LOT 1

1979 KRUGERRAND ONE OZ FINE GOLD 

PLEASE FOLLOW IBID’S GUIDELINES FOUND ON THE HOME PAGE REGARDING PICKUP OF WINNING ITEMS.

IT IS THE CUSTOMER'S RESPONSIBILITY TO BRING A COPY OF THE INVOICE TO PICK UP THE PROPERTY.

STATE OF ILLINOIS

FOR QUESTIONS CONCERNING THIS AND ANY OTHER PROPERTY FROM THE STATE OF ILLINOIS TREASURER'S OFFICE, PLEASE CONTACT THE VAULT STAFF @ 217-557-8567.

FOR REGISTRATION, PAYMENT OR SHIPPING QUESTIONS, PLEASE CALL CMS @ 217-785-6903.  ITEMS MUST BE PAID FOR WITHIN (5) GOVERNMENT WORKING DAYS FROM THE CLOSE OF THE AUCTION.

TERMS AND CONDITIONS
FOR THE AUCTION OF UNCLAIMED PROPERTY
 
By placing a bid on any item offered sale, the Bidder creates a binding offer between the Bidder and the Illinois Department of Central Management Services and the Office of the Illinois State Treasurer with the Terms and Conditions contained herein.
 
The Illinois Department of Central Management Services and the Office of the Illinois State Treasurer shall accept the highest bid on any item offered for sale provided that such bid equals or exceeds the unpublished reserve price for the item.
 
Upon the Illinois Department of Central Management Services and the Office of the Illinois State Treasurer’s acceptance of any bid, a contract between the bidder and the Office of the Treasurer shall exist and shall contain the following Terms and Conditions:
 
1)             ALL PROPERTY OFFERED FOR SALE IS “AS-IS” AND “WHERE-IS”.
 
2)             ALL SALES ARE FINAL.  THERE ARE NO REFUNDS OR EXCHANGES.
 
3)             IN ITS SOLE DISCRETION AND WITHOUT NOTICE, THE ILLINOIS DEPARTMENT OF CENTRAL MANAGEMENT SERVICES WILL EXTEND THE AUCTION CLOSING TIME ON ANY ASSET IN INCREMENTS OF THREE (3) MINUTES TO ENSURE ONE CLEAR AND UNCONTESTED HIGH BIDDER.
 
4)             THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND ALL OTHER WARRANTIES (INCLUDING BUT NOT LIMITED TO THE AUTHENTICITY, GUARANTEE OF CONDITION, OR VALUE OF ANY ITEM), EITHER EXPRESSED OR IMPLIED, ARE SPECIFICALLY DISCLAIMED AND EXCLUDED FROM ANY SALE OR TRANSACTION.
 
5)             Buyer must be in good standing.   Buyer must be registered and in good standing with the Illinois Department of Central Management Services and the Office of the Illinois State Treasurer.
 
6)             Buyer must be of legal age and without legal disability.  Buyer is of legal age and without legal disability to enter into a contract with the Illinois Department of Central Management Services and the Office of the Illinois State Treasurer.
 
7)             Disclaimer of item description/Public inspection of items.  Every effort has been made to accurately describe the items offered for sale.  However, the bidder is cautioned that the items presented are used and may contain defects not immediately detectable.  The items offered for sale may be in lots as determined by the Illinois Department of Central Management Services and/or the Office of the Illinois State Treasurer.
 
8)             Rejection of Bids.  The Illinois Department of Central Management Services and/or the Office of the Illinois State Treasurer each reserves the right, at their sole and absolute discretion, to reject any and/or all bids considered as not in their respective best interest.
 
9)             Items for Bid may be withdrawn at any time and without notice.  The Illinois Department of Central Management Services and/or the Office of the Illinois State Treasurer reserve the right to withdraw an item at any time – including during the bidding process.
 
10)           Sales Tax will not be added.  Sales Tax will not be added to the total amount of the purchase.

11)           Illinois Form 8300.  The completion of an Illinois form 8300 is required by the Internal Revenue Service if a payment is made in the amount of $10,000.00 or more by check card.

12)           Prohibition of Certain Bidders.  Bidder shall not be an employee of the Office of the Illinois State Treasurer or of the Illinois Department of Central Management Services; or, be a person living in the household of any person employed by these respective offices.

