EURO AUCTIONS

EURO AUCTIONS (UK) LIMITED
TERMS AND CONDITIONS OF AUCTION (PURCHASER)

Introduction

1. The contractual relationship between Euro Auctions (UK) Limited (registered in Northern Ireland with number NI41778) and the Purchaser is governed by
   

   1.1. these terms and conditions;

   1.2. the information as detailed in the sale catalogue for each Auction; and

   1.3. any additional notices and terms printed in the sale catalogue in each case as amended by any saleroom notice or Auctioneer’s announcement.

2. Definitions
   
   “Agreement” means this agreement
   
   “Auction” means an auction undertaken by Euro Auctions (UK) Limited
   
   “Auction Site” means any Euro Auctions (UK) Limited premises from where the Auction is conducted
   
   “Auctioneer” means Euro Auctions (UK) Limited, its staff, representatives, and person and persons for the time being authorised by the Auctioneer to have the conduct of an Auction
   
   “Bidder” means any person who has registered with the Auctioneer and has been issued with a Bidding Number for an Auction
   
   “Bidding Number” means the unique bidding number assigned to the Bidder upon registration with the Auctioneer for an Auction
   
   “Commission” means the percentage payment as detailed in clause 13 of this Agreement due by the Purchaser to the Auctioneer upon the sale of any Lots
   
   “Deposit” means £5,000 or €10,000 (at the Auctioneer’s discretion) or any additional amount payable in accordance with clause 4 below.
   
   “Hammer Price” means the highest bid for any Lot accepted by the Auctioneer at an Auction
   
   “Lot” means any individual single part of a consignment put up for Auction by the Auctioneer
   
   “Purchaser” means the highest Bidder for any Lot
   
   “Purchase Price” means the sum total of the Hammer Price plus VAT and the Commission plus VAT
   
   “Vendor” means the seller of any Lot
   
   Terms and Conditions
   
   
3. All Bidders are required to register before entering the Auction. The Auctioneer shall have the right, at its discretion, to refuse any person admission to the Auction Site or attendance at any Auction.
4. On registration, the Auctioneer shall be entitled to require Bidders to pay the Deposit in cleared funds. A Deposit of £5,000 or €10,000 will entitle the Bidder to bid up to an initial aggregate credit limit of £50,000 (excluding VAT and Commission) at the Auction.
   
   All Bidders who intend to bid for any Lot(s) with an aggregate value in excess of £50,000 excluding VAT and Commission (or such other sum as the Auctioneer shall determine) must notify the Auctioneer at registration. If any Bidder intends to, or makes, a bid in excess of the initial credit limit the Auctioneer will require the Bidder to pay to the Auctioneer an amount equivalent to 10% of the projected selling price of the Lot(s) as the Deposit in cleared funds on the day of the Auction.
   
   Any estimation of the value or projected selling price of any Lot to be undertaken under this clause will be carried out by the Auctioneer in its sole and absolute discretion. The Auctioneer reserves the right to refuse the bid of any Bidder who does not comply with the provisions of this clause.
5. The Auctioneer reserves the right to revoke any Bidding Number at any time.
6. The Auctioneer sells as agent for the Vendor and as such is not responsible for any default by Vendor or Purchaser.
7. The highest Bidder shall be the Purchaser. Any dispute as to any bid shall be settled at the Auctioneer’s absolute discretion. Every Bidder shall be deemed to act as a principal unless there is in force written acknowledgement by the Auctioneer that the Bidder acts as agent on behalf of a named principal. Any such agency arrangements must be notified to the Auctioneer at registration.
8. No Bidder may advance less at a bid than a sum to be named from time to time by the Auctioneer.
9. The Auctioneer has absolute discretion without giving any reason to refuse any bid, to divide any Lot, to combine any two or more Lots, to withdraw any Lot from the Auction and in case of dispute put any Lot up for Auction again.
10. Without prejudice to the generality of clause 6, all Lots are sold as seen and with all faults and imperfections and errors of description. Illustrations and descriptions in catalogues or brochures are for identification only. Descriptions in each case are provided by the Vendor. All Lots are available for inspection and Purchasers should satisfy themselves prior to the Auction to as to the condition of each Lot and should exercise and rely on their own judgement as to whether the Lot accords with its description. The Purchaser of any Lot is deemed to have inspected the Lot prior to purchase. The Auctioneer gives no warranty as to the description, condition or otherwise in relation to any Lot and all warranties, conditions and other terms implied by statute or common law are, to the fullest extent permitted by law, excluded from the Agreement.
11. Without prejudice to clause 10, all Lots are sold without CE Marking unless specified otherwise. If any Lot has been described as CE Marked, the Purchaser acknowledges that this description has been provided by the Vendor. The Auctioneer makes no warranty as to the accuracy or authenticity of any CE Marking on any Lot.
12. The Auctioneer will use reasonable endeavours to ensure that all Lots appearing in the catalogue for sale are presented for sale at the Auction but the Auctioneer accepts no liability for loss or damage howsoever arising (included but not limited to costs of attendance of Bidders at the Auction) in the event that any Lot is withdrawn or otherwise is not presented for sale at any Auction.
13. The Purchaser of any Lot will be charged Commission on the Hammer Price at a rate of 2.5% plus VAT in addition to the Hammer Price. Any payments made by credit card under this Agreement will be subject to a non-refundable processing fee of 2%.
14. All sums owed under this Agreement shall be paid in full within 7 days of the Auction failing which the Auctioneer may charge interest on late payments on a daily basis at a rate equivalent to 4% above the base lending rate of the Bank of England then in force.
15. VAT
    

