Legal Purse Bid Form

LEGAL PURSE BID FORM

This Legal Purse Bid Form (the "Form") is made effective as of by and between Seller Name: ("Seller") and Bidder Name: ("Bidder"). The Seller and Bidder are collectively referred to as the "Parties."

RECITALS

WHEREAS, Seller is the lawful custodian or owner of certain personal property described below that is offered for sale by public or sealed bid process; and

WHEREAS, Bidder desires to submit a binding bid to purchase the identified property subject to the terms, conditions and certifications set forth in this Form; and

WHEREAS, Seller shall have the exclusive right to accept or reject any bid in accordance with the procedures and reserve price stated herein.

NOW, THEREFORE

In consideration of the mutual covenants and agreements contained in this Form, the Parties agree as follows:

1. DESCRIPTION OF PROPERTY

2. BID AMOUNT AND DEPOSIT

Bidder hereby submits a bona fide, irrevocable bid in the amount of (the "Bid"). This Bid is subject to acceptance by Seller in accordance with Section 3. Simultaneously with submission of this Form, Bidder shall deliver a deposit in the amount of to secure performance (the "Deposit").

Deposit Method: Cash Certified Check Wire Transfer

The Deposit shall be refundable only in the event Seller rejects all bids or as otherwise expressly set forth in this Form. If Bidder withdraws or fails to close following Seller's acceptance without lawful excuse, Seller may retain the Deposit as liquidated damages, not as a penalty, to the extent permitted by law.

3. ACCEPTANCE AND AWARD

Seller shall have sole discretion to accept or reject any Bid. Acceptance shall be effective upon written notice from Seller to Bidder delivered in accordance with the Notices provision. If Seller accepts Bidder's Bid, Seller will notify Bidder and the Parties shall close the transaction in accordance with Section 4 within the time period specified in that notice.

4. PAYMENT, TRANSFER AND CLOSING

Payment of the balance of the purchase price shall be made in cleared funds by the date specified in Seller's acceptance notice. Title and risk of loss shall transfer to Bidder upon full payment and delivery of possession. Seller is not required to provide title insurance; transfer occurs by bill of sale or other instrument of transfer as specified by Seller.

5. INSPECTION; NO WARRANTY

Bidder represents that Bidder has had the opportunity to inspect the property and accepts it "AS IS" and "WHERE IS" with all faults. Except as expressly provided in writing by Seller, Seller makes no warranty, express or implied, including any warranty of merchantability or fitness for a particular purpose, and Seller disclaims all such warranties to the fullest extent permitted by law.

Bidder has inspected the property prior to submitting this Bid. Bidder has elected not to inspect and accepts risk of undisclosed defects.

6. REPRESENTATIONS AND WARRANTIES

Bidder represents and warrants that: (a) Bidder has full power and authority to enter into this Form; (b) the person executing this Form on behalf of Bidder is duly authorized; (c) the Bid is made without collusion, fraud or intention to mislead; and (d) the funds to satisfy the Bid and closing obligations are lawfully available to Bidder. Seller represents and warrants that Seller has authority to sell the described property subject to the terms herein.

7. REMEDIES; DEFAULT

In the event of Bidder's default after acceptance, Seller may retain the Deposit as liquidated damages and pursue any additional remedies available at law or equity. If Seller breaches any material obligation hereunder, Bidder's remedies shall be limited to recovery of damages and return of the Deposit, unless otherwise agreed in writing.

8. NOTICES

All notices under this Form shall be in writing and delivered by hand, certified mail (return receipt requested), or other carrier providing delivery confirmation, addressed as follows (or to such other addresses as the Parties may designate by notice):

9. GOVERNING LAW

This Form shall be governed by and construed in accordance with the laws of the state specified below without regard to conflict of law principles. Any action to enforce this Form shall be brought in the state or federal courts located in the jurisdiction specified below.

10. ENTIRE AGREEMENT; SEVERABILITY

This Form constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral. If any provision of this Form is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

11. AMENDMENT; WAIVER; COUNTERPARTS

This Form may be amended only by a written instrument executed by both Parties. No failure or delay by either Party in exercising any right under this Form will operate as a waiver of that right. This Form may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

12. ADDITIONAL BID TERMS (OPTIONAL)

CERTIFICATIONS

By signing below, Bidder certifies under penalty of perjury that the information provided in this Form is true and correct, that Bidder is authorized to submit this Bid, and that the Bid is made without collusion or fraud. Bidder further acknowledges that any false statement may subject Bidder to civil and criminal penalties under applicable law.

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