LEC AUCTIONS BY LARSON EQUIPMENT COMPANY TERMS AND CONDITIONS OF SALE 37 Clover Rd, Strafford, MO 65757 417-351-0943 | lecauctions@gmail.com | lecauctions.com Missouri Auctioneer License No. A41 ????????????????????????????????????????????????????? 1. INTRODUCTION AND ACCEPTANCE These Terms and Conditions of Sale ("Terms") govern all auction sales conducted by LEC Auctions by Larson Equipment Company ("LEC Auctions," "Auctioneer," "we," or "us"), a Missouri-based auction house operating as a licensed Missouri auction house (License No. A41), a trade name (DBA) of Larson Equipment Company, a Missouri limited liability company. The contractual relationship between LEC Auctions and each Purchaser is governed by: 1. These Terms and Conditions of Sale; 2. The information detailed in the sale catalogue, lot listings, or event listing page for each Auction; and 3. Any additional notices, announcements, or modifications made by the Auctioneer prior to or during the Auction, which shall take precedence over these Terms to the extent of any conflict. BY REGISTERING TO BID, PLACING A BID (IN PERSON, ONLINE, BY TELEPHONE, OR BY ABSENTEE SUBMISSION), OR PARTICIPATING IN ANY AUCTION CONDUCTED BY LEC AUCTIONS, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THESE TERMS IN THEIR ENTIRETY. If you do not agree to these Terms, you may not participate in any LEC Auctions sale event. ????????????????????????????????????????????????????? 2. DEFINITIONS As used in these Terms, the following definitions apply: "Auction" — Any sale event conducted by LEC Auctions, whether in-person, online, or hybrid. "Auction Site" — The physical premises located at 37 Clover Rd, Strafford, MO 65757, or any other location designated by LEC Auctions for a specific sale event. "Auctioneer" — LEC Auctions by Larson Equipment Company, its staff, representatives, licensed auctioneers, and all persons authorized by LEC Auctions to conduct an Auction. "Bidder" — Any person or entity that has registered with the Auctioneer and has been issued a Bidding Number for an Auction. "Bidding Number" — The unique number assigned to a Bidder upon registration. "Buyer's Premium" — The fee charged to the Purchaser by the Auctioneer, calculated as a percentage of the Hammer Price. "Hammer Price" — The highest bid for any Lot accepted by the Auctioneer at an Auction. "Lot" — Any individual item, unit, or group of items offered for sale at an Auction. "Purchase Price" — The total amount due from the Purchaser, consisting of the Hammer Price, Buyer's Premium, applicable Sales Tax, title fees (if any), and any other applicable charges. "Purchaser" — The highest Bidder for any Lot as acknowledged by the Auctioneer. "Vendor" or "Consignor" — The seller of any Lot offered through LEC Auctions. ????????????????????????????????????????????????????? 3. ROLE OF AUCTIONEER LEC Auctions acts as agent for the Vendor/Consignor and is not responsible for any default by either Vendor or Purchaser. As such, LEC Auctions is not the owner of any Lot unless expressly stated. The Auctioneer's role is solely to manage and facilitate the bidding process. Nothing in these Terms creates a fiduciary relationship between LEC Auctions and any Bidder or Purchaser. ????????????????????????????????????????????????????? 4. AUCTION SITE SAFETY — RELEASE OF LIABILITY Bidder acknowledges that an Auction Site is a potentially dangerous environment. Heavy equipment, machinery, pressurized substances, flammable materials, corrosive substances, and live electrical circuits may be present. Equipment may be in the process of being unloaded, staged, or loaded at any time. Every person present at the Auction Site is there at their own risk, with full notice of the conditions and activities thereon. Bidder agrees to advise all agents, employees, and representatives of these conditions before they enter the Auction Site. BY REGISTERING AND/OR ATTENDING, YOU (ON BEHALF OF YOURSELF AND YOUR AGENTS, EMPLOYEES, AND REPRESENTATIVES, INCLUDING SUCCESSORS AND HEIRS) HEREBY RELEASE LEC AUCTIONS, ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS FROM ANY AND ALL CLAIMS, DEMANDS, AND DAMAGES (ACTUAL AND CONSEQUENTIAL) OF EVERY KIND AND NATURE ARISING OUT OF OR CONNECTED WITH: 1. Any