All invoices will default to a 12% buyer's premium. However, payment made with a Credit Card/Debit Card will be subject to a 3% Surcharge on the total invoice.
Wednesday, December 7, 2022. Any customer who does not contact our office with payment arrangements by the payment deadline will have their registration credit card charged. Appointments can be made with our office by contacting us in one of the following ways: (607)-865-6951, admin@lambrechtAuction.com, or link in invoice email.
Items can be picked up at our Bainbridge Auction Facility:
Lambrecht Auction Facility
151 County Road 38
Bainbridge, NY 13733
Pickup is Tuesday November 2, 2022 and Wednesday, November 3, 2022 by appointment from 8:30am to 3:30pm, no shipping.
Payment will be accepted Tuesday November 2, 2022 and Wednesday, November 3, 2022 at our Auction Facility as long as pickup appointment is made by Wednesday, November 3, 2022. When making the pickup appointment, customers must note their plans for payment on Friday to prevent credit card from being charged. Payment may be made in the office in the form of cash, check, wire transfer, or credit card.
Bidder Terms and Conditions
These Bidder Terms and Conditions apply to auctions conducted by Lambrecht Auction, Incorporated ("LAI"), and constitute a legal, valid, binding, and enforceable contract between LAI and each Bidder. These bidder terms and conditions also form the basis for the contract of sale between the Seller and the Buyer. For the purposes of these Bidder Terms and Conditions, the term "YOU" refers to each Bidder (as defined below).
1. Bidder Terms and Conditions; Posted Terms; Announcements at the Time of the Auction; Agreement to Be Bound. The Auction is conducted under and in accordance with these Bidder Terms and Conditions and any and all other terms and conditions posted on the LAI website(s) and on the websites of any Online Auction Platform Provider(s) used by LAI. The Auction is subject to any announcements or corrections by LAI. By participating in the Auction in any way, YOU agree to be bound by, and to abide by, these Bidder Terms and Conditions.
2. Responsibility for Online Bids. YOU are responsible for all bids transmitted from YOUR computer or from YOUR Bidder Account. If a Winning Bid is sent from YOUR computer or using YOUR Bidder Account, YOU will be the Buyer on certification by LAI and YOU will be bound by the terms of the contract you have entered into with LAI and the Seller.
3. Bidder Registration; Bidder Qualification. YOU must register to bid. LAI may establish such Bidder Registration requirements and Bidder qualifications as LAI determines, in its discretion, to be reasonably necessary or appropriate. In order to register to bid, YOU must provide such information (including identifying information and qualifications) as requested by LAI. LAI may refuse to accept a Bidder Registration from any potential Bidder, may refuse to grant bidding privileges to any potential Bidder, and may revoke the Bidder Registration or bidding privileges of any Bidder. BY REGISTERING TO BID, YOU REPRESENT TO LAI THAT, IF YOU ARE A NATURAL PERSON, YOU ARE AT LEAST EIGHTEEN (18) YEARS OF AGE AND THAT YOU ARE OTHERWISE LEGALLY ABLE TO ENTER INTO A CONTRACT. EACH ENTITY REGISTERING TO BID REPRESENTS THAT IT HAS THE POWER AND AUTHORITY TO REGISTER, TO BID, AND TO COMPLETE THE PURCHASE TRANSACTION IF IT IS THE WINNING BIDDER. YOU acknowledge and agree that YOU have read, understand, and agree to be bound by, these Bidder Terms and Conditions, any and all other terms and conditions posted on the LAI website(s), and the terms and conditions posted on the websites of any Online Auction Platform Provider(s) used by LAI. LAI may, in its absolute discretion, receive bids from a person or entity that has not registered to bid, and/or who has not satisfied all requirements for Bidder Registration, and/or that has not previously been granted bidding privileges, and, by bidding, such person or entity will be bound by these Bidder Terms and Conditions, any and all other terms and conditions posted on the LAI website(s), and the terms and conditions posted on the websites of any Online Auction Platform Provider(s) used by LAI. Bidder qualification provisions are intended for the benefit of LAI and its Seller(s), and create no rights or interests in any other persons, including competing Bidders. LAI and/or its Seller(s) may (but will not be required to) waive any Bidder qualifications, either globally or on a case by case basis.
4. Auction Conducted in the State of New York. The Auction is conducted in the State of New York. All Lots are offered for sale in the State of New York, and will be Sold in the State of New York. Notwithstanding the physical location of any Bidder, these Bidder Terms and Conditions are entered into in the State of New York, all bids and payments are due, and will be received, in the State of New York, and all contracts between Seller(s) and Buyer(s) are formed and entered into in the State of New York.
