Auction Terms and Conditions

§ Every Item Sold "AS IS - WHERE IS"
§ NO GUARANTEES OR WARRANTIES WHATSOEVER.
§ Please inspect the equipment before bidding.
§ All sales are Final.
§ See Terms and conditions
§ A 10% Buyers premium applies to all sales.
§ State Sales Tax is due at time of payment at 8.8% unless exemption applies.

Absentee Bids: Absentee Bids are accepted provided cash or cashiers check to the limit of their bid including a 10% buyers premium (bp) and applicable State Sales Tax (SST) is placed at the Marina Office before bidding starts. Any absentee bid will be applied as if the bidder is present. If the final bid total including SST + bp is less than the absentee bid presented, then the difference between the final bid total and absentee bid will be reimbursed to the bidder.

Payment: Cash, Cashiers Check per article 14, Visa or Master Card (below) - Cashiers Check Payable to Draper Machine Works, Inc dba Salmon Bay Marina, Visa or Master Card Credit - NO Personal Checks will be accepted. Full Payment must be made prior to 3:00 PM of Auction Day and before vessel or item is removed from the Marina.

Registration: All bidders must register at the Marina Office prior to bidding.

Removal of Auctioned Material: Removal must be completed by 6:00 PM Monday July 17th 2006 unless other arrangements have been made with Marina Office.

Terms of Bidding and Sales (TERMS)

1) Draper Machine Works Inc. dba Salmon Bay Marina (Auctioneer) hereby grants to the party who's signature appears on the bidder's Registration agreement ("Bidder"), the right to use the number shown hereon for the purpose of bidding at an auction sale to be conducted by Auctioneer. Such right is granted at the Auctioneer sole discretion and may be revoked at any time.
2) Bidder acknowledges he has received, read, and understands these terms "1" through "6" and terms "7" through "22" printed hereon and agrees to comply with and be bound by such.
3) The Auction will be conducted by offering the items by lot ("LOT"), either individually or in groups. The bidder offering the highest bid accepted by Auctioneer 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. All sales are final.
4) Bidder, whether acting as principal, agent, officer or director of a company or otherwise, in any capacity whatsoever, and the company he represents, both jointly and severally agree:
a) To indemnify and save harmless Auctioneer its consignor ("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 of Bidder's Purchases.
c) That all rights and defenses available to Auctioneer hereunder shall extend to the Consignor.
5) The Terms shall be governed by and interpreted under the laws of, and any action hereunder against Auctioneer shall be commenced in Washington State, King County.
6) The Bidder grants to Auctioneer a security interest in the Purchases, to secure payment of the purchase price. In the event of non-payment, Auctioneer 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, Auctioneer makes 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 merchantable or financeable, or are of any particular age, year of manufacture, model, make or condition.
Bidder agrees he has satisfied himself and is not relying on Auctioneer, nor is Auctioneer liable, for any matter in respect of the above. Bidder further agrees to repair, at his cost, any lot purchased at the auction to a safe operation 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, 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 Auctioneer, their agents, employees, or principals 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 Bid Card has registered at this auction under other Bid Cards, all purchases under all Bid Cards shall be considered for the purposes of interpreting the Terms, as if purchased under a single Bid Card.
10) Auctioneer, 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.
11) It is understood that a consignor or tenant, indebted to Auctioneer for fees and services shall remain liable to Auctioneer for the difference between the monies received at the auction and any outstanding balance.
12) Any dispute arising as to any bidding shall be settled by Auctioneer at their sole discretion and Auctioneer may put a lot in dispute up for sale again. Auctioneer reserves the right to refuse any bid which they consider to be an insignificant advance over the preceding bid.
13) 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 this purchases immediately. Auctioneers shall not be responsible for loss or damage to any purchase.
14) All payments must be made by cash, cashier's check, Master Card, Visa, or regular check accompanied by a Bank guarantee, or prior arrangements acceptable to Auctioneer. All payment arrangements must be received on auction day. Purchases will not be released until all accounts are paid.
15) Purchaser shall not be entitled to possession of any of his Purchases until the total purchase price of all his Purchases including all applicable goods, sales or use taxes, has been fully paid and varified (in the event of credit card use). In the event Purchaser fails to pay the amount due within the prescribed time, or fails to comply with any Terms, Auctioneer shall retain a possessory lien on all Purchases of Purchaser and at Auctioneer's sole discretion have the right to resell such Purchases by public or private sale without notice to Purchaser. Should Auctioneers resell any Purchase, the net proceeds there from (after deducting commission of 10% and 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.
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 Purchaser. Purchaser shall use prudence in effecting such removal. Auctioneer reserve the right to require proof of adequate insurance coverage from any Purchaser for Purchases requiring dismantling, rigging or hot cutting. Purchaser agrees to indemnify and save harmless both consignor and Auctioneer against any damage caused by the acts of Purchaser. If for any reason Purchaser fails to remove any purchase within the time specified, the Purchase shall be deemed abandoned, and Auctioneers at their sole discretion may resell per terms 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 Auctioneer because of Purchaser's failure to remove any purchase.
17) The listing information 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 Auctioneer be liable as a result of defects or inaccuracies in the listing information. 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 payment is received. Documents will be prepared to be effective on in the jurisdiction in which the auction is being conducted.
19) Auctioneer is able to furnish title to the auctioned items subject to any filed liens filed in the State of Washington.
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 Auctioneer.
21) If a purchaser claims an exemption based on goods being shipped out of state for use out of state, then proof of out of state registration location must be presented to Auctioneer. All exemption proofs must conform to the WAC and RCW of the State of Washington.
22) These are the Complete Terms and may not be amended except by agreement in writing signed by Auctioneer and respective Purchaser.