TERRAPIN TRADER PROCEDURES
Related to the University of Maryland Surplus Property Policy # VIII-1.20(A)
Terrapin Trader Location and Hours
The Terrapin Trader is located in the Physical Distribution Center on Paint Branch Parkway in College Park, Maryland. The Terrapin Trader is on the East side of Route one (away from the academic campus), across from the Maryland Fire and Rescue Institute. For directions click here
Shoppers, bargain hunters, are welcome during the following hours
Tuesdays – Fridays 10:00 AM – 3:00 PM
Special Hours: As Announced
ACQUIRING SURPLUS PROPERTY THROUGH TERRAPIN TRADER
Terrapin Trader Showroom
All items displayed on the Showroom Floor are available through either our weekly priority sale system with departments having the first preference or through competitive bids. Showroom floor items are selected for purchase by removing the bottom portion of the identification/price tag. To submit a bid ask for a bid packet at the point-of-sale for the item which you wish to bid or the bid packet is available on our website.
Terrapin Trader Web Site
A list of items available through the Terrapin Trader may be viewed on the Terrapin Trader Web Site
click here for inventory. Inventory is updated daily after 3:00 PM.
Weekly Priority Sales System
Items on the Terrapin Trader Showroom floor are sold according to the follows schedule:
At All Times University of Maryland departments
After 1 Week Other State of Maryland agencies, Not-for-Profit entities and University of Maryland Faculty, Staff and Students, with proper identification.
After 2 Weeks General Public
Exception: Items where bids are solicited. These items are available to all on a bid basis. The Terrapin Trader Manager determines if items are showroom or bid items.
Physical Distribution Center Staff
The staff of the Physical Distribution Center (PDC) includes the Terrapin Trader are authorized to acquire and /or bid on items from the Terrapin Trader. All guidelines set forth for University Staff also apply to PDC staff with the following exceptions:
- PDC staff that sets prices on showroom items can’t purchase that item.
- PDC staff who receives/evaluates bids items can’t bid on that item.
- Prior to a PDC staff being awarded a bid item, the process must be reviewed by the Director of Construction & Facilities Procurement, Transportation and Physical Distribution.
- Should the Director of Construction & Facilities Procurement, Transportation and Physical Distribution successfully bid on an item, the process must be reviewed by the Assistant Vice President of Procurement & Strategic Sourcing prior to award.
TERMS AND CONDITIONS OF SALE
All sales of Surplus Property by Terrapin Trader are subject to the following Terms and Conditions:
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 while inspecting the property and of any undisclosed element or condition in the item that could render its use hazardous.
- 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.
- Oral Statements:
Any and all oral statements or representations by the University of Maryland employees and agents, including those of Terrapin Trader, regarding any Surplus Property, including the nature, value, quality, character, condition and fitness for a particular purpose, are unauthorized and shall not constitute a term or condition of sale.
- 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.
- Notice of Award:
The University of Maryland reserves the right to reject any or all bids. If Terrapin Trader accepts a bid, the 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 authorized representative, as evidenced by written authorization.
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.
- Payment By:
The Terrapin Trader does not accept cash. When a Money Order or Bank Draft is obtained to purchase an item from the Terrapin Trader ensure the 6% sales tax is included.
University of Maryland Departments:
The Procurement Card and Internal Services Request form (ISR) are accepted.
Other Campuses and State Agencies: A memo on letterhead that is duly signed by the purchasing agency that states the bearer, by name, which must show proper ID, is authorized to purchase from the Terrapin Trader. The memo must indicate the appropriate invoicing method with account numbers and bill to address.
Not-for-Profit and Tax Exempt Entities: Proof of tax status must be on hand at the time of purchase so that taxes will not be a part of the total cost.
Faculty, Staff, Students & General Public:
For Bid Items:
The purchaser must make full payment and shall remove the item(s) within five (5) business days of notification of the award.
If payment has been received but the item(s) have not been removed within the required five business days, the Terrapin Trader at its sole discretion and without notice may retain payment and resell the property and retain the payment.
If a purchaser can establish just reasons for not removing the item(s) within the allotted five business days, the Terrapin Trader may extend the period. The purchaser must inform the Terrapin Trader within the original five day pick-up period of any difficulties.
