EquipNet, Inc. Buyer's Terms of Service

THESE BUYER’S TERMS OF SERVICE (“Company’s Terms”) ARE PART OF AND INCORPORATED INTO THE EQUIPNET, INC. GENERAL TERMS OF SERVICE (“General Terms”), WHICH IS A LEGAL AGREEMENT BETWEEN THE BUSINESS ENTITY FOR WHICH YOU ARE AUTHORIZED TO ACT (“Company”) AND EQUIPNET, INC. (“EquipNet”). BY USING THE EQUIPNET SERVICE (the “Service”) FOR THE PURCHASE OF USED INDUSTRIAL AND TECHNOLOGY EQUIPMENT (the "Equipment"), COMPANY IS AGREEING TO ALL OF THE TERMS AND CONDITIONS OF THESE BUYER’S TERMS AND THE GENERAL TERMS (together, the “Agreement”).

All capitalized terms used and not defined in these Company’s Terms will have the meanings given to them in the General Terms.

Offers:
Company may offer to purchase listed Equipment (a "Bid"). Each Bid is a valid and irrevocable offer to purchase the Equipment for the amount of the Bid until the listing is removed or a Bid is rejected by the seller ("Sales Period"). A Bid cannot be withdrawn except in exceptional circumstances (e.g. clear typographical errors), as determined by EquipNet in its sole discretion. All Bids shall be in U.S. Dollars unless otherwise required by the listing, and shall be subject to seller's terms of sale, if any. If Company: (a) has made a Bid acceptable to the seller; or (b) for Equipment to be sold at auction, has made the highest Bid at or above the minimum amount (if any) and, in the case of listings subject to a reserve, at or above the reserve price, the Bid is an "Accepted Bid" and Company is obligated to complete the transaction in accordance with the Accepted Bid, the terms of the listing, and seller's terms of sale. EquipNet also charges an Equipment buyer an additional buyer's premium at the time of sale, which is an additional charge above and beyond the equipment bid.
ALL EQUIPMENT IS SUBJECT TO INTERNAL REDEPLOYMENT, CANCELLATION OF LISTING OR OTHER SALE PRIOR TO FORMAL ACCEPTANCE OF BID BY THE SELLER. THE FORMAL ACCEPTANCE OF A BID IS MADE VIA AN INVOICE AND COMPANY SHOULD NOT RELY ON OTHER VERBAL OR WRITTEN FORMS OF COMMUNICATION REGARDING BIDS.

Payment:
Accepted Bids must be paid to EquipNet (on behalf of the seller) no later than five (5) calendar days after Company is invoiced for their purchase. All payments must be made by wire transfer, certified check, bank check, Company check with bank guarantee, or approved credit. No Equipment will be shipped until payment has been received in full, including fees and applicable taxes, if any. If Company fails to pay for its purchase, or cancels its purchase other than as expressly permitted in this Agreement, EquipNet reserves the right to cancel the purchase and charge an administration fee equal to 15% of the accepted offer, in addition to the standard 15% Company's Premium, and may suspend or terminate a Company's account without further notice, in addition to any other remedy either EquipNet or the seller may have. If Company fails to pay because its funds were returned or rejected, EquipNet may charge a returned check fee of $100.00, as well as the other fees and premiums mentioned earlier in this paragraph. In addition, amounts not paid when due will bear a finance charge at a rate equal to the lesser of one and one half percent (1.5%) per month or the highest rate permitted by law, calculated from the first day a payment is past due. If any amount is not paid when due hereunder, EquipNet shall be entitled to recover from Company the costs and expenses incurred in connection with collecting the same (including without limitation costs of investigation and attorneys fees).

Taxes:
Unless itemized separately on your invoice, the buyer is solely responsible for all applicable taxes associated with their purchase.

