TERMS OF SALE
Sale in Conjunction with Cincinnati Industrial Auctioneers
WLR, LLC JANUARY 17, 2013
1. ALL REGISTRIANTS MUST AGREE TO TERMS OF SALE PRIOR TO BEING APPROVED TO PARTICIPATE IN THIS AUCTION. Please sign and email terms to kp@hyperams.com or fax to (847) 276-3332.
2. Buyer is responsible for any applicable Sales and Use Taxes and will supply AUCTION COMPANY/SELLER documentation that is acceptable to the state of IL. Should the State of IL reject such documentation, buyer will make the payment of said taxes immediately and agrees to defend AUCTION COMPANY/SELLER from any and all tax claims. The sales tax liability remains the sole obligation of the purchaser. For purchase without proof of exemption, a sales tax rate of 8.5% will be added to the purchase price plus the buyer?s premium and remitted to the Auction Company.
3. A Buyer?s Premium of 15% on site (18% on line) of the bid price will be added to the price of each item purchased to arrive at the total purchase price.
4. AUCTIONEER reserves the right to group, reduce, add or delete lots. In the event there is a dispute between two or more claims of entitlement as to the successful bidder, AUCTIONEER reserves the right to re-offer the item in dispute or to declare the item sold at AUCTIONEER\'S discretion. AUCTIONEER reserves the right to bid on behalf of the owner.
5. Any announcements made the day of the sale take precedence over catalog or other previously announced or documented information, but do not alter in any way the basic terms and conditions of sale. Any additional Terms and Conditions to be announced at sale.
6. Buyer is solely responsible to provide any personnel, equipment or material needed to pick up purchases and shall assume all responsibility for the removal of any item purchased at the sale. Asset removal is from (January 18-23). Buyer is required to remove all merchandise within the stated timeframe which is on their invoice unless prior arrangements have been made in writing and approved by AUCTIONEER/SELLER. Items will be considered abandoned, and buyer shall lose all rights to said equipment without recourse or refund due from AUCTION COMPANY/SELLER after the removal deadline.
7. Although information has been obtained from sources deemed reliable, AUCTIONEER/SELLER makes no warranty or guarantee, expressed or implied, as to the accuracy of the information herein contained or the fitness for duty of any of the assets. All assets are being sold ?AS IS, WHERE IS, NO EXCEPTIONS and WITH ALL FAULTS AND WITHOUT RECOURSE?.
8. If for any reason an item shall become non-deliverable, AUCTIONEER/SELLER shall not, in any event, be liable for non-delivery, or for any other matter or thing, to any Buyer of any lot, other than for the return to the Buyer of monies actually paid to AUCTIONEER/SELLER for said lot, should the Buyer be entitled thereto. No adjustments will be made after the merchandise is removed from the sale site.
9. Full payment is due within 24 hours of completion of auction in cash, certified check, cashier?s check, company check with bank letter of guarantee or wire transfer. Time is of the essence as to payment and removal portions of this agreement. Company checks will not be accepted without a letter of verification from your bank similar to below. (Your Bank Name) unconditionally guarantees payment to HYPERAMS, LLC from (Your Company Name) up to the amount of __________. This guarantee will be valid for purchases made at the auction of (Auction Name) on (Auction Date).
10. All assets are being sold ?AS IS, WHERE IS? and buyer acknowledges they have inspected all assets prior to bidding. While all care was taken in gathering information on the equipment that is for sale, AUCTIONEER/Seller will not be held responsible for the correctness of the descriptions. INSPECT BEFORE YOU BUY!
11. CONTRACT MOVERS: If purchaser wishes to hire or contract with a machinery mover, rigger or other type of outside contractor, HYPERAMS WILL NOT ALLOW them to work on the sale premises unless they have placed with the auctioneer PROPER INSURANCE protecting HYPERAMS, LLC and the people or company that the auctioneers are conducting the sale for against any or all claims arising from personal injury and/or property damage created by their actions. This requirement is for the auctioneer?s protection-NOT FOR THE PURCHASER?S therefore the auctioneer suggests that the purchaser review the insurance policies of the machinery mover regarding the coverage that they have protecting the purchaser and damage or loss of the equipment the may be moving for the purchaser.
12. All persons are attending at their own risk and liability without recourse to AUCTIONEER/SELLER. Further, the undersigned and their employees or agents agree to hold AUCTIONEER/SELLER and their agents and employees harmless from all claims of any kind or type.
13. All sales are in US Dollars.
14. By signing these terms and conditions you signify that you have the authority and you are binding your company, yourself (as an individual and/or employee) and any agents or persons who conduct business using your buyers number and/or under your employment or control. This includes liability as to payment and all disclaimers.
15. Buyer hereby agrees to defend, indemnify and hold harmless AUCTIONEER\\SELLER their directors, officers, employees and other agent representatives from and against any and all liabilities, judgments, claims, settlements, losses, damages, penalties, obligations and expenses, including attorney?s fees, incurred or suffered by such person arising from, by reason of, or in connection with any loss, damage or injury to person or property arising from, by reason of or in connection with the assets sold hereunder.
16. Any controversy or claim arising out of or related to this Agreement, or any alleged breach of the terms hereof, shall be settled by arbitration in accordance with the rules, procedures, and regulations promulgated by the American Arbitration Association (?Arbitration Proceeding?). The arbitration hearing shall be held in the State of Illinois. The Parties hereby agree that the award rendered by the person conducting the Arbitration Proceeding?Arbitrator?) shall be final and nonappealable, and judgment may be entered upon the award in any court of competent jurisdiction. The Arbitrator shall not have the authority to award punitive damages against either Party. The Party who files notice of demand for an Arbitration Proceeding (?Initiator?) must assert in such demand all claims then known to the Initiator against the other Party (?Respondent?), and the Initiator may amend its demands and claims only with the consent of the Arbitrator.
17. Backup Bidder: If a winner at the auction does not meet obligations to pay for the lot purchased, the next highest bidder will be considered the winning bidder and will be required to close on such purchase within the terms and conditions herein.
18. All titles will be mailed 7-14 business days once certified funds have been cleared.
SIGNATURE: ______________________________________________________________________

NAME PRINTED: ___________________________________________________________________

DATE: ______________________________________________________________________________