EquipNet, Inc. Buyer's Terms of Service
THESE BUYER’S TERMS OF SERVICE ("Company’s Terms") ARE PART OF AND INCORPORATED INTO THE EQUIPNET, INC. GENERAL TERMS OF SERVICE ("General Terms"), WHICH IS A LEGAL AGREEMENT BETWEEN THE BUSINESS ENTITY FOR WHICH YOU ARE AUTHORIZED TO ACT ("Company") AND EQUIPNET, INC. ("EquipNet"). BY USING THE EQUIPNET SERVICE (the "Service") FOR THE PURCHASE OF USED INDUSTRIAL AND TECHNOLOGY EQUIPMENT (the "Equipment"), COMPANY IS AGREEING TO ALL OF THE TERMS AND CONDITIONS OF THESE BUYER’S TERMS AND THE GENERAL TERMS (together, the "Agreement"). All capitalized terms used and not defined in these Company’s Terms will have the meanings given to them in the General Terms.
Company may offer to purchase listed Equipment (a "Offer"). Each Offer is a valid and irrevocable offer to purchase the Equipment for the amount of the Offer until the listing is removed or a Offer is rejected by the Seller ("Sales Period"). A Offer cannot be withdrawn except in exceptional circumstances (e.g. clear typographical errors), as determined by EquipNet in its sole discretion. All Offers shall be in U.S. Dollars unless otherwise required by the Listing, and shall be subject to Seller's terms of sale, if any. If Company has made an Offer acceptable to the Seller then Company is obligated to complete the transaction in accordance with the terms of the listing and/or the seller's terms of sale, if any. EquipNet also charges a buyer's premium at the time of sale, which is an additional charge above and beyond the equipment Offer.
ALL EQUIPMENT IS SUBJECT TO INTERNAL REDEPLOYMENT, CANCELLATION OF LISTING OR OTHER SALE PRIOR TO FORMAL ACCEPTANCE BY THE SELLER. THE FORMAL ACCEPTANCE IS SUPPORTED BY THE RECEIPT OF AN INVOICE, THE EXECUTION OF THE SELLER TERMS BY BOTH THE SELLER AND THE COMPANY AND THE COMPLETION OF ALL INTERNAL DOCUMENTATION REQUIRED FROM THE SELLER IN ORDER TO RELEASE THE EQUIPMENT. THE COMPANY SHOULD NOT RELY ON OTHER VERBAL OR WRITTEN FORMS OF COMMUNICATION REGARDING OFFERS UNLESS THERE IS SPECIFIC TERMS OF SALE THAT STATE OTHERWISE.
Accepted Bids must be paid to EquipNet (on behalf of the seller) no later than five (5) calendar days after Company is invoiced for their purchase unless specified otherwise. All payments must be made by wire transfer, certified check, bank check, Company check with bank guarantee, or other agreed to forms of payment. No Equipment will be shipped until payment has been received in full, including fees and applicable taxes, if any. If Company fails to pay for its purchase, or cancels its purchase other than as expressly permitted in this Agreement, EquipNet reserves the right to cancel the purchase and charge an administration fee equal to 10% of the accepted offer, in addition to the standard 16% Company's Buyer Premium, and may suspend or terminate a Company's account without further notice, in addition to any other remedy either EquipNet or the seller may have. If Company fails to pay because its funds were returned or rejected, EquipNet may charge a returned check fee of $100.00, as well as the other fees and premiums mentioned earlier in this paragraph. In addition, amounts not paid when due will bear a finance charge at a rate equal to the lesser of one and one half percent (1.5%) per month or the highest rate permitted by law, calculated from the first day a payment is past due. If any amount is not paid when due hereunder, EquipNet shall be entitled to recover from Company the costs and expenses incurred in connection with collecting the same (including without limitation costs of investigation and attorneys fees).
Unless itemized separately on your invoice, the buyer is solely responsible for all applicable taxes associated with their purchase.
Pick up policy:
All items purchased must be SCHEDULED for pick up within 5 business days from receipt of payment, unless given specific written permission by EquipNet to extend that time. If Company has not made arrangements to pick up the item in that timeframe, Company will be subject to additional storage charges that must be paid prior to Company picking up the purchased items. EquipNet also reserves the right to cancel the sale if the item has not been scheduled for pick up within 15 business days from receipt of payment. Furthermore, unless previous written arrangements have been agreed upon with the Seller, EquipNet reserves the right to cancel the sale if the item has not been physically removed from the Seller's property within 30 days or as posted in the Listing from the receipt of payment. In such case, EquipNet will consider the equipment to have been abandoned.
