ON-LINE ONLY BANKRUPTCY AUCTION

ON-LINE BIDDING TERMS & CONDITIONS

EQUIPMENT LOCATED 9005 HWY. 423 - MCKENZIE, TN 38201

BIDDING DATES: BEGINS JUNE 5TH THROUGH JUNE 21^ST , 2018 AT 12 NOON

The property listed and described on the attached list will be offered under the following terms and conditions of sale, which terms and conditions of sale and descriptions of items listed on the Alexander attachment, may be amended, updated or altered at the time and place of the auction by the auctioneer and the seller.

These terms and conditions of sale and any announcements posted on Alexander Auctions website shall be binding on any bidder, whether present, represented by an agent or absentee bidder. Buyers are bound by these terms and conditions of sale.

TERMS OF SALE: All property is sold “as is” and “where is” and neither Alexander Auctions & Real Estate Sales, the auctioneer, nor the seller makes any expressed or implied warranty or representation of any kind or nature with respect to the property being sold. In no event shall Alexander Auctions & Real Estate Sales, the auctioneer, nor the seller be responsible for the correctness of or be deemed to have made any representation or warranty of merchantability, fitness for a particular purpose, description, size, genuineness, year of manufacture, attribution, provenance or condition concerning the property or any warranty that any item complies with any applicable federal or state laws. No statement set forth in the attached list or posted on Alexander’s website or in the bill of sale or invoice or elsewhere, whether oral or written, shall be deemed such a warranty or representation or any assumption of liability. Alexander Auctions & Real Estate Sales, the auctioneer, makes no representation or warranty as to the accuracy of the descriptions or representations which were provided by the seller and listed on the attached or as to the condition of the item.

CONDITIONS OF ITEMS SOLD: All information is believed to be accurate, but the auctioneer shall not be responsible for the correct description, authenticity, genuineness of or defect in any lot, and makes no warranty in connection therewith. No allowances will be made or sale set aside on account of any incorrectness, error in cataloguing or any imperfection not noted. No deduction will be allowed on damaged articles as all good being exposed for public exhibition are sold “As Is” and with recourse.

Bidding shall begin JUNE 5TH at 8 a.m. and ends Thursday, JUNE 21^ST , 2018 at 12 NOON.

EXTENDED BIDDING: If a bid is placed on any lot within the last 5 minutes of the bidding process, bidding on all lots will extend for an additional 5 minutes each time a bid is raised known as the “extend all feature”.

BUYER’S PREMIUM:

10% Buyer’s Premium added to final bid of each item to reach the total sales price of all items.

Credit cards will not be accepted for any item selling for $ 1000.00 before adding the 10% Buyer’s Premium.

Items selling for $1,000.00 or more before adding the 10% buyer’s premium must be paid for by cash, cashier’s check, certified funds or wire transfer.

A 13% Buyer’s Premium will be added to the final bid of each item paid for by Visa or Master card only.

PAYMENT: All purchases must be paid for after the bidding ends June 21, 2018 or settlement can be paid to Alexander Auctions & Real Estate Sales on-site on Friday, June 22^nd, 2018 between 10 a.m. and 3 p.m. All buyers agree to pay for their purchases no later than the day of the auction ending or Friday, June 22nd, 2018 by 4:00 p.m. All payments must be made in U. S. currency by cash, wire transfer, cashier’s bank check, certified bank check, or personal check with current irrevocable bank letter or guarantee to Alexander Auctions & Real Estate Sales.

Bank Letter of Guaranty must state your bank or institution will guarantee a check up to $_________ (amount to be inserted). (Do not include amount in your checking account or savings account.) ** See Sample of Letter of Guaranty and made to Alexander Auctions & Real Estate Sales ~ not to “Whom It May Concern”.

The successful bidder not attempting to settle their invoice after the conclusion of the auction will be considered in default and will be black flagged in our database. Alexander Auctions & Real Estate Sales reserves the right to sell to the next highest qualified bidder in the event the successful high bidder does not comply with the terms of the sale. By bidding on the items in the auction, the buyer agrees to all terms and conditions set forth. By registering and placing a bid you agree that if you happen to become a default bidder, Alexander Auctions & Real Estate Sales has the right to charge your credit card for the entire balance of your invoice, plus any and all costs incurred by the seller and Alexander Auctions & Real Estate Sales in a subsequent resell of the item(s). If Alexander Auctions & Real Estate Sales is able to sell your item to the next highest qualified bidder at a price lower than the auction high bid price, the default bidder agrees to allow Alexander Auctions & Real Estate Sales to charge their credit card for the difference in their high bid price and the actual selling price to the backup bidder.
REMOVAL: No item can be removed until total payment price is paid. Purchases paid for in cash may be removed on Friday, June 22^nd, 2018 between 10 a.m. and 4 p.m. All Vehicles, Trailers, Tractors, Equipment and other items must be removed on or before Thursday, June 28^th, 2018 by 4:00 p.m. Items removed after Friday, June 22^nd, 2018 must be removed by must be picked up by appointment with prior arrangements coordinated through Alexander Auctions & Real Estate Sales (731) 587-4244.

