Terms and Conditions

Bid Bug Corporation. (bidbug) is responsible for maintaining the bidbugauction.com website. bidbugauction.com serves as the
venue used by independent auction companies (Affiliates) to present their online auctions to bidders.
The following terms and conditions apply to every auction posted on the bidbugauction.com website. These
terms and conditions relate to general website policies and procedures. In addition to the website
terms, each auction appearing on bidbugauction.com has auction specific terms. The auction terms appear at the
bottom of every auction page. By placing a bid on bidbugauction.com, bidders are verifying they are at least 18
years old and acknowledging they understand and will comply with both the bidbug.com website terms
and the auction specific terms.

#1 RULE IN BIDDING
Registration
All information provided by bidder during the registration process must be current,complete, and accurate. Bidders must be at least 18 years of age. Bid bug Corporation at its sole discretion,may deny registration to any person or entity.

Once a bid is placed, you are obligated to purchase if you are the
winning bidder. Removal Day is not the time to “Change your mind” or decide you “Really don’t like it”.
Failure to purchase for any reason will result in your bidder number being disabled and pending bids
cancelled. Our fraud control system will NOT allow you to bid by creating another user account. Removal Day Is NOT Inspection Day!

Web Site Guests Ability to Bid

ID may be requested. bidbug requires bidders to be over 18 and register with their full legal name. You
may not register with any name other than your own. Attempts to register with a name other than your
own(identity fraud) will be referred to appropriate legal authorities. In the event that you have a legal
right to register on another’s behalf, you must send a copy of the POA prior to registration. Owners of
items being sold on bidbug are expressly forbidden from bidding on their own items.

In the event that bidding rights are terminated due to no-show invoices, bidders MAY be reinstated at
the discretion of bidbug only after a penalty fee of 20% of the unpaid invoice(s) and a reinstatement fee
of $25.00 has been paid to bidbug and a scanned copy of your driver’s license emailed to us. INVOICED
ITEMS WILL NOT BE AWARDED. The payment is punitive and meant to deter no-shows. Duplicate bidder
accounts will be deactivated when they are determined to exist. If possible and at our discretion bidbug
reserves the right to delete any bid we believe has been place by a suspect bidder. Any registration that
shows up on our fraud detection system may be placed on hold and bids removed until user is verified.
Bid Bug Corporation reserves the right to disallow anybody from bidding on its web site. A member of a household who has “No-Showed” on an invoice will cause all members of the household to be disallowed from bidding. No further registrations from the household members will be allowed until prior issues are cleared. Cases of obvious bidding with no intent to redeem will be referred to appropriate legal authorities
Credit Card Required to Bid

In order to place bids on the web site a valid credit card is required. Credit card information is for
identity verification only and will not be used to pay for invoices (even at the request of the bidder).
Registrants will be directed to our credit card processor and credit card information will be stored by the
processor. The processor maintains full PCI compliance. bidbug will not have access to your credit card
information. An online payment system may be launched in the future but that will be on an opt-in basis
only and require separate registration.

bidbug’s Role in Auctions Published on bidbugauction,com

bidbug’s role in the auctions listed on bidbugauction.com is limited to providing the venue for affiliate auctions.
Affiliates are not employees, agents, representatives or partners of Bid Bug Corporation. bidbug’s knowledge
about individual auctions and individual auction transactions is limited to the information appearing on
the website. Questions and issues relating to a specific auction or transaction must be directed to the
affiliate named as conducting and managing that particular auction. The auction specific terms, found
below each auction item picture and description, lists the name and phone number of the individual
authorized by the independent business to conduct and manage that specific auction on the auction
company’s behalf.

Responsibility Associated with Obtaining a Bid Number

A unique bid number is provided to a bidder upon completing the registration form. Bidders are
responsible for keeping the contact information associated with their bidder number up to date and
accurate. During the registration process, bidders will choose a password. This password is immediately
encrypted and is known only to the bidder. It is the bidder’s responsibility to ensure the security of their
password. Bidders are held accountable for every bid placed with their bidder number.

Winning Bidder Notifications

bidbug’s system automatically sends notifications to winning bidders. Once we send them, we have NO
CONTROL over whether or not they reach their final destination. Bidders can check their status by
looking on their dashboard two hours after the sale closes. Bidders are responsible for knowing if they

 

have invoices. Claiming you did not receive your email. Therefore it is not your fault that you did not pick
up does WILL NOT work with us.