Default on an award of a bid may result in exclusion of the bidder from any future bidding at the Terrapin Trader. Bidding privileges may be reinstated when a re-listing fee of $100.00 or the difference between the highest bid and the second bid has been paid to the Terrapin Trader. The higher dollar amount is required to regain bidding privileges.
Payment shall be made to the Terrapin Trader with a credit card (Visa, Master Card or Discover Card) or with a Cashier/Bank draft and made payable to the University of Maryland. We do not accept as payment on bid item (s) cash, personal or business checks. Maryland sales tax (6%) must be included in the purchase price unless tax free status is proven.
For Showroom Items:
Full payment for purchased Surplus Property shall be made at the time of purchase. Payment shall be made with a credit card (American Express, Visa, Master Card, and Discover Card) or with a check made payable to the University of Maryland. Items purchased from the showroom must be removed at the time of purchase. Should there be a removal problem, there is a storage fee for each day stored.
- Verification and Deposit of Sales Receipts:
Once the Showroom and Point-of-sale is closed a transaction report is generated and matched with the sales receipts for that day. The following morning the transaction report and receipts are given to the Administrative Clerk in the business office. The clerk matches each transaction with the sales receipts to verify a match. The clerk prepares deposit documents and gives documents to the Unit’s Business Manager. The Business Manager deposits the credit card and checks with the University Bursar. The receipt tape from the Bursar and the deposit receipts are provided to the Assistant Director of the Physical Distribution Center to ensure matches and initials.
An item purchased by a University of Maryland Department may be taken by the authorized purchaser, it may be picked-up by the department or it may be delivered free of charge by the Terrapin Trader. The free delivery by Terrapin Trader is available to all locations delivered to by Central Receiving and General Stores on a first come first serviced basis.
Should the items be too large and/or heavy or the volume too great for delivery by Terrapin Trader, the Transportation Manager will assist in making transportation arrangements at the department’s expense.
Purchases made by customers other than University of Maryland departments are required to remove the items from Terrapin Trader premises at the time of sale unless otherwise indicated in Terms and Conditions of sale.
TERRAPIN TRADER MOTOR VEHICLE SALES
TERMS AND CONDITIONS
The terms and conditions set forth below supplement or supersede conflicting General
Sales Terms and Conditions.
- 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.
- 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.
- NO REFUND will be issued regardless of whether the purchaser pre-inspected the vehicle.
- 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.
- All bidders must hold a current and valid driver’s license and provide evidence of insurance.
- Terrapin Trader will issue a certificate of purchase to the purchaser of any vehicle upon receipt of full payment so that the purchaser may prove payment and receive the Title to the vehicle from the Motor Transportation Facility.
DISPOSING OF SURPLUS PROPERTY THROUGH TERRAPIN TRADER
Terrapin Trader Property Release Form
This form is also known as the “Trader Form” and the “TT form”.
The TT Form is used to identify items deemed surplus property by the owning department. The completed and signed form also authorizes the Terrapin Trader to act on behalf of the owning department to surplus the equipment. The TT Form can be downloaded from the Terrapin Trader web page: www.purchase.umd.edu/ttrader/forms.htm. The TT Form can be photocopied.
Complete the form before contacting the Terrapin Trader for a pick-up or a drop-off (Mondays Only). The form must be clearly, concisely and completely filled out for the Trader to complete the pick-up. The greater and more accurate the information on the TT form, generally the faster the disposal and greater the sale price which provides a larger compensation.
Disposal of CRT Materials
The Terrapin Trader now charges for the disposal of CRT materials (TV's & Monitors) the cost will be
$0.45 per lb. This charge will be billed to the KFS# referenced on the Terrapin Trader Surplus Property Release form.
Sensitive Equipment Cleaning Form
To ensure compliance with federal and state statutes associated with confidential information, such as the Health Information Portability and Accountability Act of 1996 (HIPAA) and the Family Educational Rights and Privacy Act (FERPA) and University software licensing agreements. The Terrapin Trader requires the removal of all data on computers or electronic storage devices* prior to surplusing. The Sensitive Equipment Cleaning Form (SECF) is required to accompany
all sensitive equipment that contains personal or University information & software and can be downloaded from the
Terrapin Trader web page: www.purchase.umd.edu/ttrader/forms.htm.
