Qty. (4) Gate Valves - 2 1/2"

2023 Terms of Sale Agreement

TERMS AND CONDITIONS

1. Seller is the owner of equipment, machinery and personal property (the "Assets") located at 5045 West Jefferson Ave., Trenton, Michigan (the "Site"). Seller has contracted with Schneider Industries, Inc., a Missouri corporation ("SI") as Seller's exclusive agent to sell the Assets at public online auction or by private sales to the highest bidder (the highest bidder being herein referred to as the "Buyer'') [the "Sale"]. The Assets purchased by a Buyer pursuant to the Sale are herein referred to as the "Assets Purchased by Buyer".  Risk of loss or damage to the Assets Purchased by Buyer shall pass to Buyer upon completion of the Sale.
2. Electrical Connections. If any, included in the Sale of any Assets Purchased by Buyer shall only include the electrical connection to the first disconnect (the "Electrical Connection").
3. Sale Proceeds. Buyer must pay SI the purchase price of the Assets Purchased by Buyer (the "Sale Proceeds") not later than ten (10) business days after the Sale. If Buyer fails to timely pay the Sale Proceeds, Buyer shall be deemed to have not completed the Sale and will have waived and forfeited Buyer's interest in the Assets Purchased by Buyer. 
4. Buyer’s Premium. To be paid to SI upon the Sale, a Buyers premium in the dollar amount of Fifteen Percent (15%) (the “15% Buyer’s Premium”) and a Three Percent (“3%) Internet Fee. The total of 18% Buyer's Premium is not part of the Sale Proceeds. The 15% Buyer's Premium and 3% Internet Fee shall be in the form of clear funds via wire or cashier’s check made payable to SI. The Sale Proceeds does not include brokers' fees or federal, state or local sales, use, excise or similar taxes or assessments applicable to the sale of such Assets Purchased by Buyer. Any such fees (excluding any fee payable to SI) and taxes shall be paid by Buyer.
5. Removal of Assets Purchased by Buyer. Buyer shall contract with the approved Rigger/Contractor to remove the Assets Purchased by Buyer from the Site at a mutually agreeable time on or before November 30, 2023, Using the approved contractor. In the event Buyer does not timely remove the Assets Purchased by Buyer, Buyer shall be deemed to have not completed the Sale and will have waived and forfeited Buyer's interest in the Assets Purchased by Buyer and Seller reserves the right to keep the Assets Purchased by Buyer or sell or scrap the Assets Purchased by Buyer without further notice to Buyer. Buyer is ultimately responsible for all loading and removal of Assets Purchased by Buyer. If Buyer dismantles the Assets Purchased by Buyer at the Site, prior to removal, Buyer will provide Seller with: 

• a written indemnification agreement issued by the third-party removal contractor;
• evidence of insurance sufficient to support the indemnity; and
• lien waivers from the company removing the Assets Purchased by Buyer, all in a form satisfactory to Seller. Receipt of satisfactory indemnification and insurance documentation shall be a condition precedent to enter the Site to perform the dismantling of Assets Purchased by Buyer. The contractor's indemnification and insurance shall provide the coverage of Seller required of Buyer in Sections 8 below. If such documentation is not received by the time designated for removal of the Assets Purchased by Buyer, Buyer shall be in breach of its obligations hereunder. In such case, notwithstanding that the Sale Proceeds may have been made by Buyer for the Assets Purchased by Buyer, Seller shall have the right (in addition to all other rights and remedies) and not as an election of remedies) to refuse to permit removal of the Assets Purchased by Buyer until Buyer's default is cured.

1. 6.     Warranty.

