TERMS OF BIDDING AND SALE (“Terms”) 

1. Sell My Iron™ (“Auctioneers”) hereby grants to the party whose signature, or electronic acceptance, or placing a bid, appears on the Bidder’s Registration Agreement (“Bidder”), the right to use the number (“Bidder Number”) shown hereon for the purpose of bidding at an auction sale to be conducted by Auctioneers. Such right is granted at the Auctioneers’ sole discretion and may be revoked at any time.

2. Bidder acknowledges he has received, read, and understands these Terms, by placing a bid. A copy of Terms of Bidding and Sale are listed on the terms tab of the Proxibid sale listing and/or on the Auctioneers website, as well as any Real Estate Terms and Conditions provided therein, and agrees to comply with and be bound by such.

3. The Bidder offering the highest bid accepted by the Auctioneers shall be the Purchaser (“Purchaser”) of the offered lot (“Purchase”) and no Purchaser shall retract his bid. Purchaser accepts a Lot when he makes a bid sale. Each lot constitutes a separate sale. All sales are final.

4. Bidder, acting in any capacity whatsoever, and the company he represents, both jointly and severally agree: (a) to indemnify and save harmless Auctioneers and its consignors (“Consignors”) from any and all actions, causes of action, suits, damages, costs and losses of any nature, arising from the purchase or use of any item, or the attendance or participation of Bidder, his agents or employees, at the auction sale and/or on the auction site whether before, during or after the auction sale; (b) to be responsible for the payment of the purchase price and taxes due on all Purchases using the Bidder Number regardless of whether it is in the Bidder’s possession or not; (c) that all rights and defenses available to Auctioneers hereunder shall extend to the Consignor.

5. These Terms shall be governed by and interpreted under the laws of the State of Texas without giving effect to any of the principles of conflicts of laws or the United Nations Convention on Contracts for the International Sale of Goods. Absent agreement by the parties, any action arising from or relating to these Terms or any bid or purchase hereunder shall be commenced in a Court in Collin County, Texas, and Bidder irrevocably consents to the exclusive jurisdiction of such courts.

6. The Auctioneer may at its discretion require Bidder to provide a deposit as a condition of being registered to bid, which deposit becomes non-refundable when Bidder makes a purchase and may be applied at Auctioneers’ sole discretion against purchases made by Bidder. The Bidder grants to the Auctioneers a security interest in the Purchases to secure payment of the purchase price, plus any and all applicable fees. In the event of non-payment, the Auctioneers may proceed to file the Bidder Registration Agreement as a financing statement to perfect the security interest granted by this Security Agreement.

7. There shall be no guarantees or warranties, expressed or implied, statutory or otherwise of any nature whatsoever in respect of the Lots offered at the auction. Each and every lot will be sold ‘as is, where is’. Specifically, but without limitation, Auctioneers make no representation or warranty that any of the Lots: (a) conform to any standard in respect of safety, pollution or hazardous material or to any standard or requirement of any applicable authority, law or regulation, or (b) are fit for any particular purpose, or (c) are of any particular age, year of manufacture, model, make or condition. Bidder agrees he has satisfied himself and is not relying on Auctioneers, nor are Auctioneers liable, for any matter in respect of the above. Bidder further agrees to repair, at his cost, any lot purchased at the sale to a safe operating condition and, without limitation to a condition which meets any standard or requirement of any applicable authority, law or regulation including those concerning any use to which the lot may be put.

8. Bidder acknowledges that an auction site is a potentially dangerous place. Flammable noxious, corrosive, and pressurized substances are present, heavy equipment is being operated and electric circuits may be live. Every person at the auction site at any time, shall be there at his own risk with notice of the condition of the premises and the activities thereon and Bidder shall so advise his agents and employees. No person shall have any claim against Auctioneers, their agents, employees, or principles for any injuries sustained, nor for damages to or loss of property which may occur from any cause whatsoever.

9. If the Bidder registered for this Bidder Number has registered at this auction under other Bidder Numbers, all purchases under all Bidder Numbers shall be considered for the purposes of interpreting the Terms, as if purchased under a single Bidder Number.

