2019 BUYER FEE IS 8% AT THE SALE, 11% FOR PROXIBID.

BIDDER TERMS AND CONDITIONS

REGISTRATION:

For purposes of the following Bidder Rules, the following terms are defined:

A. “SG Auction” means SG Auction LLC. and its affiliates, successors, agents/employees, assigns, shareholders, directors and officers.

B. “Lot” means any item identified and made available for sale at an auction event hosted by SG Auction in whole or in part.

C. “Bidder” means a person or entity bidding upon any Lot at any auction event SG Auction hosts in whole or in part.

D. “Consignor” means a person or entity consigning a Lot for auction.

2) Before bidding on any Lot, Bidder is exclusively responsible for becoming familiar with the auction process.

3) SG Auction is only performing an auction service and is not responsible for any Lot’s description in any medium, even if the representation is made in a medium owned by, maintained by, or associated with SG Auction.

4) Bidder is required to register in accordance with SG Auction policies and procedures, which may be amended from time to time. Bidder must use the badge and number issued by SG Auction as a condition of auction participation. Invoicing and titling will be performed pursuant to the information on Bidder’s completed registration form, unless Bidder expressly requests otherwise.

5) Bidder agrees to abide by these General Bidder Rules for the entirety of Bidder’s membership period. In the event the Bidder Rules are revised, SG Auction will provide notice of the revisions to Bidder prior to the first auction event at which the revised Rules are implemented.

PURCHASES

6) SG AUCTION HAS NOT INDEPENDENTLY INSPECTED OR TESTED THE LOT AND HAS NO KNOWLEDGE OF THE LOT’S HISTORY OR CONDITION. All Lots offered are sold “AS IS, WHERE IS.” SG Auction makes no representation and extends no warranty, express or implied, respecting any Lot’s condition, genuineness, value, and/or quality. SG Auction is not responsible for any defect in any Lot. Bidder has the duty, right, and opportunity to inspect any Lot prior to bidding, and Bidder’s participation in the auction of any lot is exclusively premised upon the Bidder’s own determinations. Winning Bidders shall accept their Lot(s) with all faults, including, but not limited to, qualitative conditions, defects or imperfections (whether structural, mechanical, cosmetic, latent, obvious, whether mentioned or unmentioned in the Lot description).

7) Bidder releases, waives, and discharges SG Auction for any and all claims arising out of, involving, or associated with a Lot description. Bidder shall reimburse SG Auction for any costs and/or expenses (including, but not limited to, reasonable attorneys’ fees) that SG Auction incurs in defending any Bidder’s claim arising out of, involving, or associated with a Lot description.

8) Bidder accepts Lot ownership at the gavel fall and immediately assumes all responsibility and liability for the purchased Lot.

9) SG Auction will deliver Lot titles within 30 days following auction event completion, contingent upon Bidder’s payment. Bidder understands and agrees that title processing delays can occur for causes outside of SG Auction’s control. Bidder shall make no claim for damages associated with delays in title processing. SG Auction is not responsible for damages incurred as a result of any delay in title processing.

10) All Lots are offered for individual sale by their unique Lot number, unless otherwise noted. The auctioneer will accept bids from on-site Bidders and absentee Bidders. The auctioneer has the right to place a bid for the Consignor up to the Lot’s reserve.

11) In matters where the winning bid cannot be determined with certainty, the auction process may be repeated for that Lot. The auctioneer will use reasonable judgment in evaluating Bidders’ claims of auction confusion. However, the auctioneer’s determination(s) in these circumstances are both final and non-appealable.

12) SG Auction is not liable for lost, stolen, or damaged Lots, and Bidder shall make no claim against SG Auction for such loss, theft, or damage.

13) Lots must be removed from the auction location within 5 days of the auction event’s conclusion. At Bidder’s sole expense, SG Auction may arrange for the transport and storage of unclaimed Lots. Unclaimed Lots, 30 days following the auction event shall be deemed abandoned.

