TERMS & CONDITIONS OF AUCTION
City of Oxford Salvage Rights Auction
Oxford, AL

Online Only Auction


These "Terms and Conditions of Auction" supersede all other printed and oral statements and will be attached to and become a part of the REAL ESTATE PURCHASE AND SALE AGREEMENT ("Agreement"), which will contain the precise conditions of sale and will prevail over this document and any other agreement between the Purchaser, Seller and Auction Company.

Redfield Group Auctions, Inc. an Alabama Corporation, ("Auction Company") has entered into a contract with "Seller" to sell the salvage rights to various properties located in Oxford, AL

The Sellers have the right, in their sole discretion, for any or no reason, to add or withdraw any or all property prior to commencement of the bidding before or during the online auction.

OFFERING: The salvage rights will be offered at Online Auction, subject to the seller's confirmation of the high bid price. The salvage rights being sold will give successful buyer the right to remove any or all materials from the home. Buyer shall have 30 days from date of auction close to remove reclamation materials from property. Buyer agrees not to leave trash or unwanted materials in the yard or around the premises. Buyer will be responsible for any subsequent clean up costs as a result of such actions.

All decisions of the Auctioneer shall be final, including but not limited to decisions on matters such as increments of bidding, disputes among bidders, and any other issues that may arise during the sale. Auctioneer reserves the right to bid on behalf of the seller up to any reserve amount.

There is 10% buyer's premium added to the final bid price to arrive at the total contract price. The buyer's premium will paid by the purchaser.

The Salvage Rights only will be sold. No real estate will be sold. " No additional warranties, either statutory or otherwise, expressed or implied, of any kind whatsoever, including those as to the fitness for a particular use or purpose, habitability, merchantability, quality of construction, or environmental condition [including without limitation, the presence or absence of asbestos, lead-based paint, or any hazardous substances, hazardous wastes, petroleum or petroleum by-products (collectively "Hazardous Materials")] concerning or with respect to the Property are given by the Seller or Auction Company.

All bidders acknowledge and agree by their participation in the auction, that the bidder has inspected the respective Property offered at auction today, or voluntarily chose not to inspect, and are not relying on any warranty or representation of Seller, Broker, Auction Company, or any agent thereof.

All bidders must receive a bid number in order to bid. A valid credit card is required to bid. Bidder agrees that a $500 hold can be placed on their credit card for an internet service fee and that if they are the winning bidder and fail to close under the terms of this agreement, the $500 internet service fee is non-refundable and will be charged to their credit card. If they are not the winning bidder, the $500 internet service fee will be released.

Under no circumstances shall Bidder have any kind of claim against Redfield Group Auctions, Inc., or anyone else if the internet service fails to work correctly before or during the auction. Bidder agrees that by registering for the online auction, they have accepted all of these Terms and Conditions. Bidder is responsible for any and all bids placed by their account.

All decisions of the Auctioneer shall be final, including but not limited to decisions on matters such as increments of bidding, disputes among bidders, and any other issues that may arise during the sale.

The total purchase price shall be the winning high bid plus an Auction Fee equal to ten percent (10%) of the winning bid. "Auctioneer" will immediately charge the credit card that was used for registration for the total purchase price which is the bid price plus the 10% auction fee.

If, for any reason Buyer fails to remove reclamation materials from property within 30 days, those salvage rights shall be forfeited and absolutely no refunds will be given.

SALVAGE RIGHTS OF RECLAMATION MATERIALS WILL BE GRANTED UPON RECEIPT OF PAYMENT. THOSE RIGHTS ARE ONLY VAILD FOR 30 DAYS AFTER THE AUCTION CLOSE.

POOLING OR BID RIGGING: Any agreement among potential bidders not to bid against one another, or otherwise to dampen the bidding process, is a felony under federal law. The Auctioneer reserves the right to bid on behalf of the Seller if he detects or suspects this fraud by two or more bidders.

