TYPE OF AUCTION METHOD USED BY THE TERRAPIN TRADER

Blind Auction… another term for a sealed bid auction in which bidders simultaneously submit bids
without knowledge of the amount bid by other participants…

Progressive/Incremental bids are allowed... example: submit a minimum starting bid of $2,000 and state
that you would like to raise your bid $25.00 every time your bid is exceeded until your maximum bid amount
of $3,000 is reached…

Please note: the minimum incremental bid amount allowed is $25.00


Terrapin Trader
ONLINE BID INSTRUCTIONS
To place an online bid, follow these steps:

1. Click on the "Click Here" link to send your bid through email.
2. The subject line will already be filled in for you, leave it as is.
3. In the body of the email, be sure to include the amount being offered, the bidders full name, address,
    daytime/work/cell phone number… Failure to provide this information may result in your bid being voided.
4. Bids submitted after the stated deadline will not be accepted.
5. In the event two identical winning bids are received, the first bid submitted will be accepted.
6. Only the successful bidder will be formally notified that they have won the bid and of the procedures
    to transfer ownership.
7. The University of Maryland reserves the right to reject any or all bids.


TERRAPIN TRADER TERMS & CONDITIONS OF SALE

All sales of Surplus Property by Terrapin Trader are subject
to the following Terms and Conditions:


1. Condition of Surplus Property:

ALL SURPLUS PROPERTY IS SOLD “AS IS WHERE IS” and with all faults, unless otherwise specifically stated in writing, in connection with a specific item. The University of Maryland makes no warranties of any kind, express or implied, oral or in writing, regarding the nature, value, quality, character, condition, weight or size of any Surplus Property. The University of Maryland makes no warranties of merchantability or fitness for a particular purpose or any other express or implied warranty.

2. Inspection:

Prospective purchasers are strongly encouraged to inspect each item carefully before placing a bid on or buying the item. Surplus Property items may be inspected during the normal Terrapin Trader hours of operation, Tuesday through Friday 10:00AM – 3:00PM. Prospective purchasers agree to inform Terrapin Trader of any discrepancies they discover in the item’s description, if any, while inspecting the property and of any undisclosed element or condition in the item that could render its use hazardous.

3. Indemnification and Disclaimer of Liability:
Purchasers agree to hold harmless the State of Maryland, University of Maryland, the Terrapin Trader and their officers, employees and agents from and against any and all actions, claims, debts, demands, judgments, liabilities, costs and attorneys’ fees arising out of or in any manner predicated upon loss or damage to property or person, including personal injury and death, that are caused by or contributed to in any way by purchasers or their employees or agents while on the premises of the Terrapin Trader and the University of Maryland (State Property) or after purchaser has removed the property from State Property.

4. Notice of Award:
The University of Maryland reserves the right to reject any or all bids.
If Terrapin Trader accepts a bid, only the successful bidder will be formally notified that they have won the bid and of the procedures to transfer ownership.The Terrapin Trader will release purchased property only to the purchaser or his or her authorized representative, as evidenced by written authorization from the purchaser.

5. Payment and Removal of Surplus Property Awarded through the Bid Process:

The Purchasers shall be responsible for making payment in full and shall remove Surplus Property within five (5) business days of notification (phone call, fax or email) of bid acceptance.

If payment has been received but the Surplus Property has not been removed within the required time period. Terrapin Trader at its sole discretion and without prior notice may retain the purchase payment, resell the property in any manner it sees fit and retain the purchase payment from the second sale.

Defaulting on a winning bid may result in exclusion of the Bidder from any future bidding at the Terrapin Trader. Bidding privileges will be reinstated when a re-listing fee of $100.00 or the difference between the next highest bid, which ever is greater has been paid in full.

Payment shall be made to the Terrapin Trader with a credit card (Visa, Master Card, American Express and Discover Card) or with a Cashier/Bank check made payable to the University of Maryland. We do not accept cash, personal or business checks.
Sales for pickup or delivery in Maryland are subject to 6.0% sales tax or proof of tax exemption certificates must be provided with payment.

6. Title:
Title shall vest in the purchaser of Surplus Property upon receipt of the full purchase price. The purchaser shall be liable for any and all damage that occurs to the purchased Surplus Property from the date of the award forward. Terrapin Trader will apply its usual means of protecting Surplus Property until it is removed, but under no circumstances will the University be made or held responsible for any loss or damage whatsoever.


Terrapin Trader
MOTOR VEHICLE SALES
Terms and Conditions

The terms and conditions set forth below supplement General Sales Terms and Conditions.

1. Potential purchasers are responsible for personally inspecting vehicles and determining the nature and extent of any flaws or deficiencies. Vehicles may be started but not driven “NO EXECPTIONS”

2. All vehicles are sold on an "AS IS, WHERE IS" basis.
The University of Maryland makes no warranties of any kind, express or implied, oral or in writing, regarding the nature, value,
quality, character, condition, weight or size of any vehicle. The University of Maryland makes no warranties of merchantability
or fitness for a particular purpose or any other express or implied warranty.

3. NO REFUND will be issued regardless of whether the purchaser pre-inspected the vehicle.

4. Under no circumstances will the University, the Terrapin Trader or their officers, employees or agents be liable for any damage or vandalism of any kind to vehicles after they are sold.

5. All bidders must hold a current and valid driver's license and provide evidence of insurance.

6. Terrapin Trader will provide a receipt showing the buyers full name, address, vehicle identification number, mileage, purchase price and the title. The vehicle will be released only after the buyer has provided a legal way in which to move the vehicle (such as: legal tags, or by having the vehicle towed).