Payment Requirements:
Required Winning Bidder Procedure: After an auction closes (or all lots that you may win in the auction close). We both require and appreciate prompt payment. Full Payment is due within 2 days of the close of each auction unless a time payment plan is prearranged prior to bidding with the Rice Texas Online Auction Sales billing or sales team, and a confirmation is received from a RICE TEXAS ONLINE AUCTION SALES  representative in writing or via e-mail before you submit a bid for an item. It is possible that extended terms may be arranged post-sale in relation to time payments or in relation to a sales consignment deal for items to be sold in an upcoming auction. The billing department may arrange a time payment plan, and a member of the sales department may arrange for a consignment deal. All transactions are subject to a 10 percent (10%) Buyer’s Premium which is in addition to the purchase price.
In it’s sole discretion, Rice Texas Online Auction Sales may require that winning bidders pay via a payment method other than credit card, such as bank wire for items over $5,000.00. This requirement shall not relieve a buyer from his obligation to purchase any items for which bidder has placed the winning bid. Buyers paying via bank wire will be charged a fee for processing incoming wires — the bank wire fee is $20 for domestic customers and $45 for international customers. Sales tax is required to be paid for all orders shipped to states set forth within clause 16 of Rice Texas Online Auction Sales terms and conditions unless a valid resale certificate has been placed on file with Rice Texas Online Auction Sales .
At its sole discretion, Rice Texas Online Auction Sales may cancel purchases or bids for any items for any reason, including, but not limited to late payment. Rice Texas Online Auction Sales also may, in it’s sole discretion, suspend or permanently cancel bidder accounts. In accordance with the terms and conditions, Rice Texas Online Auction Sales reserves the right to charge a fifteen dollar ($15) or 3% late fee, whichever amount is greater, to any order not paid within fifteen (15) days of the date the auction has ended in the case of an auction purchase. Rice Texas Online Auction Sales also reserves the right to charge 1.5% interest per month on the balance owed, with interest accrued from the auction end date to the date paid, in the event that payments are not received within twenty (20) days of the date of Rice Texas Online Auction Sales ‘s confirmation to you of your order or your winning bid. Rice Texas Online Auction Sales may also, at its discretion, resell items won by winning bidders to other customers (in which case 90% of the resale price is applied to winning bidder’s account and Rice Texas Online Auction Sales will earn a commission of 10%), or, at its discretion, elect to purchase the items for its own inventory or for resale, in which case all winning bidder rights to the items won are relinquished. In either case, the initial winning bidder’s account will be suspended or permanently cancelled, but this will not release the bidder from any liability due to Rice Texas Online Auction Sales , and Rice Texas Online Auction Sales will always reserve the right to enforce and pursue collections for any purchase made by the bidder.