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Asset Sales   |   Sale Details     Online Auction - Liquid, Pharma and Soap Processing, Packaging and Support Equipment

Liquid, Pharma, and Soap Processing and Packaging

Assets of Six Major Liquid, Pharmaceutical and Soap Processing and Packaging Operations Including Tanks, Kettles, Late Model Liquid and Secondary Packaging, Cartoners, Cappers, Labeling, Soap Production Equipment, Lab Equipment and Plant Support - LOT LIST WITH PHOTOS POSTED - CLICK ONLINE BIDDING TAB - ALSO PLEASE THE PREVIEW/REMOVAL TAB INFO ON RIGGING AND REMOVAL

Sale Type

Online Auction

Sale Location

Buffallo, NY
Humacao, PR
Monroe, OH
Memphis, TN

Currency

USD

Online Bidding

Date & Time

Start: Fri. July 20th, 2012 11:00am (PDT)

Closing: Wed. August 1st, 2012 11:00am (PDT)

Inspection/Preview

By Appointment Only

Contact: ericw@newmillcapital.com

Buyers Premium

18% BP for buyers paying via Cash, Cashiers Check, Company Check or Wire Transfer will apply to your purchase for online sales. (Example: a $100 purchase with BP is $118.

Featured Items

  • Tanks:

  • 5,000 Gallon SS Cone Bottom Vertical Storage Tanks

  • 3,400 Gallon SS Dished Head Horizontal Jacketed Agitated Tank; Top Entering 4 Blade Turbine Agitator

  • 3,000 Gallon Jacketed S/S Tank with 5 HP Agitator

  • 3,000 Gallon Tank with 5 HP Agitator

  • 3,000 Gallon Tank 2 HP Agitaton

  • 1,500 Gallon S/S Tank with 2 HP Agitator

  • Lee 550 Liter Jacketed Homogenizing Tank, Internal Atmosphere, Jacket 90 Psi @ 332 Deg F. 10 HP Homogenizer

  • Clean In Place Systems

  • Kettles:

  • Groen 150 Gallon Triple Motion Kettle, MDL TA 150

  • Lee 40D7S 40 Gallon Kettle Capacity Jacket 100 Psi Sweep Scrape Kettle with Lightnin Mixer

  • Walker 65 Liter SS Vacuum Rated Tank

  • Groen 15 Gallon SS Holding Kettle

  • Groen 5 Gallon SS Sweep Scrape Lab Kettle, Tilt Out Agitator

  • Silo:

  • Fuel Oil Silo; Steam Bundle

  • (2) 5000 Gallon FG Storage Tanks

  • Packaging:

  • 2007 Unused Marchesini MA258 Adjustable Pitch Cartoner, 8-arm Rotary Vacuum, Product Loading Carousel, AB PV600 Control, Gast Vac Pump

  • IWKA Continuous Motion Automatic Cartoner; W/Insert Folder; Previously Used for Trade Size Tubes

  • Bosch Horizontal Contina 160-5''; Automatic Hotmelt Cartoner; S/N 62-0433. Machine includes a Nordson hot melt applicator and conveyor

  • 2007 Unused Neri BL 400 Tamper Evident Strip Applicator

  • Pack-West 24-Station S/S Rotary Capper, Model Rotary Overcapper, S/N 24-CV-LR-1839

  • Shorewood 20-Station S/S Rotary Inline Labeler with Parker Indexer Drive

  • Shorewood Labeler, Model 400

  • 2007 Unused Pack Service Case Erector Packer

  • SASIB SS High Speed Wrapper/Poucher; M# WS-20; S/N 4996-0025

  • Kaps-All A2 C-Frame 3-Station Screw Capper with Cap Hopper and Feed

  • Kaps All Packaging Systems Bottle Capper with Torquer, Model GA6

  • Kaps-All F C-Frame 2-Station Screw Capper

  • Consolidated DF-6A Cappers

  • Hoppman Lid Closer

  • Omega SS Automatic Shrink Bundler; M# TSB-SL-18; S/N 91-J-14016

  • 2005 Kiener SS Bundler; Type ASK 300; S/N E-596-P-300.340

  • Horix Rotary High Speed Liquid Gravity Filler; W/ 18 Filling Heads

  • 12 Head Kartridg Pak Filler, Model 124-5-12

  • Filler: 24 head filling equipment used for filling 12oz bottles of car wash product 

