AUCTION SALE TERMS AND CONDITIONS
1. 1stStrike Asset Management, (hereinafter Auctioneer), is conducting this auction sale for Alyeska Pipeline Service Company (hereinafter Alyeska), acting as agent for and behalf of the Owners Of The Trans Alaska Pipeline System (hereinafter Owners). All auction sales made shall be governed by the terms and conditions set forth herein.
2. All material is sold "as is, where is", without warranty or guarantee of any kind. Alyeska and Owners expressly disclaim all warranties including, without limitation, warranties of merchantability, quality, condition, age, model, year of manufacture, and fitness for any purpose, warranties as to patent infringement and warranties regarding the condition of the premises on which material is located.
3. Buyer, on behalf of himself and his successors, assignees and vendees, hereby waives, releases and relinquishes all claims whatsoever against Alyeska, Owners, Auctioneers and their respective agents, servants, and independent contractors arising out of or relating to the material purchased, its condition, use operation or transportation, or resale including, but not limited to, claims based on negligence, warranty, contract, or strict or absolute liability. The buyer shall examine the material for possible hazards and for compliance with applicable federal and state laws and regulations. If the material is hazardous or otherwise defective, the buyer shall correct such hazards and defects prior to use or resale.
4. Any description of material appearing in any brochure, catalog, inventory or other document provided to buyer by Alyeska is believed to be correct. However, any such description and any statement, whether oral or written, made by any person concerning any item is not necessarily accurate and shall not be construed as a warranty, expressed or implied. Buyer's failure to inspect the material or to satisfy himself as to its condition, quantity, location, or the accuracy of the description will not constitute grounds for any claim for damages or adjustments or for cancellation of purchases.
5. The total purchase price, together with all applicable taxes (which buyer will bear unless exempt therefrom) shall be paid by buyer in cash on the day of sale in the form of cash, cashier's check, certified check, money order, bank transfer, credit card, or check with prior approval; or accompanied by credit card or bank letter of guarantee. All checks shall be made payable to "1stStrike Asset Management". No material can be removed until total payment is received or good funds are verified by the Auctioneer.
6. Title shall pass to buyer upon receipt, by Auctioneer of the total purchase price. Risk of loss or damage shall pass to buyer on the day of sale, June 25th 2011. Alyeska and Owners reserve the right to reclaim title to the material and/or resell and/or otherwise dispose of any property not paid for in full on the day of sale or not removed from the premises by the required removal date. Buyer shall pay for any expenses of resale and collection and for all damages resulting from resale. Buyer agrees to hold Alyeska and Owners harmless from and against all loss or damages sustained as a result of buyer's failure to pay for or remove the material or for any other failure to perform his obligations hereunder. If Alyeska elects to reclaim title as provided herein, buyer hereby acknowledges title transfer to Alyeska and Owners and buyer disclaims any further right title or interest in the material.
7. All material must be removed from Alyeska's premises on or before the applicable removal date set forth in the checkout schedule included in this buyer's guide. Removal time is of the essence. If the material is not removed by said date, Alyeska may, at its option, instead of or in addition to pursuing other remedies, cancel the sale, and/or store the material at a site of its choice and/or resell or otherwise dispose of the material in any manner it may choose. Proceeds of resale, if any, shall belong to Alyeska and Owners. All expenses of storage, resale, and disposal shall be borne by the buyer. In the event of such cancellation and resale, payments made by the buyer on account of the purchase price may be applied against expenses of storage and resale and against further damages sustained by Alyeska or Owners with any remaining sums not so applied being returned to the buyer. A non refundable storage fee of $100 per day / per lot, will be charged to the buyer for any surplus materials remaining on Alyeska's premises after the required removal date set forth in the checkout schedule included in this buyers guide.
8. Buyer shall be deemed to have inspected the premises and to be familiar with all condition relative to removal of material.
9. The Auctioneer shall designate the buyer after each item of material is auctioned. If a dispute arises between two or more bidders, the Auctioneer shall have the right to reopen the bidding. His designation of a buyer shall be final.
10. The Auctioneer reserves the right to group lots, make lots smaller or to add or delete material at his sole discretion, as well as the right to offer individually and/or group. He also reserves the right not to accept or acknowledge any bid which exceeds the previous bid by an amount less than the increase called for by the Auctioneer in the course of bidding.
11. Buyer shall carry out this transaction in a good, businesslike, and efficient manner; buyer will not for any purpose be deemed to be the agent of Alyeska or Owners.
12. Buyer agrees to pay and satisfy all claims for labor and materials employed or used by him in connection with or arising out of his purchase of material, to permit no liens of any kind to be fixed upon or against Alyeska or Owners' property by his laborers, mechanics, or suppliers and to indemnify, protect and save Alyeska and Owners harmless from and against all such claims and liens. If any lien claim remains unsatisfied at the time delivery is to be made to buyer, Alyeska may, in its discretion and without prejudice to any other rights or remedies, cancel the sale and/or retain possession of material until the lien has been discharged.
13. Buyer assumes all risks incident to being on the Owners' or Alyeska's premises (whether owned or leased) and/or incident to this sale or the material sold.
14. Buyer agrees to defend, indemnify and save harmless Owners and Alyeska from and against any and all claims, demands, actions, costs, expenses, judgments and liabilities of every kind arising out of or related to the material purchased, or the inspection, loading, removal, transportation, dismantling, destruction, handling, resale, operation or condition of same, or any defects in such material (whether or not such defects existed prior to buyer's purchase) regardless of whether any fault or negligence or Owners or Alyeska or their respective agents, employees, or representatives, is a contributing cause thereof.
15. Buyer shall comply, and secure compliance by his contractors, agents employees and representatives with all applicable "law", as hereinafter defined, in connection, with the purchase, loading removal and transportation of material. As used herein, "law" means statutes, ordinances, rules, regulations, laws stipulations of federal, state, and local governments, their agencies and authorities and any other agencies having jurisdiction regarding this transaction. Buyer shall defend, indemnify and hold harmless Alyeska and Owners from and against any liabilities and penalties which may be imposed on them by reason of any violation of alleged violation or alleged violation of law by buyer, his contractors, agents, employees or representatives.
16. Buyer agrees to obtain Alyeska's approval prior to making publicity releases of announcements regarding buyer's activities or participation in connection with this sale. Use of owner's name or the words "Alyeska Pipeline Service Company" or "Trans-Alaska Pipeline System" or any abbreviation thereof, without the prior written approval of Owners or Alyeska is prohibited.
17. Neither buyer's rights nor buyer's obligations shall be assigned in whole or in part without prior written approval of Alyeska.
18. All rights and remedies of Alyeska and Owners described herein are cumulative. Nothing contained herein shall in any way limit other consistent rights or remedies.
19. This transaction and the terms and conditions hereof shall be construed in accordance with and governed by the laws of the State of Alaska.
20. This agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and cancels and supersedes all prior negotiations, representation or agreements, whether written or oral. No changes, alternations or notifications to the agreement shall be effective unless in writing and signed by both parties hereto.
21. Admittance to the auction premises shall be restricted to individuals sixteen (16) years of age or older.