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Demers Auctions, Inc. Conditions Of Sale-Please Read Demers Auctions acts solely as an agent for various owners and consignors. It exercises care in describing all items listed and uses judgment in attributing authorship, but offers no guarantee regarding authenticity, condition, or description. We have attempted to clearly outline the conditions which will indicate how various circumstances will be handled. 1. Some of the lots in this sale are offered subject to a reserve. The reserve is a confidential minimum price agreed upon by the consignor and Demers Auctions below which the lot will not be sold. In most cases, the reserve will be set below the estimated range, but in no case will it exceed the estimates listed. A representative of Demers Auctions will execute such reserves by bidding for the consignor. In any event and whether or not a lot is subject to a reserve, the auctioneer may reject any bid or raise not commensurate with the value of such lot. 2. All property is sold as is, and neither the auctioneer nor any consignor makes any warranties or representations of any kind or nature with respect to the property, and in no event shall they be responsible for the correctness, nor deemed to have made any representation or warranty, of description, genuineness, authorship, attribution, provenance, period, culture, source, origin, or condition of the property and no statement made at the sale, or in the bill of sale, or invoice or elsewhere shall be deemed such a warranty of representation or an assumption of liability. 3. The highest bidder acknowledged by the auctioneer shall be the Buyer. In the event of any dispute between bidders, the auctioneer has the absolute discretion to determine which bidder is the successful Buyer or to re-offer the item in dispute and resell it. In the event of any dispute after the sale, Demers Auctions record of the final sale price and of the successful buyer shall be conclusive. Demers Auctions reserves the right to sell items which are not listed in the catalogue. 4. If the purchaser breaches any of its obligations under these Conditions of Sale, including its obligation to pay in full the purchase price of all items for which it was the highest successful bidder, Demers Auctions may exercise all of its rights and remedies under the law without limitation. 5. In no event will Demers Auctions be liable to any purchaser with respect to any item for amounts exceeding the purchase price actually paid for such item. 6. Shipping is the responsibility of the purchaser. Demers Auctions may recommend shippers upon request. 7. All purchases are subject to a Massachusetts Sales tax of 6.25% unless a valid tax exception certificate is on file. 8. Demers Auctions make no warranty that the purchaser will acquire any copyrights or other reproduction rights to the lot sold. 9. The auctioneer may reject nominal bids. If an item fails to open for 25-30% of it's low estimate the auctioneer may decide to pass the lot and the lot may not be re-offered. 10. Phone, Fax or mail-in absentee bids will be accepted up to 24 hours before the sale. Visa or MasterCard numbers will be required in many cases. We will execute bids for you competitively. It is possible to buy items by absentee bid for less than your top bid. Every effort is made to execute all absentee bids however, you must know this is not a perfect system. In the event of an error or omission the auctioneer shall not be held liable. 11. All items are to be paid for the day of the auction in US Funds. A bill will be sent to Absentee bidders directly after the auction. This bill is due immediately upon receipt. Demers Auctions reserve the right to hold merchandise purchased by personal check until the check clears the bank or for whatever time the auctioneer deems necessary to protect his interest. 12. Payment is due upon receipt. If the buyer's invoice is not paid in full within 15 days of the auction, Demers Auctions has the right and will charge the buyer's credit card of record on file for the total invoice amount. Interest on all balances will be paid at a rate of 1 1/2% monthly (18% APR) effective 15 days from the date of purchase/auction. Should the buyer not comply with any of the Conditions of Sale, the damage recoverable from the defaulter shall include the loss arising on the resale of the lot, together with the charges and expenses in respect of both sales and as well as any legal or collection fees incurred. Demers Auctions shall hold any money deposited in partial payment on account of any liability of the defaulted item. 13. We reserve the right to withdraw any property before sale and shall have no liability whatsoever for such withdrawal. 14. Title of the property passes upon the fall of the auctioneers hammer. It will then be the responsibility of the buyer to make full payment prior to removing the goods from the premises. It is both the buyers risk and expense for removal and must be made at the conclusion of the sale unless other arrangements have been made. 15. At the discretion of the auctioneer, phone bidding may be arranged on more expensive items. In order to make arrangements to bid by phone you must contact our office in advance. There are always a limited number of phone lines so it is important that if you wish to bid by phone that arrangements are made as early as possible. You may want to use a "cover-me-bid" in the event that you can not be reached by phone. Your "cover-me-bid" would only be used if you are unable to be reached. You may place "cover-me-bids" at your discretion. They are not mandatory but simply a safety device. 16. IF you are registering or executing a bid for someone else under your number please keep in mind that you are responsible for the bid whether the person you are executing or registering for pays or fails to pay. 17. Buyers premium is 17.5%. It shall be reduced to 15% when paying by cash, good check or cash equivalent. If you settle your account by credit card the buyers premium is 17.5% of the final bid price which will be applied to each lot sold to be paid by the buyer as part of the purchase price. 18. Any legal disputes arising from this auction shall be settled in the court system in the state of Ma. 19. Bidding on article(s) indicates your acceptance of all of the above terms. 20. State of Massachusetts Auction License # 2144 NOT RESPONSIBLE FOR TYPOGRAPHICAL ERRORS OR OMISSIONS

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