• Seller warrants that it is the lawful owner of the Assets Purchased by Buyer, free and clear of all liens and encumbrances. SI is acting as broker in this transaction.
• Buyer acknowledges that Seller is not the manufacturer or supplier of the Assets Purchased by Buyer and Buyer represents that it has selected the Assets Purchased by Buyer based upon its sole judgment and expertise. In addition, Buyer acknowledges that nothing contained in any discussions between the parties or between Buyer and any broker claiming to represent Seller (including without limitation, SI) shall be deemed to constitute a representation or warranty upon which Buyer can rely. Except as set forth in Section 4(a) above, BUYER ACKNOWLEDGES THAT IT HAS BEEN PROVIDED THE OPPORTUNITY TO INSPECT THE ASSETS PURCHASED BY BUYER, BUYER TAKES THE ASSETS PURCHASED BY BUYER AS IS, WHERE IS, WITH ALL FAULTS AND DEFECTS BOTH LATENT AND PATENT AND BUYER AGREES THAT AB HAS MADE AND MAKES NOREPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED. AB EXPRESSLY DISCLAIMS ALL WARRANTIES WITH RESPECT TO SUITABILITY, DURABILITY, FITNESS FOR USE AND MERCHANTABILITY OF ANY OF THE ASSETS PURCHASED BY BUYER, FOR THE PURPOSES AND USES OF BUYER OR OTHERWISE. IN NO EVENT, SHALL SELLER BE LIABLE FOR ANY INCIDENTAL, INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES. 

• Buyer specifically waives all rights to make any claim against Seller for breach of any warranty of any kind whatsoever, other than the warranty in Section (6). Seller shall not be liable to Buyer for any loss, damage or expense of anykind or nature caused directly or indirectly by the Assets Purchased by Buyer or the disassembly, removal, use, transportation or maintenance thereof, or for the failure of operations there of, or for repairs, service, or adjustment   thereto, or for any interruption of service or loss of use thereof or for any loss of business or any other damages whatsoever and howsoever.      

1. Indemnity and Release. Buyer assumes liability for, and hereby agrees to indemnify, defend and hold harmless Seller, its successors, assigns, parent, subsidiary and affiliated companies, and the agents, employees, officers, directors of each of the foregoing (the "Released Parties"), from and against any and all liabilities, obligations, losses, damages, claims, demands, actions, costs and expenses (including attorney's fees and costs, whether or not suit is brought and at trial and all levels of appeal, and in any insolvency, bankruptcy or similar proceeding), of whatsoever kind and nature arising out of the disassembly, removal, use, condition (including, but not limited to, latent and other defects and whether or not discoverable by Buyer or Seller), operation, transportation, ownership, selection, delivery, installation, or use and subsequent disposition of the Assets Purchased by Buyer after the Sale to Buyer hereunder.

• It is agreed that this indemnity shall apply notwithstanding the joint, concurring or contributory fault or negligence of Seller and further notwithstanding any theory of law including, but not limited to, a characterization of Seller's joint, concurring orcontributory fault or negligence as either passive or active in nature. With respect to the Released Parties' rights pursuant to this Indemnity, Buyer expressly waives all statutory defenses, including, but not limited to those under workers' compensation, contribution, comparative fault or similar statutes that are inconsistent with or would defeat the purpose of this Indemnity.
• Buyer hereby fully and forever releases and discharges and covenants not to sue the Released Parties from any and all claims, demands, damages, rights of action, or causes of action, present or future, whether the same be known or unknown, anticipated or unanticipated, resulting from or arising out of the Assets Purchasedby Buyer after the date of receipt by Buyer. This Release is intended to be as broad and inclusive as permitted by law, and if any portion thereof is held invalid, the balance shall continue in full legal force and effect. This Release shall be binding on Buyer's heirs, executors, administrators, successors and assigns.
• The Released Parties shall give Buyer prompt notice of any Claim brought against any of them coming within the purview of these indemnities. Within five (5) business days after receipt of such notice, the Buyer shall undertake the defense of each such Claim with counsel satisfactory to and approved by the Released Party. If the Buyer fails to undertake and sustain the defense of any Claim in the manner required by this Section 5, the Released Party may engage separate counsel, pay, settle or otherwise finally resolve such Claim for the account and at the risk and expense of the Buyer. Any payment, settlement or final resolution otherwise by the Released Party shall release the Buyer from liability for such Claim. If the Buyer undertakes the defense of a Claim in the manner required by this Section 5, the Released Partymay, at its own expense, engage separate counsel and participate in the defense of any Claim brought against it.

1. 8.     Insurance.

