Conditions of Sale

Premier Auction Terms
1. TERMS & CONDITIONS OF SALE. The following terms and conditions of sale make up the entire terms and conditions on which items listed in Rock Island Auction Company's (known hereafter as "RIAC") catalog, on the internet web site and addendum sheets will be offered for sale or sold by RIAC. Any person who participates by bidding in this auction, accepts a bidder card, or accepts a bidder number (each a "Bidder") agrees and accepts these terms and conditions of sale and agrees to be bound by same. Each Bidder acknowledges and agrees that any notices by RIAC, posted or oral, during the auction, also become part of these terms and conditions of sale. The Bidder's rights and RIAC's respective rights and obligations hereunder are governed by Texas law. In the event that a bid is executed by another person, on behalf of Bidder, whether in person by an agent, absentee bid, telephone bid, via the internet or other means, the Bidder agrees that Bidder is responsible, and guarantees payment, for any successful bid.

If a Bidder is bidding on behalf of another person, that person will need to complete the registration requirements before Bidder can bid, and supply a signed letter authorizing Bidder to bid for him/her. Additionally, the contract created by these terms and conditions of sale is made and performed in the County of Tarrant, State of Texas and further agrees that should any dispute arise from this contract the sole and exclusive jurisdiction for contractual disputes is Tarrant County, State of Texas. NONE OF RIAC, ITS AFFILIATES, OR EMPLOYEES IS RESPONSIBLE FOR ANY ERRORS OF A BIDDER INCLUDING BUT NOT LIMITED TO THE BIDDER BIDDING ON THE WRONG LOT.

2. BUYER'S PREMIUM AND FEES. All bid prices or "hammer prices" ("hammer prices" mean the price at which a lot is sold to a Bidder, with each successful Bidder of a lot in this auction being referred to herein as a "Purchaser") will be subject to a buyer's premium of 17.5% ("Buyer's Premium") payable by the Purchaser. This is not an aggregate percentage on the total items bid, but rather a per item percentage rate.

If a Purchaser utilizes RIAC's live bidding platform "RIAC Live", there will be a fee charged calculated as an additional 1% of the hammer price.

If a Purchaser utilizes a third party provider, such as Invaluable, there will be a fee charged calculated as an additional percentage of the hammer price as per the terms of the individual third party provider.

The Buyer's Premium and RIAC Live fee or third-party provider fee, if applicable, is added to the Purchaser's successful bid to calculate the total purchase price. RIAC has been authorized by the consignor to retain as part of RIAC's remuneration, the buyer's premium and the RIAC Live fee or third-party fee, if applicable, payable by the Purchaser.

All purchases made by credit card are subject to an additional 3.5% service fee calculated on the total purchase price.

3. CONDUCTING THE AUCTION

The auctioneer can, at his or her sole option, refuse any bid. The highest qualified Bidder recognized by the auctioneer shall be the Purchaser. In the event of any dispute between Bidders at auction, the auctioneer may, at its sole discretion, reoffer the lot. The auctioneer's decision and declaration of the winning Bidder shall be final and binding upon all Bidders and RIAC. RIAC's records will be deemed conclusive in all respect in the event there is any dispute after the sale. Lots bearing bidding estimates shall open at the auctioneer's discretion in the event that no bid meets or exceeds that opening amount, the lot shall pass as unsold or the auctioneer may place a protective bid on behalf of the consignor. All items are to be purchased per lot as numerically indicated and the lots will not be broken. Bidder acknowledges and agrees that RIAC reserves the right to rescind the sale in the event of nonpayment, breach of warranty, disputed ownership, RIAC's clerical error or omission in exercising bids and reserves, or for any other reason and in RIAC's sole and absolute discretion.

From time to time, RIAC, its owners, affiliates, or employees may consign items to be sold in the auction. From time to time, RIAC, its owners, affiliates, or employees may place bids on lots in the auction. Bidder's acknowledge and agree that RIAC, its owners, or affiliates may extend advances, guarantees, or loans to certain consignors. In addition, RIAC has the right to sell certain unsold items after the close of the auction. Such lots shall be considered sold during the auction and all of these terms and conditions shall apply to such sales including but not limited to the Buyer's Premium, return rights, and disclaimers.

Bidders acknowledge and agree that RIAC may videotape and record proceedings at any auction. RIAC will use commercially reasonable efforts to keep any personal information confidential, except to the extent disclosures required by law. Furthermore, RIAC may through this process use or share these recordings with another company and marketing partners to analyze our customers and to help us tailor our services. If any Bidder does not want to be videotaped such Bidder may make arrangements to bid at auction via telephone, sealed bid or on Rock Island Live instead. Unless RIAC agrees in writing no Bidder may videotape or record, in whole or in part, any auction.

