***2-day Load-out ONLY***

All persons participating in a Sierra Auction Management, Inc. auction agree to be bound by the terms and conditions hereinafter, which shall form a binding contract between the participants and Sierra Auction Management, Inc. If you disagree with or do not understand any of these terms, you are not permitted to bid in any Sierra Auction Management, Inc. auction event.

Buyer’s Premium: 15%

Sales Tax: 8.6% - Sales tax applied to bid amount plus Buyer’s Premium.

Credit Card Convenience Fee: A 3% Convenience Fee is applied to all Credit Card and Debit Card Payments.

Payment: At the conclusion of the auction winning bidders will receive an e-mailed invoice. Payment is due in full by 3pm on the Thursday following the auction. Accepted forms of payment include Visa, MasterCard, Discover, American Express, Bank Deposit, Wire Transfer and Zelle Pay. Payments of any kind are not accepted at Sierra Auction facilities. Sierra Auction does not accept cash, personal checks, nor business checks.

Renege Fee: If payment has not been made according to the terms and conditions, the items on the bidder’s invoice will be considered abandoned and the bidder will be in breach of the purchase contract and the bidder’s credit card on file with Sierra Auction Management, Inc. will be charged the amount of the bidder’s invoice up to $200 plus an additional 3% convenience fee. If the bidder’s invoice is over $200, the bidder will be charged a 17% renege and a 3% convenience fee with a minimum of $206 ($200 + 3% convenience fee). In addition, the bidder’s ability to bid with Sierra Auction Management, Inc. may be revoked.

Late Payment Fee: 3% of the remaining invoice balance amount per day after 3:00 pm on the Thursday following the auction. Late payments will only be accepted if arrangements for a late payment are made in advance.

Any payments made after the deadline without prior late payment arrangements will be applied to the renege fee and remaining amounts will be returned to the buyer.

Storage Fee: $10 per day per lot until removed, beginning at 3:00 pm on Thursday following the auction. Storage must be arranged with the surplus manager by 3pm Thursday following the auction for any items left at any Sierra Auction facility and the storage fee must be paid in advance. Items remaining on site after Thursday without a storage agreement will be considered abandoned and disposed of by Sierra Auction Management, Inc.

Merchandise becomes the full responsibility of the buyer at the time of payment and the buyer assumes all risk of loss and damage to property at that time.

This is an Online Bidding Only auction, please do not bid if you are unable to pick up your items within the scheduled removal dates and times. No refunds or chargebacks will be granted due to lack of removal by the designated date. Items not removed by the designated removal date will be considered abandoned and disposed of by Sierra Auction Management, Inc.

GENERAL TERMS AND CONDITIONS:

1. Per city code, if you are a City of Phoenix or a City of Tempe employee, you are not permitted to bid on any City of Phoenix or City of City of Tempe assets, either knowingly or unknowingly.

2. Sales Tax Exemption Qualifications: Sales Tax will be charged on all purchases, unless Sierra Auction Management, Inc. has on file or receives prior to the auction (1) Sales Tax Exemption Certificate acceptable to Sierra Auction Management, Inc. and to the State of Arizona, (2) COMPLETED Arizona Form 5000A, and (3) notarized Letter of Authorization, if you are not the company owner. You will not be granted tax exemption post-sale if these forms are not completed to the satisfaction of Sierra Auction Management, Inc. Customers and/or Buyers will ONLY be tax exempt for those assets which are listed on the Form 5000A. Out-of-state buyers are tax-exempt ONLY when Sierra Auction Management, Inc. has obtained their state’s Tax Exemption paperwork and a completed AZ 5000A form.

3. Every asset is being sold “as is,” including any and all defects, and without warranties or guarantees, express or implied. ALL SALES ARE FINAL. Sierra Auction Management, Inc. is not responsible for missing or broken items after the auction has ended. ABSOLUTELY NO REFUNDS.

