General Conditions of Sale

1. Conditions

These conditions together with any special conditions ("Special Conditions") printed in the auction catalogue, are the only terms and conditions subject to which GWA Auctioneers and Valuers which is a trading name of Gateway Auctions Ltd ("the Auctioneer") as agents for the vendor ("the Vendor") will sell by auction goods to

a purchaser ("the Buyer") and all other conditions and warranties whether expressed or implied (as are capable of lawful exclusion) are hereby excluded. If there is inconsistency between any of these conditions and any Special Conditions, the Special Conditions shall prevail.

2. Inspection

Buyers are advised to make their own inspection of the lots at the times and at the premises specified in the auction particulars and to satisfy themselves on all matters affecting the lots before auction.

When viewing the lots laid out in the display areas, visitors should always be aware that items must not be moved away from their display positions and no equipment may be plugged into the electricity supply outlet sockets.

3. Description and Condition

Goods are believed to be correctly described but ALL GOODS ARE SOLD WITHOUT ANY WARRANTY or description as to the condition and with all faults and imperfections. Neither the Vendor not the Auctioneer, their servants or agents shall be liable for any loss

or damage suffered by the buyer arising out of or in connection with any defects or deficiencies in any lots purchased, errors or description in the auction catalogue, any misstatements

as to any matter affecting the lots or the failure of the lots to fulfill the functions for which they were intended. Neither the Vendor nor the Auctioneer, their servants or agents makes or gives, nor has any person in the employment of the Auctioneer any authority to make or give, any representation or warranty in relation to any lots.

4. Conduct of Sale

The Auctioneer reserves the right of admission to the sale site and grounds. The conduct of the sale shall be at the Auctioneer`s sole discretion who maintain the right to refuse any bids without giving reason. If any dispute of whatsoever nature relating to a bid shall arise, such dispute shall be determined by the Auctioneer in their absolute discretion whose decision shall be final and binding on all parties.

Each buyer will be asked to register his/her name and address online at which point the bidder will be approved by the auctioneers and forwarded an email with the details allowing them to bid. The auctioneer reserves the right to refuse approval to any bidders. The highest bidder for each lot shall be the bidder at the fall of the hammer or end of the allotted auction time who shall be the buyer of that lot. In making a bid for any lots, the bidder warrants that he has due authority and capacity to make the bid and binds himself or any employer or principal to honour any contract resulting there from.

No bid may be withdrawn after the fall of the hammer or end of the allotted auction time. The Vendor and the Auctioneers maintain the right to fix reserves on any lot. The Vendor may bid for any lot either personally or through the Auctioneer or by their agent acting on their behalf. The Vendor or the Auctioneer may withdraw, consolidate or divide at any time any lot. The Auctioneer reserves the right to accept commissioned bids to purchase lots on behalf of buyers providing such commissioned bids are given in the appropriate written form.

The Auctioneer does not hold itself responsible for any instructions to purchase lots given to sale porters.

5. Deposit

On acceptance by the Auctioneer of a bid, the Buyer shall give his full name and address to the Auctioneer and, if required by the Auctioneer, the Buyer will immediately pay to the Auctioneer a deposit of 25% of the price of the lot purchased in part payment of the price.

6. Method of Payment

Payment in full must be made to the Auctioneer in CASH, BANKERS DRAFT, TELEGRAPHIC TRANSEFER, DEBIT CARD or by

CHEQUE on or before 4pm on the day following the sale or as otherwise detailed in any Special Conditions (time being of the essence) and in any case before the clearance of any of the lots purchased. Cheques with a value over and above a cheque card limit can only be accepted on the understanding that the lots that have been purchased cannot be removed from site until the auctioneer has full cleared funds in their clients account. This normally takes 5 full working days.

7. Risk and Title

The Vendor shall only sell such title to the lots as he may have.

All risks in and relating to the goods purchased shall pass to the Buyer upon the fall of the hammer or end of the allotted auction time and the buyer is strongly advised to effect insurance for these risks at once. In no circumstances will the Auctioneer or the Vendor be held responsible if any lot or part thereof be lost, stolen, damaged or destroyed after the fall of the hammer or end of the allotted auction time. Title to each lot will pass until: (a) such lot, and all other goods sold pursuant to any other transaction between the Buyer and a Vendor on whose behalf the Auctioneer was acting as agent where at

the due time for full payment of the price of the lot sold under these conditions payment has not been made in full, have been paid for in full or (where payment or part payment is made by cheque) until the cheque(s) in question have been cleared; and

(b) such lot has been removed from the premises in its entirety.

8. Clearance

No lot or part thereof can be cleared until payment has been made in full or (where any part of the payment was made by cheque) the cheque has cleared in the Auctioneer`s account. No lot shall be cleared without the authority of the Auctioneer and unless under the supervision of the Auctioneer`s servants or agents. The Buyer has no right to anything not described in the Catalogue. Delivery of lots sold will be made only to the declared Buyer and no transfer of any lot or part of a lot to any

other person will be recognised. Prior to the clearance of any lot the Vendor may rescind the contract for the sale of that lot and refund to the Buyer and money paid by the Buyer for the lot should any third party claim title to or possession of any part of the lot.

