VIDEO AND INTERNET AUCTION TERMS AND CONDITIONS

Each bidder must be pre-registered and have a Buyer Number to participate in the auction. To register call 800-422-2117. By participating in the auction, the Buyer expressly agrees to adhere to these Terms and Conditions and to the provisions set forth in the Livestock Forward Contract published in this catalog.
The Auctioneer reserves the right to reject any and all bids. If a dispute arises between two or more bidders, the Auctioneer may immediately put the lot up for sale again and resell to the highest bidder. The decision of the Auctioneer shall be final and absolute.
All purchases on lots with a beginning delivery window date more than 10 days past the conclusion of the auction will require a $40.00 per head Part Payment which is due and payable at the conclusion of the auction. Final Payment is due and payable upon delivery of the cattle and must be sent to Superior Livestock the day after they are received by the Buyer. In the event of multiple day deliveries payment will be required each day. All payments must be sent by Wire Transfer, ACH or overnight delivery of a check via FedEx or UPS. Payment sent via the U.S. Postal Service (1st Class or Priority Express) is not acceptable. Any fees incurred for sending payment will be at the Buyer’s expense.
All cattle will be sold on a sliding scale with one of the following slides: Conventional Slide: If the average weight is over the base weight the price/cwt will be adjusted by the amount stated in the lot information for every pound over that weight on the total net pounds. Superior RightSlide: If the average weight is over the base weight the additional pounds will cost an additional amount per pound as stated in the lot information for every pound over the base weight. 2 Way Slide: Cattle sold on a 2 Way Slide will have a 25-pound weight stop over the base weight and a 25-pound price/slide stop under the base weight. Over: If the average weight is within 1 to 25 pounds over the base weight the price/cwt will be decreased by the amount stated in the lot information for every pound over the base weight (up to 25 pounds) on the total net pounds. Under: If the average weight is within 1 to 25 pounds under the base weight the price/cwt will be increased by the amount stated in the lot information for every pound under the base weight (up to 25 pounds).
All cattle will be weighed on a certified scale. If cattle are weighed on the ground any cuts will be made after all the cattle are weighed and the cuts will be weighed back.
The Buyer is responsible for all arrangements and regulatory requirements with respect to the transportation of the livestock and the Buyer is responsible for sending trucks to adequately load the number of head and/or the total weight contracted to legally transport them to their destination. No freight adjustment will be given if the average weight at delivery is under the base weight and the head count delivered is within 95% of the contracted head count.
On split loads the heifer price will be $___/cwt (as stated in the lot information) back of the original price of the steers.
Superior Livestock Auction does not guarantee heifers to be open. Any heifers represented by the Seller to be open will be pregnancy checked by a licensed veterinarian within 21 days of delivery and will be accompanied by a veterinarian’s certificate.
Superior Livestock Auction does not warrant the harvest date on source and age verified cattle and cannot guarantee back verification on any program requiring signed affidavits or 3rd party verification. It is the Buyer’s responsibility to verify all claims of the Seller to fit specific programs prior to purchase. There are no implied warranties of merchantability or fitness for a particular purpose on any livestock sold.
Health entry requirements for the state of entry are the responsibility of the Buyer. The Seller will furnish any health certificates required for the state of origin and Federal Law. If additional health certificates, documentation or tests are required for shipment to the Buyer’s destination, it shall be at the Buyer’s request and expense.
Every effort has been made to assure the correctness of the catalog but all announcements from the auction block shall take precedence over printed material and any information that is published on www.superiorlivestock.com.
Superior Livestock Auction, LLC reserves the right to sign the Livestock Forward Contract on behalf of all Buyers and Sellers.

Consignment Contract Terms and Conditions

NUMBER OF HEAD: The number of head is the actual number of cattle to be delivered to the Buyer after sorting off any cattle that are not described in the contract and any un-merchantable cattle, At delivery, the Buyer, Buyer’s Agent, Superior Livestock Auction (“SLA”) or the Marketing Representative shall have the right to sort and reject any stags, crippled, blind, bad eyed, loco, lumpjawed or otherwise un-merchantable cattle or any cattie that are not described in the contract as determined by the Marketing Representative. The Seller is obligated to deliver to the Buyer the number of head stated in the contract.

