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HOW TO BUY
REGISTRATION:
Registration is required before you can make an offer or purchase an item.
Registration is free and provides you with email notices of auctions or of offers for the equipment categories you have selected as being interested in. We do not provide information about you to third parties without your permission.
NOTIFICATION:
If you are the winner of an auction or sealed proposal offer you will be contacted to confirm the deal and to arrange for payment and delivery of the item(s) purchased. Only the winning bidder is notified and the price paid and contact information remains confidential unless the winning bidder provides permission otherwise. A Bill of Sale will be sent to the buyer for counter-signature. The Buyer will return one signed copy of the Bill of Sale to AEP Asset Recovery and a billing invoice will be sent to the Buyer.
WARRANTY:
Items are sold "as is where". No warranties are expressed or implied. By bidding, you agree to the bill of Sale Terms of Conditions.
STATE SALES TAX:
State and local sales taxes will be collected for the state where the item resides unless the buyer provides a tax exemption or resale certification.
PAYMENT:
A billing invoice will be sent to the winner of the bid. Payment must be received and confirmed as funds available before an item or equipment can be removed from one of AEP's facilities. AEP will accept payment via bank wire transfer, certified bank check, or VISA / Master Card.
SHIPPING & HANDLING:
Items are sold "as is where is" and the buyer is responsible for making all arrangement and for all expenses associated with removing the item from AEP's facility. (Special arrangement for shipping can be made dependent on the facility involved. Actual shipping costs along with a handling fee will be charged.)
DEFINITIONS:
AUCTION ITEM: There are three types of auctions being used.
(1) Standard Auction: Bidding is open to all registered users. The current high bid is known to anyone visiting the website. If a minimum bid increment, starting bid or reserve bid is imposed, this information will be noted with the auction listing. Bids will be accepted up to a predefined closing time, which is noted with the auction listing. The item will be awarded to the highest bidder at close of the bid unless the reserve bid amount has not been met. Automatic bidding is permitted to allow a bidder to enter their maximum dollar bid for automatic incremental bids during the bid process. The registered users' UserID identifies the current bidder(s) for the auction.
(2) Sealed Bid Auction: Bidding is open to all registered users. The bid offered by each bidder is unknown to other bidders and to AEP website administrators. One bid per registered user will be accepted up to a predefined closing time, which is noted on the bid auction listing, and the item will be awarded to the highest bidder at close of the bid unless the reserve bid amount has not been met. Automatic bidding is not permitted.
(3) Closed Auction: Bidding is by invitation only to selected registered users. A Closed Auction may be operated as either a standard auction or sealed bid auction. This type of auction only applies to items which have sensitivity of their final use or handling when ownership is transferred.
CATALOG ITEM: Catalog items may be listed with an asking price which is similar to buy it now. If you want to purchase the item for the asking price just enter the asking price as the amount offered and the process to complete the sale will be initiated. If you wish to make an offer for less than the asking price or on an item without a price listed, enter your offer and it will be considered. Your offer will be rejected if not acceptable or if higher offers have already been received, in which case you will receive an email stating your offer has been rejected.
MAXIMUM BID: Automatic (Proxy) Bidding is available. Where it requests “Maximum Bid” enter the maximum amount you are willing to pay for the item. The maximum bid amount entered is hidden from other bidders and from AEP website administrators. Bids will be placed on your behalf using the automatic bid increment amount as other bids are made. Your bid will only be increased as much as necessary to make sure that you remain the high bidder up to your maximum amount. Automatic bidding makes it convenient so you do not have to keep coming back to re-bid every time a new bid is placed.
AUCTIONS WITH QUANTITIES GREATER THAN ONE RULES
· Automatic or proxy bidding is not available.
· If a bidder is bidding on a quantity of units greater than 1, the bid is only considered the high bidder if the bid is the high bid for at least the quantity being bid on. It assumes that the bid is only valid for the quantity bid on and it will not split the bid quantity.
· The minimum bid amount is based on what the highest bid offered is for the last unit available.
· At the end of the auction the items will be awarded to the highest bidders for the available quantity of units which can result in multiple bidders being awarded the items available.
· The Bidding History lists in Red the current high bidders and quantity desired. (This is the same for all auctions.)
· At the end of the auction, the highest bidder will be given first choice for the quantity awarded; the second highest bidder will be given second choice for the quantity awarded; and so on until all units are sold.
· There are no reserve bids on auctions with quantities greater than 1.
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