PUBLIC AUCTION

PLENARY RETAIL CONSUMPTION LIQUOR LICENSE
HYATT REGENCY NEW BRUNSWICK
2 ALBANY STREET - NEW BRUNSWICK, NJ
THURSDAY MAY 9, 2019 AT 12:00 PM


TERMS AND CONDITIONS OF SALE

1. You must be registered and issued a number to bid. At registration, the auction company will verify that you have in your possession the initial $10,000 portion of the required 10% deposit in cash, certified or bank check, made payable to The Auctioneers Group.

2. All persons acknowledge to have full knowledge of these “Terms and Conditions of Sale” and agree to be bound thereby. The auctioneer reserves the right to add one or more to the following “Terms and Conditions of Sale” by announcement at the sale. No employee is authorized to alter these terms. If the purchaser fails to comply with any of the stated and printed “Terms and Conditions of Sale” included but not limited to full payment and method of payment the auctioneer at his option may declare the purchaser in default and retain all monies paid as liquidated damages.

3. A 10% DEPOSIT is required from the purchaser at the conclusion of the bidding. The first $10,000 must be made in CASH, CERTIFIED OR BANK CHECK ONLY, the balance of the 10% deposit may be made in personal or business check. All checks must be made payable to THE AUCTIONEERS GROUP. No other method of payment will be accepted. The successful bidder will also be required to sign a purchase agreement which will include all the terms and conditions at the conclusion of the bidding.

4. There is a nominal opening bid price of $75,000. The high bid price is subject to the approval and acceptance of the seller. Once approved, the successful bidder will have 48 hours to pay the complete purchase price balance. The balance of the purchase price including the buyers’ premium of 10% and the pro rata license fees are due within 48 hours of notice of approval and must be paid in cash, certified, bank check, or wire transfer only. NO OTHER METHOD OF PAYMENT WILL BE ACCEPTED. In the event of a billing error the buyer is obligated to pay any deficiency upon presentation of a corrected bill.

5. Auction held for convenience of sale at the Hyatt Regency New Brunswick. The conference room will be open at 11 am for registration, document inspection, and review of the terms and conditions. The auction will begin at 12 pm. The license is not sold subject to transfer. Failure to transfer the license for any reason does not invalidate the purchase. Buyer represents that they have never been denied a liquor license and have never been convicted of a crime and knows of no reason why a transfer would be denied.

6. Buyer must apply for transfers of the license within 20 days of purchase.

7. Buyer is responsible for the renewal fee if transfer is not completed by the renewal date of June 1, 2019

8. Failure to transfer license to the buyer will not invalidate the sale. Once high bid is approved & accepted by the seller the sale is final.

9. Auctioneer reserves the right to resolve any dispute regarding bids or bidders. Record of the sale is being kept by the auctioneer & bookkeeper and will be taken as final in the event of any dispute.

12. Liquor license is sold free and clear of all liens.



This sale is subject to 10% buyer’s premium.
Auctioneer reserves the right to reject any bid or bidder.
Sale is subject to approval & acceptance by the seller.
THE AUCTIONEERS GROUP is acting solely as the agent for the sellers.

THE AUCTIONEERS GROUP
A.P. NATOLI / PETER COSTANZO
(609) 693-6899 (732) 776-7222
www.theauctioneersgroup.com