• Buyer hereby agrees to furnish and maintain at Buyer's own cost and expense, insurance policies underwritten by good and solvent insurance companies, acceptable to Seller providing coverage for the following:
  • The legal liability of Buyer (and any subcontractor engaged by Buyer to perform under this Agreement) to pay claims because of damage to property and for injuries to or death of any person or persons for occurrences arising out of the use, handling, delivery, removal, transportation, disassembly, installation, operation or condition of the Assets Purchased by Buyer (including automobile exposure). Said insurance to be written with a limit of notless than Two Million Dollars ($2,000,000) for any one occurrence. Coverage shall be included for broad form property damage liability.
  • The legal liability of Buyer (and any subcontractor engaged by Buyer to perform under this Agreement) under the Workers' Compensation Act of any state, and under any other Employee Benefit Statute or similar law to pay claims for bodily injuries, including death and disease sustained by its employees. Employers' Liability coverage shall be included with a limit of liability of not less than One Million Dollars ($1,000,000). The following parties:
    • "TRENTON Ml LLC, d/b/a Trenmi LLC, their respective subsidiaries and affiliated companies and their respective employees, officers, directors and agents" shall be included as additional insureds under the insurance policies required of Buyer and subcontractor hereunder. Allpolicies shall be written so that Seller will be notified of cancellation or of any restrictive amendment to the policies at leastthirty (30) days prior to the effective date.

1. Complete Agreement Benefits. This Agreement constitutes the final, complete and exclusive understanding between the parties with respect to its subject matter and supersedes all prior or contemporaneous agreements in regard thereto. The parties have not relied upon any promises, warranties or undertakings other than those expressly set forth inthis Agreement. Nothing in this Agreement shall give any person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under this Agreement except that the Released Parties specified herein may enforce their rights thereunder.

10. Amendment. This Agreement cannot be amended or waived except by an agreement in writing signed by authorized representatives of both parties and specifically referring to this Agreement.
11. Waiver. The failure of either party to object to or to take affirmative action with respect to any conduct of the other party which is in violation of the terms hereof shall not be construed as waiver thereof, nor of any subsequent breach or wrongful conduct. The rights and remedies set forth herein are intended to be cumulative, and the exercise of any right or remedy by either party shall not preclude or waive its exercise of any other rights or remedies hereunder or pursuant to law or equity.
12. Section Headings. The section headings set forth herein are for convenience only and do not constitute a substantive part of this Agreement.
13. Severability. If any provision of this Agreement is deemed to be invalid or uneforceable by any court of competent jurisdiction, then the balance of this Agreement shall remain enforceable, and such invalid or unenforceable provision shall be enforced by such court to the maximum possible extent.
14. Successors and Assigns. Neither party shall assign its rights and/or obligations or delegate its duties under this Agreement without the prior written approval of the other party and any attempted assignment or delegation without such approval shall be void and constitute a material breach. This Agreement and all of the terms and provisions hereof will bebinding upon, and will inure to the benefit of, the parties hereto, and their respective successors and approved assigns.
15. Survival. The provisions of Sections 6 and 7 shall survive the closing of the sale contemplated hereby and shall be deemed incorporated in the bill of sale.
16. Governing Law. This Agreement is made in the State of Missouri and shall be governed by the substantive provisions of Missouri law. The parties agree that any legal action or proceeding with respect to this Agreement shall bebrought in the United States District Court for the Eastern District of Missouri or, if such court does not have jurisdiction, in any court of general jurisdiction in St. Louis County, Missouri. Buyer consents to the personal jurisdiction of such courts, agrees to accept service of process by certified or registered mail and hereby waives any jurisdictional or venue defenses otherwise available 

 SELLER RESERVES THE RIGHT TO ACCEPT OR REJECT ANY AND ALL BIDS 15% Buyer's Premium on all sales, 3% Internet Fee. Full Payment at Termination of Sale. All Bills must be completed on Day of Sale. All Items Subject to prior sale or transfer.

