T E R M S  O F   S A L E

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.   IDENTIFICATION:  All purchasers are required to give full name and address.

2.   DEPOSIT:  Each purchaser will be required to make a deposit in cash or by certified check of 25 percent of the bid on each lot purchased.  In default of such deposit, the lot may be put up again immediately and resold.

3.   TIME OF PAYMENT: All bills must be paid in full on , April 16, 2014.

1. 4.      REMOVAL: All purchases must be removed no later than Wednesday, March 26^th.  No lot can, on any account, be removed during the sale.  Removal shall be at the expense, risk and liability of the purchaser.  Purchases will be delivered only on presentation of paid bill.  The 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 removal of any of the goods.    

5.   MANNER OF PAYMENT: All checks for deposits and balances due shall be payable to the order of KOSTER INDUSTRIES INC.  All bills must be paid to representatives of the auctioneer at the plant unless otherwise announced.  The full purchase price on all lots to the same buyer must be paid within the time fixed and before removal of any of the goods.

1. 6.      CONDITIONS OF ARTICLES SOLD: The Auctioneer and Seller 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 shall be set aside nor allowance made on account of any incorrectness, error in cataloging, or any imperfection not noted.  NO DEDUCTION ALLOWED ON DAMAGED ARTICLES, ALL ARTICLES BEING EXPOSED FOR PUBLIC EXHIBITION, AND SOLD “AS IS” AND WITHOUT RECOURSE.  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 CONSEQUENTIAL DAMAGES ARISING THEREFROM.

7.   SAFETY DEVICES: Articles purchased may not incorporate approved activating

      mechanisms, operating safety devices or safety guards, as required by OSHA or otherwise.  It is purchaser’s responsibility that articles purchased be so equipped and safeguarded to meet OSHA and any other requirements before placing such articles into operation.

8.   INDEMNIFICATION: Purchaser agrees to indemnify and hold the Auctioneer and Seller Koster Industries Inc. and New England Baptist Hospital  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, warnings or recommendations of the manufacturer, or to comply with federal, state and local laws applicable to such articles, including OSHA requirements, or for proximate or consequential damages, costs or legal expenses arising therefrom.

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

10.  RESPONSIBILITY FOR NON-DELIVERY: The Auctioneer and Seller shall not, in any event, be liable for non-delivery of for any other 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.

11.  COMPLIANCE WITH TERMS OF SALE: In default of payment of bills in full within the time therein specified, the auctioneer and seller 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 purchaser.

12.  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 and seller from liability herefore.  Neither the Auctioneer and Seller nor his principal shall be liable by reason of any defect in or condition of the premises on which the sale is held. 

13.  ADDITION TO OR WITHDRAWAL FROM SALE: The auctioneer and seller reserves the right to withdraw from sale any of the property listed or to sell at this sale property 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.  Whenever the best interest of the seller will be served, the auctioneer and seller reserves the right to sell all the property listed, in bulk.

14. 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.

15.  DISPUTE BETWEEN BIDDERS: If any dispute arises between two or more bidders, the auctioneer and seller 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.

16.  RESERVE: The auctioneer and seller 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.

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

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

19.  SALES TAX: Purchaser shall also pay all applicable sales or use taxes imposed by all taxing authorities on such transaction unless purchaser shall present a resale certificate, certificate of exemption or the like, exempting the purchaser and auctioneer from the payment of any such sales and use taxes.

20. BANKRUPTCY: If at any time prior to payment in full, purchaser files a petition in bankruptcy or for other similar protection from creditors, or an involuntary petition in bankruptcy or other similar proceeding is filed against purchaser, then, at the option of the auctioneer, the sale may be voided.

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