Terms & Checkout Procedures

BIDDING TERMS & CONDITIONS

1. Kruse Energy & Equipment Auctioneers, LLC (“Auctioneer”) hereby grants to the party registering to bid, the right to bid at an auction sale to be conducted by Auctioneer. Such right is granted at Auctioneer’s sole discretion and may be revoked at any time. By registering, the Bidder acknowledges he has read and understands these Bidder Terms and Conditions (“Terms”) and agrees to comply with and be bound by such. These Terms constitute the entire agreement between Bidder and Auctioneer regarding the Bidder’s participation in this auction. The Terms were last revised on April 18, 2019

2. 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. Notwithstanding the foregoing, Auctioneer reserves the right to invalidate the sale of any lot that occurs during, or is materially impacted by, any malfunction or service outage of the online web-based auction platform (if applicable), and to re-open and/or extend the bidding deadline for such lots. Auctioneer shall not be held liable for any claims occasioned by such actions.

3. 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 and its consignors (“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, transaction fees and taxes due on all of Bidder’s Purchases; and (c) that all rights and defenses available to Auctioneer hereunder shall extend to the Consignor.

4. These Terms shall be governed by and interpreted under the laws of the state of Washington without giving effect to any of the principles of conflicts of laws or the United Nations Convention on Contracts for the International Sale of Goods. Any action against Auctioneer arising from or relating to these Terms or any bid or purchase hereunder shall be commenced in a State or Federal Court in King County, Washington, and Bidder irrevocably consents to the exclusive jurisdiction of such courts.

5. The Auctioneer may at its discretion require Bidder to provide a deposit as a condition of being registered to bid, which deposit becomes non-refundable when Bidder makes a purchase and may be applied at Auctioneer’s sole discretion against any Purchase made by the Bidder. The Bidder grants to the Auctioneer a security interest in the Purchases, to secure payment of the purchase price. In the event of non-payment, Auctioneer may proceed to perfect the security interest granted by these Terms.

6. 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 MAKE 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 (D) 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 ARE 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 OPERATING 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.

7. Bidder acknowledges that an auction site is a potentially dangerous place. Flammable, noxious, corrosive and pressurized substances are present, heavy equipment is being operated and 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 that may occur from any cause whatsoever.

8. If Bidder has registered to participate in this auction under other entities or identities, all purchases under such entities or identities shall be considered for the purposes of interpreting the Terms as if purchased under a single entity or identity.

9. 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.

10. No person shall bid on any Lot: (a) of which he is the consignor; or (b) as agent, associate, or on behalf of the consignor.

11. Any dispute arising as to any bidding shall be settled by Auctioneer at their sole discretion and Auctioneer may put the Lot in dispute up for sale again. Auctioneer reserve the right to refuse any bid that they consider to be an insignificant advance over the preceding bid.

12. 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 his purchases immediately. Auctioneer shall not be responsible for loss or damage to any Purchase.

13. Each purchased Lot will be subject to a transaction fee of: (a) 2.5% for on-site bidders, or (b) 5% for online bidders (when available).

14. Payments may be made by company or personal checks, if accompanied by a bank letter of guarantee acceptable to the Auctioneer, or wire transfer. Payment by credit card will be accepted when full payment is USD 10,000.00 or less. For payment by credit card, a 2.95% iClosing service fee will apply. Any outstanding balance must be paid within five (5) days of the completion of the auction. Payments received on account of this or any other auction may, at the Auctioneer’s discretion, be first applied to prior outstanding accounts. 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. 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 Auctioneer resell any Purchase, the net proceeds therefrom (after deducting commission of: (a) 15% on Lots reselling for more than USD 2,500; (b) 25% on Lots reselling for USD 2,500 or less with a minimum commission of USD 100 per Lot; and (c) any costs) shall be credited to the original Purchaser’s account and the original Purchaser shall forthwith upon demand pay Auctioneer, 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. Neither Auctioneer nor the Consignor are involved in arranging load-out or transportation services on behalf of Purchaser. All load-out and/or transportation charges/arrangements are the responsibility of Purchaser. Auctioneer is not to be considered the shipper, the consignor or the consignee. Additionally, Auctioneer does not have any contractual or agency relationship with Purchaser for any load-out or transportation services. 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 by Auctioneer, the Purchase shall be subject to storage charges as posted at the auction site. If Purchase is not removed within 30-days, Auctioneer, at its sole discretion may resell per term (16) 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. Equipment descriptions and details available in any printed material and on Auctioneer’s website have been prepared as a guide only, based on information from sources believed to be reliable and from the Consignor; however, their accuracy cannot be guaranteed or warranted. No sale shall be invalidated; nor shall Auctioneer be liable as a result of defects or inaccuracies in such descriptions and details. 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 only in the jurisdiction in which the auction is being conducted.

19. If, for any reason, Auctioneer are unable to make available or deliver any Purchase or clear title to the same, or documentation required in respect of any Purchase, whether before or after delivery, Auctioneer’s sole liability, if any, shall be the return of monies paid in respect of such Purchase upon its return by Purchaser. Any such Purchase, for which clear title cannot be provided, shall be returned and surrendered to the Auctioneer upon demand.

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 Purchaser claims an exemption based on goods being shipped out of state for use out of state, then the goods must be delivered to and shipped by a common carrier. Purchaser shall arrange for and assume all risks and costs associated therewith.

22. The Bidder consents to the processing, international transfer and disclosure of the Bidder’s information in accordance with the Auctioneer’s Privacy Statement, available at www.rbauction.com/legal-policies/privacy-statement. Information that Auctioneer collects is stored in Canada but may also be transferred and stored in other countries. These countries may offer a different level of data protection than Bidder’s country of residence. The Bidder consents to their information being shared by Auctioneer among the Ritchie Bros. family of brand solutions in accordance with the Privacy Statement. The Bidder also consents to Auctioneers disclosing information regarding the Bidder to the original equipment manufacturer (“OEM”) of any offered Lot that the Bidder places a bid on and any of the OEM’s dealers or service providers in Bidder’s geographic area. To opt out of sharing with OEM’s, their dealers or service providers going forward, contact OEMoptout@rbauction.com. Once disclosed, this information will be governed by the OEM’s or OEM dealer’s privacy policy and will be subject to the laws of the jurisdiction in which the OEM or OEM dealer processes the information. OEMs and their dealers or service providers use this information to understand the secondary market for their equipment, to communicate with Bidders about their products and services, and for other purposes disclosed in their privacy policies. Auctioneers has no liability for information used by the OEM, its dealers, representatives and service providers. To learn more, review Auctioneers’ frequently asked questions at www.rbauction.com/legal-policies/data-sharing-faq.

23. If Auctioneer is the prevailing party in any dispute, proceeding, or alternative dispute resolution process, related in any way to these Terms, or to the Auction, or to any bid or purchase under these Terms or at the Auction, Auctioneer shall be entitled to recover from the adverse party all costs, including attorney’s fees, incurred in connection therewith.

24. These are the complete Terms and may not be amended except by agreement in writing signed by Auctioneer and the respective Bidder.