EquipNet, Inc. Seller’s Terms of Service
THESE SELLER’S TERMS OF SERVICE ("Seller’s Terms") ARE PART OF AND INCORPORATED INTO THE EQUIPNET, INC. GENERAL TERMS OF SERVICE (“General Terms"), WHICH IS A LEGAL AGREEMENT BETWEEN THE BUSINESS ENTITY FOR WHICH YOU ARE AUTHORIZED TO ACT (“Company") AND EQUIPNET, INC. (“EquipNet"). BY USING THE EQUIPNET SERVICE (the “Service") FOR THE SALE OF USED INDUSTRIAL AND TECHNOLOGY EQUIPMENT (the "Equipment"), COMPANY IS AGREEING TO ALL OF THE TERMS AND CONDITIONS OF THESE SELLER’S TERMS AND THE GENERAL TERMS (together, the “Agreement").
All capitalized terms used and not defined in these Seller’s Terms will have the meanings given to them in the General Terms.
Posting Equipment:
By submitting a listing, Company is extending a firm, irrevocable (except as otherwise provided herein) offer to sell the listed Equipment at the price listed (or the highest bid price received at an auction sale), provided that the specified minimum quantity (if any) and reserve price, if applicable, are met.
The sales period ("Sales Period") for a listing for non-exclusive sellers is six months from the date that the listing becomes active on the MarketPlace™. The listing period for exclusive sellers is reflected in their listing contract. Sellers will be notified at least 30 days prior to the end date of their listings and will have the opportunity to relist. Notwithstanding the foregoing, the Sales Period will end: (i) for an auction sale, when the date established for the auction has passed; or (ii) for a bid/ask sale, when Company has either accepted an offer or the Equipment has been removed from the Service by EquipNet or at Company's request. The Equipment may be removed from the Service only if Company: (i) accepts a bona fide offer to buy the Equipment from an individual or entity who first learned of the Equipment from a source outside the Service; and (ii) notifies EquipNet in writing (via email or confirmed facsimile) within four (4) hours of accepting the offer. Upon receipt of the notice, EquipNet will delete the Equipment listing. In the event that Company fails to notify EquipNet of the removal and EquipNet receives a reasonable offer for that listing, Company shall pay EquipNet an amount equal to the seller fee applied against the current asking price on each canceled item. Additionally, if the Company elects to not complete a sale that was previously agreed to, and this decision was made without the buyer's full consent, then the Company is obligated to pay EquipNet all of the fees it would have earned from this transaction.
Company shall confirm and ensure the accuracy of all information provided by Company with regard to the Equipment. EquipNet reserves the right to reject any listing or to request modifications to the listing to conform to the requirements of the Service. Unless otherwise agreed, Company will be responsible for providing its terms of sale to the buyer, and ensuring that the buyer accepts Company's terms of sale prior to completing the transaction. Company's Representations/Warranties: Company represents and warrants that: (i) all listing information is complete and accurate; (ii) Company has all right, title and interest in, or the exclusive right to sell, the Equipment; (iii) the Equipment is free from any lien or encumbrance; (iv) the Equipment and listing information does not infringe any third party intellectual property right or violate any law or regulation.
Payment:
Company authorizes EquipNet to collect payment on its behalf and to deduct EquipNet's non-refundable fees based on the fee schedule in effect at the time of sale. Company is solely responsible for the collection and payment of all taxes related to the Equipment sale.
Remedies:
In the event that the buyer does not fulfill its obligations with respect to a bid, Company may elect, within forty-eight (48) hours, to request that EquipNet: (i) contact the next highest bidder; or (ii) assign a new lot number to the Equipment and begin a new Sales Period; or (iii) withdraw the listing. If Company requests that EquipNet contact the next highest bidder, the Equipment will be offered at the amount of that bidder's bid. In the event the next highest bidder rejects the Equipment, Company may elect within forty-eight (48) hours to have EquipNet contact subsequent highest bidder(s) in order of bid amount or, in each instance, proceed in accordance with (ii) or (iii) above.
Additional Terms:
COMPANY WILL BE SOLELY RESPONSIBLE FOR, AND WILL PROVIDE TO THE BUYER, ALL TERMS AND CONDITIONS OF SALE WITH REGARD TO EQUIPMENT INCLUDING, BUT NOT LIMITED TO, WARRANTY TERMS (IF ANY), SHIPMENT, LOCATION, AVAILABILITY, AND DISCLAIMERS. COMPANY AGREES THAT ALL TERMS AND CONDITIONS GOVERNING ANY TRANSACTION ARE EXCLUSIVELY BETWEEN MEMBERS ACTING AS BUYERS AND SELLERS. COMPANY HEREBY ACKNOWLEDGES THAT EQUIPNET AND ITS OFFICERS, DIRECTORS, STOCKHOLDERS, AGENTS, SUBSIDIARIES AND EMPLOYEES ASSUME NO LIABILITY WITH RESPECT TO THE QUALITY OR QUANTITY OF EQUIPMENT SOLD OR OFFERED FOR SALE OR FOR ANY LOSS OR DAMAGE TO ANY EQUIPMENT DURING SHIPMENT. EQUIPNET WILL NOT BE RESPONSIBLE FOR ANY BREACH OF THE TERMS OF ANY TRANSACTION. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, COMPANY HEREBY WAIVES, RELEASES AND DISCHARGES EQUIPNET (AND ITS OFFICERS, DIRECTORS, STOCKHOLDERS, AGENTS, SUBSIDIARIES AND EMPLOYEES) FROM ANY CLAIMS, LOSSES, DAMAGES AND EXPENSES, WHETHER DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN, DISCLOSED AND UNDISCLOSED, ARISING OUT OF OR IN ANY WAY CONNECTED TO ANY TRANSACTION. In the event Company is a resident of California, Company waives California Civil Code §1542 which states, "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."
Company agrees to defend, indemnify, and hold EquipNet harmless from and against any damages, liabilities, costs and expenses (including attorneys' fees) arising out of or resulting from use of the Services by Company, its employees, agents, customers or independent contractors, or in any way connected with Company's possession, sale, use or transfer of Equipment (including, without limitation, personal injury or property damage related thereto), the failure of Equipment while in a buyer's possession, failure to consummate a sale, the breach of any of Company’s warranties hereunder, any product or item processed or manufactured with or by Equipment, or any violation of any terms or conditions of these Seller’s Terms.
Last modified: 8/12/2008
