("Dealer") and Columbia Central Missouri Auto Auction In consideration of the following recitals, representations, guarantees, covenants and agreements contained herein, Dealer and Auction agree as follows:
1. Dealer represents that it is a licensed vehicle dealer engaged in title business of buying and selling vehicles. Dealer has provided to Auction a completed Dealer Application Sheet as required by Auction and Dealer represents that all information provided thereon is true and correct.
2. Dealer recognizes and acknowledges that Auction is not to be deemed to be the seller of any vehicle for any purpose nor is it the transferor required to give the Federal Odometer Mileage Statement in connection with any sale at this auction. The Seller named on the Bill of Sale is the transfer.
3. All sales at the Auction are conducted under published Auction Rules/Policies. Dealer acknowledges receipt of a copy of the Auction Rules/Policies and Dealer agrees to be bound by such Auction Rules/Policies, as amended from time to time.
4. Dealer will provide a list of persons to Auction to act as "Authorized Agents" that are duly authorized by Dealer to buy and sell automobiles, to execute Company "Trading As" checks or drafts, and to execute bills of sale, Odometer Mileage statements, assignments of title, and warranties of title on behalf of Dealer. The authority of such persons to act on behalf of Dealer shall continue in full force and effect until terminated by Dealer in writing to the Auction. Dealer does hereby guarantee all transaction made by such persons, and does indemnify and hold harmless the Auction from all loss or expense caused it as a result of any such transaction including, but not limited to, losses from dishonored checks or drafts, defective titles, and false or inaccurate Odometer Mileage Statements as well as any expense incurred in attempting to collect such losses, including attorney's fees.
5. Dealer authorizes the Auction to act as Dealer's attorney-in-fact to purchase, sell and transport vehicles and as
required on Dealer's behalf, to execute any documents necessary to transfer ownership thereof and any disclosure statements relating thereto. Except for negligence on the part of the Auction, dealer agrees to indemnify the Auction, hold the Auction reason of so acting for Dealer. premises and Dealer shall provide insurance for such loss, liability and damage. The Auction disclaims all liability, in tort, contract, or otherwise for such loss, liability and damage.
6. Dealer assumes all risks of loss, liability, and damage incident to or arising out of any vehicle left on the Auction's
7. With respect to each and every vehicle delivered by Dealer to Auction for sale, Dealer represents to Auction and to the buyer of that vehicle that:
a. The vehicle is in a safe condition to operate on the public highways and complies with applicable laws, including
laws relating to safety and performance;
b. Dealer will fully and accurately disclose the description, condition, known defects and mileage of the vehicle and
be solely responsible for such representations;
c. Dealer is the true and lawful owner of the vehicle;
d. Dealer has good and right power to sell the vehicle;
e. Dealer guarantees, without exception, that title to the vehicle is free and clear of all encumbrances and other
from any defect in such title;
f. Within the time allowed by Auction Rules, Dealer will deliver to Auction, as agent , good title to the vehicle, free
and clear of all liens or encumbrances, with related disclosure statements. Upon such delivery, Auction agrees
to pay Dealer the purchase price of vehicle, less any fees owing to Auction;
g. Dealer will hold harmless and indemnify Auction and the buyer of the vehicle against any loss resulting from the
breach of the Dealer's warranty of title to the vehicle or of any warranty or representation contained herein.
8. With respect to each and every vehicle purchased by Dealer, Dealer agrees that:
a. Auction does not inspect vehicles delivered to it for sale, rather, the seller is responsible for all representation of description, condition and mileage and for disclosure statements relating to vehicle;
b. Dealer will pay Auction the purchase price of the vehicle by draft, check or cash (as requested by Auction)
immediately upon tender of good title thereto. Upon failure to so pay, Auction may without further notice to
costs of collection, loss on resale of vehicle, and any other damage the liable Auction may sustain, including
reasonable attorney fees incurred in collecting payments due and interest;
c. All vehicles purchased must be paid for before noon on the 3rd business day after auction or a late payment fee
of $100.00 will be added for each day not paid. No vehicle will be allowed off the premises without payment.
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