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LIVE AUCTION TERMS AND CONDITIONS BID NUMBER 5 Revere Dr., Suite 320, Northbrook, IL 60062 Phone: 8474182700Fax: 8478970826 NORA AUCTION October 25, 2014, Thank you for attending today's auction!

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How to fill out live auction terms and

How to fill out live auction terms and:

01

Start by including the basic information: Begin by providing the name and contact details of the auction organizer or company responsible for conducting the live auction. Include the date, time, and location of the auction as well.

02

Specify the terms and conditions: Outline the rules and regulations that will govern the auction. This may include information about bidding procedures, buyer responsibilities, payment terms, and any applicable fees or commissions. Ensure that these terms and conditions are fair and clear, avoiding any ambiguity.

03

Include a description of the items or properties being auctioned: Provide a detailed description of each item or property up for auction. This should include pertinent details such as condition, dimensions, origin, and any important features. Ideally, you should also attach photographs or additional documentation for each item.

04

Set the starting prices or reserve prices: Determine the minimum acceptable bid for each item or property. This is known as the reserve price and helps ensure that items don't sell for less than their perceived value. Clearly state whether the reserve price has been set for each item.

05

Clarify the bidding process: Explain how bidding will take place, whether it's in person, online, or through a proxy. Indicate the increments in which bids should be made and if there are any automatic bid increases. Clearly state when bidding will begin and end for each item.

06

Detail the payment and collection process: Specify the acceptable methods of payment, such as cash, credit card, or bank transfer. Provide information on any deposits or payment deadlines. Clearly outline the collection or delivery process for the purchased items and any associated costs or responsibilities.

07

Include any legal disclaimers or disclosures: Depending on the nature of the live auction, it may be necessary to include legal disclaimers or disclosures. For example, if you're auctioning off real estate, you may need to mention that prospective buyers should conduct their own due diligence. Consult with a lawyer if unsure about any necessary legal language.

Who needs live auction terms and:

01

Auction organizers: Live auction terms and conditions are essential for auction organizers to ensure a fair and organized event. It helps provide clarity and transparency to bidders and protects the interests of the organizer.

02

Bidders: Bidders need live auction terms and conditions to understand the rules and regulations of the auction. It helps them know what to expect, how to participate, and what their responsibilities are as potential buyers.

03

Sellers: If individuals or businesses are submitting items or properties for auction, they need to understand the terms and conditions to ensure they are comfortable with how their assets will be sold. It helps them agree on the starting prices, reserve prices, and any other relevant details.

04

Legal authorities: Live auction terms and conditions serve as a legal document that can be referred to if any disputes or issues arise during or after the auction. They provide a framework for resolving conflicts and ensure that everyone involved is aware of their rights and obligations.

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What is live auction terms and?

Live auction terms and refer to the rules and conditions that govern a live auction event.

Who is required to file live auction terms and?

The auction organizer or host is required to file live auction terms and.

How to fill out live auction terms and?

Live auction terms and can be filled out by providing all the necessary information about the auction event and its rules.

What is the purpose of live auction terms and?

The purpose of live auction terms and is to ensure transparency and fairness in the auction process.

What information must be reported on live auction terms and?

Information such as auction rules, starting bids, bidding increments, payment terms, and auction date must be reported on live auction terms and.

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