    15.1 VAT on Hammer Price

    15.1.1 EU Purchasers outside the United Kingdom

    VAT is payable by the Purchaser on the Hammer Price of all Lots at 17.5%. The Purchaser will not have to pay VAT on the Hammer Price of purchased Lots provided the Purchaser is validly registered for VAT in a European Union state outside the United Kingdom and provides to the Auctioneer’s satisfaction third party proof that the Lot has been exported from the UK within 30 days from the date of the Auction.
    
    Where third party proof of export is not received within 30 days from the end of the Auction, the total amount of VAT will become payable by the Purchaser to the Auctioneer and the Auctioneer will raise an invoice to the Purchaser for any outstanding amount of account of VAT

    15.1.2 Non EU Purchasers

    VAT is payable by the Purchaser on the Hammer Price of all Lots at 17.5%. The Purchaser can request a refund of this VAT from the Auctioneer provided the Purchaser provides to the Auctioneer’s satisfaction an original bill of lading in connection with the purchased Lot.

    15.1.3 UK Purchasers

    VAT is payable by the Purchaser on the Hammer Price of all Lots at 17.5%. This VAT amount can be reclaimed by the Purchaser from HM Revenue & Customs.

    15.2 VAT on Commission

    All Purchasers will be charged VAT on the Commission at the rate of 17.5%.

    15.3 In all cases the Auctioneer reserves the right to make its own enquiries with any third parties necessary to ascertain if any evidence of VAT registration produced to the Auctioneer by the Purchaser for the purposes of reclaiming VAT is valid.

16. The Auctioneer will accept the following as means of payment subject to the conditions below:
    

    Bank Transfer
    Banker's Draft;
    Cash;
    Cheque;
    Credit Card (subject to a non-refundable processing fee of 2%)
    Debit Card;

    In each case the Purchaser must cause cleared funds equivalent to the Purchase Price to be paid to the Auctioneer within 7 days from the Auction. No payment shall be deemed to have been received by the Auctioneer until the Auctioneer has received cleared funds. Time for payment shall be of the essence. Cash will not be accepted as a means of payment unless the Auctioneer is in receipt of valid identification documents as required under money laundering regulations.
17. Each Lot shall be at the Purchaser’s risk from the fall of the hammer but must be paid for in full before ownership in the Lot passes to the Purchaser. The Purchaser agrees to insure the purchased Lot against all losses from the Auction until removal of the Lot by the Purchaser.
18. The Purchaser, or its servants or agents, will be responsible for the loss or damage to the Lots purchased from the time of the Auction and neither the Auctioneer or its servants or agents shall afterwards be responsible for any loss or damage of any kind, whether caused by negligence or otherwise, while any Lot is in their custody or under their control.
19. The Purchaser shall at its own expense take away the Lot purchased not later than 2 weeks after the day of the Auction but not before payment to the Auctioneer of the Total Invoice Price. The Purchaser will be responsible for any removal, storage and insurance charges on any Lot not taken away within 2 weeks after the day of the Auction.
20. If any Lot is not paid for in full and taken away in accordance with the above conditions, the Auctioneer may, at its absolute discretion and without prejudice to any other rights it may have, resell the Lot or cause for it to be resold by public auction or private sale. The defaulting Purchaser shall then pay to the Auctioneer any resulting deficiency in the Purchase Price from the first sale after deduction of any part payment and addition of sale costs. Any surplus shall belong to the defaulting Purchaser.
21. Neither a Bidder nor any person affiliated with, or as agent of, a Bidder shall collude with any Vendor or any other Bidder in the making of bids for Lots at the Auction.
22. This Agreement can only be amended or varied by written agreement between the parties and constitutes the entire agreement between the parties and overrides prior contracts or agreements or understandings between the parties in relation to the sale by Auction and ensures for the benefit of and is binding upon the heirs, executors, administrators, successors in title and assigns of the parties herein.
23. The formation, existence, construction, performance, validity and all aspects of this Agreement shall be governed by UK law and the parties submit to the non-exclusive jurisdiction of the UK Courts.