5. Buyer's Premium. A Buyer's Premium, or Buyer's fee, will be charged on all Lots. The Buyer's Premium, which will be paid by the Buyer to LAI for its own account, will be calculated as a percentage of the Hammer Price for each Lot, and will be added to the Hammer Price to determine the final Purchase Price. The Buyer's Premium will be twelve percent (12%) of the Hammer Price for each Lot, and is earned by (and may be retained by) LAI with the Fall of the Hammer.
6. Access to Online Auction Platform; Premises. YOU assume all risks associated with YOUR access to the Auction, including the Online Auction Platform, the premises of LAI, and any other physical location associated with LAI or the Auction. Any person may be denied access to the Auction, the Online Auction Platform, and the premises of LAI or any other physical location associated with LAI or the Auction.
7. Nature of the Auction. Unless expressly stated otherwise in writing, the Auction will be With Reserve. LAI may Withdraw any Lot prior to the Fall of the Hammer on such Lot.
8. No Bid Retraction. YOU may not retract a bid that has been acknowledged by LAI or that has been submitted online. YOU acknowledge and agree that LAI is acting in reliance on tendered bids in the conduct of the Auction, and that bid retraction is disruptive and interferes with the Auction, and that, as an inducement for LAI to accept YOUR Registration and to grant YOU bidding privileges, and for YOU to bid at the Auction, YOU agree not to withdraw or to attempt to withdraw any bid tendered by YOU.
9. Posted Times. All times are based on the Eastern Standard Time Zone ("EST"). Posted closing times and time displays are approximate. LAI reserves the right, in its sole and absolute discretion, to close early or extend the Auction.
10. Handling of Online Bids; Maximum Bid Amounts. YOU may establish a maximum bid amount. Online Bids will ordinarily be initiated at an established opening bid amount or at the next bid increment, which amount may be less than YOUR maximum bid amount. Online bids will automatically be executed competitively up to the Fall of the Hammer or other termination of the bidding.
11. Relationship of the Parties. LAI is the agent of the Seller(s), and represents the Seller(s) exclusively. LAI is not YOUR agent or representative, and is not acting on YOUR behalf. The receipt and execution of online bids will not create an agency relationship between LAI and YOU.
12. Bidding Increments. LAI may establish bid increments, and may modify or change bid increments in its sole and absolute discretion, including during the Auction and after bids have been received on a Lot.
13. Records. Absent clerical errors made by LAI, as determined by LAI, the records of LAI will be final and conclusive for all purposes.
14. Technology Disruptions. LAI will not be responsible for technology disruptions, errors, or failures (including disruptions to bidding or the failure to execute, recognize, or record online bids), whether caused by (i) loss of connectivity, breakdown, disruption, failure of the Online Auction Platform, or otherwise (ii) breakdown, disruption, or failure of YOUR internet connection, computer, or system, or (iii) for any other reason. LAI may, but will not be required to, continue, suspend, delay, extend, reschedule, or close the Auction because of disruptions caused by technology failures, even after bidding has commenced.
15. Failures by Online Auction Platform Provider and its Affiliates or Contractors. Under no circumstances will LAI be liable for any failure of an Online Auction Platform Provider to perform all or any of its obligations, or for the failure of any affiliates, employees, agents, representatives, or contractors of an Online Auction Platform Provider to perform their obligations.
16. Auto-Extend Feature. Any Online Bidding Period may include an auto-extend feature. This means that, if a bid is placed within 2 minutes or less of the lot closing the countdown clock will reset to exactly 2 minutes, it will not add an additional 2 minutes. Now that bid placed at 2:35 left won’t reset the counter, but if the counter was at 1:35 and a bid was placed, the counter will be set to 2 minutes.
17. Disclaimer Regarding Online Auction Platform(s).LAI makes no representations or warranties, and disclaims all representations and warranties, (i) that any Online Auction Platform(s) or any related website(s) or technology will be uninterrupted, error free or virus free, (ii) as to the results that may be obtained by using any Online Auction Platform(s) or any related website(s) or technology, or (iii) as to the accuracy, completeness, reliability, security, or current nature of any Online Auction Platform(s), or any related website(s) or technology.
18. Winning Bidders Subject to Final Certification by LAI. The final determination of the Winning Bidder is subject to certification by LAI, and any email or electronic message (whether generated manually or automatically) is subject to such certification.
