Loud Lion Supply (LLS) Auction: Terms and Conditions
1. Seller Terms and Conditions
1.1 Commission
The commission rate is percentage-based and agreed upon before listing goods. Winning bids are subject to the following rates and will be deducted from the final price to LLS (Appendix A).
1.2 Price Structure
All lots will have an opening price of $0.
1.2.1 Format
At the seller’s interest in participating in an LLS auction, an option between 1.2.1.1 and 1.2.1.2 must be selected.
1.2.1.1 Unreserved
The auction will be an unreserved style format where, unless sold at the BIN(1.2.2), the top bidder at the auction end will be the winner of the lot. There are no upfront fees associated with listing as an unreserved. Winning lots are subject to commission structure (Appendix A)
1.2.1.2 Reserved
LLS will counsel on the reserve price and incremental bid amounts to provide the highest chance of success. Once the reserve is met or exceeded the top bid will default as the winner. If the reserve is not met, at the seller’s discretion, can select the top outstanding bid as the winner.
Reserved auctions will incur an upfront processing fee regardless of the lot’s success (Appendix B) if the bottom line exceeds 45% of the MSRP. This fee is based on the total reserve price across a seller’s lot(s), as opposed to the number of reserve lots. Winning lots will still incur the normal commission rates (Appendix A).
1.2.2 Buy it Now
Set at the seller’s discretion and LLS’ counsel.
1.2.3 Incremental Bids
The minimum incremental increase price of a bid. Jointly agreed upon by LLS and the seller.
1.3 Auction Duration
Consider the length of the auction duration:
- The promotional period is 21-7 days before bidding begins.
- Bidder due diligence period
- Item list released
- Bidding period: Stated in the promotional period. Each lot will have a minimum bidding period of 7 days or more.
- Auction launch and end: 9 AM MST.
1.4 Seller No-Shop Provision
While the lot is listed on LLS, the seller cannot seek alternative offers or list elsewhere.
1.5 Non-Circumvention
Sellers are prohibited from any direct communication with bidders.
1.6 Payment Terms
LLS will provide a bill of sale to the seller. The seller will then invoice LLS. The seller will receive the proceeds of the winning bid amount, less applicable commission & fees based on our fee schedule (Appendix A & B).
1.7 Shipping Terms
Sellers are recommended to have lots prepared for shipment once confirmed for an auction and provide dimensions and weights.
Notice and reason must be given in the event this is not possible and must be done at the earliest time.
When a winning bid is declared or payment of the designated BIN price is confirmed, the seller must prepare the lot for shipment within 24 hours.
- Shipment Images: LLS requires photo/video evidence of the prepared shipments before pickup to ensure proper documentation and facilitate unforeseen circumstances.
1.8 Details and Specifications
1.8.1 Images / Videos
Provide images of the lot prior to storage and in storage.
Prospective bidders can seek additional information.
Prioritize images that capture the best view of the lot.
Videos of the machine in operating order are recommended.
1.8.2 Short Description
High-level description of the item on the main auction landing page.
1.8.3 Long Description
Additional details for prospecting bidders to consider.
Sellers should fill out the “LLS Used Equipment Listing Details”
1.8.4 Existing LLS Items
If the seller has listed an item on LLS before auctioning, the BIN price will match the existing listing price.
Listings will be private for the duration of the auction.
1.9 Subjective Changes
LLS has the authority to withdraw a listing from the auction salefor an LLS reserves the right to combine lots into or split lots into smaller lots, whenever it is for the seller’s benefit. LLS will provide notice to the seller with its intent and reason. LLS will weigh seller feedback on subjective changes into its final decision.
1.10 Expired Auctions
Auctions that expire without a bid will not be eligible for future auctions. At LLS’ and the seller’s discretion the lot can be rolled over into a listing on LLS.
2. Bidder Terms and Conditions
2.1 User Login / Registration
Bids can only be placed by registered users.
Users will be prompted to log in/register to participate in auctions.
2.2 Payment Terms
LLS is responsible for invoicing the bidder or through Stripe.
Won lots are added to the cart and can be purchased in the standard LLS checkout. The bidder is responsible for shipping.
Payment not received within 5 business days will be billed for the remaining amount.
LLS may contact bids over $5,000 CAD and may require a PAD to ensure payment will be made if won. Failure to comply will result in the bid being rejected.
2.3 Bidding terms
Bids are irrevocable, and all sales are final. If you’re the highest bidder when at the end date, you’re the new owner of that item.
2.4 Condition of Items Sold
Sold “as is where is”. Bidders are encouraged to do their due diligence once the initial auction list is sent prior to the start of bidding and over the duration of the auction.
