Conditions of Sale
OF IMPORTANCE TO BIDDERS - Please Read Carefully!
All horses are sold at auction subject to the following TERMS and CONDITIONS which shall control the mutual, reciprocal duties among New Era Sales LLC., [Sales Management], the Consignor, and the Buyer.
1. PURPOSE. The purpose of these TERMS AND CONDITIONS is to: a) establish sale procedures, b) facilitate informed bidding, c) provide for orderly settlement of finances in completion of purchases, d) allocate rights, responsibilities, and risks, and e) provide for orderly dispute resolution.
2. PURCHASE. The Buyer is the high bidder recognized by the auctioneer at the fall of the gavel. If there is a bid in the last two minutes the timer will start back over with two minutes on the clock until bidding expires. If a dispute arises between competing bidders, Sales Management shall immediately re-present the horse for advance bids. If there is no advance, the bidder having the last bid recognized by the auctioneer is the successful Buyer.
3. ACKNOWLEDGMENT OF PURCHASE. Upon the auctioneer's declaration that the horse is "sold" the Buyer shall forthwith sign the "Acknowledgment of Purchase'' presented by Sales Management. Sales Management reserves the right to void a sale and to re-present the horse for sale at auction if: a) the high bidder refuses to execute the Acknowledgment of Purchase or otherwise repudiates or fails to perform according to the TERMS AND CONDITIONS, b) auctioneer or Sales Management identifies a material mistake, or c) the bid is declined by Sales Management due to a non-qualifying bidder.
4. PAYMENT. BUYERS PREMIUM IS 3% added to the hammer price of each lot purchased. The Buyer shall pay the entire purchase price to the sale company in U.S. funds together with any tax and incidental expenses by wire transfer or ACH payment. Cash can be used if picking up in person and agreed upon by sale company. Payment is due within 24 hours. Registration papers and transfers thereof will be held by Sales Management until the funding clears the bank and the entire purchase price and incidental expenses are collected. No form of purchase money financing or extended payments is acceptable. All Canadian and foreign Buyers must pay via U.S. Bank funds. Buyer is solely responsible for applicable sales, excise, or transfer tax levied by taxing authorities having territorial jurisdiction. State laws and collection practices vary.
5. PICK UP. Upon authorization from Sales Management, the buyer (or designee) may pick up the horse or receive delivery of the horse from a transport company. Buyer is responsible for pick up within five (5) days; otherwise Buyer is responsible to Consignor for board at $25.00 per day. Every horse sells with current coggins and health paper.
6. NON-QUALIFYING BIDDER. Sales Management is authorized to decline any bid made by a non-qualifying bidder. A non-qualifying bidder is a person who, in the judgment of Sales Management, does not qualify to purchase the horse and to complete the transaction for any of the following reasons: a) lack of financial responsibility including default in payment on a former purchase, b) falsifying information to Sales Management in any way relating to a purchase, including any former purchase, c) intoxication, unruliness, or other conduct which interferes with the progress of the sale, d) lack of contractual capacity, e) repudiation or refusal to comply with purchase requirements, or f) other unacceptable conduct which causes Sales Management to conclude that the bidder is not reliable and responsible.
7. PASSING OF TITLE / RISK OF LOSS. Title passes immediately upon the Buyer's signing of the Acknowledgement of Purchase at which time all risks and responsibility for the horse pass to the Buyer; Buyer thereupon assumes all responsibility and expenses for the horse. If so desired, the Buyer may arrange for insurance (e.g., mortality, major medical, or designated peril) in conjunction with the purchase. Delivery of possession shall not occur until full payment by Buyer. Each horse comes with a clear title to be freely transferable at the time of auction upon compliance with breed association rules.
8. BREACH OF PURCHASE. If the successful bidder (i.e., Buyer) fails to make full payment or otherwise to complete the purchase within the required time, Sales Management may declare a breach and the defaulting Buyer shall be responsible for the entire purchase price, sales tax (if applicable), incidental expenses, and any consequential damages incurred by Sales Management or Consignor. In addition the defaulting Buyer shall be responsible for payment of a FINANCE CHARGE to be computed on the entirety of the unpaid purchase price, sales tax (if applicable), and incidental expenses at the rate of one and one-half percent (1-1/2%) per month (18% APR annual percentage rate), commencing on the date of sale. In addition the defaulting Buyer shall be responsible for all expenses of collection, including reasonable attorney fees, board, transportation, farrier, training, conditioning, veterinary expense, and the costs associated with resale of the animal.
9. CONDITION OF THE HORSE/WARRANTIES. Each horse comes with a written description, pictures, and a video that tries to best describe and show the potential buyer the horse's conformation and the way the horse performs. Everything said both in the write up and in any conversation held with any member of the New Era Sales crew is based on their opinion of the horse. When applicable; potential buyers are more than welcome to come to the ranch to view and examine the horse for themselves, as well as test ride. Potential buyers are also welcome to have a vet of their choice do a pre-purchase at their expense. All horses are considered to be sound by New Era Sales but are sold AS IS to avoid any disputes and all sales are final. The Buyer accepts the sole risk regarding evaluation of the horse for its suitability and its value to the buyer.