4. SALES TAX.

RIAC is a Marketplace Facilitator (as defined in the applicable regulations for each state) for purposes of collecting and submitting sales tax for each applicable state. A Marketplace Facilitator is a business that contracts with sellers to facilitate the sale of tangible goods and administers all aspects of the transaction. A Marketplace Facilitator is required to collect sales tax from the Purchaser and remit such sales tax to the state to which the items are shipped. The sales tax is based on the ship to address. If the item is picked-up from the RIAC facility or shipped to a Texas address, sales tax of 8.25% will be collected. Generally, all items included on the invoice are taxable.

To establish a tax free sale, a copy of a valid reseller's permit or other instrument or information establishing a sales tax exemption, as required by the applicable state, must be provided to RIAC's satisfaction. Please refer to our website, rockislandauction.com, for additional information regarding resale certificates. Any Purchaser claiming a sales tax exemption yet unable to provide satisfactory proof to RIAC at the time of payment will be required to pay the applicable tax to RIAC and thereafter seek a refund from the applicable state. Each Purchaser agrees to pay RIAC the actual amount of tax due if the incorrect amount of sales tax was collected at the time of purchase for any reason.

Sales tax is required to be collected and remitted in all states except the following:

States with no sales tax: Alaska (certain cities, counties and boroughs require RIAC to collect sales tax), Delaware, Montana, New Hampshire, and Oregon.

Other: West Virginia does not charge a sales tax on the purchase of firearms.

Purchased lots may be subject to taxes or fees imposed by various foreign taxing agencies. Purchaser is responsible for paying all foreign imposed taxes whether VAT, GST, etc. prior to delivery unless arrangements are made in writing. Lots delivered to Purchaser, or Purchaser's representative are subject to all applicable state and local taxes, unless appropriate permits are on file with RIAC. The appropriate form or certificate must be on file at, and verified by, RIAC five (5) days prior to the auction or tax must be paid. A refund of a tax that has been paid may be made only if the appropriate form or certificate is received by RIAC within four (4) days after auction. Purchaser agrees to pay all applicable state sales taxes as required by the delivery state as of the shipping date, even if such sales tax becomes applicable after the date of the auction but before the property is delivered. Purchaser further agrees to pay RIAC the actual amount of tax due in the event sales tax is not properly collected due to: (A) an expired, inaccurate or inappropriate tax certificate or declaration, (B) an incorrect interpretation of the applicable statute, or (C) any other reason.

5. METHOD OF PAYMENT. Auction sales are strictly for cash, cashier's check, personal checks (with prior approval of RIAC's management), credit card (MasterCard, Visa, AMEX or Discover accepted), automated clearing house ("ACH") transfer or wire transfer. Any Purchaser's using wire transfer is recommended to contact RIAC to confirm wire instructions prior to making any such transfer for payment.

NOTE TO ALL PURCHASERS: All payments must be made in U.S. currency in immediately available funds (except with prior approval of RIAC's management). Purchaser is responsible for any foreign currency exchange rates or fees. Delivery of purchased property will not be made until RIAC receives full payment in U.S. dollars for such property, taking into consideration any clearing period that may be required for the method of payment utilized by the Purchaser. Any checks drawn on a U.S. bank are subject to a ten (10) business day hold (or clearing period); any checks drawn on an international bank are subject to a thirty (30) day hold (or clearing period). Clients with prearranged credit may receive immediate credit payment for payments via eCheck, personal, or corporate checks.

6. TERMS OF PAYMENT. At the announcement of "SOLD", the highest Bidder will have purchased the offered lot and become a Purchaser. All sales are final at the fall of the hammer or at the announcement of "SOLD". The purchase is subject to all the terms and conditions set forth herein. The Purchaser assumes full responsibility thereof and if requested will sign a confirmation of the purchase. The Purchaser further agrees to pay the total amount due to RIAC as listed in the Purchaser's invoice from RIAC, in addition to all shipping and insurance charges (the "Total Amount Due"). The Total Amount Due must be paid in full the day of sale if attending in person, otherwise upon receipt of the Purchaser's invoice. RIAC reserves the right to void any sale if payment in full is not received within fifteen (15) days after the auction's close. In cases of nonpayment, RIAC's election to void the sale does not relieve the Purchaser from the obligation to pay RIAC its fees (sellers and buyers premium) on the lot and any other damages sustained by RIAC or the consignor.

