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 and Limitations

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.

RigBid does not and cannot:

• ✕Physically inspect, test, or verify the condition, functionality, or value of any equipment listed on the Platform.
• ✕Verify the accuracy, completeness, or truthfulness of any listing description, specification, photo, video, or disclosure document submitted by a seller.
• ✕Guarantee that any seller is who they claim to be beyond the documentation reviewed as part of the verification program.
• ✕Guarantee that equipment will perform as described or be suitable for any particular purpose.
• ✕Guarantee that title to equipment is clear or free of liens unless expressly stated by the seller.

All information on the Platform is provided by third-party sellers. RigBid is a conduit for that information, not its author or guarantor. Users rely on listing content entirely at their own risk.

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.

4.1 Seller Non-Delivery and Abandonment

By listing equipment on the Platform, sellers make a binding commitment to deliver the equipment to the buyer if the auction completes and payment is received. Failure to fulfill this obligation is a material breach of these Terms.

Seller Abandonment

If a seller fails to communicate with the buyer or RigBid within 72 hours of confirmed buyer payment, or fails to make the equipment available for pickup within a reasonable timeframe, RigBid may determine the seller has abandoned the transaction. Upon such determination, RigBid reserves the right to:

• →Refund the buyer's winning bid from held transaction funds without the seller's consent.
• →Retain the buyer premium (7.5%) as a non-refundable platform fee — the buyer fulfilled their obligations and the buyer premium is not refunded due to seller failure.
• →Charge the seller the full combined platform commission (9.4% of final transaction value) as liquidated damages for the failed transaction.
• →Immediately suspend the seller's account and all active listings.
• →Permanently ban the seller from the Platform. Banned sellers may not re-register under any name, email address, or identity. Circumventing a ban is a material breach of these Terms and may be reported to appropriate authorities.
• →Pursue the seller for any additional costs incurred including payment processing fees, refund costs, and reasonable legal expenses.

Off-Platform Sales

If a seller lists equipment on RigBid and sells or otherwise disposes of that equipment through another channel while an active listing or auction is in progress, the seller is in breach of these Terms. RigBid reserves the right to charge the seller the full combined commission on the highest bid received at the time of cancellation regardless of whether a buyer payment was processed.

Buyer's Independent Remedies

These remedies are at RigBid's discretion and do not limit the buyer's independent right to pursue civil legal action against the seller for breach of contract, fraud, or other applicable claims.

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.

5.0 Card Authorization and Automatic Payment

RigBid requires a valid payment card on file before placing any bid, using Buy It Now, or submitting an offer. By adding a card and taking any of those actions, you authorize RigBid to do the following:

• ✓If you win an auction, complete a Buy It Now purchase, or have an offer accepted by a seller (including accepting a seller's counter-offer), RigBid will automatically charge the card on file for the purchase amount plus the 7.5% buyer premium, without further action or presence required from you, at the moment the purchase is finalized.
• ✓This is a variable-amount authorization. The exact amount charged is determined by your own bid, Buy It Now purchase, or accepted offer amount, and is not known at the time you add your card.
• ✓If the initial automatic charge fails (for example, due to insufficient funds or an expired card), RigBid will attempt one automatic retry, then notify you by email and text message with a 24-hour window to update your payment method and complete payment.
• ✓If payment is not completed within that 24-hour window, your account will be automatically suspended from further bidding, buying, or offering, and a late payment fee of 2.95% of the total due may apply to any payment completed after the deadline.
• ✓For auctions specifically, if payment is not completed in time, the equipment may be reassigned to the next-highest bidder. Buy It Now and accepted offer purchases with no payment completed within the deadline are returned to active listing status for other buyers.
• ✓Transactions of $25,000 or more are processed via wire transfer rather than automatic card charge, and follow the separate wire payment process described elsewhere in these Terms.
• ✓You may remove your card on file at any time through your account, provided you do not have an active unpaid purchase pending.

5.1 Authorized Receipt and Delivery Confirmation

RigBid requires buyers to designate an authorized receiver for all equipment deliveries. By completing a purchase, buyers agree to the following:

• ✓Buyers must designate themselves or a named representative as the authorized receiver for each transaction.
• ✓The authorized receiver must be present at the time and location of delivery to inspect and accept the equipment.
• ✓Upon delivery, the authorized receiver will receive a confirmation link by email and is required to confirm receipt through the RigBid platform.
• ✓Confirmation of receipt by the authorized receiver constitutes a legally binding acknowledgment that the equipment has been delivered and received in a condition consistent with the listing description.
• ✓If the authorized receiver does not confirm receipt within 72 hours of the seller submitting a valid delivery reference, RigBid reserves the right to release the seller's payout automatically. This auto-release constitutes acceptance of the delivery.
• ✓Buyers who refuse to confirm receipt without documented cause, or who designate an unavailable receiver, are in breach of these terms and may be subject to account suspension.
• ✓If the buyer has a legitimate concern about the condition of equipment at delivery, the authorized receiver must NOT confirm receipt and must immediately contact support@rigbid.auction with photographic evidence. Disputes raised after delivery confirmation will not be considered.