Changes of Events Post Invoice:
If items invoiced are either damaged, stolen, lost or in some other way altered or discovered to be different from the information provided on the listing prior to Company picking up items, then Company will in good faith attempt to work out with the Seller an arrangement satisfactory to all parties. If such arrangement cannot be made and the Company has not accepted the resolution proposed by the Seller, then the seller may simply cancel the invoice or portion of the invoice related to the item in question and refund the appropriate money to Company. No other claims for replacement of affected items, damages or expenses incurred shall be the responsibility of the seller.
Risk of Loss:
Once the title to purchased equipment has transferred to the Buyer, the Buyer assumes full responsibility for risk of loss. Transfer of title typically occurs once the Equipment leaves the Seller’s location but transfer may occur earlier if specified by a Seller’s Sales Agreement. Risk of loss will occur as a result of removal, loading or freight damage, by theft, or by delayed delivery. Typically there is only a limited reimbursement policy from freight forwarders or removal vendors or other service providers hired to perform services. Reimbursements for damage caused by such service providers typically do not cover the full value of the equipment and reimbursement is often limited to their compensation received unless specific add-on insurance is purchased. Buyer should carefully review contracts with regard to liability with all service providers hired and the Buyer should ensure that they have adequate insurance protection and/or is willing to assume risk of loss.
Buyers may also use EquipNet’s services to coordinate removal, rigging, packing prep, loading and shipping as well as project management, refurbishment, installation and/or other services. It is the Buyer’s responsibility for having adequate insurance coverage to protect their property against all types of loss. If the Company does not have its own insurance to adequately cover these exposures, then Buyer can request coverage through EquipNet’s at an additional cost. Without the purchase of the specific additional insurance, Buyer is assuming all risk relating to the Equipment once title is transferred to Buyer.
Company acknowledges that the Seller is not the exporter of the purchased piece of equipment and that certain pieces of equipment may constitute "Restricted Technology" under federal law and may not be shipped outside of the United States. The Seller makes no representation or warranty concerning, and has conducted no investigation to ascertain, which items, if any, constitute Restricted Technology. The seller shall have the right to cancel any sale at any time in the event it determines, in its sole discretion that the sale does or may violate applicable U.S. export control or similar laws.
The sale of equipment is intended to be sold without software or other proprietary intellectual property including but not limited to manuals (“Software”), if any is applicable. In the event that Software is included as part of the equipment sale, notwithstanding the disclaimers set forth above, neither EquipNet nor the Seller make any representations or warranties regarding the Buyer’s right to use such Software, the performance of the Software, its non infringement or otherwise. In such circumstances, it is recommended that the Buyer contact the Software manufacture directly to secure a proper license and/or resolve any issues with its use prior to submitting a Bid.
Limits of Liability:
ALL TERMS AND CONDITIONS GOVERNING ANY TRANSACTION SHALL BE EXCLUSIVELY BETWEEN SELLERS and BUYERS. COMPANY IS RESPONSIBLE FOR VERIFYING THE TRUTH OR ACCURACY OF ALL LISTING INFORMATION. COMPANY SHOULD CAREFULLY REVIEW THE TERMS AND CONDITIONS CONTAINED IN THE LISTING AND THE SELLER'S SPECIFIC TERMS OF SALE IF APPLICABLE TO DETERMINE WHETHER THE TERMS MEET COMPANY'S NEEDS. ALL SALES ARE "AS IS", "WHERE IS", AND "WITH ALL FAULTS", AND COMPANY'S ONLY RECOURSE IS AGAINST THE SELLER.
COMPANY HEREBY ACKNOWLEDGES THAT EQUIPNET AND SELLER AND ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, STOCKHOLDERS, AGENTS, SUBSIDIARIES AND EMPLOYEES ASSUME NO LIABILITY WITH RESPECT TO THE QUALITY OR QUANTITY OF EQUIPMENT SOLD OR OFFERED FOR SALE OR FOR ANY LOSS OR DAMAGE TO ANY EQUIPMENT DURING SHIPMENT. EQUIPNET WILL NOT BE RESPONSIBLE FOR ANY BREACH OF THE TERMS OF ANY TRANSACTION. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, COMPANY HEREBY WAIVES, RELEASES AND DISCHARGES EQUIPNET AND SELLER (AND ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, STOCKHOLDERS, AGENTS, SUBSIDIARIES AND EMPLOYEES) FROM ANY CLAIMS, LOSSES, DAMAGES AND EXPENSES, WHETHER DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE, OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN, DISCLOSED AND UNDISCLOSED, ARISING OUT OF OR IN ANY WAY CONNECTED TO ANY TRANSACTION.