| Standard Fee Schedule |
| Revised August 15, 2005 |
Fees and Penalties - BUYERS
Buyer Transaction Fee. For goods purchased by a buyer on the Site, buyer agrees to pay to SalvageSale a transaction fee that will range from 2.5% to 10.0% of the final purchase price for such goods and will be disclosed in the listing terms for each auction.
Buyer Late Fee. If the winning bidder does not pay the agreed purchase price and other fees to SalvageSale within 48 business hours after selection of the winning bid, then the winning bidder must pay a late fee equal to 2% of the purchase price to SalvageSale.
Buyer Default Penalty. If the winning bidder for any SalvageSale auction does not make full payment of the purchase price and the Buyer Transaction Fee within five business days after selection of the winning bid, such bidder is in default and must pay SalvageSale a default penalty of $2,000 (the "Default Penalty"). Pending payment of the Default Penalty, the defaulting bidder will be barred from bidding on any other auctions on the Site. The Default Penalty must be paid by credit card, unless otherwise agreed to by SalvageSale. The defaulting bidder may be subject to other claims, damages or liabilities to the seller and/or SalvageSale. SalvageSale reserves the right to use a collection agency to collect any outstanding penalties.
Fees - SELLERS
Seller Transaction Fee. For goods sold by a seller on the Site, SalvageSale will be paid a commission (deducted from the escrowed purchase price) equal to the percentage of the final purchase price of such goods, as set forth below:
| Purchase Price |
 |
| Portion From |
Portion To |
Progressive Commission Rate |
| $0 |
$150,000 |
12.5% * |
| $150,000 |
$300,000 |
11.0% |
| $300,000 |
$500,000 |
10.0% |
| $500,000 |
$1,000,000 |
9.0% |
| $1,000,000 |
|
8.0% |
* The minimum commission amount for any successful transaction is $1,250.
For example, if the purchase price of the goods is $350,000, the fee will be calculated as follows:
| $150,000 x 12.5% = $ |
18,750 |
| $150,000 x 11.0% = $ |
16,500 |
| $ 50,000 x 10.0% = $ |
5,000 |
| Total Fee = $ |
40,250 |
Seller Listing Fee. SalvageSale reserves the right to charge the seller a non-refundable listing fee ("Listing Fee") for certain auction listings, which will be payable in advance. The assessment and amount of the Listing Fee will be determined on a case-by-case basis by SalvageSale prior to the acceptance of the listing. The Listing Fee will be credited against the Seller Transaction Fee paid when the listed goods are sold in the auction.