Bid Retractions

If you do not want an item, don’t bid on it. Once placed, bids will not be retracted

Credit Cards

Due to the expense in running credit cards for low value invoices, the minimum credit card transaction
will be $5.00

Credit card payments are not accepted for more than $5,000; unless otherwise stated in the auction
terms.

Bidder Training and Tutorials

Bidders are responsible for understanding how to use the bidbugauction.com bidding platform prior to placing
bids. Training is available within the Bidder Knowledge Base. If bidders require
further assistance, they should contact bidbug (651. 777-3848) prior to placing bids.

Auction Information

Bidders are responsible for every bid placed with their bidder number. Bidders are responsible for
knowing and abiding by the terms of every auction for which they receive a winning bidder invoice. Prior
to placing a bid on an auction, the bidder should review the auction information and details included in
the 3 tabs (Details, Terms, and Directions) at the Home auction page:

Which affiliate is conducting the auction and where the auction assets are located.

The scheduled closing date and time of the auction, as well as when the auction inspection and removals
are scheduled.

Auction and Removal instructions contained in the auction terms, including payment types accepted by
the affiliate.

 

Availability of shipping.

 

Will be determined by the affiliate having the auction (if shipping is available at all)

Auction Item Descriptions and Pictures

Lot descriptions and pictures are intended to provide bidders with information for determining asset
value. While the information on each asset is deemed to be accurate and include all relevant
information affecting the value of the asset, bidders should not rely on the item descriptions and
pictures as their sole means for determining an asset’s value. Physically inspecting an asset is the best
way for a bidder to determine its value. Affiliates are required to schedule inspections for every auction
they conduct on bidbugauction.com. Bidders are strongly encouraged to ALWAYS inspect assets prior to bidding.

Assets are sold “AS IS WHERE IS”

Assets sold on bidbugauction.com do not have warranties, express or implied. Illustrations, pictures or videos
posted on bidbugauction.com are for informational purposes only. Bidders have sole responsibility for
determining an asset’s value. Bidders must conduct whatever due diligence is necessary for them to
assess value prior to placing a bid. Bidding strategies and amounts should be based on the asset
research conducted by the bidder. Every bid is considered to be an offer to purchase the asset for the
bid amount. By placing a bid, the bidder waives any and all claims against the affiliate based on the
condition or value of items.

Assets Published with Reserves

Assets requiring a minimum bid price to sell, appear on bidbugauction.com with “Reserve Not Met” below the
Next Required Bid information in the lot description. Once the high bid reaches the required minimum
bid, the message changes to “Reserve Has Been Met” and the lot will be sold to the high bidder.
Auctions selling upon seller approval will be disclosed in the auction specific terms. In these cases, the
reserve wording will not appear on the item listing.

Affiliates may lower a lot reserve at any time before or after an auction closes. If the reserve is lowered
while the auction is in progress, the applicable reserve message will appear below the Next Required Bid
information (Reserve Not Met or Reserve Has Been Met); the asset will sell to the high bidder if the
lowered reserve amount is met. If the reserve is lowered after the auction closes, the highest bidder at
auction close will receive a winning bidder invoice.

Auction Close and Extended Bidding

 

Information on bidding pages is static, not dynamic. It will not change or update until you click on the
“Refresh” button or place a bid. Each auction has a scheduled closing time. This is the time the first lot
on the auction is scheduled to begin closing. Each asset within the auction will begin closing at the time
indicated for that asset.

Soft Close

bidbugauction.com extends the closing time of a lot if a bid is placed on the lot in the final 3 minutes prior to the
indicated close time. Each time an additional bid is placed, the countdown clock resets to 3 minutes. A
lot will not close until a full 3 minutes has expired since the last bid was placed. For example: If a lot is
scheduled to close at 7:30pm and a bid is received at 7:29pm, the countdown clock will reset to 3
minutes from 7:29pm. If no other bids are placed, the lot will close at 7:32pm. If an additional bid is
placed at 7:31pm, the countdown clock will reset to 3 minutes and the lot will not close until 7:34pm.

Auction Invoices

Bidders are notified of their successful bids within a few hours of the scheduled auction closing, via a
winning bidder invoice appearing on their Dashboard. Bidders are responsible for monitoring their
Dashboards and fulfilling the auction terms associated with each winning bidder invoice appearing on
the Dashboard. At the time an auction closes, the sale of the asset becomes a legally binding agreement
between the winning bidder and the affiliate. The bidder is required to purchase the asset and the
affiliate is required to sell the asset for the high bid amount plus the buyer’s premium and all required
fees and taxes.

