Christmas In August Sale - Starts in


 

Gerry Fortin Rare Coins

E-Bid Auction Terms & Conditions

 

Thank-you for participating in the new GFRC E-Bid Auction services. GFRC hopes to extend its customer friendly business approach to the auction sales environment. Our goal is to promote competitive bidding without buyer's fees along with following the well known GFRC payment and sales policies. Bidding and buying at a GFRC E-Bid Auction should be as simple as a regular sales purchase. That is the goal once the auction module matures and is automated.

Following are the GFRC E-Bid Auction Terms & Conditions. These are unlike that of other auction firms. Please read the Term & Conditions carefully before participating. GFRC's role is not that of handholding clients and customors through the use of these Terms & Conditions. Those who read and follow the Terms & Conditions will enjoy a simplified bidding and hopefully, seemless purchasing experience.

I'm pleased to announce that my wife, Diane, will be taking an active role in managing the GFRC E-Bid Auction email account; GFRCbid@hotmail.com

 

Who is conducting the auction?

Gerry Fortin Rare Coins (GFRC) will be conducting E-Bid auctions on behalf of its consignors, and in some cases, on behalf of GFRC. Auctions will be scheduled on an as needed basis for both consignor and GFRC owned inventory. When considering a GFRC consignment, please indicate if there is interest in the auction option. Clients are free to suggest the auction option if consigning no less than twenty coins and valued at no less than $25,000. Quantity exception will be made for higher valued consignments. GFRC reserves the right to reject any auction proposal when the consigned products are inconsistent with major GFRC product lines.

Is there a Buyer's Premium?

GFRC E-Bid auctions will not charge a Buyer's Premium. The final bid price will be the purchase price plus applicable shipping and payment fees.

Who can bid?

All GFRC customers and clients "in good standing" can become "bidders" without registering. "In good standing" is defined as having made at least three successful purchases in the last 24 months prior to the date of the auction. Secondly, customers and clients "in good standing" will not have an order return rate of greater than 20%.

GFRC customer and clients that do not meet the "in good standing" definition must register to bid at least 48 hours prior to the start of an auction. If there are questions about your "in good standing" status, please check with Diane Fortin at GFRCbid@hotmail.com

Persons unknown to GFRC or with less than three purchases in the last 24 months must register with GFRC, at GFRCbid@hotmail.com, and state their bidding intentions. GFRC expects unknown person to supply sufficient dealer references.

Must I establish credit before bidding?

GFRC customers and clients that meet the "in good standing" definition will not need to establish credit. Those individuals that do not meet the "in good standing" definition must contact GFRC prior to placing bids. GFRC, at its sole discretion, will determine which "bidders" that must establish credit by supplying references. References are the names and phone numbers of three dealers that can validate a business history, integrity, and buying potential.

What are the bidding options?

E-Bid Auctions will be conducted through email bidding. All bids will be submitted by email to GFRCbid@hotmail.com.

The following email bidding format is recommended until GFRC develops a standard bidding form.

Subject: GFRC Auction XYZ Sale

Body of Email

Complete Name:

Payment Type: Check, Paypal, Credit Card, Lay-A-Way

Lot A Bid $000 and/or Max Bid $000 (Maximum bid is not mandatory)

Lot B Bid $000 and/or Max Bid $000

The GFRC staff would encourage and greatly appreciate if bidders placed Max Bids at least two or three bidding increments higher than the current bid. Max Bids placed at one bidding incremental higher than the submitted bid generates considerable email correspondence that adds little value to the process. Those individual who place strong Max Bids will typically win lots.

GFRC will not accept bids by text message or phone submission. Bids submitted by email to GFRCbid@hotmail.com will be the only bids recognized. Please take note of the special email address. If submitting bids to wuximems@hotmail.com or Gerry@seateddimevarieties.com, those bids will not be recognized.

How is the auction conducted?

GFRC E-Bid Auctions will be typically scheduled for a seven day period. Bids can be submitted at any time during that period. GFRC will acknowledge bids with a return email confirming the bid up through the final hour of the auction. During the final hour of an auction, GFRC will accept bids and make its "Best efforts" to acknowledge a bid. During final bidding in the last 10-15 minutes, the emphasis will be placed on updating the bid board with bid acknowledgement being secondary. GFRC will capture all bids in the order received by email.

"Best effortsis defined as taking, in good faith, all reasonable steps to achieve the objective, carrying the process to its logical conclusion and leaving no stone unturned. "Best efforts" includes doing everything known to be usual, necessary and proper for ensuring the success of the endeavour.

GFRC E-Bid Auction "bidders" are advised to place a maximum bid on desired lots. GFRC will bid on behalf of "bidders" up to their maximum bid through the end of an auction. GFRC will NOT "take a maximum" bid and use as the lot winning bid. This immoral business action has been experienced first hand by a major auction firm in the 1990s. GFRC obhors this behavior.

All submitted bids must be consistent with following the Bidding Increment table. Bids submitted inconsistent with Bidding Increments will be rounded DOWN to the next lower bidding increment. GFRC will NOT entertain cuts bids. All bids must follow bidding increments. Please pay attention and follow this rule to avoid disappointments.

Bidding Increments

$100 - $299 .............. $20

$300 - $499 .............. $25

$500 - $999 .............. $50

$1,000 - $1,999 .............. $100

$2,000 - $4,999 .............. $250

$5,000 - $9,999 .............. $500

$10,000 - $20,000 .............. $1,000

$20,000 - $49,999 .............. $2,500

>$50,000 .............. $5,000

GFRC reserves the right to reject any submitted email bid if not in compliance with the GFRC E-Bid Auction Terms and Conditions in it's sole discretion.

What are the payment terms?

Standard GFRC sales payment terms, as defined on the GFRC Sales Page, will be in effect for E-Bid Auctions. Please note that check payments are preferred. Payments made with Paypal and/or major credit card will be charged a 3% transaction fee. GFRC does not accept American Express or cash cards.

Standard two payment or three payment Lay-A-Ways are available for auction purchases. Please announce the need to use a Lay-A-Way payment during the initial bid submission as part of intended payment terms declaration.

Bidders who fail to honor their bids and make payment within three days after the auction's closing date may lose bidding privileges in subsequent auctions. Bidders who fail to make payment within seven days of the auction's closing date will be banned from bidding in new GFRC auctions. Bottomline, if bidding, please be a serious buyer else privileges will be removed.

What are the shipping charges?

Standard GFRC shipping charges, as defined on the GFRC Sales Page, will be in effect for E-Bid Auctions.

What is the warranty and return policy?

Standard GFRC return policy, as defined on the GFRC Sales Page, will be in effect for E-Bid Auctions except for a return restocking fee. GFRC discourages the use of a GFRC E-Bid Auction as an approval auction. A 10% restocking fee will be assessed for returns within the standard return period. Please ensure that you are a serious buyer when bidding.

Use of the Lay-A-Way payment option results in a no return policy for auction purchases. This is consistent with standard GFRC return policy.

Miscellaneous Items

By submitting an email bid to a GFRC E-Bid Auction, "bidders" acknowledge that they have read the GFRC Auction Terms & Conditions and agreed to conduct purchases consistent with the stated Terms & Conditions.

GFRC will guarantee its die variety attributions but not those of Third Party Grading. Attributions made by major Third Party Grading services are subject to error and will not be guaranteed. Please bid on the GFRC die variety attribution and not the die variety attribution on the TPG holder.

Prices realized for sold E-bid Auction lots will be posted into the GFRC Sales Archive. Unsold lots will be posted to the fixed price lists at their reserved prices.