2009 Sharpe LMV-MP-2-DVS CNC 2-Axis Knee Mill

TERMS OF SALE

By registering, you hereby expressly accept and agree to be bound by and liable for any breaches of the terms and conditions set forth below.  These terms and conditions shall apply to all sales, including (without limitation) webcast, private treaty, auction, direct sales and all other sales conducted by Prestige Equipment Corp. or any joint venture partners thereof (collectively, “Prestige”).

TERMS AND CONDITIONS

**BUYER’S PREMIUM:  A buyer’s premium of 18% will be charged to all purchases.

**IDENTIFICATION: All bidders are required to give full name, address, phone number and bank information when registering.  Each bidder expressly agrees to provide accurate and complete contact, financial and other requested information.  Each bidder hereby further expressly agrees that, whether each such Bidder is acting as a principal, an agent, or an officer, director, or other representative of an entity, or in any other capacity whatsoever, each such bidder is personally liable for and shall be bound to remit payment of the purchase price, buyer’s premium, taxes, and any other amounts payable with respect to any and all assets for which the bidder is the “successful bidder” at the sale (in each case, the “Purchaser”). 

**INTERNATIONAL BIDDERS: Bidders residing outside of the United States or Canada are required to submit via wire transfer a qualifying deposit of 25% of their total expected purchases. Deposit must be received and confirmed prior to start of auction, and can take up to 72 hours to clear. Please register at least 3 business days prior to sale to allow sufficient time to process deposit.  Prestige reserves the right to refuse or cancel buyer’s bids and to resell purchased assets if the proper deposit is not received or confirmed at or prior to the time of sale.  Your deposit will be refunded in full if you are not a winning bidder.  However, if you are a winning bidder the deposit will become non refundable and go against your winning bids.

**IDENTIFICATION: All bidders are required to give full name, address, phone number and bank information when registering.  In the case of a bidder acting on behalf of a third party or an entity, by registering, each such bidder expressly represents, warrants, covenants and agrees that such bidder has the requisite authority to bind such third party or entity on whose behalf each such bidder acts.

**FINAL BIDS: Each bidder hereby expressly acknowledges and agrees that once submitted, a bid shall be binding on the Bidder who submitted such bid.  No bid may be retracted by a bidder or any other party.

**TIME AND MANOR OF PAYMENT: ALL PURCHASES MUST BE PAID IN FULL UPON RECEIPT OF AN INVOICE.  An electronic invoice will be sent to the successful bidder at the email address provided during registration, typically within 24 hours after the auction ends.  Upon notification of being the successful bidder, Purchasers will have 48 hours to pay in full via wire transfer, certified check or company check.  PLEASE NOTE, all company checks MUST be accompanied by a bank letter of guarantee made out to Prestige Equipment Corp.  The full purchase price must be paid prior to the removal of any goods.

**REFUNDS:  All sales are final.  There will be no refunds made. 

**RIGGING AND REMOVAL: Rigging, removal and any duty fees are the sole responsibility of the Purchaser.  Purchaser shall be responsible for the safe and proper removal of any assets purchased by Purchaser.  Purchaser or its agents must remove all assets purchased before the final removal date and time specified by Prestige (the “Removal Date”).  Any assets not removed on or prior to the Removal Date shall be subject to storage charges that Prestige may impose in its sole discretion.  ANY ITEMS NOT REMOVED ON OR PRIOR TO THE REMOVAL DATE SHALL BE DEEMED ABANDONED AND PRESTIGE SHALL HAVE NO FURTHER OBLIGATION TO BUYER WITH RESPECT TO SUCH ITEMS.

**THIRD PARTY SERVICE PROVIDERS.  As a courtesy only, Prestige may provide contact information for riggers, machinery movers or other service providers. Prestige is not affiliated with, nor shall Prestige be responsible or liable for the action of, any rigger, machinery mover or other service provider utilized by a Purchaser or its Representatives. Prestige reserves the right to require the use of one or more specific riggers, machinery movers or other service providers at the premises at which the assets are located. Such a requirement does not constitute a guarantee or endorsement by Prestige.

**APPLICABLE TAXES: Each Purchaser expressly acknowledges and agrees that taxes arising on the sale of any purchased assets, including (without limitation) applicable sales taxes, shall be paid to Prestige at the time of sale of such assets.  Purchaser must supply a resale certificate or tax exempt form, as applicable, which are satisfactory to Prestige in its sole discretion for all purchases in which they are claiming tax exempt status.  In the absence of proof satisfactory to Prestige, in its sole discretion, taxes shall be paid by the Purchaser.

**CONDITIONS OF ARTICLES SOLD: Prestige shall not be responsible for the correct description, genuineness, authenticity of, or defect in any lot and makes no representations or warranties whatsoever, either express or implied, with respect to the goods being sold.  No sale shall be set aside nor allowance made on account of any error.  NO DEDUCTION ALLOWED ON DAMAGED ARTICLES, ALL ARTICLES BEING EXPOSED FOR PUBLIC EXHIBITION, AND SOLD “AS IS” AND WITHOUT RECOURSE.  ARTICLES ARE NOT WARRANTED AS MERCHANTABLE OR FIT FOR ANY PARTICULAR PURPOSE, AND NO CLAIM MAY BE MADE BY PURCHASER RELATING TO THE CONDITION OR USE OF THE ARTICLES PURCHASED, OR FOR PROXIMATE OR CONSEQUENTIAL DAMAGES ARISING THEREFROM.