ALL BUYERS BE AWARE THAT RIGGING FEES WILL APPLY TO ALL PURCHASES. APPROVED RIGGER WILL BE POSTED ONLINE FOR PRE AUCTION RIGGING FEES IF NOT POSTED IN EACH LOT DESCRIPTION.

1. Company Checks, Wire Transfers or Cashiers Checks payable to Schneider Industries Inc. will be accepted. No equipment will be removed from the sale site until payment is received by Schneider Industries. NO EXCEPTIONS! 

2. While descriptions are believed to be correct, the seller's agent or the owners make no warranties or guarantees expressed or implied, as to the genuineness, authenticity of, or defect in any lot and will not be held responsible for advertising discrepancies or inaccuracies. Everything sold "AS IS" and "WHERE IS" except as expressly made in writing. No warranties are made as to the merchantability of any items or their fitness for any purpose.

3. Purchaser hereby agrees to defend, indemnify and hold harmless Seller its directors, officers, employees and other agents and representatives from and against any and all liabilities, judgments, claims, settlements, losses, 
damages, penalties, obligations and expenses, including attorney`s fees and expenses and other professional fees and expenses, incurred or suffered by such person arising from, by reason of, or in connection with any loss, damage or injury to person or property arising from, by reason of or in connection with the Goods sold hereunder. This indemnification shall survive delivery of the Goods to Purchaser and any subsequent sale or other transfer of the Goods to a third party.

4. It is the buyer's responsibility to secure all equipment to meet all applicable government safety standards in using or removing items purchased. All Import, Export, Taxes, Packaging, Rigging & Transportation fees are the buyer`s responsibility. Schneider Industries will provide our customary invoice. 

5. Sales Tax will be added to the purchase of all taxable items. Dealers who purchase for resale must file their resale permit numbers. If sales tax is not collected at the time of sale and is deemed needed to be paid at a later date, buyer agrees to pay all required taxes.

6. Purchaser does hereby indemnify and hold harmless auctioneer and seller from any and all damages, claims or liabilities from injuries to persons or property of any type whatsoever caused during the sale or by the removal of items purchased.

7. Seller's agent and Seller shall have no liability to the purchaser due to non-delivery of any item for any reason other than to return to the Purchaser the monies deposited for non-delivered items.

8. In the event the purchaser fails to pay the whole of the purchase within the time set forth by the auctioneers and/or fails to comply with any of the conditions or terms of sale, the seller may retain and/or recover the deposit specified as liquidated damages and, in addition thereto, items that are not paid for can be resold at public or private sale without further notice. Any deficiency resulting from such resale shall be paid to the auctioneers by the defaulting purchaser together with all charges, fees, and expenses incurred by such resale and enforcement of the obligation hereunder.

9. The Bidder becomes solely responsible for all items purchased by him immediately following his winning bid at the auction. Therefore, he is advised to further guard and insure his items at his own discretion.

10. Items must be removed from the premises within the removal time announced at the sale. No item can, on any account, be removed before termination of the sale. Removal shall be at the expense, risk and liability of the purchaser. Auctioneers shall not be responsible for items not removed within the time allowed. If equipment is not removed within specified removal time, purchaser shall be liable for any moving and storage costs incurred and, if not so removed, the items shall be deemed abandoned.

11. If any shortage exists on estimated counts, an adjustment will be made if claims are made at time of removal. No adjustment will be allowed after items are removed from the premises.

12. Technology Disclaimer: Auctioneer does not warrant that the functions, features or content contained in the website, including any third-party software, products or other materials used in connection with the website, will be timely, secure, uninterrupted or error-free, or that defects will be corrected.

13. If any dispute arises between two or more bidders, the seller's agent may or may not put the lot up again at once, and resell. 

14. The seller's agent, when acting as agent only, is not responsible for acts of its principals.

15. 15% Buyer's premium will be applied to all sales. Seller reserves the right to accept or reject any and all bids. A 3% Internet fee will be applied to all online purchases.

16. Some items may have minimums or reserves.  Therefore, bidder acknowledges they have been informed that Auctioneer may bid at the auction for its own account or on behalf of a third party or the seller.

17. By accepting a sale listing catalog and signing this form the buyer agrees to these terms and any announced terms at the sale.