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Vendors Terms and Conditions

 

 

1.1  Chilcotts of Tiverton LLP who act only as auctioneers and agents is called, “the Company”.

 

1.2  The representative of the Company conducting the auction is called, “the auctioneer”.

 

 

2.1  The auctioneer agrees with the Vendor to offer by sale at auction the items specified in this agreement (the Lot(s)) on the terms set out below.

 

2.2 2.2  The auctioneer will exercise such care and endeavours as are reasonable in the circumstances to expose for sale and organise a pre-sale viewing of the Lot(s).  To enter the Lot(s) for sale.

 

2.3 2.3  The auctioneers shall be solely responsible for the regulation and control of the bidding and in particular has absolute discretion to divide any lot, combine any two or more lots, to withdraw any lots from sale, to refuse bids or cancel the sale without giving any reason or previous notice.  The auctioneer may bid on behalf of the vendor for all lots subject to a reserve.  All formal or informal information concerning any lots is subject to modification by announcement from the rostrum by the auctioneer prior to any bid being accepted for the lot.

 

2.4 2.4  The highest bidder for the lot shall be the buyer. All lots are offered for sale without reserve unless instructions to the contrary are received by the auctioneer from the vendor prior to commencement of the sale.  The reserve shall be the minimum hammer price at which the lot may be sold except that a lot may be sold, during or after the sale, below the reserve price provided the vendor receives a sum equal to the net proceeds of a supposed sale of the lot at the reserve price.

 

2.5 2.5  Neither you nor any person on your behalf may bid on your own property whether a reserve has been placed or not. If any such bid is made, then the auctioneer may knock the lot down to you, and you will pay to us the Buyer’s premium in addition to the commission and expenses.

 

2.6 2.6  While the Company will strive to ensure the accuracy of the description of any lot in a catalogue or of the written or oral opinion in a condition report the Company does not accept any responsibility or imply any warranty for the authenticity, attribution, genuineness, origin, authorship, date, age, period, condition or quality of any lot.

 

2.7 2.7  The copyright of the text, photographs and illustrations contained in catalogues and other publicity material shall vest in the Company. Where the vendor provides the text, photographs and illustrations for publication the vendor warrants that its use is authorised by the copyright owner and indemnifies the Company against claims and costs arising from wrongful use.

 

 

3.1 3.1  All goods held in the Company’s custody will be insured against risk of fire, burglary, theft, water damage and accidental damage except for damage to picture or mirror frames and glass, or for damage caused by woodworm or changes in atmospheric conditions. For this facility the Company shall charge the vendor 1.5% plus VAT of the hammer price of a lot or the value a lot might have achieved as assessed by the auctioneer. The value of the goods concerned shall be the net proceeds of sale or the assessed value net of charges.

 

3.2 3.2  Withdrawn and unsold lots will be insured for up to 7 days after formal notification by the Company to the vendor that the lots are available for removal from the Company’s custody. Thereafter, the vendor is responsible for insurance and the Company reserves the right without reference to the vendor to sell such lots to defray all costs. However vendors may not remove unsold or withdrawn lots during a sale.

 

3.3.3.3  The Company in its sole discretion may charge the vendor £2 plus VAT per lot per day, plus any related transport costs, for goods held in custody until they are sold or removed by the vendor.

 

3.4.3.4  The vendor authorises the Company to transfer any or all of the goods listed herein to another auction house or sale venue in the UK or elsewhere for sale or exhibition and the vendor undertakes to pay the attendant costs.

 

 

4.1 4.1  The vendor acknowledges that the Company’s charges (for commission and insurance calculated as a percentage of the hammer price) plus VAT as set out herein shall be deducted by the Company from the hammer price of a lot before accounting to the vendor the net proceeds of sale. The vendor acknowledges that the charges for a lot withdrawn from the sale, or for a lot that fails to sell due to an non-agreed reserve being imposed by the vendor, is 15% of the mid-estimate assessed by the auctioneer (plus VAT).

 

4.2 4.2  The buyer shall pay the Company a premium of 19.5% of the hammer price plus VAT and the vendor acknowledges the Company’s right to retain this premium.

 

4.3 4.3  The Company shall account to the vendor for the net proceeds of sale by means of a crossed account payee cheque drawn in favour of the vendor. Payment will be made about 21 working days after the sale provided settlement has been received in full from the buyer. The vendor authorises the Company at the cost of the vendor to take whatever reasonable action it deems necessary to obtain settlement from the buyer or to cancel the sale. The Company disclaims responsibility for default by either vendor or buyer because it acts as auctioneer only and does not account to the vendor before payment is received from the buyer.

 

 

5.1 5.1  If within three months of the sale the buyer of any lots serves formal notice alleging that the lot is a deliberate forgery and returns the lot to the Company in the same condition as at the time of sale and produces evidence acceptable to the Company that the lot is a deliberate forgery then the sale of the lot will be rescinded.  The Company will reimburse the buyer for the amount paid for the lot within seven days of the vendor refunding to the Company the net proceeds of the sale.

 

5.2 5.2  Any dispute between vendor and buyer relating to goods consigned to the Company for sale, including rescission, which cannot be settled by agreement shall be settled by a professional arbitrator. The vendor and buyer shall be bound by the decision of the arbitrator including the incidence of costs.

 

5.3 5.3  The vendor indemnifies the Company, the auctioneer, its employees and agents against claims arising from the sale and storage of the vendor’s goods to include claims in respect of any of the vendor’s warranties herein. The Company shall hold these indemnities for the benefit and on trust for its employees and agents.

 

5.4 5.4  Every person on premises used by the Company for the conduct of its business shall be deemed to be there at their own risk and shall have no claim against the Company in respect of accident or loss however caused.

 

5.5  All sales conducted by the Company are subject to English law and litigation will be subject to the non-exclusive jurisdiction of the English courts.

 

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