GENERAL ONLINE AUCTION TERMS & CONDITIONS

Koerner Machine Shop Retirement Auction

VERY IMPORTANT! READ CAREFULLY BEFORE YOU ATTEMPT TO BID. ONCE YOU BID, YOU WILL BE BOUND LEGALLY BY THE FOLLOWING TERMS AND RULES THAT ARE STATED HERE.

•Auction End Date and Time: Wednesday October 25th 3:00 P.M. with a staggered closing of 10 lots every 3 minutes.

•Auction Pick-Up Removal:

Small Items Thursday October 26th. 1:00-5:00 P.M. Some items may require tools for removal such as organizers, vises, and special tooling.

Large Item Pickup: Monday October 30th. 10:00-4:00 P.M.

Large items will include the Clausing and Southbend lathes, Surface Grinders, Vertical Mill, Large Drill Press, Bridgeport, 3 Phase Converter and Air Control Cabinet. All units will be disconnected from Electrical service. The purchaser of this equipment shall be responsible for all rigging and equipment required for removal. Purchaser will also be required to sign a release of liability for before removal begins.

Any damage caused to the building by the removal of this equipment shall be the responsibility of the purchaser.

If purchaser is unable to remove the above large items on the date and time set forth above an additional pickup time may be scheduled with our office by calling Jennie at 937-538-4083. A fee of $ 25.00 per hour will be charged including travel time to and from our main office located in Sidney, Ohio

Pick-Up Times are strongly enforced: Any items remaining after the designated pick-up time will be forfeited and the purchaser will be charged a $ 20.00 Non-Removal Fee as well as all disposal costs. Repeated tardiness and or failure to remove items will result in revocation of bidding privileges on all of our bidding platforms. Furthermore you the purchaser are responsible to furnish all labor for the removal of your items. If you are unable to secure the manpower for removal or cannot make the above listed dates and times please do not bid.

•Preview/Pick-Up Location: 3853 State Route 721 Laura Ohio 45337

•Preview Date: Tuesday October 24th. 2:00-4:30 P.M.

•Buyers Premium: 15%

•Payment: The credit card on file will be charged for your total purchases including any buyers premium or stated additional fees. Invoices over $ 2,000.00 must be settled for with CASH, personal or corporate check before removal of any items. No credit card charge backs are allowed. Any check returned for non-sufficient funds will be charged a $ 50.00 service fee and WILL be turned over to the Miami County Sheriff.

•Shipping: Vondenhuevel Auctioneers use third party shippers and movers. For a fee of $ 20.00 per invoice we will deliver your small items to the Local UPS Store for packaging and Delivery. Buyer shall assume all costs for packaging and delivery. To receive a quote before bidding please contact the Sidney UPS store at 937-498-0015

ALL OF OUR ONLINE AUCTIONS FEATURE BOTH A MAX BID OPTION AS WELL AS A SOFT CLOSE.

“A MAX BID” may be placed on any item and the computer will bid on your behalf, thus eliminating the need to “babysit” your bids. This option is highly recommended so you do not miss out on the item you are bidding on for any reason.

“THE SOFT CLOSE” feature which means any bid received in the final minutes of the auction will auto extend bidding on that particular item or lot by 5 minutes thus allowing a backup bidder the opportunity to raise their bid. In the event you do not use the MAX BID feature and you are out bid you will be notified via e-mail or text that you have been outbid and will have the opportunity to raise your bid.

TERMS

GENERAL TERMS: The auction will be conducted by Vondenhuevel Auctioneers on behalf of the owners of the property, referred to as the Seller. Auctioneer is not responsible for the acts or representations of Seller. The auction shall be governed by the terms set forth herein (the agreement), and any additional terms and conditions that are posted concerning the specific property. The Agreement constitutes a valid, binding contract between individuals participating in the auction with the intent to purchase property, referred to as the Bidder or Buyer, and Seller/Auctioneer. The term Bidder or Buyer shall include, but not limited to, the individual or the company represented by the individual and any and all of its agents, employees, representatives, officers, and directors. Auctioneer is not responsible for statements made by the Bidder, Buyer, or other parties. Auctioneer reserves the right to periodically change the terms and conditions of the Agreement, which shall be effective immediately upon posting. It is the Bidders responsibility to review any and all changes made to these terms and conditions prior to bidding on property. The act of submitting a bid shall constitute Bidder acceptance of each and every term and condition contained herein, any additional terms and conditions posted with the property, and any changes made within the full agreement. All persons attending, inspecting or removing property assumes all risks whatsoever of damage or loss to person and property and specifically release the Auctioneer from all liability. Auctioneer is not liable by reason of any defect in, or condition of, the property or the premises on which the preview/sale is held. Auctioneer is released for any claims to actual damage to the property sold and/or consequential damages that may result from the sale of defective property.

DISCLOSURES/NO WARRANTY: There is no warranty offered, expressed or implied, by Vondenhuevel Auctioneers or Sellers for any property. All property is sold AS-IS, WHERE-IS, and with all faults and defects therein. ALL SALES ARE FINAL. All information provided is believed to be correct but NO warranty as such is either expressed or implied, including but not limited to the merchantability or fitness for a particular purpose. Bidder is solely responsible to determine condition, age, authenticity, value or any other determinative factor. Bidder inspection of the property prior to submitting a bid is strongly recommended. Auctioneer reserves the right to add or withdraw property from the auction, and/or regroup items. Auctioneer reserves the right to sell property absolute or with reserve, at Sellers discretion. The Seller does have the right to make the final bid and the Auctioneer does have the right to bid on behalf of the Seller. The auctioneer reserves the right to open the bid as the result of a tie bid or discrepancies in the bid. Buyer assumes full responsibility of property at time of purchase, and all risk of loss and damage to property. All titles will be assigned to buyer. NO OPEN TITLES.

