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CONDITIONS OF BUSINESS FOR BUYER


1. Introduction (a) The contractual relationship of Graham Budd Auctions Ltd and Sellers with prospective Buyers is governed by:- (i) these Conditions of Business for Buyers; (ii) the Conditions of Business for Sellers, available from Graham Budd Auctions Ltd on request;


(iii) Graham Budd Auctions Ltd’s Authenticity Guarantee;


(iv) any additional notices and terms printed in the sale catalogue, in each case as amended by any saleroom notice or auctioneer’s announcement.


(b) As auctioneer, Graham Budd Auctions Ltd acts as agent for the Seller. Occasionally, Graham Budd Auctions Ltd may own or have a financial interest in a lot.


2. Definitions “Bidder” is any person making, attempting or considering making a bid, including Buyers; “Buyer” is the person who makes the highest bid or offer accepted by the auctioneer, including a Buyer’s principal when bidding as agent; “Seller” is the person offering a lot for sale, including their agent, or executors; “GB” means Graham Budd Auctions Ltd, Auctioneers and Valuers, registered at Lion House, Red Lion Street, London, WC1R 4GB, company number 5036951. “Buyer’s Expenses” are any costs or expenses due to Graham Budd Auctions Ltd from the Buyer; “Buyer’s Premium” is the commission payable by the Buyer on the Hammer Price at the rates set out in the Guide for Prospective Buyers; “Hammer Price” is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price; “Purchase Price” is the Hammer Price plus applicable Buyer’s Premium and Buyer’s Expenses;


“Reserve Price” (where applicable) is the minimum Hammer Price at which the Seller has agreed to sell a lot.


The Buyer’s Premium, Buyer’s Expenses and Hammer Price are subject to VAT, where applicable.


3.Examination of Lots (a) GB’s knowledge of lots is partly dependent on information provided by the Seller and GB is unable to exercise exhaustive due diligence on each lot. Each lot is available for examination before sale. Bidders are responsible for carrying out


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examinations and research before sale to satisfy themselves over the condition of lots and accuracy of descriptions. (b) All oral and/or written information provided to Bidders relating to lots, including descriptions in the catalogue, condition reports or elswhere are statements of GB’s opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at GB’s absolute discretion.


4. Exclusions and limitations of liability to Buyers (a) GB shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Counterfeit, subject to the terms of GB’s Authenticity Guarantee. (b) Subject to Condition 4 (a), neither GB nor the Seller:- (i) is liable for any errors or omissions in any oral or written information provided to Bidders by GB, whether negligent or otherwise;


(ii) gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by English law), other than the express warranties given by the Seller to the Buyer (for which the Seller is solely responsible) under the Conditions of Business for Sellers; (iii) accepts responsibility to Bidders for acts or omissions (whether negligent or otherwise) by GB in connection with the conduct of auctions or for any matter relating to the sale of any lot. (c) Without prejudice to Condition 4(b), any claim against GB and/ or the Seller by a Bidder is limited to the Purchase Price for the relevant lot. Neither GB nor the Seller shall be liable for any indirect or consequential losses. (d) Nothing in Condition 4 shall exclude or limit the liability of GB or the Seller for death or personal injury caused by the negligent acts or omissions of GB or the Seller.


5. Bidding at Auction (a) GB has absolute discretion to refuse admission to the auction. Before sale, Bidders must complete a Registration Form and supply such information and references as GB requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent (in which case GB’s prior and express consent must be obtained). (b) GB advises Bidders to attend the auction, but GB will endeavour to execute absentee written bids provided that they are, in GB’s


opinion, received in sufficient time and in legible form. (c) When available, written and telephone bidding is offered as a free service at the Bidder’s risk and subject to GB’s other commitments; GB is therefore not liable for failure to execute such bids. Telephone bidding may be recorded.


6. Import, Export and Copyright Restrictions


GB and the Seller make no representations or warranties as to whether any lot is subject to import, export or copyright restrictions. It is the Buyer’s sole responsibility to obtain any copyright clearance or any necessary import, export or other licence required by law, including licenses required under the Convention on the International Trade in Endangered Species (CITES).


7. Conduct of the Auction (a) The auctioneer has discretion to refuse bids, withdraw or re-offer lots for sale (including after the fall of the hammer) if (s)he believes that there may be an error or dispute, and may also take such other action as (s)he reasonably deems necessary. (b) The auctioneer will commence and advance the bidding in such increments as (s)he considers appropriate and is entitled to place bids on the Seller’s behalf up to the Reserve Price for the lot, where applicable. (c) Subject to Condition 7(a), the contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer. (d) Any post-auction sale of lots shall incorporate these Conditions of Business.


8. Payment and Collection (a) Unless otherwise agreed in advance, payment of the Purchase Price is due in pounds sterling immediately after the auction (the “Payment Date”). (b) Title in a lot will not pass to the Buyer until GB has received the Purchase Price in cleared funds. GB will generally not release a lot to a Buyer before payment. Earlier release shall not affect passing of title or the Buyer’s obligation to pay the Purchase Price, as above. (c) The refusal of any licence or permit required by law, as outlined in Condition 6, shall not affect the Buyer’s obligation to pay for the lot, as per Condition 8(a). (d) On receipt of cleared funds, the buyer may collect lots from the saleroom during the auction and immediately after its completion. Thereafter all purchased lots will be transferred to GB’s appointed shipper and independent storer, details of which are


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