Pick up policy:
All items purchased must be SCHEDULED for pick up within 15 business days from receipt of payment, unless given specific written permission by EquipNet to extend that time. If Company has not made arrangements to pick up the item in that timeframe, Company will be subject to additional storage charges that must be paid prior to Company picking up the purchased items. EquipNet also reserves the right to cancel the sale if the item has not been scheduled for pick up within 15 business days from receipt of payment. Furthermore, unless previous written arrangements have been agreed upon with the seller, EquipNet reserves the right to cancel the sale if the item has not been physically removed from the seller's property within 30 days from the receipt of payment. In such a case, EquipNet will send the money back minus any buyer premiums, seller commissions, storage costs and any other costs associated with the order.

Changes of Events Post Invoice:
If items invoiced are either damaged, stolen, lost or in some other way altered or discovered to be different from the information provided on the listing prior to Company picking up items, then Company will in good faith attempt to work out with the Seller an arrangement satisfactory to all parties. If such arrangement cannot be made and the Company has not accepted the resolution proposed by the Seller, then the seller may simply cancel the invoice or portion of the invoice related to the item in question and refund the appropriate money to Company. No other claims for replacement of affected items, damages or expenses incurred shall be the responsibility of the seller.

Additional Terms:
Company acknowledges that the seller is not the exporter of the purchased piece of equipment that certain pieces of equipment may constitute "Restricted Technology" under federal law and may not be shipped outside of the United States. The seller makes no representation or warranty concerning, and has conducted no investigation to ascertain, which items, if any, constitute Restricted Technology. The seller shall have the right to cancel any sale at any time in the event it determines, in its sole discretion that the sale does or may violate applicable U.S. export control or similar laws.

ALL TERMS AND CONDITIONS GOVERNING ANY TRANSACTION SHALL BE EXCLUSIVELY BETWEEN MEMBERS. COMPANY IS RESPONSIBLE FOR VERIFYING THE TRUTH OR ACCURACY OF ALL LISTING INFORMATION. COMPANY SHOULD CAREFULLY REVIEW THE TERMS AND CONDITIONS CONTAINED IN THE LISTING AND THE SELLER'S TERMS OF SALE TO DETERMINE WHETHER THE TERMS MEET COMPANY'S NEEDS. AS BETWEEN COMPANY AND EQUIPNET, ALL SALES ARE "AS IS", "WHERE IS", AND "WITH ALL FAULTS", AND COMPANY'S ONLY RECOURSE IS AGAINST THE SELLER.

COMPANY HEREBY ACKNOWLEDGES THAT EQUIPNET AND ITS OFFICERS, DIRECTORS, STOCKHOLDERS, AGENTS, SUBSIDIARIES AND EMPLOYEES ASSUME NO LIABILITY WITH RESPECT TO THE QUALITY OR QUANTITY OF EQUIPMENT SOLD OR OFFERED FOR SALE OR FOR ANY LOSS OR DAMAGE TO ANY EQUIPMENT DURING SHIPMENT. EQUIPNET WILL NOT BE RESPONSIBLE FOR ANY BREACH OF THE TERMS OF ANY TRANSACTION. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, COMPANY HEREBY WAIVES, RELEASES AND DISCHARGES EQUIPNET (AND ITS OFFICERS, DIRECTORS, STOCKHOLDERS, AGENTS, SUBSIDIARIES AND EMPLOYEES) FROM ANY CLAIMS, LOSSES, DAMAGES AND EXPENSES, WHETHER DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE, OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN, DISCLOSED AND UNDISCLOSED, ARISING OUT OF OR IN ANY WAY CONNECTED TO ANY TRANSACTION. In the event Company is a resident of California, member waives California Civil Code §1542, which states, "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor." Company agrees to defend, indemnify, and hold EquipNet harmless from and against any damages, liabilities, costs and expenses (including attorneys' fees) arising out of or resulting from use of the Services by Company, its employees, agents, customers or independent contractors, or in any way connected with Company's possession, purchase, use or transfer of Equipment (including, without limitation, personal injury or property damage related thereto), failure to consummate a sale, the breach of any of Company’s warranties hereunder, any product or item processed or manufactured with or by Equipment, or any violation of any terms or conditions of these Buyer’s Terms.