by George A. Michak | Dec 31, 2016 | Risk, Title & Payment
Credit card chargebacks can pose real risks, and real problems, for auctioneers. Basically, a chargeback occurs when a buyer advises his or her credit card company that – because of some irregularity in the transaction or because of the character or quality of the...
by George A. Michak | Dec 9, 2016 | Bidding & Auction Procedure
When I speak to auctioneers, I routinely stress the importance of contracts in (i) establishing rights and obligations and (ii) identifying and allocating risk among the contracting parties. I often say that it’s all about allocating risk. Understanding that basic...
by George A. Michak | Nov 21, 2016 | Risk, Title & Payment
Is it Really Absolute, and What are the Legal and Ethical Considerations? Encumbered property (whether real or personal) is, typically, property that is subject to a lien although there may be other types of encumbrances. Liens may arise from a variety of...
by George A. Michak | Nov 14, 2016 | Auction Contracts & UCC
UCC Section 2-328 and Your Seller’s Contract – A Square Peg in a Round Hole Here’s an all too familiar story – Auctioneer is called to look at a possible sale. After inspecting the property, the auctioneer calculates that this will likely be a profitable...
by George A. Michak | Oct 22, 2016 | Online Auctions
Technology is a remarkable thing, and it has a tremendous impact on the auction industry. The ability to reach thousands of potential bidders in showcasing your auction, and exposing your seller’s property, provides significant opportunity. However, there are risks...