  • Omega and Nalbach Bottle Unscramblers

  • Hoppmann Centrifugal Bowl Feeder M# FT40-1-LDCA

  • Enercon Induction Sealers

  • Garvey 5 x 8 SS Bi-Directional Accumulation Table

  • Hartness Case Packers

  • Wexxar S/S Case Erector, Model WFT-S

  • We-pack-it Auto Case Packer, Model MPM300

  • Oeia THS/3F Conveyorized Metal Detector

  • New Jersey Machinery 350 SL XH 291 Labeler

  • Leaflet Inserters

  • Cap Hoppers/Incline Conveyor Feeders

  • 3M & Lil David Cases Sealers

  • Transfer Conveyors

  • Pharma:

  • Glatt, Aeromatic and Niro Fluid Bed Dryers

  • Merril 72-39-AVM Automatic Slat Counter/Filler

  • Manesty MK II 61-Station Tablet Presses

  • Ackley Tablet Printers

  • SS Totes, Tote Lifts, Washing and Discharge Equipment

  • Soap Equipment:

  • Mazzoni Lab Plodder, Type M-125

  • Jones Tri-Soap Press with 3 Oz Die Set

  • 300 MM Refiner with Screw and Head

  • Ritz Grinder, Used to Pre-Mill Soap

  • Fabcar Overwrap Machine

  • Evrard Pleat Wrapper

  • Chain Cutter with Adjustable Chain for Cutting Soap Slugs

  • Preferred Packing Stretch Wrapper, Model PP981F

  • Pumps:

  • (2) S/S Fristam 50 and 60 HP Shear Pumps, Model F2X2400 and FS3551-R4

  • Husky 2150 SS Diaphragm Pump

  • Ink Jets:

  • (3) Videojet Coder, Model Excel 100

  • Lab:

  • HP Gas Chromatographs

  • Waters Tunable Absorbtion Detector; W/ Sampler, Lab Ovens and Freezers

  • (13) Mettler Toledo Lab Scales

  • Mettler Toledo 2097 Scales and Printers

  • Omega Chart Recorders

  • Mettler Toledo Isolation Base Scale

  • Ohaus and Satorius Digital Scales

  • Fume Hoods

  • Incubators

  • Facilities:

  • Gardner Denver 200 HP Screw Air Compressor, Model EAU99Q

  • Air Dryers

  • Late Model Hurst Boiler; M# 54-G-300-150; S/N S1500-150-33
    (2) Kewanee Boiler; M# L3S-200-G0;S/N 20759, 20806

  • Bryan Flex Tube Boiler; M# D-650-S-15-FDG; S/N 65114

  • Boiler Feed Station; W/5- Pumps

  • Engine Lathe, Tool Sharpener, Pedestal Grinder

  • Battery Charger

Preview/Removal

Location

See Lot List for Item Location City,

Address

100 Forest Ave, Buffallo, NY
Bo. Mariana Rd, 909, Km1.1, Humacao, PR
801 N Garver Road, Monroe, OH
384 E Brooks Road, Memphis, TN

Inspection/Preview

By Appointment Only

Sales Tax

Local Sales Tax Applies Without Exemption Form

Removal

REMOVAL MUST BE COMPLETED BY AUGUST 17th WITHOUT EXCEPTION

Removal will be conducted at each site only through the approved rigger listed for each location. Removal prices to be posted shortly or contact rigger directly.

No rigger will be allowed to begin removal prior to payment in full of auction invoice.

Rigging/Shipping

Buffalo, NY Assets:

Bayside Rigging & Machinery Movers Inc.
Contact: Ken Duncan / Dori Duncan
Toll Free: 866-442-7263
E-mail: baysidecrane1@aol.com
Website: www.baysidecraneriggingservices.com

Humacao, PR Assets:

P.R. Riggers. Inc.
Toa Alta, PR
Contact: John Virella
Phone: 787-536-2172 / 787-390-1618
Fax: 787-859-4181
E-mail: jvirella@prriggers.com

Humacao, PR Shipping Option:

MoveIt Freight Solutions
Toll Free: 800-831-0030
Phone: 712-673-2354
E-mail: international@moveit.com

Monroe, OH Assets:

S K Rigging
11515 Rockfield Court
Cincinnati, OH 45241-0000
Contact: Scooter
Phone: 513-771-7766

Memphis, TN Assets:

Sold FOB, Seller will Load.
Any additional instructions beyond standard loading will be priced at seller's designation.

