GENERAL CONDITIONS OF SALE continued (as approved by The Royal Institution of Chartered Surveyors)


(c) if it shall be found that the seller does not have title to all or any of the lot the buyer shall have no right to rescind, avoid or vary this agreement or to claim damages or a reduction in the price paid or payable; (d) any intellectual property rights or software subsisting in a Lot may be third party property and as such the seller and/or the auctioneer may be unable to effect transfer. The buyer will not be authorised to use intellectual property rights or software and any such use or transfer shall be at the buyer sole risk. (e) The buyer undertakes that it shall ensure that any vehicle comprised in any Lot is in a roadworthy condition in accordance with the Road Vehicle (Construction and Use) Regulations 1986 and any subsequent amendments thereof or such other relevant regulations as shall from time to time be in force before using it on a public road. It is the buyer’s responsibility to remove any logos and lettering from vehicles. Odometer readings are not warranted. (f) any item of plant, machinery or equipment contained in the lot (s) may not necessarily comply with any statutory requirements or regulations governing the use of that plant, machinery or equipment in their working environment. Neither the seller nor the auctioneer shall incur any liability to the buyer because of any default or defect in all or any of the lots. buyer are entirely responsible for ensuring that the use of any item of plant, machinery or equipment does not contravene any health and safety and environmental legislation in existence at the time of the Sale. (g) agrees that the auctioneer is acting only as agent of the seller and it is expressly agreed and declared that no personal liability in connection with the sale of any lot or otherwise shall fall on the auctioneer and the buyer shall indemnify the auctioneer against all and any liabilities arising under or in connection with the Sale of any Lot. Insolvency Practitioner(s), including Administrative Receiver(s), Administrator(s) and Liquidator(s) act as agent(s) for the seller without personal liability and shall incur no personal liability whatsoever in relation to a Sale or pursuant to any document relating thereto. G1.8 The buyer agrees that the General Conditions and the exclusions which they contain are fair and reasonable bearing in mind that:- (a) the buyer must rely absolutely on the buyer’s own opinion and/or professional advice concerning the quality, state, condition, performance and functionality of the lot any right, title or interest which is sold under the terms of these General Conditions, their fitness and suitability for any particular or any purpose, the possibility that some or all of them may have defects not apparent on inspection and examination including, without limitation, the presence of contamination and the possibility that the buyer may not acquire title and the fact that the buyer would have no remedy under this Agreement should that happen; (b) the buyer has available to it skilled professional advice and on that basis agrees to purchase a lot for a consideration calculated to take into account amongst other things the risk to it represented by the fact that the parties believe that all the exclusions and limitations set out in these General Conditions would be recognised as being fully effective by the Courts and the seller making it clear that it would not have agreed to sell any lot on any other basis except for a higher consideration; (c) the buyer has been given every opportunity which might reasonably be expected to examine and inspect the lot. (d) The buyer acknowledges that a Sale by Auction is not a consumer sale for the purposes of the Sale of Goods Act 1979 (as amended by the Sale and Supply of Goods Act 1994) and the Unfair Contract Terms Act 1977 and the buyer shall not seek to rely upon and conditions or warranties implied thereby or by any other legislation.


G2. Deposit G2.1 The amount of the deposit is the greater of: (a) any minimum deposit stated in the auction conduct conditions (or the total price, if this is less than that minimum); and (b) 25% of the price (exclusive of any VAT on the price). G2.2 The deposit (a) Must be paid in pounds sterling by bankers transfer, cash or credit/debt card (or by other means of payment that the auctioneers may accept); and (b) is to be held as stakeholder unless the auction conduct conditions provide that it is to be held as agent for the seller. G2.3 Where the auctioneers hold the deposit as stakeholder they are authorised to release it (and interest on it if applicable) to the seller on completion or, if completion does not take place, to the person entitled to it under the sale conditions. G2.4 If a cheque for all or part of the deposit is not cleared on first presentation the seller may treat the contract as at an end and bring a claim against the buyer for breach of contract, additionally the buyer will be liable for all charges and expenses incurred as a result of a non cleared payment. G2.5 Interest earned on the deposit belongs to the seller unless the sale conditions provide otherwise. G4 Identity of Parties Every buyer is required to give his name and address and provide satisfactory proof of identity and such other information and documentation as is required to the Company before making any Bid and in the case of:


