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TRANSPORT AUCTIONS OF LONDON LTD

TERMS AND CONDITIONS OF SALES

Transport Auctions of London Ltd is hereinafter referred to as the Auctioneer and includes any person acting upon the Auctioneer's authority.

1. General Conditions of Sale

a. All persons on the premises of, or at a venue hired or borrowed by, the Auctioneer are there at their own risk.

b. Such persons shall have no claim against the Auctioneer in respect of any accident, injury or damage howsoever caused nor in respect of cancellation or postponement of the sale.

c. The Auctioneer reserves the right of admission which will be by registration at the front desk.

d. For security reasons, bags are not allowed in the viewing area and must be left at the front desk or cloakroom.

e. Persons handling lots do so at their own risk and shall make good all loss or damage howsoever sustained, such estimate of cost to be assessed by the Auctioneer whose decision shall be final.

2. Catalogue

a. The Auctioneer acts as agent only and shall not be responsible for any default on the part of a vendor or buyer.

b. Lots are sold as seen and The Sale of Goods Act 1979 (as amended) does not apply.

c. All descriptions of auction lots, including the condition and estimated value of items, whether printed or oral, are given in good faith and are statements of opinion not fact. Any comments on any lots must be made to the Auctioneer at least 24 hours before the start of the auction.

d. Lots are sold with all imperfections and/or faults and neither the Auctioneer nor the vendor is responsible for any defects whatsoever.

e. No warranty is given or implied by the Auctioneer or the vendor with regard to any lot other than that the vendor has the right to sell it and any express or implied conditions or warranties whether relating to condition or quality are hereby excluded.

f. Intending purchasers should satisfy themselves as to the condition, age, provenance etc of all pieces and lots before they bid.

3. Conditions of Sale - vendors

a. The vendor indemnifies the Auctioneer together with his servants and agents against all and any claim made in connection with the goods sold.

b. The vendor warrants to the Auctioneer and the buyer that he/she is either the true owner of any lot or is authorised by the true owner to sell it and that he/she is able to pass marketable title free of any encumbrance or claim.

c. All lots are sold at the Auctioneer’s discretion unless written instructions to the contrary are received from the vendor at least 24 hours prior to the starting time of the sale (responsibility for receipt of such instructions rests with the vendor).

d. The vendor authorises the Auctioneer to deduct all monies due to the Auctioneer from the auction proceeds.

e. Subject to receipt of funds from buyers, the Auctioneer will use best efforts to make payments to vendors within 28 working days of the sale but shall not be liable for settlement of any lot(s) for which he is not in possession of cleared funds.

f. The vendor shall collect any unsold lots within 28 days of the sale. Any unsold lots remaining after 28 days will incur a daily £2 storage charge per lot unless the vendor has made arrangements acceptable to the Auctioneer for the lot(s) to be entered in a subsequent auction. Uncollected unsold lots after three months will be sold for the Auctioneer's account without further notification to the vendor.

g. Vendors are not allowed to bid for their own lots.

h. The vendor agrees to such further terms and conditions as are described on the auction entry form.

4. Conditions of Sale - buyers

a. In making a bid for any lot, whether in person or otherwise, all persons acknowledge that they have read, understand and abide by these Terms and Conditions of Sale and the bidder acknowledges that he/she has satisfied him/herself fully before bidding, by inspection or otherwise, as to the condition of such lot.

b. Each bid is an offer to buy and a winning bid forms an irrevocable commitment to purchase the lot concerned.

c. Responsibility for a purchased lot shall pass to the buyer at the fall of the hammer; however, legal title shall not pass until the Auctioneer is in possession of cleared funds in payment for that lot.

d. The buyer will pay to the Auctioneer the hammer price together with a buyer’s premium calculated at a rate of 15.00% of the hammer price, no VAT payable.

e. All lots not paid for and removed at the sale must be paid for in full and collected within 7 working days except where agreed by the Auctioneer in advance in writing. Overdue accounts will be charged interest at 5% pa.

f. No lot(s) may be removed until cleared funds are to hand except where agreed by the Auctioneer in writing.

g. Uncollected lots after 7 working days will incur a daily storage charge of £2 per lot thenceforth. Uncollected lots after 28 days, whether paid for or not, will be sold for the Auctioneer's account without further notification to the buyer.

5. The Auction Process

a. Those persons wishing to bid in person at the auction should first register at the auction front desk and obtain a bidding number. Prospective bidders who are not known to the Auctioneer will be asked for acceptable identification including proof of address.

b. Bidding in the room must be done by holding up the bidder's numbered card so that it is clearly visible to the Auctioneer who may refuse at his discretion to accept bids attempted in any alternative manner.

c. The Auctioneer reserves the right:

(i) to accept or refuse any bid(s), (ii) to regulate the bidding and amounts of any bid(s) and (iii) to rearrange, consolidate or withdraw any lot(s) or part of any lot without reason or notice.

d. At the fall of the hammer, the highest bidder, acceptable to the Auctioneer, shall be the buyer of the lot.

e. In the event of a dispute, the Auctioneer has absolute discretion to settle such dispute.

f. Lots may be paid for and removed during or immediately after the auction by application to the front desk. Payment at the sale is accepted in cash, by debit-card or by credit-card (not Amex). Credit-cards and non-UK debit-cards will incur an additional charge of 2% of the total amount payable (3% for company cards). Personal cheques drawn on a UK bank may be accepted from persons known to the Auctioneer and are subject to a charge of £3 per cheque.

g. Lots in respect of which cleared payment is not possible on the day must be collected from the Auctioneer's premises within 7 working days of notification of receipt by the Auctioneer of cleared funds.

h. Commission bids may be left with the Auctioneer by lodging a completed Commission Bid form by the deadline stated on the form. Commission bids will be executed by the Auctioneer as cheaply as possible on a best-efforts basis and without obligation and he shall not be responsible for any neglect or default in executing or failing to execute any commission bid.

i. Commission bidding is also available, as well as online live bidding, via the-saleroom.com's website and all online bids that are successful will be subject to an additional fee of 3% + VAT on the hammer price.

j. The buyer of each lot shall be the person making the highest bid which is acceptable to the Auctioneer. In the event of an equal maximum bid for any lot between the saleroom and a commission bid and/or a bid via the-saleroom.com, the bid in the saleroom will take preference. In the event of two or more commission bids being equal, the first one received takes preference.

k. Estimated values of lots are provided as a guide as to what price the lot may attain, based on previous auction results and the Auctioneer's knowledge of the prevailing market. These are indications provided in good faith but as statements of opinion rather than facts.

l. Lots will be sold in numerical order (unless otherwise stated) at a rate of between 80 and 100 lots per hour.

m. The Auctioneer does not pack or ship lots. Buyers should collect their purchases or arrange for their own courier to do so. Collection is by prior arrangement from our storage location in Edenbridge, Kent and 2 working days' notice is required to make arrangements for collection. Upon request, the Auctioneer can put buyers in touch with a shipping agent who will collect, pack and ship on the buyer's behalf. Such arrangements will form a separate contract between the buyer and the shipper and the buyer will pay the shipping costs directly to the shipper. Safe transit of purchases by personal collection, courier or shipper is at the sole risk of the purchaser.

n. All transactions associated with this auction sale shall be governed by English law.