19. Winning Bid; Buyer. Pursuant to these Bidder Terms and Conditions, the Bidder making the Winning Bid for any Lot, will be the Buyer of the Lot on final certification by LAI.
20. Title. If YOU are certified as the Winning Bidder on a Lot by LAI, YOU will be contractually obligated to pay the Purchase Price for that Lot. FAILURE OR REFUSAL TO PICK UP YOUR LOT DOES NOT RELIEVE YOU OF YOUR OBLIGATION TO PAY THE PURCHASE PRICE. Title and ownership of the Lot will pass to YOU when payment is made and clears.
21. Payment; Buyer Obligation to Pay; Non-Payment. All Lots must be paid for in full within two (2) days after the close of the Auction by cash, check, credit card, certified funds, or by wire transfer; provided, however, that any online purchases in excess of ten thousand Dollars ($10,000) must be paid by certified funds or wire transfer unless other arrangements acceptable to LAI are made. If LAI has agreed to ship purchases, then shipping will occur only after payment has been received. In the event the Winning Bidder does not contact or respond to LAI within two (2) days of the Auction to make arrangements for payment and pickup of their Lot, LAI reserves the right (but is not obligated), in addition to all other remedies available, to rescind the Winning Bid and offer the Lot to the second highest Bidder at its High Bid. In such case, the original Winning Bidder's credit card will automatically be charged the difference between the two bids and the full amount of the Buyer's Premium that would have been collected from the original High Bid. If payment is not received from the credit card for any reason, the original Winning Bidder will still be liable to LAI for the charged amounts. Among the other remedies available to LAI, any Lots that remain unpaid for after expiration of the aforementioned 2-day period may be resold by LAI and LAI may keep all the proceeds therefrom.
22. All Property Sold "AS IS", "where is", and "with all faults". Except where expressly provided otherwise at the auction or on the website with respect to a particular Lot, all property is being offered and sold in its "as is/where is" condition at the time of the auction, with all faults, including any hidden defects of any nature. Neither LAI nor any Seller makes any representations, warranties, or guarantees whatsoever, express or implied, regarding the nature, value, source, authenticity, fitness, merchantability, and/or any other aspect or characteristics of such property. No statement anywhere, whether express or implied, including verbal statements made by LAI, will be deemed a warranty or representation by LAI or any Seller. Without limiting the generality of the foregoing, there are no warranties of title, non-infringement, authenticity, origin, merchantability, or fitness for a particular purpose, all of which are expressly disclaimed. YOU acknowledge and agree that YOU cannot rely on, and YOU have not relied on, any representation, warranty, or guaranty made by any Seller or anyone acting as agent of a Seller (including LAI), orally or in writing, about any lot. YOU acknowledge and agree that YOU have had a full and fair opportunity to inspect all lots, and that YOU are relying solely on, or have waived, YOUR inspection and investigation (i) in determining whether to bid, (ii) in determining the amount of YOUR bid(s), and (iii) in bidding. It is YOUR responsibility to determine condition, age, genuineness, value, or any other determinative factors regarding any lot on which YOU bid.
23. Bidder's Inspection; Adequacy of Description and Images. When available, YOU are encouraged to inspect the Lot(s), or to have the Lot(s) inspected by YOUR agent or representative before bidding. By bidding, YOU acknowledge and agree that YOU have had a full and fair opportunity to inspect the Lot(s), and that YOU are relying solely on YOUR inspection and investigation, or that YOU have waived inspection and investigation, and that YOU have not relied on any statement, representation, warranty, or guaranty made by any Seller or anyone acting as agent or representative of a Seller (including LAI), and any photographs or other images of Lot(s) are adequate for YOUR purposes.
24. Description of Property. Unless otherwise expressly stated in writing, any description of a Lot is based solely on visual impression, and is given solely for identification purposes, and does not create any warranty, expressed or implied, or representation by LAI.
25. Announcements. Announcements made through any platform, including email, text, social media or phone announcements, by LAI on the day of, or during, the Auction are binding and take precedence over any prior advertisements or listings.
26. Bidding by or on Behalf of Seller(s). Seller(s) may bid directly, or indirectly, on any Lot, and LAI may place bids on a Seller's behalf up to the Reserve Price, if any.
