Wood Lathe 12" vaiable speed Delta model 46-700

TERMS AND CONDITIONS OF SALE

Subject to amendments and modifications announced by the Auctioneer at the time of the auction, any person participating in the auction shall be bound by the following terms and conditions:

1. A deposit equal to 25% of purchases shall be made at the time of sale. The balance of the purchase price must be paid in full before or immediately after the conclusion of the auction. All payments shall be by way of cash, certified cheque or letter of credit payable to CIACPCC Inc. Deposits on account of purchases may be made in advance of the auction and the balance thereof will be returned immediately thereafter in the event of non-purchase. The Auctioneer reserves the right to put articles back up for auction if deposit is not received at or before the time of sale.

2. Taxes arising on a sale, including applicable federal and provincial sales taxes, shall be paid to the Auctioneer at the time of sale. Purchasers claiming exemptions from taxes shall provide proof satisfactory to the Auctioneer of their entitlement to claim such exemption. In the absence of proof satisfactory to the Auctioneer taxes shall be paid by the purchaser.

3. All articles will be sold to the highest bidder conforming to the bid process, provided that the Auctioneer reserves the right to sell articles by individual or group lots and ?EN BLOC? as he deems appropriate. Auctioneer reserves the right to sell on behalf of third parties, its own account or on the account of others. Should any dispute arise between two or more bidders or as to any bid, the lot in question may, at the Auctioneer?s discretion, be immediately put up again and resold. The Auctioneer shall regulate all matters relating to the conduct of the auction and his decision shall be final and binding on all bidders.

4. Auctioneer reserves the right to sell subject to reserve and to purchase for its own account and or for the account of others, whether by verbal or written proxy, all subject to prior sale.

5. All sales shall be concluded on the fall of the hammer or as indicted by the Auctioneer and no purchaser may thereafter revoke his bid. Title to the lots purchased shall not pass until payment in full of the purchase price is received.

6. ALL SALES ARE FINAL, ON AN ?AS IS ? WHERE IS?, ?IN PLACE?, ?WITH ALL FAULTS? BASIS WITH NO CONDITIONS OR WARRANTIES, WHETHER EXPRESSED, IMPLIED, STATUTORY OR OTHERWISE INCLUDING WITHOUT LIMITATION, WARRANTIES OR CONDITIONS AS TO TITLE, DESCRIPTION, FITNESS FOR PURPOSE, QUANTITY, QUALITY, MERCHANTABILITY, STATE, CONDITION, LOCATION OR OTHERWISE. NO SALE SHALL BE INVALIDATED BY REASON OF AND THE AUCTIONEER SHALL HAVE NO LIABILITY FOR A MISDESCRIPTION OF ANY ARTICLE OR LOT WHETHER CONTAINED IN A CATALOGUE, ADVERTISEMENT OR OTHERWISE. DESCRIPTIONS HAVE BEEN PREPARED FOR GUIDE PURPOSES ONLY AND SHALL NOT BE RELIED UPON BY THE PURCHASER FOR ACCURACY AND COMPLETENESS. PLEASE INSPECT ALL ITEMS BEFORE BIDDING. PURCHASERS SHALL BE DEEMED TO HAVE RELIED ENTIRELY UPON THEIR OWN INSPECTIONS AND INVESTIGATIONS.

7. No article shall be removed unless paid for in full and all articles purchased shall be removed within 3 days of the auction date. The Purchaser shall be responsible for all costs of removal and shall be liable for any damage, including without limitation, any environmental damage, caused during or as a result of the removal. Purchasers shall comply with all environmental laws and regulations and all requirements established by the Auctioneer for the removal or articles, including requirements as to bonding of movers.

8. Where available documents of transfer, including motor vehicle ownership documents, which are in the possession of the Auctioneer, will be provided to the purchaser within seven days following the auction or as soon thereafter as such documents are available.

9. The Auctioneer reserves the right to refuse any applicant the privilege of bidding or attending at the auction and may revoke such privilege at any time.

10. If the Auctioneer is unable to deliver an article sold to a purchaser due to fire, theft or any other reason whatsoever, the Auctioneer shall reimburse the purchaser for all monies paid to the Auctioneer in respect of the article and the Auctioneer shall have no further liability to the purchaser arising from or relating to such loss, including without limitation any damages for loss of profits.

11. Time shall be of the essence. If a purchaser fails to make payment or remove goods within the time periods hereinabove provided, the Auctioneer may resell the article purchased by auction, private contract or otherwise, as the Auctioneer in his discretion deems advisable, and the purchaser shall be liable for the shortfall and all costs and expenses, including but not limited to interest rates (a minimum of 1.5% per month or 18% per cent per annum), legal fees, moving and storage (a minimum rate of $2.00/sq. ft. per month) and commissions, incurred in such resale.

12. No purchaser may assign, transfer or dispose of his rights in any article purchased before he has paid the purchase price in full.

13. As security for the performance of any and all obligations of the Purchaser under this agreement (including, without limitation, the payment of the deposit referred to in paragraph 1 above), the Purchaser does hereby authorize the Auctioneer to debit the credit card account described on tear off. The Auctioneer may debit from the said account the amount(s) of the deposit, the balance of the purchase price and/or taxes due by the Purchaser if said amounts are not paid in full before, during or immediately after the auction.

14. The terms and conditions together with any amendments or modifications expressly made by the Auctioneer at the time of the auction constitute all the terms and conditions with respect to the sale of articles at this auction. There are no representations, warranties, terms, conditions, undertakings or collateral agreements except as hereinabove provided.

An 18% BUYERS PREMIUM WILL APPLY ON ALL PURCHASES.