As-is, Where-is

Last Updated: Jun 6, 2019

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As-is, Where-is refers to the condition, state, and location of a particular asset at the time of sale.  Items that are sold on an as-is, where-is basis are generally not subject for alteration, renovation, or transportation on behalf of the seller as a condition of the sale, and the buyer will usually shoulder all related risks of the transaction related to the product's condition. 

For example, during a liquidation process, a piece of drilling equipment may be sold on an "as-is, where-is" basis", wherein the buyer will have to move the equipment themselves after they take ownership, and cannot hold the buyer liable if the equipment is ultimately defective or requires repair.  "As-is, where-is" terms will generally yield a lower recovery value for the asset in the first place, and generally occurs when the seller cannot guarantee the product's quality or condition.