Terrapin Trader staff must audit all working computers to verify if software and data files have been removed. If any computer* surplused is found to contain data, the surplusing department will be charged for the audit and special
handling costs which equal $100.00 per unit**
*Computer or electronic storage device including but not limited to hard drive, laptop, server, main frame,
or handhelds/PDAs, cellphones and copiers.
**If additional labor time and/or expertise from an outside vendor are required to properly prepare equipment for sale or disposal, additional costs will be charged to the surplusing department above the base fee of $100.00.
Terrapin Trader Surplus Property Cleaning Certification
This form is referred to as the Cleaning Certification and is available from Procurement, Physical Distribution, and the Terrapin Trader and can be downloaded from the Trader’s web page www.purchase.umd.edu/ttrader/forms.htm. This form must be completed and accompany all laboratory equipment and any equipment that may have contained or used with dangerous or hazardous material. The form is to be signed by an individual who has direct knowledge of all reasonable efforts to clean the equipment.
Call for Your Terrapin Trader Property Release Number
Once the Trader form is completed and signed by the Dean, Director or Department Head, call (301) 405-7337
or (301) 405-5267 to obtain your Terrapin Trader Property Release Number. The Terrapin Trader Property Release Number is the identification number/tracking number associated with the surplus items released to the Trader on this form. The Release number and item number (identifying a specific item) will be referenced on the monthly account statement when compensation is transferred to the owning department.
Coordinating the Pick-up of Surplus
Before each pick-up by Terrapin Trader, the owning department is contacted so that the pick-up will be completed smoothly and efficiently. The Terrapin Trader has a goal to pick-up surplus equipment within seven (7) business days of the request for pick-up. Each item is matched to the Trader Form (serial number, asset tag number, description, etc.). Once the items are verified, the Terrapin Trader staff signs the form. Once the form is signed, the owning department should make copies and provide a copy for the department Inventory Coordinator and your department financial administrator.
Removal of the Surplus from the Owning Department
Pick-up is normally free of charge to University of Maryland departments that are serviced by Central Receiving and General Stores distribution personnel. Departments are expected to consolidate the items referenced on one TT form prior to the TTrader pick-up. When items require the expertise of a rigging company because of size, weight or sensitivity, arrangements are made with a contract carrier. Any expenses incurred from additional transportation services will be paid for from the proceeds of the sale of the item or the owning department will be invoiced. There are times when the item(s) is so large and/or heavy that site sales are used.
Pricing Surplus Property
The Terrapin Trader will determine the price of property sold. The greater the information provided by the owning department, the easier the pricing process. The Terrapin Trader’s primary responsibility is to do what is best for the University, i.e. redistribute assets or sell for the greatest amount, etc.
Proceeds from the Sale of Surplus Property
Net proceeds from the sale of surplus property are transferred to the original owning department. Compensation will appear on the monthly account statement provided on the Trader Form. Compensation will be in subcode 3772, Reimbursable Contractual Services.
The department compensation scale is based on sale of an item or group of like items (5 like chairs) as follows:
Sale Price Compensation to Department
Under $50.00 None
$50.01 to $250.00 Sale Price less $50.00
$250.01 and over 80% of Sale Price
Site Sales and Bids
Items that the Manager of Terrapin Trader determines should be sold through a bid process are photographed and placed on our web page and bids are requested. Items may remain on the owning department’s premises or, if easily moved, they will be staged at the Terrapin Trader.
Donations to Not-For-Profit Entities
Terrapin Trader encourages departments to inform them of school systems and other not-for-profit entities that have a need for surplus items that do not sell through the showroom.
Capital Inventory Adjustments
Removal of Surplus Property from Inventory Records
The Inventory Control Unit is notified by the Terrapin Trader of all items once those items are picked-up and verified by matching serial numbers and asset tag numbers. Copies of the completed Terrapin Trader Surplus Property Release forms are sent weekly to Inventory Control to facilitate the removal of Capital Equipment from the owning departments inventory.
Terrapin Trader Goals
To pick-up or visit the site within seven (7) business days of request for pick-up.
To display surplus property that has a monetary value in Terrapin Trader within one week after pick-up. Computer equipment generally requires greater time because each piece must be evaluated and purged of files and software.