Purchaser may elect Rejection only upon complying with the following: (1) Written statement from Purchaser requesting Rejection must be received by All American Ruidoso Horse Sales, LLC within twenty-four (24) hours after the ses- sion in which the horse is sold and Be fore the horse leaves the AARHS grounds; (2) Radiographs of the subject horse must be taken within twenty-four (24) hours af- ter the session in which the horse is sold and be fore the horse leaves the AARHS grounds; (3) copies of the Radiographs together with Purchaser’s veterinary certificate (“Neg- ative Certificate”) containing the opinion of Purchaser’s veterinarian describing in detail the specific defect on which the claim is based and that defect, in the opinion of the certifying veterinarian will, more likely than not, materially and adversely af- fect the horse’s suitability for training and racing. In the event radiographs placed in the Repository do not reasonably reveal the defect described in the Negative Certificate, Consignor shall either accept Rejection or de- liver to AARHS a Consignor’s veterinary certificate contrary to that of the Purchaser (“Positive Certificate”). The Positive Certificate must be received by AARHS within twenty-four (24) hours of Consignor’s receipt of the Negative Certificate. In the event of a receipt by AARHS of a Negative and Positive Certificate, AARHS will pro- vide Consignor and Purchaser with a list of a minimum of five (5) veterinarians and a panel of three (3) veterinarians shall be convened in the same manner as provided for in Condition Thirteen-Arbitration . The Consignor and Purchaser acknowledge that the selection process is fair and reasonable to each of them. A panel of three (3) veterinari- ans shall be elected. AARHS shall provide Consignor and Purchaser (or their represen- tatives) with a list of not less than five (5) veterinarians. Consignor shall have the first strike of the veterinarian deemed most unacceptable to him, and Purchaser shall have the second strike, and they shall alternate thereafter until three (3) veterinarians remain on the list. AARHS shall then determine if all three veterinarians can serve on the panel and if not, AARHS canvas the other veterinarians struck in reverse order until three are found who will serve. If three are not found, the parties shall repeat the process under such conditions as AARHS shall determine until three veterinarians are found who will serve. The Consignor and Purchaser acknowledge that the selection process set out herein is fair and reasonable to each of them. The panel shall determine, based upon such examination(s) that each panel mem- ber determines appropriate to support their decisions, whether the horse has an in- jury to or disease of the bone structure which will, more likely than not, materially and adversely affect its suitability for training and racing, which was not reasonable revealed on the Repository radiographs, and in that event the sale shall be cancel- ed. Otherwise, the sale shall stand. The decision of the panel shall be final, binding and conclusive on all parties, absent fraud or bath faith. If the panel is not unani- mous, a majority vote shall be determinative. The limited right of Rejection contained in this Condition shall terminate regardless of whether twenty-four (24) hours have elapsed, immediately upon the removal of the horse from AARHS grounds. Consignor shall have the sole responsibility concerning the accuracy of the disclo- sures/announcements and both Consignor and Purchaser agree that AARHS is absolved from any liability relating to such announcements/disclosures and both agree to hold the AARHS harmless from any loss incurred by either of them relating to such announcement/disclosure. If Rejection is requested by Purchaser on the basis of non-compliance with items (1), (2), or (3) of this Condition Thirteen-Arbitration , Purchaser must give written notice to AARHS within fourteen (14) days of the sale of the horse and AARHS shall conduct such investigation as it deems appropriate and determine whether either items (1), (2), or 3) is applicable, and if so, the sale shall be canceled, the horse returned and payment refunded. AARHS decision shall be determinative and binding upon Consignor and Purchaser.
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