Terms and Conditions of Sale Each person participating in the Auction shall be bound by ALL of the following terms and conditions ("T&Cs"). Please be advised that these T&Cs are subject to amendments and modifications made solely by the Auctioneer at the time of Auction. 1. This catalogue is meant merely as a guide. The Auctioneer believes the descriptions contained herein to be correct, but makes no warranty in connection therewith. Descriptions shall not be relied on for accuracy or completeness. Bidders/Buyers shall be deemed to have inspected all items sold at Auction ("Items") before bidding and to have relied solely on their own inspections and investigations. Auctioneer and seller shall not be liable for any inaccurate description of any Item or lot whether contained in a catalogue, advertisement or otherwise. 2. Auctioneer reserves the right to sell subject to reserve and to bid for its own account and for the accounts of others, whether by verbal or written proxy, all lots are subject to prior sale. 3. Auctioneer reserves the right to refuse any applicant the privilege of bidding or attending the Auction and may revoke such privilege at any time. Bidder acknowledges and agrees that Bidder's paddles are nontransferable. All bids made by the holder of the paddle are the responsibility of the registered bidder. A successful bid at Auction constitutes a legally binding contract of sale, subject to the T&Cs set forth herein. 4. All Items will be sold to the highest bidder conforming to the bid process, provided that Auctioneer reserves the right to sell Items by individual, group lots and "in bulk," as Auctioneer deems appropriate. Auctioneer reserves the right to sell on behalf of third parties, its own account or on the account of others. Should any dispute arise between two or more bidders or as to any bid, the lot in question may, at Auctioneer's discretion, be immediately put up again and resold. Auctioneer shall regulate all matters relating to the conduct of the auction and his decision shall be final and binding on all bidders. The record kept by the Clerk of Sale, shall in all cases be accepted by the bidder as final. 5. All sales shall be concluded as indicated by Auctioneer and no Bidder/Buyer may thereafter revoke his bid. Title shall not pass until payment in full of the purchase price is received. 6. All sales are FINAL. No refunds, returns, credits or exchanges. All Items are sold on an "AS IS" " WHERE IS" AND" WITH ALL FAULTS BASIS" WITHOUT EXCEPTION and WITH REMOVAL AT BUYER'S SOLE RISK AND EXPENSE. THE AUCTIONEER AND SELLER MAKE NO REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS OR GUARANTEES OF ANY KIND, EXPRESSED OR IMPLIED, AS TO THE NATURE, QUALITY, DURABILITY, CAPABILITY, FUNCTION, PERFORMANCE, VALUE OR CONDITION OF THE ITEM(S) BEING AUCTIONED OR ITS SUITABILITY FOR ANY USE. AUCTIONEER AND SELLER EXPRESSLY AND SPECIFICALLY DISCLAIM, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 7. A deposit equal to 25% of the purchases shall be made at the time of sale. The balance of the purchase price must be paid in full before or immediately after the conclusion of the Auction. All payments shall be made by way of cash, certified Checks or letter of credit payable to Machinery Network Auctions, Inc. ("MNA"). Deposits on account of purchases may be made in advance of the Auction and the balance thereof will be paid immediately after the Auction. Auctioneer reserves the right to put Items back up for auction if deposit is not received at or before the time of sale. 8. No Item shall be removed unless paid for in full and Items purchased shall be removed within the guidelines and terms stipulated. Buyer shall be responsible for all the costs of removal and shall be liable for all damages, including without limitation, any environmental damage, caused during or as a result of the removal. Buyers shall comply with all environmental laws and regulations including requirements as to bonding of movers. No claims shall be allowed after removal of the purchased Items. 9. Where available, documents of transfer, including motor vehicle ownership documents, which are in possession of Auctioneer, will be provided to the Buyer following the Auction or as soon thereafter as such documents are available. 10. Buyer may not assign, transfer or dispose of his rights in any Item purchased before payment of the purchase price in full. 11. Buyer shall pay all relevant taxes. All relevant taxes shall be Buyer's sole responsibility. 12. Time is of the essence. If Buyer fails to make payment or remove Item(s) within the time periods provided herein, the Auctioneer may resell the Item(s) purchased by Auction, private contract or otherwise, as Auctioneer in his discretion deems advisable, and Buyer shall be liable for the shortfall and all costs expenses, including but not limited to interest rates (a minimum of 1.5% per month or 18% per annum), legal fees, moving and storage (a minimum rate of $2.00/sq. ft. per month) and commissions incurred such as resale. 13. The Auctioneer assumes no responsibility or any liability once title passes, which occurs at time of payment in full. Buyers are advised to prearrange for insurance coverage of their purchase. Title will revert to the Seller in the event Buyer does not remove Item(s) within the time specified. 