TERMS AND CONDITIONS

RELEASE AND WAIVER

                IN CONSIDERATION of being given the opportunity to participate in the auction located at Clarksville, TN on July 24th,  2008, (hereinafter, the “Auction”) I, for myself, my personal representatives, assigns, heirs, and next of kin:

  1. ACKNOWLEDGE, agree and represent that I fully understand Alabama Liquidation, Inc., Southeast Auction Company, Mike Langford and their subsidiaries, agents, affiliates, parent corporations or entities, insurers and subrogees, owners, employees, partners, members, shareholders, heirs, successors and/or successor entities, assigns, attorneys, administrators, principals, members, persons or entities with any common ownership and any other party or parties with a similar economic interest or which claim or may claim an interest in Alabama Liquidation, Inc. Southeast Auction Company and/or Mike Langford (hereinafter, collectively, the “Releasees”) are merely acting as auctioneers of the property at the Auction, do not own the property being auctioned, have not leased and do not own the premises where the Auction is being held and are, in no way, responsible for any such property or the premises at which the Auction is being held before, during or after the Auction.
  2. FULLY UNDERSTAND that: (a.); Any activity, including attend the Auction INVOLVE RISKS AND DANGERS of serious bodily injury, including permanent disability, paralysis and death ("Risks"); (b.) these Risks and dangers may be caused by my own actions, or inactions, the actions or inactions of others participating in the Auction, the condition in which the Auction takes palace, or the negligence of the Releasees and/or _________ Bank and its subsidiaries, agents, affiliates, parent corporations or entities, insurers and subrogees, owners, employees, partners, members, shareholders, heirs, successors and/or successor entities, assigns, attorneys, administrators, principals, members, persons or entities with any common ownership and any other party or parties with a similar economic interest or which claim or may claim an interest in __________ Bank (hereinafter the “Bank”) below; (c.); there may be other risks and social and economic losses either not known to me or not readily foreseeable at this time; and I FULLY ACCEPT AND ASSUME ALL SUCH RISKS AND ALL RESPONSIBILITY FOR LOSSES, COSTS, AND DAMAGES I incur as a result of my participation in the Auction and/or purchase of any property at the Auction.
  3. HEREBY RELEASE, discharge, and covenant not to sue from all liability, claims, demands, losses or damages on my account caused or allege to be caused in whole or in part by the negligence of the Releasees and/or the Bank or otherwise, including and I further agree that if, despite this release and waiver of liability, assumption of risk, and indemnity agreement, I, or anyone on my behalf, makes a claim against any of the Releasees and/or the Bank, I WILL INDEMNIFY, SAVE AND HOLD HARMLESS each of the Releasees and/or the Bank, from any litigation expenses, attorney fees, loss, liability, damage, or cost which any may incur as a result of such claim.
  4. 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, the undersigned acknowledges that he/she has inspected the property that he/she is bidding upon and/or buying. All 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 undersigned and is legally binding. The undersigned 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 claim a mistake was made.  There will be no rebids.
  5. All information provided to the undersigned by the Releasees including, but not limited to, all verbal statements made on the date of the sale regarding any items to be auctioned, have come from the owner of the item prior to the time of the sale and the auctioneer have not independently verified any of the same. The undersigned understands and agrees that the Releasees assume 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. Releasees 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. The Releasees make no warranty or guarantee, expressed or implied, to the condition, year, or model of merchandise listed on any printed material.
  6. 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.
  7. 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 Bidders/Buyers, the auctioneer reserves the right to reopen the 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 forward, becomes the full and sole responsibility of the Bidder/Buyer and Bidder/Buyer assumes all risks of loss and damage from that point forward.

8.        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.

9.        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.

10.     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.

11.     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.

12.     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.

13.     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.

14.     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. Failure to pay for or pick up a lot will result in restriction from future auctions.

15.     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.

  1. 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
  2. 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.
  3. All units must have a gate pass before leaving premises and are subject to trunk inspections. Loading of property is the responsibility of the bidder.  Show Gate Guard your Bill of Sale before exiting.

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

10%