Terms and Conditions of Auction

By Registering to Bid On-Line, All Registered Bidders are agreeing to All of the Following Terms and Conditions.

IDENTIFICATION:

All bidders registering online must provide email address and fax number in addition to full name, address, and phone number.  Evidence of correct form of deposit must be made in order to register for the auction.

CONDITION OF SALE:

Bidders, by registering assume a legal responsibility to pay for the aircraft sold with no exchanges, refunds, adjustments, or refusals.  PURCHASES ARE TO SATISFY THEMSELVES AS TO CONDITION, QUALITY AND DESCRIPTION OF AIRCRAFT BEFORE BIDDING.  Aircraft is offered AS IS, WHERE IS, and becomes the property and responsibility of the bidder at the time of the sale.  Aircraft is to be sold as shown, with all faults, imperfections and errors of description.  ALL SALES ARE FINAL.  No warranties or guarantees, expressed or implied are made by the auctioneer, concerning the accuracy of description, genuineness, authenticity, or condition of aircraft.

CONTRACTS:

The successful bidder must sign all documents and contracts immediately upon conclusion of the auction, including but not limited to the “Memorandum of Sale” and “FAA Form 8050-2”.

DEPOSITS:

A refundable $7,500 (USD) bidder's deposit is required prior to bidding and participation in the auction. Sales price (gross bid) shall be defined as the high bid plus a fifteen percent (15%) Buyer's Premium. A ten percent (10%) payment of this gross bid (high bid + Buyer’s Premium) is due immediately after being declared winning bidder. (i.e.  successful winning bid is $250,000, Buyer’s Premium would equal $37,500, 10% payment by successful bidder would be $28,750)

BUYER’S PREMIUM:

A buyer’s premium of fifteen percent (15%) shall be added to the successful bidder’s high bid and included in the total purchase price to be paid by the successful bidder.

SALE CLOSING:

The successful bidder will be required to submit final payment twenty four (24) hours of the close of the auction before lot is removed.  Payment must be made by cashier’s check or wire transfer.  Buyer will also be responsible for any wire transfer fees.  All buyers shall be responsible to pay any state and local taxes, in the jurisdiction where the aircraft will be registered, upon completion of the sale.

PROPERTY REMOVAL:

All successful bidders must make arrangements to remove the aircraft purchased from the premises in the time allocated, as announced by the auctioneer.  Where applicable, purchaser will be responsible for any rental or storage fees if the aircraft is not removed commencing at the end of the time allocated for removal.  The auctioneer shall in no event be liable to the purchaser for non delivery of the aircraft, for any reason.

BROKERS OR AGENTS:

All licensed brokers must also register. The brokers properly registered buyer must pay and settle on the property. A broker shall not be entitled to any sort of commission on any sale to an entity of which (or of any affiliate of which) the broker is a principal, employee, affiliate, shareholder, or immediate family member. Broker must register their prospective buyer with the accepted form with the signature of the broker AND the prospective buyer.  In addition, please see the Brokers Terms and Conditions in separate attachment.

RESPONSIBILITIES:

Atlantic Asset Management Group, Inc. is not responsible for accidents, damage or loss of any kind to bidders, persons online or their property.  We cannot be responsible and assume no liability for the packing, loading or securing of the aircraft.  All winning bidders are responsible to hire an insured rigger for the removal of the aircraft.  While quantities and description are believed to be correct, there are no guarantees and the auctioneers, owners, and advertising counsel will not be held responsible for advertising discrepancies, inaccuracies or failure of aircraft to correspond with any standard expected.

AGENCY:

The Auctioneer is acting as agent on behalf of the seller only and is subject to the seller's direction and control in all respects. The Auctioneer may protect the seller’s interests by bidding as agent.  During bidding, the Auctioneer has the right to reject any raise that, in his opinion, is not commensurate with the value of the offering.  In the event of any dispute between bidders, the Auctioneer may determine the successful bidder or re-offer and resell the property in dispute.  Should there be any dispute after the sale; the Auctioneer’s record of final sale shall be conclusive.

RIGHTS:

All announcements made the day of sale take precedence over any prior written or verbal terms of sale.  Buyers will acquire aircraft subject to the rights of all parties in possession.  Should the buyer fail to comply with any conditions contained herein, Auctioneer may, in addition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either (a) cancel the sale, retaining as liquidated damages any payment made by such buyer; (b) resell the aircraft at public auction; and/or (c) take such other action as it deems necessary or appropriate.  The retention of the bidder’s deposit shall not limit any rights or remedies of Atlantic Asset Management Group or the seller(s) with respect to the buyer’s default.  If the aircraft is resold, the original defaulting buyer shall be liable for payment of any deficiency in the purchase price and all costs and expenses, the expenses of sales, reasonable attorney's fees, commissions, incidental damages and all other charges due hereunder.

JURISDICTIONS:

The respective rights and obligations of the parties with respect to the Terms and Conditions of Sale and the conduct of the auction shall be governed and interpreted by the laws of the Commonwealth of Virginia.  By bidding at an auction in person, by agent, by written bid, by internet bid (to include BidSpotter), or by any other means, the buyer shall be deemed to have consented to the jurisdiction of the state and federal courts sitting in Virginia

ADDITION TO OR WITHDRAWAL OF SALE:

The seller reserves the right to withdraw from sale, the aircraft listed.  The seller additionally reserves the right to cancel the auction sale up to the time prior to the commencement of bidding.  

For more information about this auction or other upcoming events, please log on to www.atlanticREmarketing.com or email us at wjsumms@atlanticremarketing.com Thank you for your interest on this auction!

AUCTION FIRM IS NOT RESPONSIBLE FOR ANY MISTAKES MADE IN AUCTION ADVERTISEMENT(s).

DAY OF SALE ANNOUNCEMENTS TAKE PRECEDENCE OVER ALL OTHER ADVERTISING

AIRCRAFT SOLD AS-IS WHERE IS WITH ALL FAULTS & NO WARRANTIES.