Lot Condition and Disclosure Policy

It is assumed lots published on K-BID are complete, undamaged and in good working order.  If a lot does not meet this criteria, the affiliate is required to fully disclose detailed information about the specific lot being sold.

• List of missing parts
• Asset damage
• Malfunctions preventing the asset from operating as intended
• Any information that would affect the bidder’s ability to   accurately determine asset value.

AS IS WHERE IS, does not apply if the lot description/pictures fail to disclose the actual condition of the asset being sold --- even if the true condition of the asset was unknown to the affiliate.

Below is a list of lot categories, the attributes of each category and the information that must be disclosed if the attribute is true of the lot being sold. Affiliates DO NOT have to include category labels in their lot descriptions.

Lot  Category	Category Attributes (if true, see Disclosure Requirements)	Lot Description Disclosure Requirements
Used	An item that has been "owned" (Includes floor models & returns) May show cosmetic wear May be missing a few easily replaceable parts (found in any hardware store) May need minor repairs to be fully operational (i.e., easily replaceable parts and < 15 min. to repair.)	Describe wear; Show photo of wear Include a detailed list of missing parts   Describe needed repairs
For Parts or Not Working or Untested	Missing essential components Major service/repair required Defective in ways that render the asset difficult to use Asset Condition Unknown	Include 'Parts Lot' in the description Include 'Parts Lot' in the description  Detail defect(s) and how it affects the  way the asset functions Include 'This lot has not been  tested' in the description
New	To List an item as New, all of the  following must be true! Brand new, unused, unopened, undamaged,  original wrapping, manufacturer's warrant  still applies. AS IS WHERE IS is nullified when a lot is described as New.	Stock photos may be used for New lots. Indicate a stock photo has been used in the description. A photo of the actual lot being sold  must be included in the lot photos.