Auction Terms
Read the terms before the bid becomes a bill.
This plain-language guide explains common machinery-auction terms. The catalog, bidder agreement, announcements, invoice and sale-specific documents control every actual auction.
What you should know
- Buyer’s premium and total purchase price
- As-is, where-is and inspection responsibility
- Payment, tax and verified wire instructions
- Rigging, loading and final removal deadlines
Direct answer
Auction terms are the binding rules for registration, bidding, payment, taxes, risk, default and removal. They vary by sale. Before bidding, find the buyer’s premium, payment deadline, accepted payment method, inspection opportunity, tax requirements, removal deadline and any approved-rigger or insurance rule. If one sentence is unclear, ask before bidding.
Common auction terms in plain language
| Term | What it generally means | What to verify |
|---|---|---|
| Hammer price / successful bid | The amount of the winning bid before additional charges. | Whether the platform calls this the bid price, purchase price or hammer price. |
| Buyer’s premium | An auction fee added to the winning bid. | The percentage, whether tax applies and whether online and onsite rates differ. |
| As is, where is | The buyer accepts the lot in its current condition and location, subject to the written terms. | Inspection rights, disclosed faults and whether any express warranty exists. |
| Reserve / subject to confirmation | The seller may set a minimum or retain the right to approve a result. | Whether a high bid is immediately accepted or awaits confirmation. |
| Removal deadline | The final date and time purchases must leave the site. | Appointments, hours, approved riggers, insurance, loading rules and consequences of delay. |
| Staggered close / extension | Timed lots close in sequence and late bids may extend a lot. | Lot spacing, extension duration and the platform clock. |
| Default / abandonment | Failure to pay or remove may trigger remedies in the terms. | Fees, resale, storage, deficiency liability and loss of deposit or purchase rights. |
Before bidding, calculate the complete landed cost
- Winning bid plus the published buyer’s premium.
- Sales or use tax unless a valid, timely exemption is accepted for the transaction.
- Payment charges expressly stated in the terms, if any.
- Rigging, disconnect, preparation and loading by qualified providers.
- Freight, permits, escort, insurance and storage required to move the machine.
- Installation, electrical, foundation, fluids, tooling, repairs and training after delivery.
Sale-specific documents control
This educational page cannot safely state one universal buyer’s premium, payment method or removal period because those facts vary. For every auction, review all of the following before placing a bid.
- Auction catalog and lot page for the asset description, photos, included items and location.
- Terms and conditions for registration, bidding, fees, payment, taxes, risk, default and dispute provisions.
- Important information for inspection, site safety, removal appointments, approved riggers and facility rules.
- Auctioneer announcements because posted or live corrections may modify prior information as allowed by the terms.
- Invoice and official payment instructions sent through the authorized auction workflow. Independently verify any wire before sending money.
When to stop and ask a question
- The lot description and photos appear to conflict.
- A critical accessory is pictured but not listed as included.
- The machine cannot be inspected and its condition materially affects your decision.
- You do not understand the buyer’s premium, tax treatment, deposit or payment deadline.
- You cannot meet the removal deadline or do not have an approved rigger.
- Payment instructions changed, arrived from a new address or direct funds to an unexpected party.
Related auction resources
Use these pages to continue without starting over.
Frequently asked questions
Are all Sterling auctions governed by the same terms?
No. General principles may repeat, but the responsible auctioneer, seller, platform, buyer’s premium, payment deadline, inspection and removal rules can change by sale.
Is my bid legally binding?
Auction terms generally treat bids as binding offers or commitments. Read the bidder agreement before participating and contact the auction office immediately if you believe an actual input error occurred.
Does “as is, where is” mean I cannot inspect?
No. Inspection may be offered and is strongly encouraged. The phrase generally means the buyer accepts the property’s current condition and location subject to the written terms.
What if an announcement conflicts with the catalog?
Many auction terms state that authorized announcements or posted corrections take precedence. Review updates and listen to live announcements when applicable.
Is this page the legal contract?
No. This is an educational summary. The sale-specific catalog, terms, registration agreement, announcements, invoice and signed documents control.
Ready to bid with better information?
Review the current auction catalog, confirm the sale-specific terms, inspect whenever possible and contact Sterling before bidding if anything is unclear.
