NORTEL MERIDIAN CIRCUIT BOARD NT5DO3FB

The following constitutes the entire terms and conditions on which property listed in the auction sale catalogue shall be offered for sale or sold by LTC Auctions LLC, and any consignor of such property for whom LTC Auctions LLC acts as agent.  LTC Auctions LLC strongly recommends to all bidders to thoroughly inspect all items before the auction on which bidder intends to bid.  Under these Terms and Conditions, the term “Bidder” and “Purchaser” shall be used interchangeable and be one of the same.

1.            Bidder acknowledges that an auction site is a

potentially dangerous place.  Flammable, noxious, corrosive and pressurized substances may be present, heavy equipment may be in operation, and electric circuits may be live. 

Every person at the auction site before, during and after the auction sale, shall be deemed to be there at his/her own risk with notice of the condition of the premises, the activities on the premises, and conduct of third parties; and the bidder shall so advise his/her agents and employees. 

No person shall have any claim against LTC Auctions LLC, its consignors, agents, employees, directors or principals for any injuries sustained or for damages to or loss of personal property, which may occur from any cause whatsoever.

2.            As used herein, the term “Bid Price” means the price at which a

lot is knocked down to the Purchaser, and the term “Purchase Price” means the aggregate of

(a) the Bid Price and,

(b) the Buyer’s Premium of eighteen percent (18%) and

(c) unless Purchaser is exempt by law from the payment thereof, any Federal, State or local sales taxes (or compensating use tax of another State), and any other applicable taxes.  Unless exemption from such taxes is established to the satisfaction of LTC Auctions LLC, any Purchaser claiming an exemption will be required to pay the tax to LTC Auctions LLC and seek a refund directly from the taxing authorities. Purchaser must provide all tax exemption informationto LTC Auctions LLC at least 24 hours prior to the auction closeor taxes will be added to the Purchase Price.

3.            A sale to the highest Bidder shall be complete upon the

 auctioneer’s call, with the highest Bidder purchasing the offered lot, in accordance with all the conditions set forth herein, including Purchaser:

(a) assuming full risk of loss and responsibility thereof, (see Item 8 below),

(b) immediately making a deposit of not less than twenty-five percent (25%) of the Purchase Price, and

(c) paying to LTC Auctions LLC the balance of the Purchase Price in full within forty-eight (48) hours after the auction sale for all lots purchased.  No lot may be removed until the Purchase Price is paid in full for all lots purchased.  To prevent misdelivery and inconvenience in settlement of a purchase, no lot may be transferred prior to removal by the Purchaser. 

4.            If the conditions herein or any other applicable

condition(s) are not complied with, in addition to other remedies available by law to LTC Auctions LLC and/or its consignors, including but without limitation, the right to hold the Purchaser liable for the Purchase Price, LTC Auctions LLC may, at its option, either

(a) cancel the sale in part or in full, retaining as liquidated damages all payments made by Purchaser or

(b) resell the property, either publicly or privately, after three (3) days notice to the Purchaser and for the account and risk of the Purchaser, and in such event the Purchaser shall be liable to LTC Auctions LLC for any deficiency if the resale is less than the Purchase Price, plus all costs, including warehousing, the pro-rata share of expenses of both sales including reasonable attorneys fees, LTC Auctions LLC’ commission, plus all other charges due hereunder and incidental damages suffered by LTC Auctions LLC or its consignor.

5.            Only cash, credit cards or

Checks  will be accepted as payment of the Purchase Price.  Personal or company checks may be accepted by LTC Auctions LLC, at its sole option.

6.            LTC Auctions LLC reserves the right to withdraw any property

at any time before actual sale.  Unless otherwise announced by the auctioneer at the time of sale, all bids are per lot as numbered in the catalogue.  Lots may be combined or divided at the auctioneer’s choice.

7.            LTC Auctions LLC reserves the right to reject a bid from any

Bidder.  The highest Bidder as acknowledged by the auctioneer shall be the Purchaser.  In the event of any dispute between bidders, or in the event of doubt on the part of LTC Auctions LLC as to the validity of any bid, the auctioneer shall have the sole discretion either to determine the successful bidder or to re-offer and resell the lot in dispute.  If any dispute arises after the sale, LTC Auctions LLC’s sales record shall be conclusive in all respects.

8.            Purchase of any lot is at the Purchaser’s risk with

risk of loss immediately passing to Purchaser upon the auctioneer’s call.  Neither LTC Auctions LLC, nor its consignors, have any liability of any nature whatsoever to Purchaser if the lot is not delivered to Purchaser due to fire, theft, damage, or any other cause.

9.            All lots purchased shall be removed in their

entirety from the site at Purchaser’s sole cost and responsibility and by the date as specified in the auction catalogue or as posted or announced at the sale.  No items may be removed before termination of the sale.  Removal shall be at the sole risk and liability of the Purchaser or Purchaser’s agent, and only after Purchaser has provided LTC Auctions LLC satisfactory proof of insurance by Certificate of Insurance or otherwise.  Purchaser shall fully indemnify LTC Auctions LLC and its consignors for any loss arising from damage to any person or property caused to any extent by Purchaser’s removal of the lots purchased.

10.          Purchaser is solely responsible to secure all safety

equipment as may be necessary and prudent to meet all government safety standards in using, operating or removing lots purchased.

11.          If LTC Auctions LLC or its consignor is unable to deliver

any lot or any necessary documentation required in respect of any lot, their sole and exclusive liability shall be the return of any monies paid on such lot.

12.          Absolutely no warranty or representation, written or oral, is

given with any lot.  All statements contained in LTC Auctions LLC catalogue, website, marketing material or by the auctioneers, or in any bill of sale, invoice or elsewhere as to description, size, quantity, quality, capacity, model, serial number, measurements or condition, are approximated statements and shall not be deemed to be representations or warranties, oral or written, with respect to any lot.  No sale is invalid or made void by reason of any flaw in a lot or by reason of a lot being incorrectly described, and LTC Auctions LLC will not be liable and no compensation will be paid for any such fault or error of description.

13.          All property is sold on an

“AS IS, WHERE IS AND WITH ALL FAULTS BASIS WITHOUT EXCEPTION”. 

Neither LTC Auctions LLC nor the consignor makes any representation or warranty, oral or written expressed or implied, as to the merchantability, fitness for a particular purpose, condition of the property, correctness of the description, condition, capacity, age or any other details used to describe the property. 

Absolutely NO RETURN of sold goods, NO REFUNDS, and NO EXCHANGES