Bidspotter.com-Live Internet Auction Broadcasting-Live Event Information-2010-09-03

BidSpotter.com BidSpotter Live Internet Auctions and Auctioneers bidding is easy! Auction software leaders

http://www.asset-sales.com/

Name

Gates Corporation

Where

11715 East 51st Avenue
Denver CO USA

When

Wednesday, March 31st, 2010
Scheduled start time: 11:00 AM US Central Time

Selling Currency & Internet Fee/Buyer Premium

Currency: USD IF/BP:16.0%

Contact

Phone: 704-821-4315
Email: kim@asset-sales.com

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Featuring: Machining and Fabricating Facility including DAINCHI 40” x 200” Engine Lathe, MONARCH 62” x 60” Lathe, Other Lathes including LEBLOND, CAZENEUVE, LODGE &SHIPLEY 25” x 8’ with 8” Thru-Hole, BARBER-COLMAN 16-56 Gear Hobber, FITCHBURG 44” x 108” Horizontal Gear Hobber (Completely Re-Built), AMERICAN 40” x 10’ CNC Lathe with Fanuc 16T, GRAY 48” CNC Vertical Boring Mill, WOTAN 4 ľ” Horizontal Boring Mill with 50” Rotary Table, BERTSCH 5’ x 1 Ľ” Plate Bending Roll (1990’s), SMT- PULLMAX 6’ x ľ” Plate Bending Roll, CINCINNATI 10’ x Ľ” Plate Shear, ESAB 10’ x 12’ CNC Burning Machine, Welding Positioners, Welders, Numerous Free Standing Bridge Cranes & Jibs, Band Saws, Tooling, Steel Stock Plate, Bar, Angles, ETC…

