Terms of Service

1. Agreement to Terms

By accessing or using RigBid ("Platform," "we," "us," or "our"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, do not use the Platform. These Terms apply to all users including buyers, sellers, and visitors.

2. Platform Description

RigBid is an online marketplace that facilitates the listing, auction, and sale of used oilfield, industrial, and energy-sector equipment. RigBid acts solely as an intermediary between buyers and sellers. RigBid is not a party to any transaction between buyers and sellers and does not take title to any equipment listed on the Platform.

3. Eligibility

You must be at least 18 years of age and have the legal authority to enter into binding contracts to use this Platform. By registering, you represent that you meet these requirements. Business entities must be duly organized and in good standing.

4. Seller Obligations

By listing equipment on RigBid, sellers agree to the following:

• ✓You have clear legal title or authority to sell the equipment listed.
• ✓All descriptions, photos, videos, and specifications are accurate and not misleading.
• ✓Known defects, damage, or issues must be disclosed in the listing.
• ✓Equipment is available and not subject to liens, encumbrances, or competing sales contracts unless disclosed.
• ✓You will respond to buyer inquiries within 48 hours.
• ✓You will honor winning bids and complete transactions in good faith.
• ✓A seller fee of 1.9% of the final sale price is due to RigBid upon completion of sale.
• ✓RigBid reserves the right to remove listings that violate these Terms or platform standards.

5. Buyer Obligations

By placing a bid or purchasing equipment on RigBid, buyers agree to the following:

• ✓All bids are legally binding offers to purchase.
• ✓Winning bidders are obligated to complete the purchase at the winning bid price plus applicable buyer premium.
• ✓A buyer premium of 7.5% of the winning bid price is due to RigBid in addition to the equipment purchase price.
• ✓Buyers are responsible for all shipping, transportation, rigging, and logistics costs unless otherwise agreed in writing with the seller.
• ✓Equipment is purchased as-is unless a specific warranty is stated in the listing.
• ✓Failure to complete a transaction after winning may result in account suspension and forfeiture of any deposit.
• ✓Buyers are responsible for conducting their own due diligence prior to bidding.

6. Fees and Payment

RigBid charges the following fees:

All fees are due upon completion of sale. RigBid reserves the right to modify fee structures with 30 days notice to registered users.

7. Auction Rules

• →Auction end times are automatically extended by 5 minutes if a bid is placed within the final 5 minutes (anti-sniping rule).
• →Reserve prices, when set, are not disclosed to buyers. Auctions meeting reserve will complete; those that do not may be cancelled at seller discretion.
• →RigBid does not guarantee that any auction will result in a sale.
• →Shill bidding, bid manipulation, or collusion is strictly prohibited and will result in permanent account termination.
• →RigBid reserves the right to cancel any auction at any time for platform integrity reasons.

8. Equipment Condition and As-Is Sales

Unless a specific written warranty is provided by the seller in the listing, all equipment is sold AS-IS, WHERE-IS, with no warranties of any kind, express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, or freedom from defects. Buyers are strongly encouraged to inspect equipment prior to bidding and to request inspection reports where available.

9. Verification Program

RigBid's Bronze, Silver, and Gold verification tiers reflect documentation and inspection standards met at the time of listing review. Verification does not constitute a warranty or guarantee of equipment condition, value, or functionality. RigBid makes no representations regarding the accuracy of third-party inspection reports.

10. Ratings and Reviews

Ratings may only be submitted by verified participants in completed transactions. Reviews must be factual and in good faith. RigBid reserves the right to remove reviews that are fraudulent, defamatory, or in violation of these Terms. RigBid does not verify the accuracy of user-submitted reviews.

11. Prohibited Conduct

• ✕Listing equipment you do not own or have authority to sell
• ✕Providing false, misleading, or incomplete equipment descriptions
• ✕Shill bidding or any form of bid manipulation
• ✕Circumventing the platform to complete transactions off-platform to avoid fees
• ✕Harassment, threats, or abusive conduct toward other users
• ✕Using the platform for money laundering or fraudulent transactions
• ✕Scraping, automated access, or reverse engineering of platform data
• ✕Creating multiple accounts to circumvent bans or restrictions

12. Dispute Resolution

In the event of a dispute between buyer and seller, RigBid may, at its sole discretion, assist in facilitating communication between parties but is under no obligation to do so. RigBid is not responsible for resolving disputes arising from transactions between users.

Any disputes between users and RigBid shall be resolved by binding arbitration in Montgomery County, Texas, under the rules of the American Arbitration Association. You waive any right to a jury trial or class action participation.

13. Limitation of Liability

To the maximum extent permitted by law, RigBid and its officers, employees, and agents shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from your use of the Platform or any transaction facilitated through it. RigBid's total liability to any user shall not exceed the fees paid by that user to RigBid in the 12 months preceding the claim.

14. Indemnification

You agree to indemnify and hold harmless RigBid and its affiliates, officers, employees, and agents from any claims, damages, losses, or expenses (including reasonable attorney fees) arising from your use of the Platform, your listings, your bids, or your violation of these Terms.

15. Governing Law

These Terms are governed by the laws of the State of Texas, without regard to conflict of law principles. Any legal action must be brought in the courts of Montgomery County, Texas.

16. Modifications

RigBid reserves the right to modify these Terms at any time. Continued use of the Platform after notice of changes constitutes acceptance of the updated Terms. Material changes will be communicated via email to registered users.

17. Contact

For questions about these Terms, contact us at: