Antique, Fine Art & Collectables Sale

Terms and Conditions CONDITIONS OF SALE & COMMISSION CHARGES TO BE READ IN CONJUNCTION WITH THE GENERAL CONDITIONS OF SALE SELLER'S CONDITIONS 1 ON EACH LOT a) SELLER'S COMMISSION RATES ON EACH LOT SOLD: Duchy Auctioneers operate a sliding scale of commission rates based on combined annual sales of property MINIMUM COMMISSION RATES: (i) General Sales: £5.00 b) ALL UNSOLD LOTS attract charges as follows: (i) General Sales: £5.00 (ii) Specialist Sales to be agreed with the Auctioneer c) INSURANCE CHARGES On items sold: 1.5% On items unsold (without reserve): 1.5% of lower estimate On items unsold (with reserve): 1.5% of the lower estimate d) SURCHARGE ? sold or unsold. In the sale of (for example) three piece suites and pianos, or any other lot of exceptional size or weight, a discretionary surcharge of £20.00 per lot will be made if the sale price does not exceed £150.00. e) VAT at the current rate of 20% is levied on all charges (where applicable). 2 PAYMENT FOR GOODS SOLD. The Auctioneers normally dispatch payment to Vendors 21 working days after the date of the sale. The Auctioneers reserve the right to withhold payments for any lot sold until such time as they have received payment in full from the purchasers. The Auctioneers act as agents only (see General Condition 5). 3 UNSOLD GOODS. The Auctioneers reserve the absolute right to dispose of unsold goods at their discretion, unless otherwise instructed by completion of the sale entry form by the Vendor prior to sale. If lots are re-entered into another sale the charges will again be levied on each occasion the item is offered. 4 Vendors are instructed to collect unsold goods from the General Sale immediately after the auction unless prior arrangements have been made with the Auctioneers. No goods will be released unless the Auctioneers or a member of their staff is in attendance. 5 If unsold goods are not collected as requested or arranged, a storage and theft insurance charge will be levied from the date of the auction. 6 THE AUCTIONEERS RESERVE THE RIGHT to lot goods, to join and sub-divide goods into lots and refuse entry to any goods into the sale. It shall be understood that upholstered three piece suites, upholstered armchairs and cottage suites, bedroom furniture and general domestic furniture will only be accepted for sale at the Auctioneers absolute discretion and with no reserve price. If offered and not sold and not collected within three working days following the Auction it will become the property of The Duchy Auction Company Limited and if disposed of a minimum charge of £100 will be levied. 7 THE AUCTIONEERS will endeavour to locate and accurately record ownership of goods entered into a sale, but they will not accept responsibility for goods which are not recorded on the Entry Form unless forming part of a total or part house clearance conducted by the Auctioneers. 8 PROTECTION OF GOODS. Reasonable precautions will be taken to protect your goods whilst they are held at the sale premises but neither the Auctioneers, their staff or other third parties can be held responsible for any damage to, or loss of their goods awaiting, during or after the sale. The Auctioneers act as agents only. 9 THE AUCTIONEERS reserve the right to abbreviate or omit the description of goods of a general nature or low value which have been lotted together, from their sale records. 10 ALL GOODS are entered into the sale on the clear understanding that they are not subject to current lease purchase, hire purchase, lease agreement or a contract hire agreement and are owned wholly by the Vendor, not being subject to bankruptcy proceedings. 11 WITHDRAWN FEE If an item is withdrawn after having been consigned for sale at Auction then there will be a Commission Fee charge of 18% based upon the middle estimate or in the event of an item with a value of below £100 the charge will be £20. 12 THIRD PARTY LIABILITY. Every person on The Duchy Auction Company Limited premises at any time shall be deemed to be there at his own risk. He shall have no claim against The Duchy Auction Company Limited in respect of any accident which may occur or injury, damage or loss howsoever caused, save insofar as the injury, damage or loss shall be caused by the direct negligence of The Duchy Auction Company Limited employees. General Conditions of Sale 1. DEFINITIONS. In these Conditions The Duchy Auction Company Limited, who act only as Auctioneers and agents for the vendor, are called ?The Auctioneers?, and the representative of The Auctioneers conducting the Auction is called ?The Auctioneer?. 2. GENERAL. Whilst The Auctioneers make every effort to ensure the accuracy of their catalogue and the description of any lot a) Each lot as set out in the catalogue or as divided or combined with any other lot or lots is sold by the Vendor with all faults, imperfections and errors of descriptions. b) The Auctioneers do not accept responsibility for the authenticity, attribution, genuineness, origin, authorship, date, age, period, condition or quality of any lot, unless they have been instructed in writing by the vendor so to certify, and in such case The Auctioneers do so as agents of the vendor and are not themselves responsible for such claims. c) All statements, whether printed in the catalogue or made orally, as to any of the matters set out in b) above are statements of opinion only and are not to be taken as being or implying any warranties or representations of fact by The Auctioneers unless they have been instructed in writing by the vendors so to certify, and in such case the Auctioneers do so as agents of the vendor and are not themselves responsible for such claims. d) Any claim under any Statue must be received in writing by the Auctioneer within seven days of the day of the sale. 3. THE AUCTION. The Auctioneer has absolute discretion to divide any lot, to combine any two or more lots, to withdraw any lot or lots from the sale, to refuse bids, regulate bidding or cancel the sale without in any case giving any reason or without previous notice. He may bid on behalf of the vendor for all goods which are being offered subject to reserve or at the Auctioneer?s discretion. b) The highest bidder shall be the buyer except in the case of a dispute. If during the auction the Auctioneer considers that a dispute has arisen, he has absolute discretion to settle it or to re-offer the lot. The Auctioneer may at his sole discretion determine the advance of bidding or refuse a bid. c) Each lot is put up for sale subject to any reserve price placed by the vendor. Where there is no reserve price (but not otherwise), the seller has the right to bid either personally or by any one person (who may be the Auctioneer). d) All conditions, notices, descriptions, statements and other matters in the catalogue and elsewhere concerning any lot are subject to any statements modifying or affecting the same made by the Auctioneer from the rostrum prior to any bid being accepted for the lot. Any information provided by The Auction or Auctioneer or its employees is for the convenience of bidders only and should not be relied upon. 4 RESCISSION. Notwithstanding any other terms of these Conditions, if within seven days after the sale The Auctioneers have received from the buyer of any lot notice in writing that in his view the lot is a deliberate forgery, and within fourteen days after such notification the buyer returns the same to the Auctioneers in the same condition as at the time of sale and by producing evidence, the burden of proof to be upon the buyer, satisfies the Auctioneer that considered in the light of the entry in the catalogue the lot is a deliberate forgery, then the sale of the lot will be rescinded and the purchase price of the same refunded. In the event of a dispute then the matter shall be settled by arbitration, the arbitrator to be nominated by the President of the Royal Institution of Chartered Surveyors. Both the buyer and the vendor agree to be bound by the decision. 5 DEFAULT. The Auctioneers disclaim responsibility for default by either the buyer or the vendor because they act as agents for the vendor only and therefore do not pay out to the vendor until payment is received from the buyer. Instructions given by telephone are accepted at the sender?s risk and must be confirmed in writing forthwith. 6 In the event of a sale by private treaty both the vendor and the buyer agree to be bound by the General and any Special Conditions of Sale. VENDORS CONDITIONS 7 INSTRUCTIONS. As the Auctioneers are auctioneers, all goods delivered to the Auctioneers? premises will be deemed to be delivered for sale by Auction unless otherwise stated in writing and will be catalogued and sold at the Auctioneers? discretion and accepted by the Auctioneers subject to all the Sale Conditions. By delivering the goods to the Auctioneers for inclusion in their auction sales each vendor acknowledges that he or she has accepted and agreed to be bound by all these conditions. 8 COLLECTION. The Auctioneers do not themselves usually undertake the collection of goods but will, if required in writing, instruct a contractor on the vendor?s behalf in their capacity as agents. The Auctioneers 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 instructions are received to the contrary, the charge for these services will be normally deducted from the proceeds of sale. 9. LOSS OR DAMAGE. The Auctioneers disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods unless caused by the direct negligence of their employees. 10. STORAGE. The Auctioneers reserve the right to store or arrange for the storage of goods delivered to them for sale either on their own premises or elsewhere at their sole discretion. They exempt themselves from any liability for loss or damage to goods delivered to their sale rooms without sufficient sale instructions and reserve the right to make a storage charge for such goods (unless the loss or damage is caused by the negligence of their employees) 11. RIGHT TO SELL. Vendors will be charged for goods left on the premises if the vendor has been requested to remove them and if the goods are not removed within seven days of such request the Auctioneers reserve the right to sell or dispose of the goods. 