10. Auctioneers, at any time, and at their sole discretion, without notice or liability to buyer may: (a) withdraw or cancel the sale of any Lot, or (b) offer any Lots in groups or with privilege. Auctioneer reserves the right to place and manage bids on behalf of absentee bidders, which may include the seller.

11. Any dispute arising as to any bidding shall be settled by Auctioneers at their sole discretion and Auctioneers may put the Lot in dispute up for sale again. Auctioneers reserve the right to refuse any bid which they consider to be an insignificant advance over the preceding bid.

12. Purchases become the responsibility of and shall be at the risk of Purchaser upon acceptance of his bid. It shall be the responsibility of Purchaser to insure his purchases immediately. Auctioneers shall not be responsible for loss or damage to any purchase.

15. Purchaser shall not be entitled to possession of any of his Purchases until the total purchase price all his Purchases including all applicable goods, sales or use taxes, has been fully paid. In the event Purchaser fails to pay the amount due within the prescribed time, or fails to comply with any Terms, Auctioneers shall retain a possessory lien on all Purchases of Purchaser and at Auctioneers’ sole discretion have the right to resell such Purchases by public or private sale without notice to the Purchaser. Should Auctioneers resell any Purchase, the net proceeds

there from (after deducting a commission of (a) 15% on all Lots reselling for more than $2,500; (b) 25% on Lots reselling for $2,500 or less with a minimum commission of $100 per Lot; and (c) any costs) shall be credited to the original Purchaser’s account and the original Purchaser shall forthwith upon demand pay Auctioneers, as damages any deficiency arising from the resale. In the event Purchaser fails to pay, Purchaser shall be obligated to pay buyer’s premium and sellers commissions to Auctioneer upon demand.

16. All purchases must be removed from the auction site within the time announced or posted at the auction site and all costs, responsibility and risk of such removal shall be borne by Purchase. Auctioneers reserve the right to require proof of adequate insurance coverage from any Purchaser for Purchases requiring dismantling, rigging or hot cutting. If for any reason Purchaser fails to remove any Purchase within the time specified by Auctioneer, the Purchase shall be subject to storage charges at $25 per day, per lot, and may be deemed abandoned by the Purchaser. In such event, Auctioneers, at their sole discretion, may resell per term (15) above, or remove and store the said Purchase at Purchaser’s sole risk and expense. Purchaser shall be liable for any rent incurred or damages suffered by Auctioneers because of Purchaser’s failure to remove any purchase.

17. The Listing Catalog has been prepared as a guide only, based on information from sources believed to be reliable and from the Consignor; however, its accuracy cannot be guaranteed or warranted. No sale shall be invalidated; nor shall Auctioneers be liable as a result of defects or inaccuracies in the Listing Catalog. Bidder acknowledges that all Lots were available for inspection prior to the Auction and that it is his responsibility to inspect all equipment and to make his own inquiries prior to bidding.

18. All necessary documents will, if available, be delivered immediately to Purchaser upon payment in full as set out above, or will otherwise be mailed ten (10) banking days after item is removed. Documents will be prepared to be effective only in the jurisdiction in which the auction is being conducted.

19. If, for any reason, Auctioneers are unable to make available or deliver any Purchase or clear title to the same, or documentation required in respect of any Purchase, whether before or after delivery, Auctioneers’ sole liability, if any, shall be the return of monies paid in respect of such Purchase upon its return by Purchaser. Any such Purchase, for which clear title cannot be provided, shall be returned and surrendered to the Auctioneers upon demand.

20. Interest on overdue amounts will be paid by Purchaser at a rate of 18% per annum or at such other maximum rate as allowed by law, together with any legal or collection costs incurred by Auctioneers.

21. (a) If a Purchaser claims an exemption based on goods being shipped out of state for use out of state, then the goods must be delivered to and shipped by common carrier. (b) In such case, Purchaser shall arrange for and assume all risks and costs associated therewith.

22. The Bidder consents to the Auctioneers using the information provided in the Bidder Registration Agreement for internal marketing purposes and to assist the Auctioneers in refining and improving its services. All information will be retained in accordance with the Auctioneers Privacy Statement, available at www.sellmyiron.com.

23. These are the complete Terms, except for the sale of real estate or firearms, and may not be amended except by agreement in writing signed by Auctioneers and the respective Purchaser.