SPADE DRILL INSERT BITS

These are the terms and conditions (the “Terms”) that shall apply to any purchase by any party (a “Buyer) either directly from DeCosmo Industrial Auctions (“DI Auctions”) or in a transaction in which DI Auctions serves as broker, agent, liquidator, or auctioneer for any third party owner. The Terms apply to all transactions, including, without limitation, public auctions conducted by DI Auctions and direct purchases by Buyer of any item either before, after or independent of any public auction.

1.) Registration. In order to register as a buyer and receive a bid paddle, all buyers are required to provide full name, address, valid phone number, and valid email address. Proof of identity in the form of a Photo ID may be required. Registration deposits vary with each auction and in some cases a refundable registration deposit may be required. DeCosmo Industrial Auctions (DI Auctions), in its sole discretion, reserves the right to deny registration to any Buyer. Buyers must sign their acceptance of these Terms.

2.) Payments/Deposits. A 25% deposit is due on the day of the sale for all purchases and payment in full is due no later that 24hrs after the completion the auction sale. All payment is to be made by CASH, CERTIFIED BANK CHECK, or WIRE TRANSFER. Company or personal checks will only be accepted if accompanied by a bank letter of credit guaranteeing unqualified payment to DI Auctions. Any and all checks must be drawn on a US Bank in US Dollars. DI Auctions may request the 25% deposit immediately upon award of bid(s) to any Buyer(s). All deposit monies will be applied to outstanding invoice balances of any Buyer(s). DI Auctions reserves the right to modify and/or amend any or all payment provisions.

3.) Buyer’s Premium. A Buyer’s Premium may apply at this sale. This is a percentage which is added to the final bid price. The percentage will be posted at the site, listed in the lot catalog, and announced by the auctioneer prior to the beginning of the sale.

4.) Sales & Use Taxes. All applicable sales, use, transfer or excise taxes arising from the sale will be charged to Buyer and will be added to purchase price in accordance with local and/or state law, unless DI Auctions is provided with a valid tax exemption form.

5.) Removal. There is no removal until the auction is completed and the Buyer has made payment in full. There is no removal on the day(s) of the sale unless otherwise noted and announced by DI Auctions. Merchandise must be removed within the time posted at the auction site or as announced by DI Auctions.

6.) No adjustments in quantities can be made after the merchandise is checked out. During check out time no liability can be accepted by DI Auctions for any loss or damage arising from strikes, industrial disputes, war, acts of God, and other things beyond the control of DI Auctions.

7.)  Buyer shall bear all risk of loss, property damage, personal injury caused by removal, and all cost of removal of goods purchased. A certificate of insurance reflecting adequate insurance coverage, holding DI Auctions and owner harmless against any damage must be furnished to DI Auctions at DI Auction’s discretion prior to such removal. Buyer’s obligations with regard to removal of goods purchased further includes the obligation to repair and restore any damage to the real property or permanent improvements where the property is located caused by the removal of goods purchased. This includes repairing any external openings created by such removal where the item removed constituted a portion of the external shell of the building (i.e. a tank that protrudes through the roof). In the event of any question, DI Auctions shall make the final determination as to what repairs the Buyer must make.

8.) Buyer is responsible for the removal and proper disposal of all oils, liquids, chemicals (hazardous or otherwise) located in or around the machine(s) being purchased.

9.) Minimum or Reserve Prices. DI AUCTIONS, in its sole discretion, reserves the right to establish a reserve or minimum price on any good without having to announce or publish notice to attendees and buyers at any and all auction sales. DI Auctions reserves the right to confirm or reject any and all final bids. Further, DI Auctions, and/or its affiliates or subsidiaries, may bid at the auction either for its own account or on behalf of a third party. Each lot may be offered subject to a reserve price without notice to the bidders.

10.)  DI Auctions may, without giving any reason, refuse to accept bidding of any person.

