Invoicing
The "Winning Bid" is defined as the highest bid in an Auction, or the highest bid in a Reserve Auction that meets or exceeds the Reserve Price; provided, however that in the event two or more Bidders tie for the highest bid, the Winning Bid shall be awarded to the Bidder who first placed the highest bid with Alliance Magnetics HK Ltd. A "Completed Auction" is defined as any auction which results in a "Winning Bid" at the Auction Closing. The cost of the auction service is paid for by the Seller.
After the Auction Closing, Alliance Magnetics HK Ltd. will make a reasonable effort to notify the Seller and the Successful Bidder of any "Completed Auction" by e-mail, fax or telephone. Upon Auction Closing of any "Completed Auction," Alliance Magnetics HK Ltd. will make a reasonable effort to send an invoice to the Successful Bidder in the amount of the Winning Bid for the Auction Item. The Successful Bidder has the responsibility to pay such invoice in accordance with the Buyer Payment Policy.
Payment Window
The Successful Bidder has the responsibility to deliver the Auction Payment to Alliance Magnetics HK Ltd. No Later Than 5 Business Days after the Auction Closing.
Acceptable Payment Methods Wire Transfers or Certified Cashier Checks via FedEx
The Successful Bidder will remit Auction Payment to Alliance Magnetics HK Ltd. by wire transfer or certified cashier check; a personal or business check will NOT be accepted, will delay the release of the Auction Item, and may result in a forfeiture of the Auction Item due to a breach of contract. All payments must be made in U.S. funds. Certified cashier check shall be drawn on an U.S. bank in US Dollars.
The Successful Bidder may contact Alliance Magnetics HK Ltd. by the following telephone number:
North American 1-914-944-1690 Mon-Fri 9am - 5pm EST
Asia 852-2947-7442 Mon-Fri 9am - 5pm Hong Kong Time
A payment made by certified cashier check by a USA Bank should be made payable to Alliance Magnetics, LLC and sent to:
Alliance Magnetics, LLC
100 Executive Blvd
Suite 202
Ossing, NY 10562, USA
Taking Custody of Goods:
Alliance Magnetics HK Ltd. release to Seller the Seller's portion of the Auction Payment within two business days from the date of its receipt of the Auction Payment from Successful Bidder. If Successful Bidder (Buyer) makes a timely and proper payment to Alliance Magnetics HK Ltd. Seller will receive Seller's portion of the Auction Payment no later than seven business days after the Auction Closing.
Alliance Magnetics HK Ltd. will make a reasonable effort to confirm Seller's receipt of the Auction Payment. Following such confirmation, Seller has the responsibility to promptly release the Auction Item to the Successful Bidder. Within one full business day of such confirmation, Seller has the responsibility to issue a Release Letter for the Auction Item to the Successful Bidder.
Taxes and Customs Policies:
Each Successful Bidder is responsible for and must pay applicable sales tax or provide a resale tax identification number to the appropriate governmental entity. All international, foreign, state, and local taxes, duties, etc. are the responsibility of the Successful Bidder. Each Buyer is responsible for doing their own due diligence, knowing and complying with all of the customs policies of that buyer's country.
Failure to Pay:
If the Successful Bidder fails to pay the Auction Payment within five business days of the Auction Closing, the Successful Bidder's right to purchase the Auction Item may be forfeited and that person's privilege of bidding at AMExchanges.com may be lost, at the option of Alliance Magnetics HK Ltd.。Bidding is a privilege and not a right, Alliance Magnetics HK Ltd. reserves the right to neither accept bids from certain persons nor allow certain persons to participate in its auctions. In addition to loss of membership privileges with Alliance Magnetics HK Ltd. the failure to pay may also result in a legal judgement as each completed auction creates a legally binding agreement between the Buyer and Seller in accordance with the terms and conditions of each auction. This agreement is enforceable by either party in a court of law.
This Buyer Payment Policy is subject to the terms and conditions of the Alliance Magnetics HK Ltd. User Agreement and all agreements incorporated therein by reference.
By using this web site, the Buyer is deemed to have accepted and to have agreed to all of the terms and conditions contained in the Auction Functionality and Bidding Rule, this Buyer Payment Policy, and the User Agreement and all agreements.
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