18x Sapphire gemstones 157.41ct & Sterling Silver Bracelet. Appraisal value $11,924 approx £7,995.79

GENERAL CONDITIONS OF SALE

These General Conditions of Sale (the ‘Conditions) apply to any auction held or organised by the Auctioneer. 

Definitions 

When used in these Conditions, the following terms highlighted in bold shall have the following meanings:

Auction: a public or private sale in which Goods belonging to the Seller are sold to the highest Bidder by the Auctioneer;

Auctioneer: Asset Clearance Limited (registered number 08153247) or William George Auctioneers Limited (registered number 08480625) or any other company within their Group (including their employees and agents and any person to whom conduct of the Auction is delegated under clause 5.11);

Bid:  an offer to purchase a Lot in accordance with these Conditions submitted by a Bidder:

Bidder: a person bidding for a Lot;

Buyer: a person who submits the highest Bid for a Lot that is accepted by the Auctioneer;

Goods: any item (or number of items) consigned to the Auctioneer by the Seller to be placed into a Lot for sale at an Auction;

Group:  any entity that is a ‘subsidiary’ or ‘holding’ company as defined by s.1159 Companies Act 2006;

Lot: (a collection of) Goods listed (whether in a catalogue or otherwise) by the Auctioneer that are available to be purchased at an Auction;

   Overseas Purchaser: a Buyer whose residence is outside the UK; and

Seller: a person who has placed Goods with the Auctioneer for sale and who has the legal and beneficial title to the Goods listed in a Lot and/or any agent(s) authorised to act on their behalf. 

Any person who attends an Auction and/or submits a Bid at an Auction held or organised by the Auctioneer, whether by electronic means or otherwise, is deemed to have read and accepted these Conditions by reference to their attendance at the Auction or submission of a Bid.

To the extent that these Conditions are inconsistent with any special conditions set out or referred to in the Auction catalogue or announced at the Auction, the special conditions shall prevail.

References to a ‘person’ in these Conditions shall (where the context requires) include a natural person, corporate or unincorporated body (whether or not having a separate legal personality) and that person’s successors and permitted assigns.

The Seller’s Instructions and Warranties

2.1 The Seller warrants that:-

they have the full unencumbered legal title and express authority to sell the Goods that the Auctioneer has placed into in a Lot; 

the Goods placed into a Lot by the Auctioneer will be of satisfactory quality, will be fit for purpose and will be in accordance with any other relevant statutory obligations relating to the sale of the Goods;

the description and content of the information listed by the Auctioneer (whether in a catalogue or otherwise) relating to any Goods is accurate and not misleading in anyway; 

subject to any contrary powers of the Auctioneer set out in these Conditions, he will sell the Goods placed in a Lot for the price indicated in a Bid submitted by a Buyer providing that the conditions in clause 4.1 are satisfied; ; and

he will not contact any Buyers or potential buyers directly in relation to a sale of any Goods whilst they are listed in a Lot.  

2.2 If the Seller’s instructions are given by the Seller’s agent, the Seller’s agent warrants that he has the Seller’s authority:-

to instruct the Auctioneer;

to give the warranties set out in clause 2.1 above; and

to instruct the Auctioneer to act in accordance with any special conditions.

The Auctioneer’s Remuneration

The Auctioneer’s remuneration shall be such as has been agreed between the Seller and the Auctioneer.

The Auctioneer may (in his discretion) deduct his remuneration from monies received from the Buyer before accounting to the Seller for the balance.

General rules governing bidding and buying

4.1 If a Bidder submits a Bid to purchase any Lot(s), they must complete the transaction with the Seller providing:

their Bid has been accepted as the highest value Bid for the Lot by the Seller; once the Auction for that Lot has closed; 

the Auctioneer declares that Bidder to be the Buyer in accordance with clause 5.7 and 

the value of their Bid is at least equal to or greater than any minimum reserve price for the Lot set by the Seller (if any). 

4.2 Upon satisfaction of the conditions in clause 4.1 a Buyer can only terminate a contract to purchase the Lot if the Goods comprising the Lot do not materially comply with the information provided in the Auction catalogue in relation to them. 

4.3 Unless the Auctioneer has previously acknowledged in writing that the Bidder bids as agent on behalf of a named principal, every Bidder shall be taken to bid on his own behalf as principal. 

4.4 Placing a Bid entitles the Auctioneer and any Seller to rely on the Bid as a genuine offer to purchase the Goods contained in the Lot.

4.5 If the Auctioneer has earlier acknowledged in writing that the Bidder bids as agent on behalf of a named principal, the Bidder warrants that he has the authority of his principal to make each Bid he makes.

Conduct of the Auction

5.1 The Auctioneer offers each Lot as agent of the Seller and not as principal unless otherwise indicated in the Auction catalogue.

5.2 Any Lot may be subject to a minimum reserve price set by the Seller unless otherwise indicated in the Auction catalogue.