FAILURE TO DELIVER: Upon the Seller’s failure to deliver to the Buyer the number of head stated in the contract (regardless of the reason, except an Act of God), the Seller shall be liable for replacing any cattle not delivered with cattle of equal size and quality or pay the Buyer the difference between the price stipulated in the Livestock Forward Contract and the prevailing market price on the number of head not delivered, which shall be based on the average weight of those delivered and/or make the necessary freight adjustment to the Buyer. The replacement of cattle, monetary adjustment and/or freight adjustment shall be at the Sellers expense and the Buyers option and approval,

LOAD LOTS: Unless otherwise stated, cattle will be sold in load lots with a maximum weight of 48,000 pounds per load. At delivery, if the average weight exceeds the base weight, the Buyer will not be required to accept the total number of head sold in the Livestock Forward Contract if the total pay weight of the load exceeds 48,000 pounds.

BASE WEIGHT: The base weight is the estimated average weight of the cattle at delivery. If the average weight of some or all of the cattle at delivery is excessive on either side of the base weight (light or heavy) and/or the cattle change class based upon industry standards, as determined by SLA, one of the following may occur: 1) the cattle may be rejected by the Buyer or at the discretion of SLA and/or the Marketing Representative 2) the price may be re-negotiated 3) the Seller may be required to make an equitable adjustment to the Buyer.

SLIDE: All cattle will be sold on a sliding scale with a Conventional Slide, Superior RightSlide or 2 Way Slide, as described in the following paragraphs:

Conventional Slide: If the average weight is over the base weight the price/cwt will be adjusted by the amount stated in the contract for every pound over that weight on the total net pounds. Example: A load of steer calves with a base weight of 500 pounds sell for $150.00/cwt. At delivery they can weigh up to 500 pounds and the price will not change, If they weigh 501 pounds (average) with a 15 cent slide the price will be adjusted to $149,85/cwt; 525 Ibs.-$146.25/cwt; 550 Ibs.-$142.50/cwt, If they average 551 pounds the slide may be increased 2 cents to a 17 cent slide, for an adjusted price of $141.33/cwt. If the cattle are excessively heavy, an additional increase in the slide, a weight stop and/or a price negotiation may be necessary to make an equitable adjustment to the Buyer.

Superior RightSlide: The Seller will be paid the contract price up to the base weight and an additional amount per pound, as stated in the RightSlide information, for every pound over the base weight. Example: A load of steer calves with a base weight of 500 pounds sell for $150.00/cwt. At delivery, if they weigh 525 Ibs, (average) with an 80 cent (3.80) RightSlide the dollars per head will be calculated as follows: 500# @ $150.00/cwt = $750.00 + 25# @ $.80/pound = $20.00, for a total cost per head of $770,00 or $146,67/cwt. If the cattle are excessively heavy, a decrease in the slide or a weight stop may be necessary to make an equitable adjustment to the Buyer. Note: the slide amount listed in the example is only an example and is subject to change.

2 Way Slide: Cattle sold on a 2 way slide will have a 25 pound weight stop over the base weight and a 25 pound price/slide stop under the base weight. Over: If the average weight is within 1 to 25 pounds over the base weight the price/cwt will be decreased by the amount stated in the contract for every pound over the base weight on the total net pounds. Example: A load of steer calves with a base weight of 500 pounds sell for $150.00/cwt. At delivery, if they weigh 510 pounds (average) with a 15 cent slide the price will be adjusted fo $148.50/cwt; 525 Ibs.-$146.25/cwt. If they average over 525 pounds there will be a weight stop. Example of settlement with average weight of 535# at delivery: 525% @ the slid price of $146.25/cwt. and 10 pounds free, for a total of $767.81 per head or $143.52/cwt., Under: If the average weight is within 1 to 25 pounds under the base weight the price/cwt will be increased by the amount stated in the contract for every pound under the base weight. Example: A load of steer calves with a base weight of 500 pounds sell for $150.00/cwt. At delivery, if they weigh 490 pounds (average) with a 15 cent slide the price will increase to $151.50/cwt; 475 Ibs. – $153.75. If they average less than 475 pounds there will be a price/slide stop. Example of settlement with an average weight of 465# at delivery: 465# @ the slid price of $153.75/cwt, for a total cost of $714.94 per head.

