9, The SELLER’s Representations and Warranties
The SELLER represents and warrants that:
a) The GOODS are and will remain free and clear of all liens, mortgages, pledges, security interests, charges, adverse claims or demands, and all other encumbrances. The COMPANYhas no liability resulting from the SELLER misrepresenting his valid ownership of the GOODS.
b) The SELLER has the authority needed to sell the GOODS.
c) No approval of or notice to any other party is required to sell the GOODS.
d) This Agreement constitutes a legally valid and binding obligation of the SELLER which is enforceable against the SELLER.
e) The SELLER will not bid for the GOODS, either directly or indirectly.
The SELLER has an insurance policy in place covering the value of the GOODS, the value of other personal property on the premises, and damages arising to the premises or any visitor to the premises, and that this insurance policy will remain in effect through the auction event. The SELLER will not hold the COMPANY or any of its employees or agents for any loss or damage before, during, or after the auction event.
The SELLER will indemnify the COMPANY, its employees, and agents from all expenses, losses, and damages arising from the SELLER’s breach of any of his representations, warranties, or obligations.
11, Limitations on Liability
The COMPANY will not be liable to the SELLER for any damage to the GOODS, other personal property, or visitors except to the extent that it is caused by the COMPANY’s gross negligence or willful misconduct. The COMPANY’s liability to the SELLER for damages, losses, or expenses will not exceed the fees payable by the SELLER, as a reflection of the allocation of risk between SELLER and COMPANY.
12, No Warranty
The COMPANY makes no warranty that its online bidding service will be uninterrupted or free of error.
13, The Costs of Enforcement
If either party initiates action to enforce its rights under this Agreement, the prevailing party may recover its expenses at an interest rate of 7% per annum.
14, Entire Agreement
This Agreement constitutes the entire understanding between the parties.
If any provision of this Agreement is held to be invalid or unenforceable, then all other provisions will remain in full force.
Any waiver of any breach of provision of this Agreement shall not imply the waiver of other breaches.
17, Binding Effect and Assignment
This Agreement is binding on both parties and their successors. The SELLER may not assign any rights or obligations under this agreement without the permission of the COMPANY.