bodily injuries, death, or other harm sustained while attending the Auction Site, preview, or during equipment loading, unloading, or removal; 2. Any damage to or loss of property, which may occur from any cause whatsoever while on the Auction Site or in connection with the loading, unloading, transport, rigging, dismantling, or subsequent use of any Lot; and 3. Any injuries or damages caused by third parties, other Bidders, or other persons present at the Auction Site. You also agree to indemnify and hold harmless LEC Auctions and its Consignors from any and all losses and expenses arising out of any claims made by third parties as a result of your attendance, your agents' attendance, or the loading, transport, or use of any purchased Lot. ????????????????????????????????????????????????????? 5. BIDDER REGISTRATION All prospective Bidders must complete and submit a registration form and provide valid government-issued identification before participating in any Auction. LEC Auctions may, in its sole discretion: 1. Require bank or other financial references as a condition of registration; 2. Refuse admission to the Auction Site or participation in any Auction to any person without cause or explanation; 3. Revoke any Bidding Number at any time; and 4. Refuse, accept, or void any bid at its sole discretion. Every Bidder shall be deemed to act as a principal unless there is a written acknowledgment by LEC Auctions, executed prior to the Auction, confirming that the Bidder is acting as an agent on behalf of a named and identified principal. Any such agency arrangement must be disclosed at registration. ????????????????????????????????????????????????????? 6. PRE-SALE INSPECTION All Lots are available for inspection prior to the Auction during posted preview hours. Prospective Bidders are STRONGLY ADVISED to personally inspect any Lot in which they have an interest before bidding. The absence of a condition reference in the catalogue does not imply that a Lot is free from defects, wear, or imperfections. Condition information may be made available upon request as a courtesy only. Any such information is an opinion and not a statement of fact or warranty. LEC Auctions does not test the mechanical workings of Lots unless expressly stated in the lot description. Bidders who participate remotely (online, telephone, or absentee) acknowledge that they may not be able to inspect a Lot as thoroughly as in person, and they accept all associated risks. ????????????????????????????????????????????????????? 7. AS-IS DISCLAIMER — NO WARRANTIES ALL LOTS ARE SOLD STRICTLY "AS IS, WHERE IS" AND "WITH ALL FAULTS," INCLUDING ANY HIDDEN DEFECTS OF ANY NATURE. NEITHER LEC AUCTIONS NOR ANY VENDOR/CONSIGNOR MAKES ANY GUARANTEES, PROMISES, REPRESENTATIONS, WARRANTIES, OR CONDITIONS, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, OF ANY KIND WHATSOEVER WITH RESPECT TO ANY LOT. Without limiting the foregoing, LEC Auctions expressly disclaims any representation or warranty that any Lot: 1. Conforms to any standard or requirement with respect to safety, pollution, or hazardous materials, or to any applicable law, ordinance, code, or regulation; 2. Is fit for any particular purpose; 3. Is merchantable or eligible for financing; 4. Is of any particular age, year of manufacture, model, make, or condition; 5. Has odometers or hour meters verified for accuracy; 6. Has any supporting documentation or operating manuals available; or 7. Will continue to operate or function for any particular period of time. No statement, whether written or oral, made in the catalogue, on the website, in an advertisement, by the Auctioneer, or otherwise shall be deemed to create any warranty or representation. The Purchaser agrees they have conducted their own due diligence and are not relying on LEC Auctions for any such determination. Purchaser further acknowledges it is solely their responsibility to inspect, repair, and bring any purchased Lot to a safe operating condition at their own cost, including compliance with all applicable laws and regulations. ????????????????????????????????????????????????????? 