Each Purchaser at this auction grants RIAC a security interest in the property purchased. Any of the Purchaser's property and all monies held or received by RIAC on the Purchaser's behalf will be retained as collateral security for the Purchaser's obligations to RIAC. RIAC may apply against such obligations monies held or received by RIAC for the account of, or owing to, the Purchaser. RIAC retains all rights of a secured party under the Texas Business and Commerce Code including but not limited to the right of sale. Purchaser acknowledges and agrees that any auction conducted by RIAC at any one of its locations to satisfy Purchaser's obligations under these terms and conditions (through foreclosure or otherwise) is deemed to be a reasonably commercial sale under the Texas Business and Commerce Code.

In addition with respect to payment of his or her obligations, Purchaser waives any and all rights of offset he or she might otherwise have against RIAC and consignor of the property. If Purchaser owes RIAC or its affiliates on any account, RIAC and its affiliates shall have the right to offset such unpaid account by any credit balance due the Purchaser.

Whenever the Purchaser pays only a part of the Total Amount Due for one or more lots purchased, RIAC may apply such payments, at RIAC's sole discretion, to the lot or lots RIAC chooses. Payment will not be deemed made in full until RIAC has collected the Total Amount Due in cash or good funds. RIAC has the sole discretion to determine what is considered good funds.

In the event Purchaser pays by check and the check is returned due to insufficient funds, stopped payment, closed account, or for any other reason, and Purchaser already has possession of the property, such possession of the property may be deemed theft by deception and/or theft under 18 U.S.C. § 922(u), which may result in penalties of a fine of up to $250,000, imprisonment in federal prison for up to 10 years, or both.

In addition to remedies available to RIAC and the consignor by law, if the Purchaser does not comply with these terms and conditions of sale (this includes but is not limited to payment in full of the Total Amount Due), RIAC, at its option, may either: (A) cancel the sale; or (B) resell the property either publically or privately, and in such an event the Purchaser shall be liable for the payment of the deficiency, plus all costs and expenses of both sales and RIAC's commission for both sales at RIAC's standard rates, as well as any other damages, including but not limited to loss of profits. The Purchaser hereby waives any and all notices of disposition of collateral and sale required under the Texas Business and Commerce Code. The Purchaser is also responsible for all other charges due hereunder, in addition to any attorney's fees incurred by RIAC, incidental damages, and any other damages incurred by RIAC. Purchaser also acknowledges and agrees that should RIAC proceed with a public sale of any property of the Purchaser, any auction conducted by RIAC is deemed to be a reasonable commercial sale under the Texas Business and Commerce Code.

7. INTEREST AND DEFAULT. Payment of the Total Amount Due is due upon receipt of the Purchaser's invoice. If the amount noted within the Purchaser's invoice is not paid in full within fifteen (15) days of the auction, Purchaser hereby authorizes RIAC, and RIAC has the right and will charge the Purchaser's credit card of record on file for the total invoice amount. Interest will be charged on all unpaid balances at the rate of 1-1/2% per month (18% APR), or the highest allowable rate under Texas law, whichever is lower, beginning fifteen (15) days after the date of purchase/auction. The Purchaser acknowledges that should the Purchaser not comply with any of the terms and conditions of sale, including payment of the full amount indicated on the Purchaser's invoice, the damages incurred by RIAC includes, without limitation, consignor commission, loss of use of money for an indefinite period, costs to relist the item and potential depreciation of the item, which Purchaser agrees RIAC may recover on behalf of the consignor, and loss arising on the resale of the lot, which Purchaser agrees RIAC may recover on behalf of the consignor, whether such damages are now known or may become known in the future. Accordingly, in the event the purchaser fails to pay the full amount indicated on the Purchaser invoice within forty-five (45) days after the auction, Purchaser shall be immediately liable for liquidated damages in an amount equal to 30% of the amount on the Purchaser invoice. RIAC shall hold any money deposited in partial payment on account of any liability of the defaulted item and will apply it at the sole discretion of RIAC to the outstanding debt. Purchaser agrees to pay attorney's fees, court costs, and other collection costs incurred by RIAC to collect on the outstanding debt. If RIAC assigns collections to its in-house legal staff, such attorney's time expended on the matter shall be compensated at a rate comparable to the hourly rate of independent attorneys.

8. WITHDRAWAL. RIAC reserves the right to withdraw any property from the auction prior to sale.

9. FAILURE TO DELIVER PURCHASER'S PROPERTY. If RIAC is prevented by fire, theft, or any other reason from delivering any property to the Purchaser, RIAC's liability shall be limited to the sum actually paid therefore by the Purchaser and shall in no event include any incidental or consequential damages.

