Payments

Your final payment amount will be calculated based on "Net Proceeds," using the formula:

[Winning Bid - (Seller’s Commission Fees + Any Applicable Additional Fees)] = Your Net Proceeds

All fees will be clearly outlined in your sales contract or agreement, and a detailed settlement statement will be provided before payment is processed.

Seller Fees

As a seller, you should be aware of two main types of fees:

Seller’s Commission

Seller’s commission is based on the winning bid for that Lot. The Sellers commission applies to all sales regardless of the bidding method. This fee is a percentage of the final winning bid price of your equipment. The rate is not fixed and may vary based on the specific terms negotiated in your contract with Bono Auction. Factors often considered include:

• Total value of the equipment
• Volume of equipment consigned in a single sale
• Frequency of sales and long-term partnership
• Type of services selected (e.g., logistics, marketing promotion, etc.)
• Important Note: This fee is deducted from the winning bid amount and is not an additional charge to you.

Marketing & Promotional Fees

Additional costs may apply if you request featured placement on the website homepage, targeted email campaigns, or social media advertising boosts.

Documentation Fee

Each Lot containing items that require titling or registration are subject to documentation fees, plus applicable taxes (e.g., sales tax, GST, IVA or VAT). A USD $100 documentation fee will be charged on each title transfer handled by Bono Auction.

Payment Process

Bono Auction operates on the principle of "sellers get paid after we receive buyer payment" to ensure transaction security. Typically, after the auction closes and we receive full payment from the buyer, your net proceeds will be wired to your designated bank account within 7-14 business days.

Note: Payments may be delayed due to buyer payment delays, incomplete documentation, or international bank processing times. We recommend keeping your banking information accurate and maintaining communication with your sales representative for a smooth process.

Seller Responsibilities & Terms

• Title & Representations: Sellers must warrant that you are the legal owner of the equipment, with full rights to sell it, and that the equipment is free of any liens, encumbrances, or legal disputes.
• "As-Is, Where-Is" Sale: All equipment is sold on an "as-is, where-is" basis. This means buyers are responsible for inspecting equipment before bidding. Once sold, the sale is final, and refunds or returns are generally not permitted.