8. CONDUCT OF AUCTION 8.1 Auctioneer's Discretion The Auctioneer has absolute and sole discretion to: 1. Refuse any bid without explanation; 2. Advance bidding increments in any manner determined appropriate; 3. Withdraw any Lot before or during the Auction; 4. Divide, combine, or reorder Lots; 5. Determine the successful Bidder in the event of any dispute or tie; 6. Continue, cancel, or reopen bidding on any Lot; and 7. Pause, extend, or reschedule a sale event due to technical failure, system outage, dispute, government order, consignor breach, discovery of title encumbrances, or any other cause as determined by the Auctioneer. The Auctioneer's sale record is conclusive in the event of any post-sale dispute. 8.2 Bidding Increments Bidding increments are at the sole discretion of the Auctioneer and the auction platform utilized for each sale event. Published increments, if any, are subject to change without notice. 8.3 Seller and Auctioneer Bids; Reserves This Auction permits bids to be placed by the Auctioneer, an employee of the Auctioneer, or the Vendor/Consignor or their agent on the Vendor's behalf, up to the reserve price of any Lot. This is hereby disclosed to all Bidders. Some Lots are subject to a confidential reserve price below which they will not be sold. 8.4 Successful Bid The highest Bidder acknowledged by the Auctioneer shall be the Purchaser. Upon the fall of the auctioneer's hammer (or equivalent electronic confirmation for online sales), a binding contract of sale is formed between the Purchaser and the Vendor. The Purchaser assumes full risk and responsibility for the Lot from that moment. Title and possession shall not pass until the Purchase Price has been paid in full and all applicable removal requirements have been satisfied. 8.5 Online Auctions / Soft Close For online auction events, LEC Auctions may utilize an anti-sniping soft close mechanism that extends the bidding window when a bid is received near the closing time. LEC Auctions shall not be liable for equipment failure, internet outages, software malfunctions, latency issues, or any other technical issues affecting online bidding. Bidders are solely responsible for all activity associated with their accounts and bidding numbers. 8.6 Absentee and Telephone Bids LEC Auctions will use reasonable efforts to execute written absentee bids and telephone bids submitted prior to the Auction. Absentee bids must be submitted in U.S. dollars. In the event of identical absentee bids, priority is given to the bid received first. LEC Auctions does not accept liability for failure to execute absentee or telephone bids or for errors or omissions in connection therewith. 8.7 Shill Bidding Prohibited No Bidder, directly or indirectly, shall attempt to manipulate or artificially influence the bidding process, including by: (a) attempting to purchase a Lot of which they are the Consignor; (b) bidding on behalf of the Consignor or any related party; or (c) colluding with other Bidders or the Consignor to manipulate sale prices. Violation may result in immediate revocation of bidding privileges, cancellation of all affected sales, and legal action. ????????????????????????????????????????????????????? 9. BUYER'S PREMIUM AND FEES Internet Premium (Buyer's Premium): 15.0% of the Hammer Price on all purchases, regardless of bidding method. Credit Card Surcharge: 3% non-refundable surcharge; limited to $2,000.00 per buyer per auction event. Wire Transfer Fee: $15.00 per incoming wire transfer. Title Processing Fee: $45.00 per titled unit (vehicles, trailers, and other titled equipment). LEC Auctions reserves the right to modify fee structures for future auction events with advance notice. Fee changes will not be applied retroactively to Lots for which bidding has commenced. ????????????????????????????????????????????????????? 10. SALES TAX All applicable Missouri and local sales tax will be added to the Purchase Price of all taxable purchases. Missouri's general sales tax rate applies to all items retrieved from the Auction Site in Webster County, Missouri. The sales tax rate will be set at 6.803% unless otherwise stated. Buyers having items shipped to another state may be subject to that state's sales tax rate. Sales tax exemptions may be available for qualifying buyers pursuant to Missouri law. To claim an exemption, the Purchaser must provide a completed Missouri Sales Tax Exemption Certificate (Form 149) or other applicable documentation to LEC Auctions prior to the close of the auction event. Tax-Exempt bidders are encouraged to upload tax certificates to their Bidder account before the auction to avoid delays. For assistance removing tax from an invoice, contact: payments@proxibid.com ????????????????????????????????????????????????????? 