Removal to be Conducted by Licensed and Insured Riggers for ALL items in this sale.

1) Riggers will provide NMC with a copy of a minimum $2,000,000 liability insurance policy co-naming New Mill Capital, LLC.

2) In Description of Operations box, the following should be included: “regarding: (Facility Address). Certificate holder is Additional Insured on a primary and non-contributory basis; Mutual Hold Harmless applies.”

3) There should be an “X” in Additional Insured column & Subr Wvd (Subrogation Waived) columns for General Liability, Automobile Liability and Umbrella Liability.

All riggers must check onsite with NMC representative before beginning removal.

NMC is not responsible for any items damaged during the process of removal. Buyer is responsible for the full cost of rigging and shipment.

*Note: New Mill Capital does not pack, ship, store, crate or rig items. Buyers may either pick up their items at the designated auction site personally or can arrange for a third party logistics firm to manage the removal process for them. If someone other than the registered buyer at the sale is designated to pick up those purchased assets, the buyer must: 1) Contract with an independent logistics firm or other representative who will dismantle, crate, pack, or ship your purchased items. 2) Coordinate the removal of those purchased items to meet the time deadlines indicated on this page. 3) Submit an "Agent Release Authorization" form which will allow New Mill Capital to release items to a third party contractor for shipping, crating or packing purposes. Since New Mill Capital does not ship the items, we do not obtain/prepare any export licenses/documents. *New Mill Capital finds and displays one or more local logistics service providers who understand our removal process, offer specific services, and have certain skills and capacities. We offer this service to you without representations or warranties of any kind whatsoever.

Contacts

Eric Weiler

312.489.8493.ericw@newmillcapital.com

Tracy Martinez

888.801.6032.tracym@newmillcapital.com

Documents

Terms and Conditions

TERMS OF SALE

Set forth below are the terms and conditions (the “Terms”) that shall apply to every bid or purchase by any party (“Buyer” or “Bidder”) either directly from New Mill Capital Holdings, LLC (“NMC”) as an owner of any item, goods, fixtures or real property, or in a transaction (“Transaction”) in which NMC serves as broker, agent, liquidator or auctioneer for any third party owner. The Terms apply to every transaction, including without limitation, public auctions conducted by NMC or conducted by its partner companies and direct purchases by Buyer of any item either before, after or independent of any public auction.

TERMS AND CONDITIONS

1. All machinery, equipment, merchandise and other items (the "Goods") are sold on an "AS IS/WHERE IS" basis with no warranties or representations whatsoever, either express or implied. Neither NMC, any client, owner of the Goods, consignor or anyone acting on their behalf, make any warranties or representations of any kind or nature with respect to the property, its condition, condition suitable for safe operation or its value, and in no event shall they be responsible for the correctness of description, genuineness, attribution, provenance, title, chain of title, authenticity, authorship and completeness. PROSPECTIVE BIDDERS ARE STRONGLY URGED TO CONDUCT THEIR OWN INSPECTION OF THE LOTS THROUGH PRIVATE OR OPEN INSPECTION DATES MADE AVAILABLE TO ALL PROSPECTIVE BIDDERS. No statement (oral or written), including any catalog description or photographs at any auction, or elsewhere shall be deemed such a warranty or representation, or any assumption of responsibility of any kind or nature, whatsoever. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ANY AND ALL WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY OF GOODS ARE EXPRESSLY DISCLAIMED.

2. Registration. Buyers must register as Bidders prior to bidding at any auction sale. All Bidders must provide their name, company (if applicable), mailing address and phone number prior to the auction. Bidders are required to deposit with NMC a valid Visa or MasterCard to secure its obligations hereunder. Electronic Bidders are required to provide a valid email address and Visa or MasterCard number, together with security code. In its sole discretion, NMC may charge Bidders a registration fee for electronic bidding. This registration fee will be clearly displayed during the registration process.

