2025 QHRAI Speed Sale Sale Conditions - Online Sale
1. GOVERNING LAW; Quarter Horse Racing Association of Indiana, Inc., also referred to as QHRAI, Inc. is an Indiana Non-Profit Corporation offering breeders a place to showcase their prospects for sale and holds no ownership interest in any of the animals. All horses in this sale are offered according to the laws of the State of Indiana and all transactions between the buyer, consignor and QHRAI, Inc., will be governed by the laws of the State of Indiana. EACH HORSE OFFERED IN THIS SALE IS SOLD AS IS AND WITH ALL DEFECTS. The right to bid, as provided under law, is reserved by all consignors. QHRAI, Inc. reserves the right to reject any and all bids. 2. BIDDING PROCEDURE; Submission of a bid is a binding offer to purchase and your bid is not retractable. Unless waived by announcement, there shall be an upset price of $1,000 on any animal offered for bid. If an opening bid in the amount of the upset price is not forth- coming, the animal shall be passed out as unsold. The highest bidder shall be the buyer. and obligated to complete the transaction. The right to bid is reserved by all consignors. 3. SALES TAX 7%; QHRAI, Inc is required by the State Of Indiana to collect 7% sales tax on all tangible property sold. Horses are defined as tangible property and Indiana does not allow an exemption for the sale of horses. SEA 417 specifically speaks to Non-Profit organiza - tions. Buyers of horses in this online auction will pay a sales tax fee equal to 7% of the purchase price of each horse purchased. This fee is added to the purchase price and the total amount will be paid to QHRAI, Inc. according to the settlement procedures and sale conditions. 4. BIDDING DISPUTES; Bids received after the auction close are not grounds for dis- pute. The auctioneer reserves the right to reject any and all bids. In the event of any dispute between the buyer and the consignor, QHRAI, Inc. will occupy the position of agent for a disclosed principal and stakeholder and will be discharged from all obligations owing to the consignor or buyer on deliv- ery of any property or funds held by QHRAI, Inc. to the court having jurisdiction of such dispute. 5. TITLE RISK AND DELIVERY; Title passes to purchaser at fall of hammer, (close of auction) at which time buyer assumes all risk and responsibility for the horse. BUYER OR HIS REPRESENTATIVE SHALL TAKE CARE, CUSTODY AND CONTROL OF THE ANIMAL upon completing settlement with QHRAI, Inc. Buyer must complete settlement at the conclusion of the sale session in which the horse is sold. Upon satisfactory settlement, delivery will be made in form of an “Order For Delivery certificate” issued by QHRAI, Inc. for the horse. After receiving “order for delivery certificate”, buyer shall remove horses promptly from their existing location, and are subject to stable charges should buyer fail to do so within 10 days after the close of the auction. The buyer further agrees to indemnify and hold the consignor and QHRAI, Inc. harmless from all loss, cost and expense arising from the illness, injury or death of such animal or loss or damage to property and injury or death of persons caused by the buyer, the buyer’s agents or employees or by the animal subsequent to the time of purchase.
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