12. INSURANCE a) Unless otherwise instructed in writing, all goods on the Auctioneers? premises and in their custody will be held insured against risks of fire, theft following forcible entry and water damage (but not against accidental breakage or damage). The value of the goods so covered shall be the gross amount realised, or in the case of unsold lots, the best bid, or in the case of goods withdrawn or prior to a sale that which the specialised staff of the Auctioneers shall in their absolute discretion estimate to be the auction value of such goods. b) The Auctioneers shall not be responsible for damage to or the loss, theft or destruction of any goods not so insured upon the owner?s written instructions. c) The Auctioneers shall not be responsible for accidental breakage, loss or damage however caused unless directly caused by the negligence of their employees. d) In respect of any article delivered to the Auctioneers 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 Auctioneers? interest as bailees in such policy or policies. e) See clause 1c for insurance charges 13 RESERVES a) All goods are put up for sale WITHOUT RESERVE at the Auctioneer?s discretion unless written instructions as to reserves are received by the Auctioneers prior to the commencement of the sale. b) In the event of any reserve price not being reached at auction, the Auctioneers are empowered to sell after the auction, by private treaty, at not less than the reserve price, as long as the goods remain on the Auctioneers? premises. In the event of such a sale by private treaty the Conditions of Sale applicable to a buyer governing the auction will apply. 14 INDEMNITY. The Vendor shall duly indemnify the Auctioneers against any claims in connection with any goods sold by the Auctioneers on the vendor?s behalf. 15 VALUE ADDED TAX. A vendor who sends for sale by auction any chattel(s) which is an asset of his business must disclose to the Auctioneer 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 etc. This information must be supplied to the Auctioneer on or prior to delivery of the goods. 16 THE VENDOR authorises the Auctioneers to deduct commission and expenses at the stated rates from the hammer price and acknowledges the Auctioneers? right to retain any premium payable by the purchaser. 17 RIGHTS TO PHOTOGRAPHS AND ILLUSTRATION The vendor and the purchaser gives the Auctioneers full and absolute right to photograph and illustrate any lot placed in its hands for sale, or purchased, and to use such photographs and illustrations and any photographs provided by the vendor or purchaser at any time at its absolute discretion (whether or not in connection with the auction). The Auctioneer reserves the right to make a charge for such photographs if used in any auction catalogue or similar sales literature. BUYERS CONDITIONS 18 INSPECTION. Each buyer by making a bid for a lot acknowledges that he has satisfied himself fully before bidding by inspection or otherwise as to all the Sale Conditions, the physical condition of, and description of the lot including but not restricted to whether the lot is damaged or has been repaired or restored. 19 PROPERTY AND RISK. Legal title will not pass to the buyer until the lot(s) has been paid in full and the Auctioneers shall be entitled to a lien on any lot until the purchase price (as defined in 22 below) is paid in full but each lot is at the sole risk of the buyer from the fall of the hammer. Each buyer shall forthwith give his full names and permanent address and if called upon to do so by the Auctioneer shall forthwith pay to the Auctioneers such proportion of the purchase price as the Auctioneer may require. If the buyer fails to do so, the lot may at the Auctioneer?s sole discretion be put up and again re-sold. 20 Every bidder shall be deemed to act as principal unless there is in force a written acknowledgement by the Auctioneers that he acts as agent on behalf of a named principal. 21 REMOVAL OF GOODS a) No purchase shall be claimed or removed until it has been fully paid for and the sale has been concluded. All purchases shall be paid for and removed at the buyer?s risk and expense by the end of the sale day, failing which the Auctioneer shall not be responsible if the same are lost, stolen, damaged or destroyed and all lots not so removed shall remain at the risk of the buyer and subject to a warehousing charge. If they are not paid for and removed within seven days of the sale the Auctioneer may re-sell them by auction or privately without notice to the buyer. Any liability which there may be on the part of the Auctioneer in respect of any loss shall be restricted to a maximum of the price paid by the buyer of the lot. b) In the event of any failure of the buyers to comply with any of the above conditions the damages recoverable by the seller or the Auctioneers from the defaulter shall include any loss arising on any re-sale of the lot, together with the charges and expenses in respect of both sales, and together with interest at 2% above, National Westminster Bank Plc Base Rate upon the price of any lot which has not been paid for within 48 hours of the sale, and any money deposited in part payment shall be held by the Auctioneers on account of any liability of the defaulter to them or to the seller. The Auctioneers are unable to accept payment from successful bidders other than in cash or by the bidders own cheque strictly by prior agreement with The Auctioneer, or acceptable credit or debit card (2.53% surcharge). Cheques drawn by third parties, whether in the Auctioneers favour or requiring endorsement, cannot be accepted. 22 PURCHASE PRICE. The purchaser shall pay the hammer price together with a premium of 18% of the hammer price (adjusted for VAT as necessary). The premium attracts VAT at the standard rate and is payable by all purchasers. The vendor authorises the Auctioneer to deduct commission and expenses at the stated rates from the hammer price and acknowledges the Auctioneers right to retain the premium payable by the purchaser. IMPORTANT NOTES FOR VENDOR AND PURCHASER BIDS We will be pleased to execute bids on behalf of intending purchasers and no charge is made for this service. Lots will be purchased as cheaply as permitted by other bids and reserves. Bids must be submitted to the Commissions Department at least half an hour before the sale commences and should be entered on the forms provided. Bids left by telephone will be accepted only on the condition that they are at the sender?s risk and must in any case be confirmed in writing or by facsimile or by email with all such bids having been acknowledged by The Auctioneer prior to the sale. EXPORT LICENCES An export licence is required for certain items leaving the United Kingdom. The obtaining of a relevant Export Licence is the responsibility of the buyer. Motor Vehicles The Buyer of a motor vehicle is responsible for complying with the provision of the Road Traffic Act 1972 and all relevant regulations made under Section 40 thereof (including the Motor Vehicle Construction and Use Regulations 1973) and any statutory modification thereof. Firearms The Buyer of a firearm is responsible for obtaining a valid firearms certificate, shotgun certificate or certificate of registration as a firearms dealer and for conforming with the regulations in force in Great Britain relating to firearms. The Auctioneers will not deliver Lots to Buyers without production of evidence of compliance with this condition. Electrical Goods These can only be sold if inspected beforehand by an electrician and issued with a safety certificate. We can arrange this and the cost will be deducted from sale proceeds. Electrical/Mechanical goods are sold on the strict understanding that these are untested, without warranties or any other guarantees as to serviceability or working order, unless otherwise stated. Online Bidding The Duchy Auction Company Limited offer an online bidding service via the-saleroom.com for bidders who cannot attend the sale. In completing the bidder registration on www.the-saleroom.com and providing your credit card details and unless alternative arrangements are agreed with The Duchy Auction Company Limited: 1. authorise The Duchy Auction Company Limited, if they so wish, to charge the credit card given in part or full payment, including all fees, for items successfully purchased in the auction via the-saleroom.com, and 2. confirm that you are authorised to provide these credit card details to The Duchy Auction Company Limited through www.the-saleroom.com and agree that The Duchy Auction Company Limited are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale. Please note that any lots purchased via the-saleroom.com live auction service will be subject to an additional 3% commission charge + VAT at the rate imposed on the hammer price Terms & Conditions General The following conditions together with such other terms, conditions and notices as may be set out in any relevant catalogue apply to all sales by The Duchy Auction Company Limited at auction or to any retail sale. It is the intention of The Duchy Auction Company Limited that all terms between it and the Seller and the Buyer are contained in the Conditions. No alteration to the Conditions will be binding unless accepted by The Duchy Auction Company Limited in writing. The Conditions are subject to amendment by The Duchy Auction Company Limited provided it is reasonable for it to do so by the posting of notices or by oral announcement made by the Auctioneer prior to or during the sale. Nothing in the Conditions shall affect the statutory rights of a consumer. 1. Definitions In these Conditions: 1.1 ?Auction? means the auction sale in respect of which a Lot is consigned for sale 1.2 ?Auctioneer? means the representative of The Duchy Auction Company Limited conducting the Auction 1.3 ?The Duchy Auction Company Limited? means The Duchy Auction Company Limited 1.4 ?Buyer? means the person to whom a Lot is knocked down by the Auctioneer 1.5 ?Buy It Now? means a Motor Vehicle sold by The Duchy Auction Company Limited on the Seller?s behalf having a fixed price and sold in accordance with clause 12.2 1.6 ?Catalogue? includes any advertisement, brochure, late entry list, estimate, price list or other publication 1.7 ?Commission? means the percentage of the Hammer Price as agreed with the Seller 1.8 ?Expenses? in relation to the sale of any Lot means The Duchy Auction Company Limited charges and expenses for insurance, storage, illustrations, cataloguing costs, special advertising, packing, freight and any Published Charges of that Lot and any VAT thereon and any Encumbrance 1.9 ?Encumbrance? means any encumbrance or security interest of any kind whatsoever including without limitation a mortgage, charge, pledge, lien, hypothecation, restriction, right to acquire, right or pre-emption, option, conversion right, third party right or interest, right of set-off or counterclaim, equity, trust arrangement or any other type of preferential agreement (such as a retention of title arrangement) having similar effect or any other rights exercisable by or claims by third parties 1.10 ?Hammer Price? means the price in pounds sterling which a Lot is knocked down by the Auctioneer 1.11 ?Lot? means any item(s) consigned with the view to its or their sale at auction 1.12 ?Motor Vehicle? means any item included or proposed to be included in a sale of motor vehicles to include motor bikes 1.13 ??Premium?? means the percentage of the Hammer Price together with VAT thereon in accordance with the current charges displayed at the auction house. 