AUCTION REGISTRATION, BIDDING AND SALES AGREEMENT

This AUCTION REGISTRATION, BIDDING AND SALES AGREEMENT (the “Agreement) is entered into between the Bidder/Buyer as signed below (the “Bidder/Buyer”) and Southeast Auction Company as auctioneer (the “Auctioneer”).  Bidder/Buyer agrees that the terms listed below shall govern the auction and sale and he/she agrees to be bound by them.  Additional terms may be posted or announced from the auction block which are just as binding as the terms set forth below:

1.         Everything is sold “AS IS, WHERE IS”, and ‘WITH ALL FAULTS” and the Auctioneer and the seller and/or owner of each item expressly disclaim any warranties.  By bidding, Bidder/Buyer acknowledges that he/she has inspected the property that he/she is bidding upon and/or buying.  Bidder/Buyers are responsible for their purchases when Auctioneer says “SOLD” in response to their bid.  The acceptance by the Auctioneer of the last bid constitutes an oral contract between the seller and the Bidder/Buyer and is legally binding.  The Bidder/Buyer agrees that he/she has examined this merchandise and accepts the way it is.  ALL SALES ARE FINAL.  THE ITEM(S) SOLD CANNOT BE RETURNED FOR ANY REASON. Do not bid on an item and then claim a mistake was made.  There will be no rebids.

2.        The Auctioneer shall designate the purchasing Buyer (if the item is purchased) from the bids given after each item of merchandise is auctioned.  If a dispute arises between two or more Bidder/Buyers, the Auctioneer reserves the right to reopen bidding.  The Auctioneer’s decision and designation as to who won the bid and purchased the item shall be FINAL.  After a Bidder/Buyer has won the bid with his/her bid they have become the new owners of the item, even though they may not have paid the purchase price for the item yet.  The item(s), at that point, becomes the full and sole responsibility of the Bidder/Buyer, and Bidder/Buyer assumes all risk of loss and damage from that point forward.

3.        THE BIDDER/BUYER UNDERSTANDS AND UNEQUIVACABLY AGREES THAT THE AUCTIONEER’S DECISION AS TO THE AMOUNT OF ANY BID OR ANY PURCHASE IS FINAL AND BINDING.

4.        All information included in all statements in Southeast Auction Company publications, catalogs, ads, brochures, signs and auction tags, as well as verbal statements made on the date of the sale regarding any item to be auctioned, have come from the owner of the item prior to the time of the sale and the Auctioneer has not independently verified any of the same.  Bidder/Buyer understands and agrees that Auctioneer assumes no responsibility or liability for any representations made to the Bidder/Buyer by any party, including or not limited to the seller or the owner or the Auctioneer or otherwise.  Auctioneer shall have no obligation to verify or authenticate such statements or claims.  Bidder/Buyer acknowledges by signing below that he/she will not hold Auctioneer responsible for any representations or statements made before, during or after the sale.  Auctioneer makes no warranty or guarantee, expressed or implied, to the condition, year, or model of merchandise listed or any printed material.  All information obtained about the items has been provided to the Auctioneer by the owner of the item when delivered to the Auctioneer and is believed to be true but not guaranteed.  Bidder/Buyer should avail themselves to the opportunity to make thorough inspections prior to sale.

5.        Any announcements made by the Auctioneer made on day of sale take precedence over printed information in ads, brochures, auction tags, vehicle information or sale catalog.

6.        All parties acknowledge that Southeast Auction Company is not, in any way, the agent of the Bidder/Buyer.  The Auctioneer owes no fiduciary duties of loyalty and faithfulness to the Bidder/Buyer.

7.        All sales are subject to sales tax where applicable.  Bidder/Buyer shall pay all city and state, sales, use and other taxes assessed, due to or resulting from the Bidder/Buyer’s failure to qualify as exempt from such taxes.  Bidder/Buyer also agrees to pay the Buyer’s Purchase Fee and any other applicable fees.  Bidder/Buyer agrees and understands that the total amount of the purchase and all of the fees and taxes must be paid TODAY before Buyer leaves the premises of the Auction.

8.        Pick up of merchandise may be made after payment has been made to the Auctioneer and verified by your bank.  Titles will be mailed within 30/60 days after sale or as soon as possible.  The Auctioneer is, in no way, responsible for the provision or transfer of title, which shall come from the Seller.  Bidder/Buyer understands and agrees that Auctioneer is not responsible for obtaining or providing to the Bidder/Buyer a title, a replacement title or any other similar documentation including in the event that the title or other appropriate documentation of ownership is lost, stolen or not provided to the Auctioneer or not legally transferable to the Bidder/Buyer.  All buyers are responsible for completing transfer of title.

9.        Bidder/Buyer may pay with cash, money orders or cashier’s check.  Company or personal checks are acceptable as well only if accompanied by letter to the Auctioneer’s sole satisfaction from the Bidder/Buyer’s bank guaranteeing payment in full. All cash buyers must leave a $500 deposit prior to the auction.  Money is refundable if no purchase is made. Failure to pay for or pick up a lot will result in restriction from future auctions.

