Bidder Agreement Provisions

1. Acknowledgements, representations, warranties and agreements of individual identified on the reverse side of this document, hereby referred to as (Bidder) and Russo and Steele L.L.C. (RS)

A. Bidder hereby represents, warrants, and covenants that as a condition precedent to Bidder's participation in the auction, and prior to making any bid on any Vehicle, Bidder, or Bidder's qualified representative shall, inspect and examine all Vehicles upon which Bidder may make any bid, to the extent Bidder believes necessary, in Bidder's sole discretion, sufficient to verify or discover all facts material to a purchase of any such Vehicle. Further, the amount offered by Bidder to purchase any Vehicle shall be determined solely by Bidder's inspection of the Vehicle, or that of Bidder's authorized and qualified independent agent, and shall in no manner whatever be based on or in reliance upon any representation by RS, or any person affiliated with RS, or assumption based on the reputation or knowledge of RS. In addition, Bidder represents, warrants, and covenants that no bid on any Vehicle shall be made by Bidder without a prior examination of the Vehicle to such degree as Bidder, in its sole and absolute discretion, believes sufficient for Bidder's purposes, which purposes are known only to Bidder. Bidder hereby accepts and assumes all risks with respect to any damage, defect, fault, or nonconformity of any Vehicle, whether obvious, hidden, or intentionally concealed. Bidder hereby acknowledges, represents, and agrees that Bidder has no right to rely and will not rely on any statement, representation, reputation, or knowledge made by or thought to be possessed by RS or any person affiliated with RS; including, but not limited to, representations or knowledge with respect to any fact or factor affecting or concerning any Vehicle such as: condition, make, year, model, mileage, authenticity, equipment, originality, provenance, use, restoration, ownership or manufacture.

B. Bidder acknowledges, understands, and agrees that each Vehicle is described and catalogued using facts and figures provided by the owner of the Vehicle, or its authorized representative. RS makes, and assumes no duty to undertake, any independent investigation or verification of such facts and figures. Each Vehicle is sold "AS IS - WHERE IS," and without recourse. RS will issue no refund or credit in any event.

C. Bidder acknowledges, understands, and agrees that: (i) RS offers each Vehicle for sale by auction on consignment from the owner of the Vehicle; (ii) RS is the exclusive agent of the owner; (iii) All Vehicles are offered "AS IS, WHERE IS;" (iv) most of the Vehicles are not new; (v) Certain defects and faults in the condition of the Vehicles are to be expected, some of which are not readily ascertainable by inspection, and for none of which may RS be held responsible; (vi) RS does not inspect the Vehicles and offers no warranty of any kind or description with respect to the Vehicles; (vii) All descriptions, opinions of value, statements of condition, statements of provenance, and documents of title are provided by the owner of the Vehicle, are not independently verified by RS, and RS may not be held liable or responsible for same (viii) RS makes no representation and expresses no opinion with respect to any Vehicle; (ix) RS undertakes no duty to inspect any Vehicle or document of title for any reason; including, but not limited to defects, faults, or determination or estimate of value; (x) RS expresses no opinion with respect to and undertakes no duty to investigate or inspect the provenance of any vehicle.

D. Bidder hereby acknowledges that RS has a duty to Bidder only to the extent of release of the Vehicle upon performance by Bidder of the duties prerequisite or precedent to such delivery under the terms of this Agreement.

E. Except as specifically provided herein, Bidder hereby indemnifies, releases, waives, and holds harmless RS from and against any liability, claim, demand, responsibility or duty of any kind with respect to the Vehicle, Bidder's purchase of the Vehicle or participation in the auction as a bidder on or potential buyer of any Vehicle; including, but not limited to, claims of negligence and negligent misrepresentation or breach of warranty. Notwithstanding the foregoing, RS's obligation to deliver the Vehicle, as set forth immediately above, is not subject to this provision. Bidder specifically agrees not to serve or join RS as a party to any litigation involving, directly or indirectly, the condition of any Vehicle or its documents of title, any representation with respect to any Vehicle or its provenance, or any event or occurrence other than RS's alleged failure to deliver a Vehicle according to the terms hereof. Bidder specifically acknowledges that all issues, other than delivery of a Vehicle, with respect to any Vehicle offered for sale by auction hereunder, are the sole responsibility of the owner of the Vehicle.

2. Disclaimer:

A. All statements or descriptions of any Vehicle offered for sale by auction hereunder, whether written or oral, and whether relating to the condition of any Vehicle, its history, use, identity, origin, or otherwise, are provided for purposes of identification only, and are not intended to be relied upon for any purpose, but specifically including value. All such descriptions and statements have been provided to RS by the owner of the Vehicle in question and RS has not and undertakes no duty to independently investigate or verify the veracity of any such description or statement.

B. RS makes, and no agent, employee or representative of RS is authorized to make, any representation, statement, guaranty of value, or offer any opinion with respect to any fact or factor with respect to any Vehicle. RS is the disclosed agent of the owner of the Vehicle and all information provided with respect to any Vehicle is provided by the owner. RS has not, and assumes no duty to, independently investigate or verify any information provided by the owner of the Vehicle.