To be an approved on-line bidder at this auction you must have a valid Visa or Mastercard credit card on file.

Pre-register on-line at www.alexanderauctions.com. When you register you are agreeing to these terms and any additional terms posted on Alexander Auction website.

Any person who registers agrees to be subject to the personal jurisdiction of the State of Tennessee.

Bidders agree to be bound by the laws of the State of Tennessee and subject to the courts of Tennessee jurisdiction.

Bidders agree that Alexander Auctions & Real Estate Sales has the right to elect the venue (usually a court in specific county) in which all disputes concerning the bidder registration agreement shall be brought.

BIDDING: Execute your bids at www.alexanderauctions.com. All bids must be raised in increments. Bids cannot be retracted. When you place a bid, the bidder is legally obligated to purchase the item if their bid is the successful high amount. Bidders may place a “max bid” on any item. Meaning your bid will be automatically raised to the next increment when needed.

BID INCREMENTS:

$ 1.00 to $ 200 = $ 5.00 $ 10,000 to $ 25,000 = $ 150.00

$ 200 to $ 600 = $ 10.00 $ 25,000 to $ 50,000 = $ 250.00

$ 600 to $ 1,000 = $ 25. 00 $ 50,000 to $ 100,000 = $ 500.00

$ 1,000 to $ 5,000 = $ 50.00 $ 100,000 to $ 500,000 = $ 1,000.00

$ 5,000 to $ 10,000 = $ 100.00 $ 500,000 to $ 1,000,000 = $ 5,000.00

All items are considered to be in used condition and being sold “as is” “where is” and without recourse and with no warranty, guaranty as to operating condition, physical condition for a particular purpose or fitness for use. You should make an inspection of these items beforehand and be satisfied with their condition. Vehicles, Trailers and Miscellaneous Items are not warranted as merchantable or fit for any particular purpose or particular use, and no claim may be made by purchaser relating to the condition or use of articles purchased or for proximate or consequential damages arising there from.

Description of vehicles, trailers, tractors, equipment and miscellaneous items are not guaranteed as to type motor, transmission, shift speed, rear ends or any equipment specifications.

ADDITION TO OR WITHDRAWAL FROM SALE: The auctioneer reserves the right to withdraw from sale any of the items; to sell at this auction items not listed; to group one or more lost into one or more selling lots or to subdivide into two or more selling lots.

Alexander Auctions is providing internet pre-auction on-line bidding as a service to bidder. Bidder acknowledges and understands that this service may or may not function correctly. Under no circumstances shall bidder have any kind of claim against Alexander Auctions & Real Estate Sales or anyone else if the internet service fails to work correctly during the bidding time period.

Bidder should make all bids knowing that items are used and may be damaged and not in working correctly.

When items are subject to seller approval, auction company reserves the right to confirm the sale with seller and bid on behalf of the seller if necessary. Items may have reserves that may not be posted.

Bidders who bid off-site and do not preview vehicles, trailers, tanks and items understand and acknowledge that they may not be able to inspect an item as well as if they examined it in person. It is the bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor and place their bid accordingly.

The purchaser does hereby acknowledge that the subject property is purchased at public auction and that a prerequisite to bidding is that all property, whether real or personal, is purchased absolutely “as is” with no warranty whatsoever as to the condition of the same.

COMPLIANCE WITH THE TERMS OF SALE – in default of payment of bills in full within the time announced for this auction the auctioneer in addition to all other remedies allowed by law, may retain all monies received as deposit or otherwise, as liquidated damages. Lots not paid for with the time specified herein may be resold at public or private sale without further notice. Any resulting deficiency together with all expenses and costs of re-sale will be the responsibility of the defaulting purchaser. Each buyer in making a bid does herewith agree to comply with the terms and conditions as herein stated and as otherwise set forth. The failure or default by a successful buyer to fully comply with the terms and conditions herein will be treated as an immediate breach and the deposit as made retained and applied toward any deficit in additional costs or charges as incurred to effect the resale of that property at private or public sale. There shall be no further notice required to the buyer once a default had occurred. The obligation of the buyer shall be for costs as incurred, plus any deficit included arising from the buyer.

