Common use of Commissions and Fees Clause in Contracts

Commissions and Fees. (A) BUYER’S PREMIUM FOR ON-SITE BUYERS IS 10% FOR VEHICLE PURCHASES AND 15% FOR AUTOMOBILIA PURCHASES. TELEPHONE, INTERNET OR PROXY BUYER’S PREMIUM IS 12% FOR VEHICLE PURCHASES AND 17% FOR AUTOMOBILIA PURCHASES. Xxxxx understands and agrees that he must pay the sum equal to 10% for any vehicle Lot or 15% for any Automobilia Lot purchased at this auction, that this fee will be automatically included in the final settlement figure, and that he will be subject to applicable taxes and license fees. Xxxxx understands and agrees that a 2% penalty will be added to the Buyer's premium if Xxxxx leaves the auction venue without settling his final account. Sales tax, if applicable, will be charged on the final total of hammer price plus premium.