C. RS hereby expressly disclaims any and all warranties, express or implied, with respect to all Vehicles offered for sale by auction; including, but not limited to the warranty of merchantability or fitness for a particular purpose.

D. All Vehicles are offered with reserve, unless specifically otherwise designated as "without reserve, as set forth in ARS

PLEASE CALL IF YOU PLAN ON PHONE BIDDING PLEASE CONTACT THE OFFICE BEFORE FAXING YOUR FORMS
Buyers who are unable to attend the sale and are interested in becoming a phone bidder need to follow these three steps.
1.) Telephone bidders need to submit both the Bidder Registration Form and the Telephone Bidder Form (link is included) either in person or faxed to 602.252.6260.
2.) A representative from Russo and Steele will contact you to discuss the phone bidding process in detail.
3.) If you have any questions please feel free to call 602.252.2697.
4.) If you have not been contacted from a representative of Russo and Steele within 24 hours please contact us at 602.252.2697.

[PRINTABLE PDF VERSION]

This agreement between Russo and Steele and __________________________(Bidder) is designed to allow Bidder to place bids on a particular Lot Number at Russo and Steele's Auction.

1. Bidder understands that he can either place bids via telephone with an authorized Russo and Steele representative, or can simply authorize Russo and Steele to bid on Bidder's behalf up to the Max Bid amount. In the event that Bidder cannot be reached via telephone, Bidder authorizes Russo and Steele to bid on specified cars up to Maximum Bid amount as set forth below. Russo and Steele will not be held responsible if contact c annot be made.

2. Increasing bids made on Bidder's behalf will only be made in increments consistent with the auction as it progresses in the complete discretion of the auctioneer.

3. Bidder can increase max bid via telephone with an authorized Russo and Steele agent during the auction, but a decrease in the Maximum bid amount must be received in writing by Russo and Steele prior to the start of that day's auction.

4. Bidder is responsible for any inspections or appraisals of the vehicle prior to the sale. All sales are "As Is No Warranty." The Bidder agrees not to hold Russo and Steele or any of its agents liable for any opinions or statements expressed regarding the quality or condition of the vehicle.

5. Bidder will leave a deposit of 10% of the designated Maximum Bid Amount or $10,000, whichever is greater, with Russo and Steele as collateral prior to the auction. Acceptable methods of collateralization include; cash, cashier's check, personal check with irrevocable bank letter of guarantee, or a signed credit card authorization. All funds for non-winning bids will be returned within 7 business days.

6. The remaining funds due for a winning bid are due the next business day after the sale. No vehicles will be released, nor will any titles be issued until payment has been received in full.

7. Bidder will be responsible for arranging the prompt shipping for any vehicles purchased at the sale. If shipping has not been arranged in a timely manner, Russo and Steele reserves the right to have its shipping partner, Reliable Carriers, take the vehicle to its storage depot. Any resulting costs are the responsibility of the Bidder.

8. In addition to the provisions set forth in this agreement, Bidder must also register as a regular bidder for the auction, and is bound by all agreements in doing so.

9. For the purposes of this agreement, I acknowledge that all copies of electronic images, facsimiles and similar images, without limitation, shall be considered duplicate originals, and fully legally effective with respect to signatures, witnesses and dates. Or other matters as appropriate. This agreement may be executed in counterparts, and is fully legally binding.

[PRINTABLE PDF VERSION]

Be Advised: Your bank letter must be accompanied by a signed, matching account number check to be a valid form of collateralization. The bank letter is merely for collateralization; we no longer accept checks as a form of payment. All payments must be received via bank-wire transfer on the first business day following the auction.



(SAMPLE) Bank Letterhead

Russo and Steele
5230 South 39th Street
Phoenix, AZ 85040


Re: (bidder's name)


Dear Sirs:

This letter will serve as your notification that (bank name) will irrevocably honor and guarantee payment of any check(s) written by our customer (customer name) up to the amount of ( $ ). Drawn on account ( # ) or that (bank name) will honor the transfer of US funds as directed by (customer name) up to the amount of ( $ ) the day following the purchase(s). This letter of honor/guarantee shall be applicable to purchases made at the Russo and Steele Auction held (INSERT COMPLETE MONTH, DAYS, AND YEAR OF AUCTION HERE). No stop payments will be issued.


(Bank Officer Name and title)


(Bank Officer Signature/date)


(Bank Officer Telephone number)

| Absentee / Phone Bidder Form


The option to become an absentee or phone bidder is available to our buyers who are unable to be present at the sale or simply wish to bid remotely. Buyers who are unable to attend the sale and are interested in becoming a phone bidder or an absentee bidder must first register as a bidder online and then fill out the Absentee/Phone Bidding Bidder Agreement completely and send in all required items to be reviewed and processed by an absentee representative no later than 24 hours prior to the day you want to bid.