10.      If any check given as payment is returned for any reason, including, but not limited to, insufficient funds, or stop payment, Bidder/Buyer agrees that Bidder/Buyer is responsible for and required to pay all attorney’s fees incurred by Auctioneer as a result thereof together with all court costs, arbitration costs and associated expenses.  Additionally, in the event of non-payment, stopped payment or bad check, Bidder/Buyer understands, agrees and specifically conveys to the Auctioneer the right to repossess, at any place, including the Bidder/Buyer’s location or residence, the merchandise involved.

11.      Should an article be sold with reserve, the Auctioneer may bid on the seller/owner’s behalf in an amount not to exceed the reserve price.

12.      Any Bidder/Buyer who purchases an item agrees to pay, in addition to the sales price, the following purchase fee per unit purchased:

Mobile Homes  10%

All Items (Excluding Mobile Homes, Automobiles and Light Duty Trucks)

Automobiles, Light Duty Trucks (3/4 ton or smaller and with less than 6 wheels) (See chart below)

Auctioneer agrees that merchandise may remain on the sale premises for a reasonable (in the sole discretion of the Auctioneer) period of time following the sale not to exceed 2 weeks.  The date by which all merchandise must be removed from the premises (never to exceed 2 weeks) will be announced by Auctioneer at the sale and or stated in writing in the Advertisements.

At the maximum, all units must be removed from auction sale yard within two (2) weeks from the auction date.  This includes weekends, holidays, etc.  Failure to remove within allotted time will result in a storage fee being due from Bidder/Buyer to Auctioneer on all days beginning on the fifteenth day (or the day after the announced allotted time, if different) until the unit is removed.  The storage fee of $5.00 per day will be due and payable to Auctioneer at time or removal on each unit.  Additionally, if items are not removed within the given time, the Auctioneer may, at its sole discretion, remove items or have items removed from the premises.  The Bidder/Buyer will pay all costs for such moving/storage.  Bidder/Buyer agrees that Auctioneer has no liability for loss or damage to items left for any period of time at the premises of the Auction or far liability for loss or damages during moving and storage made necessary by the Bidder/Buyer’s failure to remove the item from Auctioneer’s premises within the given time and that Bidder/Buyer shall maintain insurance to cover any items purchased at the sale.

                As merchandise becomes the full responsibility of any Bidder/Buyer who purchases merchandise at time of the acceptance or the bid, the Bidder/Buyer assumes all risk of loss and damage to property from that point forward, including, but not limited to, the time that the merchandise remains on the premises of the Auctioneer.

13.      The wheels and axles on any item that is purchased are the property of the Auctioneer.  No mobile home leaves the Auction premises unless the wheels and axles under the unit are paid for in full in addition to the purchase price of the mobile home.  The wheels and axles may be purchased for $140 per set or comparable wheels and axles may be swapped.  Any wheels and axles that a Bidder/Buyer chooses to offer to the Auctioneer in exchange for the wheels and axles already on an item must be in good condition (in the sole opinion of the Auctioneer) with all of the lugs, bolts and equalizers with them.

14.      Bidder/Buyer acknowledges responsibility for any personal injury or property damage caused by Bidder/Buyer or his or her agent, and further agrees to hold Auctioneer harmless for any personal injury to himself or his agents and any property damage incurred on sale premises.

15.      The terms and conditions of this contract cannot be altered or changed, except by agreement in writing executed by all parties hereto, and shall insure to the benefits or, and be binding upon, not only the parties hereto, but also their respective heirs, successors, executors, administrators, and/or assigns.

16.      If any provision of the contract shall for any reason be held to be invalid or unenforceable, such invalidity or enforceability shall not effect any other provision hereof, but this agreement shall be construed as if such invalid or unenforceable provision had never been contained herein.

17.      Any controversy or claim between parties relating to the sale, negotiations, representation alleged to have made by sellers, owners or the Auctioneer or any of their agents or employees and/or the auction, and/or the purchase of the property described herein shall, on the written request of the Auctioneer (or if the claim involves them, the seller or owner) or Bidder/Buyer, be submitted to binding arbitration before a panel of not more than three arbitrators in Tuscaloosa, AL and such arbitration shall be governed by the Commercial Arbitration Association.  All parties agree that any judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.  The parties understand and intend that this transaction involves “commerce”, as defined in the United State Arbitration Act, 9 U.S.C. #1, and that this provision is enforceable there under.  The parties agree to divide the cost of arbitration equally.

18.      It is specifically intended by the Auctioneer and the Bidder/Buyer that the seller or owner of any item or property sold to the Bidder/Buyer or on which the Bidder/Buyer bids specifically including Alabama Liquidation and Collection Agency, Inc. shall be considered and is a third-party beneficiary to this Auction Registration, Bidding and Sales Agreement.  The terms and conditions of this Agreement are meant and construed to inure to the benefit of any such seller or owner, specifically including Alabama Liquidation and Collection Agency, Inc.

