RULES AND REGULATIONS FOR THE AUCTION SITE
1. The Pioneer Group Auction Mania commences at, 9:00 am, Saturday, March 8, 2014 and concludes at 9:00 pm, Monday, March 17, 2014. There are however only certain times that
you can place bids via telephone. Internet bidding will be available at all times.
2. Participation is open to anyone 18 years of age or over with the exception of employees of participating businesses, who may bid but not on items that are provided by their respective companies. Employees of the Pioneer Group and their immediate families may bid on any items in the auction.
3. The Pioneer Group Auction Mania works on a proxy bidding system. Under proxy bidding, you tell our ‘Auction Committee’ the maximum amount you are willing to bid for an item. This is your MAXIMUM SECRET BID and is known only by you and the Auction Committee. The Committee will then PLACE A BID ON YOUR BEHALF at the LOWEST POSSIBLE LEVEL making you the leading bidder for the item. For example, if someone outbids you, the Auction Committee will automatically place a bid on your behalf that is higher than that bid by $10. The Auction Committee will continue bidding in this fashion until one of three things happens:
a. No other bids are higher than yours
b. Your maximum secret bid is reached, or
c. You are declared the winning bidder
4. In the event that another bidder exceeds your maximum secret bid, you will have to submit another bid with a higher maximum in order to continue your participation. In the event that your maximum secret bid is the first to equal or exceed the reserve price for an item, the Auction Committee will adjust your bid to the reserve level and declare reserve for that item met. The amount that you submit is your maximum secret bid. Only you and the Auction Committee will know this amount. This procedure relieves you of the obligation to submit new bids whenever you are outbid during the auction.
NOTE: The maximum bid that you submit may not necessarily be the price you pay if you are the successful bidder – you may pay less but never more. However, choose your maximum carefully as you will not be able to reduce it later and you will be legally bound to pay that price if you are the winning bidder.
5. All bid amounts must be in whole dollars (i.e. no cents) and must meet or exceed the set minimum bid increment posted for each auction item.
6. Submit your bid by telephone between the hours of 5:00 pm - 9:00 pm daily until the close of the auction at 9:00 pm, Monday, March 17, 2014 sharp. Internet bids will be accepted through the Auction Web Site at all times until the close of the auction at 9:00 pm, Monday, March 17, 2014 sharp. Under absolutely no circumstances will bids be accepted after the close of the auction which is 9:00 pm, Monday, March 17, 2014 sharp.
7. Place your bids using any of the following methods:
a. By Phone: 1-800-310-9314 from 5PM-9PM ONLY
b. Via Internet: www.pgauctionmania.com
8. An Auction Guide, including all the items to be offered for sale in the Auction and a detailed description of each, will be posted on the Website and made available at The Pioneer Group. The description of each item is provided by the Seller and The Pioneer Group assumes no responsibility for any claims associated with the item. The Auction Trust Committee reserves the right to remove (wave) the reserve bid of any item at any time during the auction.
9. Each bid submission shall be considered a legally binding offer to purchase an item at a price not exceeding the maximum secret bid.
10. All bids received outside regular auction hours will be processed the following auction day. Under no circumstances will a bid be received after 9:00pm, Monday, March 17, 2014 sharp.
11. Under no circumstances will retraction of a bid be allowed.
Neither will any reduction of Maximum Secret Bid for any submitted bid be allowed. If in a case you submit a Maximum Secret Bid against yourself, both bids will be considered valid irrespective of the fact that you submitted both bids.
12. Processing of the day’s bids will occur at the end of each bidding day. In this process, The Auction Committee shall review the submitted bid, facilitate proxy bidding based on maximum and incremental bids, and determine a Leading Bid for each item to be published in The Pioneer Group. At auction close, this process will determine the Winning Bid for each item.
13. In the event that the high bidders for an item are tied, their bids will be valid and considered tied. However, if a tie occurs at the conclusion of the auction on the final day, a random draw will be made from only the tied high bidders to determine the winner of the auction. The Auction Committee will conduct this draw. All decisions will be final.
14.Successful bidders will be responsible for all applicable taxes on the items they purchase as the Winning Bidder. Note that homes or vehicles have special tax legislation that may require that tax be paid on Fair Market Value.
15. Almost all of the items in The Pioneer Group Auction Mania are brand new and come with applicable warranties, just as if you purchased the item direct from a retailer. The selling prices listed throughout this program reflect the actual retail prices of their respective items. In the event that an item is not brand new, this will be clearly marked and specific conditions will be listed.
16. Each item has a reserve price. In the event that there are no bids for an item equal to or greater than this price when the auction ends, the auction committee reserves the right to not sell this specific item to the Leading Bidder. The reserve prices are set between 50% and 60% of the actual selling price and set at between 60% and 85% on big ticket items such as Homes, Vehicles etc. The reserve price of the item will be revealed on the third to last day of bidding on the Auction Web Site and in any published reports. The Auction Committee reserves the right to remove (waive) the reserve of any item at any time during the auction.
17. Reserve status may have one of two values:
a. RESERVE MET: NO
Value of the highest bid is less than the reserve amount.
b. RESERVE MET: YES
Value of the highest bid is at least the reserve amount. In the case where reserve is met then the item will be sold.
Please Note: Any Maximum Secret Bid placed, which exceeds the reserve, will automatically be placed at the reserve price by the Auction Committee.
18. The Auction Committee will contact you by telephone in the days following the auction if your bid is the highest bid for any item(s) (also known as the Winning Bidder or Buyer) at the end of the auction. It is for this reason we need all applicable phone numbers.
19. If the Winning Bidder (Buyer) cannot be contacted within two (2) days of contact first being initiated by The Pioneer Group Auction Mania Contact Center (or its representative), The Pioneer Group reserves the right to disqualify that Winning Bidder and deem the next highest bidder to be the Winning Bidder (Buyer).
20. Bid amounts must be paid in full to The Pioneer Group within three business days after you are first contacted. Payment may be made by: Cash, Certified Check, Money Order, Visa, MasterCard.
21. If the Buyer fails to comply with the Conditions of Sale, including the obligation to make full payment of the Total Purchase Price within the time limits and terms set out herein, in addition to other remedies available to The Pioneer Group and the Seller, The Pioneer Group or the Seller may cancel the sale and re-offer the item or sell it privately and hold the
Buyer liable for any costs or losses associated therewith.
22. With respect to new homes and motor vehicles, the Buyer shall, within three (3) business days from the time the Buyer is contacted by The Pioneer Group, meet with the Seller, sign the agreement of purchase and sale furnished by the Seller and make all necessary arrangements for payment of the Total Purchase Price (including any terms and conditions relating to financing) with the Seller. Payment procedures for new homes and motor vehicles are governed by the Seller and will be outlined in the Auction Guide.
23. Once full payment of the Total Purchase Price has been made on the item, a Buyer will be required to sign a standard release, releasing The Pioneer Group from responsibility for all claims arising from the Auction, after which the Buyer will receive a product release form from The Pioneer Group also know as the “Winning Bid Certificate” to be presented to the respective Seller to release the item to the Buyer.
24. For certain items purchased through the Auction, additional terms and conditions may apply as outlined in the Auction Guide, all of which are the responsibility of the Seller and the Buyer, and not The Pioneer Group.
25. All sales are final.
26. All delivery or pickup arrangements must be made with the supplying business.
27. All decisions by The Auction Committee are final.
28. The Pioneer Group will not