Binding Offer to Purchase Sample Clauses
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Binding Offer to Purchase. If you are the highest bidder at the end of a Featured Auction and have met the applicable opening bid (“Featured Auction Buyer”), you are obligated to complete the transaction with the Seller unless the transaction is prohibited by law or regulation or by this Agreement. If you are the highest bidder at the end of a Auction and have met or exceeded the applicable Reserve Price (as defined in the Auction Seller Agreement located at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇/pop/consignment_printable.jsp), if any, or if you accept a Second Chance Offer (as defined in the Auction Seller Agreement located at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇/pop/consignment_printable.jsp) extended by the Seller, if any such offer is made (“ Auction Buyer”, with and Featured Auction Buyers collectively referred to herein as “Buyers”), you are obligated to complete the transaction with the Seller unless the transaction is prohibited by law or regulation or by this Agreement. Bidders agree that bidding on the IronPlanet Site is the legal equivalent of a firm purchase order.
Binding Offer to Purchase. If you are the highest bidder at the end of a Featured Auction and have met the applicable opening bid (“Featured Auction Buyer”), you are obligated to complete the transaction with the Seller unless the transaction is prohibited by law or regulation or by this Agreement. If you are the highest bidder at the end of a Daily Auction and have met or exceeded the applicable Reserve Price (as defined in the Auction Seller Agreement located at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇/pop/consignment_printable.jsp), if any, or if you accept a Second Chance Offer (as defined in the Auction Seller Agreement located at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇/pop/consignment_printable.jsp) extended by the Seller, if any such offer is made (“Daily Auction Buyer”, with Daily and Featured Auction Buyers collectively referred to herein as “Buyers”), you are obligated to complete the transaction with the Seller unless the transaction is prohibited by law or regulation or by this Agreement. Bidders agree that bidding on the IronPlanet Site is the legal equivalent of a firm purchase order. Notification of Assignment of Rights. IronPlanet hereby notifies prospective bidders/Buyers that the consigners of certain pieces of Equipment have assigned to a qualified intermediary their rights, but not their obligations, under the Auction Seller Agreement for purposes of effecting a deferred Like-Kind Exchange under section 1031 of the Internal Revenue Code of 1986, as amended, and the applicable regulations. Void Bids. IronPlanet reserves the right to reject or void bids, whether winning or not, which it believes have not been made in good faith, are intended to manipulate the auction process, or are prohibited by any applicable law, restriction or regulation. Winning Bids. IronPlanet is the one and only judge for the determination of winning bids (“Final Sale Price” or “Final Selling Price”), but IronPlanet shall not be liable for any errors or omissions relating to such determination, whether by IronPlanet or some other person.