BY PLACING A BID OR BUYING AT A GUINN AUCTION COMPANY, INC. AUCTION/EVENT, BUYER WARRANTS THAT BUYER HAS READ AND UNDERSTANDS THE FOLLOWING CONDITIONS OF SALE AND AGREES TO BE BOUND BY THEM. • REGISTRATION All bidders must register with Guinn Auction Company, Inc. and be qualified by Guinn Auction Company, Inc. prior to placing a bid or making a purchase. Guinn Auction Company, Inc. hereinafter referred to as “Auction Company” or “Guinn Auction Company, Inc.”, reserves the right to refuse any applicant bidding/buying privileges and may revoke bidding/buying privileges at any time. • TERMS Payment is due in full within 48 hours of notice of acceptance of bid or purchase. All transactions over $10,000.00 must be paid by wire transfer. No property will be released prior to full payment has been deposited into the auction company’s deposit account. • SALES TAX Sales tax will be added to the purchase price including buyer’s premium of all taxable purchases unless the buyer files with the Auction Company proof of exemption from all such taxes in a form that is satisfactory to the Auction Company and the appropriate governing authority. Proper proof of sales tax exemption must be provided upon registration prior to placing a bid. If sales tax is not collected and at a later date is determined due, buyer agrees that buyer will bear the liability of the sales tax for his/her purchase. • WARRANTY Buyer assumes full responsibility for items purchased. All property is being sold “AS IS, WHERE IS” WITH NO WARRANTY, EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY. All buyers must satisfy themselves as to the condition, authenticity, usefulness, and merchantability of the property prior to placing a bid or buying. All information regarding this auction/sale provided in written, verbal, or image form was derived from sources believed to be true and correct, but is not guaranteed or warranted by Guinn Auction Company, Inc., Seller, or Publisher. Guinn Auction Company, Inc. makes no warranty or representation and undertakes no duty to confirm the accuracy or completeness of any information provided in oral, written or image form to buyer regarding any property for sale at auction including but not limited to: year, make, model, serial number, vin, hours, miles, or condition. Guinn Auction Company, Inc. makes no guarantees or warranties, expressed or implied, statutory or otherwise of any nature as to the conformity to any safety or pollution standard or any other standard or requirement of any applicable authority, law, or regulation. No sale shall be invalidated by reason of any defect or inaccuracy in any property being incorrectly described in sale catalog, any advertisement, or statements by Auction Company agents or employees. It is the sole responsibility of the buyer to ascertain, confirm research, inspect, and/or investigate any property for sale at auction prior to placing a bid. Buyer expressly agrees that his/her bid is based entirely upon their own personal inspection and/or opinion of property being sold. Buyer acknowledges that prior to bidding he/she had opportunity to inspect all items offered. • OWNERSHIP AND REMOVAL OF ALL PURCHASES Purchases become the responsibility of and shall become and remain at the risk of the buyer immediately upon auctioneer declaring item sold. It shall be the responsibility of the buyer to insure his purchases immediately. All purchases must be removed from their location within the time and according to procedures announced or posted at sale. All cost, responsibility and risk of such removal shall be borne by the buyer. Guinn Auction Company, Inc. reserves the right to require proof of adequate insurance coverage from Buyer of any property that requires dismantling, rigging, or hot cutting. No item may be removed until purchases are paid in full. No item will be loaded out until completion of auction. • ACCEPTANCE OF BID/ BID APPROVAL Auction Company reserves the right to reject any and all bids, offers, or sales. All items are Sold Pending Seller's Confirmation. Some items sold may have reserve. All Seller approvals will be final by noon the following day after the auction has closed. • LOTTING The Auctioneer reserves the right to group lots, make lots smaller, or to add or to delete at his sole discretion, as well as the right to offer individually and/or by group. • RESALE The Auction Company reserves the right to resell any property that is not paid for in accordance to the terms as stated in this contract or any property left at sale site beyond announced checkout period (which property shall be deemed abandoned). Such items may be resold without notice to buyer and the buyer shall be responsible to the Auction Company and Seller for any expenses of resale and collection and any damages resulting from the resale. • NON PAYMENT (WALK OFF) IN THE EVENT OF NON PAYMENT DUE TO BUYER NOT FULFILING THE TERMS OF PAYMENT AS STATED IN THIS CONTRACT, BUYER EXPRESSLY AGREES TO PAY A 20% FEE PER ITEM (or $1,000.00 per item whichever is greater) or forfeit whatever deposit may have been placed in order to receive bidding privileges. Buyer expressly agrees not to bid on his/her personal property to be sold. Buyer expressly agrees under any circumstances not to issue a charge back if purchase is paid for with a credit card. Buyer agrees that any credit card charge back will be subject to an additional $300 processing fee in addition to being subject to the same fees as a NON PAYING bidder. • HOLD HARMLESS All buyers and their guest enter auction site/equipment location site at their own risk and will hold harmless and indemnify Guinn Auction Company, Inc., consignors, and landowners from any damages/personal injury occurring while on auction site or equipment location site. Any minor guest on sales yard will be accompanied by legal guardian and will be the responsibility of that person. To the fullest extent allowed by the law, buyers shall assume all risk and hold harmless Guinn Auction Company, Inc. and its agents, consignors, and land owners for any and all liabilities that may arise including those related to: environmental hazards/pollutants; all risk to purchases including vandalism, theft, fire, or any other unforeseen occurrence or intentional act(s); any damages resulting from failure of negligence of the buyer or their agents to perform their obligations as stated in this contract; any damages arising from or related to the auction or sale. Buyer further agrees to indemnify Guinn Auction Company for any costs, expenses, and attorney fees incurred in relation to any claims, actions, or losses related to this contract. This agreement constitutes the entire agreement of the parties. This contract shall be governed by and construed in accordance with the laws of the State of Louisiana. Any clause or portion of this contract which is contrary to Louisiana law shall be severed. If it is necessary to sever a portion of this contract it will be done so in the most restrictive and minimal manner that retains as much of the contract as possible. The parties agree that the remaining terms shall be enforceable and valid. I swear and affirm that all information I have given is true and correct and authorizes the investigation of their credit worthiness. I HAVE READ AND UNDERSTAND ALL OF THE TERMS AND CONDITIONS OF SALE. I AM PURCHASING BASED ON MY PERSONAL INSPECTION AND/OR OPINION OF PROPERTY AND AGREE TO ABIDE BY ALL TERMS AND CONDITIONS SET OUT BY GUINN AUCTION COMPANY, INC.