27. Conduct of the Auction. LAI will regulate all matters relating to the conduct of the Auction and the decisions of LAI will be final and binding. LAI will have control over bidding, and LAI will resolve any and all disputes. LAI may, in its sole and absolute discretion, amend a bid amount which was placed in error. LAI may, in its sole and absolute discretion, reopen the bidding (but will not be required to) if (i) a bid is made while the hammer is falling in acceptance of a prior bid or while bidding is otherwise being terminated, or (ii) promptly after the Fall of the Hammer or other termination of the bidding LAI is made aware of a bid that was tendered, but went unnoticed, prior to the Fall of the Hammer or other termination of the bidding, or (iii) a technology disruption or failure caused a bid that was tendered, or attempted to be tendered, prior to the hammer from being received or recognized, or (iv) some other bid dispute arises. Any contracts formed with the Fall of the Hammer will be subject to the conditions set forth in this Section. If bidding is reopened pursuant to this Section, the High Bid recognized by LAI prior to the reopening of the bidding will be held, and may not be retracted, and, if no further bids are received, such bid will be the Winning Bid.
28. Contract of Sale for Personal Property. No additional or further writing will be required to evidence the existence of a contract of sale for any Lot Sold at the Auction regardless of the Purchase Price, and these Bidder Terms and Conditions, together with the records of LAI identifying the Lot, the Purchase Price, and the Buyer, will be conclusive evidence as to the terms of the sale. These Bidder Terms and Conditions will be incorporated into and made a part of each contract between a Buyer and a Seller.
29. All Sales Final. ALL SALES ARE FINAL. NO REFUNDS OR RETURNS.
30. Sales Tax. All Lots are subject to sales tax unless an exemption applies. YOU agree to indemnify LAI, and hold LAI harmless against any claim if sales tax is not properly collected on YOUR purchases.
31. Pick-up and Removal. YOU are responsible for pick-up and removal of Lot(s) purchased by YOU. Pick-up and removal dates and times will be as posted or announced by LAI. Unless otherwise agreed, YOU are solely responsible for the disassembly, rigging, removal, shipping, and transportation of each Lot purchased by YOU. Disassembly and removal must be done in a workmanlike manner, and YOU will indemnify and hold harmless both LAI and Seller(s) against any and all damage caused by YOU or YOUR employees, agents, representatives, or independent contractors in connection with the disassembly or removal of any Lot(s). Any and all damage, including, without being limited to damage to land or buildings, caused by YOU or by YOUR employees, agents, representatives, or independent contractors, will be repaired by YOU, or at YOUR expense, to the satisfaction of LAI and Seller(s).
32. Shipping. On a case by case basis, per the request of Seller, some items purchased at a location other than LAI's facility may need to be removed within a set time. In the event YOU cannot pick-up the items within the time required by the Seller, LAI reserves the right to charge the Seller to remove the Lot(s), or in LAI's sole discretion, refuse to move the Lot(s). Shipping costs will be added to the Purchase Price on the following scale:
a. Small items requiring one staff member to move…………………..$10.00 per lot
b. Items requiring two staff members to move…………………………$25.00 per lot
c. Items requiring a forklift or other special equipment to move……..$50.00 per lot
d. Any cabinet sets………………………………………………………..$100.00 per lot
e. Items requiring additional or special trucking………………………..set at auctioneer's discretion
33. Failure to Pick-up or Arrange for Delivery; Abandoned Property; Storage. Unpaid invoice will be considered abandoned after 8 days from the Auction closing. At that time All bidding privileges will be revoked and customer will be banned from all future Auctions. After payment, beginning fifteen (15) days after the Auction, and continuing for up to an additional fifteen (15) days, any Lot(s) not picked-up or removed will result in an additional storage charge in the amount of one percent (1%) of the Purchase Price per day to be charged to the High Bidder, and LAI will have a possessory lien against such Lot(s) that may be executed on in order to satisfy such storage charges. Any Lot(s) not shipped or otherwise removed within thirty (30) days after the Auction will be deemed abandoned, and LAI may sell the Lot(s) at the next available Auction. Upon such resale LAI will collect a twenty percent (20%) commission for the resale, as well as any outstanding moving and storage fees, with the balance of the resale to be paid to the original High Bidder. LAI makes no guarantees that the resale price of the Lot(s)will be the same as or higher than the original Auction price. With respect to Lot(s) originally purchased for forty-nine dollars ($49.00) or less, no compensation will be given to the original High Bidder in the event of a resale.