3. Deposits. NMC requires a non-refundable deposit of not less than twenty five percent (25%) of the Buyer's TOTAL PURCHASE PRICE by the end of sale day - with the balance due by the end of the next business day. The non-refundable deposit can be in the form of cash, a cashier’s check, or business check with a bank letter of guarantee or, at NMC’s option, by way of a charge to the credit card referred to in Paragraph 2, above. For Electronic Bidders, at its discretion, NMC may contact Bidders via email or telephone before or during the sale to require a bank letter of guarantee or wire transfer as a deposit. If NMC does not receive a response from its attempts to contact Buyer or if the Buyer does not provide a deposit, NMC reserves the right refuse or cancel Buyer's bids and re-sell Goods. On-line Buyers shall effect payment in full no later than twenty-four (24) hours after receiving an invoice from NMC.

4. Invoices & Payment Instructions. Winning Bidders can request a printed, paper invoice from the Accounting Manager at the auction or sale location during or after the sale or auction. Electronic Bidders will be sent an electronic invoice to the email address provided during registration. Invoices can be faxed upon request. Detailed payment instructions for each sale are available in the printed auction or sale lot catalog at the sale or auction location on the day of the sale or auction. Electronic Bidders will be sent detailed payment instructions via email along with their invoice.

5. Payments. NMC must receive the balance of the total purchase price no later than the close of business on the day following the auction (the "Final Payment Date"). All payments must be in cash, cashier's or certified check, federal wire transfer of immediately available funds or a corporate check accompanied by a bank letter of guarantee, and all of the foregoing must be in form, scope and substance acceptable to NMC in its sole discretion. Credit cards, which are accepted for electronic bidding registration and for payment of the non-refundable deposit will not be accepted for payment of the balance of the total purchase price. No title shall pass to Buyer until the total purchase price and all Taxes (defined in Section 6 below) have been paid to NMC in collected funds.

6. Taxes. Buyer must also pay to NMC on or before the Final Payment Date, all sales, export, use, delinquent taxes due and penalties thereon, and all other applicable taxes due to any federal, state or local taxing authority (the "Taxes") as a result of Buyer's purchase, including without limitation, any taxes arising from any Buyer's Premium (as defined in Section 7 below). To receive the benefit of any sales tax exemption, Buyer must supply NMC with a state sales tax exemption certificate acceptable in form, scope and substance to NMC in NMC'S sole discretion. If Buyer does not submit evidence of their exemption prior to the close of the auction, Buyer will be charged sales tax, which may be refunded upon Buyer providing documents necessary to prove their qualified exemption within 15 business days from the date of purchase. After 15 business days, Buyer will be required to submit any refund request directly to the state for which the original sales tax was collected and remitted by NMC.

7. Buyer's Premium. NMC in its sole discretion may impose a Buyer's premium ("Buyer's Premium") on any Goods sold. The Buyer's Premium is a percentage that is added to the final purchase price of any item. NMC shall charge and collect from each successful Bidder a buyer's premium for each sale at the auction, in addition to the purchase price as bid. NMC makes the Buyer's Premium information available in writing electronically or in printed format prior to each auction for each of the Goods identified for auction or sale.

8. Removal. (1) Unless otherwise agreed in writing, Buyers or their Agents must remove all Goods purchased before the final removal date and time announced by NMC at the auction (the "Removal Date"). (2) No Goods shall be removed until the full purchase price and all applicable Taxes thereon have been received by NMC in the form required herein. ANY ITEMS NOT REMOVED ON OR BEFORE THE REMOVAL DATE SHALL BE DEEMED ABANDONED AND NMC SHALL HAVE NO FURTHER OBLIGATION TO BUYER WITH RESPECT TO SUCH ITEMS EXCEPT THAT BUYER SHALL NONETHELESS BE OBLIGATED TO PAY THE BALANCE OF THE PURCHASE PRICE INCLUDING ANY BUYER’S PREMIUM AND ANY ADDITIONAL COSTS INCURRED BY NMC. BUYER CONSENTS THAT NMC MAY DISPOSE OF ANY AND ALL ITEMS NOT PAID FOR AND REMOVED BY THE REMOVAL DATE AND MAY RESELL SCRAP, AND/OR OTHERWISE DISPOSE OF SUCH ITEMS.

9. Buyer shall be responsible for the safe and proper removal of any Goods purchased by Buyer. NMC does not pack, ship, store, crate or rig items. Buyers may either pick up Goods at the designated auction site personally or can contract with a third party agent to manage the removal process for them. Before Goods can be removed by an Agent, Agent must provide NMC with (1) proof of payment in full (Paid In Full Invoice) and (2) an "Agent Release Authorization" form which allows NMC to release items to a third party contractor for shipping, crating or packing purposes. If an exclusive rigger is appointed to the auction, Buyer must utilize their services and abide to the posted fees. No exceptions.