1.14 ?Provisionally Sold? means the allocation by the Auction under Condition 12.1 1.15 ?Published Charges? means such charges from time to time published by The Duchy Auction Company Limited 1.16 ?Purchase Price? means the Hammer Price together with VAT thereon, the Premium and any additional charges or Expenses due from any Buyer under Condition 22 1.17 ?Reserve? means the minimum Hammer Price agreed between The Duchy Auction Company Limited and the Seller at which a Lot may be sold, the Auctioneer always allowed a 10% Discretion of such price, if any, agreed 1.18 ?Sale Proceeds? means the net amount due to the Seller being the Hammer Price less the Seller's commission, any VAT thereon, Expenses and any other amount due to The Duchy Auction Company Limited from the Seller 1.19 ?Seller? means the person who offers the Lot for sale 1.20 ?Seller's Commission? shall have the definition given in Condition 9 1.21 ?VAT? means Value Added Tax applicable at the prevailing rate from time to time 2 The Duchy Auction Company Limited as Agent The Duchy Auction Company Limited sells as agent for the Seller (except where it is expressly stated to be selling as principal) and is not liable for any act or default by the Seller or the Buyer. 3 The Duchy Auction Company Limited Discretion 3.1 The Duchy Auction Company Limited has the right at its sole discretion to refuse any bid, to divide any Lot, to combine two or more Lots, to withdraw any Lot and, in the case of dispute, to put any Lot up for auction again. 3.2 If The Duchy Auction Company Limited is notified about the Seller's alleged breach of any of the Conditions before it has remitted the Sale Proceeds to the Seller, it may at its sole discretion, withhold payment until that dispute is resolved. The Duchy Auction Company Limited may, however, deduct any sums that are due to it from the sum held. 4 Loss or Injury The Duchy Auction Company Limited shall be under no liability for any injury, damage or loss sustained by any person while on The Duchy Auction Company Limited?s premises (including any premises where a sale may be conducted or where a Lot, or a part of a Lot may be on view from time to time) except for death or personal injury caused by the negligence of The Duchy Auction Company Limited or its employees and agents in the ordinary course of their duties to The Duchy Auction Company Limited. 5 Governing Law All transactions to which the Conditions apply shall be governed by English Law and The Duchy Auction Company Limited, the Seller and the Buyer hereby submit to the exclusive jurisdiction of the English Courts. 6 Notices 6.1 Any notice by The Duchy Auction Company Limited to a Seller, Buyer or any other person or by the Seller, Buyer or any other person to The Duchy Auction Company Limited may be delivered by hand or sent by first class mail or airmail and shall be deemed to have been duly received: 6.1.1. If hand-delivered, at the time of delivery; 6.1.2. If sent by mail, two days after the date of posting if posted to an address within the country of posting and seven days after the date of posting if posted to an address within a country outside the country of posting. 6.1.3. In proving service by delivery :- 6.1.3.1. By hand, it shall be necessary only to produce a receipt for the notice signed by or on behalf of the addressee; 6.1.3.2. By post, it shall be necessary only to prove that the notice was contained in a pre-paid envelope which was duly addressed and posted first class. 6.2 The Duchy Auction Company Limited do not accept service of any notice by facsimile or email. SELLER'S CONDITIONS 7 Warranty by Seller 7.1 The Seller warrants to The Duchy Auction Company Limited in the terms of sub-paragraphs 7.1.1 to 7.1.5 below and to the Buyer in the terms of subparagraphs 7.1.1, 7.1.4 and 7.1.5 below that: 7.1.1 The Seller is the owner of the Lot or is properly authorised to sell the Lot by the owner and is able to sell the Lot with full title guarantee free from all encumbrance; 7.1.2 Unless The Duchy Auction Company Limited is notified in writing, the Motor Vehicle may lawfully be used on a road and complies with all statutory provisions and that there is in force any test certificate required by law in relation to such use or the Seller has notified The Duchy Auction Company Limited in writing that the Motor Vehicle cannot lawfully be used on a road; 7.1.3 The Seller has notified The Duchy Auction Company Limited in writing of any material alterations to the Lot of which the Seller is aware and of any concerns expressed by third parties in relation to the authenticity, provenance, origin, age, condition or quality of the Lot and has provided The Duchy Auction Company Limited with all such information in the Seller's possession; 7.1.4 The Seller has complied with all requirements relating to any export or import of the Lot and has notified The Duchy Auction Company Limited in writing of any failure to comply with such requirements by the Seller or any previous owner of the Lot; 7.1.5 The Seller shall indemnify The Duchy Auction Company Limited and the Buyer against all losses, expenses or other costs which are caused by the Seller's breach of any obligation of the Seller under the Conditions; 7.2 The Seller warrants that the information about the Lot given to The Duchy Auction Company Limited, and statements made about it, are true. In the event of a Motor Vehicle which is discovered not to be in the state in which the Seller represented to The Duchy Auction Company Limited that it was, The Duchy Auction Company Limited may at its absolute discretion whether before or after the Lot has sold, carry out such work to the Motor Vehicle as is necessary to put into the state that the Seller represented it to be and shall deduct the cost of such work from any sums due to the Seller. 8 Reserves 8.1 The Seller may place a Reserve on any Lot prior to the Auction and once placed by the Seller may not be changed without the written consent of The Duchy Auction Company Limited. All Lots will be sold without Reserve unless a Reserve has been agreed by The Duchy Auction Company Limited in writing, subject always to the Auctioneers Discretion of up to 10% of the agreed reserve. 8.2 Where a Reserve has been agreed, only The Duchy Auction Company Limited may bid on behalf of the Seller. If the Seller makes such bid, then the Auctioneer may knock the Lot down to the Seller without observing any Reserve and the Seller shall pay to The Duchy Auction Company Limited the Buyer's Premium in addition to the Seller's Commission and Expenses. 8.3 Where a Reserve is agreed but not attained the Auctioneer may allocate the Lot as being Provisionally Sold and clause 12.1 shall operate 8.4 Where no Reserve has been placed, the Seller may bid either personally or through the agency of any one person. 8.5 If no Reserve has been placed on a Lot, The Duchy Auction Company Limited shall in no way be held liable should the Lot be purchased for a price below any lowest estimated selling price of the Lot given in any Catalogue. 8.6 The seller reserves the right to bid through the auctioneer, acting as the sellers agent. 8.7 The sale is subject to a reserve price, at the discretion of the seller, in agreement with The Auctioneer. 9 Commission and Expenses 9.1 The Duchy Auction Company Limited shall be entitled to deduct from the Hammer Price and retain the Commission plus VAT and Expenses and any other sums due from the Seller to The Duchy Auction Company Limited. 9.2 The Seller acknowledges The Duchy Auction Company Limited right to retain the Premium payable by the Buyer in accordance with Condition 18. 10 Photography and Illustrations The Seller permits The Duchy Auction Company Limited without payment to photograph and make illustrations of any Lot and to use at its discretion any photograph or illustration of or in respect of a Lot supplied by the Seller, whether or not in conjunction with the Auction. The copyright in all photographs taken and illustrations made of any Lot by or on behalf of The Duchy Auction Company Limited shall be the absolute property of The Duchy Auction Company Limited. 11 The Duchy Auction Company Limited? Estimates and Descriptions 11.1 The Duchy Auction Company Limited make no warranty or representation as to the anticipated or likely selling price of any Lot. Any estimate given by The Duchy Auction Company Limited, whether written or oral and whether or not printed in any Catalogue, as to the estimated selling price of any Lot is a statement of opinion only and may be subject to revision from time to time at The Duchy Auction Company Limited?s sole discretion and should not be relied upon as an indication of the actual selling price. The vendor shall not be allowed to set the reserve above the lower estimate published in the catalogue, without the permission of The Duchy Auction Company Limited and the announcement of a revised estimate to suit this condition at the time of sale. 11.2 The Duchy Auction Company Limited shall not be liable to the Seller for any error or mis-statement in or omission from the description of any Lot in any Catalogue where: 11.2.1 The Duchy Auction Company Limited have been provided with such description by the Seller or any person on his behalf; or 11.2.2 The Duchy Auction Company Limited have provided the Seller with a copy of such description prior to publication of the Catalogue and neither the Seller nor any person on his behalf have notified The Duchy Auction Company Limited in writing within 7 days of any error or mis-statement in or omission from the description. 11.3 The Duchy Auction Company Limited has no duty to the Seller to investigate the accuracy of the description of any Lot provided by or on behalf of the Seller. 12 Unsold Lots: Provisional Sales and Buy It Now 12.1 Where the Lot has not reached its Reserve and the Auctioneer in his absolute discretion has allocated a Lot as Provisionally Sold to the highest bidder, The Duchy Auction Company Limited shall take steps to contact the Seller on the day of the Auction and agree with the highest bidder a price for the Lot and conclude a sale between the Seller and the highest bidder as agent for the Seller. 12.2 Where the Seller instructs The Duchy Auction Company Limited to sell the Lot for a fixed price, The Duchy Auction Company Limited shall allocate the Lot to its ?Buy it Now? scheme and use its endeavours to sell the Lot on behalf of the Seller at the price sort by the Seller together with Premium thereon and the Buyer?s attention is specifically drawn to the terms contained in the ?Buy It Now? Catalogue. 12.3. Any sale by private treaty shall be subject to the Conditions or to commission and expenses as if it had been sold by Auction. 13 Insurance 13.1 The Lot shall at all times remain at the risk of the Seller until ownership of the Lot passes from the Seller under these Conditions. 13.2 The Duchy Auction Company Limited will not be responsible for any damage to or the loss or the destruction of a Lot unless caused by the negligence of The Duchy Auction Company Limited, its employees or agents in the ordinary course of their duties to The Duchy Auction Company Limited and the Seller will indemnify The Duchy Auction Company Limited against all claims and proceedings brought against The Duchy Auction Company Limited in respect of any loss or damage to the Lot. 13.3 The Duchy Auction Company Limited will not be liable for any injury, loss or damage caused by any Lot unless caused by the negligence of The Duchy Auction Company Limited, its employees or agents in the ordinary course of their duties to The Duchy Auction Company Limited or by the Seller who will indemnify The Duchy Auction Company Limited against all claims and proceedings brought against The Duchy Auction Company Limited in respect of such injury, loss or damage. 