4


(a) A Live Auction by the completion of a registration form; (b) An Online Auction by online registration at the Website; and (c) A private treaty or tender by prior registration or notification of details, as and when requested by the auctioneer. The Company reserves the right at any time to reject the registration of any persons and refuse access to the Auction at its sole discretion. The auctioneer Name & Registered Office: Pro Auction Ltd, The Counting House, 13a Church Farm Business Park, Corston, Bath BA2 9AP. Company No. 05059610. The auctioneer may from time to time act jointly with an associated Auctioneer who will be named in the Catalogue and/or in the Special The seller the person upon whose instructions the auctioneer is conducting the sale, details of whom are set out in the Special Conditions of Sale.


G5 Conduct of Auctions G5.1 Any lot may be subject to a minimum bid or reserve price. The auctioneer or the seller is entitled to change these at any time before the conclusion of the Sale. G5.2 The seller, auctioneer or any representative, agent or person acting on behalf of the seller may Bid for any lot. Persons entitled to Bid pursuant to this condition shall be entitled to place Bids on any lot up to the reserve price including by placing Bids in response to other Bidders. G5.3 Lot descriptions will be amended as appropriate as and when information becomes available to the auctioneer. Prospective Bidders must read lot descriptions before making a Bid so that they are fully aware of any amendments to the description appearing in the Special Conditions and/or on the Website or in the Catalogue in relation to a particular lot. G5.4 The auctioneer may at any time before the conclusion of the Sale withdraw or divide any lot or combine any lot or sell any lot by private treaty or tender before, during or after the Auction. G5.5 The auctioneer may reject any Bid at his sole discretion and without being required to give a reason. G5.6 No Bid shall be retracted without the consent of the auctioneer. G5.7 The auctioneer may where there is a dispute between buyer, summarily determine the dispute or immediately again offer the Lot for sale, in each case without being required to give a reason. G5.8 The auctioneer shall in every other respect decide how the Auction is to be conducted and without being required to give a reason. G5.8 A Sale is concluded (constituting acceptance of the Bidder’s offer, subject to General Condition when: (a) in the case of a Live Auction, on the fall of the auctioneers hammer and/or, (b) in the case of an Online Auction, at the close of the timed Online Auction Sale as specified on the Website and as defined by General Condition (c) in the case of a private treaty or tender, when the Bidders Bid is accepted by the auctioneer, such acceptance to be communicated to the Bidder in writing by way of receipt of the auctioneers invoice. G5.9 The buyer shall be the person who made the highest Bid before the conclusion of the Sale pursuant to General Condition G5.8 above subject to approval and acceptance by the auctioneer and the Seller or such other Bidder as the auctioneer may declare to be the buyer without being required to give a reason. The auctioneer and/ or the seller is not bound to accept the highest Bid or any other Bid placed in the course of the auction. G5.10 In the case of an Online Auction the buyer, as determined under General Condition above, shall within a reasonable time after the conclusion of the Sale receive by email an invoice in respect of the monies due for the Lot(s) purchased. G5.11 In the event that the reserve price is not met, the auctioneer may consider the Bids received below the reserve price with the seller who at its sole discretion may accept, reject or place a counteroffer. G5.12 On conclusion of the Sale and acceptance of the Bidders Bid pursuant to General Conditions, the buyer acknowledges and agrees that he has entered into a contract with the seller to buy the Lot and the Buyer must complete the transaction to purchase the Lot. G5.13 The buyer may not remove any Lot he has bought until after the end of the Auction. G5.14 In relation to an Online Auction: (a) the auctioneer cannot guarantee that the internet services will operate continuously or without interruptions and this could affect the conduct of the Online Auction and the Bidders ability to Bid online. The Company shall not be liable in any respect in the event of any dispute due to errors, omissions or disruptions to internet services or power failures or any other unforeseen circumstances which may occur during the Online Auction; (b) the auctioneer may at any time, without notice, postpone or cancel an Online Auction or extend an Online Auction beyond the published closing time (including extension of the timed Online Auction in accordance with General Condition below);


