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ADAM PARTRIDGE SOUTH WEST LTD

AUCTION CONDITIONS OF BUSINESS

A - GENERAL CONDITIONS

1 - Definitions

1.1 - In these conditions: the “Auctioneer” means the representative of Adam Partridge South West Ltd conducting the auction.

The “Buyer” means the bidder (including a commission bidder under Condition 30) whom the Auctioneer has accepted by the fall of the auctioneer’s hammer.

The “Catalogue” means any advertisement, brochure, price list or other publication relating to the auction published on behalf of the Auctioneer.

“Dangerous Substances” means any natural or artificial substance capable of causing harm to any living organism supported by the environment, or damaging the environment or public health or welfare.

“Environmental Law" means all laws, regulations, codes of practice, circulars, guidance notices and the like (whether in the UK or elsewhere) concerning the protection of human health or the environment of the conditions of the work place or the generation, transportation, storage, treatment or disposal of Dangerous Substances.

“Expenses” means the Auctioneer's charges for illustrations, special advertising, insurance, import, packing and freight and any other expenses and VAT on these amounts.

“Hammer Price” means the price at which a Lot is knocked down by the Auctioneer to the Buyer.

“Lot” means any item or items of any kind accepted by the Auctioneer with a view to its or their sale at auction.

The “Purchase Price” means the Hammer Price in pounds sterling together with any premium inclusive of VAT chargeable and additional charges and expenses due from a defaulting buyer under Condition 35.

The “Reserve" means the minimum Hammer Price set by the Vendor at which a Lot may be sold and otherwise subject to Condition 12.

The “Sale Proceeds” means the net amount due to the Vendor, being the Hammer Price less commission at the Stated Rates and Expenses and any other amounts due to the Auctioneer.

The “Vendor" means the seller or prospective seller of any Lot.

“Special Goods" means boats, motor Vehicles, firearms and mechanical and electrical goods.

The “Stated Rates” means the Auctioneer's published rates of commission for the time being and VAT.

“Storage Charges” means charges imposed by the Auctioneer in respect of the removal, storage and

transportation of any Lot.

“VAT" means Value Added Tax.

1.2 - The heading and divisions in General Conditions, Vendor's Conditions and Buyer's Conditions in these Conditions are for convenience only and shall not affect their interpretation.

1.3 - In these Conditions the singular includes the plural and the masculine indicates the feminine and neuter.

2 - General

2.1 - The Auctioneer acts as agents for the Vendor (except where it is expressly stated to be selling as principal) and is not responsible for any default by the Seller or Buyer.

2.2 - The Auctioneer has the right to refuse admission to its premises or attendance at its auction by any person. All persons are admitted to the Auctioneer’s premises to attend an auction on the basis that they have Notice of these Conditions.

2.3 - The copyright in all illustrations and written matter (including the Catalogue) relating to each Lot is the absolute property of the Auctioneer and no person may use or copy the same without the prior written consent of the Auctioneer.

2.4 - The Auctioneer makes every effort to ensure that the Catalogue and description of the Lot are accurate but the Auctioneer makes no warranty to that effect.

2.5 - All Statements whether made verbally or in the Catalogue are statements of opinion only and neither the Auctioneer or its employees or agents will be responsible for the accuracy of any opinion given. Each Lot is sold by the Vendor with any and all errors of description, faults and imperfections.

2.6 - The Auctioneer has the right to divide any Lot or combine two or more Lots, refuse any bid, withdraw any Lot from auction or (in the case of dispute) put any Lot up for auction again. The Auctioneer shall have the right to advance the bidding as he may decide.

2.7.1 - The Auctioneer shall be under no liability for any damage or loss sustained by any person while on the Auctioneer's premises or while attending auctions conducted by the Auctioneer except for death or personal injury caused by the negligence of the Auctioneer, its employees and agents.

2.7.2 - The Auctioneer shall not be liable for any damage caused by the Vendor or the Buyer to third parties or their property while on the Auctioneer's premises or on any other premises from which the Auctioneer is conducting auctions.

2.8 - In the event of a sale after the auction of any Lot by private treaty the Vendor and the Buyer agree to be bound by these Conditions and any agreed special conditions of sale.

2.9 - These Conditions shall be the only terms applicable to the sale of any Lot at an auction conducted by the Auctioneer.

2.10 - Any notice by the Auctioneer to a Vendor, prospective Vendor, consignor, prospective bidder or Buyer may be delivered by hand, sent by first class mail or air mail or facsimile to the address last notified to the Auctioneer and shall be deemed to be received:

2.10.1 - if hand delivered, at the time of Delivery.