19.      There are no keys provided with any home purchased.

20.      All transactions must clear through the office.  Sales on the premises that do not clear through the office will be grounds for termination of business.  Any persons caught side dealing will be revoked of privileges.

21.      All units must have a gate pass before leaving premises and are subject to trunk inspections.

22.      Loading of property is the responsibility of the bidder.  Show Gate Guard your Bill of Sale before exiting.  All lots remaining on property after the 15^th day from auction date will be sold in the following month’s auction. 

23.      Seller and/or Auction Company or any of its affiliates are not responsible for checking or testing the propane system in any travel trailer sold.

24.      All travel trailers/park models are considered to be commercial recreational vehicles and are not intended to be used as housing.

25.      I certify that I am aware that the travel trailer/park model I am purchasing at auction may contain formaldehyde.  I agree that the Seller/Auction Company shall not be liable for personal injuries to, disabilities of, or death of any persons arising from or incident to the sale of this travel trailer/park model, use, or its final disposition; and to hold the Seller/Auction Company harmless from and shall indemnify the Seller/Auction Company against any or all debts, liabilities, judgments, costs, demands, suits, actions, or claims of any nature arising from or incident to the sale of this property, its use, or its final disposition.

ALABAMA LIQUIDATION is a service business. We do not buy or sell, but act as an exchange between the buyer and seller. Our policies are for an understanding between buyer and seller and it is our purpose that all are aware with the manner in which buying and selling are conducted. Our pledge is 100 % integrity and effort in service.

1.        Alabama Liquidation complies with all federal, state and local laws.

2.        All transactions must clear through the office. Sales on the premises that do not clear through the office will be grounds for termination for business. Anyone caught side dealing will be revoked of all privileges.

3.        All sales $3,500 and under will be sold AS IS and will not be arbitrated for any reason.

4.        All units purchased must be paid for on the day of the sale. All complaints and rejections must be handled through arbitration. Rejects without cause will not be tolerated. Refusal to pay will be reported to the auction Insurance Agency for collection.

5.        SELLING ANNOUNCEMENTS – All selling announcements are made by the AUCTIONEER ONLY. All representations by the seller MUST be announced through the auctioneer. It is the seller’s obligation to correct any errors made by ALABAMA LIQUIDATION as to announced “conditions”. Alabama Liquidation assumes no responsibility for representations made directly by the seller.

6.        Alabama Liquidation does not guarantee the year of any unit. Satisfy yourself before buying.

7.        No vehicles will be offered for sale without a proper serial number plate. The auction reserves the right to refuse the sale of any vehicle on which the vehicle identification plate appears marred or in any way altered. Alabama Liquidation will not register/offer for sale any vehicle considered to be a Gray Market Vehicle.

8.        VEHICLE STORAGE – All vehicles are left at owner’s risk. Units left after 10 days are subject to storage fees.

9.        Buyer and seller agree to hold Alabama Liquidation harmless from any and all litigation that may arise from transactions at Alabama Liquidation. Should Alabama Liquidation be involved in any litigation the buyer and seller will be responsible for any attorney and court costs.

10.      Mileage and other information printed on the windows of any vehicle are for the convenience of customers only. This information is not to be relied upon as complete and/or accurate information and is not subject to arbitration.

11.      SALE DAY – auction arbitration ends at 3:00 PM or one hour after sale on any ride and drive or guarantees made by seller.

12.      All transporters must have a copy of the bill of sale for units being removed. This is the responsibility of the buyer to provide to your transporter.

*****We love children and would not want any of them to be injured; therefore we must ask you to be aware of our policy- should you bring your child, you are solely responsible for his/her safety in any and all situations while on Alabama Liquidation Sale Yards.

REVISED JULY 11, 2002 ---Boats, personal watercraft, any boat that is purchased with the term “compression check” will be handled as follows – The buyer has to have unit delivered to a certified service center within 24 hours of pick up of unit. Failure to deliver to a certified service center before attempting to operate unit will resulting voiding your compression check. NO EXCEPTIONS! The certified mechanic must perform compression check and lower unit check at service center. Upon notification that the compression is bad, block busted or lower unit gears are bad and the repair will exceed $1,000, then and only then may the buyer return the unit for arbitration. The seller reserves the right to make their own determination. The sale yard nor the auction company make any warranties, guarantees or promises or any other statements as to the condition of the unit that is being offered for sale. The seller offers the right to have a compression check. Repeating what a seller makes as a guarantee or compression check or any other statement will in no way make the sale yard/auction company or auctioneer liable in any way for any statement repeated. By signing the statement below I fully understand all the rules and conditions of sale and will adhere to the rules and conditions of auction sale.

By signing this statement, I am stating that I have read and understand the above statements.  When I am awarded the bid and declared the Buyer by the Auctioneer, I agree to purchase the property on the day of the sale.  ALL SALES ARE FINAL.

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BIDDER/BUYER                                                                                                                                        DATE

SOUTHEAST AUCTION COMPANY, INC.-PO BOX 70878-TUSCALOOSA, ALABAMA 35407

PHONE: (205) 758-3068                              FAX: (205) 758-1071