TERMS AND CONDITIONS OF AUCTION SALE 
Subject to amendments and modifications announced by the Auctioneer at 
the time of the auction, any person participating in the auction shall be 
bound by the following terms and conditions. 
All announcements made on the auction day shall take precedence over 
previously distributed information. 
Anyone outside of the continental United States will be required to wire 
transfer a minimum deposit of $5000 to be approved for all non-onsite 
bidding.  All deposits must be received 24 hours before the sale.
All payments shall be by way of cash, certified check, wire transfer and/or a 
company check accompanied by a bank letter of guarantee payable to Asset 
Sales, Inc. Your bank letter should be similar to the following: “Mr. (Customer 
Name) is a customer of this bank.  This bank will guarantee unqualified 
payment to Asset Sales, Inc. on the account listed herein up to the amount of 
$_______.  This letter is valid until (date).”  All bidding and invoicing will be in 
US Dollars ($), we will accept all currency according to the terms. The 
purchase price must be paid in full before or immediately after the 
conclusion of the auction. The auctioneer reserves the right to put articles 
back up for auction if payment is not received at or before the conclusion of 
the sale. All invoices must be checked on the day of the sale as no 
adjustments will be made thereafter. Purchases that are not removed within 
the designed time will be considered abandoned. 
Taxes arising on a sale, shall be paid to the auctioneer at the time of sale. 
Purchasers claiming exemptions from taxes shall provide proof satisfactory to 
the auctioneer of their entitlement to claim such exemption. In the absence of 
proof satisfactory to the auctioneer, taxes shall be paid by the purchaser. 
All articles will be sold to the highest bidder conforming to the bid process, 
provided that the Auctioneer reserves the right to sell articles by individual 
group lots and "En Bloc" as he deems appropriate. The auctioneer reserves 
the right to sell on behalf of third parties, its own account or on the account 
of others. Should any dispute arise between two or more bidders or as to any 
bid, the lot in question may, at the auctioneer's discretion, be immediately 
put up again and resold. The auctioneer shall regulate all matters relating to 
the conduct of the auction and his decision shall be final and binding on all 
bidders. The auctioneer shall at all times be entitled to make changes in (the 
composition of) the lots or to withdraw them, up until the last moment before 
the sale, refuse bids without having to state the reasons, in which case the 
previous bidders shall be bound to their bids and to correct himself. 
The auctioneer reserves the right to sell subject to reserve and to purchase 
for its own account and/or for the account of others, whether by verbal or 
written proxy, all subject to prior sale. 
Asset Sales, Inc. reserves the right to correct any mistakes or typographical 
errors made by it or its behalf in any of its announcements or documents, 
without the ability of deriving right from the corrected announcements. 
All sales shall be concluded on the fall of the hammer or as indicated by the 
auctioneer and no purchaser may thereafter revoke his bid. Title to the lots 
purchased shall not pass until payment in full of the purchase price is 
received. 
Rigging/Removal of sold equipment is the sole responsibility of the buyer and 
must be completed by the posted date.  Rigging/Removal may not begin until 
payment has been made in full and the auction sale is complete.  All heavy 
rigging requiring the use of forklifts, cranes, etc whether performed by the 
customer or a rigging company, must present a certificate of insurance for 
$1,000,000.00 naming Asset Sales, Inc. as the insured.
Recommendation or approval of Riggers by Asset Sales, Inc. by any employee 
or agent of Asset Sales, Inc. or by any affiliated entity of Asset Sales, Inc., 
shall be done only as an accommodation to the Buyer.  Such recommendation 
or approval shall not cause Asset Sales, Inc. to be liable in any way for any act 
or omission of any such Rigger.  Selection of a Rigger is solely within the 
discretion of the buyer, and Buyer acknowledges and agrees that it shall have 
no rights or remedies against Asset Sales, Inc., any employee or agent of 
Asset Sales, Inc. or any affiliate of Asset Sales, Inc. based upon any act or 
omission by a Rigger.
ALL SALES ARE FINAL, ON AN "AS IS - WHERE IS", "IN PLACE", "WITH ALL 
FAULTS" BASIS WITH NO CONDITIONS OR WARRANTIES WHETHER EXPRESSED, 
IMPLIED, STATUTORY OR OTHERWISE, INCLUDING WITHOUT LIMITATION, 
WARRANTIES OR CONDITIONS AS TO TITLE, DESCRIPTION, FITNESS FOR 
PURPOSE, QUANTITY, QUALITY, MERCHANTABILITY, STATE, CONDITION, 
LOCATION OR OTHERWISE. NO SALE SHALL BE INVALIDATED AND THE 
AUCTIONEER SHALL HAVE NO LIABILITY FOR A MISDESCRIPTION OF ANY 
ARTICLE OR LOT WHETHER CONTAINED IN A CATALOGUE, ADVERTISEMENT 
OR OTHERWISE. DESCRIPTIONS HAVE BEEN PREPARED FOR GUIDE PURPOSES 
ONLY AND SHALL NOT BE RELIED UPON BY THE PURCHASER FOR ACCURACY 
OR COMPLETENESS. BY SUBMITTING A BID, THE BUYER/BIDDER AFFIRMS IT 
HAS INSPECTED ALL ITEMS BEFORE BIDDING. PURCHASERS SHALL BE DEEMED 
TO HAVE RELIED ENTIRELY UPON THEIR OWN INSPECTIONS AND 
INVESTIGATIONS. 
No article shall be removed unless paid in full and all articles purchased shall 
be removed in the time allocated by the auctioneer or as stated on the 
circular. No item, no matter how small or how far the purchaser has to travel, 
may be removed until the close of the auction sale. The purchaser shall be 
responsible for all costs of removal and shall be liable for any damage, 
including without limitation, any environmental damage, caused during or as 
a result of the removal. Purchasers shall comply with all environmental laws 
and regulations and all requirements established by the auctioneer for the 
removal of articles, including requirements as to bonding of movers. 
Where available, documents of transfer, including motor vehicle ownership 
documents, which are in the possession of the auctioneer, will be provided to 
the purchaser within 7 days following the auction or as soon thereafter as 
such documents are available. 
If the auctioneer is unable to deliver an article sold to a purchaser due to fire, 
theft, or any other reason whatsoever, the auctioneer shall reimburse the 
purchaser for all monies paid to the auctioneer in respect to the article and 
the auctioneer shall have no further liability to the purchaser arising from or 
relating to such loss, including without limitation, any damages for loss of 
profits. 
The auctioneer reserves the right to refuse any applicant the privilege of 
bidding or attending the auction and may revoke such privilege at any time. 
Time will be of the essence. If a purchaser fails to make payment or remove 
goods within the time periods announced by the auctioneer at the beginning 
of the auction, the auctioneer may resell the article purchased by auction, a 
private contract or otherwise, as the auctioneer at his discretion deems 
advisable, and the purchaser shall be liable for the shortfall and all costs and 
expenses, including but not limited to interest rates (a minimum of 1.5% per 
month or 18% per annum), legal fees, moving and storage (a minimum rate of 
$2.00/sq ft per month) and commissions, incurred in such resale. 
No purchaser may assign, transfer or dispose of his rights in any article 
purchased before he has paid the purchase price in full. No reselling will be 
allowed from the premises.
Asset Sales, Inc. shall have the right to make image and audio video 
recordings of the auction, to use said recordings and if deemed appropriate, 
to make this public.  Participants give their permission by participating in the 
auction.
All risk of loss shall pass to the purchaser at the time of payment excepting; 
the auctioneer shall reimburse the purchaser for all monies paid to the 
auctioneer in respect to any article that the auctioneer cannot deliver due to 
thief or disappearance. The auctioneer shall have no further liability to the 
purchaser arising from or relating to such loss, including without limitation, 
any damages for loss of profits. 
The buyer hereby assumes and does agree to indemnify and hold the 
auctioneer and seller harmless from any current or future claim which shall 
pertain to the fitness, use, damage, safety, injuries to persons or property 
that may have been caused by or during removal or use of item(s) purchased, 
or any other claim regarding the use of that asset as purchased. All buyers 
acknowledge and accept with their signature, the terms of the sale printed on 
these registration cards/bidder paddles. 
This sales transaction shall be governed by and construed in accordance with 
the local laws of the state of North Carolina, USA.  The venue for trial or 
resolution of any dispute arising out of or related to this transaction shall be 
the North Carolina State Courts sitting in Mecklenburg County, North 
Carolina, USA.  If any provision of these terms and conditions shall be held 
invalid, illegal, unenforceable or inoperative, the balance of the terms & 
conditions shall remain in full force and effect as if such provisions had not 
been included. 
The auctioneer is acting as agent only and is not responsible for the acts of 
its principles. 
These terms and conditions with any amendments or modifications expressly 
made by the auctioneer at the time of the auction constitute all the terms and 
conditions with respect to the sale of articles at this auction. There are no 
representations, warranties, terms, conditions, undertakings or collateral 
agreements except as hereinabove provided. 
A 13% Buyer's Premium will apply to all onsite purchases.  16% Buyers 
Premium for online purchases.

REGISTRATION & BIDDING ONLINE: If you plan to bid with Bidspotter.com, you must be pre-approved by Asset Sales, Inc. The pre-approval process is easy but necessary. Asset Sales, Inc. will verify telephone number and confirm agreement to the Terms & Conditions.

If you agree to the terms and conditions above you may register for this event. Registering for this event means you agree to both the BidSpotter.com website terms and conditions and also Asset Sales Inc. terms and conditions for this auction.

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