Auction America Realty -- Buyers Premium?

A buyer’s premium of ten percent (10%) will be added to the amount of successful bidder’s high bid at auction. The total purchase price included in the Contract of Sale shall therefore be 10% higher than the amount actually bid at auction by the successful bidder. Bidder herby expressly agrees to use its best efforts and take all action necessary to ensure that at closing where the bidder or any affiliate of bidder is the purchaser, Auction America will receive its commission equal to the buyer’s premium.