11. PAYMENT Payment Deadline All amounts due (including Hammer Price, Buyer's Premium, applicable Sales Tax, and any other fees) must be paid in full within five (5) business days following the close of the Auction. Time is of the essence with respect to payment. ** ALL CHECKS MUST BE MADE PAYABLE TO: Larson Equipment Company ** Accepted Payment Methods: 1. Cash (U.S. currency; amounts over $10,000 will not be accepted unless accompanied by valid government-issued ID and completion of IRS Form 8300); 2. Cashier's Check or Certified Check drawn on a U.S. bank, made payable to Larson Equipment Company; 3. Personal or Company Check — LEC Auctions reserves the right to hold purchased Lots until the check clears; a $50 returned check fee applies for any dishonored check; made payable to Larson Equipment Company; 4. Credit Card (Visa, Mastercard, Discover, American Express) — subject to a maximum of $2,000.00 per buyer per auction event and a 3% non-refundable surcharge; and Associated Fees: Wire Transfer — subject to a $15.00 incoming wire fee per transfer. Titled Units — A $45 processing fee applies per titled unit. For payment issues via Proxibid account, contact Proxibid's Customer Experience Team: 877.505.7770 | support@proxibid.com | Chat on Proxibid Payment must be made in U.S. dollars. No payment shall be deemed received until LEC Auctions has received cleared funds. LEC Auctions reserves the right to require verified or certified funds from buyers without an established purchase history. No Chargebacks All sales are final. Credit card chargebacks are not permitted under any circumstances. By participating in an LEC Auctions sale event, Purchaser expressly waives any right to initiate a chargeback or payment dispute through any card issuer, bank, or payment processor in connection with a purchase. Partial Payment Allocation If a Purchaser makes a partial payment against an invoice, LEC Auctions may apply such funds to invoiced amounts as it determines appropriate in its sole discretion. ????????????????????????????????????????????????????? 12. RISK OF LOSS AND INSURANCE Each Lot shall be at the Purchaser's sole risk from the fall of the auctioneer's hammer (or equivalent online confirmation). Title and possession shall not pass until the Purchase Price has been paid in full. It is the Purchaser's responsibility to obtain any desired insurance coverage immediately upon becoming the successful Bidder. It is the Purchaser's sole responsibility to obtain adequate insurance coverage for any awarded Lot immediately upon the creation of a Binding Obligation. LEC Auctions shall not be responsible for any loss or damage to any Lot after the Purchaser assumes risk of loss, nor for any injury caused by such Lot after that point. ????????????????????????????????????????????????????? 13. TITLE TRANSFER — TITLED EQUIPMENT A title processing and administrative fee of $45.00 per titled unit will be charged for all vehicles, trailers, and other titled equipment. Once payment is received in full, LEC Auctions will process title paperwork in accordance with Missouri Department of Revenue requirements. All titles must be assigned with the Purchaser's full legal name, address, date of sale, and selling price. Open titles (blank assignments) are not permitted. Titles will be shipped with tracking and signature confirmation required. Under Missouri law, titles must be transferred into the Purchaser's name within thirty (30) days of receipt of the title. LEC Auctions will not be responsible for replacement titles or documentation requests after this period. If LEC Auctions is unable to convey clear title, its sole liability shall be the return of all monies paid for that Lot upon its return. ????????????????????????????????????????????????????? 