6. Fees, Payment, and Disbursements

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.

Payment Methods by Transaction Size

RigBid routes payment based on transaction size to protect all parties:

• →Transactions under $25,000: Paid by card through Stripe Checkout. Funds are held by RigBid and released to the seller after a holding period.
• →Transactions $25,000 and above: Paid by wire transfer only. Wire transfer instructions are sent to the buyer by email. RigBid confirms receipt before releasing the transaction. Wire transfers eliminate chargeback exposure for both parties.
• →RigBid reserves the right to require wire transfer for any transaction regardless of amount at its sole discretion.

RigBid collects payment from the buyer and disburses the seller's portion (final sale price minus the 1.9% seller fee) to the seller's connected bank account. Disbursements may be held for up to 14 days following confirmed buyer payment to allow for payment dispute resolution. RigBid reserves the right to extend hold periods where fraud or misrepresentation is suspected.

Payment Disputes and Chargebacks

Because RigBid processes payments as the merchant of record, any payment dispute or chargeback filed by a buyer is initiated against RigBid. By selling on the Platform, sellers expressly agree to the following:

• →If a chargeback or payment dispute is filed and results from seller misrepresentation, undisclosed defects, or seller fraud, the seller is liable to RigBid for the full disputed amount including any chargeback fees imposed by the payment processor.
• →RigBid may withhold pending or future disbursements to the seller to offset any chargeback liability.
• →RigBid may pursue the seller directly for recovery of amounts lost to chargebacks caused by seller conduct.
• →Sellers who accumulate chargebacks attributable to misrepresentation will face immediate listing suspension and account termination.
• →RigBid will provide all available evidence — including disclosure documents, listing content, and seller attestations — to the payment processor during chargeback proceedings.

Buyer Payment Disputes

Buyers who initiate a payment dispute or chargeback without legitimate basis — including buyers who have taken possession of equipment — are in violation of these Terms and subject to permanent account suspension and civil liability for RigBid's losses including chargeback fees, legal costs, and lost platform revenue.

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, As-Is Sales, and Assumption of Risk

Unless a specific written warranty is provided by the seller within the listing itself, all equipment is sold AS-IS, WHERE-IS, with all faults, and with no warranties of any kind — express or implied — including but not limited to warranties of merchantability, fitness for a particular purpose, freedom from defects, accuracy of description, or conformity with any specification.

THIS AS-IS DISCLAIMER APPLIES TO RIGBID AS WELL AS TO THE SELLER. RigBid makes no warranty, representation, or guarantee of any kind regarding any equipment listed on the Platform. RigBid's review and approval of a listing does not constitute an endorsement, certification, or warranty of the equipment's condition, value, or fitness for use.

By placing a bid, buyers expressly acknowledge and agree that:

• ✓They have had a full and fair opportunity to inspect the equipment, request additional information, and conduct independent due diligence prior to bidding.
• ✓They are relying solely on their own inspection, judgment, and expertise — not on any representation by RigBid — in deciding to bid.
• ✓Used oilfield and industrial equipment has inherent risks of undisclosed wear, damage, and defects that are not always discoverable through visual inspection or documentation review.
• ✓They assume all risk of equipment condition, operability, and fitness for their intended use.
• ✓RigBid's approval of a listing, verification of a seller, or display of a disclosure document does not reduce or shift any of this assumed risk.

Buyers are strongly encouraged to conduct independent physical inspection of all equipment prior to bidding, engage qualified oilfield engineers or inspectors, and obtain independent appraisals on high-value purchases.

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. Disputes Between Users

RigBid is a venue — not a party to transactions between buyers and sellers. Disputes arising from equipment condition, misrepresentation, or non-performance are between the buyer and seller directly. RigBid's role is limited to the following:

• →Preserving transaction records, listing content, disclosure documents, and communications submitted through the Platform.
• →Suspending or terminating accounts of sellers found to have engaged in misrepresentation or fraud.
• →Providing records to legal authorities or payment processors upon lawful request.
• →At RigBid's sole discretion, facilitating communication between parties — but with no obligation to do so and no authority to compel any outcome.

For significant equipment misrepresentation, buyers should pursue one or more of the following remedies independent of RigBid: civil litigation against the seller, payment dispute through their card issuer or bank, or where fraud is evident, referral to appropriate law enforcement authorities.

Any disputes between users and RigBid itself 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. Disclaimer of Warranties

THE PLATFORM AND ALL SERVICES PROVIDED BY RIGBID ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTY OF ANY KIND. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, RIGBID EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO:

• ✕Any implied warranty of merchantability, fitness for a particular purpose, or non-infringement.
• ✕Any warranty that the Platform will be uninterrupted, error-free, secure, or free of viruses or harmful components.
• ✕Any warranty regarding the accuracy, reliability, completeness, or timeliness of any content on the Platform.
• ✕Any warranty regarding the identity, creditworthiness, or conduct of any user.
• ✕Any warranty regarding the condition, value, operability, or fitness for use of any equipment listed on the Platform.
• ✕Any warranty that transactions completed through the Platform will meet your expectations or requirements.