13)           Bidder’s Limitation of Future Participation.  In addition to all other remedies available at law or in equity, Bidders may be disabled and barred from participation in future Illinois Department of Central Management Services and/or Office of the Illinois State Treasurer sales for any of the following:
•         Failure to observe these Terms and Conditions
•         Failure to make good and timely payment for the item(s) awarded.
•         Failure to claim purchases.
•         Intentional disruption of the auction process.

14)           Registered User’s Limitation of Future Participation.  Registered users may be disabled from participation in State of Illinois Department of Central Management Services  and/or Office of the Illinois State Treasurer sales for any of the following:
•         Suspicious registration information.
•         Incomplete registration information.
•         Failure to make timely payment of awarded bids
•         Failure to pick-up awarded property/merchandise

15)           Payment.  Payment for merchandise in the Springfield area must be made as an online payment (Visa or MasterCard). Payment may also be made with Cashier's Check or Money order paid to the order of: Office of the Illinois State Treasurer Unclaimed Property. 

16)           Shipping Restrictions.  Only after full payment has been received may your merchandise be claimed at the CMS State Surplus Property Warehouse, 1924 South 10 ½ Street, Springfield, IL  62703.  Items will not be shipped by iBid, the Illinois Department of Central Management Services, or the Office of the Illinois State Treasurer.  Shipping arrangements are the responsibility of the bidder. A list of suggested shippers can be found on the iBid Website.  The shipping companies listed are not agents acting on behalf of the state. Companies identified are purely for your reference and convenience.

SHIPPER MUST PROVIDE PROOF OF IDENTIFICATION.  PROOF OF IDENTIFICATION WILL BE RECORDED.

17)           Merchandise Pickup Information.  Unless prior arrangements have been made, bidder's shall arrive to claim property between 12:30p.m.-3:45p.m., Mondays thru Fridays at the CMS State Surplus Warehouse, 1924 S. 10 ½ Street, Springfield, IL 62703. The State of Illinois does observe posted federal holidays (and special state holidays). Bidders are encouraged to call prior to departing if uncertain of CMS/iBid Hours of Operation.
                Items must be picked up and removed within five (5) government working days from the date of the award.

BIDDER MUST PROVIDE PROOF OF IDENTIFICATION.  PROOF OF IDENTIFICATION WILL BE RECORDED.

18)           Unpaid & Unclaimed Merchandise.   Items must be paid for within five (5) government working days from the date of the award. Failure to make payment within five (5) government working days and/or failure to pick up award property within five (5) government working days shall subject the winning bidder to the following:
A)            in Illinois Department of Central Management Services and/or Office of the Illinois State Treasurer’s sole discretion, a reclamation of the awarded property and relisting of the same for public auction;
B)            the payment of such fees and charges including any storage, administrative or other expenses necessary to re-auction the unclaimed item; and
C)            a handling charge of $25.00, plus ten percent (10%) of the bid price for a restocking fee, plus 2% of the total sale already paid to the State of Illinois.

The Illinois Department of Central Management Services and/or the Office of the Illinois State Treasurer will not permit delinquent payment or pickup of iBid merchandise.

ALL UNPAID/UNCLAIMED ITEMS WILL BE RESOLD AND ABOVE PENALTIES SHALL be IMPOSED ON DELIQUENT BIDDER.  WHEN BIDDER MAKES PAYMENT BUT FAILS TO PICK-UP AWARDED PROPERTY, BIDDER SHALL ONLY BE ENTITLED TO A REFUND, LESS THE ABOVE PENALTIES ENUMERATED IN SECTION #18.

19)           Reservation of Remedies.  The foregoing remedies are non-exclusive and are in addition to any other remedies that the Illinois Department of Central Management Services and/or the Office of the Illinois State Treasurer has at law or in equity.

21)           Merger.   These Terms and Conditions constitute the entire agreement of the parties and supersede all prior negotiations, agreements and understandings with respect thereto. This agreement may only be amended by a written document duly executed by all parties.
 
22)           Illinois Law.  This agreement shall be interpreted under the laws of the State of Illinois.
 
23)           Buyer’s Premium.  The Illinois Department of Central Management Services requires the collection of an additional 2.0% buyer's premium on each item’s highest bid accepted by the Treasurer.  This buyer’s premium will be added to the winning bidding price at the time of sale.  Therefore, and by way of example only, a winning bid of $100,000 together with a buyer’s premium of 2.0% will result in an items gross purchase price or contract price of $102,000.