The Classic Sale At Silverstone Festival 25th - 27th August 2023

292 discretion place bids up to an amount not equalling or exceeding such reserve on behalf of the seller in accordance with the Auction Bidding Agreements Act 1969. 5.5 If no Reserve has been placed on a Lot, IA shall in no way be held liable should the Lot be purchasedforapricebelowany lowestestimatedsellingpriceof theLotgiven inanyCatalogue. 5.6 IA may sell a Lot below the Reserve agreed with the Seller, provided that IA accounts to the Seller for the same Sale Proceeds as the Seller would have received had the Lot been sold at that Reserve. 5.7 Neither the Seller nor any person on their behalf (other than the Auctioneer) may bid on their own Lot. If a bid is nonetheless made, the Auctioneer may accept your bid and hammer the Lot down to you. You are liable to pay the Buyer’s Premium and applicable VAT on the Hammer Price. 6. COMMISSION AND CATALOGUING FEE 6.1 IA shall be entitled to deduct Sellers Commission from the Hammer Price and retain an amount equal to 7.5% (plus VAT) of the Hammer Price for Motor Cars and Motorcycles, 15% (plus VAT) for Automobilia and Lifestyle goods and 10% (plus VAT) for Registration Numbers, or such other sum agreed by IA in writing plus VAT together with Expenses and any other sums due from the Seller to IA. 6.2 There is no Sellers Commission payable on Motor Cars and Motorcycles entered into an Auction with No Reserve. 6.3 IA charge a Cataloguing Fee to the Seller for each Lot entered into an Auction, to cover professional photography and marketing, as follows: Motor Cars £250 plus VAT, Motorcycles £50 plus VAT for standard entry or £200 plus VAT for premium entry including transport of your Motorcycle to the Auction location and £25 plus VAT for Automobilia, Lifestyle items and Number Plates. 6.3.1 Cataloguing fees should be paid within 7 days of the invoice date. Any fees unpaid by the date of the Auction will be automatically deducted from the funds due to you from the sale of your Lot. This fee is not taken into account when agreeing your Reserve – it will be deducted from your agreed Reserve. 6.4 The Seller acknowledges IA’s right to retain the Buyer’s Premium payable by the Buyer. 7. INSURANCE 7.1 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 by the Auctioneer. 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. 7.2 IA 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 IA, its employees or agents in the ordinary course of their duties to IA and the Seller shall compensate IA in full in respect of all other claims and proceedings brought against IA in respect of any loss or damage to or destruction of the Lot. 7.3 IA 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 IA. The Seller shall compensate IA in full in respect of all claims and proceedings brought against IA 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. 8. PAYMENT OF SALE PROCEEDS 8.1 Subject to IA’s right of retention under Clause 1.2 and other provisions of this Clause 8, IA 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 IA and the Lot has been delivered to IA or the Buyer. Unless an alternative method of payment has been agreed by IA in writing, payment shall be made by bank transfer. In the event of an unsettled hire purchase, finance agreement or any other charge or lien affecting the Lot IA will 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. 8.2 If the Purchase Price has not been received in full by IA within the time specified in clause 8.1 IA 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. 8.3 In respect of road registered Motor Vehicles, IA reserves the right not to remit the Sale Proceeds to the Seller unless the Seller has deposited with IA the current 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 IA to supply. 8.4 If the Buyer fails to pay the Purchase Price within 14 days of the Auction, IA will notify the Seller who may instruct IA as to the appropriate course of action. IA may endeavour to assist the Seller but IA shall be under no obligation to do so, and shall not be under any obligation to institute proceedings in its own name. 8.5 In the absence of any written instructions from the Seller to IA within 7 days of IA having notified the Seller under Clause 9 IA shall be entitled to take any of the actions set out in clause 16 of the Terms and Conditions specific to Buyers. 8.6 Any monies recovered by and paid to IA in consequence of IA taking one or more of the teps referred to in Clause 9 of the Terms and Conditions specific to Buyers shall be applied to the payment of: 8.6.1 legal or other costs incurred by IA in connection with such steps; 8.6.2 expenses; 8.6.3 the Buyer’s Premium and the Seller’s Commission on the sale of the Lot. 8.7 Any balance remaining shall be paid to IA 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 IA on demand. 8.8 If within 7 days after receipt of the notice referred to in clause 8.5 the Seller informs IA 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 IA so as to keep IA fully compensated. 9. WITHDRAWAL 9.1. The Seller may by notice in writing to IA withdraw the Lot from the Auction. In the event of such withdrawal, the Seller shall within 7 days of withdrawal pay IA the sums set out in this Clause 9. All such sums shall be payable to IA as remuneration for the services performed by IA down to the date of withdrawal, and not by way of penalty or liquidated damages. 9.2 In all cases of withdrawal, the Seller shall be liable to pay IA 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 IA. In the event of a Lot having no reserve and therefore no estimate the Seller shall be liable to pay IA 12.5% of the auctioneer’s reasonable estimate. The fee shall be subject in each case to VAT and Expenses. 9.3. 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 Clause 9.1 and 9.2 shall have been paid in full. 10. TRANSPORT 10.1 Prior to the Auction the Seller shall deliver the Lot to the Auction location at their own expense as per the date and time specified by IA. After the Auction any unsold motor vehicles not collected by the time specified in the key sale information for that Auction will be taken to our transport partners storage facility in Northampton at the Seller’s expense. The fee will be detailed in the Key Sale Information in the catalogue. 11. INTRODUCTORY COMMISSION 11.1 The Seller acknowledges that IA, in line with market practice, may make payments to someone who has introduced you to IA. It is the responsibility of the introducer to inform you of any payments received from IA. 12. LIABILITY OF IA AND THE SELLER 12.1 This contract is made for the benefit of IA, the Seller, and the Buyer, and save where the Buyer acts as agent for a named principal is not intended to benefit or be enforceable by anyone else. For the avoidance of doubt, any rights otherwise arising under the Contracts (Rights of Third Parties) Act 1999 are expressly excluded.