14. PICKUP AND REMOVAL 14.1 Removal Deadline Purchasers must pay for and remove all purchased Lots within ten (10) business days following the close of the Auction, during posted pickup hours. Lots will not be released until payment has been received and cleared in full. 14.2 Scheduling Pick-Up All auction pick-ups require an appointment to be scheduled. Pick-ups can be scheduled by filling out the Google Form at this link: https://docs.google.com/forms/d/e/1FAIpQLSdMTFJ4brE6GYK5NVd9gzj4aDDtmSLtISfk8X6g0hvVrQR7lw/viewform 14.3 Storage Fees Any Lot not removed within the posted ten (10) business day pickup window will be subject to a storage fee of $25.00 per Lot per day, beginning the day after the removal deadline. LEC Auctions shall have no liability for any damage to property left on its premises beyond the posted pickup period. 14.4 Buyer Responsibilities for Removal Purchasers are solely responsible for all costs, risk, and logistics associated with removing and transporting their purchased Lots. LEC Auctions may assist with loading at its discretion but is not liable for any damage that may occur during loading. If a third party is picking up on a Purchaser's behalf, the Purchaser must notify LEC Auctions in advance by emailing lecauctions@gmail.com with the third party's name and contact information. 14.5 No Shipping Provided LEC Auctions does not provide packing or shipping services for equipment Lots. Purchasers should contact LEC Auctions prior to bidding with any transport or logistics questions. 14.6 Buyer Damage to Premises or Seller Property Purchasers and their agents are responsible for any damage caused to the Auction Site, seller property, or other Lots during the inspection or removal process. LEC Auctions reserves the right to charge the Purchaser's payment method on file for costs associated with any such damage. ????????????????????????????????????????????????????? 15. FORFEITURE AND ABANDONMENT Any Lot paid for but not removed within sixty (60) calendar days of the Auction close will be subject to resale. Any surplus funds recovered, after deduction of all outstanding fees, storage charges, and resale costs, will be remitted to the Purchaser within twenty-one (21) days of the resale. Any Lot not paid for and not removed within the posted pickup period may, at LEC Auctions' absolute discretion, be deemed abandoned and resold or otherwise disposed of without further notice. A minimum administrative fee of $75.00 will be assessed on any forfeited or abandoned Lot. FAILURE TO REMOVE PURCHASED LOTS WITHIN THE SCHEDULED REMOVAL WINDOW DOES NOT ENTITLE THE PURCHASER TO A REFUND. REFUNDS ARE NOT PROVIDED FOR ANY REASON, INCLUDING BUT NOT LIMITED TO BIDDING ERRORS, CATALOG ERRORS, OR DISSATISFACTION WITH CONDITION. ????????????????????????????????????????????????????? 16. NON-PAYMENT If LEC Auctions does not receive full payment within five (5) business days following the Auction, LEC Auctions is entitled, at its absolute discretion, to exercise one or more of the following remedies: i. Impose a late charge of 1.5% per thirty (30) days on the total outstanding Purchase Price; ii. Cancel the sale and resell the Lot, with the defaulting Purchaser liable for any deficiency plus all costs; iii. Hold the defaulting Purchaser liable for the total outstanding amount and commence legal proceedings, including interest, attorney's fees, and court costs; iv. Retain as collateral security any property of the defaulting Purchaser in LEC Auctions' possession; v. Offset any amounts owed by the defaulting Purchaser against any amounts LEC Auctions may owe to that Purchaser; vi. Suspend or permanently revoke the Purchaser's bidding privileges at any future LEC Auctions sale events; and vii. Engage a collection agency or collection counsel, with all associated costs added to the outstanding balance. A returned check fee of $50.00 will be assessed for any dishonored check. Payment is not considered received until LEC Auctions has confirmed cleared funds. ????????????????????????????????????????????????????? 