Traverse Companies is a provider of web space to auction goods and services. We are merely a venue for your private transactions. The information below helps to show the uses, terms, and responsibilities of all parties involved, namely Traverse Companies, the Sellers, and the Bidders. This information will serve as general instructions, and also contains some legal wording defining what we expect our role to be.

Overview and General Disclaimer

Traverse Companies is a service for buyers and sellers to meet and exchange items through an online auction format. We are not responsible for the actions of the bidders or the sellers on our site. This includes failure of a buyer or seller to complete any transaction, the accuracy of any listing description, communication between users, or enforcement of any sale that originated on the site. However, we may take action against a registered user for their conduct, and reserve the right to exclude any company or individual from access to our services if we determine their actions to be inappropriate.

The Internet being the fragile environment that it is, Traverse Companies cannot be held responsible for server down time, or your inability to access our site. Notifications sent by E-mail may possibly take longer than expected, and cannot be counted on to inform you of an item's status. In the event of technical problems, we reserve the right to cancel, restart, or extend an auction as the circumstances may dictate.

1) General

You must be at least 18 years old to bid any item, or to be a registered user of Traverse Companies.

2) Registration

You must enter correct contact information to have user access to Traverse Companies. To bid on an item you must be a registered user. As mentioned before, registration is free. Also, your information will ALWAYS be kept confidential by Traverse Companies staff.

3) Auctions

When the auction ends, high-bidder(s) are notified by E-mail. Auction results are also available for anyone to examine for at least seven (7) days after closing.

4) Bidding

In order to bid in an auction, you must first register with Traverse Companies. On every item in an auction, a minimum bid and a minimum increase (also called "bid increment") is set by our system. Our software will not accept a bid lower than either the opening bid, or the current bid plus the minimum increment (increase) . If an inappropriate bid is placed, a bidder will be notified immediately that their bid was not accepted, and provided with an option to correct the bid. Any current high bidders who are overbid at this time will receive notification by E-mail.

On items with a quantity of one (1), a Maximum Bid may be placed when bidding on an item (this is sometimes called a "proxy bid"). A Maximum Bid is confidential, and will be used by our system to increase your bid automatically in case you are outbid by another user. Our system will only bid high enough to outbid the current high-bidder, according to the minimum bid increment (increase). This can be a very nice feature, because it allows the system to bid on your behalf, so you don't have to constantly monitor an auction.

Before bidding on an item, you should make sure that you know what the item is and you want the item. Make sure you understand the extra costs of the item, such as sales tax or shipping charges. E-mail the seller with any questions you have.

By placing a bid, you are placing a legally-binding and irrevocable offer to purchase the item at any price up to your maximum bid amount. If your bid is the high bid and accepted by the seller, you are legally obligated to complete the transaction. Failure to complete the transaction is a breach of the User Agreement and may be grounds for legal action by the seller. Additionally, Traverse Companies may suspend or terminate your user account if we deem it appropriate.

5) Auction Closing

Each auction has its own ending time listed on the bidding form. Auctions end automatically at this time. At about midnight of that day, notifications are sent out to the winning bidders, with copies going to the seller. At this point the seller and the buyer must make arrangements between each other to complete the transaction. Traverse Companies has no other responsibility other than maintaining the bids, and providing the facility to hold the auctions. The seller is completely responsible for all warranties and expressed conditions on a particular item. However, Traverse Companies does in fact want to be informed of any disputes, and we will assist in resolving these issues, if necessary.

6) Auction Results

The results of auctions that received bids are displayed for a period of seven (7) days after closing. By selecting an auction, the results will be displayed with the items and the winning bidder(s). This information is provided as a service to our users, and should be used as a guideline to determine the market for a given item.

7) Reserve Price Auctions

Auctions may be run with reserve prices. The reserve price is the lowest price the seller is willing to accept for the item. The reserve price is not disclosed to bidders. This feature enables the seller to list their items at a lower starting price without being obligated to sell the item until bidding reaches their reserve level. This is usually done to encourage bidding on an item. However, sellers should be aware that bidders are sometimes reluctant to participate in auctions with a reserve price.

When a bidder's maximum price meets or exceeds the reserve price, an indication is added to show the reserve price has been met.

8) Becoming a Seller

When auctioning your items, consider setting the minimum bid as low as possible. If bidders think your starting bid is too high, they may not bid at all. However, keep in mind that your minimum bid is the lowest price you are willing to accept for the item (unless a reserve amount is chosen). Our software will automatically determine the bid increment based on the starting and current bid.

By auctioning an item, you are irrevocably and legally committing to accept the high bid for the item (unless a reserve price was not met). If you receive one or more bids at or above your minimum bid amount (or reserve price amount), you are legally obligated to complete the transaction.

Bidders expect you to be truthful about your listing. You should be clear in your description, include any additional costs the winning bidder may incur (such as sales tax or shipping charges) and include a photo whenever possible so the bidder may get a clear view of what they are bidding on.

Also, it is good practice to be responsive to bidders' questions and concerns.

If your group is interested in having an Online Auction please contact us.

Surplus Asset Auctions
PO Box 3788
Barrington, IL 60011-3788
(630)690-7200
(630)690-7929

9) Fraud

Fraud in any form is not tolerated at Traverse Companies. We encourage users to report any instances of fraud to us as well as to the appropriate authorities.