2.10.2 - if sent by facsimile within 8 hours of transmission during business hours.

2.10.3 - if sent by mail within 48 hours of posting if posted to an address within the UK and 7 days of posting if posted to a country outside the UK.

2.11 - All transactions to which the Conditions shall apply shall be governed by English Law. In the event of any dispute between the Auctioneer, the Vendor and the Buyer concerning the sale of any Lot at an auction conducted by the Auctioneer, the matter shall be referred to a single arbitrator to be agreed upon by the parties.

B- VENDOR’S TERMS & CONDITIONS

3 - Default

The Auctioneer disclaims responsibility for either the Buyer or the Vendor because they act as agents for the vendor only and do not pay the vendor until payment is received from the buyer.

4 - Warranty of Title

4.1 - The Vendor warrants to the Auctioneer and to the Buyer that he is the true owner of the Lot or is properly authorised by the true owner to sell the Lot and is able to transfer good and marketable title to the Lot free from any liens, charges or third-party claims. When the Vendor is authorised by the true owner to sell the lot, the Vendor must name the owner and produce such written evidence of his authority as the Auctioneer may request.

4.2 - The Vendor warrants to the Auctioneer, its servants and agents and the Buyer against any loss or damage suffered in consequence of any breach of the above on the part of the Vendor.

4.3 - The Vendor warrants that all information supplied to the Auctioneer in connection with the Lot is accurate to the best of his knowledge, information and belief.

5 - Instructions

As the Auctioneer is the auctioneer, all goods delivered to their premises  will be deemed to be delivered for sales by  auction unless otherwise stated in writing. All goods will be entered in those sales which  the Auctioneer considers suitable and sold at the auctioneer's discretion. All goods are accepted by the Auctioneer and subject to their conditions of sale. By delivering goods to the Auctioneer, each Vendor acknowledges that he or she has accepted and agreed to be bound by all conditions of sale of the Auctioneer.

6 - Collection

6.1 - The Auctioneer do not themselves usually undertake the collection of goods but will, if required, instruct a contractor on the vendor's behalf in their capacity as agents. The Auctioneer disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods and for damage to premises caused by the contractor who should be insured for such risks. Unless written instructions are received to the contrary these services will be deducted from the proceeds of sale.

6.2 - The Auctioneer will not collect goods for sale unless otherwise agreed and where the Auctioneer agrees to collect any such goods, the risk in such goods remains with the Vendor.

7 - Loss or Damage

The Auctioneer disclaim all responsibility for loss or damage to goods unless caused by the direct negligence of their employees.

8 - Storage

8.1 - The Auctioneer reserve the right to store or arrange for storage of delivered goods delivered to them for sale either on their own premises or elsewhere at their sole discretion. The Auctioneer exempt themselves from any liability for loss or damage of goods delivered to their salerooms or other premises without sufficient sale instructions, unless the loss or damage is caused by he direct negligence of an employee of the Auctioneer.

8.2 - Storage charges may apply at the rate of £5 plus VAT per lot per day.

9 - Unsaleable Goods

Unless otherwise instructed by accompanying or previously received written notice, all goods delivered to their premises which in the Auctioneer’s opinion have no saleable value will be disposed of at the Auctioneer's discretion, either to a charity or by consignment for destruction. A charge will be made for this service

10 - Right To Sell

Vendors will be charged at a rate of £5 plus VAT per lot per day for lots left on the Auctioneer’s premises after the vendor has been requested to remove them. This charge is backdated to the date of sale and if the goods are not removed within 21 days of such request the Auctioneer reserves the right to sell the goods at their absolute discretion without further notice in order to defray costs and storage charges.

11 - Risk or Loss or Damage

11.1 - The Vendor shall be responsible for insuring their goods until they arrive at the premises of the Auctioneer.

11.2 - Unless otherwise instructed in writing, all goods on the Auctioneer’s premises and in their custody will be held insured against the risks of fire, theft following forcible entry, and water damage, but not against damage caused by humidity or temperature changes, inherent conditions or detects, error in processing, war, nuclear radiation or radioactive contamination. The value of the goods so covered shall be the gross amount realised, or in the case of unsold lots the reserve. In the absence of a reserve or in the case of goods withdrawn prior to sale that which the specialist staff of the Auctioneer shall in their absolute discretion estimate to be the auction value of such goods.