17. LOT WITHDRAWAL AND CHANGES LEC Auctions and its auctioneers reserve the right, at any time before or during an Auction, to add, remove, split, combine, or reorder Lots, add minimum or reserve bids, change closing or inspection times, or cancel, suspend, extend, or reschedule any Lot or entire auction event. LEC Auctions will use reasonable efforts to ensure all catalogued Lots are presented for sale but accepts no liability for any loss, cost, or damage arising from a Lot being withdrawn or otherwise not presented for sale. ????????????????????????????????????????????????????? 18. LEGAL COMPLIANCE Purchaser shall comply with all applicable domestic and international laws, statutes, ordinances, and regulations regarding the acquisition, ownership, registration, export, transport, and use of any purchased Lot. Purchaser warrants that the funds used for any purchase have no connection to criminal activity, including money laundering, tax evasion, or terrorist financing. ????????????????????????????????????????????????????? 19. LIMITATION OF LIABILITY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, LEC AUCTIONS AND ITS STAFF, AGENTS, AND SUBCONTRACTORS SHALL NOT BE LIABLE UNDER ANY LEGAL THEORY FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, OR PUNITIVE DAMAGES, INCLUDING LOSS OF BUSINESS, PROFIT, REVENUE, INCOME, OR REPUTATION, ARISING FROM OR RELATED TO THESE TERMS, ANY AUCTION SALE, OR ANY LOT. IF LEC AUCTIONS IS FOUND LIABLE TO ANY PURCHASER, LEC AUCTIONS' AGGREGATE LIABILITY SHALL NOT EXCEED THE TOTAL PURCHASE PRICE PAID FOR THE LOT GIVING RISE TO THE CLAIM. ????????????????????????????????????????????????????? 20. GOVERNING LAW; DISPUTE RESOLUTION; LIMITATION PERIOD These Terms shall be governed by and construed in accordance with the laws of the State of Missouri, without giving effect to any principles of conflicts of law. Any dispute, claim, or controversy arising out of or relating to these Terms or any Auction sale shall be resolved exclusively in the state courts located in Webster County, Missouri, or the federal courts having jurisdiction over Webster County, Missouri. TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM ARISING OUT OF OR RELATED TO THESE TERMS OR ANY AUCTION SALE MUST BE COMMENCED WITHIN SIX (6) MONTHS AFTER THE CLAIM AROSE, OR IT SHALL BE PERMANENTLY BARRED. The prevailing party in any dispute or proceeding related to these Terms shall be entitled to recover from the non-prevailing party all reasonable costs, including attorney's fees. ????????????????????????????????????????????????????? 21. GENERAL PROVISIONS 21.1 Entire Agreement These Terms, together with any auction-specific notices, catalogue descriptions, and auctioneer announcements, constitute the entire agreement between LEC Auctions and the Purchaser and supersede all prior agreements, representations, or understandings relating to any Auction sale. 21.2 Severability If any provision of these Terms is found to be invalid, illegal, or unenforceable, that provision shall be severed and the remaining provisions shall continue in full force and effect. 21.3 Waiver LEC Auctions' failure or delay in enforcing any right or provision under these Terms shall not constitute a waiver of that right or provision, except to the extent of an express written waiver. 21.4 Prohibited Use of Sale Data Bid amounts, auction results, pricing data, and all associated sale materials are the property of LEC Auctions. Bidders may not record, reproduce, redistribute, or create derivative works from any sale data without the express written permission of LEC Auctions. 21.5 Auctioneer Discretion to Modify Terms LEC Auctions reserves the right to waive or modify any provision of these Terms in its sole discretion on a case-by-case basis. Such waiver or modification shall not constitute a general waiver or modification of any other provision or future application thereof. ????????????????????????????????????????????????????? 22. CONTACT INFORMATION Mailing Address: 37 Clover Rd, Strafford, MO 65757 Phone: 417-351-0943 Email: lecauctions@gmail.com Website: www.lecauctions.com License: Missouri Auctioneer License No. A41 — Larson Equipment Company ????????????????????????????????????????????????????? BIDDER ACKNOWLEDGMENT By registering to bid and/or placing a bid at any LEC Auctions sale event, I acknowledge that I have read, understand, and agree to be bound by these Terms and Conditions of Sale in their entirety.