Winning Bidder Clause Samples
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Winning Bidder. 1. If the Seller accepts Your bid and You are acknowledged by the Auctioneer as the Winning Bidder, You will be contractually obligated to purchase the Property and You must execute the written Purchase Agreement.
2. Once You are declared the Winning Bidder, the Purchase Agreement and certain other documents will be delivered for Your signature. The Purchase Agreement contains the exact terms and conditions of the sale. The Winning Bidder must agree to be bound by all terms, provisions and conditions of the Purchase Agreement and the related conveyance documents, if any, for the Property.
3. The Winning Bidder is required to wire funds to the Seller’s Escrow Account in the amount equal to the Deposit within twenty-four (24) hours after the Winning Bidder executes the Purchase Agreement. The Deposit will be subject to the terms and conditions in the Purchase Agreement.
4. If the Winning Bidder fails to execute the Purchase Agreement at completion of the Auction and deliver to Seller’s Broker immediately at the conclusion of the Auction, either the Auctioneer or Seller can declare the Winning Bidder to be in default. In the event of a declaration of default, the Winning Bidder’s bid shall be null and void and: (a) the Winning Bidder shall forfeit the right to purchase the Property; (b) Mecum shall be entitled to retain the Auction Participation Amount as liquidated damages for the Winning Bidders breach; (c) the Seller reserves the right to put the Property into another Auction and/or declare another Participant as the Winning Bidder; and (d) the Seller shall retain any and all remedies at law and in equity the Seller may have resulting from the Winning Bidder’s breach.
5. The Winning Bidder shall wire the Buyer’s Premium less the Auction Participation Amount to the Auctioneer as instructed by the Auctioneer within twenty-four (24) hours after the Buyer executes the Purchase Agreement. Failure of the Winning Bidder to wire the Buyer’s Premium as instructed in this paragraph will be deemed a breach by Buyer of this Agreement and the Purchase Agreement.
Winning Bidder. Buyer shall have been deemed the Successful Bidder (as such term is defined in the Bidding Procedures Order) for the Transferred Assets at any Auction.
Winning Bidder. Refers to the Person who places the successful bid that is accepted by the Seller. You - Refers to you the Bidder.
Winning Bidder. You understand that USME, at its sole discretion, will determine the winning bidder of the auction. The basis for determining the winning bidder shall be based upon the highest winning bid amount, however, USME reserves the right to disqualify a Buyer who refuses to meet the closing terms specified by USME. You acknowledge and agree that the winning bidder will have up to the amount of days you allowed prior to the start of the auction to run title on your interests following the close of the auction period and subsequent execution of any Purchase and Sale Agreement or Letter of Intent.