10. GUARANTEE. All property offered for sale is as is, where is. ALL SALES ARE FINAL. THERE WILL BE NO REFUNDS AND NO EXCHANGES. RIAC does not guarantee or make warranties on any lot sold. The bold headline of the description is the only written statement RIAC will guarantee as correct. Descriptions in the catalog and on our website are opinion. They are written as an aid to potential Bidders. RIAC acknowledges that there may be errors in what is written beyond the bold headline description. RIAC recommends that each Bidder personally view any item such Bidder bids on or have an acknowledged expert view the item. Statements referencing an item's condition are opinions, not statements of fact or guarantees. If a dispute about a lot arises, it is the Purchaser's responsibility to provide a written statement by an acknowledged qualified expert within thirty (30) days after the auction that the bold headline is in fact incorrect. The thirty (30) day return period IS NOT calculated from the date payment is made or the date the items are received. The thirty (30) day return period will not be extended due to delay in payment or delay in receipt of the goods. If the expert's statement is indeed correct RIAC will make a full refund upon return of the lot(s), provided that the lot(s) is returned in the same condition it was received. In the unlikely event that Purchaser needs to return a lot to RIAC, Purchaser is responsible for all shipping costs. RIAC must again reiterate the guarantee is only on the bold headline of the description and RIAC will only honor this guarantee within thirty (30) days of an auction. This right to return an item purchased at an auction shall be expressly limited to situations where errors occurred in the bold headline description of an auction item and such 30-day return provision shall not apply to a return of an auction item for any other reason. RIAC will have no further obligation, i.e., no refunds or returns will be accepted, if the above conditions are not met. Items offered for sale as described in the catalog, on our website or any bill of sale, advertisement, addendum sheet, or elsewhere as to authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition, or physical condition are qualified statements of opinion and not representations or warranties. No employee of RIAC or any person purporting to act on behalf of RIAC is authorized to make on RIAC's or the consignor's behalf, any representation or warranty, oral or written, with respect to any lot or item for sale.

11. NO IMPLIED WARRANTIES

NEITHER SELLER NOR RIAC MAKE ANY OTHER WARRANTY, EXPRESSED OR IMPLIED, ORAL OR WRITTEN WITH RESPECT TO THE LOT, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, EACH OF WHICH IS SPECIFICALLY DISCLAIMED.

12. BINDING EFFECT, MODIFICATIONS, AND SEVERABILITY. The terms and conditions of sale shall bind the successors and assigns of all Bidders and Purchasers and inure to the benefit of RIAC's successors and assigns. No waiver, amendment or modification of the terms hereof (other than posted notices or oral announcements during the sale) shall bind RIAC unless specifically stated in writing and signed by RIAC. If any part of these terms and conditions of sale is for any reason illegal, invalid or unenforceable, the invalid portion shall be stricken and the rest of the terms and conditions of sale shall remain valid and enforceable.

13. RESERVES. Unless otherwise indicated, all lots are subject to a reserve (the confidential minimum price below which the lot will not be sold). If a lot is offered with a reserve, the auctioneer may implement that reserve by bidding on behalf of the consignor. No reserve will be allowed higher than the high estimate and in many cases the reserve is lower than the low estimate. This bidding will not generally constitute opening bidding. If the auctioneer declares an opening bid and no advance to that bid is received the auctioneer will pass the item. However, once bidding is opened the auctioneer will bid on behalf of the consignor to reach the reserve price. The auctioneer may reject nominal bids, which are small opening bids or very nominal advances made with the purpose of disparaging an item. If a lot fails to achieve a bid equal to or exceeding 30 - 40% of the low estimate, the item may be passed and not sold and may not be re-offered until a later sale. This determination of whether to sell the item at the current auction or re-offer it at a later auction is at the sole discretion of RIAC. RIAC buys items on the open market or may offer a guarantee to a consignor. In either event, RIAC can have an ownership or other financial interest in the item(s) being auctioned. Such interest in the item(s) being auctioned may not be disclosed. If RIAC has an interest in an offered lot and the proceeds therefrom, other than our commission, RIAC may bid on the offered lot to protect such interest and such bidding shall not be prohibited under Section 15 below. Items which are not reserved are sold at RIAC's discretion.

14. BIDS OF CONSIGNORS. Consignors, other than RIAC, are not allowed to bid on their own lots nor have any agent bid on their behalf. If RIAC recognizes such bidding or is advised of same, RIAC reserves the right to withdraw any or all items consigned by the offending consignor. It is not prohibited conduct under this Section 14 when RIAC bids on behalf of the consignor to reach the minimum 30-40% of the low estimate or reserve price as provided In Section 13 above.

