Registration - VKT 7

Commission

Commission will be charged to the vendor and buyer on each lot as follows –

10% plus Internet surcharge of 2.5% + VAT

VAT

1. It should be noted that all lots sold on behalf of non-registered vendors together with registered vendors trading under the General Margin Scheme will be sold under VAT Auctioneers Margin Scheme unless written instructions are received to the contrary.
2. Value Added Tax at the standard rate will be charged on all lots unless otherwise announced at the time of sale.

Private Sales

1. No lot entered or advertised for sale by the Auctioneers should be sold by the owner privately within 21 days prior to the commencement of the sale for which the lot has been entered or advertised. The Auctioneers are not to be under any liability for any breach of this condition whatsoever.
2. In all cases where a lot is not forward for sale the Auctioneers shall be indemnified by the person entering such a lot for all expenses incurred in relation thereto and against all such claims from third parties as may arise.
3. If any lot is sold privately subsequently on the sale ground (or sold privately while the item remains on the sale ground)  the sale must be booked in through the Auctioneers office and the terms and conditions of sale will apply and commission will be charged.
4. The Auctioneers reserve the right to sell privately at the reserved price any lot remaining on site after the auction without further consultation with the vendor.

Reserves

Reserves shall be given in writing to the Auctioneers before the advertised time for the commencement of the sale. Vendors reserve the right to bid through the Auctioneers as their Agents, and shall only bid through them. NO VENDOR SHALL IN ANY CIRCUMSTANCES WHATSOEVER BID OR ALLOW ANYONE ELSE TO BID ON HIS BEHALF FOR ANY LOT OWNED BY SUCH VENDOR save that this restriction shall not be extended to lots being sold on a dissolution of partnership. Should any improper bidding be discovered, full commission will be charged on any lots bought in.

Vendors/Purchasers Risks

1. All lots are accepted and remain on the sale ground at the vendors risk.
2. The Auctioneers shall be under no liability to notify vendors if lots are not sold.
3. Each lot shall be sold at the sole risk of the purchaser on the fall of the hammer.

Exclusion of Liability

The auctioneers shall not be liable for any expenses, loss, claim or proceedings in respect of any loss or damage whatsoever to any property real or personal (including all lots) whether incurred before, during or after the sale. The auctioneers shall not be liable for any expense, loss, claim or proceeding in respect of any personal injury to or death of any person arising out of or in the course of or caused by the sale, except to the extent that the same is due to the negligence of the Auctioneers, their Servants or Agents.

Bidding

The highest bidder shall be the Purchaser and any dispute which arises shall be settled by the Auctioneer who shall regulate the bidding and have the right to refuse a bid.

Payment

1. All purchases shall be paid for in full within 48 hours of the auction ending direct to the Auctioneers before removal and no lot to be removed without the written authority of the Auctioneers. (If a percentage paid on sale day has been negotiated with the Auctioneers prior to the sale, the balance of that purchase must be settled in full within 48hrs of the close of the sale) Cheques will not be accepted unless prior arrangements with the Auctioneers have been made. Where a purchaser defaults in payment, the Auctioneers reserve the right to re-sell the lot and to charge the Purchaser with any expenses and loss incurred by reason of the failure of the Purchaser to complete his purchases. The Auctioneers reserve the right to charge Interest at the current bank overdraft rate on any outstanding accounts from the day of sale unless special arrangements have been made with the Auctioneers in this respect.
2. Transfers of purchases will only be recognised at the sole discretion of the Auctioneers.
3. Every purchaser shall leave his full name and address at the Auctioneers office whether he intends to remove his purchases on the day of the sale or not.

Description

The descriptions are supplied by the Vendors who alone are responsible for details and accuracy. The Auctioneers will not be answerable in respect of any errors which may occur. The Auctioneers may make any intimation of any alteration or modification of the description of any lot immediately before asking for bids. The Auctioneers shall be the sole and exclusive judge of the fact of such intimation and the terms in which it is made.

