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TERMS OF SALE
NOTICE: All Bidders and other persons attending this sale
(?Bidders?) agree that they have read and have full
knowledge of these terms and agree to be bound hereby. The
Bidder identified by the Auctioneer as the high bidder or
successful bidder at auction (?successful Bidder?) shall
have entered into a legally binding contract to purchase the
item bid upon (?Lot?) at the price and subject to the
terms and conditions set forth herein. All determinations,
rulings, and adjustments made by the Auctioneer in good
faith shall be final, binding, and conclusive upon all
Bidders. The term ?Auctioneer? herein means Cincinnati
Industrial Auctioneers, Inc.
1. IDENTIFICATION - All Bidders are required to give
full name and addresses at time of registration.
2. DEPOSIT - Each successful Bidder will be required to
make a deposit in cash or by bank cashier?s or certified
check of 25 percent (25%) of the successful bid on each Lot
at time of knockdown. In default of such deposit, the Lot
may be put up again immediately and resold.
3. TIME OF PAYMENT ? Each successful Bidder shall
receive an invoice during or at the conclusion of the
auction. All invoices must be paid in full by the close of
business on the last day of the auction sale and prior to
removing any Lot. Any other arrangements must be made with
auctioneer prior to bidding. In the absence of payment or
agreement by the auctioneer, title to the Lot shall not
transfer to the successful Bidder and such Bidder will lose
any right, title or interest such Bidder may have acquired,
and the deposit paid, if any, without further notice to
such Bidder. The Bidder shall nonetheless remain liable for
any damages caused by the Bidder?s failure to pay.
4. REMOVAL - All purchases must be removed not later
than the date specified in the Auction Catalogue and/or
announced at the sale. No Lot can, on any account, be
removed during the sale. All goods are sold ?Where Is.?
Removal shall be at the expense, risk, and liability of the
successful Bidder. Purchases will be released only on
presentation of paid invoice. Auctioneer shall not be
responsible for Lots not removed within the time allowed,
but Auctioneer shall have the option to remove and store at
the expense and risk of the successful Bidder any article
purchased, but not paid for and removed within the time
5. MANNER OF PAYMENT ? All payments must be made by
cash, bank cashier?s check or company check with a bank
letter of authorization guaranteeing funds to ?Cincinnati
Industrial Auctioneers, Inc.? All checks for deposits and
balances due shall be payable to the order of ?Cincinnati
Industrial Auctioneers, Inc." All invoices must be paid to
representatives of the Auctioneer at the auction site unless
otherwise announced. The full purchase price on all Lots
sold to the same successful Bidder must be paid within the
time fixed and before removal of any Lot.
6. DISCALIMER OF ALL WARRANTIES INCLUDING IMPLIED
WARRANTIES OF MERCHANTIBILITY AND FITNESS FOR PARTICULAR
PURPOSE; CONDITION OF ARTICLES SOLD ? The Auctioneer and
any owner, seller, or secured party make no warranties
express or implied as to merchantability or fitness for
purpose whatsoever. All such express or implied warranties
are expressly excluded hereby. No oral statement or other
writing by any person negates this exclusion. If you think
you have received any assurance or warranty of any kind as
to a Lot offered in this auction do not bid on such item
unless the Auctioneer has signed a writing specifically
directed to you and identifying the Lot and stating the
modification of this exclusion The Auctioneer shall not be
responsible for the correct description, genuineness,
authenticity of, or defect in any Lot, and makes no warranty
in connection therewith. No sale will be set aside nor
allowance made on account of any incorrectness, error in
commentary, cataloging, or any imperfection not noted. No
deduction, credit or avoidance shall be allowed on damaged
articles, all Lots being exposed for public exhibition are
purchased and accepted by successful Bidder ?AS IS?,
?WHERE IS? and ?WITH ALL FAULTS?. Auctioneer makes no
warranties or guarantees whatsoever whether written, oral or
implied as to quality, quantity, condition, usability,
salability, weight, measurement, age, model, mechanical
condition, performance or other specifications and all sales
made are utterly without recourse.
7. CLAIMS ? No Claims will be allowed after removal of
Lots from premises.
