Personal Property Auction Agreement Template printable pdf download

PERSONAL PROPERTY AUCTION AGREEMENT

This Agreement is made between: ____________________________________, Represented

by:______________________________ hereinafter referred to as SELLER, AND,

______________________________________, Represented by:__________________________

hereinafter, referred to as AUCTIONEERS.

Whereas, Seller desires to sell at absolute auction (without reserve) the designated assets generally

defined as: ________________________________________________________________________

__________________________________________________________________________________

Whereas, Seller desires to sell at Reserve Auction, subject to Seller’s Confirmation of Price the following

assets:

RESERVE ITEMS

RESERVE PRICE

________________________________________________________________________________________________________

____________________________________________________________________________________

Definition of Terms: Buyers Premium: A Buyers Premium may be charged to all buyers for purchases

they make during the auction. This Premium is defined as a percentage of the Bid Price, and typically

retained by the auction company as compensation.

Absolute Auction:

Absolute auctions may be advertised as SELLING ABSOLUTE or SELLING

REGARDLESS OF PRICE. The Seller agrees that all assets will sell at the auction to the highest and last

bidder regardless of the price obtained.

Auction With Reserve or Subject to Seller’s Confirmation of Price: Reserve auctions will be advertised

and conducted on a Reserve Auction Basis. The Seller agrees that assets will sell if the Bid Price meets or

exceeds the reserve price set by the Seller.

Whereas, Auctioneer has agreed to sell said property upon the terms and conditions set out herein.

IN CONSIDERATION OF THE MUTUAL PROMISES, COVENANTS AND CONDITIONS, THE PARTIES AGREEE

AS FOLLOWS:

The Auctioneer agrees to use his professional knowledge and expertise in marketing, preparing, and

conducting the Auction Sale of Seller’s property. The Auctioneer’s efforts may include, but are not

limited to; Newspaper and Internet Advertising, Auction Signs , Auction Set Up, Tagging, Grouping,

Inventorying, Staffing, Security and Check Out.

The Seller hereby agrees to turn over and deliver to the Auctioneers, the items described above. No

Item shall be sold or withdrawn from the sale prior to the auction, except by mutual agreement

between the parties. If an item is sold or withdrawn prior to the auction event, the auctioneer shall

receive a commission on the item or items, “which price shall be estimated by the auctioneer”.

Personal Property Auction Agreement Template