A Sale of Ferraris 2021 5th June 2021

60 A Sale of Ferraris in Association with Ferrari Owners’ Club of Great Britain- Saturday 5th June 2021 9. BIDDING AND RESERVES 9.1 In order to bid in the auction potential buyers must register for either a telephone or commission bid by completing the relevant forms and ID requirements or register via an online bidding portal. The name and address in which you register will be the name and address on your invoice, if successful, and cannot be amended once issued. 9.2 SA will not accept bids from any person who has not registered via the online bidding portal or completed the telephone and commission forms. Buyers are directed to the requirements in place regarding registration before the registration process can be completed. 9.2.1 SA reserves the right to decline to register bidders and decline to accept their bids if they have been so registered. 9.2.2 Buyers should ensure they have the necessary funds available to pay before bidding. 9.3 The Auction will be conducted in line with the online bidding portal and telephone and commission bidding rules in place at the time. 9.4 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. SA is not a party to the Contract. The Buyer will be liable to pay the Purchase Price which is the Hammer Price plus the Buyers Premium and any applicable VAT. At the same time the Seller will be liable to pay to SA the Seller’s Commission plus any applicable VAT on the Lot at the rate as set out in clause 10 below. 9.5 The Seller may place a Reserve on any Lot when he consigns it to the Auction, and once placed it may not be changed without the written consent of SA. All Lots will be sold without Reserve unless a Reserve has been agreed by SA in writing. 9.6 Where a Reserve has been agreed, only SA at its absolute discretion may bid on behalf of the Seller. 9.7 If no Reserve has been placed on a Lot, SA 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. 9.8 SA may sell a Lot below the Reserve agreed with the Seller, provided that SA accounts to the Seller for the same Sale Proceeds as the Seller would have received had the Lot been sold at that Reserve. 10. COMMISSION AND EXPENSES 10.1 SA shall be entitled to deduct from the Hammer Price and retain an amount equal to 5% of the Hammer Price for Motor Cars, 10% for Motor Cycles, 15% for Automobilia and Lifestyle goods and 10% for Number Plates, or such other sum agreed by SA in writing (“Seller’s Commission”) plus VAT together with Expenses and any other sums due from the Seller to SA. 10.2 The Seller acknowledges SA’s right to retain the Buyer’s Premium payable by the Buyer. 11. INSURANCE 11.1 Only on payment of the Purchase Price in cleared funds shall title in the Lot pass from the Seller to the Buyer. However, the risk in the Lot passes to the Buyer as soon as the Lot is sold to the Buyer. The Lot is sold when the highest bid is accepted either via the online bidding platform or telephone and commission bidding . It is therefore the responsibility of the Seller to insure the Lot before the Lot is sold and the responsibility of the Buyer to insure the Lot after the Lot is sold. 11.2 SA will not be responsible for any damage to or the loss or destruction of a Lot unless caused by the negligence of or other breach of duty by SA, its employees or agents in the ordinary course of their duties to SA and the Seller shall compensate SA in full in respect of all other claims and proceedings brought against SA in respect of any loss or damage to or destruction of the Lot. 11.3 SA will not be liable for any injury, loss or damage caused by any Lot or by the Seller’s negligence, or that of the Seller’s employees or agents in the ordinary course of their duties to SA. The Seller shall compensate SA in full in respect of all claims and proceedings brought against SA in respect of injury, loss or damage caused by any Lot or by the Seller’s negligence or breach of any obligation under the Terms. 12. PAYMENT OF SALE PROCEEDS 12.1 Subject to SA’s right of retention under Clause 3.2 and other provisions of this Clause 12, SA shall pay the Sale Proceeds to the Seller not later than 14 Working Days after the Auction provided that the Purchase Price has been received in full by SA and the Lot has been delivered to SA or the Buyer. Unless an alternative method of payment has been agreed by SA in writing, payment shall be made by telegraphic transfer. In the event of an unsettled hire purchase, finance agreement or any other charge or lien affecting the Lot SA reserves the right to settle the amount due of such charges not exceeding the Sale Proceeds and if the Sale Proceeds are less than the charges outstanding the Seller will be responsible for the settlement of the balance forthwith. 12.2 If the Purchase Price has not been received in full by SA within the time specified in clause 12.1 SA will pay the Sale Proceeds to the Seller within seven Working Days from when the Purchase Price is received in cleared funds from the Buyer. 12.3 In respect of road registered Motor Vehicles, SA reserves the right not to remit the Sale Proceeds to the Seller unless the Seller has deposited with SA the registration document of the Motor Vehicle, and any other documents relating to the Motor Vehicle in the Seller’s possession or control which he agreed with SA to supply. 12.4 If the Buyer fails to pay the Purchase Price within 28 days of the Auction, SA will notify the Seller who may instruct SA as to the appropriate course of action. SA may endeavour to assist the Seller but SA shall be under no obligation to do so, and shall not be under any obligation to institute proceedings in its own name. 12.5 In the absence of any written instructions from the Seller to SA within 7 days of SA having notified the Seller under clause 12.4 SA shall be entitled to take any of the actions set out in clause 19.: 12.6 Any monies recovered by and paid to SA in consequences of SA taking one or more of the steps referred to in clause 19 shall be applied to the payment of: 12.6.1 legal or other costs incurred by SA in connection with such steps;. 12.7 Expenses; 12.7.1 the Buyer’s Premium and the Seller’s Commission on the sale of the Lot; 12.7.2 any balance remaining shall be paid to SA to the Seller (or, if appropriate, the Buyer). If there shall be a shortfall any such shortfall shall be made good by the Seller to SA on demand. 12.7.3 If within 7 days after receipt of the notice