Industrial Building Panels - IBP, INC

1090 Chicago Road

Troy, MI 48083

WILLIAMS & LIPTON COMPANY
32316 GRAND RIVER AVENUE
SUITE 101
FARMINGTON, MICHIGAN  48336
(248) 478-2000   
FAX (248) 478-4046
Website:
www.williamsandlipton.com

AUCTION TERMS AND CONDITIONS:

There is a 16% Buyers Premium at this sale.  

NOTICE:  ALL BIDDERS AND OTHER PERSONS PARTICIPATING IN THIS
SALE AGREE THAT THEY HAVE READ AND HAVE FULL KNOWLEDGE OF
THESE TERMS AND CONDITIONS AND AGREE TO  
SUCH TERMS AND CONDITIONS AS STATED! YOUR REGISTRATION ON
THIS WEBSITE AND THIS AUCTION IS YOUR ACKNOWLEDGMENT.

IDENTIFICATION - All purchasers are required to give their
full name, company name, address, phone number,drivers
license number, signature, bank information and email
address. This email address will be used to send you your
auction invoice for your purchases.

TERMS - The buyer does hereby assume and does agree to
indemnify and hold the auctioneer and seller harmless
from any future claim which shall pertain to the fitness or
use of the assets being purchased.

DEPOSIT - TO BE APPROVED TO BID ON LINE IN THIS AUCTION A
DEPOSIT OF $1000.00 IS REQUIRED FROM ALL IN COUNTRY BIDDERS.  ALL OUT OF COUNTRY BUYERS ARE REQUIRED TO LEAVE A $5000.00 DEPOSIT.  WE DO NOT ACCEPT CREDIT CARDS.  ON SITE BIDDERS WILL ALSO BE REQUIRED TO LEAVE A 25% DEPOSIT OF THEIR PURCHASES ON AUCTION DAY. NO EXCEPTIONS  
Your deposit must be received by our bank or at
our office before you will be approved to bid at this
auction.  All Deposits received in any form (cash, check,
ach, wire transfer, counter credit, money orders or cashiers check) not applied towards an auction purchase will be refunded by Williams & Lipton Company via company check at the time the final Auction Report of Sale is complete and the funds are released from escrow,
generally 7 to 10 days from the sale date. We do not accept
Credit Cards.


REMOVAL DATES:  The removal dates are Friday, February 7th to Thursday, February 13th from 9AM to 4PM. No Weekend Removal. THERE WILL BE A $500.00 COST, PER DAY, FOR ALL BUYERS WHO DO NOT HAVE THEIR PURCHASES REMOVED.

REMOVAL - Removal is at the expense, risk and liability
of the purchaser.  Purchases will be released only upon
presentation of a paid invoice.  The auctioneer will
not be responsible for items not removed within the time
allowed, but does have the option to remove and store, at
the risk and expense of the purchaser, any article
purchased but not paid for and removed within the time limit
mentioned earlier.  It is the responsibility of the buyer to
completely remove any article purchased by him and should
any part of any such article be abandoned, the buyer will be
liable for any expense involved in its removal.
Additionally,  if the equipment is not removed by
the specified removal date, each individual company will
be charged $500.00 per day to do any removal.

MANNER OF PAYMENT  All bills must be paid within 48 hours
of the end of the sale.  We will accept your company check
under the following conditions a.) the check is certified at time the of purchase b.) you submit a letter from your bank at time of purchase, guaranteeing unqualified
payment of your check.  All checks for deposits and
balances due are to be made payable to the order of
WILLIAMS & LIPTON COMPANY. All checks are to be cashier's or certified funds.  We do not accept credit cards!  All bids must be paid to representatives of the auctioneer on the premises.  The full purchase price, on all lots purchased, must be paid prior to the removal of any of the lots.

EXAMPLE Please show this letter to your bank.
To:  Williams & Lipton
Company,  Farmington, Michigan
Mr. (Customer Name) of
(Company Name) is a customer at this bank.  This bank will
guarantee irrevocable, unqualified payment for full
face value stated on this letter to Williams & Lipton
Company for checks drawn on (account number) for an amount
up to $_____.00.  This letter is Valid for (Date Of Sale)
and for the (Name of Auction) ONLY.

CONDITION OF ARTICLES SOLD - The auctioneer shall not be
held 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 or allowance made for any incorrectness, error in
cataloging or any imperfection not noted.  No allowances or
deduction will be made on damaged articles.  All goods are
exposed for public exhibition and sold "AS-IS" "WHERE-IS"
and without recourse.

CLAIMS - No claim will be allowed for shortages after 24
hours or after removal of goods from the premises.  

RESPONSIBILITY FOR NON-DELIVERY - The auctioneer is
not, in any event, liable for the non-delivery, to any
purchaser, of any lot purchased.

COMPLIANCE WITH TERMS OF SALE - In default of payment of
bill in full within the time limit stated, the auctioneer
may retain all monies received as deposit or otherwise as
liquidated damages.  Any lot not fully paid for within the
time stated will be resold at public or private sale without further notice.  Any deficiency, together with all
expenses and charges of resale will be charged to the
defaulting purchaser. RISK TO PERSON AND PROPERTY - Any
person attending inspection day, auction sale day or during
the removal period assume all risks of damage or loss to
person or property and specifically release the auctioneer
and his principal from any liabilities.  Neither the
auctioneer nor his principal is responsible for any defect
or the condition of the premises on which the sale is held.