NOTIFICATION OF BINDING ARBITRATION: In the event a dispute shall arise between the parties relating to the Real Estate Purchase and Sale Agreement, property issues, or the Auction, and involving the Seller, Bidder, Buyer, Broker, Auctioneer or Auction Company, in any combination, it is hereby agreed that the dispute shall be determined and resolved exclusively by neutral arbitration as provided by Alabama law.

AUCTION COMPANY AND BROKER NOTICE OF AGENCY RELATIONSHIP: The Auction Company, Auctioneer and Broker are acting as agents for the Seller in this transaction and are to be paid a fee by the Seller pursuant to a separate written agreement between Seller, Broke, Auctioneer and Auction Company. Neither the Auction Company, Auctioneer nor Broker is acting in any way as agent for the Purchaser in this transaction. Any third party broker is not a subagent of the Auction Company, Auctioneer, or Broker.


STANDARD TERMS AND CONDITIONS OF SALE

ARTICLE 1. PARTIES:
Sellers shall mean the CITY OF OXFORD, ALABAMA, a municipal cooperation and REDFIELD GROUP AUCTIONS, INC and their agents, servant's employees and officials.
Buyer shall mean any entity or individual submitting the bid for reclamation materials.
ARTICLE 2. ACCEPTANCE:
Buyer acknowledges and agrees that these Standard Terms and Conditions of Sale ("Standard Terms") are incorporated in, and are a part of, each purchase of reclamation materials sold by the Sellers, whether expressed in written form, by electronic data interchange or otherwise (each referred to as a "Contract").
ARTICLE 3. EXCLUSION OF WARRANTIES:
As a part of the Contract the Sellers represent that all material sold are sold ("AS IS"). Sellers expressly represent there is NO WARRANTY EITHER EXPRESSED OR IMPLIED relative to the condition of reclamation materials and do not in any way warrant the condition of the materials. Buyer shall be responsible for inspecting and determining the condition of the materials prior to purchase.
ARTICLE 4. RELEASE OF LIABILITY:
The Buyer as part of the Contract hereby agrees to hold the Sellers harmless from ANY AND ALL CLAIMS, DEMANDS, SUITS OR CAUSES OF ACTION THAT ARISE IN ANY WAY FROM ANY INJURY, DEATH, LOSS OR HARM THAT OCCURS OR IS IN ANY WAY ASSOCIATED WITH THE REMOVAL OF THE RECLAMATION MATERIALS. This RELEASE extends to all claims whether arising through Contract, personal injury, negligence, intentional conduct, and reckless conduct concerning or in any way related to this Contract.
ARTICLE 5. INDEMNIFICATION AND HOLD HARMLESS:
The Buyer hereby agrees to INDEMNIFY, HOLD HARMLESS AND DEFEND the Sellers against any and all claims, demands, suits or causes of action and promises to INDEMNIFY, HOLD HARMLESS AND DEFEND the Sellers against any and all CLAIMS, DEMANDS, SUITS OR CAUSES OF ACTION in any claim arising from the activity associated with removal of the reclamation materials. In accordance with this Agreement Buyer will reimburse the Sellers for any damages, reasonable settlements, defense cost including attorney's fees that they may incur because of any claims made against them concerning or in any way related to this Contract.
ARTICLE 6. DISPUTE RESOLUTION:
Any dispute concerning or arising out of this contract shall be resolved by binding arbitration pursuant to the rules and regulations as promulgated by the American Arbitration Association.

I HAVE FULLY INFORMED MYSELF OF THE CONTENTS OF THIS AGREEMENT BY READING IT BEFORE ACCEPTING IT. NO ORAL REPRESENTATIONS, STATEMENTS OR OTHER INDICTMENTS TO SIGN THIS RELEASE HAVE BEEN MADE APART FROM WHAT IS CONTAINED IN THIS DOCUMENT. I UNDERSTAND THIS IS A CONTRACT THAT AFFECTS MY LEGAL RIGHTS AND I SIGN IT OF MY OWN FREE WILL.
I FURTHER AGREE THAT MY ACCEPTANCE OF THE TERMS AND CONDITIONS FOR THE ONLINE AUCTION IS AN ACCEPTANCE OF ALL THE TERMS CONTIANED HEREIN.