Agreement made this between Old Iron Auction, 3160 MacBrandon Ln. Pfafftown, NC 27040, hereafter called Auctioneer, and the registered user submitting an item for sale, hereafter called the Seller.

The Auctioneer hereby agrees to post the item to be sold at auction on the Internet under the following URL, http://www.OldIronAuction.com for a period of up to 28 days, subject to optional extensions of time at the seller's and auctioneer's discretion.

The Seller agrees to convey to Old Iron Auction, during the entire period the item is available on Old Iron Auction, exclusive rights to sell the item being auctioned and further agrees not to dispose of the item in any manner.

The Seller will provide the description of the item(s) to be sold and is solely responsible for the accuracy and completeness of the description of the item to be sold. The Auctioneer takes no responsibility in description or condition, and will not be held accountable for any inaccuracies in description or condition.

The Seller covenants and agrees that the Seller has good title and right to sell all of the auction items to be sold and will deliver clear title to the purchasers. If any liens or encumbrances are held on the item to be sold, the Seller must so state in the item description. The Seller agrees to hold harmless, the Auctioneer against any claims of the nature referred to in this contract.

The Auctioneer agrees to sell the item(s) in the auction to the highest bidder. The Auctioneer reserves the right to accept or reject any or all bids. The Auctioneer reserves the right to refuse any item deemed inappropriate for auction. If any item in the auction has a reserve or minimum price, that reserve or minimum price will be included in the item description by the Seller. If the minimum price is not reached, the Seller has the option of withdrawing the item from the auction, or lowering the reserve and making a one-time extension of the auction for a period of seven (7) days. If the revised reserve is not then met, the item will be withdrawn from the auction.

The Seller agrees to pay Old Iron On Line Auction Fees for Auction Services based on the final high bid price based on the Fee Schedule below no later than five (5) days after the close of the auction. Auctioneer will receive full fees for auction services on any item sold as a result of the item being posted on Old Iron On Line Auction within 60 days after the auction close.

Payment for the item sold will be made directly by the high bidder directly to either the Seller or to Old Iron Auction's Escrow Account. If payment is made to the escrow account, fund will not be immediately available, and will only be released when the buyer receives the item in the condition, and of the quality, expected and described by the seller. Auction fees and commissions, if any, may be witheld from the escrow proceeds upon disbursement. The Seller agrees to hold the Auctioneer harmless for any payment(s) not received from the high bidder.