11.3 - The Auctioneer shall not be responsible for accidental breakage, loss or damage unless caused directly by the negligence of their employees. In no event will the Auctioneer be liable for damage to glass or picture frames (or cleavage of stones) whether forming the whole or part of any Lot, or depreciation in value following repairable damage to any lot.

11.4 - In respect of any article delivered to the Auctioneer, if the vendor has in force a policy or policies of insurance in which the article is specifically mentioned as being insured, whether or not for an agreed sum or value, the vendor shall notify his insurers of and shall himself note the Auctioneer's interest as bailees in such policy or policies.

12 - Reserves

12.1 - All goods are offered for sale WITHOUT RESERVE at the Auctioneer’s discretion unless written instructions as to reserves are received by the Auctioneer prior to the commencement of the sale. Where requested, advice on reserves will be discussed and agreed. Reserves placed by telephone are accepted at the sole risk of the vendor and must be confirmed by the vendor in writing to be received by the Auctioneer prior to the commencement of the sale.

12.2 - All reserves are subject to 10% auctioneer’s discretion. An unsold fee will be charged on items entered with unagreed reserves - this charge is 20% of the reserve with a minimum charge of £20 plus VAT.

13 - Special Goods and Dangerous

Substances

13.1 - The Vendor of any Lot containing Special Goods or Dangerous Substances warrants and undertakes to the Auctioneer that on the date on which the same are consigned to the Auctioneer or put under the Auctioneer's control that;

13.1.1 - they are safe (if used for the purpose for which they were designed) and free from any defect which might cause personal injury or death; and

13.1.2- they comply with all applicable legislation such as (but not limited to) the Health and Safety at Work Act 1974 as amended from time to time, Health and Safety Regulations and Dangerous Substances Regulations.

13.2 - The Vendor of any Lot containing Dangerous Substances warrants and undertakes to the Auctioneer that as at the date when the same date put under the Auctioneer’s control;

13.2.1 - the Vendor has obtained all requisite environmental licences and approvals required by Environmental Law; and

13.2.2 - the vendor has complied with all the Environmental Law and Environmental licences, which are applicable to the dangerous substances.

13.3 - The Vendor agrees to indemnify the Auctioneer, its employees or agents against any loss or damages suffered by any or all of them as a result of any breach of any of the warranties contained n this condition 13 or any negligence of the Vendor, its employees and agents.

13.4 - The Vendor acknowledges that the Auctioneer are the Vendor's agents and for the purposes of all legislation applicable to Special Goods and Dangerous Substances, including but not limited to, Health and Safety legislation and regulations and Consumer Protection Act 1987, the Vendor acts as consignor and supplier.

13.5 - The Auctioneer reserve the right to make a minimum charge of £5 plus VAT per item to have electrical goods checked by an electrician if required.

14 - Indemnity

The vendor shalt duly indemnify the Auctioneer against any claim in connection with any goods sold by the Auctioneer on the vendor's behalf.

15 - Value Added Tax

A vendor who sends for sale by auction any chattels which is an asset of his business must disclose to the Auctioneers whether or not he is a registered person for Value Added Tax purposes, and, if so, his registered number and whether or not he intends to operate the special scheme covering works of art and antiques. This information must be supplied to the Auctioneer on or prior to delivery of the goods.

16 - The Auctioneer’s Margin Scheme

The Auctioneer’s Margin Scheme allows auctioneers to sell items without VAT on the Hammer Price. Under the Auctioneer’s Margin Scheme an amount equivalent to VAT at the current rate  is added to the Buyer's Premium. This amount cannot be refunded. The VAT element will not be shown separately on the Buyer's invoice.

17 - Commission

The Vendor authorises the Auctioneer to deduct Commission & Expenses at the Stated Rates from the hammer price and acknowledges the Auctioneer's right to retain premium payable by the purchaser. Vendor's commission is charged at the rate of 20% including VAT with a minimum charge of £8 plus VAT per lot.

18 - Photographs and Illustrations

The vendor gives the Auctioneer full and absolute right to photograph and illustrate any lot and to use such photographs and illustrations and any photographs provided by the vendor at any time at its absolute discretion, whether or not in connection with the auction. The Auctioneer have absolute discretion on the illustration of any lot in the catalogue at the Vendor's expense up to a maximum of £50 for black and white and £150 for colour (with any VAT chargeable thereon).