15. FINANCIAL INTEREST IN PROPERTY. Purchaser acknowledges that RIAC has a financial interest in all items offered for sale since it is paid a seller's commission and buyer's premium. Additionally, Purchaser acknowledges that a conflict of interest may exist because RIAC, its officers or employees, or an entity owned by one or more of them, may have a financial interest in an item offered for sale beyond the seller's commission and Buyer's Premium, which may include an ownership interest or a guaranteed amount offered by RIAC to a consignor of an item for sale.

16. ABSENTEE BIDDING. As a service to anyone wishing to place bids in advance of the sale RIAC may accept bids on behalf of potential Bidders at RIAC's own discretion by telephone or absentee bid using the forms RIAC provides. An Absentee Bid must be received and credit approved in advance of the sale date. It is the Bidder's responsibility to establish credit before bidding, or RIAC will accept a 15% deposit in the amount of the total bids submitted. (Deposits will be returned within ten (10) days after sale if not successful.) An Absentee Bid form is enclosed in the back of the catalog. Bids may also be faxed to (309) 797-1655. Additionally, on-line bidding is available on RIAC's website. Bidder acknowledges that by bidding absentee via mail, e-mail, telephone, through internet providers, or any other absentee means (i.e., not in person bidding), no fiduciary duty exist between the Bidder and RIAC. Bidder acknowledges that RIAC has a fiduciary duty to the sellers and not to the Bidders or Purchasers. In addition each Bidder and Purchaser acknowledges that RIAC owes no duty to disclose the ownership of any item being auctioned. Any absentee bid is executed as if the Bidder was actually present and bidding themselves. RIAC will attempt to execute bids in a manner such that the bids will prevail at the lowest bid possible. RIAC assumes no responsibility for failure to execute telephone, absentee, or website/online bids for any reason whatsoever or for failure to execute bids such that the bids do not prevail at the lowest bid possible.

17. TELEPHONE BIDDING. In order to bid on a lot over the telephone at the time it is being sold the Bidder must contact RIAC in advance to make arrangements. The Bidder must contact RIAC by 2:00 p.m. the day preceding the sale to make arrangements to bid via telephone. If the Bidder contacts RIAC after 2:00 p.m. the day preceding the sale, RIAC cannot guarantee that the Bidder's bids will be executed; it is ultimately dependent on RIAC's staff availability to execute the bids.

BY PARTICIPATING IN TELEPHONE BIDDING, THE BIDDER AND PURCHASER UNDERSTAND, ACKNOWLEDGE AND CONSENT TO THE TELEPHONE CONVERSATION BEING RECORDED.

"Cover-Me Bids": As a Telephone Bidder be aware that there is the risk of RIAC not being able to reach the Telephone Bidder. Therefore the Telephone Bidder may want to consider allowing his or her phone representative to execute bidding on his or her behalf. At the time of arranging for the phone bids, the Telephone Bidder need simply give the maximum amounts he or she is willing to bid on each lot in the event RIAC is unable to reach the Telephone Bidder. This amount is only utilized if the Telephone Bidder is not on the phone with his or her representative. If the Telephone Bidder is reached via telephone, the phone representative will rely on the Telephone Bidder's verbal instructions only. "Cover-me bids" are not mandatory; the Telephone Bidder can place them at his or her discretion. "Cover me bids" are simply a safety net in case the Telephone Bidder cannot be reached in time or not at all. All terms provided under Section 16 above apply to any "Cover-Me Bids", including but not limited to all acknowledgements made by Purchaser and any disclosure of the absence of any duties by RIAC.

18. FIREARMS LAWS. All post - 1898 firearms must be registered in compliance with federal and Texas state law. Purchasers of post - 1898 firearms must complete state and federal registrations forms at Rock Island Auction Company, 3600 E. Harwood Rd., Bedford, TX 76021, unless otherwise specified. Dealers and out-of-state Purchasers must have in their possession on the day of sale, signed copies of their Federal Firearms License (FFL) in order to accept same-day delivery of modern weapons.

19. NATIONAL FIREARMS ACT (NFA), TITLE II (CLASS III) ITEMS. All firearms designated as NFA/Class III must be registered in compliance with the NFRTR (National Firearms Registration and Transfer Record) registry. A NFA/Class III item is a firearm or firearm accessory that is regulated by the ATF in accordance with the National Firearms Act of 1986. These items include full auto machine guns, silencers, short barreled rifles, short barreled shotguns, AOW's and destructive devices. Purchaser's should consult with their federal, state, and local laws, law enforcement personnel, or legal counsel to make sure they may legally own, possess, or use the purchased NFA/Class III item and that all fees, licenses and approvals are completed.

