the Auctioneer the Buyer’s Commission which is a sum equal to 10% of the Purchase Price [plus VAT] and which represents part of the consideration due to the Auctioneer for the Auctioneer’s facilitation of the sale of the Lot. In the event that the sale of the Lot to You is not completed because
of any breach by You of these Terms and Conditions You undertake to compensate the Auctioneer in full in respect of the Buyer’s Commission that would have been payable along with any other commission that would have been due to the Auctioneer from the Seller if the sale of the Lot had been completed [plus VAT where applicable]. Buyers using online bidding system, iBidder, will be subject to an additional 1% commission. In the event that You attend at a Sale, the Lot is not sold (or does not
meet its Reserve) but during or within [3 months] after the Sale You enter into a commitment with the Seller or any related company to acquire any interest in the Lot (or any part of it) You also undertake to simultaneously pay the Auctioneer 10% of the total price payable to the Seller or any related company for the interest in the Lot [plus VAT].
11. Resale Rights You agree that in the event that the sale of any Lot is subject to a Resale Right it will, as between You, the Auctioneer and the Seller, be Your responsibility to establish whether or not the Resale Right applies, to establish to whom any payments must be paid, to establish what payments or royalties might be due under it and to make any such payment in full and you hereby indemnify the Auctioneer and the Seller against any failure on Your part to do so. Notwithstanding what is said above in the event that the sale of any Lot
is subject to a Resale Right the Auctioneer shall have the right, but not the obligation, to increase the Buyer’s Commission by an amount equivalent to the amount due from the Seller, the Auctioneer and/or You in respect of the Resale Right and to make the Resale Right payment itself. In the event that the Auctioneer exercises that right it shall notify You in advance and it shall also be entitled to further increase the Buyer’s Commission in order to recover all costs and expenses (including interest and legal costs) incurred by it and relating to the Resale Right payment.
12. Payment Subject to Clause 3 above (reserves) Your obligation to pay the Purchase Price and the Buyer’s Commission arises When the Hammer Falls. Time will be of the essence in relation to payment of all sums under
these Terms and Conditions and unless the Auctioneer agrees in writing to the contrary all such sums must be paid to The Auctioneer by You in pounds sterling in the manner required by the Auctioneer [within 1 day of [on the day of the Sale] after the moment When the Hammer Falls]. If You do not pay any sums due strictly in accordance with this Clause 12,
the Seller (subject always to the prior written agreement of the Auctioneer) and the Auctioneer will have the right, without further notice to You, to exercise one or more of the following rights: (a) to terminate (without damages or penalties arising on the part of the Auctioneer or the Seller) immediately the contract for Your purchase of the Lot for Your breach of contract;
(b) to immediately re-advertise or sell the Lot by auction, private treaty or any other means;
(c) to retain possession of the Lot; (d) to remove and store the Lot at alternative premises at Your expense; (e) to take legal proceedings against You for any sum due and/or damages for breach of contract;
(f) to increase Your liability to include interest on any outstanding sums due from the date when such payment was due until the date of actual payment at a rate per annum determined under section 6 of the Late Payment of Commercial Debts (Interest) Act 1998 (or any higher rate implemented under any legislation that replaces or repeals that section) and notwithstanding that You may not be acting in the course of a business, plus any reasonable and identifiable costs including legal fees incurred in recovering these sums;
(g) to retain possession of any other property sold to You by the Seller at the Sale or by any third party an any other auction or by private treaty until all sums due under the contract for Your purchase of the Lot shall have been paid in full in cleared funds;
(h) to retain possession of, and to sell any of Your other property in the possession of the Seller and/or of The Auctioneer (as bailee for the Seller) for any purpose (including, without limitation, other goods sold to You) and to apply any monies due to You as a result of such sale in satisfaction or part satisfaction of any amounts owed to the Seller or to The Auctioneer; and
(i) so long as such goods remain in the possession of the Seller or The Auctioneer as its bailee, to rescind the contract for the sale of any other goods sold to You by the Seller at the Sale or by any third party an any other auction or by private treaty and apply any monies received from You in respect of such goods in part or full satisfaction of any amounts owed to the Seller or to The Auctioneer by You.
You agree to indemnify the Seller and the Auctioneer against all legal and other costs of enforcement, all losses and other expenses and costs (including any monies payable to the Seller or the Auctioneer in order to obtain the release of the Lot) incurred by the Seller or the Auctioneer (whether or not court proceedings will have been issued) as a result of the Seller or the Auctioneer taking steps under this Clause 12 on a full indemnity basis together with interest thereon (after as well as before judgement or order) at the rate specified above from the date upon which the Seller and/or the Auctioneer become liable to pay the same until payment by You.
13. Collection of the Lot Unless otherwise agreed in writing by the Auctioneer, the Lot will be released to You only when the Auctioneer has received cleared funds to the amount of all sums owed by You to the Seller and to the Auctioneer. You will collect and remove the Lot at your own expense from the
Auctioneer’s (or the Seller’s) custody and/or control in accordance with the Auctioneer’s instructions or requirements. You will be wholly responsible for packing, handling, insurance and
transport of the Lot on collection and for complying with all import or export regulations in connection with the Lot. You will be wholly responsible for any removal, insurance, storage or
other charges or expenses incurred by the Auctioneer or the Seller if you do not remove the Lot in accordance with this Clause 13 and will indemnify the Auctioneer and the Seller against all charges, costs, including any legal costs and fees, expenses and losses suffered by the Auctioneer and the Seller by reason of your failure to remove the Lot including any charges due from any third party storage provider. All such sums due will be payable on demand.
14. Data Protection All information provided by You to the Auctioneer will be treated confidentially and will not be passed on to third parties, except to the extent this is necessary in order to complete a sale transaction provided that the Auctioneer reserves the right to pass on information where this is required by legislation, government authorities or the courts. The Auctioneer shall also have the right to use any personal information
obtained from you to notify you of auctions and other events and products of a related nature made available by the Auctioneer or by carefully chosen third parties and the Auctioneer also reserves the right to use the information in an anonymous form, for example in connection with marketing, user surveys and statistical analysis.
15. General You may not assign either the benefit or burden of the contract for Your purchase of the Lot. The Seller’s or the Auctioneer’s failure or delay in enforcing or exercising
any power or right under these Terms and Conditions will not operate or be deemed to operate as a waiver of their rights except to the extent of any express waiver given to you in writing. Any such waiver will not affect the Seller’s or the Auctioneer’s ability subsequently to enforce any right arising under these Terms and Conditions. Neither the Seller nor the Auctioneer shall be liable for delay in performing or for failure to perform their obligations under these Terms and Conditions if they are prevented from, or delayed in, carrying on their business by acts, events, omissions or accidents beyond their reasonable control. If any term or any part of any term of these Terms and Conditions is held
to be unenforceable or invalid, such unenforceability or invalidity will not affect the enforceability and validity of the remaining terms or the remainder of the relevant term. No person who is not a party to these Terms And Conditions shall have
any right to enforce any term under the Contracts (Rights of Third Parties) Act 1999 but, for the avoidance of doubt, the Auctioneer shall be entitled to enforce any term of these Terms and Conditions that confer a benefit on it. These Terms and Conditions and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims), shall be governed by, and construed in accordance with the law of England and Wales. The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims). At the election of the Auctioneer the Seller and You accept that any
dispute arising out of or in connection with these Terms and Conditions (including any dispute arising out of the contract for Your purchase of the Lot) may (if the Auctioneer so decides) be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more UK based arbitrators appointed to preside over an arbitration that takes place in London in accordance with the said Rules.
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