14. If the Auctioneer is unable to deliver an Item sold to a Buyer due to fire, theft or any other reason whatsoever, the Auctioneer shall reimburse Buyer for all monies paid to the Auctioneer in respect of the Item and the Auctioneer shall have no further liability to Buyer arising from or relating to such loss, including without limitation, any damages or loss of profits. 15. Bidder acknowledges that the location at which the auction is held (the "Auction Site") is a potentially dangerous place with noxious, corrosive and pressurized substances being present, heavy equipment being operated and electric circuits being live. Every person at the Auction Site before, during and after the Auction shall be deemed to be there at their own risk with notice of the condition of the premises, the activities on the premises and the conduct of third parties, and the Bidder shall so advise his/her agents and employees. No person shall have any claim against the Auctioneer, his agents, employees or principals for any injuries sustained for damages to or loss of property which may occur from any cause whatsoever. 16. California law shall govern the interpretation and enforcement of these T&Cs. All disputes arising out of, related to, or in connection with therewith shall be resolved solely through arbitration, pursuant to the then current rules for commercial arbitration of the American Arbitration Association, with all hearings to be held in Los Angeles, California; provided, however, that either party may seek preliminary injunctive relief in court proceedings prior to the resolution of such arbitration. Should any legal proceeding be commenced regarding the Auction, the Item(s) and/or the Auction Site, the prevailing party in such proceeding, whether by final judgment or out-of-court settlement, shall be entitled, in addition to such other relief as may be granted, to an award of all reasonable attorneys' fees. These terms and conditions together with any amendments or modifications, expressly made by the Auctioneer at the time of the Auction constitute all the T&Cs with respect to the sale of Items at this Auction. There are no representations, warranties, terms, conditions, undertakings or collateral agreements except as hereinabove provided. EQUIPMENT REMOVAL PROCEDURES/ TERMS & CONDITIONS The following are the controlling procedures and Terms and Conditions for the removal of Items purchased at a Machinery Network Auctions, Inc. ("MNA") sale: 1. All invoices must be paid in full prior to removal of any Item. Each invoice must be marked "Paid in Full" and initialed by an authorized to MNA representative. 2. No business cards are to be placed on Items purchased until after they are sold and paid for in full. 3. All Buyers are solely responsible for the removal of Items purchased by them. 4. Buyers are responsible for, at their expense: (a) proper and safe disconnection and termination of all electrical, gas, water and/or air lines to machines as instructed or directed by an authorized MNA representative; (b) shearing flush to the floor of all anchor bolts or fasteners; (c) erecting safety barriers around pits and holes in the floor created by removal of equipment until repaired (see next); (d) repair, in a first class, proper workmanlike manner, all holes in the flooror roof created by the removal of items purchased; (e) removing, off premises, all hazardous materials (including all contaminants) contained in Items purchased; (f) repairing, in a first class, proper workmanlike manner, all damage caused to the premises by a Buyer, its representative or any other party hired by a Buyer for the removal of Items purchased; (g) leaving the work area in a clean, broom-swept condition; (h) any other specific terms and conditions communicated by MNA before, during or after the Auction sale; (i) removal of Items purchased by the time and date set by MNA before, during or after the Auction sale; and (j) the safety of all of a Buyer's employees, agents or representatives including all movers/riggers hired by such buyer. 5. Prior to removal, all Buyers, or any movers or riggers hired by a Buyer, must provide to MNA a certificate of insurance evidencing at least $1,000,000 in comprehensive liability insurance coverage (including workers compensation and automobile) per person, per occurrence. 6. Prior to removal, an authorized MNA representative must examine and approve the removal of all Items purchased at the Auction. Such approval shall be indicated by this representative initialing all invoices. 7. No items shall be removed until after the Auction sale. Removal hours are weekdays only between 8:00 a.m. to 5:00 p.m. 8. Buyers and their movers/riggers are jointly and severally liable for all damages, costs and expenses to the premises or any other assets which were caused by any of them, their employees, agents or representatives whether through negligence or otherwise. Buyer indemnifies and saves MNA harmless from any and all costs, expenses and claims suffered or incurred by MNA as a result of any act or omission of such buyer and/or any mover or rigger retained by a Buyer. NO ITEMS SHALL LEAVE THE PREMISES UNTIL THE ABOVE HAS BEEN COMPLIED WITH MNA's SATISFACTION. NOTE: Buyers, please provide all movers or riggers hired by you with a copy of these procedures/terms and conditions as you will be held liable for their conduct.
Machinery Network, Inc.