SAFETY DEVICES: Articles purchased may not incorporate approved activating mechanisms, operating safety devices or safety guards, as required by OSHA or otherwise. It is purchaser’s responsibility that articles purchased be so equipped and safeguarded to meet OSHA and any other requirements before placing such articles into operation.

INDEMNIFICATION: Purchaser shall defend and indemnify and hold auctioneer and seller harmless from and against all claims and liabilities relating to the condition of, removal of, or use of the articles purchased or failure of user to follow instructions, warnings or recommendations of the manufacturer, or to comply with federal, state, and local laws applicable to such articles, including OSHA requirements, and environmental protection agency requirements, or for proximate or consequential damages, costs or legal expenses arising there from.

CONFIRMATION OF PURCHASE: title to personal property shall pass to the buyer upon the ending time of the auction, subject to the compliance by the buyer of the conditions of sale. Buyer assumes all responsibility for the item or items after purchase and shall pay the total purchase price. All sales are final. Alexander Auctions & Real Estate Sales and the seller do not and will not be responsible for or furnish any security for sold items.

Sales tax will not be collected on vehicles.

Sales tax will be collected on items taxable by the State of Tennessee including farm equipment unless purchaser can provide a certificate of exemption from sales and use Tennessee tax for agricultural exemptions.

INDEPENDENT CONTRACTOR: The auctioneer is acting as an independent contractor only and is not responsible for the acts of its principals or sellers.

PERSONAL AND PROPERTY RISK: Persons attending during exhibition, sale or removal of goods assume all risks of damage of or loss to person and property and specifically release and indemnify Alexander Auctions & Real Estate Sales, the auctioneer from liability therefore. Neither Alexander Auctions & Real Estate Sales, the auctioneer nor his principal or seller shall be liable by reason of any defect in or condition of the premises in which the sale is held.

RECORDS: the record of sale kept by Alexander Auctions & Real Estate Sales, the auctioneer and bookkeeper will be taken as final in the event of any dispute.

NOMINAL BIDS: any bid which is merely a nominal or fractional advance may be rejected by the auctioneer, if in his judgement it may affect the sale negatively.

Alexander Auctions & Real Estate Sales will not be responsible for any missed bids from any source.

During this auction process there is a chance that you will be outbid. At that time you will receive an outbid notification by email. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections/speed, sometimes email notifications can be delayed. We are not responsible for the failure of any part of the bidding process or internet bidding.

If you are bidding against someone who has placed a max bid in the system, the max bid that is placed first will take precedence over a bid placed after. This means that the person who placed the bid first will have the high bid, in the event that the same bid is placed.

Alexander Auctions & Real Estate Sales has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Alexander Auctions & Real Estate Sales or the Seller.

In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Alexander Auctions & Real Estate Sales, MarkNet Alliance and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Alexander Auctions & Real Estate Sales, MarkNet Alliance or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary.

Your use of this site and bid placement constitutes your acceptance and agreement to adhere to these terms. Please print a copy for your records. All bidders are responsible for reading all terms and conditions carefully. Lack of knowledge of Auction Terms and Conditions will not release bidders from their obligations.
All bidders acknowledge and accept by signature these terms and conditions provided at time of registration by registering for a bid number.

Alexander Auctions & Real Estate Sales reserves the right to revise The Terms and Conditions.

EXPLANATION OF WAYS TO BID:

Maximum Bid: The maximum amount you are willing to pay for a lot. The price will only increase by the minimum increment, but will automatically rises to your maximum bid as others bid up the lot over time.

“Jumping the Bid” is a bidding strategy by which a bidder increases the bid by more than the next accepted bid (placing your bid at $150 when the accepted bid is $125). This practice is used by some bidders to discourage others from bidding in hopes of acquiring an item at a lower price. This prevents someone else form bidding your max bid first.

There are many theories on the effectiveness of this practice and a bidder who wishes to apply it does so at their own discretion. The auction company will not lower the price of an item that has been won by a “jumped” bid with no other competing bids.

Extended/Dynamic Bidding: auctions may extend the bidding time on all lots when a lot receives a bid within a certain amount of time of its scheduled closing time. “Extend all feature”: The auction will remain open for all lots until no bids are placed in the allotted amount of time. The auctioneer will determine the number of minutes necessary to activate dynamic bidding ahead of time.

Extended Bidding Time for this Auction has be 5 minutes. Any bids placed within 5 minutes of the closing time, the bidding will remain open 5 additional minutes for all additional bids.

UMSTED ESTATE ON-LINE ONLY AUCTION