5.3 The Seller or his representative or the Auctioneer on his behalf may Bid for any Lot unless otherwise indicated in the Auction catalogue.

5.4 The Auctioneer may at any time before the fall of the hammer withdraw or divide any Lot or combine any Lots.

5.5 With the previous written consent of the Seller, the Auctioneer may sell any Lot by private sale before or after the Auction.

5.6 Any person wishing to place a Bid for a Lot at an Auction organised by the Auctioneer must register with Bidspotter.co.uk, their relevant details and register a valid credit or debit card before they will be able to Bid.

5.7 A Bidder who submits the highest value Bid for any Lot before an Auction is closed may be declared as the Buyer by the Auctioneer. 

5.8 If a Bidder submits a Bid within [XX] minutes of the closure of any Auction or less, the Auctioneer reserves the right to automatically extend the time during which Bids can be submitted for a Lot by [ten (10)] minutes. 

5.9 The Auctioneer may decide whether there is a dispute between Bidders, summarily determine the dispute or immediately again offer the Lot for sale, in each case without being required to give a reason.

5.10 The Auctioneer shall in every other respect decide how the Auction is to be conducted and without being required to give a reason.

5.11 The Auctioneer may in his sole discretion delegate to a person whom he believes to be competent to conduct the auction in accordance with these Conditions.

5.12 The Auctioneer has a right to report suspicious activities to the relevant authorities, at any time. 

After the Sale

6.1 Upon the Auctioneer declaring the Auction for any Lot to be closed and the Lot to be sold, the Buyer shall immediately arrange to pay not less than 25% of the price offered in their Bid to the Auctioneer by way of direct payment into the nominated bank account of the Auctioneer (details of which shall be provided to the Buyer by the Auctioneer). 

6.2 Payments shall be in pounds sterling (£) (unless otherwise indicated).

6.3 All prices are exclusive of VAT or other applicable taxes, delivery charges and insurance unless otherwise indicated by the Auctioneer (whether in the catalogue or otherwise).

6.4 Within [1] business day of the closure of the Auction in relation to any Lot the Buyer shall confirm the identity of any person on whose behalf he has purchased the Lot (if any).

6.5 Within the time specified in clause 6.6 below, the Buyer shall pay the following sums to the Auctioneer in full:

the balance of the price due for the Lot together with any VAT due; or

where the final price for the Lot was not immediately determined upon the closure of the Auction for the Lot, the value as summarily determined by the Auctioneer, whose determination shall be final and binding, of all or part of any Lot.

6.6 The time for complying with clause 6.5 above shall be the time specified in the Auction catalogue or if no time is specified there, 4pm on the next business day following receipt of the final invoice produced by the Auctioneer, and in every case time shall be of the essence.

6.7 The Auctioneer may at any time in his sole discretion grant the Buyer an extension of time for complying with clause 6.6 above, in which case the Buyer shall pay the auctioneer in full in accordance with such extension before moving or removing the Lot. 

6.8 If the Buyer fails to make any payment due to the Auctioneer under these Conditions by the due date for payment, then, without limiting the Auctioneer’s remedies under these Conditions, the Buyer shall pay interest on the overdue amount at the rate of [[8% per annum above the Bank of England’s base rate] OR [4% per annum above the [BANK] base rate]] from time to time. Such interest shall accrue on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment. The Buyer shall pay the interest together with the overdue amount. 

6.9 Until the Buyer has complied with clause 6.5 above:-

(a) title to any Lot shall not pass to the Buyer;

(b) the Lot shall be at the Buyer’s risk;

(c) the Auctioneer shall have a lien over any Lot purchased by the Buyer at the Auction; and

(d) if the Buyer effects or purports to effect a resale or any other disposition of all or part of the Lot, the Buyer shall hold the proceeds of resale or other disposition on trust for the Auctioneer and the Seller.

6.10 On written request by the Highest Bidder the Auctioneer shall provide a VAT invoice in a proper form, if appropriate.

Removal of the Lot 

7.1 The Buyer may not remove their Lot until after the end of the Auction and the Auctioneer has confirmed that they are holding cleared funds received from the Buyer without the prior written consent of the Auctioneer.

7.2 After paying the sums specified in clause 6.5 above, the Buyer must remove the Lot bought by the time specified in the Auction catalogue or if no time is specified there as soon as reasonably practicable. In each case time shall be of the essence.

7.3 The Auctioneer may at any time at his sole discretion and on terms reasonably specified by him grant the Buyer an extension to the time specified in clause 7.2 above.

7.4 If the Lot bought is or includes a motor vehicle, no warranty is given by the Auctioneer that the vehicle may safely or lawfully be driven on any road.

