AirSpace Auctions - Terms and Conditions for Online Auction Bidding: Updated May 31, 2025

Permission to Use Bidding Software and Website

AirSpace Auctions, as the “Auction Firm”, authorizes you or anyone designated in writing as your agent(s) as a registered bidder to use this software for bidding purposes. By using this software to place a bid: (II) you acknowledge that you have read and understand all of the written terms, conditions, and disclaimers set forth herein; (III) you agree to all such terms, conditions, and disclaimers; (I) you agree to all of the terms, conditions, and disclaimers of the Auction Firm for the specific auction in which you are placing a bid. You further agree not to copy, reproduce, or publicly display any content from the website or software outside the functions of the website without first obtaining written permission from the Auction Firm.

Registration to Participate in Bidding

In order to participate in our online auctions, you must create a bidder profile and become a registered bidder. You shall agree to provide true, accurate, current, and complete information about yourself and/or your organization, as applicable, as requested during the registration process. This must include contact information where you can be reached during and after an auction. The Auction Firm is committed to keeping your information secure. A deposit will generally be required to become a registered bidder. The deposit will be made via wire transfer or credit card hold to the Auction Firm’s escrow account. The deposit amount will vary according to each auction and will be conveyed in the auction listing.

You shall be 18 years of age or older and have full legal capacity and authority to complete such contractual action without the need for additional approval or consent. If you do not qualify, you will not be permitted to participate in our online auctions.

Bidding Process

It shall be your responsibility to read and understand the auction terms, including these Terms and Conditions and any auction-specific terms in the listing. You are required to select a checkbox to accept terms upon registering for online auctions and before placing a bid on an auction item. You are required to digitally sign a copy of the current terms and conditions. Only individuals who are registered and have signed the terms are qualified to place bids.

These Terms and Conditions are subject to change. No changes will occur during an auction. The version you will be required to accept will be the current version applicable at the time of the auction start.

You can search through active auctions that may be open. By selecting a particular auction you may view the item and any details and documents. Each auction is independent of all others; any bids you wish to submit must be placed on each auction separately.

Each participant has three options to place bids:

1. Quick Bid: The green “Quick Bid” button allows you to place your bid based on our pre-set increments. This requires you to manually click this button for each bid.
2. Submit Max Bid: You can manually type your maximum bid in the provided space and then click the green “Submit” button. If the reserve price has been met, the system will automatically bid in pre-set increments for you, up to the maximum bid that you entered.
3. Custom Bid: You can enter any dollar value in the box next to the “$” symbol and hit “Enter” or “Return” to place the bid.

If the reserve price has not yet been met, the system will enter a bid up to your maximum bid, attempting to meet the reserve price for you. You will have the opportunity to continue to participate by raising your bid until the closing time of the auction.

Remember, once the “Quick Bid” or “Submit” button is clicked, that bid is final and shall be a legally binding offer to purchase the item(s).

The software posts the status of the reserve price so that participants know if the reserve has been met.

While participating in an online auction you must be aware of the current bid price and the “Time Remaining.” Sniper protection starts two minutes prior to the auction ending and continues until there are no additional bids.

In the event of multiple bids coming in precisely at the same time, the software will accept the leading bid and we cannot guarantee your bid will be the high bid.

It shall be the sole responsibility of the bidders to know their bid and know if they are the high bidder at the close of the auction.

By agreeing to the terms and bidding in an auction, you attest that you shall be both willing and capable of paying the bid amount, plus the buyer’s premium, taxes, transfer, and any other costs.

The inability to obtain financing does not relieve you of your legal agreement to purchase the item; if you cannot complete the transaction, you forfeit your deposit.

Bidding in an Online Auction

Any bid placed through the software constitutes a legally binding offer to purchase the item(s). Your bid may be accepted by the Auctioneer, at which point it becomes a legally binding agreement between you and the Auction Firm.

Sale Outside of an Auction

From time to time, aircraft are sold prior to the scheduled auction start date. In this case, auction house fees will be negotiated separately. If an aircraft is sold after the auction to an active bidder but not the winning bidder, standard auction fees apply. By participating in this platform or signing this agreement, you agree to the commission structure outlined within the online auction profile.

Bid Status During an Auction

All bids shall be accepted or rejected by the auctioneer, who has sole discretion to advance or reject any bid, including bids deemed nominal, suspicious, or fraudulent. Unless otherwise stated, all auctions are “Reserve Auctions.” The Auctioneer reserves the right to withdraw any item at any time prior to completion.

The Close of an Auction

The Auctioneer shall have sole discretion in deciding the successful bidder in the event of a dispute. The Auctioneer’s determination shall be final.

Total Sale Price and Payment Terms

All sales are final upon the determination of the winning bid. The Sale Price includes: (i) the amount of the winning bid, (ii) any commissions payable by the buyer, (iii) premiums, and (iv) applicable expenses listed in these terms.

Payment is due in full within 7 business days. Funds must be placed in escrow via wire transfer; the registration deposit will be credited toward escrow.

The sale of auctioned aircraft is between buyer and seller. You agree to indemnify and hold the Auction Firm and its representatives harmless from any costs related to non-payment.

This agreement serves as a purchase agreement; the winning bidder becomes the buyer and is bound to the seller.

Auction Firm Handling of Deposit

Deposits from non-winning bidders will be refunded according to transfer timelines:

• For a successful auction: within 7 business days of full escrow funding.
• For canceled or reserve-not-met auctions: within 7 business days of the auction’s end.
• For all auctions: within 30 business days.
• Credit card deposits will be reduced by the processing fee.

Auctioneer

Auctioneer: Benjamin J. Carter (912) 401-3261

Seller’s Agent

The Auction Firm, Auctioneer, and their staff act solely as agents to the seller, not the buyer.

Inspections

All property is sold “as-is.” Bidders are responsible for determining the nature, condition, and title status of the property. Inspections may be arranged by appointment between bidder and seller.

Receiving Items Purchased

All property is sold “where-is.” Payment in full is required before pickup. The buyer is responsible for pickup, transportation, taxes, registration, and ownership costs. Risk transfers upon receipt of full payment.

Governing Laws

AirSpace Auctions is licensed and governed by Texas auction law, and other state laws as required.

Mediation

In case of disputes, parties agree to attempt resolution through good-faith negotiation, followed by non-binding mediation before pursuing legal action.

Returns

There shall be no returns or exchanges except as expressly permitted in writing by the Auction Firm.

Agreement of Terms

Acceptance of these terms and the auction listing conditions is mandatory before registration or bidding.