4. Sierra Auction Management, Inc., its owners, employees, and agents act merely as agents for Sellers. Statements regarding the description and condition of assets may be made by the owners, employees and agents of Sierra Auction Management, Inc. including those made on its website, advertising, auction materials, and at the auction itself, are based on a rudimentary inspection. Sierra Auction Management, Inc. shall not be responsible for the correct description, authenticity of, or defect in any lot, and makes no warranty in connection therewith. The bidder understands that statements by Sierra Auction Management, Inc. are not intended to be relied upon by the bidder, may contain errors, and the bidder agrees that he/she is not purchasing in reliance on those statements. For demonstration purposes, various pieces of equipment may be joined together. Do not assume a lot consists of more than one item simply because they are connected/photographed together. You are bidding on the item as it is described and not the entirety of all items that may appear in the photo. Sierra Auction Management, Inc. makes an effort to ensure the descriptions are accurate and the photos match as well. However, an error can occur in the listing and in that case, it will be the description and not the photo that will be the item won.

5. Every asset is available for inspection prior to the auction, and that it is the sole responsibility of the bidder to determine the condition of an asset prior to purchase. The bidder must understand what he/she is bidding on, how it is being sold and all fees and taxes associated.

6. ADDITION TO OR WITHDRAWAL FROM SALE: The auctioneer reserves the right to withdraw from the sale any property listed and add property not listed to the sale.

7. By making a bid, the bidder is making an offer to purchase the asset at the bid price, which if accepted, forms a binding contract to purchase the asset between Sierra Auction Management, Inc. and you the bidder. You the bidder understand that any such contract includes the terms in this Acknowledgement. Auctioneer reserves the right to reject or void any Auction bid, whether winning or otherwise, that it believes, in its sole discretion, (i) has been made in bad faith, (ii) is intended to manipulate the Auction listing and sale process, (iii) violates any applicable law or regulation, or (iv) results from an online marketplace outage, failure, error, or delay.

8. Timed Auction and Staggered Closing. This auction will feature timed auction bidding. EXAMPLE: Bidding will start to close at 5pm on Tuesday with lot #1. Bidding will close at 6 items per minute, until all items are closed. Bidders may want to set a Max Bid or watch the bidding. If an asset receives a bid within the last minute the item may remain open an additional 1 minute until no additional bids are received on that asset.

9. Purchases may not be removed from the premises until payment is received in full and all required documentation has been properly completed. You, the bidder understand and agree that purchased property will not be released from the premises until the funds are received and cleared by our banking institutions.

10. A valid ID and chargeback waiver form is required to pick up all paid in full assets.

11. All bidders must be 18 years of age or older and must possess a valid state issued ID.

12. RESERVES: All assets are sold without reserve unless specifically stated otherwise. Sierra Auction Management, Inc., at their discretion may place a proxibid on behalf of the seller, lienholder or pre-approved absentee bidder.

13. INTERRUPTION OF SERVICE: Sierra Auction Management, Inc, shall not be held responsible for any interruption in service, errors, and/or omissions, caused by any means and does not guarantee continual, uninterrupted, or error-free service or use of its website. Technology can and does fail. The bidder acknowledges that this auction is conducted electronically and relies on hardware and software that may malfunction without warning. Sierra Auction Management, Inc., in its sole discretion, may void any sale, temporarily suspend bidding and re-sell any items or lots that Sierra Auction Management, Inc.’s discretion affected by any malfunction.

14. GOVERNING LAW; JURISDICTION: all matters arising out of or relating to these purchaser terms are governed by and construed in accordance with the internal laws of the state of Arizona without giving effect to any choice or conflict of law provision or rule (whether of the state of Arizona or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than those of the state of Arizona. Each party irrevocably and unconditionally agrees that it will not commence any action, litigation, or proceeding of any kind whatsoever against any other party in any way arising from or relating to these purchaser terms and all contemplated transactions in any forum other than the courts of the State of Arizona sitting in Maricopa County, Arizona. Each party irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees to bring any such action, litigation, or proceeding only in the courts of the State of Arizona sitting in Maricopa County, Arizona. Each party agrees that a final judgment in any such action, litigation, or proceeding is conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

5694 - VR Arcade Studio Liquidation - February 25th-March 14th, 2023

5694 - VR Arcade Studio Liquidation - February 25th-March 14th, 2023 - Tempe, AZ