What does required deposit mean?
Some vessels now will require a deposit when placing a bid on those particular vessels. In vessel details it will show 5% DEPOSIT REQUIRED with a dollar amount next to it. A person that wants to place a bid on a vessel that shows the deposit bid required verbiage must pay a required 5% deposit to AMS either by bank wire transfer or cashiers check before their bid for that vessel will be accepted. The bid must be submitted to AMS before the closing bid date on said vessel. All bidders deposits will be held by AMS in trust and returned to those bidders that did not win the web auction sale for said vessel within one week of the auction sale. Winning bidders deposit will be applied to their balance owed for the vessel purchased. Winning bidder will be required to send balance of winning bid payment to AMS within 4 days of the web auction sale date. Deposit is forfeited when winning bidder does not comply with terms and condition set forth by AMS conditions of sale.
