ELEVENTH-CONSIGNEE STATUS: All American Ruidoso Horse Sales, LLC is operating as an independent contractor engaged in the business of conducting a consignment sale. All American Ruidoso Horse Sales, LLC has compiled the Sale Catalog from information provided by the designated consignor. All an- nouncements by the auctioneer at the time of sale are made on behalf of the designated consignor and will take precedence over the printed provisions of the Sale Catalog. In the event of any dispute between the buyer and the con- signor, All American Ruidoso Horse Sales, LLC will occupy the position of agent for a disclosed principal and stake holder and will be discharged from all obliga- tions owing to the consignor or the buyer on delivery of any property or funds held by All American Ruidoso Horse Sales, LLC to the Court having jurisdiction of such dispute. All American Ruidoso Horse Sales, LLC makes NO REPRE- SENTATION OR WARRANTY with respect to any animal and the buyer must look solely to the designated consignor for recovery of any damage by reason of the failure of any representation or limited warranty. TWELFTH-CATALOG AND ANNOUNCEMENTS: Horses catalogued in this sale are offered as represented by consignor, and auctioneer is not responsible for the accuracy of information provided. While certain information may have been procured by auctioneer from third parties on behalf of consignor, it is nonetheless solely the responsibility of consignor to verify the accuracy of such information and to notify the auctioneer of any corrections prior to sale. With respect to pro- duce records of broodmares, the terms “barren” or “open” shall mean that the mare was bred, was not found to have slipped, and failed to produce a foal. In case of error or omission, buyer shall seek redress only from consignor. THIRTEENTH-ARBITRATION : 1. Any controversy arising out of a claim arising under WARRANTIES shall be settled by arbitration between the buyer and con- signor pursuant to the following procedure: Upon the auctioneer’s determina- tion that a claim under such CONDITIONS OF SALE has been timely and properly presented by the buyer pursuant to these CONDITIONS OF SALE, and upon notice from the auctioneer, the buyer and the consignor shall each se- lect a licensed veterinarian acceptable to the auctioneer. If such veterinarians fail to agree promptly as to the validity of the claim, they or the buyer and the consignor involved in the controversy, shall agree upon a third licensed veteri- narian. If such two veterinarians, or the buyer and the consignor, are unable to agree promptly upon the third veterinarian, the auctioneer shall appoint the third veterinarian. The third veterinarian’s fee, expenses and costs shall be paid by the party whose property the horse is determined to be. The panel of three vet- erinarians shall conduct any tests, investigation, or examinations which they deem necessary, and may, in their discretion, conduct a hearing by notifying the auctioneer to arrange for the hearing, and shall, by majority vote, determine the validity of the claim. The auctioneer shall determine the amount of reimburse- ment due to a buyer whose claim is found to be valid and may, in its sole discre- tion, conduct a hearing to aid in making such a determination, and such determination shall be incorporated in the award. 2. Any other controversy between or among the buyer, consignor & auctioneer arising out of a claim made under these CONDITIONS shall be settled by arbi- tration among the parties in accordance with the American Arbitration Assoc. 3. Arbitration under 1 or 2 above shall take place in a location to be designated by the Sale manager. Judgement upon any award rendered by the arbitrator(s) may be entered by any party and any court having jurisdiction thereof. The auc- tioneer will be entitled to reimbursement from the party whose property the horse is determined to be for reasonable attorney’s fees and other costs in- curred in the arbitration and any related court proceedings. FOURTEENTH-COLLATERAL AGREEMENTS: The auctioneer shall not be bound by any oral or written agreement or alleged agreement varying from these CONDITIONS OF SALE between the buyer and the consignor unless agreed to by the auctioneer, and any controversy or claim between the buyer and the con- signor arising under any such agreement shall be a matter for their resolution. 8
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