TERMS OF SALE

NOTICE: All bidders and other persons attending this sale agree that they have read and have full knowledge of these terms and agree to be bound thereby.

1. IDENTIFCATION: All purchasers are required to give full name, address and license #.

2. DEPOSITS: Each purchaser will be required to make a deposit in cash or by certified check or cashier’s check of 25% of the bid on each lot at the time of purchase. In default of such deposits, the lot may be put up again immediately and resold. $500 deposit on all rolling stock.

3. TIME OF PAYMENT: All bills must be paid in full by the next business day following the auction closing. A 13% Buyer’s Premium will apply.

4. REMOVAL: All purchases must be removed no later than one week after auction closing. No removal of any lots during the sale. Removal shall be at the expense, risk and liability of the purchaser. Auctioneer shall not be responsible for goods not removed within the time allowed, but shall have the option to remove and store at the expense and risk of the purchaser any article purchased, but not paid for and removed with the time aforesaid.

5. MANNER OF PAYMENT: All checks for deposits and balances shall be payable to the order of Stockwell Equipment Co.. All bills must be paid to representatives of the auctioneer at the auction unless otherwise announced. The full purchase price on all lots sold to the same buyer must be paid within the time fixed and before removal of any of the goods. ALL PAYMENTS MUST BE MADE BY CASH, CASHIER’S CHECK, CERTIFIED CHECK, WIRE TRANSFER, OR COMPANY CHECK WITH BANK LETTER GUARANTEEING PAYMENT TO STOCKWELL EQUIPMENT CO.. There is a $25.00 charge for any returned check, plus any legal fees incurred in collection of such payments.

6. CONDITION OF ARTICLES SOLD: The auctioneer shall not be responsible for the correct description, genuine, authenticity of, or defect in any lot, and makes no warranty in connection therewith. No sale shall be set aside nor allowance made on account of any incorrectness, error in cataloging, or any imperfections not noted. NO DEDUCTION ALLOWED ON DAMAGED ARTICLES, WITHOUT RECOURS, ARTICLES ARE NOT WARRANTED AS MERCHANTABLE OR FIT FOR ANY PARTICULAR PURPOSE, AND NO CLAIM MAY BE MADE BY PURCHASER RELATING TO THE CONDITION OR USE OF ARTICLES PURCHASED, OR FOR PROXIMATE OR COSNEQUENTIAL DAMAGE ARISING THERFROM, and Purchases are “AS IS, HERE IS”.

7. INDEMNIFICATION: Purchaser agrees to indemnify and hold auctioneer harmless from and against all claims and liabilities relating to the condition or use of the articles purchased or failure of user to follow instructions, warning or recommendations of the manufacturer, or to comply with federal, state and local law applicable to such articles, or from proximate or consequential damages, costs or legal expenses arising therefrom.

8. CLAIMS: No claims will be allowed after removal of goods from premises

9. RESPONSIBILITY FOR NON-DELIVERY: Auctioneer shall not, in any event, be liable for non-delivery or for any matter or thing, to any purchaser of any lot, other than for the return to the purchaser of the deposit or sum paid on said lot, should the purchaser be entitled thereto.

10. COMPLIANCE WITH TERMS OF SALE: In default of payment of bills in full within the time therein specified, the auctioneer in addition to all other remedies allowed below, may retain all monies received as deposit or otherwise. As liquidated damages, Lots not paid for and removed within the time allowed therein may be resold at public or private sale without further notice, and deficiency, together with all expenses and charges of resale, will be charged to the defaulting purchaser.

11. RISK TO PERSON AND PROPERTY: Persons attending during exhibition, sale or removal of goods assume all risks of damage of or loss to person and property and specifically release the auctioneer from liability thereof. Neither the auctioneer nor his principal shall be liable by any reason of any defect in or condition of the premises on which the sale is held.

12. ADDITION TO OR WITHDRAWAL FROM SALE: The auctioneer reserves the right to withdraw from any sale any of the property listed or to sell at this sale property not listed and selling lots to subdivide into two or more selling lots. Wherever the best interest of the seller will be served, the auctioneer reserves the right to sell all property listed, in bulk.

13. SALE BY ESTIMATED WEIGHT, COUNT OR MEASURE: Where items are sold by estimated weight, count or measure, the purchaser will be billed for and required to pay for the estimated weight, count or measure. If, upon delivery, any shortage exists, the purchaser will receive a refund at the rate of purchase. If there be an excess, the purchaser will be required to take and pay for such excess, at the rate of purchase.

14. DISPUTE BETWEEN BIDDERS: 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, and resell to the highest bidder. The auctioneer’s decision shall be final and absolute.

15. RESERVE: The auctioneer reserves their 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.

16. RECORDS: The record of sale kept by the auctioneer and bookkeeper will be taken as final in the event of any dispute.

17. AGENCY: The auctioneer is acting as agent only and is not responsible for the acts of its principle.

18. ADDITIONAL TERMS AND CONDITIONS: The auctioneer may add other terms and conditions for the sale, such as additional terms and conditions to be announced prior to the auction.