** SAFETY AND REPAIR:  Each bidder expressly agrees that, following the sale and removal of the purchased assets, but prior to operating or otherwise using the purchased assets, such bidder shall retain a qualified person to inspect all assets for safety and operational purposes.  Each bidder further expressly agrees to repair or restore, at bidder’s sole cost and expense, all purchased assets  to a safe operating condition that, among other things, meets any standard or requirement of any applicable governmental authority, law or regulation, including (without limitation) those concerning any use to which the lot may be put.

** DAMAGES:  Prestige shall not be responsible for any damages, loss or theft of purchased assets, except in the case of willful misconduct by Prestige. Without limiting the foregoing, Prestige shall not be responsible for any damages or losses arising or accruing due to strikes, civil disorders, or acts of God.

**SAFETY DEVICES: Articles purchased may not incorporate approved activating mechanisms, operating safety devices or safety guards as required by OSHA or otherwise.  It is the Purchaser’s responsibility that articles purchased be so equipped and safeguarded to meet OSHA and any other requirements before placing such articles in operation.

**INDEMNIFICATION: Purchaser agrees to indemnify, defend and hold harmless Prestige, the seller of the assets,  and their respective from and against and with respect to any and all loss, liability, assessment, claim, cause of action, demand, damage or expense, (including, without limitation, reasonable attorneys' fees), court costs, penalties, charges and amounts paid in settlement of the foregoing arising from or related to (i) the purchase and sale of the assets, (ii) bidder’s acknowledgements, agreements, representations, warranties or covenants set forth herein or (iii) the condition or use of the articles purchased or failure of any user to follow instructions, warnings or recommendations of the manufacturer, or to comply with federal, state, and locals laws applicable to such articles, including OSHA requirements, or for proximate or consequential damages, costs or legal expenses arising therefrom.

**LIMITATION OF LIABILITY:  EACH BIDDER HEREBY EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL PRESTIGE’S TOTAL MAXIMUM LIABILITY TO A BIDDER, PURCHASER OR ANY PURCHASER REPRESENTATIVE FOR DAMAGES ARISING OUT OF OR RELATING TO THESE TERMS AND CONDITIONS OR ANY PURCHASED ASSET(S) HEREUNDER, INCLUDING (WITHOUT LIMITATION) ANY FAILURE TO DELIVER ANY PURCHASED ASSET, EXCEED THE PURCHASE PRICE AND BUYER’S PREMIUM ACTUALLY RECEIVED BY PRESTIGE FOR SUCH PURCHASED ASSET(S).  IN NO EVENT SHALL PRESTIGE BE LIABLE FOR ANY CONSEQUENTIAL, INDIRECT, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES OF ANY KIND OR NATURE WHATSOVER.

**COMPLIANCE WITH TERMS OF SALE: In default of payment of bills in full within the time specified, Prestige shall have all rights and remedies available to it in law and at equity. In addition to all other remedies allowed by law, Prestige may retain all monies received as deposit or otherwise as liquidated damages.  Lots that are not paid for or that are not removed within the time period allowed may be resold at public or private sale without further notice, and any deficiency, together will all expenses and charges or resale will be charged to the defaulting purchaser.

**MINIMUM OR RESERVE PRICES: Prestige, in its sole discretion, reserves the right to establish a reserve or minimum price on any of the assets without having to announce, post or publish notice to any bidders. Prestige reserves the right to reject any and all bids.  On lots where there is a reserve, Prestige shall have the right to bid on behalf of the seller.

**ADDITIONAL TERMS AND CONDITIONS:  Prestige reserves the right to add other terms and conditions of the sale with such additional terms to be announced prior to the auction.  Prestige reserves the right to withdraw or sell any assets contained in an auction prior to or proceeding the stated auction period without notification. Prestige reserve the right to temporarily or permanently end an auction prior to or during the stated auction period at is sole discretion without notification. Prestige, in its sole discretion, reserve the right to extend the stated auction period without notification.

**GOVERNING LAW, ETC.: These terms and conditions, the sale terms and the purchase and sale of the purchased assets shall be governed by and construed in accordance with the substantive laws of the State of New York without regard to its rules regarding the conflict of laws.

**FORUM; WAIVER OF TRIAL BY JURY.  Any action, suit or proceeding relating to or arising out of these terms and conditions or any of the transactions or relationships contemplated hereby may only be instituted and maintained in the federal or state courts located in the County of Nassau, State of New York. Each of the parties irrevocably consents to the jurisdiction of such courts in connection with any such action, suit or proceeding.  EACH BIDDER HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY BIDDER AGAINST PRESTIGE ON ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THESE TERMS AND CONDITIONS OR THE ASSETS.

**QUESTIONS:  Any questions please contact Richard Litvack at 631-249-5566.