14 Payment of Sale Proceeds 14.1 Where the Lot is not subject to any Encumbrance The Duchy Auction Company Limited shall pay the Sale Proceeds to the Seller not later than 28 working days after the Auction providing that the Purchase Price has been received in full by The Duchy Auction Company Limited, but where the Lot is subject to any Encumbrance The Duchy Auction Company Limited shall discharge such of the Encumbrance from the Sale Proceeds and shall pay the net Sale Proceeds (if any) to the Seller not later than 14 days from the date on which The Duchy Auction Company Limited receives a certificate of discharge from the Encumbrancer. 14.2 Unless an alternative method of payment has been agreed by The Duchy Auction Company Limited in writing, payment shall be made by sending to the Seller a cheque drawn on The Duchy Auction Company Limited' bank account by first class post at the Seller's risk. 14.3 If the Purchase Price has not been received in full by The Duchy Auction Company Limited within the time specified in Condition 14.1 The Duchy Auction Company Limited will pay the Sale Proceeds to the Seller within five working days after the date on which the Purchase Price is received in clear funds from the Buyer. 14.4 The Duchy Auction Company Limited reserves the right not to remit the Sale Proceeds in respect of a Motor Vehicle to the Seller unless the Seller has deposited with The Duchy Auction Company Limited the V5 or V5C registration document in the case of a UK registered vehicle or, in the case of a non-UK registered vehicle, the appropriate documents of title relevant and appropriate to the country of registration of the vehicle, and any other documentation relating to the vehicle in the Seller's possession or control which he agreed with The Duchy Auction Company Limited to supply. 14.5 If the Buyer fails to pay the Purchase Price within 14 days of the Auction, The Duchy Auction Company Limited will notify the Seller who may instruct The Duchy Auction Company Limited as to the appropriate course of action. The Duchy Auction Company Limited will endeavour to assist the Seller but The Duchy Auction Company Limited shall be under no obligation to institute proceedings in its own name. 14.6 In the absence of any written instructions from the Seller to The Duchy Auction Company Limited within 7 days of The Duchy Auction Company Limited having notified the Seller under 14.5 above then The Duchy Auction Company Limited shall be entitled to do any of the following :- 14.6.1 To agree terms for the payment of the Purchase Price; 14.6.2 To remove, store and insure the Lot; 14.6.3 To settle claims and/or proceedings made by or against the Buyer on such terms as The Duchy Auction Company Limited shall at its absolute discretion think fit; 14.6.4 To take such steps as The Duchy Auction Company Limited shall at its absolute discretion consider necessary to collect the monies due from the Buyer; 14.6.5 Where appropriate to rescind the sale and refund any monies to the Buyer; 14.6.6 To offer the Lot for re-sale, by Auction or private treaty, with or without Reserve; 14.6.7 Where appropriate to rescind the contract with the Buyer and to purchase the Lot itself. If it does so, property in the Lot shall pass to The Duchy Auction Company Limited on its election and The Duchy Auction Company Limited shall remit the Purchase Price to the Seller within fourteen days of its election less the commission and Expenses or sums due to The Duchy Auction Company Limited which would have been payable had the contract not been rescinded; 14.6.8 To appoint a solicitor and/or other agent to pursue any of the courses of action referred to in sub-paragraphs 14.6.1 to 14.6.2 above and the Seller authorises The Duchy Auction Company Limited to take any of the courses referred to in this Condition, including the issue and prosecution of proceedings on the Seller's behalf. 14.7. Any monies recovered by and paid to The Duchy Auction Company Limited in consequence of The Duchy Auction Company Limited taking one or more of the steps referred to in Condition 14.6 shall be applied to the payment of: 14.7.1 Legal or other costs incurred by The Duchy Auction Company Limited in connection with such steps; and then 14.7.2 Expenses; and then 14.7.3 The Buyer's Premium and the Seller's Commission on the sale of the Lot; 14.7.4 Any balance remaining shall be paid by The Duchy Auction Company Limited to the Seller (or, if appropriate, the Buyer). In the event that there shall be a shortfall, any such shall be made good by the Seller to The Duchy Auction Company Limited on demand. 14.8. In the event that within 7 days of receipt of the notice referred to in Condition 14.6 the Seller informs The Duchy Auction Company Limited that he wishes to take re-delivery of the Lot, he shall be entitled to do so but only upon prior payment of all commissions earned by The Duchy Auction Company Limited on the sale of the Lot together with Expenses and all legal and other costs incurred by The Duchy Auction Company Limited so as to provide The Duchy Auction Company Limited with a full indemnity. 14.9. The Duchy Auction Company Limited may withhold any monies due to the Seller and rescind the Sale if, in The Duchy Auction Company Limited opinion, the Buyer is not believed to be a bona fide Buyer and incapable of making a contract i.e. not being sound of mind, in collusion with the Seller or under the influence of drugs or drink etc. 15. Withdrawal Fees 15.1 The Seller may by notice in writing to The Duchy Auction Company Limited withdraw the Lot from the Auction. If the Seller does so then there shall be a commission fee charge of 18% based upon the middle estimate or in the event of an item with a value of below £100 the charge will be £20. The estimated value shall be the higher of: 15.1.1 The Seller's estimate of value as previously notified to The Duchy Auction Company Limited or, if more than one figure, the highest figure or, if none; 15.1.2 The value estimated in the Catalogue, or if more than one figure is given, the highest figure; 15.1.3 Plus in either case VAT on such fee and expenses. 15.2 A fee equal to the commission referred to in 15.1 above plus an amount equivalent to the Buyer's commission and VAT and Expenses will be charged if the Lot is withdrawn after a Catalogue referring to the Lot shall have been published. 15.3. In the event that the Seller withdraws the Lot from the Auction, the Seller shall arrange for collection and removal of the Lot at his own expense within two working days after the date of withdrawal provided that the Seller may not collect the Lot unless and until any withdrawal fee payable under Conditions 15.1 and 15.2 shall have been paid in full. 15.4. If The Duchy Auction Company Limited has reasonable cause for believing that either the Seller is in breach of any one or more of the warranties set out in Condition 7 or The Duchy Auction Company Limited and/or the Seller may be restrained by Order of any Court or other competent authority from selling the Lot, The Duchy Auction Company Limited may by giving notice in writing to the Seller decline to sell the Lot and Conditions 15.1, 15.2 and 15.3 above shall apply as if the notice from The Duchy Auction Company Limited were a withdrawal of the Lot by the Seller. 15.5. The Seller shall reimburse to The Duchy Auction Company Limited any legal or other costs reasonably incurred by it in investigating any claim concerning the ownership of a Lot and/or the Seller's right to sell the Lot, the accuracy of the description of the Lot contained in the Catalogue or in defending any claim relating thereto and The Duchy Auction Company Limited shall be entitled to withhold the amount of such costs from any payment due to be made to the Seller in accordance with Condition 14. 15.6. The Duchy Auction Company Limited may set off any monies due to it from the Seller, including without limitation withdrawal fees and any costs incurred by it under Condition 15 against any sale proceeds due to the Seller in respect of the same or any other Lot deposited with The Duchy Auction Company Limited by the Seller. 16. Removal and Storage 16.1. The Seller shall arrange for the removal of any unsold lot by 17:00hrd on the day of the Auction or by such other time as agreed by The Duchy Auction Company Limited. 16.2. Failure to remove any unsold lot pursuant to Condition 16.1 above will entitle The Duchy Auction Company Limited to charge the Seller any removal, storage, insurance and other expenses in accordance with the Published Charges. 16.3. If within 28 days after the Auction the Seller fails to give instructions to The Duchy Auction Company Limited regarding the disposal of the lot, The Duchy Auction Company Limited shall have the exclusive right to sell the Lot by private treaty and to deduct from the sale price any sums owing to The Duchy Auction Company Limited or by Auction without reserve and to deduct from the Hammer Price any sums owing to The Duchy Auction Company Limited. THE BUYER'S CONDITIONS 17. The Buyer 17.1. The Buyer shall be the highest bidder at the Hammer Price. Any dispute as to any bid shall be settled by the Auctioneer at his absolute discretion. 17.2 Where the Auctioneer declares a lot to be ?Provisionally Sold? the Buyer makes an irrevocable invitation to treat with the Seller and in such circumstances the Seller accepts the bid made by the Buyer the contract of sale is made on the Seller?s acceptance of the Buyer?s bid, otherwise The Duchy Auction Company Limited shall take steps to contact the Seller on the day of the Auction and agree with the highest bidder a price for the Lot and conclude a sale between the Seller and the highest bidder as agent for the Seller. 17.3. Every bidder shall be deemed to act as principal unless prior to the commencement of the Auction there is a written acceptance by The Duchy Auction Company Limited that a bidder acts as agent on behalf of the named principal. 17.4. No person shall be entitled to bid at the Auction without first having completed and delivered to The Duchy Auction Company Limited a bidder's registration form together with such deposit as may from time to time be required by The Duchy Auction Company Limited details of which are published on the day of the Auction. 18. Premium The Buyer shall pay The Duchy Auction Company Limited the Premium and the Buyer acknowledges that The Duchy Auction Company Limited may also receive the Seller's Commission due to The Duchy Auction Company Limited under Condition 9. 19. Value Added Tax 19.1 VAT payable by the Buyer (where applicable) on the Hammer Price may be refundable by H.M. Customs and Excise on proof of export. The Duchy Auction Company Limited makes no warranties in this regard. 