Payment To Vendors

Vendors shall be entitled to receive the purchase price of any lot or lots sold within 10 working days after the sale, provided that the Auctioneer shall have received the same and:

1. That the complaints procedure shall not have been invoked by or on behalf of the Purchaser, when payment of what is due will be made to whom it is due as soon as practicable by the Auctioneers after settlement of the complaint and:
2. That in the event of any acknowledged debt of the vendor being owed to the Auctioneers, the latter shall have the right to set off such debt against the proceeds of sale.
3. Payment will be withheld until an original retention certificate is received.

General Conditions

1. The Auctioneers shall have the right, at its sole discretion, without assigning any reason, to refuse any person admission to its Premises or attendance at any of its Sales, or to view any Lot.
2. The Auctioneers may in its absolute discretion refuse to accept any bid, advance the bidding as it may decide, withdraw or divide any Lot, combine any two or more Lots, and in the case of dispute may put up any Lot for auction again.
3. A prospective bidder should register his intention to bid for a Lot by completing fully an online Bidder Registration via i-bidder, Bidspotter or the Saleroom prior to executing his bid.
4. Any bid which fails to reach the Reserve may be submitted by the Auctioneer to the Seller and if the Seller accepts that bid, the Lot will be deemed to have been sold to the Buyer at the sum bid at the fall of the hammer and the normal Terms and Conditions will apply to that sale.
5. If a Buyer fails either to pay for or to take away any Lot, the Auctioneers may without further notice to the Buyer, at its discretion and without prejudice to any other rights or remedies it may have, exercise one or more of the following rights or remedies, as may be relevant, in relation to any and all remedies for non-payment that the Auctioneers may choose to exercise. The Buyer will pay to the Auctioneers all legal and other costs borne by it on a full indemnity basis.
6. To charge interest at a rate not exceeding 3% per month over Natwest Bank’s base rate on so much of the total amount due as remains unpaid after the date and time of the sale.
7. To issue proceedings against the Buyer for payment of the total amount due and/or for damages for breach of contract. If the Seller decides to sell the Lot elsewhere, the Auctioneers may proceed against the Buyer for the Commission which it would have earned both from the Seller and the Buyer together with VAT on both had the Buyer paid for the Lot in accordance with these Conditions.
8. To rescind the sale of that or any other Lots sold to the same Buyer at this or any other Sale, in respect of which title has not passed.
9. To resell the Lot or cause it to be resold by public or private sale, such that any deficiency in the total amount due resulting from such resale (after giving credit for any payment) together with the full costs incurred in connection with the Lots shall be paid to the Auctioneers by the Buyer; any surplus in excess of the Sale Proceeds of that resale shall belong to the Seller.
10. To retain that or any other Lot sold to the Buyer at the same or any other auction and to release the same only after payment of the total amount due.
11. To apply by way of set-off any Sale Proceeds of any Lot then due or at any time thereafter becoming due to the Buyer towards settlement of the total amount due and expenses and the Auctioneers shall be entitled to a lien on any property of the Buyer which is in the Auctioneers possession for any purpose.
12. To reject or ignore any bids made by or on behalf of the defaulting Buyer at any future sales or insist upon a cash deposit before accepting any bids in future.
13. In any event, neither the Seller nor the Auctioneers shall be liable for any indirect or consequential loss whatsoever, and the maximum liability of the Auctioneers together with its Employees and Agents, in the event of any claim against them arising from the sale of any Lot shall be limited to the Hammer Price plus Buyer’s Premium in respect of that Lot.
14. These Conditions shall be governed by and construed in accordance with English Law. All transactions to which these Conditions apply and all matters connected therewith shall also be governed by English Law. Each of the Auctioneer, the Seller, the Buyer and any bidder hereby submits to non-exclusive jurisdiction of the courts of England and Wales.