(c) the timed Online Auction Sale is auto bid extension enabled meaning that where a Bid is placed within ten minutes of the original scheduled close of the timed Online Auction the scheduled close of the timed Online Auction will automatically be extended by an additional ten minutes. This continues with a new scheduled close time each time a Bid is placed until no-one places a Bid before the last scheduled close of the timed Online Auction. Such time shall then be deemed to be the close of the timed Online Auction. G5.15 In the event that the auctioneer unknowingly sells a Lot that was not eligible for Sale (i.e. there is a third party interest that comes to light) then the auctioneer shall be entitled to immediately rescind that Sale without any further liability to the auctioneer or the seller. G5.16 Copies of the Auctions (Bidding Agreements) Act 1927 and 1969 are held at the auctioneers principal place of business.


G6 Sale and Payment G6.1 The buyer shall pay the following sums to the auctioneer in full and without set off:- (a)


requested by the auctioneer and (b)


immediately upon the Sale of any Lot the Deposit, if the balance of the price of the Lot purchased, together


with the Buyer’s Premium, lift out charges and VAT. (c) any other payment or amount due to the seller and/or the auctioneer pursuant to these General Conditions or the Special Conditions on demand. G6.2 The time for complying with clause G6.1 above shall be the time specified in the Auction catalogue or if no time is specified there, 4pm on the next working day and in every case time shall be of the essence. G6.3 In view of Money Laundering Regulations the auctioneer reserves the right to refuse payment in cash. Payments in cash of more than £7,500 will not in any circumstances be accepted. G6.4 The auctioneer is entitled to charge in full or in part the amount due including all fees, from debit or credit card details registered by bidders participating in auction events G6.4 If the buyer fails to make any payment on the due date for payment then, without limiting any other right or remedy available to the seller, the buyer shall pay to the auctioneer interest (both before and after any judgment) on the amount unpaid at the rate of 4% above the base rate from time to time of Barclays Bank plc. (The interest rate will also apply to judgment debts, if applicable) per month or any part thereof until payment in full is made. G6.5 Until the buyer has fully complied with its obligations under the General Conditions (a) title to any Lot bought shall not pass to the buyer; (b) the seller or the auctioneer shall have a lien over any Lot bought by the buyer in the Auction; (c) if the buyer effects or purports to effect a resale or any other disposition of all or part of the Lot, the buyer shall hold the proceeds of resale or other disposition on trust for the seller. G6.6 All sums payable under these General Conditions and the Special Conditions are exclusive of any applicable VAT for which the buyer shall be additionally liable to pay to the auctioneer. On written request by the buyer the auctioneer will provide a VAT invoice.


G7 Removal of Lots G7.1 The ownership of the Lot purchased shall not pass to the Buyer until he has made payment in full to the auctioneer of ‘the total amount due’, but each Lot is at the sole risk of the Buyer from the fall of the hammer . G7.2 The removal of Lots from the Location shall be undertaken by the Buyer entirely at its own risk and without any liability whatsoever to the seller or auctioneer. G7.3 Buyers are responsible for any and all costs and expenses incurred in relation to the removal of Lots and any other applicable charges, taxes and insurance costs. G7.4 The Buyer may not remove any Lot until the Buyer has:- (a) paid by cleared funds all amounts payable pursuant to the conditions of sale (b) if requested by the auctioneer and /or the seller produced satisfactory evidence to the Auctioneer that the Buyer has adequate public liability insurance in respect of the indemnity set out in General Condition below and/or deposited with the auctioneer, by way of security, for the costs of making good any damage likely to occur, such sum as the Auctioneer may stipulate. G7.5 The Buyer must remove each Lot purchased by the Clearance Date and Time for which time shall be of the essence. Lots may only be removed during normal working hours or such hours as are specified in the Special Conditions. G7.6 Buyers should co-operate regarding order of removal of Lots in order to comply with the Clearance Date and Time. If it transpires that a Buyer makes no effort to commence dismantling and the particular Lot is preventing other buyers from removing purchased Lots, then the Auctioneer reserves the right to insist that removal take place immediately notwithstanding the specified Clearance Date and Time. In the event the Buyer does not comply with its obligations under this General Condition G7.7, then the Auctioneer reserves the right to arrange for the removal and/or storage of the Lot and charge any attendant costs to the Buyer.


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