19.2 Lots marked [§] are sold subject to VAT on the Hammer Price and where the Lot is so marked the Premium will be calculated as a percentage of the Hammer Price plus VAT. 20. Payment 20.1 Save where the Auctioneer declares a Lot ?Provisionally Sold?, a contract of sale is made between the Seller and the Buyer on the acceptance of a bid by the fall of the Auctioneer's hammer. The Duchy Auction Company Limited is not a party to the contract of sale and has no liability for any act or default by the Seller or the Buyer. 20.2 Immediately a Lot is sold, the Buyer shall:- 20.2.1 Give to The Duchy Auction Company Limited his name and address and, if so requested, proof of identity if he has not already done so; and 20.2.2 Pay to The Duchy Auction Company Limited the Purchase Price unless credit terms have been agreed with The Duchy Auction Company Limited in writing before the Auction. 20.3. Full payment for all Lots must be made to The Duchy Auction Company Limited by means of bankers draft, cash (to a Sterling equivalent of ?15,000), telegraphic transfer, debit or credit card in pounds sterling or the currency in which the sale was conducted. An additional fee will be charged on all payments made by credit card. Where the Buyer wishes to pay by cheque and The Duchy Auction Company Limited has agreed that the Buyer may do so, the Lot will not be released until the cheque has been cleared. Where the Buyer wishes to pay by cash or credit card a fee shall be payable as detailed in the Published Charges. 20.4. No Lot may be collected until the Purchase Price has been received by The Duchy Auction Company Limited and payments by a Buyer to The Duchy Auction Company Limited may be applied by The Duchy Auction Company Limited towards any sums due from that Buyer to The Duchy Auction Company Limited on any account whatsoever notwithstanding any directions to the contrary by the Buyer or his agent whether express or implied. 20.5. The ownership of the Lot will pass to the Buyer only when the Purchase Price in cleared funds has been received by The Duchy Auction Company Limited. 20.6 Immediately a Lot is sold the risk shall pass to the Buyer notwithstanding that possession will not be given and ownership will not pass to the Buyer before payment of the Purchase Price and The Duchy Auction Company Limited will not be responsible for any damage to or the loss or the destruction of the Lot or any injury, loss or damage caused by the Lot unless caused by the negligence of The Duchy Auction Company Limited, its employees or agents in the ordinary course of their duties to The Duchy Auction Company Limited and the Buyer will indemnify The Duchy Auction Company Limited against all claims and proceedings brought against The Duchy Auction Company Limited in respect of any loss or damage to the Lot or injury, loss or damage caused by it. 21. Removal of Purchases 21.1 The Buyer shall, at his own expense, remove the Lot purchased by noon the next working day following the Auction or by such other time as agreed by The Duchy Auction Company Limited, but not before payment in full to The Duchy Auction Company Limited of the Purchase Price whether in respect of this or any other Lot. 21.2. The Buyer shall be responsible for all removals, storage, insurance and other charges on any Lot not taken away at the day and time specified in Condition 21.1 above. 22. Responsibility for Lots Purchased 22.1 The Buyer will be responsible for loss or damages to a Lot purchased by him from the fall of the hammer and neither The Duchy Auction Company Limited nor its employees or agents shall be responsible for any loss or damage unless caused by the negligence of The Duchy Auction Company Limited, its employees or agents in the ordinary course of their duties to The Duchy Auction Company Limited whilst the Lot is in The Duchy Auction Company Limited custody or in its control. 22.2 It shall be the responsibility of the Buyer to ensure that any Motor Vehicle purchased at Auction complies with the appropriate statute or regulation for driving, using or transporting it and for ensuring that any necessary test certificate is in force. 22.3 The Buyer shall be responsible for all removals, storage, insurance and other charges on any Lot not taken away at the day and time specified in Condition 21.1 above. 23. Non-payment or Failure to Collect 23.1 If the Purchase Price is not paid in full in accordance with the above conditions The Duchy Auction Company Limited, as the agent of the Seller shall at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following remedies: 23.1.1 To charge interest at a rate not exceeding 1.75% per month on so much of the total amount due as remains unpaid after the date and time referred to in condition 21.1; 23.1.2 To remove, store (either at The Duchy Auction Company Limited' premises or elsewhere) and insure the Lot at the expense of the defaulting Buyer; 23.1.3 To retain that or any Lot sold to the same Buyer at the same or any other auction and to release it only after payment of the total amount due; 23.1.4 To reject or disregard any bid or bids made by or on behalf of the defaulting Buyer at any future auction or to require payment of a deposit before any future bid made by or on behalf of that Buyer; 23.1.5 To apply any money due or to become due to the defaulting Buyer in or towards settlement of the total amount due and to exercise a lien on any property of the defaulting Buyer which is in The Duchy Auction Company Limited' possession for any purpose. 23.2 If the Buyer fails to make payment within 7 days after the date and time referred to in condition 21.1, The Duchy Auction Company Limited shall at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following additional remedies: 23.2.1 To proceed against the Buyer for damages for breach of contract; 23.2.2. To cancel the sale of that or any other Lot sold to the defaulting Buyer at the same or any other auction notwithstanding the total amount due in respect of such other Lot shall have been paid; 23.2.3 To re-sell the Lot or cause it to be re sold by public auction or private sale, and, if this results in a lower price being obtained, the defaulting Buyer shall pay to The Duchy Auction Company Limited any deficiency, together with re-sale costs and costs incurred in connection with the Buyer's failure to make payment and any surplus shall belong to the Seller. 23.3 If the Lot is not taken away on the date and time referred to in condition 21.1, whether or not the purchase price has been paid, The Duchy Auction Company Limited shall remove, store (either at The Duchy Auction Company Limited' premises or elsewhere) and insure the Lot at the expense of the defaulting Buyer and only release the Lot after payment of the total amount due. 23.4 If the Buyer has paid for and fails to collect the Lot within 14 days after the date and time referred to in condition 21.1, The Duchy Auction Company Limited shall at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following additional remedies: 23.4.1 To cancel the sale of the Lot; 23.4.2 To re-sell the Lot or cause it to be re-sold by public auction or private sale and to set off the total amount due in respect of that Lot against the sale proceeds and any surplus shall belong to the defaulting Buyer. 24. Liability of The Duchy Auction Company Limited and the Seller 24.1. Any Motor Vehicle is sold as a collector's item and not as a means of transport. Buyers are specifically warned that any Motor Vehicle sold as such may well have had parts replaced and paint renewed or be made up of parts from other vehicles the condition of which may be difficult to establish. The Duchy Auction Company Limited has to rely on information as to date, condition and authenticity provided by Sellers and does not, and cannot, undertake its own inspection of vehicles or other Lots to establish whether the vehicle or other Lot conforms to the description in the catalogue. It is the responsibility of the Buyer to carry out such inspection as he thinks necessary. 24.2. No warranty is given by The Duchy Auction Company Limited as to the accuracy of the description of any Lot in any Catalogue or any announcement made by the Auctioneer or as to the age, authenticity, suitability, provenance, attribution, origin, condition, fitness for purpose, merchantable or satisfactory quality of any Lot or roadworthiness of any Motor Vehicle. 24.3. In bidding for any Lot, the Buyer acknowledges that he does not rely on any representation made to him by The Duchy Auction Company Limited, its employees or agents unless such representation has been confirmed by The Duchy Auction Company Limited in writing prior to the Auction. 24.4. In any event :- 24.4.1 The Duchy Auction Company Limited shall only be liable for losses that are foreseeable; and 24.4.2 The maximum liability of The Duchy Auction Company Limited, its employees or agents to a Buyer shall be limited to the Hammer Price of the relevant Lot and the Buyer's Premium (if paid by the Buyer) and the maximum liability to the Seller shall be the Sale Proceeds of the Lot. 25. Absentee Bids 25.1 Whilst the interest of prospective buyers are best served by attendance at the Auction, The Duchy Auction Company Limited will if so instructed execute bids on behalf of prospective bidders provided that The Duchy Auction Company Limited is in receipt of a minimum 10% of the highest estimate the day before the date of the Auction. The Duchy Auction Company Limited, its agents or employees shall not be responsible for any default relating to telephone, fax or other absentee bids including without limitation any telecommunications fault or failure. 25.2 The Buyer acknowledges the right of The Duchy Auction Company Limited to record the telephone bids. MISCELLANEOUS 26.1. The benefit and burden of the Conditions may not be assigned by the Seller or the Buyer without The Duchy Auction Company Limited' prior agreement in writing. 26.2. If any Condition or any part of any Condition shall be held to be unenforceable or invalid such unenforceability or invalidity shall not affect the enforceability and validity of the remaining conditions or the remainder of the relevant condition. 26.3. The headings and numbering used in the Conditions are for convenience only and shall not affect their interpretation. 26.4. Reference to the male gender shall be deemed to be a reference to male or female as appropriate. 26.5. Any concession or latitude allowed by The Duchy Auction Company Limited shall not affect The Duchy Auction Company Limited' rights under or release the Seller to the Buyer from liability in respect of the Conditions. General Conditions of Sale 1. Definition of Auctioneer and Agent?s Status 1.1 The Duchy Auction Company Limited Ltd. (hereinafter called ?the Auctioneers?) sell as agents for the Seller (except where they are stated wholly or partly to own any Lot as principal) and 1.1.2 the parties to the contract of sale are the Seller and the Buyer and the Auctioneers as such are not responsible for any default by Seller or Buyer. 