Terms & Conditions of Business - Buyers
1. These conditions, together with any additional conditions appearing in the catalogue, are the terms and conditions subject to which Essex Coin Auctions Ltd (The Auctioneer) as agent for the Vendor shall sell goods to the purchaser (The Buyer) and all other conditions, whether express, or implied at common law, or by statute, as are capable of lawful exclusion are hereby excluded. By participating in any sale undertaken by the Auctioneer, all vendors and purchasers agree to be bound by these conditions and are deemed to have read and have full knowledge of them.
2. The highest bidder shall be the Buyer at the hammer price except in the case of a dispute. If during the auction the auctioneer considers that a dispute has arisen, he has absolute discretion to settle it or to reoffer the lot. Bids will be executed in the order that they are received.
3. The Auctioneer has the right to divide any lot, to combine any two or more lots together or to withdraw any lot or lots from sale, regulate the bidding, refuse bids or cancel the sale without giving any notice or reason whatsoever.
4. The Auctioneer has the right at their discretion to refuse entry to their premises or attendance at their auctions of any person.
5. Whilst The Auctioneer makes every effort to ensure the accuracy of their catalogue and description of any lot they do not accept responsibility regarding authenticity, attribution, genuineness, origin, authorship, date, age, period, condition or quality of any lot. All goods are sold with faults and imperfections and errors of description. If they have been instructed in writing by the vendor to certify a lot, The Auctioneer does so as agents of the vendor and are not themselves responsible for such claims. All statements whether printed in the catalogue or made orally are statements of opinion and are not to be taken as being or implying any warranties or representations of fact. All Bidders should rely on their own judgement as to matters affecting any lot.
6. The Auctioneer shall only accept bids from bidders who have, to the auctioneer’s satisfaction, completed a registration form and obtained a bidding number.
7. Persons attending the auction site and premises do so at their own risk. Except in respect of death or personal injury caused by the Auctioneers’ negligence, the Auctioneers shall not be responsible for any loss or damage that may occur on the auction site or premises.
8. The Buyer shall pay to the Auctioneer a premium of 22% + VAT on the hammer price (Value Added Tax is charged at the current rate). The Premium is not negotiable and is payable by all purchasers. Deposits for exceptional lots maybe requested by the auctioneer immediately at the fall of the hammer. The Buyer agrees that the auctioneers may also receive commission from the Vendor in accordance with clause 20. In addition to the buyer’s premium, winning bids placed via www.ecauctions.co.uk will incur an internet surcharge of 3% + VAT of the hammer price. The minimum amount of buyers premium charged on any single lot will be £5 + VAT.
9a. In accordance with Money Laundering Regulations and the Criminal Justice Act of 1993, Essex Coin Auctions Ltd will not accept cash payments over £5,000 in settlement for purchases made at any one auction.
9b. In accordance with Artists Resale Rights Regulations 2006, applicable lots which sell for 1,000 or more are subject to a resale royalty charge (“Royalty”). This Royalty is payable by the Buyer. The Royalty will be charged at a rate of 4% of the hammer price for lots selling up to £50,000. For lots selling in excess of £50,001, the Royalty shall be calculated at a reduced rate (details available on request). Payment shall be passed directly to the Design and Artists Copyright Society (DACS) 33 Great Sutton Street, London EC1V 0DX. For further information please contact the Auctioneers or DACS on 0845 4103410 or visit their website at www.dacs.org.uk. Lots subject to this royalty payment are marked with *ARR in the catalogue.
10. In all cases lots shall remain at the risk of the Vendor save that lots shall be at the sole risk of the Buyer from the fall of the hammer, and such lots shall be taken away with all faults, defects and errors of description, of any nature whatsoever. Neither the Auctioneers, nor their servants or agents shall at any time be responsible for any loss or damage to lots whether caused by negligence or otherwise. No Buyer shall be entitled to remove any lot until he or she has paid for the whole of the lots purchased.
11. All purchased lots shall be collected by the Buyer or their agent within 5 working days of the sale, unless prior arrangement has been agreed with The Auctioneer. All sold items not collected or paid for within fourteen days of the sale will incur storage charges of £5 per lot per day. Neither the Auctioneers nor any third party shall be responsible for any damage, theft or loss occurring during this period. All items stored by the Auctioneers shall be at the risk of the Buyer.
12. If the Buyer fails to comply with these conditions, any deposit paid by the Buyer shall be forfeited to the Vendor of the lot, the Vendor paying from it all just expenses of the Auctioneer, and the lot shall be resold by public auction or private sale. Any deficiency arising upon the resale, together with the expenses of it, shall be due as a debt from the Buyer in default upon the first sale.
