The London Motorcycle Show Sale 12th February 2022

www.silverstoneauctions.com 135 payable under Conditions 13.1 and 13.2 shall have been paid in full. 14. REMOVAL AND STORAGE 14 At least 7 working days prior to the Auction the Seller shall deliver the Lot to a central location at their own expense. Any motor vehicles not collected by 5pm on the Monday following the sale will be taken to our transport partners storage facility in Northampton at a cost of £150 plus VAT. Storage will be charged at £10 plus VAT per day from the Tuesday. 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. Every bidder shall be deemed to act as principal unless prior to the commencement of the Auction there is a written acceptance by SA that a bidder acts as agent on behalf of the named principal, and that its principal has agreed to and/or is bound by these Conditions; in which case he shall be jointly liable with the principal under these Conditions. 16. BUYER’S PREMIUM 16.1 The Buyer shall pay the Buyer’s Premium to SA at the following rates: Motor Vehicles - 12.5% (plus VAT) on the first £300,000 of the hammer price and 10% (plus VAT) on the balance thereafter, Automobilia and Lifestyle items 20% (plus VAT) of the hammer price and Number Plates 10% (plus VAT) of the hammer price. The Buyer acknowledges that SA may also receive the Seller’s Commission due to SA under Clause 10. 16.2 VAT may also be payable on the hammer price of a Lot. Any lots will be clearly marked as such in the catalogue description as follows: † VAT on hammer price and buyers premium at the prevailing rate Ω VAT on imported items on the hammer price and buyers premium at the prevailing rate* - VAT on imported items at a rate of 5% on the hammer price and the prevailing rate on the buyers premium* -- VAT on imported items on the hammer price and buyers premium at the prevailing rate, plus 10% duty on the hammer price* Note - * This import VAT is not payable by buyers exporting to the EU. However, import VAT will be due in the country you are exporting to. All other Lots will be sold using the Auctioneers Margin Scheme (VAT Notice 718/2). VAT will not be charged on the hammer price. The VAT on the buyers premium will not be split out on the invoice and cannot be reclaimed by UK VAT registered businesses or individuals. Purchases being exported to the EU within 3 months of the auction date will be zero rated purchases. It is the Buyers responsibility to provide evidence of export within the time specified. Failure to do so will result in the VAT becoming payable to SA immediately. 16.3 Further duties and VAT may be applicable on exporting Lots from the UK. It is the responsibility of the Buyer to settle these charges. 17. PAYMENT 17.1 Once a lot is sold, the Purchase Price shall become immediately payable to SA. 17.2 Full payment for all Lots must be made to SA by 5:00pm the next Working Day. Payment should be made by bank transfer and can only be accepted in GBP. Payment by card can only be made in person (subject to Government Guidelines at the time of collection) up to £20,000 by debit card and £5,000 by credit card. 17.3 No Lot may be collected until the Purchase Price has been received by SA and payments by a Buyer to SA may be applied by SA towards any such sums due from that Buyer to SA 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 SA. 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 SA of the Purchase Price whether in respect of this or any other Lot. The Buyer must collect the vehicle or arrange for its delivery in accordance with the terms in clause 14. 17.7 Cash payments cannot be accepted. 17.8 It is the Buyers responsibility to comply with all export and import regulations relating to the Lot and to settle any applicable taxes and duties. 18. RESPONSIBILITY FOR PURCHASED LOTS 18.1 The Buyer will be responsible for loss or damage to a Lot they have purchased from when the Lot is sold to them. Neither SA nor its employees or agents shall be responsible for any loss or damage unless caused by the negligence of SA, its employees or agents in the ordinary course of their duties to SA if and in so far as the Lot is in SA’s custody or under its control. 18.2 The Buyer shall be responsible for all removals, insurance, storage and other charges on any Lot from the point at which the Lot is sold in accordance with clause 14 above. 18.3 DVLA will be notified of the change of keeper as soon as possible following collection of the Lot in accordance with clause 17 above. 18.3.1 Where imported Lots are subject to a NOVA declaration being completed SA will instruct the import agent to do this on the Buyers behalf, once full payment is received, and will provide the buyer with the NOVA reference number. These lots will be clearly marked in the Lot description. 18.4 Automobilia, watches & lifestyle Lots will be sent to the buyer at the buyer’s expense. 19. NON-PAYMENT OR FAILURE TO COLLECT 19.1 If the Purchase Price is not paid in full, SA as the agent of the Seller, shall in its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following remedies:- 19.1.1 to store (either at SA’s premises or elsewhere) and insure the Lot at the expense of the Buyer; 19.1.2 to charge interest at a daily rate equal to 4% pa over Barclays Bank’s Base Rate on so much of the total amount due as remains unpaid after the date of and time referred to in clause 17.2; 19.1.3 to retain that or any Lot sold to the same Buyer at the same or any other auction of SA and to release it only after payment of the total amount due; 19.1.4 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 charge or lien on any property of the Buyer which is in SA’s possession for any purpose. 19.1.5 take such steps as SA shall at its absolute discretion consider necessary to collect the monies due from the Buyer, and to agree terms for the payment of