Payments and Fees

Payment

After the closing of a successful auction, a representative from Hodgins will provide the successful bidder with detailed instructions concerning how to submit your payment for deposit into our secure bank account. After the closing of a successful auction, the successful bidder must submit the full purchase price, plus all applicable taxes and plus the Transaction Fee (as described in Buyer Fees).

Payments can be made by: i) wire transfer or ii) certified bank cheque (Canadian customers only). All non-Canadian customers must make payments by wire transfer.

Once full payment (including all fees and taxes) from the buyer has been received into the secure bank account assigned to your transaction, Hodgins will notify both the buyer and seller that the money has been deposited and the buyer will be provided with the location of the equipment. At this point, the seller is obligated to release the Equipment to the buyer for shipment. After the item reaches the buyer and is accepted or once an event constituting Deemed Receipt has occurred, Hodgins will the release the net sale proceeds to the seller.

Buyer Fees

Participation in Hodgins Online Auctions is free. However, for each piece of Equipment that is purchased in a Hodgins Online Auction, the buyer is responsible for and must pay a transaction fee to Hodgins.

For each item you purchase, you will be charged and you will be responsible to pay to Hodgins a transaction fee of 2% (two percent) of the auction closing bid (the purchase price) to a maximum of $500.00 per item.

If you fail to complete your purchase after you are the successful bidder in a Hodgins Online Auction, you will be required to pay a default penalty. Failure to complete the sale, for any reason, will require the successful bidder to pay a “Default Penalty” equal to twelve percent (12%) of the auction closing price to Hodgins.

Note: For some auctions other buyer fees or premiums may apply. Please watch as you register for each individual auction.