1.2 The Auctioneers means any employee or agent of The Duchy Auction Company Limited Ltd. who at the relevant time has the authority to conduct an auction or sale. 2. Confirmation of Ownership 2.1 The Seller warrants to the Auctioneers and to the Buyer: 2.1.1 that he is the true owner of the Lot or is properly authorised to sell the Lot by the true owner. 2.1.2 and is able to transfer a good and marketable title to the Lot free from any third party claims liens and encumbrances and that all entries on the entry form are correct. 2.2 The Seller will indemnify the Auctioneers, their servants and agents and the Buyer against any loss or damage suffered by them in consequence of any breach of the above warranty on the part of the seller. 2.3 The Auctioneers may make such announcements or publish such information supplied by a Seller about any Lot as they in their discretion think fit. 2.3.1 and the Seller will indemnify the Auctioneers if any warranty is found to have been made by the Auctioneers as a result of such announcements or publications. 3. Auctioneers Right to Split or Amalgamate Lots, to Refuse Admission & Bids The Auctioneers shall have the right at their discretion to: 3.1 refuse admission to their premises or attendance at their auctions by any person 3.1.1 require any Seller to remove a Lot from the auction premises or to remove the Lot themselves (if the Seller refuses so to do) and recover the costs from the Seller. 3.2 The Auctioneers have absolute discretion without giving any reason to refuse any bid, to divide any Lot, to combine any two or more Lots, to withdraw any Lot from the auction and in case of dispute put up any Lot for auction again. 3.3 The Auctioneers may accept written instructions to bid on behalf of prospective Buyers but any instructions accepted shall be at the risk of the prospective Buyers, who will be deemed to have viewed the Lot(s). 4. Faults & Descriptions, Responsibility of Lots 4.1 Every Lot must be taken to with all faults and imperfections and errors of description (if any). 4.2 Until sold, each Lot shall be at the Seller?s risk and it shall be his duty to preserve the same. 4.3 After the fall of the hammer such risk and duty shall devolve upon the Buyer. 4.4 Title in all Lots remains vested in the Seller or The Duchy Auction Company Limited Ltd. (as the Seller?s Agent) until payment in full has been made. In the event of the Lots being re-sold before payment being made in full the purchaser shall hold the proceeds of such sale on trust for the Seller (or The Duchy Auction Company Limited Ltd. as Seller?s Agent). 4.5 No Lot shall be removed from the place of sale until the sale has been concluded, full payment made and pass obtained from the Auctioneers or their Clerk. 4.6 Notwithstanding such a lien and the right of possession aforesaid, the Auctioneers do not accept any risk as regards any Lot, nor any liability whatever, as to preservation or delivery thereof. 5. Resale due to Faults or Compliance 5.1 On failure of compliance with the Conditions, the Auctioneers may re-sell the Lot or Lots, either by public auction or private contract and the deficiency (if any) with all expenses, shall be made good by the defaulter at this sale, but such defaulter shall not be entitled to any surplus which may arise by such re-sale, which shall remain the property of the Auctioneers. 5.1.1 Such expenses shall be deemed to include the usual Auctioneers commission on the re-sale and all expenses for porters, advertising, market tolls, carriage, care, storage, keep and otherwise. 6. V.A.T. (Subject to current legislation) 6.1 Value Added Tax at the Rate prevailing on the day of the sale will be added to the purchase price (where applicable) of all items bought at any sale in the United Kingdom, the amount will clearly be shown on the Buyer?s invoice. 6.2 The only exceptions to the provisions of Clause 6.1 will be: 6.2.1 ?Zero? rated or ?Exempt? articles, 6.2.2 or if prior to sale the Auctioneers hold a signed Seller?s declaration stating that he is either not registered for V.A.T. (unless the sale is wholly non-margin scheme). 6.2.3 or that items entered by him are eligible for sale under ?second-hand margin scheme for V.A.T. rules. 6.3 Overseas Buyers must pay all V.A.T. chargeable on an invoice under United Kingdom legislation. V.A.T. may be refunded if appropriate upon production of acceptable proof of: (a) export of the items and (b)registration for V.A.T. of the Buyer within another E.U.State, where items have been dispatched to that E.U.State. 7. Self-Billing 7.1 Would all Sellers please note that we (The Duchy Auction Company Limited Ltd.) will raise a self billing tax invoice for the proceeds of any goods in this or any other sale held by us. It is a Customs & Excise requirement that this is the only tax invoice raised for those items. 7.2 We must have your V.A.T. registration number (where appropriate) together with your name and address for inclusion on any self billing tax invoice raised by ourselves. 7.3 You must notify us immediately if your V.A.T. registration number is cancelled, or if you are issued with a new V.A.T. registration number. 7.4 Any Seller not agreeing to this system of self billing tax invoices being raised by us must notify us prior to the commencement of the sale. Regrettably, we can only operate with a self billing system in place, and therefore will not sell the goods of any Seller who is unable to accept this system. 8. No Biddings Retracted 8.1 No bidding shall be retracted. The bidding increments will be regulated by the Auctioneers 9. Payment 9.1 All Buyers must declare their names and addresses, (and produce proof of identity) and to pay to the Auctioneers the amount of the purchase money in cash, immediately on the fall of the hammer, and in default of which the Lot or Lots shall be offered again and re-sold, at the Auctioneers? discretion. 9.2 Under no circumstances may any Lot be removed without first obtaining a pass from the Auctioneers. 9.3 The Auctioneers may at their absolute discretion, agree to accept payment by such other means or such other manner than is provided for in 9.1 as they see fit. 10. Owners Risk 10.1 Neither the Sellers nor the Auctioneers will be responsible for any accident, or damage to life or limb prior to or during the progress of the Sale, or at any time during the removal of Lots. 10.2 Vehicles parked at the Sale are at the owner?s risk. 10.3 All objects and possessions are brought onto the Sale Site entirely at the owner?s risk and unattended baggage and objects will be removed or destroyed as the Auctioneers think fit. 11. Highest Bidder 11.1 The Buyer shall be the highest bidder. 11.2 In the event of a dispute between two or more bidders as to which is the Buyer, the dispute shall be settled at the absolute discretion of the Auctioneers. 12. Sellers Right to Bid 12.1 The Seller reserves the right to bid, however, no Seller may bid for any of his/her own Lots, except through the Auctioneers. 12.2 The Auctioneers reserve the right to charge full commission on the reserve price of any Lot so bought in. 13. Reserves 13.1 The Seller shall be entitled prior to the auction to place a reserve price on any Lot, being the minimum amount for which the Lot shall be sold. 13.2 Such reserve shall be in writing and the document containing the reserve will be handed to the Auctioneers not later than one hour prior (or as advised in special conditions) to the commencement of the auction and in the event of the Seller failing so to do the Lot will be sold without reserve. 13.3 The Auctioneers reserve the right to sell any lot at 10% less than the reserve price (Auctioneer Discretion). 13.4 Where a reserve price has been placed only the Auctioneers may bid on behalf of the Seller, whilst any third party may not bid on the Seller?s behalf. 13.5 Any Lot bought in by the Seller in excess of the reserve price will be subject to full commission charges. 14. Reservation of Title 14.1 If the Auctioneers do not demand payment from the Buyer but allow him to remove the Lot from the sale then the Buyer shall ensure that the title in the Lot remains vested in the Seller (or The Duchy Auction Company Limited Ltd. as Agents of the Seller) until payment in full has been made. If the Seller has been paid, but the goods not paid for the title remains with The Duchy Auction Company Limited Ltd. until full payment has been made. 14.2 Until payment in full has been made the Buyer shall undertake to keep the Lot in a good and marketable and readily identifiable condition and not to sell the Lot which remains the property of the Seller. In addition, if not paid for on demand, the Lot shall be returned to the Auction site for resale and shall be dealt with as in 5.1. 14.3 In the event of sale by a Buyer before payment has been made in full the Buyer shall hold the proceeds of such sale on trust for The Duchy Auction Company Limited Ltd. (as Agent of the Seller). 14.4 In the event of breach of conditions, the Auctioneers reserve the right to enter on to property of the Buyer, or others to reclaim possession of any Lot. 15. Private Sales 15.1 All private sales made on the day of the sale must be booked through the Auctioneers. 15.2 The Auctioneers reserve rights at their option to: 15.2.1 treat as void any private sale made by a Seller of any Lot which he shall have entered for sale by the Auctioneers and which has been received at the sale by them or on their behalf or 15.2.2 to charge and reserve from such Seller their appropriate commission upon any such sale. 16. Warranty In case of dispute as to the meaning of any description or warranty the decision of the Auctioneers shall be final and binding on all parties. 17. Interpretation 17.1 In these conditions of sale, unless the contrary intention appears, words importing the masculine gender shall indicate female and words in the singular shall include the plural and words in the plural include the singular. 18. All Buyers are deemed to bid on the understanding that they have read and understood these Conditions of Sale. 19. Members? Accounts Regulations 1993 Notice Required Under Regulation 2A The Duchy Auction Company Limited Ltd acts as Financial Principal in this sale and as such in normal circumstances The Duchy Auction Company Limited is legally bound to pay the vendor the hammer price less normal deductions regardless of whether the purchaser has paid for the goods. The Duchy Auction Company Limited does not pay the proceeds of this sale into a dedicated client bank account and as a result the RICS Client Money Protection Scheme does not apply to protect vendors against the possible insolvency of The Duchy Auction Company Limited. 20. Health & Safety & Risk 20.1 All persons entering the Sale Site do so at their own risk. 20.2 All persons entering the Sale Site must take notice of all specific health and safety notices on display at individual sites. If in doubt please consult the Safety Officer/Auctioneer in charge. 