34. No Credit Card Chargebacks. YOU agree that such YOU will not, under any circumstances, initiate a credit card chargeback with respect to any purchases at the Auction. YOU further agree that if, in violation of these Terms and Conditions, a credit card chargeback is initiated, these Bidder Terms and Conditions will be conclusive evidence of YOUR agreement not to initiate a credit card chargeback; and YOU acknowledge and agree that on the presentation of these Bidder Terms and Conditions to the bank, credit card company, or other financial institution that issued the credit card on which charges were made, such bank, credit card company, or other financial institution will reverse or deny any credit card chargeback, and will re-credit all amounts to or for the account of LAI. If, in violation of these Bidder Terms and Conditions, YOU initiate a credit card chargeback, even if successful, YOU will remain liable for all purchases made at the Auction, and YOU will be responsible for all costs and expenses, including attorneys' fees, incurred by or on behalf of LAI and/or any Seller(s) in challenging the credit card chargeback and in collecting payment. YOUR agreement not to initiate a credit card chargeback is a condition to YOUR Registration as a Bidder, and for the privilege of bidding at the Auction, and is being made as an inducement for LAI to accept YOUR Registration and to permit YOU to bid at the Auction. LAI is relying on YOUR agreement not to initiate a credit card chargeback in accepting YOUR Bidder Registration and in permitting YOU to bid at the Auction.
35. Claims. Unless otherwise provided in writing, after a Lot has been picked-up or removed by YOU or on YOUR behalf, no claims or returns will be allowed and there will be no adjustments or rescissions.
36. Third-Parties and Subsequent Purchasers. LAI has no relationship with any third-parties or subsequent purchasers of Lot(s), and no third-party or subsequent purchaser may rely on any statements or descriptions made by LAI, nor will LAI have any liability to such persons or entities. YOU agree to indemnify LAI and to hold LAI harmless from and against any and all claims made by third-parties or subsequent purchasers of any Lot(s) purchased by YOU.
37. Buyer's Remedies; Bidders/Buyers Not Entitled to Incidental or Consequential Damages. To the extent that YOU may be entitled to any remedies in connection with the Auction, the sole and exclusive remedy available to YOU is a return of the Purchase Price actually paid. Under no circumstances will LAI or the Seller be liable for incidental or consequential damages, including, without being limited to lost profits or reduced productivity. YOU, further, acknowledge and agree that YOU are not entitled to specific performance or other equitable relief.
38. Private Sale. YOU agree not to enter into a Private Sale transaction with the Seller(s) of any Lot(s) prior to or during the Auction. If YOU enter into a Private Sale transaction with the Seller(s) of any Lot(s) prior to or during the Auction, or within forty-five (45) days after the Auction (for any Lot(s) not Sold at the Auction), LAI will be entitled to receive an amount equal to its full Commission and Buyer's Premium (calculated as a percentage of the Private Sale Price), together with reimbursable expenses; and YOU and the Seller will be jointly and severally liable to LAI for the payment of such amounts.
39. Waiver. Certain provisions of these Bidder Terms and Conditions are for the exclusive benefit of LAI and/or Seller(s). Such provisions (including, without being limited to, Bidder Registration and qualification requirements, payment terms, removal and delivery terms, and inspection terms) do not create, and will not be deemed to create, any benefits or rights in favor of any other persons, including competing Bidders, and may not be enforced by any other persons. Either globally or on a case by case basis LAI and/or Seller may (but will not be required to) waive any provisions of these Bidder Terms and Conditions that are intended for the benefit of LAI and/or Seller. No waiver by LAI shall be construed as a waiver of any other provisions.
40. Indemnification. YOU agree to indemnify LAI, and to hold LAI harmless, with respect to any damages, costs, and expenses (including reasonable attorney's fees) incurred by LAI as a direct or indirect result of YOUR acts or omissions or YOUR breach of or failure to comply with these Bidder Terms and Conditions.
41. Email List; Agreement to Receive Email. YOU agree to be added to the email list maintained by LAI. Each email LAI sends will have an unsubscribe link at the bottom of the email. YOU agree not to report any email sent by or on behalf of LAI as spam.
42. Governing Law; Jurisdiction; Venue; Waiver of Jury Trial. These Bidder Terms and Conditions will be governed by and construed in accordance with the laws of the State of New York, including its statutes of limitations, but without regard to its rules governing conflict of laws. All claims, disputes, and other matters between the parties will be brought in the state or federal courts sitting in and for Chenango County, New York, which courts will have exclusive jurisdiction, and will be the exclusive venue, for any and all such claims, disputes, and other matters. YOU irrevocably and unconditionally (i) agree that any claim, suit or cause of action relating to these Bidder Terms and Conditions, or the transactions contemplated hereby, will be brought in the state or federal courts sitting in and for Chenango County, New York; (ii) consent to the jurisdiction of such courts for any such claim, suit or cause of action; (iii) waive any objection to the laying of venue of any such claim, suit or cause of action in such courts; and (iv) waive any objection to the bringing of such claim, suit or cause of action in such courts on the grounds of inconvenient forum. YOU WAIVE THE RIGHT TO A JURY TRIAL.
