Selling Sale Agreement Insurance Payment V.A.T. Status of Vendor

Sale Agreement

Entries shall be accepted until 4 weeks prior to each sale and must be delivered to the office, unless prior arrangement has been made, for correct cataloguing. All goods shall be offered for sale at a stated reserve price, which reflects the current market.

The commission payable by the Vendor is charged at a rate of 12% (exclusive of V.A.T.)

No handling fee shall be charged on any lot(s) unsold, unless the Vendor has been instructed in writing prior to sale.

The Auctioneers shall have complete discretion as to whether to offer for sale or not, the description of the goods in their catalogue or other promotional material and the printed estimate of any lot(s) within the catalogue.

Lots shall be offered for sale subject to a reserve price set by the Auctioneers. This shall only be changed with the consent of the Auctioneers, who reserve the right to refuse any changes being made.

Any lots remaining unsold on the day shall be offered for sale at the stated reserve price on an “unsold” list.

The Auctioneers shall have complete discretion as to whether to illustrate or not. No charge is made for illustrations within the catalogues or other promotional material.

Items withdrawn from sale at the instructions of the Vendor must be collected within 3 working days of the sale. The Auctioneers reserve the right to send the goods to storage without notification and at the Vendor’s expense. Items withdrawn from sale following the catalogue being sent for publication shall be subject to a charge, usually equal to the commission payable on the stated reserve price.

Any goods returned at the request of the Vendor shall be returned at the Vendor’s risk and expense and shall be insured in transit also at the Vendor’s expense.

The Vendor shall not bid for his own property nor employ any person to bid for him. The Auctioneers, alone, shall have the right to bid on behalf of the Vendor.

Value Added Tax is chargeable at the standard rate on all Auctioneers’ charges made.

Private foreign residents, exempt those residing in the E.E.C. are exempt from V.A.T. on commission.

The Auctioneers act only as agents for the Vendor and the Vendor warrants to the Auctioneers that he is entitled to sell.

The Vendor shall indemnify the Auctioneers, representatives and employees of the Auctioneers and the Purchaser, against all claims made or proceedings brought by persons entitled or purporting to be entitled to any lot(s) and shall reimburse the Auctioneers, on demand, of all payments, expenses, costs or any other loss or damage made, incurred or suffered as a result of any breach by the Vendor of the point above.

Insurance

A compulsory insurance charge of 1% of the realisation price is made. Should any goods be lost, stolen or damaged whilst in the hands of the Auctioneers, payment of the stated reserve price of any lot(s) will be made to the Vendor, subject to all monies being received from our insurers.

The Auctioneers reserve the right to refuse payment should any indiscretions or concerns of indiscretions occur.

Payment

The net proceeds of the sale shall become due and payable to the Vendor 35 days following the date of sale, provided that the Auctioneers have received payment in full from all relative Purchasers. If no payment is received by the Auctioneers after a further 14 days, the Auctioneers reserve the right to cancel the sale of any lot(s) and return the goods to the Vendor. This shall not apply to any monies achieved from sales via the “unsold” list, unless such monies have already been received by the Auctioneers. Full payment for any lot(s) sold via the “unsold” list shall be made to the Vendor upon clearance of all monies through the bank.

V.A.T. Status of Vendor

The Vendor must give to the Auctioneers all relevant information as to his V.A.T. status with regard to the lot(s) to be sold which he warrants his.

These conditions, together with the matters set out on receipt, constitute the agreement made between the Auctioneers and the Vendor.