THIS CONTRACT CONSTITUTES AN AGREEMENT BY THE BUYER THAT HE OR SHE WILL ABIDE BY THE TERMS AND CONDITIONS OF SALE AS SET FORTH BY THE AUCTIONEER AND THE AUCTION COMPANY. 1. ALL BIDDERS ARE REQUIRED TO REGISTER PRIOR TO THE AUCTION. THE AUCTIONEER RESERVES THE RIGHT TO REJECT THE BID OF ANYONE WHO IS NOT A REGISTERED BUYER. 2. AT THE TIME OF SALE, THE BUYER'S NUMBER AND PRICE OF ITEM SOLD IS ANNOUNCED BY THE AUCTIONEER. NO CHANGES IN PRICE OR QUANTITY CAN BE MADE BY ANYONE BUT THE AUCTIONEER, AND AT THAT TIME ONLY. IN ANY DISPUTE OVER PRICE, QUANTITY OF BETWEEN BIDDERS, THE AUCTIONEER RESERVES THE RIGHT TO SETTLE ANY AND ALL SUCH DISPUTES AND HIS DECISION IS FINAL. 3. ANNOUNCEMENTS MADE BY THE AUCTIONEER ON THE DAY OF THE SALE TAKE PRECEDENCE OVER ANY PRINTED MATTER PERTAINING TO THIS AUCTION. DESPITE OUR EFFORTS TO AVOID WITHDRAWAL OF ITEMS FROM THE SALE LIST AFTER THEY ARE ADVERTISED, IT MAY SOMETIMES BE NECESSARY. THEREFORE THE OWNER RESERVES THE RIGHT TO DO SO. 4. REPRESENTATIVES OF THE OWNER WILL ADVISE, TO THE BEST OF THEIR KNOWLEDGE, AS TO THE CONDITION OF THE EQUIPMENT WHEN REQUESTED TO DO SO. ALL DESCRIPTIONS OF ITEMS IN THIS SALE ARE BELIEVED TO BE CORRECT, BUT NO WARRANTY AS SUCH IS EITHER INTENDED OR IMPLIED. BIDDERS ARE RESPONSIBLE FOR CLOSELY CHECKING EACH ITEM. PURCHASER MUST UNDERSTAND THAT HE/SHE IS BUYING THE PROPERTY ENTIRELY UPON HIS/HER OWN EXAMINATION OR OPINION. 5. EACH LOT IS SOLD AS-IS, WHERE-IS, AND WITH ALL FAULTS AND DEFECTS THEREIN. THE ITEM PURCHASED IMMEDIATLEY BECOMES THE RESPONSIBILITY OF THE PURCHASER AT THE TIME IT IS "KNOCKED DOWN" BY THE AUCTIONEER. THERE ARE NO WARRANTIES AS TO THE MERCHANTABILITY OR FITNESS OF USE, EITHER EXPRESSED OR IMPLIED, OF ANY ITEMS IN THIS SALE. 6. AT THE TIME THE AUCTIONEER ACCEPTS THE HIGH BID FOR EACH ITEM, THE OWNERSHIP OF THE ITEM IS IMMEDIATELY TRANSFERRED TO THE PURCHASER. ALTHOUGH SECURITY MEASURES ARE TAKEN BY THE AUCTION COMPANY AND THE OWNER, THE AUCTION COMPANY NOR THE OWNER CAN ACCEPT RESPONSIBLITY FOR SAFEKEEPING OF THE ITEM AFTER THIS POINT. THE ITEM IS THEN THE PROPERTY OF THE HIGH BIDDER AND THE PURCHASER MUST ACCEPT FULL RESPONSIBILITY FOR THE ITEM. THE PURCHASER AT THIS TIME AGREES TO PAY FOR THE ITEM IN FULL.