11.)  DI Auctions may, at their discretion and without any liability, cancel without notice the auction sale either totally or in respect to any particular lot or lots or to alter, vary, or withdraw any lot(s) either before or at any time after commencement of the auction sale and prior to acceptance of bid by seller, bank, and/or consignor. DI Auctions shall have the right to offer a complete facility as a single lot.

12.) The advances in the bidding shall be regulated by DI Auctions. DI Auctions reserves the right not to acknowledge or accept any bid which is a “junk bid”. DI Auctions reserves the right not to acknowledge or accept any bid which is merely a fractional advance over the preceding bid. In the event of a tie or other dispute between bidders, DI Auctions at their sole discretion may reopen the bidding to determine the highest bidder. DI Auctions’ decision shall be final and absolute. DI Auctions may, in its sole discretion, either accept what it deems to be the final bid or solicit further bids on the item in dispute. No returns or refunds will be permitted, unless authorized by the seller in writing.

13.)  While quantities and descriptions are believed to be correct, there are no guarantees and DI Auctions, Owners, advertising counsel will not be held responsible for advertising discrepancies, inaccuracies or failure of the merchandise to correspond with any standard expected. No lot shall be sold or deemed to be sold by description. A buyer shall not be entitled to relay on any representations made either in writing or orally by or on behalf of either the Owner or DI Auctions. The description, measurements, dimensions, serial numbers, year, model, quantities, and weights set out in the auction brochures, catalogues and/or invoices are believed to be accurate, but such information is given by way of identification only and no warranty, condition or guarantee is given or is to be implied as to the accuracy of such descriptions. Neither the Owner nor DI Auctions will be responsible for any damage or loss (consequential or otherwise arising as a result of any inaccuracy in respect thereof.

14.)  The record of sale kept by DI Auctions will be taken as final in the event of any dispute.

15.) DI Auctions is a division of Thomas Industrial Machinery Co. Inc.

16.) If, for any reason whatsoever, DI Auctions fails to deliver an awarded lot, DI Auctions’ sole liability shall be the return of any deposit or monies paid on such non-­‐ delivered lot, and buyer shall have no further claim.

17.) Everything will be sold “as is” and “where is” with all its fault. All sales are final. Buyers will be responsible for all costs associated with the removal of any and all purchased lots by a fully insured and approved rigging and transport company.

18.) In the event the Auctioneer is unable to deliver any purchases, regardless if the bidder has paid in full, the Auctioneer’s sole responsibility will be the return of any monies paid by the bidder.

19.)  In the event the buyer fails to pay the deposit and/or the balance of the purchase within the time required or otherwise defaults in his obligations concerning removal of assets purchased, DI Auctions may treat the articles purchased as the property of the buyer subject to a possessory lien in favor of DI Auctions for the amount of the bid, and cost of removal and storage. DI Auctions may resell or otherwise dispose of such articles without notice to and at the buyer’s sole risk and expense and recover from buyer any loss and costs of resale, including reasonable attorney’s fees and cost of suit. In the event of such default by buyer, DI Auctions, at its sole option, may elect to retain all monies deposited in part payment by Buyer as liquidated damages and otherwise cancel buyer’s contract of purchase.

20.) DI Auctions may add other terms and conditions of sale, such additional terms and conditions to be announced prior to the auction.

21.) If DI Auctions is selling or auctioning any goods on behalf of a third party owner, DI Auctions shall act as an agent only and shall have liability whatsoever for the acts of any owners or principals.

22.) If the Buyer fails to comply with any of these Terms & Conditions, DI Auctions shall have all rights and remedies available to it at law and in equity. Without limiting the generality of the foregoing, DI Auctions may retain all deposits and partial payments received from Buyer and may resell any Goods that Buyer fails to purchase. Buyer shall be responsible for all costs, losses, and damages suffered by DI Auctions (i) as a result of Buyers breach of any Terms, including without limitation, lost profits and consequential damages, and (ii) incurred in connection with the enforcement of DI Auctions’ rights, including, without limitation, legal fees and costs and expenses related to the resale of Goods, including storage and rigging fees.