Buyer Auction Agreement

Before each bid, the platform will show the bid amount, buyer fee rate and any minimum or cap, resulting buyer fee, and combined bid plus fee. The buyer fee is [RATE] percent of the accepted winning bid, with [MINIMUM OR NONE] and [CAP OR NONE]. It is payable to Ballast separately and is not a deposit, escrow payment, or credit against the seller’s purchase price. Taxes, registration, inspection, transport, financing, and independent closing costs are additional unless expressly included. No undisclosed fee may be added after bidding.

Arrange any desired inspection, survey, sea trial, title review, and financing before bidding. Sellers must provide reasonable access as stated in the listing. A bid is not conditional on later financing, trade in, inspection satisfaction, or resale unless the listing expressly includes that condition before bidding. This does not waive remedies for fraud, material misrepresentation, undisclosed material defects, or failure to provide transferable title.

Each listing states whether the auction is with reserve or without reserve, the closing time and time zone, bid increments, and any automatic extension rule. A reserve auction produces a winning bid only if the reserve is met and the sale is announced complete. A no reserve auction is expressly identified. Sellers, their agents, and related parties may not bid to inflate price. Bids may be retracted before announcement of completion to the extent applicable law permits; contact [SUPPORT EMAIL] promptly if no self service retraction control is available. Do not rely on a blanket no retraction rule. Retraction does not automatically revive a prior bid.

The auction ends after the displayed deadline and any disclosed extensions. Completion occurs when Ballast displays and records the sold announcement identifying the accepted winning bidder and price, provided the reserve or other disclosed sale condition is satisfied. At that point, buyer and seller agree to complete the purchase on the listing terms and this agreement’s corresponding seller obligations, subject to applicable law. Ballast records and communicates the auction result but is not the purchaser or vendor. The parties will sign a bill of sale and any required title documents. A later closing document may clarify the sale but does not permit unilateral changes to price or accepted conditions.

You authorize Ballast’s payment processor to place a disclosed temporary card authorization of [AMOUNT OR FORMULA] when [TIMING] and charge only the applicable buyer fee after a valid winning result. An authorization is not a purchase deposit. For unsuccessful bidders, Ballast will request release promptly; bank release timing varies. No fee is charged for an unmet reserve or a cancelled auction. Ballast does not receive the purchase price; arrange secure payment directly with the seller or an independent provider. Verify payment instructions independently before transmitting funds.

Buyer and seller must contact one another within two business days and complete closing within ten business days after completion unless they agree otherwise in writing. Buyer pays the accepted winning bid to the seller or agreed independent provider and pays taxes and buyer expenses as legally applicable. Seller must deliver the identified vessel and included property, execute required documents, and discharge liens or arrange an agreed documented payoff at closing. Do not release final funds until the agreed title and delivery conditions are satisfied. Risk of loss and possession transfer should be specified in the sale confirmation; absent agreement, applicable law governs.

Ballast earns the buyer fee when a valid auction results in an accepted winning bid meeting the disclosed sale conditions, subject to the following refund rights. Ballast will refund the fee if it cancels or invalidates the result, the seller refuses or cannot complete the agreed sale without buyer fault, the seller cannot deliver transferable title as agreed, or a substantiated material misrepresentation or undisclosed material defect existing at auction close prevents closing on the agreed terms. A materially misstated vessel identity, ownership, damage history, or included equipment can qualify. These rights do not create a general post bid inspection contingency for conditions accurately disclosed before bidding.

If closing fails solely because the buyer changes their mind, cannot obtain financing, or otherwise breaches without a qualifying seller or platform failure, the fee remains payable to the extent permitted by law. If both parties agree to abandon an otherwise performable sale, the fee is not automatically refundable. No provision permits Ballast to retain a fee when applicable law requires repayment. Ballast does not collect the seller’s damages or impose an additional default penalty under this agreement.

Notify [SUPPORT EMAIL] promptly, preferably within five business days after learning of a qualifying problem, and provide relevant listing records, communications, inspection findings, or title documentation. This requested reporting period does not shorten statutory rights. Ballast will reasonably investigate, invite both parties to respond, and communicate a decision and reasons, ordinarily within fifteen business days after receiving sufficient evidence. Approved refunds will be initiated to the original payment method within five business days. Bank posting times vary. No refund requires a release of mandatory legal rights. Fee review does not conclusively adjudicate buyer and seller liability. Your lawful payment dispute and court rights remain available.

Before completion, Ballast may pause, extend, or cancel an affected auction to address a material outage, fraud, legal restriction, or material listing error, with notice to affected users. A material listing correction after bids are placed must be prominently disclosed, and affected bidders must have a reasonable opportunity to withdraw or reconfirm before completion. After completion, Ballast may flag suspected fraud or an invalid result and refund its fee where appropriate; it does not claim unlimited authority to erase a valid buyer and seller contract. Any rerun must be disclosed and follow applicable law.

By accepting, you confirm that you reviewed the listing and disclosed sale conditions, understand the separate buyer fee, have authority and intended means to pay, and understand that a completed winning result creates sale obligations. Seller statements and Ballast’s limited platform role do not eliminate rights that cannot lawfully be waived. The Terms of Use govern disputes with Ballast, service disclaimers, and liability limits.