WEIGHING CONDITIONS: The Seller is responsible for making arrangements to weigh on certified scales that are compliant with GIPSA (Grain Inspection and Packers & Stockyards Administration) regulations. Those regulations require scales to be tested twice during each calendar year (once between January 1 and June 30 and once between July 1 and December 31); EXCEPT for scales used on a limited seasonal basis (which is during any continuous 8 month period) and those scales may be used within an 8 month period following each test. Split weighing is not permitted. OVERNIGHT DRY STAND: Cattle sold with an “overnight dry stand” must be penned with no feed or water the evening prior to delivery and remain drylotted until after they are weighed.

PAYMENT TO SELLER: If the said livestock described in the contract are encumbered by a lien, a security interest or chattel mortgage, it is the Sellers responsibility to provide proper notice to SLA so payment can be issued jointly with the Seller and all secured parties. PAYMENT TO OTHERS: If the said livestock described in this contact are not encumbered, the Seller may authorize SLA to disburse proceeds of the sale to others. If the livestock are encumbered SLA will not make payment to others without a written release from the secured party.

ACKNOWLEDGMENT: Seller acknowledges that the transactions contemplated herein are part of the livestock forward contract trade. Seller acknowledges that SLA is in the business of entering into forward contracts as merchants in the livestock trade and with merchants in the livestock trade; and Seller acknowledges that the livestock described in the contract are commodities for purposes of the Commodity Exchange Act.

COMMISSION: Seller agrees to pay SLA a commission of 2% (two percent) of the gross proceeds of the sale (with a minimum of $8.00 per head) plus a $2.00 per head consignment fee on the number of head delivered.

PART PAYMENT: Upon the sale of the livestock SLA will advance the Seller $30.00 per head, as part payment, for the livestock described in the contract. In the event the Seller fails fo deliver the livestock as described in the contract, or if the cattle are rejected because they are not as described in the contract, or at the ime of delivery there are any Federal or State regulations prohibiting interstate shipment of said livestock, Seller shall return SLA all money advanced and the contract will become null and void. Seller acknowledges SLA will receive $40.00 per head, as part payment, from the Buyer. The $10.00 per head received from Buyer and not paid to Seller will be held in SLA’s CustodialAccount for Shipper’s Proceeds until the livestock deliver. EXCEPTION: No part payment will be paid on heifers that the Seller represents to be “open”; nor on any cattle that are not in the continental United States at the time of sale; nor on any cattle that deliver within 10 days after the conclusion of the auction.

FINAL PAYMENT: On the day of delivery SLA will issue a check to the Seller for the balance of the purchase price less SLA’s commission and any other adjustments or lawful charges. Upon the Seller’s receipt of final payment from SLA, Seller grants SLA the right to exercise all rights and remedies available to Seller and all interests of Seller in the livestock described in the contract, under all applicable law, including, but not limited to, those rights available to Seller under the Livestock Forward Contract for the sale of the livestock described herein.

EXPENSES OF SELLER: Seller shall be responsible for the expense of weighing and all fees subject to Federal and State regulations; such as health inspection, brand inspection, Beef Checkoff and any other statutory fee requirements.

