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Auction Terms & Conditions

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Terms And Conditions Welcome to the Paul E. Saperstein Co., Inc. website. By accessing or using the services of the website or by registering as either a buyer or seller you agree that you have read the Terms and Conditions, you understand the Terms and Conditions and you are bound by the Terms and Conditions in your use of the services of the website. If you do not understand the Terms and Conditions, please contact Paul E. Saperstein Co., Inc. at pesco@pesco.com Registration and Eligibility: The services and the website are only available to people with the legal capacity to enter into this agreement. Paul E. Saperstein Co., Inc. may, at its sole discretion, refuse to accept a person's (or entity's) registration and may, at any time after accepting registration, refuse to permit a person (or entity) from continuing use of the services and website for any reason. All bidders must register prior to the SALE, at which time you will be presented with a bidder's number. Internet Bidders register early to assure your approval for bidding at the auction. Internet registration must be made at least 24 hours before the auction starts. Changes to Services, Website and Terms and Conditions: User acknowledges and agrees that Paul E. Saperstein Co., Inc. may change, modify, amend, suspend or discontinue any aspect of the services of the website, at any time, without notice and without liability to the user or to any third party. Paul E. Saperstein Co., Inc. reserves the right to impose limits on certain features of the services or the website at any time, without notice and without liability to the user or to any third party. Furthermore, the user acknowledges and agrees that Paul E. Saperstein Co., Inc. may amend any and all of the Terms and Conditions (including fees and transaction rules) at any time, at Paul E. Saperstein Co., Inc.'s sole discretion and without notice. Any amendment of the Terms and Conditions will be reflected on the Paul E. Saperstein Co., Inc. website. User is encouraged to periodically review the Terms and Conditions posted on the website. Use of the services and the website constitutes acceptance of the Terms and Conditions including any amendments. Most importantly, all announcements made on auction day shall take precedence over previously distributed information. Password and Security: After registering to use the services or the website, you will be prompted to select a User Name and a User Password. The user is solely responsible for maintaining the confidentiality of its User Name and User Password. User is obligated to complete those transactions that occur using its User Name and User Password, whether such transactions are authorized or unauthorized. User agrees that it shall immediately notify Paul E. Saperstein Co., Inc. in writing or by electronic mail of any unauthorized use of its User Name or User Password. User Information: User will provide information to Paul E. Saperstein Co., Inc. during the registration process and to Paul E. Saperstein Co., Inc. and other Users during the course of the use of the services and the website (the User Information). User represents and warrants that all User Information is accurate and complete at the time of registration and that User Information will be continuously updated to remain current, accurate and complete. Improper Auction Behavior/Termination: All forms of shill bidding including bidding on items you have listed for sale, bid manipulation and collusion between Users are forbidden. Users may not make a bid under a false name or with an invalid credit card (if applicable). The auctioneer reserves the right to reject any bid for any reason. Paul E. Saperstein Co., Inc. expressly reserves the right to terminate the use of, or refuse to permit the use of, the services and the website by any person or entity, at the sole discretion of Paul E. Saperstein Co., Inc., for any reason and without notice. Payment: All purchases must be paid in full on the day of sale by cash, cashier's check or bank wire. All wire transfers must include a $20 service charge. Personal & Company checks must be accompanied by a bank letter of guarantee. Checks are to be made payable to: Paul E. Saperstein Company. All invoices must be checked at the time of sale as no adjustments will be made thereafter. All legal fees and charges due to nonpayment will be the responsibility of and paid by the purchaser. The purchaser shall not be entitled to possession of any part or parts of any of his purchases until the total purchase price of all his purchases has been fully paid. All sales are final. Successful Internet bidders will be notified by E-mail within 24 hours of auction ending. Internet bidder's payment must be received 24 hours after receipt of the e-mail notification to pay for their items.