No advice or information, whether oral or written, obtained by you from RigBid or through the Platform shall create any warranty not expressly stated in these Terms.

14. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL RIGBID OR ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AFFILIATES, OR LICENSORS BE LIABLE FOR ANY:

• ✕Indirect, incidental, special, consequential, punitive, or exemplary damages of any kind.
• ✕Loss of profits, revenue, business, goodwill, data, or anticipated savings.
• ✕Damages arising from equipment condition, defects, misrepresentation, or non-performance by any seller.
• ✕Damages arising from your reliance on any listing content, disclosure document, verification status, or rating.
• ✕Damages arising from unauthorized access to or alteration of your account or transmissions.
• ✕Damages arising from any third party's conduct, including sellers, buyers, carriers, or inspectors.

THIS LIMITATION APPLIES WHETHER THE CLAIM IS BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR ANY OTHER LEGAL THEORY, EVEN IF RIGBID HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

RIGBID'S TOTAL CUMULATIVE LIABILITY TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THESE TERMS OR YOUR USE OF THE PLATFORM SHALL NOT EXCEED THE TOTAL FEES ACTUALLY PAID BY YOU TO RIGBID IN THE TWELVE (12) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM. IF YOU HAVE PAID NO FEES, RIGBID'S LIABILITY SHALL NOT EXCEED ONE HUNDRED DOLLARS ($100).

SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL DAMAGES. IN SUCH JURISDICTIONS, RIGBID'S LIABILITY IS LIMITED TO THE GREATEST EXTENT PERMITTED BY LAW.

15. Indemnification

You agree to defend, indemnify, and hold harmless RigBid and its officers, directors, employees, agents, and affiliates from and against any and all claims, damages, obligations, losses, liabilities, costs, and expenses (including reasonable attorney fees) arising from or related to:

• →Your use of the Platform or any services provided by RigBid.
• →Your violation of these Terms or any applicable law or regulation.
• →Any equipment you list, the accuracy of your listing content, or your conduct as a seller.
• →Any bid you place, any purchase you make, or your conduct as a buyer.
• →Any claim by a third party that your use of the Platform infringes their rights.
• →Any dispute between you and another user, including equipment condition disputes.
• →Any tax liability arising from transactions you complete through the Platform.

16. Export Controls and Sanctions Compliance

RigBid operates in compliance with all applicable U.S. export control laws and regulations, including the Export Administration Regulations (EAR) administered by the Bureau of Industry and Security (BIS) and the International Traffic in Arms Regulations (ITAR) administered by the U.S. Department of State.

By using the Platform, you represent and warrant that:

• →You are not located in, or a national or resident of, any country subject to U.S. trade sanctions or embargoes, including but not limited to Iran, North Korea, Syria, Cuba, and the Crimea region of Ukraine.
• →You are not identified on any U.S. government restricted party list, including the OFAC Specially Designated Nationals list, the BIS Entity List, or the U.S. Debarred Parties list.
• →You will not use, transfer, export, or re-export any equipment purchased through the Platform in violation of any applicable export control law or regulation.
• →Certain oilfield and industrial equipment may be subject to export licensing requirements. It is your sole responsibility to determine whether any export license is required and to obtain such license before exporting any equipment.
• →You will not use the Platform to facilitate any transaction involving export-controlled items without the required government authorizations.

RigBid reserves the right to refuse, cancel, or reverse any transaction that it suspects may violate applicable export control or sanctions laws. RigBid may report suspected violations to appropriate government authorities.

17. Anti-Money Laundering and Prohibited Transactions

RigBid prohibits the use of the Platform for money laundering, terrorist financing, or any other illegal financial activity. By using the Platform you agree that:

• →All funds used to purchase equipment through the Platform are from legitimate sources.
• →You are not using the Platform to conduct or conceal illegal transactions of any kind.
• →Colluding with another party to artificially inflate or deflate transaction prices for any purpose, including tax evasion or money laundering, is strictly prohibited and may result in immediate account termination and referral to law enforcement.
• →RigBid reserves the right to conduct enhanced due diligence on any transaction and to request additional documentation regarding the source of funds.
• →RigBid may file Suspicious Activity Reports (SARs) with FinCEN for transactions that exhibit patterns consistent with money laundering or other financial crimes.

18. Prohibited Uses

You may not use the Platform to:

• ✕List stolen, misappropriated, or illegally obtained equipment.
• ✕Manipulate auction prices through shill bidding, bid shielding, or other artificial means.
• ✕Create multiple accounts to circumvent any Platform restriction or suspension.
• ✕Scrape, crawl, or systematically extract data from the Platform without written permission.
• ✕Introduce malicious code, viruses, or denial-of-service attacks.
• ✕Impersonate any person or entity or misrepresent your affiliation.
• ✕Circumvent any security measure or access control on the Platform.
• ✕Use the Platform to conduct transactions for equipment you know to be stolen or encumbered by undisclosed liens.
• ✕Engage in any activity that violates applicable federal, state, or local law.

19. 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.

20. 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.

21. Contact

For questions about these Terms, contact us at: