Silverstone Auctions - Silverstone Classic Race Car Sale 2018 19th July 2018

employees or agents in the ordinary course of their duties to SAL. The Seller shall compensate SAL in full in respect of all claims and proceedings brought against SAL 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 SAL’s right of retention under Clause 3.2 and other provisions of this Clause 12, SAL 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 SAL. Unless an alternative method of payment has been agreed by SAL 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 SAL 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 SAL within the time specified in clause 12.1 SAL 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, SAL reserves the right not to remit the Sale Proceeds to the Seller unless the Seller has deposited with SAL 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 SAL to supply. 12.4 If the Buyer fails to pay the Purchase Price within 28 days of the Auction, SAL will notify the Seller who may instruct SAL as to the appropriate course of action. SAL may endeavour to assist the Seller but SAL 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 SAL within 7 days of SAL having notified the Seller under clause 12.4 SAL shall be entitled to take any of the actions set out in clause 19.: 12.6 Any monies recovered by and paid to SAL in consequences of SAL 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 SAL in connection with such steps;. 12.6.2 Expenses; 12.6.3 the Buyer’s Premium and the Seller’s Commission on the sale of the Lot; 12.6.4 any balance remaining shall be paid to SAL 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 SAL on demand. 12.7 If within 7 days after receipt of the notice referred to in clause 12.5 the Seller informs SAL that he wishes re-delivery of the Lot, he shall be entitled to do so but only upon prior payment of all Expenses and all legal and other costs reasonably incurred by SAL so as to keep SAL fully recompensed. 13. Withdrawal Fees 13.1. The Seller may by notice in writing to SAL withdraw the Lot from the Auction. In the event of such withdrawal, the Seller shall within 14 days of withdrawal pay SAL the sums set out in this Condition 13. All such sums shall be payable to SAL as remuneration for the services performed by SAL down to the date of withdrawal, and not by way of penalty or liquidated damages. 13.2 In all cases of withdrawal, the Seller shall be liable to pay SAL 15% of the mid estimate value of the Lot, notwithstanding that commission of a lesser, or no, amount had previously been agreed, to reflect the time, effort, loss of publicity and buyer’s premium suffered by SAL. In the event of a Lot having no reserve and therefore no estimate the Seller shall be liable to pay SAL 15% of the auctioneer’s reasonable estimate. The fee shall be subject in each case to VAT and Expenses. 13.3.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 13.2 and 13.3 shall have been paid in full. 14. Removal and Storage 14.1 The Seller shall arrange for the removal of any unsold Lot and the Buyer for the removal of purchased lots by the time specified in the vendor delivery instructions and key sale information in the auction catalogue or by other such time as agreed by SAL. 14.2 Failure to remove Lots pursuant to clause 14.1 above will entitle SAL to charge the Seller or Buyer a removal charge, storage fees, insurance and other expenses and any costs incurred at the following rates: Motor Vehicle: Removal – £195 plus VAT Storage – £10 per day plus VAT These fees apply unless stated otherwise in the Key Sale Information of the sale catalogue Automobilia: Removal – £25 plus VAT Storage – £10 per day plus VAT Watches: Delivery via Royal Mail Special Delivery (UK only) – £15. Overseas delivery by quotation. 15. The Buyer 15.1 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/her absolute discretion. 16. Buyer’s Premium The Buyer shall pay the Buyer’s Premium to SAL and the Buyer acknowledges that SAL may also receive the Seller’s Commission due to SAL under Clause 10. 17. Payment 17.1 Once a lot is sold, the Purchase Price shall become immediately payable to SAL. 17.2 Full payment for all Lots must be made to SAL by 5:00pm the next Working Day. Payment can only be accepted in GBP. For security reasons, payments by Debit or Credit card (VISA/Mastercard) will only be accepted where the cardholder is present to a maximum of £20,000 per buyer. 17.3 No Lot may be collected until the Purchase Price has been received by SAL and payments by a Buyer to SAL may be applied by SAL towards any such sums due from that Buyer to SAL on any account whatsoever notwithstanding any directions to the contrary by the Buyer or his agent whether express or implied. 17.4 Title to the Lot will pass to the Buyer only when the Purchase Price in cleared funds has been received by SAL. 17.5 Immediately a Lot is sold the risk shall pass to the Buyer notwithstanding that possession will not be given and title will not pass to the Buyer before payment of the Purchase Price. 17.6 The Buyer shall, at his own expense, remove the Lot purchased but not before payment in full to SAL of the Purchase Price whether in respect of this or any other Lot. 17.7 Cash payments will only be accepted up to a maximum of £5,000 and no more than £5,000 will be accepted from any one individual in a 90 day period. 18. Responsibility for Purchased Lots 18.1 The Buyer will be responsible for loss or damage to a Lot they have purchased from the fall of the hammer. Neither SAL nor its employees or agents shall be responsible for any loss or damage unless caused by the negligence of SAL, its