51-05.1-04.1. Written contracts

51-05.1-04.1. Written contracts An auctioneer may not sell the property of another at auction without a prior written contract with the seller which sets forth the terms and conditions upon which the auctioneer will sell the property. A similar contract governing the activities of the auction clerk is required between the auction clerk and the seller. The auctioneer and clerk shall retain a copy of each contract for at least two years after the auction. This section does not apply to consignment sales when the value of the seller's property is less than five hundred dollars or to livestock markets. The contract must contain: 1. The auctioneer's or clerk's name, trade or business name, business address, and business telephone number. 2. A general description of the property to be sold at auction, any restrictions, and a statement identifying whether the auctioneer or clerk is authorized to purchase at the auction. 3. A description of the services to be provided and the consideration for the services. The description must state which party is responsible for advertising and other expenses. 4. The date or dates when the items will be sold at auction.