These Seller Terms & Conditions represent a legal agreement for the use of the Equipment Marketplace, hosted at thomasauction.com (hereinafter “Marketplace”), between companies registering as Sellers (hereinafter “Seller”) and Thomas Industries, Inc., 2414 Boston Post Rd, Guilford, CT 06437 (hereinafter “Thomas”). Marketplace is a web platform for Seller to list equipment Seller wishes to sell (hereinafter “Equipment”). Seller is agreeing that all transactions or activity of any type conducted in Marketplace will be bound to the terms and conditions stated below.
Exclusive Sales Agent. In listing Equipment in Marketplace, Seller is engaging Thomas as the exclusive sales agent for 30-days to sell Equipment. The listing will automatically be renewed on a month-to-month basis unless cancelled by Seller. Cancellation must be submitted in writing by email to gavel@thomasauction.com prior to the end of the current 30-day period.
Commission. Thomas will be entitled to commission on all Equipment sold in Marketplace. For any piece of Equipment sold, Thomas’s commission shall be as follows:
- Proceeds up to $100,000 – 15% Commission
- Proceeds over $100,000 – 10% Commission
Listing Cancellation. In the event Seller chooses to cancel a listing during an active listing period, upon receipt of notice, Thomas will remove item from Marketplace and Seller shall be responsible to pay Thomas its full commission. Additionally, if for any reason Seller cannot make Equipment available to a buyer on an agreed upon sale, Seller shall be responsible to pay Thomas its full Commission.
Minimum Acceptable Price. All Equipment must be listed with a Minimum Acceptable Price prior to being approved for posting. In listing Equipment Seller is extending a firm, irrevocable offer to sell the listed Equipment at, or above, the Minimum Acceptable Price. Seller acknowledges that the net funds received from a sale may be less than the Minimum Acceptable Price after Thomas deducts its’ commission.
Seller’s Representations/Warranties:
Seller represents and warrants that: (i) all listing information is complete and accurate; (ii) Company has all right, title and interest in, or the exclusive right to sell, the Equipment; (iii) the Equipment is free from any lien or encumbrance; (iv) the Equipment and listing information does not infringe any third party intellectual property right or violate any law or regulation.
Right to Reject
All listings uploaded to Marketplace will be subject to approval by Thomas prior to posting. Thomas reserves the right to reject any listing or to request modifications to the listing at its sole discretion.
Invoicing / Collections / Remitting Funds
Seller authorizes Thomas to invoice and collect payment on its behalf for all sales of Equipment in Marketplace. Thomas will collect in its own bank account the proceeds paid by the buyers.
Escrowed Funds:
To ensure the successful completion of each sales transaction for both Buyers and Seller, Thomas will act as an intermediary holder of funds until the transaction between Buyer and Seller has been properly completed. Upon receipt of funds from Buyer, Thomas will inform Seller that the Buyer funds have been received and will instruct the Seller to release Equipment to the Buyer. Once Equipment has been received by Buyer, then Thomas will release the funds with within 24-48 hours, less Thomas’s commission.
Removal
All costs of Equipment removal will be at the buyer’s expense. Seller may, at its option, provide truck loading or rigging services, with or without charge.