indicated close time. Each time an additional bid is placed, the countdown clock resets to 3 minutes. A lot will not close until a full 3 minutes has expired since the last bid was placed. For example: If a lot is scheduled to close at 6:30pm and a bid is received at 6:29pm, the countdown clock will reset to 3 minutes from 6:29pm. If no other bids are placed, the lot will close at 6:32pm. If an additional bid is placed at 6:31pm, the countdown clock will reset to 3 minutes and the lot will not close until 6:34pm.
Bidders are notified of their successful bids within a few hours of the scheduled auction closing, via a winning bidder invoice appearing on their Dashboard. Bidders are responsible for monitoring their Dashboards and fulfilling the auction terms associated with each winning bidder invoice appearing on the Dashboard. At the time an auction closes, the sale of the asset becomes a legally binding agreement between the winning bidder and the affiliate. The bidder is required to purchase the asset and the affiliate is required to sell the asset for the high bid amount plus the buyer’s premium and all required fees and taxes.
Buyer’s Premium – Personal Property
A 13% buyer’s premium is collected on every lot purchased on the K-BID.com website; buyer’s premium is capped at $2,500 for individual lots. The sales price of a lot is equal to the winning bid + the buyer’s premium. The buyer’s premium is subject to sales taxes.
Buyer’s Premium – Real Estate
The buyer’s premium on real estate auctions is not capped and varies by auction. The buyer’s premium for a real estate auction will be listed in the terms for that auction.
Invoices that include assets subject to sales taxes, will have the appropriate sales tax amount included on the invoice. Sales taxes are calculated on the sale price (winning bid + buyer’s premium) for each asset included on the invoice. Fees and taxes will be charged on all applicable assets; the only exception to this is if the winning bidder completes the exemption documentation required to waive the fees and/or taxes, before taking possession of the assets.
Auction Removals and Shipping
Winning bidders must pay their invoices and remove their assets from the auction location during the scheduled removal date and time indicated for the auction. Bidder’s should not place bids on an auction if they are unable to attend the scheduled removal, unless and until they have arranged for another party to remove the assets during the removal, or discussed the possibility of an alternative removal time or the availability of shipping with the affiliate. Affiliates address auction specific removal and shipping instructions in the auction Terms, Details and Shipping tabs located at the bottom of each page of the auction.
It is important for bidders to recognize affiliates are under no obligation to provide alternative removal times or shipping for the assets in their auctions.
Transfer of Ownership and Risk of Loss
At the time the winning bidder pays his invoice in full, ownership of the asset and risk of loss passes immediately to the bidder. If a winning bidder pays his invoice in full, but does not take possession of the assets during the removal day, ownership and risk of loss will still transfer to the bidder.
Failure to Abide by Website and/or Auction Terms
Bidders are responsible for knowing and abiding by the website and auction terms. Failure to do so will result in the termination of bidding privileges on K-BID.com, reinstatement is at the discretion of K-BID. Winning bidders who fail to attend the removal and haven’t made alternative arrangements with the affiliate prior to the removal day, lose claim to the assets on their winning bidder invoice. The affiliate conducting the auction will decide how unclaimed assets will be handled. The second highest bidder will not automatically be given the opportunity to purchase unclaimed assets for their highest bid. If the asset is resold for an amount less than the original highest successful bid, the original winning bidder is obligated to pay the difference in the sales price (bid + buyer’s premium).
Every bid placed on K-BID.com is considered to be a commitment to purchase the asset for the bid amount. K-BID prohibits affiliates from placing bids on their own auctions and sellers (or their agents) placing bids on their own assets. Bids placed with any intent other than to purchase the asset for the bid amount, is fraud. K-BID will prosecute bidders who engage in fraudulent bidding.
K-BID terminates the bidding privileges of bidders who fail to honor their winning bidder invoices. Bidders who lose their bidding privileges are prohibited from placing bids on K-BID.com. Placing bids using another bidder’s number or registering for a new bidder number is an act of fraud. K-BID will prosecute bidders who engage in fraudulent bidding.
K-BID is committed to doing everything possible to ensure the reliability of our website. Unfortunately, there are factors outside our control that can impact access to K-BID.com. If K-BID.com becomes inaccessible at any point during an auction closing, the following protocol will be followed:
- Auctions that have closed prior to the website going down, will remain closed and the winning bidder invoices will be sent out.
- Auctions in the process of closing, regardless of how many lots have closed or have yet to close, will be reopened and the auction closing will be extended by 24 hours. Lots that closed prior to the website going down, will be reopened for bidding; the winning bidder will be the lead bidder upon the website becoming accessible again.
- Auctions scheduled to begin closing during the time the website is inaccessible, and for the 15 minutes following the website coming back online, will have the auction closing time extended by 24 hours.
- Auctions scheduled to close more than 15 minutes after the website becomes accessible again, will close at the scheduled time.>
In the event of a website interruption not covered by one of the above scenarios, K-BID reserves the right to make the final determination of how the auction will be handled.
Bidder indemnifies and holds K-BID Online, Inc., harmless against any damage, loss, injury arising from the transactions or auctions conducted by affiliates.