CONTRACT
QUAKER CITY AUCTIONEERS, INC
409 EASTON STREET, SUITE 101
WILLOW GROVE, PA 19090
(215) 426-5300
Fax: (215) 426-6897
It is hereby agreed that Quaker City Auctioneers, Inc. hereinafter known as the
Auctioneer, is to sell for the the city of Nashua, New Hampshire , hereinafter known as
Municipality, at public online auction, all personal property as designated and represented by you
and located at premises known as, Ultima NIMCO, 1 Pine Street Extension, Nashua, New
Hampshire 03060, on the following terms and conditions:
1. The personal property shall be offered for sale by Auctioneer and sold to the highest
bidder(s) without limit or reserve unless otherwise agreed upon prior to sale via an online auction
hosted by BIDSPOTTER.
2 Municipality will receive, from Auctioneer, $10,000.00 prior to the commencement of the
auction. The first $100,000.00 of revenue collected will go to Auctioneer including expenses for
advertising and labor, projected to be $40,000.00 (Bidspotter $350.00 event fee is included),
assuming the sale generates proceeds in excess of the $10,000.00 payment to Municipality and
at least $40,000.00 in revenue; if the sale fails to generate $50,000.00 then Auctioneer will
sustain the outlay of expense loss). All revenue In excess of $100,000.00. will be split 50% to
Municipality and 50% to Auctioneer. An 18% buyers’ premium will be charged with 3% being
paid to Bidspotter and Auctioneer retaining 15%.
3 Auctioneer represents that it has knowledge of the names and addresses of persons and
firms who can be considered likely ta be interested in buying such personal property. Auctioneer
will catalog and inventory the personal property which will-be offered for sale; will send notices
and information to prospective buyers, informing them of the kind and character of the personal
property to be offered; will place advertisements in trade journals and newspapers, within such
limits as outlined in paragraph 4 of this agreement.
4, Municipality agrees Auctioneer will be reimbursed expenses from the revenue derived
from the Auction for advertising and other sales expenses, assuming the sale generates revenue
greater than the $10,000.00 payment to the Municipality; if there is a shortfall Auctioneer will
sustain the loss of expenses for revenue that is less than $50,000.00.
5. Municipality warrants that there are no outstanding creditor claims, delinquent mortgages
or liens of any kind pending or affecting the sale of the personal property to be sold by
Auctioneer, for your account at public and /or private sale, and all materials sold are in conformity
with the Uniform Commercial Code of the State of New Hampshire and, further agrees to hold
harmless and relieve Auctioneer of any liability and responsibility of any litigation resulting from
said public and/or private sale due to defective or encumberes title or creditor's claims.
6. Complete accounting and settlement in full of the proceeds received from the public and/
or private sale of the personal property shall be made by either and/or all parties to this
agreement within Fourteehn(14) days from date of auction, whichever occurs last. However,
Municipality authorizes Auctioneer to retain the first $100,000.00 of revenue collected from the
sale, with all revenue above $100,000.00 to be split equally (50-50) between Municipality and
Auctioneer.
7. Auctioneer agrees to collect full payment of invoices prior to removal of purchased
assets. If Auctioneer allows removal of items prier to payment, Auctioneer will be responsible for
the unpaid balances of those items. However, Auctioneer shall be held harmless for any
uncollected funds from Buyers that did not pay and remove their ifoms.