20. CONDITION OF FIREARMS. RIAC makes no warranties or representations whatsoever and no affiliate, employee, contractor or consultant of RIAC has the authority to do otherwise for the condition of firearms, which includes, but is not limited to, any warranties or representations concerning the operation of firing condition, fitness for use, safety to store, or reliability of any firearm, ammunition, or parts. Use of any firearm or ammunition purchased at RIAC is entirely at the user's risk. RIAC offers for sale the lots as "collector" lots only. RIAC strongly recommends that all weapons, ammunition, etc. purchased at auction be examined by a competent gunsmith. RIAC expressly disclaims any liability whatsoever for accident, injury or damage resulting to any person from the storage or subsequent use of any such lot.

21. ENDANGERED OR PROTECTED SPECIES OR WILDLIFE. Any property made of or incorporating endangered or protected species or wildlife may have import and export restrictions established by the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITIES). These items are not available to ship internationally and in some cases, domestically. Additionally, these items may be subject to confiscation by state or federal officials if the proper documentation authorizing their sale is not produced. By placing a bid, the Bidder acknowledges that he is aware of the restriction and takes responsibility in obtaining and paying for any license or permits relevant to delivery of the item(s). RIAC does not accept liability for the inability to ship the purchased items or if such item(s) is (are) confiscated by state or federal officials prior to their shipment or transport to the Purchaser.

22. DELIVERY, SHIPPING, AND STORAGE CHARGES. All delivery, shipping and storage charges must be paid by the Purchaser prior to delivery of the firearm.

23. SHIPPING. If RIAC is asked to ship the purchased lots, there will be a separate charge for such shipping. Shipping charges to the Purchaser for firearms will be based upon RIAC's standard rates depending on the type of firearm shipped. Shipping rates for all non-firearm lots will be based upon the size and weight of the item. RIAC's standard rates do not apply to any items shipped to the states of Alaska or Hawaii or to the Commonwealth of Puerto Rico. All lots shipped shall be covered by shipping insurance unless the Purchaser expressly waives such shipping insurance, in which case such insurance shall not be provided for any of Purchaser's shipped lots. If any packing and handling of purchased lots is done by RIAC, it is done entirely at the risk of the Purchaser. All packages are sent with adult signature required. RIAC is not liable for any acts of omissions in packaging or shipping. Purchased lots handled by outside carriers or packers, including those RIAC may have recommended, may carry their own insurance and any claims for losses or damages should be addressed directly to the outside carriers or packers. RIAC will arrange for packing and shipping at RIAC's earliest possible convenience. RIAC will attempt to ship as soon as possible; however, due to RIAC's high volume of business, shipping can take up to two to three weeks after full payment is received. In the case of crating or any exceptional packaging, the Purchaser will be charged RIAC's cost from outside agents. Purchaser pays shipping, packing materials, and insurance charges. Purchaser acknowledges and agrees that RIAC reserves the right to purchase its own shipper's insurance, to be self-insured if RIAC determines such insurance is necessary in RIAC's sole and absolute discretion.

It shall be the responsibility for the Purchaser to arrange pickup or shipping in a timely manner. All property will be subject to storage, insurance, and moving charges including but not limited to a $100 administration fee plus a $10 daily storage after thirty (30) days if such property is not picked up by the Purchaser. The cost of insurance of such property shall equal 1% of the total price invoiced. In the event the property is not removed from RIAC's premises within ninety (90) days the property may be offered for sale to recover any past due storage or moving fees, including a 20% seller's commission.


RIAC reserves the right to ship ammunition lots to FFL's only. All state and local laws apply.

The shipping of any purchased items outside of the United States is hereby classified as "foreign export". All foreign export is the sole responsibility of the Purchaser.

24. Miscellaneous

Agreements between Bidders and consignors to effectuate a non-sale of an item at auction, inhibit bidding on a consigned item to enter into a private sale agreement for set item, or to utilize RIAC's auction to obtain sales for non-selling consigned items subsequent to an auction, are strictly prohibited. If a subsequent sale of a previously consigned item occurs in violation of this provision, RIAC reserves the right to charge the Bidder the applicable buyer's premium and consignor a seller's commission as determined for each auction venue and by the terms of the seller's agreement.

Acceptance of these terms and conditions qualifies a Bidder as a client who has consented to be contacted by RIAC in the future. In conformity with the do not call regulations promulgated by the federal or state regulatory agencies, participation by a Bidder is affirmative consent to being contacted at the phone number shown in his application and this consent shall remain in effect until it is revoked in writing. RIAC may from time to time contact Bidder concerning the sale, purchase, and auction opportunities available through RIAC and its affiliates and subsidiaries.

