Terms and Conditions for Sealed Bid Auction of Drilling Rig:

Please carefully review the following terms and conditions before participating in the sealed bid auction of the drilling rig conducted by Showtime Auctioneers:

1. Payment: The winning bidder agrees to submit the full payment within 48 hours of the acceptance of their bid. Payment must be made in the accepted form specified by Showtime Auctioneers, such as cash, certified check, or bank transfer.

2. Asset Pickup: The winning bidder is responsible for picking up all assets won in the auction. All assets must be collected no later than July 25. It is the bidder’s responsibility to make necessary arrangements for transportation and ensure that all necessary equipment and resources are available for safe and timely asset removal.

3. Administrative Fee: The winning bidder agrees to pay a 5% administrative fee to Showtime Auctioneers. This fee covers the costs associated with the auction administration and services provided by Showtime Auctioneers. The administrative fee will be calculated based on the winning bid amount.

4. Assets Sold “As Is, Where Is”: All bidders agree that all assets are sold “as is, where is” without any warranties or guarantees of any kind, neither stated nor implied. Showtime Auctioneers has made reasonable efforts to accurately describe the assets; however, bidders are responsible for conducting their own inspections, due diligence, and assessments of the assets’ condition, specifications, and suitability before placing a bid. No refunds or returns will be accepted once the bid is accepted.

5. Bidding Process: The sealed bid auction will be conducted in accordance with the rules and procedures set by Showtime Auctioneers. Bidders must submit their bids in the specified format, adhering to the designated deadline. Showtime Auctioneers reserves the right to reject any bid, cancel the auction, or modify the bidding process at its sole discretion.

6. Buyer’s Premium: A buyer’s premium may be applied to the final bid price. The amount and terms of the buyer’s premium will be clearly stated in the auction listing or communicated by Showtime Auctioneers.

7. Legal Compliance: All bidders agree to comply with applicable laws, regulations, and requirements related to the auction, asset purchase, transportation, and any other relevant aspects of the transaction. 

By participating in the sealed bid auction, you acknowledge that you have read, understood, and agreed to these terms and conditions. Failure to comply with these terms may result in the cancellation of your bid and the forfeiture of any rights or claims.