STEPHEN PASSY & ASSOCIATES, INC ("AUCTIONEER") MAKES NO GUARANTEES OR WARRANTIES EXPRESSED OR IMPLIED, STATUTORY OR OTHERWISE, AS TO, BUT NOT LIMITED TO, CONFORMITY TO ANY SAFETY DESIGN OR POLLUTION STANDARD OR TO ANY OTHER STANDARD OR REQUIREMENT OF ANY APPLICABLE AUTHORITY, LAW OR REGULATIONS, FITNESS FOR ANY PARTICULAR PURPOSE, AND/OR MERCHANTABILITY OR PARTICULAR AGE, YEAR OF MANUFACTURE, MODEL, SERIAL OR OTHER NUMBERS, MAKE, CONDITION OR MILEAGE. EACH AND EVERY SALE SHALL BE MADE AND ACCEPTED AS IS, AND AT BUYER'S RISK. THE BUYER SHALL PAY ALL COSTS FOR ANY REPAIRS. DO NOT BID UNLESS YOU HAVE DETERMINED THE CONDITION OF THE LOT FROM YOUR OWN INSPECTION.
1. Any announcements by Auctioneer take precedence over any printed matter pertaining to this auction.
2. Auctioneer reserves the right to refuse registration to anyone and to reject the bid of anyone who has not registered and obtained a Bidder's number. Anyone bidding for an account other than his own must register to that effect, by registering Bidder warrants and represents that he is authorized to bid on behalf of the party represented. No Seller shall bid on his own property or as an agent of the Seller.
3. Full settlement to be made day of sale. Buyer is not entitled to possession of any of his purchases until the total price of all his purchases has been fully paid in currently collectible funds. Except as noted, Buyer must pay for all purchases in U.S. funds the day of the auction by cash, cashier's check, traveler's check, or wire transfer made payable to Stephen Passy & Associates, Inc. During registration any Bidder planning to pay in cash must deposit with the Auctioneer twenty-five percent of the required auction bid limit, any Bidder wanting to pay by cashier's or traveler's check must allow Auctioneer to inspect same, and anyone wishing to pay by wire transfer must provide a personal or company check to hold as deposit until the wired funds are received. For purchases to be paid by a personal or company check or to be financed by a commercial bank or credit company, Bidder must present at registration a letter from his financial institution guaranteeing immediate payment to Auctioneer. NO DRAFTS ACCEPTED. Auctioneer may determine that for any major lot, as determined solely by Auctioneer, Buyer shall pay a twenty-five percent deposit of the purchase price upon acceptance of the bid; the balance of the purchase price shall be paid within 24 hours of the completion of the auction.
4. All lots shall be sold to the highest Bidder as determined by the Auctioneer, with no minimum, reservation, bid-in or buy-back. When the hammer falls and a bid is claimed by two or more Bidders, the Auctioneer shall reopen the bidding between those tied Bidders until there is only one high Bidder. The Auctioneer shall at his own discretion decide whether a "late bid" is made before the hammer is struck down. All sales are final when the auctioneer declares the item sold.
5. All applicable sales, use, transfer or excise taxes shall be added to the purchase price of all taxable purchases unless the Buyer, files with the Auctioneer proof of exemption from all such taxes in a form satisfactory to Auctioneer and the applicable governing authority for the locale in which the auction is being held. Buyer shall reimburse Auctioneer for any sales tax not paid by Buyer which Auctioneer is compelled to pay.
6. No sale shall be invalidated and no liability shall be borne by the Auctioneer or Seller due to any defect, error or inaccuracy of description of the lot either in the listing catalog, in any advertising, marketing or other printed materials, or in any statement by Auctioneer or his agents, servants or employees. All such written material and statements are merely descriptive guides, and although they have been compiled from sources deemed reliable, neither Auctioneer nor Seller guarantees or warrants their accuracy. All purchases made by Bidder shall be based solely upon Bidder's personal inspection and/or opinion of the equipment, and Bidder hereby acknowledges that all items were available for inspection prior to the auction.