BIDDER REGISTRATION: Bidder must be 18 years of age or older, and are required to register for the auction. In registration, Bidder must submit information found to be current, complete, and accurate for proper identification. Auctioneer does not sell or rent this information. Auctioneer uses email mailing lists to notify customers about online and live auctions. Customers who do not wish to be notified should contact the office of the Auctioneer and request removal from the email mailing list. Bidder is responsible for security of his/her bidding number/user name and password, and any and all bids placed under the assigned number/ID. Auctioneer should be notified immediately if Bidder believes number and/or password have been compromised. Auctioneer reserves the right to terminate registration, deny any person for any reason permission or access to bid, to reject any and all bids, and to suspend or ban Bidder from bidding, at Auctioneers sole discretion. Bidder registration is not transferable or assignable.

BIDDING: Bidder must register to participate in the auction. Read the descriptions of each lot and view photographs carefully. If you have any questions call 937-538-4083. If you visit the viewing location, please personally inspect the property on which you intend to bid during the date(s) indicated in the details per item. Using YOUR knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. All items are sold AS-IS this is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. A maximum bid can be placed on property. A maximum bid is kept confidential, and Bidder authorizes Auctioneer to place bids on his/her behalf up to the amount of the maximum bid. Upon sale of property, identifying information and purchase amount will be posted for a designated period of time. All questions or disputes must be resolved immediately; no changes or adjustments will be made at a later date. Auctioneer reserves the right to reopen bidding. Auctioneer decisions will be final.

BUYERS PREMIUM: A Buyers premium of 15% will be charged on each purchase. A buyers premium, an advertised percentage of the high bid or flat fee added to the high bid will be added to the high bid and become part of the purchase amount at settlement. Buyer agrees to these provisions and will pay the applicable buyers premium.

PAYMENT TERMS: Sales tax, when applicable, will be charged on both the purchase price and buyers premium. Taxes, fees, shipping, handling, insurance, storage and security charges are Buyers expenses, and will be calculated and rendered due at the sale of the property. Payment must be made in full by the Buyer, immediately upon the completion of the auction by VISA, MasterCard, Discover, American Express, Cash, Wire Transfer, Certified Check, Cashiers Check, or Personal/Company Check with Irrevocable Bank Letter of Guarantee. Upon making payment for property, no stop payment of funds will be honored, Any stop payment order of a check, or giving a check which is returned marked insufficient funds, shall be deemed by the parties to be a prima facie evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as intent to defraud. If you are from another country other than the US, you must pay in US funds.

REMOVAL OF PROPERTY / SHIPPING TERMS: Buyer assumes full responsibility of property at time of purchase, and all risk of loss and damage to property. Property will not be removed from sale premises until payment in full has been received. Pick-Up Times are strongly enforced: Any items remaining after the designated pick-up time will be forfeited and the purchaser will be charged a $ 20.00 Non-Removal Fee as well as all disposal costs. Repeated tardiness and or failure to remove items will result in revocation of bidding privileges on all of our bidding platforms. Furthermore you the purchaser are responsible to furnish all labor for the removal of your items. If you are unable to secure the manpower for removal please do not bid, all methods of lifting, towing, and/or hauling are the Buyers responsibility. Packing and shipping costs are the responsibility of Buyer and shall be conducted by a third party of choice. The final day of removal will be posted with property information. Any and all property not removed by Buyer by the final day of removal will revert back to the Auctioneer/ Seller, and may be resold at auction or disposed of in any other manner that seems to be suitable.

CHOICE OF LAW: The law of the State of Ohio governs this agreement any dispute arising from the terms of this auction shall be brought in a court of Shelby County Ohio.

ADDITIONAL NOTE: The following are property specific Terms & Conditions that are posted online with the individual property information and will override any likewise terms stated in this Agreement.

- Buyers Premium

- Sale Date and Time (Beginning and Ending)

- Inspection Location, Dates, and Times

- Final Date of Removal

- Shipping Arrangements

- Special Notes/Comments/Announcements

ONLINE BIDDING INFORMATION

If you are participating in an online auction, the following additional terms will apply to the Auction Terms & Conditions set forth above:

OBTAINING A USER NAME & PASSWORD: Click on BUYER LOGIN on our Home Page and then CREATE NEW ACCOUNT. Follow the instructions. If you need assistance feel free to contact us at 937-538-6231

BIDDING IN THE ONLINE AUCTION: Once you are registered and have your User Name & Password, you may place bids as soon as a lot opens for bidding. Your bids are FINAL and constitute a binding contract. Please be aware that lots will close at various times and possibly different days and may be extended. You are responsible for monitoring these close times. Please bid early to avoid disappointment.

Bidder acknowledges that hardware malfunctions, software malfunctions, viruses, and similar issues do occur and are beyond the knowledge, scope, and control of Auctioneer. We are NOT responsible for your system malfunctions, connection to the internet or your e-mail client stopping any of our e-mails to you in regard to bid confirmations and/or outbid notifications.

All lots for the on-line auctions shall be paid in full using the registered credit card at the conclusion of the auction unless you contact the auction company before the end of the auction to make other arrangements. An invoice will be sent to your registered e-mail address within 24 hours following the conclusion of the auction.

Thank You for participating in this auction.

Laura Ohio Machinery Auction