Be sure you have attempted to contact the user before assuming fraud. In many cases, it is simply a misunderstanding, error in shipping information, or something similar, that is quickly and easily resolved.

10) Spam (Unsolicited E-mail)

Any user sending unsolicited E-mail messages (Spam) to users of Traverse Companies will have their account suspended or terminated at the sole discretion of Traverse Companies.

11) Time of Payment

All invoices must be paid in full within 24 hrs of Sale Conclusion. Any other arrangements must be made with Auctioneer prior to bidding. If not, the merchandise will be deemed abandoned and Buyer will lose any right, title or interest Buyer may have acquired and the merchandise shall revert and repossess to Auctioneer without further notice to Buyer and the transaction shall be null and void as to Buyer.

12) Removal

All purchases must be removed not later than the date specified in the Auction Catalogue, the Equipment Removal section on our website and/or announced at the sale time. No lot can, on any account, be removed during the sale. All goods are sold "Where Is". Removal shall be at the expense, risk and liability of the Buyer. Purchases will be delivered only on presentation of paid bill. Auctioneer shall not be responsible for goods not removed within the time allowed, but shall have the option to remove and store at the expense and risk of the Buyer any article purchased, but not paid for and removed within the time aforesaid.

13) Manner of Payment

All payments must be made by cash, cashier's check, wire transfer or company check with a bank letter of authorization guaranteeing funds to Traverse Companies. All checks for deposits and balances due shall be payable to the order of "Traverse Companies". All bills must be paid to representatives of the Auctioneer at the plant unless otherwise announced. The full purchase price on all lots sold to the same Buyer must be paid within the time fixed and before removal of any goods.

14) Condition of Article Sold

The Auctioneer shall not be responsible for the correct description, genuineness, authenticity of, or defect in any lot, and makes no warranty in connection therewith. No sale will be set aside nor allowance made on account of any incorrectness, error in commentary, cataloguing, or any imperfection not noted. No deduction allowed on damaged articles, all goods being exposed for public exhibition are purchased and accepted by Buyer "AS IS", "WHERE IS" and "WITH ALL FAULTS". Auctioneer makes no warranties or guarantees whatsoever whether written, oral or implied as to quality, quantity, condition, usability , salability, weight, measurement, year, model, mechanical condition, performance or other specifications and without recourse.

15) Claims

No Claims will be allowed after removal of goods from premises.

16) Responsibility for Non-Delivery

Auctioneer shall not, in any event, be liable for non-delivery or for any other matter or thing, to any Buyer of any lot, other than for the return to the Buyer of the deposit or sum paid on said lot, should the Buyer be entitled thereto.

17) Compliance with Terms of Sale

In default of payment of bills in full within the time therein specified, the Auctioneer in addition to all other remedies allowed by law, may retain all monies received as deposit or otherwise, as liquidated damages. Lots not paid for and removed within the time allowed herein may be resold at public or private sale without further notice, and any deficiency, together with all expenses and charges of re-sale, will be charged to the defaulting purchaser.

18) Risk to Person and Property

Persons attending during exhibition, sale or removal of goods assume all risks of damage of or loss to person and property and specifically release the Auctioneer from liability therefor. Neither the Auctioneer nor his principal shall be liable by reason of any defect in or condition of the premises on which the sale is held.

19) Addition to or Withdrawal from Sale

The Auctioneer reserves the right to alter the order of the sale, withdrawal from the sale any of the property listed or to sell at this sale property not listed, and also reserves the right to group one or more lots into one or more selling lots or to subdivide into two or more selling lots. Whenever the best interest of the Seller will be served, the Auctioneer reserves the right to sell property listed, in bulk.

20) Dispute between Bidders/Bid Increments

If any dispute arises between two or more bidders, the Auctioneer may decide the same or put the lot up for sale again at once, or resell to the highest bidder. Auctioneer may reject a nominal or fractional bid advance if, in his estimation, it proves injurious to the sale. The Auctioneer's decision shall be final and absolute.

21) Reserve

The Auctioneer reserves the right to reject any and all bids. On lots upon which there is a reserve, the Auctioneer shall have the right to bid on behalf of the Seller.

22) Records

The record of sale kept by the Auctioneer and bookkeeper will be taken as final in the event of any dispute.

23) Agency

The Auctioneer is acting as agent only and is not responsible for the acts of its principals.

24) Buyers Premium

The Auctioneer in its sole discretion may impose a Buyer's Premium on any goods sold. The Buyer's Premium is a percentage that is added to the final purchase price of any item.

25) Shipping

All coolants, oil and fluids must be drained from all machinery and equipment prior to removal. All of the above must be shipped in compliance with state and federal regulations.

26) Insurance

All Buyers, or the Buyer's riggers must provide the auctioneer, Owner and Landlord a certificate of insurance in amounts acceptable to the above parties prior to removal of any machinery and equipment.

27) Additional Terms and Conditions

The Auctioneer may modify or supplement these terms and conditions of sale by language in the catalog available at the sale site, via our website or by announcement at the start of the sale.

28) Sales Tax

All sales are subject to state and local taxes, unless a proper exemption certificate including tax exempt number is presented at the time of payment.