21. Commission Bid 21.1 Commission bids will be faithfully executed when received in writing at least one hour prior to sale, on condition that the Lots have been viewed by the intending Buyer or his Authorised Agent and the Buyer agrees to take with all faults and mis-descriptions. Whilst any Lot will be purchased as other bids and reserves allow, the Auctioneers will accept no responsibility if a commission bid is not executed. 21.2 All Lots bought on commission must be paid for immediately, regardless of whether or not they have been collected. 21.3 A deposit may be requested at the time of placing a commission bid. 22. Additional Charges 22.1 The Auctioneers reserve the right to levy additional charges where appropriate. These may include: Commission, Levies, Tolls, Offering Fees, Transfer Fees, Haulage, Contra Accounts, Advertising, Sundries, Buyers Premium, Indemnity and other charges appropriate to individual sales. Please ask for a confirmation of rates PRIOR TO SALE if you require clarification. 23.1 Agents Save as provided in 23.1.2 below, in all cases where a person whose bid is accepted is in fact acting as an agent, whether or not he has disclosed this fact, he and his principal shall be deemed to be and remain jointly and severally liable on the contract, and no steps taken or proceedings commenced against the principal or the agent shall be deemed to operate as an election discharging the other from liability unless such steps or proceedings result in a final satisfied judgment. 23.1.1 Save as aforesaid, the agent and his principal shall be deemed to be jointly and severally liable on the contract and any steps authorised by these Conditions or the general law may be taken against either or both of them, whether the existence or identity of the principal was disclosed or not. 23.1.2 Conditions 23.1 and 23.1.1 above shall not apply if before the commencement of the sale the agent informs the auctioneers that he intends to contract as a principal, in which case the agent will be deemed to be personally and solely liable on the contract. 23.2 Export Buyers making a purchase for export must comply with all regulations and export requirements and indemnify the Auctioneers against any liability. 23.3 Catalogues and Advertisements The Auctioneers cannot guarantee that any Lot described in any Catalogue or Advertisement will arrive for Sale, nor that any description therein contained can be relied upon as accurate. All Lots should be inspected by the Buyer who bids on the understanding that he has inspected (or is deemed to have inspected) the Lot and agrees to take with all faults and imperfections. 23.4 Disposal of Not Sold Lots Any Lot that fails to attract a minimum bid (as applicable) will be disposed of by the Auctioneers and any costs will be payable by the Seller. If the Seller wishes to retain and remove the Lot, this must be done by the end of the sale day and on condition that all relevant charges and fees have been paid to the Auctioneers. 24. Please Note 24.1 These are only the General Conditions of Sale and the Special Conditions appropriate should also be referred to by all Sellers and Buyers. 24.2 In certain circumstances, Special Conditions may detail additional, more specific requirements than the General Conditions. In these cases the Special Conditions take precedence over the General Conditions. 24.5 No refunds will be given for catalogue orders/subscriptions. GENERAL 25 We shall have the right at our discretion, to refuse admission to our premises or attendance at our auctions by any person. BOOKS 26 If, on collation, any named item in this catalogue proves defective in text or illustration, the lot may be returned within 7 days of the sale with the defects stated in writing. This proviso shall not apply to defects stated in the catalogue or announced at the time of sale; nor to the absence of blanks, half titles, tissue guards or advertisements, damage in respect of bindings, stains, spotting, marginal tears or other defects not affecting completeness of text or illustration; nor to drawings, autographs, letters or manuscripts, signed photographs, music, atlases, maps or periodicals; nor to books not identified by title; nor to books sold not subject to return. Special Conditions of Sale The following conditions together with such other terms, conditions and notices as may be set out in any relevant catalogue apply to all sales by The Duchy Auction Company Limited at auction or to any retail sale. It is the intention of The Duchy Auction Company Limited that all terms between it and the Seller and the Buyer are contained in the Conditions. No alteration to the Conditions will be binding unless accepted by The Duchy Auction Company Limited in writing. The Conditions are subject to amendment by The Duchy Auction Company Limited provided it is reasonable for it to do so by the posting of notices or by oral announcement made by the Auctioneer prior to or during the sale. Nothing in the Conditions shall affect the statutory rights of a consumer. 1. Definitions In these Conditions: 1.1 ?Auction? means the auction sale in respect of which a Lot is consigned for sale 1.2 ?Auctioneer? means the representative of The Duchy Auction Company Limited conducting the Auction 1.3 ?The Duchy Auction Company Limited? means The Duchy Auction Company Limited Limited 1.4 ?Buyer? means the person to whom a Lot is knocked down by the Auctioneer 1.5 ?Buy It Now? means a Motor Vehicle sold by The Duchy Auction Company Limited on the Seller?s behalf having a fixed price and sold in accordance with clause 12.2 1.6 ?Catalogue? includes any advertisement, brochure, late entry list, estimate, price list or other publication 1.7 ?Commission? means the percentage of the Hammer Price as agreed with the Seller 1.8 ?Expenses? in relation to the sale of any Lot means The Duchy Auction Company Limited charges and expenses for insurance, storage, illustrations, cataloguing costs, special advertising, packing, freight and any Published Charges of that Lot and any VAT thereon and any Encumbrance 1.9 ?Encumbrance? means any encumbrance or security interest of any kind whatsoever including without limitation a mortgage, charge, pledge, lien, hypothecation, restriction, right to acquire, right or pre-emption, option, conversion right, third party right or interest, right of set-off or counterclaim, equity, trust arrangement or any other type of preferential agreement (such as a retention of title arrangement) having similar effect or any other rights exercisable by or claims by third parties 1.10 ?Hammer Price? means the price in pounds sterling which a Lot is knocked down by the Auctioneer 1.11 ?Lot? means any item(s) consigned with the view to its or their sale at auction 1.12 ?Motor Vehicle? means any item included or proposed to be included in a sale of motor vehicles 1.13 ??Premium?? means the percentage of the Hammer Price together with VAT thereon (where applicable) in accordance with the current charges displayed at the auction house. 1.14 ?Provisionally Sold? means the allocation by the Auction under Condition 12.1 1.15 ?Published Charges? means such charges from time to time published by The Duchy Auction Company Limited 1.16 ?Purchase Price? means the Hammer Price together with VAT thereon (where applicable), the Premium and any additional charges or Expenses due from any Buyer under Condition 22 1.17 ?Reserve? means the minimum Hammer Price agreed between The Duchy Auction Company Limited and the Seller at which a Lot may be sold, subject always to the Auctioneer 10% Discretion 1.18 ?Sale Proceeds? means the net amount due to the Seller being the Hammer Price less the Seller's commission, any VAT thereon, Expenses and any other amount due to The Duchy Auction Company Limited from the Seller 1.19 ?Seller? means the person who offers the Lot for sale 1.20 ?Seller's Commission? shall have the definition given in Condition 9 1.21 ?VAT? means Value Added Tax applicable at the prevailing rate from time to time 2 The Duchy Auction Company Limited as Agent The Duchy Auction Company Limited sells as agent for the Seller (except where it is expressly stated to be selling as principal) and is not liable for any act or default by the Seller or the Buyer. 3 The Duchy Auction Company Limited Discretion 3.1 The Duchy Auction Company Limited has the right at its sole discretion to refuse any bid, to divide any Lot, to combine two or more Lots, to withdraw any Lot and, in the case of dispute, to put any Lot up for auction again. 3.2 If The Duchy Auction Company Limited is notified about the Seller's alleged breach of any of the Conditions before it has remitted the Sale Proceeds to the Seller, it may at its sole discretion, withhold payment until that dispute is resolved. The Duchy Auction Company Limited may, however, deduct any sums that are due to it from the sum held. 4 Loss or Injury The Duchy Auction Company Limited shall be under no liability for any injury, damage or loss sustained by any person while on The Duchy Auction Company Limited' premises (including any premises where a sale may be conducted or where a Lot, or a part of a Lot may be on view from time to time) except for death or personal injury caused by the negligence of The Duchy Auction Company Limited or its employees and agents in the ordinary course of their duties to The Duchy Auction Company Limited. 5 Governing Law All transactions to which the Conditions apply shall be governed by English Law and The Duchy Auction Company Limited, the Seller and the Buyer hereby submit to the exclusive jurisdiction of the English Courts. 6 Notices 6.1 Any notice by The Duchy Auction Company Limited to a Seller, Buyer or any other person or by the Seller, Buyer or any other person to The Duchy Auction Company Limited may be delivered by hand or sent by first class mail or airmail and shall be deemed to have been duly received: 6.1.1. If hand-delivered, at the time of delivery; 6.1.2. If sent by mail, two days after the date of posting if posted to an address within the country of posting and seven days after the date of posting if posted to an address within a country outside the country of posting. 6.1.3. In proving service by delivery :- 6.1.3.1. By hand, it shall be necessary only to produce a receipt for the notice signed by or on behalf of the addressee; 6.1.3.2. By post, it shall be necessary only to prove that the notice was contained in a pre-paid envelope which was duly addressed and posted first class. 