Cost of Service:
There are no registration or membership fees or listing fees. Becoming a Registered Buyer or a Registered Seller at AMExchanges.com is completely free.
The only fees charged in relation to the site are paid by a Seller to Alliance Magnetics HK Ltd. upon the success of a "Completed Auction," where we obtain a bid which meets or exceeds your minimum as agreed to prior to the auction, as detailed below.
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 AMExchanges.com. 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. The cost of the auction service is defined as the Service Fee. The Service Fee is calculated by multiplying the Winning Bid with the following service fee schedule:
15% Service Fee for gross winning bid equal or less than US$1000.00
10% Service Fee for gross winning bid between US$1000.01 to US$5,000.00
7% Service Fee for gross winning bid between US$5000.01 to US$10,000.00
5% Service Fee for the gross winning bid above US$10,000.00.
**Note: Discounts may qualify for those companies who have set up long term partnership programs in regards to selling their excess prime or excess secondary material at with AMExchanges.com.
Alliance Magnetics HK Ltd. does not have any minimum price or quantity restriction, which many commercial auction sites require.
The Service Fee as defined above is only charged for actual "Completed Auctions" as listed above.
* There is NO RISK. If you do not receive a bid above your minimum price, there is NO FEE.
Right of Refusal of Auction Sale
Seller has the Right of Refusal with respect to any High Bid for any Auction Item that does not meet or exceed the Reserve Price in a reserved price Auction, pursuant to the User Agreement.
The Right of Refusal does not exist in any Non-Reserve or Reserve Auction which results in a "Completed Auction," since a Seller is legally obligated to complete such a transaction, pursuant to the User Agreement.
By posting an amended User Agreement on the site for 2 days, to Alliance Magnetics HK Ltd. may revise this fee structure.
Invoicing of Successful Bidder (Buyer)
After the Auction Closing, AMExchanges.com will make a reasonable effort to notify the Successful Bidder by e-mail, fax, and/or telephone and send invoice to the Successful Bidder for the amount of the Winning Bid. The Successful Bidder has the responsibility to pay such invoice in accordance with the Buyer Payment Policy.
Payment Window for Successful Bidder (Buyer)
The Successful Bidder has the responsibility to deliver all Auction Payments to Alliance Magnetics HK Ltd. no later than 5 Business Days after the Auction Closing.
Acceptable Methods of Payment: Wire Transfers or Certified Checks
The Successful Bidder must remit the Auction Payment to Alliance Magnetics HK Ltd. by wire transfer or certified check; personal or business checks will NOT be accepted, will delay release of the Auction Item, and may result in a forfeiture of the Auction Item due to a breach of contract.
Alliance Magnetics HK Ltd. shall 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. If Buyer makes a timely and proper payment to Seller will receive Seller's portion of the Auction Payment no later than seven business days after the Auction Closing.
Releasing Custody of Auction Item Steel Goods to Successful Bidder (Buyer):
AMExchanges.com will make a reasonable effort to confirm Seller's receipt of the Auction Payment from the Successful Bidder. It is the responsibility of Seller to promptly release the Auction Item to the Successful Bidder following such confirmation. Further, Seller has the responsibility to issue a Release Letter for the Auction Item to the Successful Bidder within one full business day of such confirmation.
Failure to Pay by Successful Bidder (Buyer):
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. We reserve the right to neither accept bids from certain individuals nor allow them to participate in the auctions.
If the Successful Bidder (Buyer) does not make timely and proper payment of the Auction Payment and Alliance Magnetics HK Ltd. gives notice thereof to Seller, Seller shall notify Alliance Magnetics HK Ltd. within seven business days of receipt of such notice of Seller's exercise of its options to:
(i) Sell the Auction Item to the next highest bidder,
(ii) Submit the Auction Item to another auction (re-auction)
(iii) Terminate the auction of the Auction Item at no expense.
This Seller Payment Policy is subject to the terms and conditions of the AMExchanges.com User Agreement and all agreements incorporated therein by reference.
By using this web site, the Seller is deemed to have accepted and to have agreed to all of the terms and conditions contained in this Seller Payment Policy, and the AMExchanges.com User Agreement and all agreements incorporated in the AMExchanges.com User Agreement.
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