Deposit: A 25% non-refundable deposit is required upon successful bid from all buyers. Balance and full payment is due prior to the removal of any merchandise. Buyer acknowledges and agrees that by placing a bid on an item, buyer represents, warrants and covenants that it shall not misrepresent its ability to close the transaction pursuant to the terms and conditions of the sale, and in accordance to these Terms and Conditions, that it has the capacity to close the transaction, that it has actual authority to enter a bid, and to enter into an agreement to purchase the item, and that any bid that it makes on an item constitutes an irrevocable offer to buy the item for the full amount of the bid. All people seeking to bid online must register completely and must make a monetary (and legally binding) commitment to honor all bids placed, in advance of the auction. Deposits can be made prior to the auction by cash, cashier's check, certified funds or wire transfer. Remember that all deposits must be made prior to making bids and that wire transfers should include a $20 wire transfer charge and should be completed long enough in advance to allow for posting into the Paul E. Saperstein Co, Inc. account, which takes a few days in some cases. Deposits should amount to, at minimum, 25% of your anticipated bids, keeping in mind that you will not be allowed to bid over and above your anticipated bid dollar amount. Any remaining unspent deposits following the auction will be returned to the bidder via company check or wire transfer by the close of the business day following the auction. Registrations MUST be completed in conjunction with a deposit. Any registrations not completely filled out or accompanied by a deposit will not be approved to bid. Furthermore, each successful onsite bidder must pay a minimum of 25% deposit toward the purchase price immediately following each successful bid using the previously described methods.

Buyer's Premium: The Buyer's Premium is a commission charge paid by the Buyer. The Buyer's Premium is part of our compensation for auction services. Paul E. Saperstein Co., Inc. may, in its discretion, charge a Buyer's Premium or other service charge on assets sold. All such charges will be indicated in the relevant auction brochure, asset detail page, website and/or announced prior to the sale. If charged, the Buyer's Premium shall be collected by Paul E. Saperstein Co., Inc. directly from each successful bidder, in addition to the purchase price as bid. A discount from the Buyer's Premium shall apply to purchasers who pay in the form of cash (US currency), cashier's check, company check (with a bank letter of guarantee) or wire transfer (unless such purchasers bid over the internet). A $20 charge will be assessed to all wire transfers, both incoming and outgoing.

Sales Tax: Applicable sales tax will be added to the purchase price of all taxable auction items and Buyer's Premium (if applicable). Dealers who purchase for resale must file their permit numbers with Paul E. Saperstein Co., Inc. in order to avoid paying sales tax. The resale certificate must be representative of the same industry as the items that are purchased. (EXEMPTION CERTIFICATE) Warranty: The catalog of equipment is supplied to you for your convenience only. All items are sold on "as is - where is", "in place", "with all faults" basis with no conditions or warranties, whether expressed, implied, statutory or otherwise, including without limitation, warranties or conditions as to title, description, fitness for purpose, quantity, quality, merchantability, state, condition, location or otherwise. Any descriptions are meant only as a guide. The Auctioneer does not warrant the accuracy, genuineness, authenticity, description, weight, count or measure of any listing specified herein. The Auctioneer provides no warranty or guarantee either expressed or implied in the description or nomenclature. If any shortages exist on lot counts, an adjustment will be made only if claims are made at the time of removal. No adjustments will be allowed after the purchased items are removed from the premises. In the event of a dispute among bidders, the auctioneer shall make the sole and final decision to either accept what he deems as the final bid or to re-offer or resell the items in the dispute. Paul E. Saperstein Company assumes no liability for error or omissions associated with the auction sale. The buyer does hereby assume and does agree to indemnify and hold the auctioneer and seller harmless from any future claim which shall pertain to the fitness or use of the asset being purchased. All sales are final.

Links to Third Parties: The services and the website may provide links to the websites or services of others, including shipping, rigging and other services. Links to such Third-Party services, or any explanation or statement regarding those Third-Party services, do not constitute an endorsement or guarantee by Paul E. Saperstein Co., Inc. of such Third-Party services, or the products, content, materials or information presented or made available by such Third-Party services. User acknowledges and agrees that Paul E. Saperstein Co., Inc. is not responsible for any damages or losses caused or alleged to have been caused by the use of any Third-Party services, or from the products, content, material, services or information presented by or made available through such Third-Party services. Receipt: The buyer will be furnished a computer receipt at the time of payment. This receipt must be presented to and authenticated by check-out personnel before Buyer will be permitted to remove purchases from the sale premises. Removal: No items will be removed until the corresponding invoice is paid in full and no items will be removed while the sale is in progress. The removal period changes with every sale and will be announced at the time of the auction and all items purchased will be removed during those hours only. The auctioneer will not be held responsible for items not removed within the time period allowed. In the event the buyer fails to pay the entire purchase price within the time set forth by the auctioneer and/or fails to comply with any of the Terms and Conditions of the sale, the seller will retain the deposit as liquidated damages. The items that are not paid for may be sold at public or private sale without any further notice.

