Lot # : 16 - South Bend Model CL2040 Engine Lathe

Gulf Coast Engine Liquidation - Online Auction Auction Site: Gulf Coast Engine, 925 E. Fayle, Baytown, TX 77520 AGREEMENT BETWEEN BIDDER AND AUCTIONEER AKA TERMS AND CONDITIONS READ CAREFULLY AND COMPLETELY AS ALL AUCTIONS ARE DIFFERENT These are the Terms and Conditions of Sale for this online auction. They consist of this introduction and twenty numbered paragraphs that outline the relationship between you ("the Bidder") and Jones Swenson Auction Marketing, Inc. dba Jones Swenson Auctions ("Auctioneer"). If you want to bid in this online auction, you will first have to certify that you have read, understood, and agreed to these Terms and Conditions. Such certification (registering and placing bids) will function as your legal and binding electronic signature. If you choose to make this certification, these Terms and Conditions will become binding both on you and on the Auctioneer, and all parties will be expected to abide by the Terms and Conditions if any issues arise in connection with this sale. Please make sure you register with a good cell number. Auctioneer must be able to reach bidders by phone on the day the auction closes to arrange payment. Inspection / Preview time: Wednesday September 4th from 10am - 2pm only. 1. This is a Public Auction. By registering to bid in this auction, you acknowledge and agree to these terms and conditions. Lots begin closing in numerical order at 9:00 AM CT on Thursday September 5th, 2024 and will close one lot every 30 seconds, with extended bidding in effect. Bidders must provide a valid credit card to register to bid online. 2. Payment - Payment can be made by wire transfer, Bank ACH or by cash. Texas residents with invoices under $2,000 may pay by VISA, MC, Discover as well. Payment must be received by 2:00 PM CT September 6th, 2024 unless you plan to pay with cash. Payment by cash must be made at the auction site on the first day of removal: September 9th, 2024 only. For Texas buyers with invoices under $2,000, their credit card on file will be charged within one hour after the auction unless buyer has informed Auctioneer they want to use another form of payment. If buyer cannot be reached by cell phone or does not return calls by the end of the business day, Auctioneer reserves the right to resell the items to the back-up bidder without notice. At the close of the auction, buyers will receive an "unpaid" invoice. Once payment is received, a paid invoice will be emailed to buyer confirming process of payment. BRING YOUR PAID RECEIPT WITH YOU TO PICK-UP YOUR PURCHASES. Buyers should be available by cell phone (or other phone number provided at registration). A paid invoice will be required to remove purchases. No items may be removed until payment is made in full. 2 a. False Bids: Any High Bidder that fails to complete a transaction will be held responsible for all damages resulting from that action. High Bidder understands and agrees that they will be personally responsible for all deficiencies - and all legal, collection, transportation, and storage expenses - associated with their delinquent account and/or abandoned items. In the event of resale, high bidder agrees to pay any cost associated with the resale as well as any deficiency between the original purchase price and the resale price. 3. Buyer's Premium: A 15% Buyers' Premium will be added to each item purchased and paid for by wire transfer, ACH, electronic transfer or cash. An 18% buyer's premium will be charged on payments made by credit card (on Texas invoices under $2,000). 4. Texas Sales tax will be charged unless the buyer has provided a signed Sales Tax Resale Certificate or Exemption Certificate for this auction. Prospective buyers MUST fax or email their signed resale form prior to the end of the auction to (512) 261-9886 or info@JonesSwenson.com. NOTE: Texas Law requires the sales tax to be collected on the total price which includes the buyer's premium. 5. Removal: September 9 & 10, 2024 only. Removal is by appointment only. If you cannot remove your purchases on these dates, do not bid. Seller will provide a light duty forklift and operator to assist with loading some heavy items. Some items will require a rigger for removal, which will be the buyer's responsibility. Rigging companies will be required to provide $1,000,000 liability insurance listing Gulf Coast Engine and Jones Swenson Auctions as also insured. AUCTIONEER DOES NOT OFFER SHIPPING. For lighter items, buyers must bring whatever equipment (especially dollies) and personnel that they need for removal. Bring your paid receipt for removal. Anything that is remaining after removal time will be considered abandoned. The Auctioneer is not obligated to issue a refund if buyer is unable to pick up and remove their purchases during the published removal times. There is no ramp or dock. Everything is a ground level. 6. Late Removal: In the event a buyer requires access to the auction site for late removal on September 11, buyer will be required to pay a $250 cash fee to cover the expense of auction staff traveling to the auction site to provide access. 7. Contract Riggers / Movers: If buyer wishes to hire or contract with a machinery mover, rigger or other type of outside contractor, Auctioneer and Seller will not allow them to work on these sale premises unless they have placed with the Auctioneer PROPER LIABILITY INSURANCE (minimum of $1,000,000) showing Jones Swenson Auctions and Gulf Coast Engine, as also insured, against any or all claims arising from personal injury and/or property damage created by their actions. This requirement is for the Seller's and Auctioneer's protection - NOT FOR BUYER'S, therefore the Auctioneer suggest that the buyer review the insurance policies of the machinery mover regarding the coverage that they have, protecting the purchaser and damage or loss of the equipment they may be moving for the buyer. Any buyer who brings their own forklift, winch truck, etc. on the premises to dismantle or remove equipment, must provide the Auctioneer with PROPER INSURANCE as stated above. Fax insurance to (512)261-9886 or email to info@JonesSwenson.com 8. Everything is sold "As-Is,": All items in the auction are being sold, "as is, where is" without warranties or guarantees of any type and with all faults. AUCTIONEER AND SELLER EXPRESSLY DISCLAIM AND EXCLUDE THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. Bidders should rely solely on their own inspection of all items prior to the sale and should satisfy themselves as to the usefulness and value of each item. Any statement in the description regarding the items to be sold should be considered a limited guide only. Any error in description does not relieve the buyer or his/her agent of their responsibilities to inspect. There are NO REFUNDS OR RETURNS. Buyer, jointly and severally, indemnifies Gulf Coast Engine and Jones Swenson Auctions from any loss, claims or damages arising out of any claim, including any claim made by a third party to whom Buyer may sell the equipment purchased in this auction, for personal injury or property damages arising from the failure of the equipment and/or any failure to repair the equipment in accordance with minimum standards approved by the manufacturer. In such event, Buyer agrees to defend and provide a legal defense to Seller and Auctioneer for any claim or claims. 