7. Buyer accepts a lot at the time Buyer makes a successful bid, and immediately upon such acceptance title to and all risk of loss and theft of the property pass to the Buyer. Buyer is responsible to insure purchases immediately and to remove all purchases from the auction site within 7 days after the sale in accordance with the procedures announced or posted at the sale. Buyer is responsible to repair and restore any damage to real property or permanent improvements caused by removal of the goods purchased. Buyer shall bear all costs, responsibilities and risk of such removal, including performance by hired truckers. Auctioneer reserves the right to require proof of adequate insurance coverage from any Buyer of lots requiring dismantling, rigging or hot cutting. Buyer agrees to indemnify and hold harmless the Auctioneer from and against any damage to property or injury to person or loss of life occasioned, directly or indirectly, by the acts of the Buyer and/or Buyer's representatives, agent or employees in connection with the dismantling or removal of any lot. In the event a Buyer fails to remove any lot within the time specified above, such lot, at the discretion of the Auctioneer and without notice, may be deemed to have been abandoned to the Auctioneer, and the Auctioneer, at his sole discretion shall have the right to resell such lot as provided in paragraph 8 or to remove and store said lot at Buyer's sole risk and expense. Buyer shall be liable for any rent incurred or damages sustained by Auctioneer due to Buyer's failure to remove any lot when due. No lots may be removed until the end of the auction.
8. Auctioneer reserves the right to resell any items on the sale date in accordance with paragraph 3 above and/or any property deemed abandoned to Auctioneer as described in paragraph 7 above. Such items may be resold without notice to Buyer, and Buyer shall be responsible to Auctioneer and Seller for all expenses of any nature whatsoever relating to such resale and collection and for any damages of any nature whatsoever to Auctioneer and/or Seller resulting from such resale. Such expenses and damages shall include, but shall not be limited to, commission of 12% and any deficiency arising between the amount of the initial sales price and the net amount brought upon such resale. Auctioneer may, at its sole option, elect to retain all monies deposited in part payment as liquidated damages and otherwise cancel Buyer's contract of purchase.
9. Auctioneer may, at any time and at his sole discretion and without notice or liability to Bidder, withdraw or cancel the sale of any lot, or offer any lots in groups or with special terms. Auctioneer reserves the right to accept or reject any bid which is merely a fractional advance over the preceding bid.
10. All necessary documents of sale if available will be delivered to the Buyer upon payment in full of the purchase price in currently collectible funds. In the case of payment by check, any titles, bills of sale and other documents of sale will be mailed to Buyer within 20 business days of satisfactory collection of such funds. Acceptability of titles and documents of sale are subject to the making available of same to Auctioneer by Seller. Title and documents of sale provided will be prepared to be effective only in the state in which the auction is being conducted. In the event Auctioneer, for any reason whatsoever, is unable to make available, to effect delivery, or to obtain the necessary documentation required to obtain clear title to such item, whether before or after delivery of any item, or in the event Buyer is unable to obtain possession of any item purchased within 20 days of the auction. Auctioneer's sole liability, if any, shall be the return of any monies paid on such items upon return of the item in question. Any item which shall have been delivered, shall be returned or surrendered to Auctioneer if, within Auctioneer's sole discretion, Auctioneer shall make such demand for return. Auctioneer assumes no liability for any registration fees, title transfer fees or penalties resulting from title paperwork.
11. Bidder acknowledges that an auction site can be a potentially dangerous place and immediately upon registration, if not before, shall so notify his agents, servants, employees and others accompanying him. The auction site shall include any location where a lot is located for display and/or removal, as well as where the actual bid calling is conducted. Bidder agrees to indemnify and hold harmless Seller and Auctioneer and their respective officers, employees, servants and representatives from and against any and all claims, losses, damages, injuries, liabilities, costs and expenses of whatsoever kind or nature (including attorney's fees and costs) for any injury or death to any person or persons whomever or for damage to or loss or destruction of property occurring in, upon or about the auction site when such loss, damage or injury is occasioned, directly or indirectly, by the actions or omissions of the Bidder, his agents, servants or employees.
12. The Buyer is solely responsible to inspect all equipment to insure it is in a condition where it can be safely used, to provide proper safety devices and equipment or means to meet all governmental safety standards, and to notify all persons operating the equipment as to all attendant dangers. The Buyer hereby assumes these responsibilities and agrees to indemnify and hold the Auctioneer and Seller harmless from any future claim pertaining to (1) fitness or use of that asset as purchased; (2) provision of proper safety devices or equipment; (3) notification and warning of Buyer and its representatives, agents, employees, any other users or subsequent Buyers, as to the dangers and risks attending operation of the equipment; and (4) the condition of the equipment.
13. The terms of sale and rules of the auction shall be governed by and interpreted pursuant to and under the laws of the state of California. Auctioneer and bidders/buyers agree and consent that this agreement shall be performable in Los Angeles County, California and that jurisdiction and venue of any lawsuit arising in any way from the auction or events occurring at the auction site shall be conferred upon the courts of Los Angeles County, California.
14. It is anticipated that items will be sold at this auction belonging to owners not disclosed.