NO SALE OR PASS OUT FEE: If Seller elects to decline the highest bid offered at the auction, he/she must do so before the next lot is offered. If Seller declines the highest bid he/she will be charged a no sale/pass out fee of $3.00 per head on the number of head offered, with a maximum of $1,500.00 per consignor, per auction. If the $3.00 per head is paid prior to the auction it will be held by SLA until the conclusion of the auction and if the cattle sell the Seller’s check will be retumed uncashed. If the cattle do not sell the Seller’s check will be cashed and applied to the no sale/pass out fee. If this fee is not paid prior to the auction and the Seller receives a part payment this fee will be deducted from the part payment. If Seller does not receive a part payment he/she will be billed and the fee will become due and payable. SCRATCH FEE: If for any reason Seller withdraws said livestock from the auction they will be allowed fo re-consign them to one of the next two consecutive auctions. If Seller withdraws said livestock and does not re-consign them, there will be a scratch fee of $3.00 per head on the number offered with a maximum of $1,500.00 per consignor, per auction. This fee will be collected in the same manner as stated above.

AMENDMENTS TO CONTRACT: Seller hereby appoints SLA and the Marketing Representative, as Seller’s attorney-in-fact, to amend the provisions of the contract at any time prior to sale, or if necessary to accurately describe the livestock covered by the contract. PARTIAL INVALIDITY: No partial invalidity of this agreement shall affect the remainder.

ARBITRATION OF DISPUTES: Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be submitted to binding arbitration upon the written demand of any party to this agreement, which demand shall be served on all parties at the addresses set forth herein. The parties shall promptly submit the dispute to the American Arbitration Association (the “AAA”) for resolution by a single neutral arbitrator acceptable to both parties, as selected under the rules of the AAA. The dispute shall then be administered according to the AAA’s Commercial Arbitration Rules, with the following modifications; (i) the arbitration shall be held in Oklahoma City, Oklahoma; (ii) the arbitrator shall have no power or authority to make any award that provides for consequential, punitive or exemplary damages. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction over the parties. Each party to the dispute shall initially bear its own fees and expenses arising out of the arbitration. However, the arbitrator .may award reasonable attomey’s fees and arbitration fees to the prevailing party in the arbitration. If SLA becomes the successor in interest fo the rights of the Seller under the contract, then SLA shall have the right, at its election, not to be bound to mandatory arbitration under this section, and may, at its election, pursue its claims in the state or federal courts located in Oklahoma City, Oklahoma which shall have jurisdiction and venue over the dispute and parties. The prevailing party in such litigation shall be entitled to recover its reasonable attomey’s fees and court costs from the non-prevailing party.

DESIGNATION OF AGENT: Seller hereby authorizes SLA to complete and sign the Livestock Forward Contract for the sale of the livestock described in this contract, on behalf of and in the name of Seller, which will make Seller obligated to the Auction Terms and Conditions and to all terms and conditions of the Livestock Forward Contract, as if Seller had signed the contract himself. Seller also authorizes SLA to negotiate a satisfactory settlement regarding any disputes at delivery and assigns to SLA all rights of Seller after Seller receives final payment from SLA.

COUNTRY PAGE BIDDING & TERMS

Superior’s goal is to make the Country Page a user-friendly method to buy and sell cattle. We work hard for both buyers and sellers to make the transactions as smooth as possible. Due to daily changes in the cattle market, we have developed some guidelines.

CONSIGNORS

If a buyer bids the asking price the system will mark the cattle sold.
If a bid is placed below the asking price, you will be contacted with the current bid.
If you accept a lower offer than the asking price, the offer will not be final until the Country Page staff has confirmed the bid with the buyer.

BUYERS

By placing a bid on the Country Page, you have submitted an offer to buy the consignment of cattle.
If you bid the asking price the system will hold the cattle on your buyer number. Once you receive confirmation from the Country Page staff the cattle will be marked sold.
Unless you bid the asking price, your offer will not be executed until the consignor has been contacted by the Country Page staff.
Bids placed on the Country Page will expire after 3 business days. (Weekends and holidays will be excluded.) Communications will be sent to the buyer, the consignor’s rep and the Country Page staff when bid expiration nears and then when it expires.
For Breeding Stock Consignments – A minimum bid requirement will be placed on Breeding Stock lots at no lower than 15% of the asking price rounded to the lower $25 bid increment.

TERMS AND CONDITIONS