10. Goods that cannot be removed from the premises from "Non-Mechanized" transport must be removed by a qualified, insured rigger. Before any removal, Buyer must provide NMC with a certificate of insurance from the rigger, which certificate must be in form, scope and content acceptable to NMC in NMC'S sole discretion. Without limiting NMC'S discretion, such certificate must show that the rigger carries comprehensive liability insurance written by an insurance carrier of national standing, in an amount of not less than two million dollars ($2,000,000.00) and naming NMC as an additional insured party. Without limiting the generality of the foregoing, Buyer shall restore and repair all real and personal property and fixtures that are altered or damaged as a result of Buyer's removal of the Goods to a condition substantially similar to the pre-removal condition. NMC shall review the repair and make a determination in its sole discretion, whether the repair is acceptable to NMC. NMC shall have no responsibility to disconnect utilities to the sole asset, including electric, gas, waste and water lines. Buyer is solely responsible for the proper removal and storage in appropriate containers of all fluids, oils, hazardous chemicals, etc., from machinery purchased. Buyer does hereby indemnify NMC, the owner of the Goods and the owner of the premises in which the Goods are located, from any and all claims, damages, and losses arising from Buyer's actions or actions with respect to the Goods and Buyer's presence on the premises in which the Goods are located, including without limitation, injuries to persons or property and environmental violations or contamination. Risk of loss on any Goods shall pass to the Buyer upon payment in full to NMC of all sums due from Buyer in respect to the Goods.

11. Small Lot Removal. NMC shall have no responsibility whatsoever for any missing or lost items that can be removed by hand if such items have not been removed within forty-eight (48) hours of the conclusion of the sale. There will be NO removal of any lots until the auction is complete.

12. Default. Bidders must bid only on those items they are prepared to pay for and remove in accordance with the terms and conditions of this sale. All items awarded to high Bidders must be paid for by the Final Payment Date and removed by the Final Removal Date. IN THE EVENT BUYER FAILS TO PERFORM CONTRACTUAL OBLIGATIONS (PAYMENT AND REMOVAL). BUYER WILL BE DEEMED TO BE IN DEFAULT AND NMC, AT ITS OPTION, MAY REMARKET AND RESELL THE PROPERTY, IN WHICH EVENT, BUYER WILL BE LIABLE FOR ALL LOSSES INCLUDING THE DIFFERENCE BETWEEN BUYER’S WINNING BID PRICE AND THE RESALE PRICE, COSTS OF RESALE AND ANY LOSSES INCURRED BY NMC AS A RESULT OF BUYER’S DEFAULT.

13. After Buyer has removed any item from NMC'S possession or within two (2) days of the date of the auction, whichever is sooner, NMC shall have no obligation to make any adjustment or accommodation to Buyer because of any mistake in quantity or other defect or problem with respect to such item. Buyer must make all requests for adjustments in writing to NMC before any item is removed from the premises where the auction is conducted.

14. NMC shall not be responsible for any damages, loss or theft of Goods except in the case of NMC's willful misconduct. Without limiting the foregoing, NMC shall not be responsible for damages or losses caused by strikes, civil disorders, acts of nature, or acts of God.

15. If for any reason NMC is unable to deliver any Goods purchased by Buyer, NMC'S sole liability shall be to return all sums paid by Buyer to NMC in respect of such Goods. Buyer/Bidder hereby agrees that under all possible circumstances, NMC's maximum liability in any and all auctions and sales transactions is hereby limited to the purchase price actually paid by the Buyer or Bidder for the applicable sale or auction transaction.

16. Minimum or Reserve Prices. NMC, in its sole discretion, reserves the right to establish a reserve or minimum price on any Goods without having to announce, post or publish notice to attendees and buyers at any auction. NMC reserves the right to confirm or reject the final bid. Further, NMC, and/or its affiliates or subsidiaries, may bid at the auction either for its own account or on behalf of a third party.