43. Attorneys' Fees. If YOU breach YOUR obligations under these Bidder Terms and Conditions, LAI will be entitled to recover all costs and expenses, including attorney's fees incurred in enforcing their respective rights hereunder.
44. Definitions. The following definitions apply to these Bidder Terms and Conditions:
"Absolute" means Lots are Sold without Reserve.
"Auction" means an online auction sale conducted by LAI.
"Bidder" means any person or entity, and the agents or representatives of any such person or entity, that registers, and/or bids, and/or buys, and/or otherwise participates in the Auction (including, without being limited to, inspection and/or pick-up), regardless of whether such person or entity tenders a bid.
"Bidder Account" means the number, user name, or other identifier issued by LAI to a Bidder.
"Bidder Registration" means the information provided by a prospective Bidder, and the process of registering such prospective Bidder to bid at the Auction, including the prospective Bidder's agreement to be bound by these Bidder Terms and Conditions.
"Bidder Terms and Conditions" means these Bidder Terms and Conditions.
"Buyer" means the Winning Bidder on a Lot.
"Buyer's Premium" is an amount with respect to each Lot, calculated as a percentage of the Hammer Price, that is payable by the Buyer to LAI for its own account.
"Fall of the Hammer" means the point, after bids have been received, at which LAI declares a Lot "sold" to the Bidder acknowledged by LAI as having made the Winning Bid. During an online Auction, the Fall of the Hammer will occur electronically at the end of timed (or extended) bidding.
"Hammer Price" means the High Bid amount recognized by LAI with the Fall of the Hammer.
"High Bid" means the amount recognized LAI as the highest bid at the conclusion of bidding on a Lot.
"High Bidder" means the Bidder recognized by LAI as having made the High Bid on a Lot.
"Lot" means each individual item or grouping of personal property put up at one time by LAI.
"Online Auction Platform" means any hardware and/or software utilized to conduct the Auction online and to facilitate online bidding, including any associated, adjunct, and/or complementary websites, services, premiums, and promotions. LAI may utilize one or more Online Auction Platforms.
"Online Auction Platform Provider" means the provider of an Online Auction Platform and related services. LAI may utilize one or more Online Auction Platform Providers.
"Online Bidding Period" means any established period during which online bids may be tendered.
"Private Sale" means an event in which a Lot is sold (or gifted) by the Seller, or on the Seller's behalf, other than at the Auction.
"Private Sale Price" means the fair market purchase price of a Lot paid, or agreed to be paid, at a Private Sale in an arms-length transaction between the Seller and the purchaser. If a Lot is sold through a Private Sale for less than its fair market value, or in a transaction that is not an arms-length transaction, or is gifted by the Seller, the Private Sale Price will be an amount equal to the fair market value of the Lot in an arms-length transaction.
"Purchase Price" means an amount equal to the Hammer Price plus the Buyer's Premium.
"Reserve" or "With Reserve" means that property put up at auction may be withdrawn by LAI and/or bids may be rejected by LAI prior to the Fall of the Hammer. It is not necessary for there to be a Reserve Price for an Auction to be With Reserve. UNLESS SPECIFICALLY AND EXPRESSLY STATED OTHERWISE BY LAI IN WRITING, ALL LOTS ARE BEING SOLD WITH RESERVE.
"Reserve Price" means the minimum price that Seller is willing to accept for a Lot. If a Lot put up With Reserve is subject to a Reserve Price, the Lot will not be Sold unless the Reserve Price is met or waived. It is not required for any Reserve Price to be disclosed.
"Seller" means the owner who provided the Lot to LAI for Auction.
"Seller Confirmation" means a right of the Seller to confirm the Winning Bid prior to completion of the sale.
"Sold" means that LAI has acknowledged, and confirmed, the Winning Bid.
"Winning Bid" means the highest bid received and accepted (and if Subject to Seller's Confirmation, confirmed by Seller).
"Winning Bidder" means the Bidder who is recognized by LAI as having made the Winning Bid.
"Unreserved" means Lots are Sold without Reserve.