Pennyworth LLC Auction Terms and Conditions

IMPORTANT NOTICE: These Auction Terms and Conditions ("Auction Terms") supplement the Pennyworth LLC Platform Sign-Up Terms and Conditions ("Platform Terms") agreed upon during account creation. In case of conflict, these Auction Terms prevail for auction-specific matters.

1. Auction Participation

By bidding, you enter a legally binding contract agreeing to:

• Pay the winning bid amount
• Pay applicable buyer's premium (typically 15%)
• Pay applicable taxes (currently 8.25%)
• Pay additional fees as specified

Failure to fulfill these obligations may result in account suspension, legal actions, or collection procedures.

2. Auction Venue & Third-Party Disclaimer

Pennyworth LLC acts solely as a platform facilitator and is not a direct party in transactions. Pennyworth LLC disclaims liability for disputes between buyers, sellers, and third parties. Specific terms apply to third-party auctions; review each auction's conditions.

3. Bidding Process & Rules

• All bids are final, non-retractable, and legally binding.
• Pennyworth LLC reserves the right to reject or cancel bids at its sole discretion.
• Bid increments are set per auction.
• Auctions employ an open bidding format with sequential item closings and automatic bid extensions (3-minute increments).
• Employees and affiliates may participate as bidders.
• Pennyworth LLC reserves the right to verify bidder identities through additional documentation.

4. Pennyworth Item Rating System™

Condition Ratings:

• New: Factory sealed, never opened.
• Like New: Appears unused, no visible defects, complete with original accessories.
• Open Box: Packaging opened, may be missing minor accessories, otherwise unused or barely used.
• Good – Light signs of use; fully functional. May include minor cosmetic wear or typical residue from prior use and storage.
• Fair: Noticeable wear or cosmetic imperfections; functional but may have minor issues.
• Salvage: Heavily used or damaged; intended for restoration, parts, or repair.
• Unknown: Condition unknown, untested, or uninspected.

Return Policy Codes:

• R: Fair Return (3-day window for significant misrepresentation)
• P: Pennyworth Plus (3-day or extended 7-day return window)
• X: No Returns, sold "As-Is"
• T: Third-party seller policy applies

All returns are subject to Pennyworth LLC Terms & Conditions.

5. Due Diligence, No Warranty & Viewing

All items are sold strictly "AS-IS" and "WHERE-IS" without warranties. Pennyworth LLC explicitly disclaims all warranties concerning merchantability, fitness, condition accuracy, and completeness of item descriptions, photos, or images. Buyers must independently verify item conditions and accuracy of descriptions. Viewings or physical inspections may be available upon request and are strongly recommended to confirm item condition.

6. Payment & Pickup Requirements

• Payment is due immediately upon auction upon arrival for item pickup..
• Accepted payment methods include Zelle, Venmo, Apple Pay, and Cash.
• Buyer's premium (15%) and taxes (8.25%) apply.
• Items must be picked up promptly at designated times and locations.
• Items not collected on time are forfeited without refund and considered abandoned, allowing Pennyworth LLC full disposal rights.

7. Return Policy

Returns accepted only if items significantly differ from descriptions within specified windows (3 or 7 days). "As-Is" items and explicitly non-returnable items are exempt. Returns subject to a restocking fee (up to 25%), and buyers must cover return transportation.

8. Pickup Liability Waiver

Buyers accept all risks associated with item pickup, explicitly waiving all liability claims against Pennyworth LLC related to injury, damage, or loss during pickup. Buyers are responsible for compliance with health and safety regulations and must provide necessary equipment and personnel for safe loading and transport.

9. Liability Limitations

Pennyworth LLC explicitly disclaims liability for errors in item descriptions, photographs, or listings. Buyers expressly waive claims arising from inaccuracies, misrepresentations, or incorrect images. Liability is strictly limited to the original purchase price at Pennyworth LLC's discretion, and buyers waive all claims for consequential or punitive damages.

10. Force Majeure

Pennyworth LLC is not liable for delays, disruptions, or cancellations due to circumstances beyond its control, including natural disasters, technical failures, government actions, or pandemics.

11. Amendments

Pennyworth LLC reserves the right to modify auction terms or cancel auctions at its discretion without notice. Continued participation constitutes acceptance of changes.

12. Dispute Resolution & Governing Law

Disputes must undergo arbitration under Texas law in Travis County. Class actions are prohibited. Claims must be filed within one year of arising.

13. Pennyworth Plus Membership

Applies only to specified Pennyworth-operated auctions. Membership benefits are non-transferable and non-refundable.

14. Geographic & Account Restrictions

Accounts subject to approval based on geographic proximity and pickup capabilities. Pennyworth LLC reserves the right to deny accounts based on location or pickup feasibility.

15. Employee & Affiliate Participation

Employees and affiliates may bid but receive no special privileges or insider information. Bidding integrity and fairness are strictly enforced.

16. Legal Compliance & Taxation

Buyers are responsible for taxes and legal compliance. Pennyworth LLC collects sales taxes as mandated by law.

17. Digital Privacy & Communication

Electronic monitoring occurs on Pennyworth LLC premises. Buyers consent to receiving transactional communications. Pennyworth LLC is not liable for errors arising from miscommunications or misunderstandings.

18. Equipment & Vehicles

Buyers responsible for compliance with relevant documentation, licensing, and registration. Pennyworth LLC does not guarantee vehicle titles or condition.

19. Intellectual Property

Buyers must independently secure software licenses. Pennyworth LLC provides no intellectual property transfers unless explicitly stated.

20. Additional Legal Protections

• Arbitration required for disputes.
• Waiver of jury trials and punitive damages.
• Statute of limitations set to one year.

21. Specialized Protections

• Electronic signatures hold full legal effect.
• Independent inspections strongly recommended.
• Buyers must handle hazardous materials compliance.
• Users agree to indemnify Pennyworth LLC comprehensively.

22. Severability

Unenforceable provisions will be minimally modified or removed without affecting the remaining terms.

23. Right of Refusal

Pennyworth LLC retains the unconditional right to refuse service, remove users from auctions, or limit participation without liability.

24. Contact Information

• Email: admin@pennyworthauctions.com
• Address: Pennyworth LLC, 3225 FM 2001, Suites 603 & 604, Buda, TX 78610-3784
• Phone: 737-500-2225
• Hours: Mon-Fri, 9:00 AM - 5:00 PM Central Time