ADDITION TO OR WITHDRAW FROM SALE - The auctioneer reserves
the right to withdraw from the sale any property listed and
also to add property not listed to this sale.  Also, the
auctioneer may group lots or subdivide lots in order to
benefit the seller.  The auctioneer reserves the right to
sell all the property listed in bulk.

WILLIAMS & LIPTON COMPANY
32316 Grand River Avenue,
Suite 101
Farmington, Michigan  48336
(248) 478-2000   FAX (248)
478-4046
Website:  
www.williamsandlipton.com

AUCTION TERMS AND CONDITIONS
(CONTINUED):

SALE BY ESTIMATED WEIGHT, COUNT OR MEASURE  When items
are sold in this manner, the purchaser will be billed
accordingly.  If upon delivery a shortage exists, the
purchaser will receive a refund at the rate of purchase.  
However, if there is an excess the purchaser will be billed
in the same manner and required to take the excess.

DISPUTE BETWEEN BIDDERS  If any dispute arises between
bidders, the auctioneer may decide the same or put the lot
up for sale again at once.  The auctioneers decision is
final and absolute.

RESERVE  The auctioneer reserves the right to accept
or reject any and all bids.  If there is a reserve on a lot,
the auctioneer has the right to bid on behalf of the
seller. If there is a reserve on any particular single item,
the auctioneer can reject the highest bid subject to the
reserve after the conclusion of the sale.  The auctioneer
may disclose this information if he so chooses.

RECORDS  The record of sale that is kept by the auctioneer
and his bookkeeper will be taken as final word in the event
of a dispute.

AGENCY  The auctioneer is only an agent and not responsible
for the acts of his principal.

THIRD PARTY PICK-UP  Any buyer that is going to have
someone other than himself pick-up his purchases must
notify that auctioneer in writing.

ADDITIONAL TERMS AND CONDITIONS  The Auctioneer reserves
the right to sell subject to reserve and to purchase for
its own account and/or for the account of others, whether by verbal or written proxy, all subject to prior sale.  The
auctioneer reserves the right to refuse any applicant the
privilege of bidding or attending at the auction and
may revoke such privilege at any time.  The auctioneer may
add other terms and conditions prior to the start of this
sale.

WE APPRECIATE YOUR ATTENDANCE  Please present any questions
or requests at once to the our office at
248-478-2000. We hope that you will enjoy our auction
methods and that you are successful with your purchases.  

WILLIAMS & LIPTON COMPANY
32316 Grand River Avenue,
Suite 101
Farmington, Michigan 48336
(248) 478-2000   FAX (248)
478-4046
Website:
www.williamsandlipton.com

PROCEDURES FOR BUYERS OR RIGGERS REMOVING EQUIPMENT

Following are the terms for equipment disconnect and
removal.  All Buyers and their contractors and their
helpers, who participate in the disconnect and/or removal
of the equipment are required to review, acknowledge, accept and abide by the following before commencement of any removal activity.

Rigging is the total responsibility of the buyer. Williams & Lipton Company does not do any rigging or assisting in
anyway in the rigging process.  The removal deadline will
posted around the auction facility.  No extensions will be
granted.

Additional terms and conditions may be announced and
required by the Auctioneer.

1.    Buyer/Rigger must present the original yellow
copy of the customer invoice to authorized Williams & Lipton
Company personnel prior to removal of any equipment.

2.    No items, no matter how small, may be removed
while the Auction is in progress.  We will stay one
hour after the Auction is completed for removal of small
items.  All small items must be removed by 4 PM on the
first removal day following the Auction.

3.    All Buyers/Riggers must present authorized
Williams & Lipton Company personnel with a liability and
workmens compensation insurance certificate in the
amount of at least $1,000,000.00 prior to commencing any
removal activities.

4.    Should any pits, floor bolts or hazards of any type
exist after removal of equipment, it is the
responsibility and cost of the Buyer/Rigger to guard these
areas using generally accepted safety practices, such as
safety tapes, pipes or bars welded in place, or suitable
safety barrier acceptable to Williams & Lipton Company.  
All floor bolts and/or anchoring fasteners are to be
cut flush to the floor and the area left broom clean.  All
electric wiring and utility piping must be safely
disconnected at the incoming main switch or valve, which
will remain with the building.

5.    Machines are to be staged for loading in the area
assigned by Williams & Lipton Company.

6.    Any hydraulic fluid or oil leaks are the
Buyer/riggers responsibility to clean up.  Buyer/Rigger
must take full responsibility for and exercise all
reasonable care to ensure that there is no release to the
environment of any hazardous wastes or substances as
defined in applicable Federal, State and Local Statues,
Regulations, Rules or Ordinances.

7.      It is the responsibility of the Buyer/Rigger to
disconnect all electrical power to the equipment. Please
check to make sure that the power is off to the machines
before disconnecting.

8.    No trucks are to be left running in an enclosed
building.  Williams & Lipton Company is not liable for
equipment or tools left on premises.

9.    Liable for damages-Any surface or structural damage
to walls, ceilings, floors, overhead doors, gates, etc.will
be the Buyer/Riggers responsibility.  Williams &
Lipton Company personnel are instructed to report damage to
the Home Office and Plant personnel immediately.  
Buyer/Riggers will not be permitted to leave with equipment
until repairs are made.

10.    Theft will not be tolerated and we reserve the
right to inspect all trucks, tool boxes and rigger cases.  
Instances of theft will result in the immediate termination
of removal privileges and full prosecution by law.


For any questions please don't hesitate to contact Williams And Lipton Companies Office at (248) 478-2000. Also please be aware of all deposit requirements and removal regulations as outlined in our terms.