19 - Payment of Sale Proceeds to the Vendor

19.1 - The Sale Proceeds received from the buyer in cleared funds will be forwarded to Vendors no later than 28 days after the auction. Where the Buyer makes a payment more than 23 days alter the auction we shall send to the vendors the Sale Proceeds within 5 working days of receipt of cleared funds. The Sale Proceeds are the hammer price less commission and expenses set out in the terms of business. The vendor waives any right to interest that may be earned during the period from payment by the buyer to receipt of the net sale proceeds by the Vendor.

19.2 - Vendors should note that notwithstanding any other terms of these conditions, the Vendor may on certain circumstances be liable to the Buyer(s) in respect of disputed catalogue descriptions, even though they have been made innocently and in good faith.

19.3 - If the Buyer fails to pay the Purchase Price within 28 days of the auction the Auctioneer will notify the Vendor who will instruct the Auctioneer as to the appropriate course of action to take and if in the opinion of the Auctioneer such action is practicable, it will endeavour to assist the Vendor to recover the Purchase Price, but the Auctioneer shall be under no obligation to institute proceedings against the Buyer in its own name. If the Auctioneer do not receive instructions from the Vendor or if in the opinion of the Auctioneer such proposed course of action is not practicable for whatever reason then the Auctioneer shalt be entitled to:

19.3.1 - agree terms with the buyer for payment of the Purchase Price.19.3.2 - where necessary, rescind the sale of the Lot and refund any monies paid by the Buyer.

19.4 - If not withstanding that the Buyer fails to pay to the Auctioneer the Purchase Price, the Auctioneer remits to the Vendor the Sale Proceeds, the ownership of the Lot shall pass to the Auctioneer.

20 - Buyer's Premium

20.1 - The Buyer shall pay the Hammer Price together with a premium of 25% of the Hammer Price plus VAT. This premium is payable by all purchasers. The amount invoiced will be premium plus VAT (where VAT is chargeable) but this VAT will not normally be recoverable by the buyer. Any lot purchased through the services of ATG Media (www.the-saleroom.com) will be subject to a further charge of 4.95% plus VAT of the Hammer Price. Any lot purchased through the services of www.adampartridge.co.uk will be subject to a further charge of 2% plus VAT of the Hammer Price.

20.2 - The Vendor authorises the Auctioneer to deduct commission and expenses at the stated rates from the hammer price and acknowledges the Auctioneer's right to retain the premium payable by the purchaser.

21 - Withdrawn Lots

21.1 – If the Vendor cancels his instructions for sale at any time, the Auctioneer reserves the right to charge a fee of 20% of either the Auctioneer's latest estimate of the auction price of the lot or the Reserve placed on the lot (if there is one), plus in either case VAT and expenses, with a minimum charge of £20 plus VAT.

21.2 - Upon withdrawal of the Lot(s), the Vendor shall arrange for the collection and removal of the same at his own expense on or before 2 working days after the date of withdrawal. If the Vendor fails to remove the lot within the specified time he shall pay storage charges at the rate of £5 plus VAT per lot per day backdated to the date of withdrawal.

21.3 - Any legal fees, expert's fees and any other expenses that the Auctioneer may incur investigating any claim concerning ownership of the Lot shall be borne by the Vendor, who shall reimburse to the Auctioneer all such fees and other expenses on a full indemnity basis.

22 - Rescission of Sale

22.1 – If the Buyer makes a claim to rescind the sale on the basis of condition 36.2 and in the Auctioneer's opinion that claim is justified, or the Auctioneer decides to rescind the sale on the basis of condition 19.3, the Auctioneer may rescind the sale without further reference to the Vendor and refund to the Buyer any amount already paid in respect of the Lot.

22.2 - If the Vendor has received any monies in respect of the sale of a Lot and that sale is rescinded as mentioned in condition.

22.1 - The Auctioneer has the right to recover such monies from the Vendor.

23 - Unsold Lots

23.2 - If any Lot fails to sell at auction the Auctioneer will notify the Vendor who will either arrange for its removal from the Auctioneer the day following the auction or instruct the Auctioneer to re-offer the Lot for sale.

23.3 - In the event that the Vendor fails to remove the Lot by the agreed time on the day following the auction. The Vendor shall pay to the Auctioneer the Storage Charges, as specified in conditions 8 & 10.

24 - Private Sales

If after 28 days of notification of any unsold Lot or withdrawn Lot the Vendor has failed to collect the Lot, the Vendor hereby authorises the Auctioneer to sell that Lot by private treaty and to deduct from the sale price any sums owing to the Auctioneer, including but not limited to commission up to one half of the stated rates, and expenses.