8. RESPONSIBILITY FOR NON-DELIVERY- Auctioneer, any
owner, seller or secured party shall not, in any event, be
liable to any Bidder for non-delivery of any Lot or for any
other matter or thing, other than for the return to the
successful Bidder of the deposit or sum paid on said Lot,
should the successful Bidder be entitled thereto. This means
that if are a successful Bidder and for any reason your Lot
is not made available to you, you agree that the damages you
may claim for such non-delivery are limited to the amounts
you have paid and you waive any claim for damages for lost
profits, opportunity, the value of the Lot in excess of the
purchase price, your time, expenses, incidental and
consequential damages, all of which are expressly waived.
9. COMPLIANCE WITH TERMS OF SALE ? In default of
payment of invoices in full within the time therein
specified, the Auctioneer in addition to all other remedies
allowed by law, may retain all monies received as deposit or
otherwise, as liquidated damages. Lots not paid for and
removed within the time allowed herein may be resold at
public or private sale without further notice, and any
deficiency, together with all expenses and charges of re-
sale, will be charged to the defaulting successful Bidder.
10. RISK TO PERSON AND PROPERTY ? Persons attending
during exhibition, sale, or removal of Lots assume all risks
of damage of or loss to person and property and specifically
release the Auctioneer from liability therefore and agree to
indemnify and hold the Auctioneer harmless from any loss,
claim, liability, cost, or expense caused all or in part by
such person(s). Neither the auctioneer nor his principal
shall be liable by reason of any defect in or condition of
the premises on which the exhibition, sale, or removal of
Lots is held.
11. ADDITION TO OR WITHDRAWAL FROM SALE ? The
Auctioneer reserves the right to alter the order of the
sale, withdrawal from the sale any of the Lots or parts
thereof or to sell at this sale Lots not listed, and also
reserves the right to group one or more Lots into one or
more selling Lots or to subdivide into two or more selling
Lots, or make any combination thereof which Auctioneer in
its sole discretion determines. Whenever the best interest
of the Seller will be served, the Auctioneer reserves the
right to sell Lots in bulk.
12. SALE BY ESTIMATED WEIGHT, COUNT OR MEASURE ? Where
items are sold by estimated weight, count, or measure, the
successful Bidder will be invoiced for and required to pay
for the estimated weight, count, or measure. If upon
delivery any shortage exists, the successful Bidder will
receive a credit at the rate of the bid. If there be an
excess, the successful Bidder will be required to take and
pay for such excess, at the rate of the bid.
13. DISPUTE BETWEEN BIDDERS/BID INCREMENTS ? If any
dispute arises between two or more Bidders, the Auctioneer
may decide the same or put the Lot up for sale again at
once, or resell to the highest Bidder. The Auctioneer may
reject a nominal or fractional bid advance in the
Auctioneer?s sole discretion
14. RESERVE ? The Auctioneer reserves the right to
reject any and all bids. On Lots upon which there is a
reserve, the Auctioneer shall have the right to bid on
behalf of the seller, owner or secured party and shall have
no obligation to denote or announce such reserve or bid.
15. RECORDS ? The record of sale kept by the Auctioneer
and bookkeeper will be taken as final in the event of any
16. AGENCY ? The Auctioneer is acting as agent only and
is not responsible for the acts of its principals.
17. SALES TAX ? All sales are subject to state and
local taxes, which will be collected from the successful
Bidder unless a proper exemption certificate including tax-
exempt number is presented at the time of payment.
18. BUYER?S PREMIUM ? The Auctioneer in its sole
discretion may impose a Buyer?s Premium on any Lots sold.
The Buyer?s Premium is a percentage that is added to the
final purchase price of any Lot.
19. SHIPPING ? All coolants, oil and fluids must be
drained from all machinery and equipment prior to removal.
All of the above must be shipped in compliance with state
and federal regulations. Unless otherwise expressly provided
in writing, preparation and shipment shall be at the sole
responsibility and cost of the successful Bidder.
20. INSURANCE ? All successful Bidders, or the their
riggers must provide the Auctioneer and the owner of the
premises of the sale a certificate of insurance in amounts
acceptable to the Auctioneer prior to removal of any Lot.
21. ADDITIONAL TERMS AND CONDITIONS ? Except as set
forth in Section 6 above, the Auctioneer may modify or
supplement these terms and conditions of sale by language in
the catalog available at the sale site or by announcement at
the start of the sale.