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[[[ Frequently Asked Auction Questions

Should I have an Auction?
Whether you are merging facilities and have excess equipment or you are trying to generate cash flow quickly, Williams & Lipton Company can sell some or all of your facilities assets.
How long is the lead time for an Auction?
Lead time can vary depending on the size of the auction to be held.  Williams & Lipton Company prefers a time frame of 4 - 6 weeks once there is a signed agreement in order to effectively setup, catalog, and properly promote the auction.

What are the cost for holding an Auction?
Cost will vary depending on factors such as size of facility, location and the quantity of assets to be sold, etc.  A Williams & Lipton Company appraiser/consultant can discuss your options with you as well as outline the costs associated with each option.

How can I place a Auction bid?
(1) You must be registered. You can register either on the preview day or on the day of the auction. Once you have registered, you will receive a buyer's number and a paddle.  Online only auctions require you to register online.

(2) After placing a successful bid, a deposit of 25% is required. The funds can either be cash, certified funds, or a company check accompanied by a letter of credit from your bank guaranteeing funds will be payable by your bank.

After placing a successful bid, what do I need to remove the machinery?
(1) In order for a rigger to remove any machinery from the building, a minimum liability policy of $2,000,000 must be obtained and on file with Williams & Lipton Company.

(2) Tax exemption documents with a valid tax ID number must be shown.  If you can not provide a valid sales tax exemption certificate, sales tax will be added to your bill as required by law.

(3) All Outstanding invoice amounts must be paid in full before any purchases may be removed.

(4) Once the above items are obtained/completed, you should check in with the on-site administrative office. The Williams & Lipton Company employee(s) will process your account and verify that all requirements have been satisfied. Failure to meet any of the above requirements can result in delays and/or additional costs.

(5) After release by a Williams & Lipton Company employee(s), you will be free to remove your purchased items.

How do I bid by proxy?
To place a proxy bid prior to the auction sale:

All proxy bids must be submitted on your company letterhead.

Please provide exact information of the item or machinery you are bidding on, including the serial number if possible.

A 25% deposit of the bid amount must accompany your proxy bid. The guidelines for the deposit, which must accompany your proxy bid, these are the same as a deposit, as if you were attending an auction sale. Please see payment terms and conditions of the auction sale.

You can also wire transfer your 25% deposit. Please call us at 248-478-2000 for wiring instructions.

Proxy bids without a deposit will not be accepted. If you need additional information, please contact our office for assistance.

What are the "Terms of Sale" at an Auction?
All items being offered for sale will be offered in piecemeal. All sales are for CASH, CASHIER'S CHECK, or COMPANY CHECK and/or WIRE TRANSFER only with an IRREVOCABLE, UNQUALIFIED BANK LETTER OF AUTHORIZATION (the letter must conform to our example as shown.) On the day of sale, you will be required to submit a deposit equivalent to no less than 25% of each item purchased at the time of purchase. Your entire account must be settled prior to the removal of any of your purchases. Please show this example of an authorization letter to your banker.

Date: 

To: Williams & Lipton Company, Farmington, Michigan

Mr. (Customer Name) of (Company Name) is a customer of this bank. This bank will guarantee irrevocable, unqualified payment for full face value stated on this letter to Williams & Lipton Company for checks drawn on (account number) for an amount up to $_______.00. This letter is void after (date).

Sincerely,


Bank Representative
Title

This letter format also applies to all wire transfers. All items being offered "AS-IS", "WHERE-IS", with the only guarantee being that of good title. All other terms of sale and conditions of sale may be added prior to sale and may vary from sale to sale.  Complete terms of sale are available at the time of check-in for each auction sale.