Winning bids will be auto-debited for 20% of the winning bid amount. If the winning value of the lot does not exceed this amount, the winner will be refunded for the difference, otherwise, this fee is non-refundable.
2.4.1 Indemnification
The purchaser is responsible for defending and indemnifying LLS and the seller against any claims or liabilities related to the condition, removal, or use of the purchased articles. This includes failure to follow manufacturer instructions, warnings, or legal requirements. The indemnification obligation continues even after the articles are delivered to the purchaser or transferred to a third party.
3. Loud Lion Supply Roles and Responsibilities
3.1 Role and Offered Services
LLS seeks to make an engaging and worthwhile experience for both sellers and bidders. As such auctions will only be hosted when an adequate catalogue of products can be built up before a promotional period can occur. All standard terms and conditions on the website extend to the auction.
To inquire about hosting an auction contact auctions@loudlionsupply.com.
3.1.1 Appraisal
LLS offers support and assistance in appraising and evaluating lots. This includes determining incremental pricing, BIN, and opening prices.
3.1.2 Communication
LLS manages communication between the seller and bidders. Bidders are contacted in the order messages are received to prevent situations where bidder actions depend on our responses.
3.1.2.1 Email Communication
LLS will notify bidders when:
- They have successfully placed a bid.
- They have been outbid.
- They have won an auction
- They need to wait for seller confirmation.
- They have not won the auction.
- A BIN offer is being processed.
- Their private message has been sent.
LLS will notify a seller when:
- A BIN offer is fully paid.
- Information is needed to address a private message.
- The auction has concluded.
3.2 Responsibilities
3.2.3 Removal of Goods
LLS disclaims responsibility for the accuracy, authenticity, or defects in any lot. Sales are final, and no adjustments will be made due to errors or imperfections. Articles are sold “as is,” without recourse. Purchasers cannot claim damages related to article condition or use.
3.2.6 Compliance with Terms of Sale
In default of payment of bills in full within the specified time, LLS, in addition to all other remedies allowed by law, may retain all monies received as a deposit or otherwise, as liquidated damages.
3.3 Suspicious Bidding Activity
LLS employs advanced algorithms and manual monitoring to detect suspicious bidding behavior. We actively look for signs of fraudulent activity, including but not limited to:
- Anti-sniping measures are implemented 18 hours before the auction’s conclusion. Any subsequent bids in this time frame will recursively extend the auction by 30 minutes.
- If we find evidence of fraud, we take appropriate action, which may include:
- Suspending or banning accounts involved in suspicious activity.
- Voiding bids associated with fraudulent behavior.
- Cooperating with law enforcement if necessary.
3.4 Force Majeure
LLS shall not be considered in default regarding the terms if it is unable to fulfill its obligations due to any of the following circumstances beyond its control:
- Strikes or lockouts
- Civil commotion, war-like operations, invasion, rebellion, or terrorist acts.
- Hostilities, military or usurped power, sabotage, or acts of government authorities.
- Hlu, epidemic, serious illness, plagues, disease, emergency, or outbreak.
- Widespread power failure or internet disruption.
- Natural disasters (e.g., hurricanes, tornados, floods, mudslides, fires).
In such cases, LLS’s performance shall not be considered in default.
3.5 Contact Information
Business Name
Loud Lion Supply LLC.
Address
Loud Lion Supply, 305 1170 Kensington Cr. NW, Calgary, Alberta T2N 1X6, Canada
Appendix
Appendix A
For items priced $9,999 and below 15%
For items priced between $10,000 and $49,999: 13%
For items priced $50,000 and above: 11%
Appendix B
The MSRP is based firstly on the seller-provided or LLS market research.
The reserve fee will be waived if a lot is less than or equal to 45% MSRP, otherwise the following applies. The upfront reserve fee is 2.5% of the total reserve price set by the seller across all reserve lots above 45% of MSRP, at a floor of $500 and ceiling of $1500.
E.g.
Seller lot 1, bottom line: 500, MSRP 1,000.
Seller lot 2, bottom line: 45,000, MSRP 100,000.
Seller lot 3, bottom line: 20, MSRP 100.
Seller lot 4, bottom line: 50,000, MSRP 10,000.
The seller can optionally list lots 2 or 3 as reserved or unreserved at zero cost.
If the seller lowers their bottom line on lot 1 to 450 or lists it as unreserved, there are no costs. If not, the reserve fee applies. The sum of lots above 45% MSRP is 55,000, incurring a $1375 reserve fee.