Bidders are solely responsible for the removal of all property purchased at the sale. Buyer is responsible for providing his/her own handling equipment to be used in the removal of the buyer's lots. Any handling equipment sold at the auction will NOT be used in the removal of auction items. The purchaser assumes all responsibility for providing licensed and bonded professionals to ensure proper water, gas and/or power disconnection, and full financial responsibility for any damage or liability to people or property resulting from any negligent act or omission of the buyer or any of the buyer's employees, agents and/or representatives during removal. All contracted riggers and movers must have an insurance certificate on file with Paul E. Saperstein Co., Inc. with a minimum of $1,000,000 (one million) in liability and damage coverage, naming the Paul E. Saperstein Co., Inc., the landlord of the premises and other designees as additional insured's. Online bidders must make arrangements to remove all merchandise won through online bidding within the removal guidelines set forth at the auction and must provide written proof of such an arrangement. The Paul E. Saperstein Co., Inc. provides no shipping services and any merchandise remaining after announced removal hours reverts to property of the seller and will be placed upon auction block at next auction. Hazardous Materials: Bidders acknowledge that an auction site is a potentially dangerous place. Flammable, noxious, corrosive and pressurized substances may be present. Heavy equipment may be operated, and electrical circuits may be live. Every person enters the auction site at his or her own risk with notice of the condition of the premises and the activities that will be or have been conducted on the premises. Bidders shall so advise their agents and employees. No person shall have any claim against Paul E. Saperstein Company, the seller or their respective agents or employees for any injuries sustained or for damages to or loss of property that may occur at the auction site. Certain pieces of equipment may contain residual chemicals. The purchasers hereby indemnify and hold harmless the auctioneers and sellers from any and all damages, claims or liabilities from any injuries to people or property of any type whatsoever caused during the sale of or during the removal of items purchased. The buyer agrees that in the event purchased merchandise contains any environmental hazards, toxic waste or other type of hazardous material in any form whatsoever, buyer shall produce evidence that the buyer or its representatives are licensed for such removal and shall comply with all applicable local, state and/or federal rules, laws and regulations. Auctioneer, its agents or representatives will not be responsible for its containment, storage or removal. Paul E. Saperstein Co. Silent Online Auction User Agreement; Rules & Guidelines

Using Silent Online Auction Paul E. Saperstein Company By using our services it is assumed that you have read the guidelines provided here, and are expected to follow them. Silent Online Auction Overview and General Disclaimer Paul E. Saperstein Company is a service for buyers to bid through an online auction format. Paul E. Saperstein Company may take action against a registered user for their conduct, and reserve the right to exclude any company or individual from access to our services if we determine their actions to be inappropriate. The Internet being the fragile environment that it is, Paul E. Saperstein Company cannot be held responsible for server down time, or your inability to access our site. Notifications sent by email may possibly take longer than expected, and cannot be counted on to inform you of an item's status. In the event of technical problems, we reserve the right to cancel, restart, or extend an auction as the circumstances may dictate.

1) Silent Online Auction General You must be at least 18 years old to bid on any item, and to be a registered user of Paul E. Saperstein Company.

2) Silent Online Auction Registration You must enter correct contact information to have user access to Paul E. Saperstein Company. To bid on an item. As mentioned before, registration is free. Also, your information will ALWAYS be kept confidential by Paul E. Saperstein Company staff.

