STIMPSON “R2” Power Riveter

AUCTION TERMS & CONDITIONS

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:

1. A $1,000 deposit is required at the time of registration. This will allow for purchases up to $4,000. An additional 25% deposit will be required at the time of purchase for purchases in excess of $4,000. The balance of the purchase price must be paid in full within the time period herein provided in the “Event Specific Terms & Conditions”. All payments shall be by way of cash, Interac, Visa, Mastercard, certified cheque, bank draft, wire transfer, or company cheque with a Bank Letter of Guarantee. Deposits on account of purchases may be made in advance of the auction and the balance thereof will be refunded immediately after the auction. Additional items have been added to the sale. The Auctioneer reserves the right to put articles back up for auction if deposit is not received at or before time of sale.

2. Sales taxes arising on a sale shall be paid to the Auctioneer at the time of sale.

3. 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. Auctioneer reserves the right to sell on behalf of third parties, it`s 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.

4. Auctioneer reserves the right to sell subject to reserve and to purchase for it`s own account and or for the account of others, whether by verbal or written proxy, all subject to prior sale.

5. 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.

6. ALL SALES ARE FINAL, ON AN "AS IS - WHERE IS", "IN PLACE", "WITH ALL FAULTS" BASIS WITH NO CONDITIONS OR
WARRANTIES. WHETHER EXPRESS, 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 BY REASON OF 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. PLEASE INSPECT ALL ITEMS BEFORE BIDDING. PURCHASERS SHALL BE DEEMED TO HAVE RELIED ENTIRELY UPON ITS OWN INSPECTION AND INVESTIGATIONS.

7. No article shall be removed unless paid for in full and all articles purchased shall be removed within the time period herein provided in the “Event Specific Terms & Conditions”. 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. Please refer to the “Removal Terms & Conditions” herein provided.

8. Where available documents of transfer, including motor vehicle ownership documents, which are in the possession of the Auctioneer, will provide to the purchaser within seven days following the auction or as soon thereafter as such documents are available.

9. 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 of 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 or loss profits.

10. The Auctioneer reserves the right to refuse any applicant the privilege of bidding or attending at the auction and may revoke such privilege at any time.

11. Time shall be of the essence. If a purchaser fails to make payment or remove goods within the time periods herein provided in the “Event Specific Terms & Conditions”, the Auctioneer may resell the article purchased by auction, private contract or otherwise, as the Auctioneer in 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 cent per annum), legal fees, removing and storage (a minimum rate of $2.00 sq ft per month) and commissions, incurred in such resale.

12. No purchaser may assign, transfer or dispose of his rights in any article purchased before he has paid the purchase price in full.

These terms and conditions together 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 the articles at this auction. There are no representations, warranties, terms, conditions, undertakings, or collateral agreements except as hereinabove provided.