AUCTION TERMS & CONDITIONS
(RULES & REGULATIONS)

YOU MUST BE A REGISTERED BUYER, AND HAVE A BIDDER’S PADDLE
TO BID AND PURCHASE ANY ITEMS DURING THE AUCTION.

• REGISTRATION:  You must fill out the bottom portion of the bidder card completely. If you are a resale buyer please indicate so and be prepared to fill out a resale card when you make final payment and pick-up your items. A refundable deposit is due upon registering.
  
• DEPOSIT:  A $5,000.00 Cashiers Check deposit (drafted to Van Horn Auctions & Appraisal Group) is required to bid on the airplanes, or a $500.00 Cash or Cashiers Check deposit is required to bid on all other assets, except airplanes. You will not be able to bid on aircraft without a $5,000.00 Cashiers Check! NO EXCEPTIONS!! This deposit is fully refundable if you do not purchase any items at the sale. If you do purchase an item, the deposit will be held until you make final payment and pick-up your items. If you have not spent the full deposit amount, a refund will be issued back to you when you pick-up your items.
  
• BUYERS PREMIUM & TAX:  A 10% Buyers Premium will be added to all winning bids. Tax will be calculated after the buyer’s premium unless you have provided a resale certificate.  
  
• ADDITIONAL DEPOSIT:  A 25% deposit of your total purchases will be required the day of the sale. If you have spent less than $20,000.00 and/or $2,000.00 during the sale, your registration deposit of $5,000.00 and/or $500.00 will be held as the 25%. If you spend over these amounts, an additional deposit will be required in the amount totaling 25% of all purchases. This additional deposit may be in the form of cash, cashiers check and/or company check.
  
• FINAL PAYMENT:  ALL PURCHASES MUST BE PAID IN FULL BY, CASH, CASHIERS CHECK and/or WIRE TRANSFER. NO EXCEPTIONS!!! Cashier Check shall be made payable to the order of VAN HORN AUCTIONS & APPRAISAL GROUP, LLC. We will NOT accept a company check for any portion of the total payment.
  
• All bills must be paid in full by Monday, July 2nd, 2007 by 4:00 pm (Colorado Time).
  
• REMOVAL: Immediately after the sale with full payment, and Sunday, July 1^st and Monday July 2^nd 2007 from 8:30am to 5:00pm. All purchases must be removed not later than Monday, July 2nd, 2007 by 5:00 pm, (unless an agreement is been made with the hanger owner).  No lot can, on any account, be removed during the sale.  No single item or grouping of items purchased, may be re moved or picked-up until the final bill has been paid in full. Buyer is responsible for his or her own removal. Removal shall be at the expense, risk and liability of the purchaser.  Auctioneer will not be responsible for the removal of any goods. Auctioneer shall not be responsible for goods not removed within the time allowed.
  
• THERE WILL BE NO EXCEPTIONS MADE TO THE DATES AND TIMES ANNOUNCED AT THE SALE! Final Payment for all purchases must be made by the time specified!
• If you are unable to meet these terms, your items will be resold and your deposit forfeited.
• All items are sold on an AS-IS, WHERE-IS BASIS, and the auctioneer offers no guarantee warranty to the use or practicality of any of the assets sold at today's auction.
• Your verbal bid is a bidding contract!
  
• CONDITIONS OF ARTICLES SOLD: The auctioneer shall not be responsible for the correct description, genuineness, authenticity of, or defect in any lot, and makes no warranty in connection therewith.  No sale shall be set aside nor allowance made on account of any incorrectness, error in cataloging, or any imperfection not noted.  NO DEDUCTION ALLOWED ON DAMAGED ARTICLES, ALL ARTICLES BEING EXPOSED FOR PUBLIC EXHIBITION, AND SOLD "AS IS" AND WITHOUT RECOURSE.  ARTICLES ARE NOT WARRANTED AS MERCHANTABLE OR FIT FOR ANY PARTICULAR PURPOSE, AND NO CLAIM MAY BE MADE BY PURCHASER RELATING TO THE CONDITION OR USE OF ARTICLES PURCHASED, OR FOR PROXIMATE OR CONSEQUENTIAL DAMAGES ARISING THERE FROM.
• INDEMNIFICATION: Purchaser agrees to indemnify and hold auctioneer harmless from and against all claims and liabilities relating to the condition or use of the articles purchased or failure of user to follow instructions, warnings or recommendations of the manufacturer, or to comply with federal, state and local laws applicable to such articles, including OSHA requirements, or for proximate or consequential damages, costs or legal expenses arising there from.

• COMPLIANCE WITH TERMS OF SALE: In default of payment of bills in full within the time therein specified, the auctioneer in addition to all other remedies allowed by law, may retain all monies received as deposit or otherwise, as liquidated damages.  Lots not paid for and removed within the time allowed herein may be resold at public or private sale without further notice, and any deficiency, together with all expenses and charges of re-sale, will be charged to the defaulting purchaser.

• ADDITION TO OR WITHDRAWAL FROM SALE: The auctioneer reserves the right to withdraw from sale any of the property listed or to sell at this sale property not listed, and also reserves the right to group one or more lots into one or more selling lots or to subdivide into two or more selling lots.  Whenever the best interest of the seller will be served, the auctioneer reserves the right to sell all the property listed, in bulk.

• DISPUTE BETWEEN BIDDERS: If any dispute arises between two or more bidders, the auctioneer may decide the same or put the lot up for sale again at once, and resell to the highest bidder.  The auctioneer’s decision shall be final and absolute.

• RESERVE: The auctioneer reserves the right to reject any and all bids.  On lots upon which there is a reserve, the auctioneer shall have the right to bid on behalf of the Seller.

• ADDITIONAL TERMS AND CONDITIONS: The auctioneer may add other terms and conditions of sale, such additional terms and conditions to be announced prior to the auction.