3) Silent Online Auctions At the Paul E. Saperstein Company option, Silent Online Auctions can last up to 14 days. Bidding automatically terminates at the end of the auction. When the auction ends, high-bidder(s) are notified by email Auction results are also available for anyone to examine for at least seven (5) days after closing. If the high bidder fails to respond within three (3) business days, the Paul E. Saperstein Company may contact the next highest bidder, and the high bidder may lose their winning place as the winning bidder.

4) Silent Online Auction Bidding In order to bid in an auction, you must first register with Paul E. Saperstein Company. On every item in an auction, a minimum bid and a minimum increase (also called "bid increment") is set by our system. Our software will not accept a bid lower than either the opening bid, or the current bid plus the minimum increment (increase). If an inappropriate bid is placed, a bidder will be notified immediately that their bid was not accepted, and provided with an option to correct the bid. Any current high bidders who are overbid at this time will receive notification by email. On items with a quantity of one (1), a Maximum Bid may be placed when bidding on an item (this is sometimes called a "proxy bid"). A Maximum Bid is confidential, and will be used by our system to increase your bid automatically in case you are outbid by another user. Our system will only bid high enough to outbid the current high-bidder, according to the minimum bid increment (increase). This can be a very nice feature, because it allows the system to bid on your behalf, so you don't have to constantly monitor an auction. In the case of quantities greater than one (1), slightly different information will be displayed on the bidding form. Typically called a Yankee Auction, this format will allow bidders to state the price and the quantity of the items that they are bidding on (although it is not necessary to bid on the entire quantity). At the end of the auction, bidders with the highest bids will win the quantity they've placed bids on. In the event of a tie in the high bid, the bidder bidding on the greatest number of items will prevail. In the event of a tie in both high bid and quantity, the bidder who placed their bid first on that lot will prevail. The quantity is divided up between the winning bidders until there are none left. Often times with this format a bidder will have a winning bid, but only a partial quantity is left at their bid level (price). In this case, the bidder is expected to accept the lesser quantity of items. For more about Yankee Auctions, see below. Before bidding on an item, you should make sure that you know what the item is. Make sure you understand the extra costs of the item, such as sales tax or shipping charges. email Paul E. Saperstein Company with any questions you have. By placing a bid, you are placing a legally-binding and irrevocable offer to purchase the item at any price up to your maximum bid amount. If your bid is the high bid and accepted by the seller, you are legally obligated to complete the transaction. Failure to complete the transaction is a breach of the User Agreement and may be grounds for legal action by the Paul E. Saperstein Company. Additionally, Paul E. Saperstein Company may suspend or terminate your user account if we deem it appropriate.

5) Silent Online Auction Closing Each auction has its own ending time listed on the bidding form. Auctions end automatically at this time. At about midnight of that day, notifications are sent out to the winning bidders.

6) Silent Online Auction Reserve Price Auctions Auctions may be run with reserve prices. The reserve price is the lowest price the seller is willing to accept for the item. The reserve price is not disclosed to bidders. This feature enables the seller to list their items at a lower starting price without being obligated to sell the item until bidding reaches their reserve level. This is usually done to encourage bidding on an item. When a bidder's maximum price meets or exceeds the reserve price, an indication is added to show the reserve price has been met.

7) Silent Yankee Auctions Yankee Auctions are auctions of multiple, identical items. The minimum starting bid and the quantity of items available are specified. A bidder may place a bid on one or more of the items. A winning bid is determined first by high-bid, then by highest quantity, and finally by the earliest bid. For Example: If 10 identical computers are for sale, for $100 each. 30 bidders bid $100 for one computer each. If the auction ended at this moment, only the first 10 bidders would receive their item, because their bid amounts were the same and earlier bids take precedence. However, imagine that the auction is still running. Another bidder then bids $120 for one computer. Since this bid is higher than all the others, this bidder is currently a high bidder for one of the 10 computers. From the original 10 bidders, the one to place their bid last has now lost their standing as a high-bidder, and will not win a computer without re-bidding at a higher price. Again, bids are ranked in the order of highest bid, followed by the quantity bid on, and then by the time the bid was placed. In the event a winning bidder placed a bid on more items than are available for his winning amount, the bidder is expected to complete the transaction for the lesser quantity that is available.

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