9. Bidder's Duty to Inspect and Investigate: Bidder acknowledges that the Auctioneer is providing the opportunity to inspect the items being offered for sale in this auction. The Auctioneer?strongly encourages bidders to attend the scheduled inspection for this auction, which will take place on the date listed above. If bidder chooses not to attend the scheduled inspection or are in doubt about the condition, completeness, or suitability of a given item, they should bid accordingly. 10. Choose Wisely: We want everyone to get a good deal and most will. However, when you bid on the wrong item or decide an item is not suited for your intended use, our sellers will not assume the cost of your mistakes.You agree that your failure to inspect or otherwise become fully informed about the items offered for sale in this auction will not be grounds for a refusal to pay amounts due, nor for any claim against the Auctioneer. 11. Buyer is Responsible: Seller, Auctioneer and Buyer expressly agree that Buyer is responsible for and agrees to indemnify Seller, Auctioneer and their respective affiliates for any and all damages (whether based on contract, tort, warranty, negligence, strict liability or any other legal theory, and including special, incidental and consequential damages), losses, expenses, attorneys' fees, court costs, etc., that arise out of or result from the removal, possession or use of any items purchased at this auction, or any other claim regarding the use or possession of any asset purchased at this auction. 12. Charge backs Prohibited: Buyer agrees that they will accept all charges placed on the credit card associated with your account, and you agree that you will not charge back any amount that the Auctioneer charges to your credit card. You agree that this provision applies equally to amounts charged in connection with any items you have won and any buyer's premium or sales tax applicable. 13. Default and Resale: You agree that if, after being declared the winning bidder, you fail to pay for any item that you have won for any reason, your account will be declared in default. If you still fail to pay for any item after being notified of your account's being in default, you agree that the Auctioneer will have the right to immediately resell your item, and you further agree to pay (a) any cost associated with the resale and (b) any deficiency between your original purchase price and the resale price. 14. Disposal of Unclaimed Items: In the event you refuse to pay for or abandon any item that you win at auction, the Auctioneer will have the option of reselling, removing, storing, or disposing of the unpaid-for or abandoned item. You understand and agree that you will be personally responsible for all deficiencies - and all legal, collection, transportation, and storage expenses - associated with your delinquent account and/or abandoned items. In the event of resale, you agree to pay any cost associated with the resale as well as any deficiency between your original purchase price and the resale price. SELLER reserves the right to resell or otherwise dispose of said item(s) at SELLER'S sole discretion, with no refund to BUYER of any monies received. 15. Suspension of Bidding Privileges: Bidder understands and agrees that any violation of these Terms and Conditions - and/or any unsafe or illegal activity during any auction-related event - may result in the Auctioneer's suspending your online bidding privileges indefinitely. Nothing in this paragraph will limit the Auctioneer's right to any other remedies at law or in equity. 16. Internet Problems: Auctioneer and Seller are not responsible for any internet connection problems that may occur during the auction. Bidders should understand that sometimes internet connection or delay problems do occur. Auction lots will not be re-sold or brought back up for bidding because of internet problems. If you have issues with placing bids, please contact HiBid Customer Service directly (352) 414-1947. 17. Missing Items or Items That Cannot Be Sold: In the event an item sold in the auction is found missing or is determined to be unavailable for sale or cannot be legally sold, prior to removal, the Auctioneer/Seller will only be responsible for the refund of the purchase price, buyer's premium and any sales tax. Buyer agrees that the only compensation due them will be the refund of actual money paid. 18. Claims and Choice of Venue: Any claim or controversy arising out of or relating to these Terms and Conditions, or to any breach thereof, will be resolved exclusively by a state court having jurisdiction in Travis County, Texas, or in the Federal District Court for the Western District of Texas, where federal jurisdiction exists. Each party hereby submits to the jurisdiction and venue of such courts. You agree that all claims instituted by you will be litigated on an individual basis, and will not be consolidated with any claim made by another party. You agree that any judgments awarded may be applied to and collected from you personally or corporately. Should you file an action contrary to this paragraph, the defending parties may recover reasonable legal fees and costs. Further, if you bring a claim against the Auctioneer and do not prevail, and/or if the Auctioneer takes action against you as a result of your violation of these terms and conditions and is the prevailing party, you agree that you will reimburse the Auctioneer for all reasonable legal fees and costs including reasonable attorney's fees. These Terms and Conditions will be governed by and construed under the laws of the State of Texas. 19. Changes to Terms & Auction Catalog: Seller and Auctioneer reserve the right to make changes to these terms & conditions and to remove cataloged items from the auction at any time prior to the close of the auction with notice of any change being posted on the auction catalog. 20. Entire Agreement: These Terms and Conditions contain the entire agreement between the bidder and the auctioneer and supersede any prior oral or written agreements relating to the same subject matter. For questions, please contact auction office: (512)261-3838 or Info@JonesSwenson.com