Auction Terms & Conditions

Definitions

“Auction” means any of the auctions listed on the Website, or all of them.

“Compass” means Compass Maritime Services, LLC, a ship broker involved in the sale and purchase of Ships.

“Court” means any United States District Court, state court, local court, or foreign court referred to on the Website.

“Information” means the data contained on this website pertaining to Compass, any Ship identified as available for sale herein, and any third-party information or instructions, including but not limited to information provided by a Ship owner, operator, charterer, surveyor, class society, flag state, vetting service, Court or law firm.

“You” or “Your” means any user of the Website.  Where such party is acting as an agent or representative reference to “You” or “Your” will additionally include the principal.

“Ship” means any type of ship, other vessel and/or equipment used or intended to be used for any purpose on, in or over water, including but not limited to powered and unpowered vessels, rigs, jack ups, submersibles, and barges.

General

This web site (the “Website”) is created and maintained by Compass. Your use of this Website is governed by these Terms and Conditions. If You do not agree to these terms, You are prohibited from using this Site. The information contained on the Website is provided for Your convenience and for general informational purposes only. You should not construe the Website’s contents as legal, financial or other professional advice, or rely on the same as a substitute for legal, financial or other professional advice. Unless expressly stated, the Website’s contents do not represent Compass’ or any party’s official position on any subject matter. You should not take any action or refrain from taking any action based upon the Website’s content without seeking legal counsel from a licensed attorney.

Incorporation of Terms and Conditions

By using the Website, You expressly agree to adhere to and be bound by these terms and conditions, as modified from time to time.  You further agree that You have reviewed these terms and conditions, and that the review of any information contained on the Website manifests Your consent to these terms and conditions.  In the event You place a bid or other offer for a Ship offered for sale via auction on the Website, You also agree, represent and warrant that You have reviewed these Terms and Conditions and accepted them.

Information Provided

The information provided herein is obtained from third-parties and is not reviewed, vetted, approved or otherwise verified by Compass.  Compass does not endorse or warrant, and disclaims all liability for, any information or data received from any third-party that may be on the Website, linked to the Website, or otherwise accessed from the Website.  Compass does not guarantee or warrant that the information provided through the Website is accurate, complete, or current and does not undertake any obligation to update, modify, revise or change any information provided on the Website.  The use of any data on the Website is for indicative purposes only and may or may not reflect the actual capabilities, usage, condition or other material fact or facts pertaining to any Ship.  You are strongly encouraged to verify any data or information upon which You intend to rely or do rely and to physically inspect or survey any Ship offered for sale on the Website.  In order to inspect, survey, verify or otherwise attend a Ship listed on the Website, a separate arrangement must be made with the Ship and, in some cases, the owner or operator of the slip, berth, terminal or other location where the Ship lays or is otherwise located, as well as relevant government authorities.

No Warranty

THE INFORMATION PROVIDED HEREIN IS GIVEN WITHOUT WARRANTY OF ANY KIND, INCLUDING BUT NOT LIMITED TO FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY OF ANY KIND.  YOU EXPRESSLY AGREE THAT ALL INFORMATION AND DATA CONTAINED ON THIS WEBSITE HAS BEEN PROVIDED WITHOUT WARRANTY OR GUARANTEE OF ANY KIND AND THAT ALL SUCH INFORMATION AND DATA HAS OBTAINED FROM THIRD PARTIES AND IS REPRODUCED HERE SOLEY FOR YOUR CONVENIENCE.

Auctions Subject To Court Order and United States Marshal Service

The Website provides details of Auctions taking place under the auspices of various United States District Courts, the United States Marshal Service and other Courts.  While certain Court documents may be present on the Website, all users interested in a specific Ship or Auction should review all relevant Court documents on that Court’s website or in person at said Court and, to the extent You consider placing a bid on any Ship offered for Auction on the Website, You should retain licensed legal counsel experienced in the judicial sale of Ships and admitted to practice in the Court.  Ships offered for Auction on the Website are sold pursuant to a sale order or similar order from the Court, applicable Court rules, United States Marshal Service rules and regulations, the Federal Rules of Civil Procedure, federal maritime law, and other applicable laws and regulations.  You are strongly advised to have all such materials reviewed by qualified licensed legal counsel. 

Last-Minute Bids

Bids made on the Website in the final five (5) minutes of an Auction, or such other time period as Compass in its absolute discretion shall decide, may result in the Auction being extended by a period of time to allow additional bids to be received. 

Bids Will Be Handled by the United States Marshal Service

Pursuant to Federal law, all Auctions are conducted by the United States Marshal Service, typically at the controlling Court.  It is possible that a winning bid will be made in person or otherwise at the Court, and that such winning bid or bids will not be shown on the Website.  The Website only provides information provided by the Court, the United States Marshal Service, the Ship owner or operator or their agent(s), publicly available information, and information from other third-parties such as vetting companies, class societies, industry groups or other entities without an ownership interest in a Ship but who may have been hired by the owner of such Ship.

The exact auction process will be described by the relevant sale order or other procedures provided by the Court.

A Winning Bid May Still Be Overcome By a Subsequent Bid

At the conclusion of any Auction the highest bidder will usually be presented to the Court as the winning bidder.  However, the highest bid received at the conclusion of an Auction may not the winning bid under a number of circumstances, including a later received higher bid.  It is also possible, for example, that holders of debt against a Ship offered for Auction will be permitted to bid the amount of their debt or that the Ship’s owner will redeem the debts alleged against the Ship prior to the Court’s acceptance of an otherwise winning bid.  Moreover, any winning bid is not a winning bid until it has been accepted by the Court and a subsequent order or other Court action confirms the winning bidder.

No Liability

The information and data on the Website is provided solely as an accommodation to You and Compass shall not be liable to You or any user of the Website for any loss or injury arising out of or caused in whole or in part by Compass’ acts, errors or omissions, whether negligent or otherwise, in procuring, compiling, gathering, formatting, interpreting, reporting, communicating or delivering the information contained in the Website.  In addition, Compass shall not be liable to You or any user of the Website for direct, indirect, incidental, consequential or special damages (including, but not limited to, damages arising from the disallowance of a bid) or damages to business reputation, lost business or lost profits, whether foreseeable or unforeseeable, and however caused, even if Compass is advised of the possibility of such damages.

Choice of Law and Disputes

By utilizing this Website, You agree that Your rights and obligations, as well as the rights and obligations of Compass, shall be governed by federal maritime law supplemented by the laws of the State of New Jersey, without regard to its conflict of law provisions. In the event You place a bid in an Auction, You agree that You are submitting to the general personal jurisdiction of the Court conducting such Auction.  You further agree that, should any dispute arise regarding the conduct of the Auction, including but not limited to any dispute related in any way to the Website, such dispute shall be subject to the exclusive jurisdiction of said Court.