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 bidding on on or buying the item. Surplus property items may be inspected during the normal Terrapin Trader hours of operation, Tuesday through Friday 10 a.m.-3 p.m.. 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 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.