14) Lots that fail to meet the reserve price shall be presented for sale by SG Auction for 30 days after the last day of the sale end. Lots sold via SG Auction after the last day of the sale end, are subject to the same terms as Lots sold on the auction block.

TELEPHONE AND INTERNET BIDDING:

1) SG Auction’s telephone and/or internet bidding features, functions, content, products, and capabilities are available on an “as is” and “as available” basis, without any express or implied representation or warranty of any kind. SG Auction makes no guarantee or assurance that SG Auction’s telephone and/or internet bidding services will operate without interruption or that all services, products, features, functions, content, or operations will be available or perform at any particular time(s). Without limiting the generality of the foregoing, SG Auction is not responsible for 1) malicious code, delays, inaccuracies, errors, omissions, or mistakes in the Bidder’s use of SG Auction’s telephone and/or internet bidding services or any sites linked to SG Auction’s telephone and/or internet services; 2) any interruption of telephone signal to the Auction event and/or cessation of transmission to or from our website or to or from our site by any third party; or 3) defamatory, offensive, infringing, breaching, fraudulent, or illegal conduct of others. Bidder assumes the entire risk of using SG Auction’s telephone and/or internet bidding services, along with its associated features and functions.

2) Bidder agrees that SG Auction is not liable for any loss or damage incurred in connection with or arising from use of SG Auction’s telephone and/or internet bidding services.

3) SG Auction reserves the right to record all conversations between SG Auction and Telephone and Internet Absentee Bidders. By agreeing to these terms, Bidder understands he/she is allowing the recording and giving his/her consent to it.

PAYMENT:

1) All purchased Lots are subject to applicable state and local taxes, which Bidder agrees to pay in effecting the Lot’s purchase.

2) All balances which remain unpaid seven days after the Lot’s purchase date will be subject to interest charges at a rate of fifteen percent (15%), with interest compounded daily and calculated retroactively to the date of purchase.

3) In the event of Bidder’s default, including, but not exclusive to non-payment, SG Auction may:

1) Hold Bidder liable for the Lot’s purchase price and sue for specific performance

2) Cancel the sale and retain Bidder’s payment as liquidated damages

3) Resell the Lot without reserve at a future SG Auction auction or by private sale, with, or without advance notice to Bidder, with Bidder remaining liable for any deficiency in resale price

4) Purchase the Lot at the amount of Bidder’s bid

5) Take any other lawful action to protect SG Auction’s interest

6) Charge Bidder’s credit card for any amount due SG Auction and/or Consignor. Bidder is liable for all costs and expenses arising from Bidder’s default, including, but not limited to freight, storage, auction entry fees, commissions, reasonable attorneys’ fees, court costs, and expenses. In addition to and complementary with the foregoing, SG Auction shall be afforded the right to offset all costs and expenses arising from Bidder’s default from any deposit which Bidder may make in connection with an auction event.

GENERAL:

1) Bidder’s participation at an auction event constitutes knowledge of, and consent to, the General Bidder Rules, even absent Bidder’s signature.

2) Bidder agrees that the auction event(s) may be televised (live or on tape-delay), and broadcast to a national or international audience.

3) If any provision, clause, or part of these Rules, or the application thereof under certain circumstances, is held invalid, the remainder of these Rules shall remain in full force and effect.

4) These General Bidder Rules shall be governed by, and construed in accordance with, the laws of the State of Minnesota, without giving effect to any choice or conflict of law provision or rule that would apply the laws of any other jurisdiction. Bidder irrevocably submits to the jurisdiction of the State of Minnesota, District Court of Houston County, for any dispute arising out of, relating to in any way, concerning the auction Lots and irrevocably agrees that all such claims shall be there entertained. Bidder irrevocably waives any objection or defense founded on the forum’s inconvenience. The prevailing party shall be entitled to attorneys fees and costs.

5) Acceptance of these General Bidder Rules permits SG Auction to have future contact with the Bidder. In compliance with any regulations established by federal, state or local authorities, Bidder’s participation is an affirmative consent or “opt-in” to SG Auction’s future contact. This consent shall be effective until revoked by Bidder in writing.

SAMPLE BANK LETTER