13. Ownership in each lot shall not pass to the Buyer until full payment has been made (in cleared funds) of all sums due to the Vendor and the Auctioneer pursuant to these Conditions.
14. Any payments by the Buyer to the Auctioneer may be applied by the Auctioneer towards any sum owing from the Buyer to the Auctioneer, without regard to any directions of the Buyer or his agent, whether express or implied as to how that payment should be applied.
Terms & Conditions of Business - Vendors
15. The vendor warrants to the Auctioneer and to the Buyer that he/she is the true owner of the lot or is properly authorised to sell the lot by the true owner and is able to transfer the goods and marketable title to the lot free from any third party claims, liens or encumbrances.
16. The Vendor warrants to the Auctioneers and the Buyer that the goods as described and in particular as to the provenance and condition. The Vendor further warrants that any damage or nonoriginal parts have been fully declared to the Auctioneer and that the Vendor has provided the Auctioneer with all the information the Vendor has concerning the provenance of the property.
17. The Auctioneer acts throughout as agent only and is not responsible for any default by either the Vendor or the Buyer. The Auctioneers shall not be liable for paying the Vendor until they have received settlement in full (in cleared funds) of all sums due from the Buyer. The Auctioneer shall remit the proceeds of the sale to the Vendor (subject to the deduction of all sums due from the Vendor to the Auctioneer) no later than three weeks after receiving payment in full from the Buyer.
18. A vendor who enters a lot or lots for auction which are an asset of his/her business must disclose to the Auctioneers whether or not they are registered for Value Added Tax, at the current rate.
19. The vendor shall be entitled to place, prior to the day of the sale, a reserve on any lot, that being the minimum hammer price at which the said lot may be treated as sold. Where a reserve has been placed the Auctioneer may bid on behalf of the vendor. The Auctioneer may, at their discretion, sell at a hammer price below the reserve but in any such cases the sale proceeds to which the seller is entitled shall be the same as they would have been had the sale been at the reserve.
20. Commission shall be charged at a rate of 15% + VAT for sale entries in each case, of the hammer price. Special rates are negotiable for large consignments of items. The Vendor hereby authorizes the Auctioneer to deduct all commission payable from the hammer price and acknowledges the Auctioneer’s right to retain the premium payable by the Buyer in accordance with clause 8. The minimum commission charge on any sold lot will be £5 + VAT. In the event of the lots remaining unsold the vendor shall be liable to pay the auctioneer a sale entry/marketing charge of £5 + VAT on each lot.
21. The Auctioneer will accept liability for physical loss of, or damage to the items consigned for sale and stored at Essex Coin Auctions Ltd premises, as well as items in transit in company vehicles at the value of the bottom estimate until the fall of the hammer. Insurance may be charged to the Vendor at a rate of 1.5% + VAT.
22. The Auctioneer does not undertake the collection of goods but shall however if desired instruct a contractor on the Vendors behalf and at his expense. The Auctioneer shall not be liable for any damage, loss, or unauthorised removal of goods and for any damage to premises by such contractors.
23. The Auctioneer shall not be liable for any lots delivered to their premises without sale instruction and reserve the right to make a housing charge, this charge is also applicable to lots that have been requested to be collected by the Auctioneer. If not removed within 14 days, the Auctioneers hold the right to sell the items in order to recover any costs incurred by them.
24. Unless instructed by accompanying written notice, all goods, which the Auctioneer deems to have no saleable value, will be disposed of at the Auctioneer’s discretion either to a charity or by consignment for destruction.
25. The Vendor will indemnify the Auctioneer, its servants and agents and the Buyer against any loss or damage suffered by either in consequence of any breach of clause 15 and/ or 16 above or otherwise of these Conditions on the part of the Vendor.
26. Any sums due, but unpaid, by the Vendor or the Buyer pursuant to these conditions shall carry interest (as well as after judgment) at the rate of 4% above the Clydesdale Bank base rate from the due date until payment, such interest to be compounded monthly. General Conditions
27. The Auctioneers shall be relieved of its contractual obligations to the extent that the performance thereof is prevented, frustrated, impeded or delayed directly or indirectly by or in consequence of any default by the Buyer or Vendor, statute, regulation or order of any government, council or other authority, riot, public disorder, strike, industrial dispute, lock out or other labour disturbance, storm, flood, explosion or other natural disaster or any other clause beyond the reasonable control of the Auctioneer.
28. These terms and conditions shall be interpreted in accordance with English Law and any dispute or action that may arise shall be dealt with English Law in an English Court.
29. Any indulgence extended by the Auctioneer to bidders, Buyers or Vendors notwithstanding the strict terms of these Conditions shall affect the position at the relevant time only and in respect of that particular concession only; in all other respects these Conditions shall be construed as having full force and effect.
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