The NEC Classic Live Online Auction 2020 13th and 14th November 2020

180 The NEC Classic Live Online Auction 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 Vehicles and 15% for automobilia and lifestyle goods 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 referred to in clause 12.5 the Seller informs SA 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 SA so as to keep SA fully compensated. 13. WITHDRAWAL 13.1. The Seller may by notice in writing to SA withdraw the Lot from the Auction. In the event of such withdrawal, the Seller shall within 14 days of withdrawal pay SA the sums set out in this Condition 13. All such sums shall be payable to SA as remuneration for the services performed by SA 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 SA 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 SA. In the event of a Lot having no reserve and therefore no estimate the Seller shall be liable to pay SA 10% 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 13.1 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 1pm on the Thursday 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 Friday. 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 The Buyer shall pay the Buyer’s Premium to SA and the Buyer acknowledges that SA may also receive the Seller’s Commission due to SA under Clause 10.