6.2 The Duchy Auction Company Limited do not accept service of any notice by facsimile or email. SELLER'S CONDITIONS 7 Warranty by Seller 7.1 The Seller warrants to The Duchy Auction Company Limited in the terms of sub-paragraphs 7.1.1 to 7.1.5 below and to the Buyer in the terms of subparagraphs 7.1.1, 7.1.4 and 7.1.5 below that: 7.1.1 The Seller is the owner of the Lot or is properly authorised to sell the Lot by the owner and is able to sell the Lot with full title guarantee free from all encumbrance; 7.1.2 Unless The Duchy Auction Company Limited is notified in writing, the Motor Vehicle may lawfully be used on a road and complies with all statutory provisions and that there is in force any test certificate required by law in relation to such use or the Seller has notified The Duchy Auction Company Limited in writing that the Motor Vehicle cannot lawfully be used on a road; 7.1.3 The Seller has notified The Duchy Auction Company Limited in writing of any material alterations to the Lot of which the Seller is aware and of any concerns expressed by third parties in relation to the authenticity, provenance, origin, age, condition or quality of the Lot and has provided The Duchy Auction Company Limited with all such information in the Seller's possession; 7.1.4 The Seller has complied with all requirements relating to any export or import of the Lot and has notified The Duchy Auction Company Limited in writing of any failure to comply with such requirements by the Seller or any previous owner of the Lot; 7.1.5 The Seller shall indemnify The Duchy Auction Company Limited and the Buyer against all losses, expenses or other costs which are caused by the Seller's breach of any obligation of the Seller under the Conditions; 7.2 The Seller warrants that the information about the Lot given to The Duchy Auction Company Limited, and statements made about it, are true. In the event of a Motor Vehicle which is discovered not to be in the state in which the Seller represented to The Duchy Auction Company Limited that it was, The Duchy Auction Company Limited may at its absolute discretion whether before or after the Lot has sold, carry out such work to the Motor Vehicle as is necessary to put into the state that the Seller represented it to be and shall deduct the cost of such work from any sums due to the Seller. 8 Reserves 8.1 The Seller may place a Reserve on any Lot prior to the Auction and once placed by the Seller may not be changed without the written consent of The Duchy Auction Company Limited. All Lots will be sold without Reserve unless a Reserve has been agreed by The Duchy Auction Company Limited in writing. 8.2 Where a Reserve has been agreed, only The Duchy Auction Company Limited may bid on behalf of the Seller. If the Seller makes such bid, then the Auctioneer may knock the Lot down to the Seller without observing any Reserve and the Seller shall pay to The Duchy Auction Company Limited the Buyer's Premium in addition to the Seller's Commission and Expenses. 8.3 Where a Reserve is agreed but not attained the Auctioneer may allocate the Lot as being Provisionally Sold and clause 12.1 shall operate 8.4 Where no Reserve has been placed, the Seller may bid either personally or through the agency of any one person. 8.5 If no Reserve has been placed on a Lot, The Duchy Auction Company Limited shall in no way be held liable should the Lot be purchased for a price below any lowest estimated selling price of the Lot given in any Catalogue. 8.6 The seller reserves the right to bid through the auctioneer, acting as the sellers agent. 8.7 The sale is subject to a reserve price, at the discretion of the seller. 9 Commission and Expenses 9.1 The Duchy Auction Company Limited shall be entitled to deduct from the Hammer Price and retain the Commission plus VAT (where applicable) and Expenses and any other sums due from the Seller to The Duchy Auction Company Limited. 9.2 The Seller acknowledges The Duchy Auction Company Limited right to retain the Premium payable by the Buyer in accordance with Condition 18. 10 Photography and Illustrations The Seller permits The Duchy Auction Company Limited without payment to photograph and make illustrations of any Lot and to use at its discretion any photograph or illustration of or in respect of a Lot supplied by the Seller, whether or not in conjunction with the Auction. The copyright in all photographs taken and illustrations made of any Lot by or on behalf of The Duchy Auction Company Limited shall be the absolute property of The Duchy Auction Company Limited. 11 The Duchy Auction Company Limited? Estimates and Descriptions 11.1 The Duchy Auction Company Limited make no warranty or representation as to the anticipated or likely selling price of any Lot. Any estimate given by The Duchy Auction Company Limited, whether written or oral and whether or not printed in any Catalogue, as to the estimated selling price of any Lot is a statement of opinion only and may be subject to revision from time to time at The Duchy Auction Company Limited? sole discretion and should not be relied upon as an indication of the actual selling price. The vendor shall not be allowed to set the reserve above the lower estimate published in the catalogue, without the permission of The Duchy Auction Company Limited and the announcement of a revised estimate to suit this condition at the time of sale. 11.2 The Duchy Auction Company Limited shall not be liable to the Seller for any error or mis-statement in or omission from the description of any Lot in any Catalogue where: 11.2.1 The Duchy Auction Company Limited have been provided with such description by the Seller or any person on his behalf; or 11.2.2 The Duchy Auction Company Limited have provided the Seller with a copy of such description prior to publication of the Catalogue and neither the Seller nor any person on his behalf have notified The Duchy Auction Company Limited in writing within 7 days of any error or mis-statement in or omission from the description. 11.3 The Duchy Auction Company Limited has no duty to the Seller to investigate the accuracy of the description of any Lot provided by or on behalf of the Seller. 12 Unsold Lots: Provisional Sales and Buy It Now 12.1 Where the Lot has not reached its Reserve and the Auctioneer in his absolute discretion has allocated a Lot as Provisionally Sold to the highest bidder, The Duchy Auction Company Limited shall take steps to contact the Seller on the day of the Auction and agree with the highest bidder a price for the Lot and conclude a sale between the Seller and the highest bidder as agent for the Seller. 12.2 Where the Seller instructs The Duchy Auction Company Limited to sell the Lot for a fixed price, The Duchy Auction Company Limited shall allocate the Lot to its ?Buy it Now? scheme and use its endeavours to sell the Lot on behalf of the Seller at the price sort by the Seller together with Premium thereon and the Buyer?s attention is specifically drawn to the terms contained in the ?Buy It Now? Catalogue. 12.3. Any sale by private treaty shall be subject to the Conditions or to commission and expenses as if it had been sold by Auction. 13 Insurance 13.1 The Lot shall at all times remain at the risk of the Seller until ownership of the Lot passes from the Seller under these Conditions. 13.2 The Duchy Auction Company Limited will not be responsible for any damage to or the loss or the destruction of a Lot unless caused by the negligence of The Duchy Auction Company Limited, its employees or agents in the ordinary course of their duties to The Duchy Auction Company Limited and the Seller will indemnify The Duchy Auction Company Limited against all claims and proceedings brought against The Duchy Auction Company Limited in respect of any loss or damage to the Lot. 13.3 The Duchy Auction Company Limited will not be liable for any injury, loss or damage caused by any Lot unless caused by the negligence of The Duchy Auction Company Limited, its employees or agents in the ordinary course of their duties to The Duchy Auction Company Limited or by the Seller who will indemnify The Duchy Auction Company Limited against all claims and proceedings brought against The Duchy Auction Company Limited in respect of such injury, loss or damage. 14 Payment of Sale Proceeds 14.1 Where the Lot is not subject to any Encumbrance The Duchy Auction Company Limited shall pay the Sale Proceeds to the Seller not later than 28 working days after the Auction providing that the Purchase Price has been received in full by The Duchy Auction Company Limited, but where the Lot is subject to any Encumbrance The Duchy Auction Company Limited shall discharge such of the Encumbrance from the Sale Proceeds and shall pay the net Sale Proceeds (if any) to the Seller not later than 14 days from the date on which The Duchy Auction Company Limited receives a certificate of discharge from the Encumbrancer. 14.2 Unless an alternative method of payment has been agreed by The Duchy Auction Company Limited in writing, payment shall be made by sending to the Seller a cheque drawn on The Duchy Auction Company Limited' bank account by first class post at the Seller's risk. 14.3 If the Purchase Price has not been received in full by The Duchy Auction Company Limited within the time specified in Condition 14.1 The Duchy Auction Company Limited will pay the Sale Proceeds to the Seller within five working days after the date on which the Purchase Price is received in clear funds from the Buyer. 14.4 The Duchy Auction Company Limited reserves the right not to remit the Sale Proceeds to the Seller unless the Seller has deposited with The Duchy Auction Company Limited the V5 or V5C registration document in the case of a UK registered vehicle or, in the case of a non-UK registered vehicle, the appropriate documents of title relevant and appropriate to the country of registration of the vehicle, and any other documentation relating to the vehicle in the Seller's possession or control which he agreed with The Duchy Auction Company Limited to supply. 14.5 If the Buyer fails to pay the Purchase Price within 14 days of the Auction, The Duchy Auction Company Limited will notify the Seller who may instruct The Duchy Auction Company Limited as to the appropriate course of action. The Duchy Auction Company Limited will endeavour to assist the Seller but The Duchy Auction Company Limited shall be under no obligation to institute proceedings in its own name. 14.6 In the absence of any written instructions from the Seller to The Duchy Auction Company Limited within 7 days of The Duchy Auction Company Limited having notified the Seller under 14.5 above then The Duchy Auction Company Limited shall be entitled to do any of the following :- 14.6.1 To agree terms for the payment of the Purchase Price; 14.6.2 To remove, store and insure the Lot; 14.6.3 To settle claims and/or proceedings made by or against the Buyer on such terms as The Duchy Auction Company Limited shall at its absolute discretion think fit; 14.6.4 To take such steps as The Duchy Auction Company Limited shall at its absolute discretion consider necessary to collect the monies due from the Buyer; 14.6.5 Where appropriate to rescind the sale and refund any monies to the Buyer; 14.6.6 To offer the Lot for re-sale, by Auction or private treaty, with or without Reserve; 14.6.7 Where appropriate to rescind the contract with the Buyer and to purchase the Lot itself. If it does so, property in the Lot shall pass to The Duchy Auction Company Limited on its election and The Duchy Auction Company Limited shall remit the Purchase Price to the Seller within fourteen days of its election less the commission and Expenses or sums due to The Duchy Auction Company Limited which would have