RIAC owns the copyright and all images and illustrations in written material produced by or for us relating to a lot (including the contents of our catalogs unless otherwise noted in the catalog). No Bidder or Purchaser can use them without RIAC's prior written permission.

You may not grant a security interest in or transfer your rights or responsibilities under these terms and conditions of sale unless we have given our written permission. These terms and conditions of sale will be binding on your successors or estate and anyone who takes over your rights and responsibilities.

No failure or delay to exercise any right or remedy provided under these terms and conditions of sale shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

25. NOTICE AS TO AN AUCTION IN TEXAS. Notice is hereby given the auctioneer's license by the Texas Department of professional licensing and regulations, and any concerns may be address the department P.O.Box 12157, Austin, TX 78711, (512) 463 - 6599, or http://www.tdlr.texas.gov/.

26. DISPUTES UNDER THIS CONTRACT; MEDIATION; ARBITRATION.

All claims, disputes, or controversies in connection with, relating to, and/or arising out of a Bidder's or Purchaser's participation in this auction or purchase of any lot, any interpretation of these terms and conditions of sale or any amendments thereto, any description of any lot or condition report, any damage to any lot, any alleged verbal modification of any term of sale or condition report or description, and/or any purported settlement whether asserted in contract, tort, under any federal or state statute or regulation, or any claim made by Purchaser of a lot or a Bidder's or a Purchaser's participation in this auction, involving the auction, or a specific lot involving an alleged warranty or representation of a consignor or other person or entity including RIAC (collectively, "Claim") shall first be submitted to mediation. In the event that mediation is unsuccessful (or the opposing party refuses to mediate for a period of no less than ninety (90) days from the date such Claim is presented to the opposing party to be mediated), such Claim shall be exclusively heard by, and each of Bidder, Purchaser, and RIAC each consent to the Claim being presented in a confidential binding arbitration before a single arbitrator administrated by and conducted under the rules of, the American Arbitration Association that must be initiated and carried out in Tarrant County, Texas.

Each Bidder and Purchaser at this auction acknowledges and agrees that any Claim must be brought within two (2) years of its occurrence or the Claim is waived. After one (1) year has elapsed from the occurrence of the Claim, each Bidder and Purchaser acknowledges and agrees that RIAC's maximum liability shall be limited to any commissions and fees RIAC earned on the property subject to the Claim.

Each Bidder or Purchaser in this auction agrees that the election of restricting any and all claims to Arbitration is a voluntary decision and is evidenced by the Bidder or Purchaser's participation in the auction.

Each Bidder or Purchaser specifically agrees to the following: I have read these terms and conditions of sale and by my participation in this sale I agree any Claim arising out of my participation in this auction will be first submitted to mediation, and if mediation is not successful in resolving the Claim, I then submit to neutral binding Arbitration with RIAC and any other entity under this contract in Tarrant County, Texas. With the exception for Purchaser's failure to make full payment of Purchaser's obligations to RIAC as provided in these terms and conditions, no lawsuit shall be filed until a person has in good faith completed all mediation and arbitration proceedings as required hereunder.

Prior to commencing any arbitration action, Purchaser or Bidder, as applicable, and RIAC agree to mediate any Claim arising between them.

Notwithstanding any other provision in these terms and conditions to the contrary related to any Claim, neither mediation nor arbitration shall be required to be pursued by RIAC if a Purchaser fails to make full payment of Purchaser's obligations to RIAC as required under these terms and conditions. In the event the Purchaser fails to make full payment of his or her obligations to RIAC, RIAC may, but is not required to, proceed directly to a court of competent jurisdiction located in Tarrant County, Texas.

Furthermore, each of Bidder or Purchaser, as applicable, and RIAC agree for any such mediation, mediation fees, if any, will be borne equally by the parties. Should a party commence legal action without first submitting the claim to mediation and/or arbitration, except as otherwise permitted under these terms and conditions of sale, the party so commencing the legal action will not be entitled to recover attorney's fees even if they would otherwise be allowed in the action.