8. Clearance (cont`d)

The Buyer will be responsible for removal of lots and must provide their own labour and equipment. The Auctioneer requires that in pursuit of safe working practice all equipment used for lifting

and transporting heavy items which have been purchased at the auction should be covered by appropriate insurance and registration documents (especially in relation to lifting tackle and fork lift trucks). Documentation may be required for inspection. Furthermore appropriate protective clothing, such as hard hats and safety shoes, must be worn during these activities, and due regard to safe material handling practices.

9. Damage to Premises

The Buyer shall be responsible for the removal of all articles at his expense and risk and such removal must be carried out safely and lawfully and in accordance with the Vendor`s conditions of safety where applicable. All electrical installations must be left

in a safe condition during and after the removal and the use of explosives or flame cutting equipment or any other potentially hazardous or inflammatory process shall not be permissible on the site without the express written consent of the Auctioneer. The Buyer takes on responsibility to insure against and to make good any injury or damage to persons or property caused by the Buyer. At their discretion the Auctioneer may require payment of a deposit to the Auctioneer prior to and/or during the removal which will be funded on the removal being completed to the Auctioneer`s satisfaction. If the Buyer refuses to deposit such monies, the Vendor or the Auctioneer may refuse the Buyer access to the premises for the purposes of removing the lot purchased by them and/or rescind the sale in which event the provisions of condition 10 will apply.

10. Default by Buyer

Upon failure for whatever reason:

(i) to pay in full if required under condition 5; or

(ii) to pay the purchase price in full on the due date; or

(iii) to remove any lot from the premises on or before the date specified for clearance, the Vendor will be entitled to rescind the contract forthwith without incurring any liabilities to the Buyer and, without prejudice to any claims of the Vendor and/or the Auctioneer against the Buyer arising from the breach of contract or otherwise, upon recision as foresaid the following provisions apply:

(a) allmonies deposited in part payment will be forfeited out of which the Vendor`s and/or Auctioneer`s expenses referred to in paragraph (d) below shall be paid;

(b) if the lots have been cleared in breach of these conditions, the Vendor and/or the Auctioneer, their servants or agents may enter the premises of the Buyer to recover such lots;

(c) lots may be re-sold or otherwise disposed of by the Auctioneer in the manner they feel appropriate at their sole discretion and any deficiency arising upon the resale together with the expenses of it shall be due as debt from the Buyer in default upon the first sale. Neither the Auctioneer nor the Vendor shall be liable to account to

the Buyer in the event of a re-sale at a higher price than the price contracted to be paid by the Buyer;

(d) the Buyer will be responsible from the specified time for final clearance for all losses and expense incurred by the Vendor and/or the Auctioneer including storage, security and removal expenses, the costs of re-selling or disposing of lots and Auctioneer`s commission.

11. Auctioneer as Agent

The Auctioneer acts only as an Agent for and on behalf of the Vendor and shall not be held responsible for any action or default on the part of either the Vendor or the Buyers.

12. Accident or Damage

Neither the Auctioneer nor the Vendor will accept any responsibility for any accident, which does not arise out of their negligence, resulting in death, injury or damage howsoever caused to any person which may occur whilst on the Auctioneer`s or Vendor`s premises before during or after the sale and any person entering the premises does so at his own risk.

13. VAT

All bids for lots will be made exclusive of Value Added Tax which, where applicable, will be added to the invoice payable by the Buyer.

14. Health and Safety at Work etc. Act 1974

It is expressly brought to the Buyer`s attention that, at the time of sale, any item of plant, machinery or equipment contained in the lot(s) may not necessarily comply with the Health and Safety at Work etc. Act 1974 or any other Act or Regulations there under governing the

use of that plant, machinery or equipment in a working environment. Successful Buyers of any such plant, machinery or equipment are hereby required to ensure so far as is reasonably practicable that such item will be safe and without risks to health and that the use of any such items at a place of work within the United Kingdom does not contravene any such Act or Regulation applicable to such use.

15. Dangerous Substances

It is expressly brought to the attention of Buyers (successful or otherwise) that certain types of plant or main service installations could contain blue and white asbestos, dangerous

chemicals etc. which if not handled correctly during their removal from the site could be in breach of the Health and Safety atWork etc. Act 1974 sections 2-9, or other current legislation regulating the use of such substances in a working environment.

The Buyer shall ensure so far as is reasonably practicable that they comply with the Health and Safety at Work etc. Act 1974 or other current legislation in connection with the removal, handling and transport of such dangerous substances or shall employ a specialist contractor to remove them. The Buyer will indemnify the Vendor, their servants and agents against any losses, damages or expenses suffered by them as a result of the Buyer`s or a subcontractor`s

failure to comply with this legislation.

16. The Consumer Protection Act 1987

No lots are sold as new.

17. Governing Law

These conditions and any Special Conditions shall be governed by and constructed in accordance with English Law. All transactions to which these conditions and the Special Conditions apply and all connected matters shall also be governed by English Law.