Buyer’s Premium

Buyer’s Premium – Personal Property

A 13% buyer’s premium is collected on every lot purchased on the bidbugauction.com website; buyer’s premium
is capped at $3,000.00 for individual lots. The sales price of a lot is equal to the winning bid + the buyer’s
premium. The buyer’s premium is subject to sales taxes. A 3% discount will be applied if paid in cash certified check or bank issue check.

Buyer’s Premium – Real Estate

 

The buyer’s premium on real estate auctions is not capped and varies by auction. The buyers premium
for a real estate auction will be listed in the terms for that auction.

Sales Taxes

Invoices that include assets subject to sales taxes, will have the appropriate sales tax amount included
on the invoice. Sales taxes are calculated on the sale price (winning bid + buyers premium) for each
asset included on the invoice. Fees and taxes will be charged on all applicable assets; the only exception
to this is if the winning bidder completes the exemption documentation required to waive the fees
and/or taxes, before taking possession of the assets.

Auction Removals and Shipping

Winning bidders must pay their invoices and remove their assets from the auction location during the
scheduled removal date and time indicated for the auction. Bidder’s should not place bids on an auction
if they are unable to attend the scheduled removal, unless and until they have arranged for another
party to remove the assets during the removal, or discussed the possibility of an alternative removal
time or the availability of shipping with the affiliate. Affiliates address auction specific removal and
shipping instructions in the auction Terms, Details and Shipping tabs located at the bottom of each page
of the auction. It is important for bidders to recognize affiliates are under no obligation to provide
alternative removal times or shipping for the assets in their auctions.

Transfer of Ownership and Risk of Loss

At the time the winning bidder pays his invoice in full, ownership of the asset and risk of loss passes
immediately to the bidder. If a winning bidder pays his invoice in full, but does not take possession of
the assets during the removal day, ownership and risk of loss will still transfer to the bidder.

Failure to Abide by Website and/or Auction Terms

Bidders are responsible for knowing and abiding by the website and auction terms. Failure to do so will
result in the termination of bidding privileges on bidbugauction.com, reinstatement is at the discretion of Bid Bug Corporation.
Winning bidders who fail to attend the removal and haven’t made alternative arrangements with the
affiliate prior to the removal day, lose claim to the assets on their winning bidder invoice. The affiliate
conducting the auction will decide how unclaimed assets will be handled. The second highest bidder will
not automatically be given the opportunity to purchase unclaimed assets for their highest bid. If the
asset is resold for an amount less than the original highest successful bid, the original winning bidder is
obligated to pay the difference in the sales price (bid + buyer’s premium).

 

Fraudulent Bidding

Every bid placed on bidbugauction.com is considered to be a commitment to purchase the asset for the bid
amount. Bid Bug Corporation prohibits affiliates from placing bids on their own auctions and sellers (or their agents)
placing bids on their own assets. Bids placed with any intent other than to purchase the asset for the bid
amount, is fraud. Bid Bug Corporation will prosecute bidders who engage in fraudulent bidding. Bid Bug Corporation terminates the
bidding privileges of bidders who fail to honor their winning bidder invoices. Bidders who lose their
bidding privileges are prohibited from placing bids on bidbugauction.com. Placing bids using another bidder’s
number or registering for a new bidder number is an act of fraud. Bid Bug Corporation will prosecute bidders who
engage in fraudulent bidding.

Website Interruption

Bid Bug Corporation is committed to doing everything possible to ensure the reliability of our website. Unfortunately,
there are factors outside our control that can impact access to bidbugauction.com. If bidbugauction.com becomes
inaccessible at any point during an auction closing, the following protocol will be followed:

Auctions that have closed prior to the website going down, will remain closed and the winning bidder
invoices will be sent out.

Auctions in the process of closing, regardless of how many lots have closed or have yet to close, will be
reopened and the auction closing will be extended by 24 hours. Lots that closed prior to the website
going down, will be reopened for bidding; the winning bidder will be the lead bidder upon the website
becoming accessible again.

Auctions scheduled to begin closing during the time the website is inaccessible, and for the 15 minutes
following the website coming back online, will have the auction closing time extended by 24 hours.

Auctions scheduled to close more than 15 minutes after the website becomes accessible again, will close
at the scheduled time.

In the event of a website interruption not covered by one of the above scenarios, Bid Bug Corporation reserves the
right to make the final determination of how the auction will be handled.

Indemnification

Bidder indemnifies and holds Bid Bug Corpoarion., harmless against any damage, loss, injury arising from

the transactions or auctions conducted by affiliates.