7.5 When removing any Lot the Buyer:-

(a) is responsible for detaching any Lot fixed to land and must do so safely and lawfully and must not use flame cutters, explosives or any other dangerous equipment or process without previous written permission signed by or on behalf of the Auctioneer;

(b) must use safe and lawful means of removing the Lot;

(c) shall indemnify the Auctioneer and Seller against any loss damage legal or other expenses and any claim arising from the detaching of the Lot or its removal; and

(d) shall have adequate insurance in respect of such indemnity and shall on request produce to the Auctioneer a receipt for the last premium due or other sufficient evidence that such insurance has been effected and remains in force.

Liability of the  Auctioneer

8.1 Goods sold in any Lot are sold as seen, with all faults and imperfections and the Auctioneer is not responsible for any defects whatsoever (whether latent or not). 

8.2 No warranty or representation of any kind is given or authorised to be given by the Auctioneer with regards to any Lot.

Overseas purchasers

9.1 If the Buyer is an Overseas Purchaser they must advise of their intentions to export the Lot immediately and notify the sales co-ordinator of the Auctioneer by email: Justin Wilson contact@assetclearance.co.uk.

9.2 Overseas Purchasers will be required to provide the following information:

(a) their passport(s);

(b) another form of identity, (i.e. drivers licence, name, address, UK agent (if any), telephone and fax numbers);

(c) full details of their national bank and their UK corresponding bank; and

(d) details from their bank confirming method of payment.

9.3 It is the Buyers’ responsibility to ensure that:

(a) the country to which the Goods are destined to got to have no import restrictions on the Goods that they have purchased;

(b) the country has no import licence restrictions or a restriction on currency allocation;

(c) the country has no prolonged inspection procedure, which might cause excessive delay in allowing the Goods to be imported;

(d) they employ a reputable freight-forwarding organisation; and 

(e) the Buyer has read and agreed with these Conditions.

9.4 If there are any special arrangements that the Buyer wishes to make with the Auctioneer, the Buyer must contact the Auctioneer at least three business days before an Auction takes place.

VAT and subsequent refunds.

10.1 All Buyers intending to export a Lot will be charged an additional deposit equal to that of the VAT due on each Lot purchased.

10.2 In order to qualify for a refund, the Goods must be exported in accordance with relevant export regulations and valid written evidence of such compliance shall be sent by the Buyer to the Auctioneer within one month of the date of export to the following address on official company headed notepaper signed by the Buyer: Justin Wilson, The Crown Inn, Crown Lane, Tinwell, Rutland, PE9 3UF.

10.3 Where satisfactory evidence is not provided, goods will be subject to UK VAT at the standard rate of export and the Buyer will forfeit any deposit they may have paid in accordance with this clause 10.

10.4 The Auctioneer is unable to refund the VAT on the Buyers’ premium in any circumstances. 

10.5 If the Buyer chooses to export their purchases using their own transport, then VAT will be levied and refunded upon satisfactory documentation supporting the removal of the Goods purchased being sent to the address set out in clause 10.2.

10.6 Notwithstanding any other clause in these Conditions the Auctioneer reserves the right to refuse:

(a) to accept any Bid from a Bidder; or

(b) to sell any Lot (in whole or in part) to a Buyer.

Default by the Buyer

11.1 If at any time the Buyer fails to pay any of the sums under these Conditions when they fall due or to remove any Lot by the time specified in clause 7 above (or any extension granted under clause 7 above) the Auctioneer may rescind the sale of that Lot, in which case any deposit shall be forfeited, and that Lot may be resold by Auction or privately by the Auctioneer.

11.2 If the Auctioneer has rescinded the sale but the Buyer has removed the Lot bought, the Auctioneer shall be entitled upon serving reasonable advanced written notice on the Buyer, to enter upon any premises where he believes the Lot to be and safely remove it.

11.3 If the Auctioneer has rescinded the sale and the Lot has been resold, the Buyer shall make good any deficiency, namely:-

the sale price less the resale price; and/or

the costs of and costs incidental to the resale of the Lot.

11.4 If the Buyer has failed to remove any Lot by the time specified in clause 7 above (or any extension granted under clause 7 above) and as a result the Seller is unable to give vacant possession on disposing of or relinquishing any interest in the premises from which the Lot should have been removed, the Buyer shall compensate the Seller for any loss arising from their failure to give vacant possession.

11.5 If at any time the Buyer in any way breaches or defaults under any of these Conditions, the Auctioneer reserves the right to issue proceedings at that time or at any point thereafter.  

Waiver

12.1 No failure or delay by the Auctioneer to exercise any right or remedy provided under this agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy by the Auctioneer shall prevent or restrict the further exercise of that or any other right or remedy.

Jurisdiction

13.1 These Conditions shall be governed by and construed in accordance with the laws of England and Wales, save that:

if the Auction is held in Scotland, in accordance with the laws of Scotland; or

if the Auction is held in Northern Ireland, in accordance with the laws in Northern Ireland (where applicable).