27. LIMITATION OF LIABILITY. EXCEPT AS EXPRESSLY PROVIDED ABOVE, ALL PROPERTY IS SOLD "AS IS". NEITHER ROCK ISLAND AUCTION COMPANY NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY OR AS TO WHETHER THE PURCHASER ACQUIRES ANY COPYRIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS IN LOTS SOLD OR AS TO WHETHER A WORK OF ART IS SUBJECT TO THE ARTIST'S MORAL RIGHTS OR OTHER RESIDUAL RIGHTS OF THE ARTIST. ALL FIREARMS AND AMMUNITION ARE SOLD AS COLLECTOR LOTS ONLY. FITNESS TO FIRE OR OTHERWISE DISCHARGE THE ARM OR AMMUNITION IS EXPRESSLY DENIED BY ROCK ISLAND AUCTION COMPANY. A COMPETENT GUNSMITH SHOULD BE CONSULTED BEFORE ATTEMPTING TO USE OR FIRE ANY FIREARM OR AMMUNITION. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL ROCK ISLAND AUCTION COMPANY BE LIABLE FOR ANY DAMAGES INCLUDING WITHOUT LIMITATION ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES.

Buyers Premium

INVALUABLE/AUCTIONZIP BUYERS WILL BE CHARGED 27% BUYERS PREMIUM.

All purchases made by credit card are subject to an additional 3.5% service fee calculated on the total purchase price.

Payment

Rock Island Auction will contact you shortly after the auction has completed. Then provide payment options.

5. METHOD OF PAYMENT. Auction sales are strictly for cash, cashier's check, personal checks (with prior approval of RIAC's management), credit card (MasterCard, Visa, AMEX or Discover accepted), automated clearing house ("ACH") transfer or wire transfer. Any Purchaser's using wire transfer is recommended to contact RIAC to confirm wire instructions prior to making any such transfer for payment.

NOTE TO ALL PURCHASERS: All payments must be made in U.S. currency in immediately available funds (except with prior approval of RIAC's management). Purchaser is responsible for any foreign currency exchange rates or fees. Delivery of purchased property will not be made until RIAC receives full payment in U.S. dollars for such property, taking into consideration any clearing period that may be required for the method of payment utilized by the Purchaser. Any checks drawn on a U.S. bank are subject to a ten (10) business day hold (or clearing period); any checks drawn on an international bank are subject to a thirty (30) day hold (or clearing period). Clients with prearranged credit may receive immediate credit payment for payments via eCheck, personal, or corporate checks.

Shipping Terms

Rock Island Auction will contact you shortly after the auction has completed. We will arrange for shipping and or pickup.

Taxes

SALES TAX.

RIAC is a Marketplace Facilitator (as defined in the applicable regulations for each state) for purposes of collecting and submitting sales tax for each applicable state. A Marketplace Facilitator is a business that contracts with sellers to facilitate the sale of tangible goods and administers all aspects of the transaction. A Marketplace Facilitator is required to collect sales tax from the Purchaser and remit such sales tax to the state to which the items are shipped. The sales tax is based on the ship to address. If the item is picked-up from the RIAC facility or shipped to a Texas address, sales tax of 8.25% will be collected. Generally, all items included on the invoice are taxable.

To establish a tax free sale, a copy of a valid reseller's permit or other instrument or information establishing a sales tax exemption, as required by the applicable state, must be provided to RIAC's satisfaction. Please refer to our website, rockislandauction.com, for additional information regarding resale certificates. Any Purchaser claiming a sales tax exemption yet unable to provide satisfactory proof to RIAC at the time of payment will be required to pay the applicable tax to RIAC and thereafter seek a refund from the applicable state. Each Purchaser agrees to pay RIAC the actual amount of tax due if the incorrect amount of sales tax was collected at the time of purchase for any reason.

Sales tax is required to be collected and remitted in all states except the following:

States with no sales tax: Alaska (certain cities, counties and boroughs require RIAC to collect sales tax), Delaware, Montana, New Hampshire, and Oregon.

Other: West Virginia does not charge a sales tax on the purchase of firearms.

Purchased lots may be subject to taxes or fees imposed by various foreign taxing agencies. Purchaser is responsible for paying all foreign imposed taxes whether VAT, GST, etc. prior to delivery unless arrangements are made in writing. Lots delivered to Purchaser, or Purchaser's representative are subject to all applicable state and local taxes, unless appropriate permits are on file with RIAC. The appropriate form or certificate must be on file at, and verified by, RIAC five (5) days prior to the auction or tax must be paid. A refund of a tax that has been paid may be made only if the appropriate form or certificate is received by RIAC within four (4) days after auction. Purchaser agrees to pay all applicable state sales taxes as required by the delivery state as of the shipping date, even if such sales tax becomes applicable after the date of the auction but before the property is delivered. Purchaser further agrees to pay RIAC the actual amount of tax due in the event sales tax is not properly collected due to: (A) an expired, inaccurate or inappropriate tax certificate or declaration, (B) an incorrect interpretation of the applicable statute, or (C) any other reason.