17. Absentee Bids. By completing an "Absentee (Proxy) Bidder Form," Bidders may appoint NMC to be an agent and proxy for the sole purpose of purchasing the items listed when the Bidder CANNOT bid on the day of the sale. ALL BIDS ARE FINAL AND BINDING and DO NOT include any applicable buyer's premiums and sales taxes. NMC will bid up to the specified maximum bid amount to win the item, using only the amount needed to win the item. NMC has complete discretion whether and when to accept Proxy bids. The auctioneer's announcements at the time the lot is sold take precedence on any and all published materials. Proxy Bidders will be notified only if they have been declared the high bid. Notification will take place in the form of an electronic invoice, which will be sent to the email address provided during registration.

18. NMC, in its sole discretion, reserves the right to refuse the bid of any person without providing any notice or reason therefore.

19. NMC, in its sole discretion, shall control all bidding increments and advances at any auction. NMC reserves the right to reject any bid that is only a minimal increase over the preceding bid, that is not commensurate with the value of the item being offered or that NMC believes was made illegally or in bad faith. In the event of a dispute among Bidders, NMC may, in its sole discretion, either accept what it deems to be the final bid or solicit further bids on the item in dispute. No returns or refunds will be permitted, unless authorized by the seller in writing.

20. NMC reserves the right, in its sole discretion, to sell items advertised as a public auction sale, on a piece-by-piece basis or as a complete lot. Without limiting the generality of the foregoing, NMC may accept a complete lot bid and then conduct an item by item auction which auction shall be effective only if the total proceeds therefrom exceed the amount of the complete bid.

21. All information provided by NMC to a Buyer, including without limitation, any advertising, lot sales catalogs or otherwise, is subject to deletions, errors, additions, and changes without notice. Although information is gathered from sources thought to be reliable, NMC shall have no responsibility whatsoever for any information provided to any attendee or buyers. Every Buyer hereby agrees to rely solely on the Buyer's own independent investigation and inspection of any and all Goods.

22. The auctioneer may add other terms and conditions of sale, such additional terms and conditions to be announced prior to the auction.

23. If NMC is selling or auctioning any Goods on behalf of a third party owner, NMC shall act as an agent only and shall have no liability whatsoever for the acts of any owner/principal.

24. Buyer hereby agrees to comply with all US export and import control and related laws, and acknowledge that NMC is not the exporter or importer of any purchased item. Certain items offered for sale at the auction may constitute "Restricted Technology." Under federal law, such items may not be shipped outside the United States. NMC makes no representation or warranty concerning, and has conducted no investigation to ascertain which items, if any, constitute Restricted Technology, or whether any item may have been imported in violation of any U.S. laws or international treaties.

25. Each and every Buyer acknowledges that an auction site is a potentially dangerous place, Flammable, noxious, corrosive and pressurized substances may be present. Heavy equipment may be operated and electrical circuits may be live. Every person enters the auction site at his or her own risk with notice of the condition of the premises and the activities that will be or have been conducted on the premises. No person shall have any claim against NMC, the seller or their respective agents for any injuries sustained or for damages to or loss of property that may occur at the auction site.

26. If the Buyer fails to comply with any of the Terms and Conditions herein, in addition to the remedies provided for Default, NMC shall have all rights and remedies available to it at law and in equity. Without limiting the generality of the foregoing, NMC may retain all deposits and partial payments received from Buyer and may resell any Goods that Buyer fails to purchase. Buyer shall be responsible for all costs, losses, and damages suffered by NMC (i) as a result of Buyer's breach of any of the Terms, including without limitation, lost profits and consequential damages, and (ii) incurred in connection with the enforcement of NMC'S rights, including, without limitation, legal fees and costs and expenses related to the resale of Goods, including storage and rigging fees.

27. As a prerequisite to asserting any claims against NMC, a Buyer must set forth those claims in writing in sufficient detail to advise as to the particulars of such claim and deliver it in person or by Certified Mail, Return Receipt Requested, to NMC within thirty (30) days of the conclusion of the auction at its address at 23480 Park Sorrento, Suite 104B, Calabasas, CA 91302. Any dispute of any nature whatsoever asserted by a Buyer against NMC shall be instituted within one (1) year of the assertion of its written claim in a state or federal court in Los Angeles County, California, which shall have sole jurisdiction over such dispute. Any claim that NMC may have against the Buyer arising out of its default under the terms of this Agreement, shall similarly be instituted in the Los Angeles County of California to which jurisdiction the Buyer irrevocably consents. Costs and attorneys’ fees shall be awarded to the prevailing party.

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