The Riyadh Car Show Auction 2019 - 22nd November 2019

The Riyadh Car Show Auction 2019 100 9.4 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 SEVEN MODERN COMPANY TRADING. All Lots will be sold without Reserve unless a Reserve has been agreed by SEVEN MODERN COMPANY TRADING in writing. 9.5 Where a Reserve has been agreed, only SEVEN MODERN COMPANY TRADING at its absolute discretion may bid on behalf of the Seller. 9.6 If no Reserve has been placed on a Lot, SEVEN MODERN COMPANY TRADING 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. 9.7 SEVEN MODERN COMPANY TRADING may sell a Lot below the Reserve agreed with the Seller, provided that SEVEN MODERN COMPANY TRADING accounts to the Seller for the same Sale Proceeds as the Seller would have received had the Lot been sold at that Reserve. 9.8 The Auctioneer may declare a lot “provisionally sold”. The highest bid placed during the auction will remain open for acceptance by the seller until 12pm the next day following the auction. During this period SEVEN MODERN COMPANY TRADING will take steps to contact the seller and determine whether they are willing to accept the bid. Following confirmation from the seller, SEVEN MODERN COMPANY TRADING will notify the buyer whether their bid has been accepted or rejected. The buyers bid will be deemed to be rejected if they have not been notified of its acceptance by 12pm the following day. Where the buyer is notified that the bid has been accepted a contract for the sale of the lot will be formed between the buyer and the seller as if the hammer fell during the auction. 10. Commission and Expenses 10.1 SEVEN MODERN COMPANY TRADING shall be entitled to deduct from the Hammer Price and retain an amount equal to 5% of the Hammer Price for vehicles and 15% for automobilia and lifestyle goods or such other sum agreed by SEVEN MODERN COMPANY TRADING in writing (“Seller’s Commission”) plus VAT together with Expenses and any other sums due from the Seller to SEVEN MODERN COMPANY TRADING 10.2 The Seller acknowledges SEVEN MODERN COMPANY TRADING 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 on the fall of the hammer. It is therefore, the responsibility of the Seller to insure the Lot before the hammer falls and the responsibility of the Buyer to insure the Lot after the hammer falls. 11.2 SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING, its employees or agents in the ordinary course of their duties to SEVEN MODERN COMPANY TRADING and the Seller shall compensate SEVEN MODERN COMPANY TRADING in full in respect of all other claims and proceedings brought against SEVEN MODERN COMPANY TRADING in respect of any loss or damage to or destruction of the Lot. 11.3 SEVEN MODERN COMPANY TRADING will not be liable for any injury, loss or damage caused by any Lot or by the Seller’s negligence of SEVEN MODERN COMPANY TRADING, its employees or agents in the ordinary course of their duties to SEVEN MODERN COMPANY TRADING. The Seller shall compensate SEVEN MODERN COMPANY TRADING in full in respect of all claims and proceedings brought against SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING right of retention under Clause 3.2 and other provisions of this Clause 12, SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING from the buyer. Unless an alternative method of payment has been agreed by SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING within the time specified in clause 12.1 SEVEN MODERN COMPANY TRADING 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, SEVEN MODERN COMPANY TRADING reserves the right not to remit the Sale Proceeds to the Seller unless the Seller has deposited with SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING to supply. 12.4 If the Buyer fails to pay the Purchase Price within 28 days of the Auction, SEVEN MODERN COMPANY TRADING will notify the Seller who may instruct SEVEN MODERN COMPANY TRADING as to the appropriate course of action. SEVEN MODERN COMPANY TRADING may endeavour to assist the Seller but SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING within 7 days of SEVEN MODERN COMPANY TRADING having notified the Seller under clause 12.4 SEVEN MODERN COMPANY TRADING shall be entitled to take one or more than one of the actions set out in clause 19.: 12.6 Any monies recovered by and paid to SEVEN MODERN COMPANY TRADING in consequences of SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING 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 by SEVEN MODERN COMPANY TRADING 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 SEVEN MODERN COMPANY TRADING on demand. 12.7.3 If within 7 days after receipt of the notice referred to in clause 12.5 the Seller informs SEVEN MODERN COMPANY TRADING that he wishes the Lot to be returned, he shall be entitled to do so but only upon prior payment of all Expenses and all legal and other costs reasonably incurred by SEVEN MODERN COMPANY TRADING so as to keep SEVEN MODERN COMPANY TRADING fully recompensed for any losses suffered as a result of this action by the seller. 13. Withdrawal Fees 13.1. The Seller may by notice in writing to SEVEN MODERN COMPANY TRADING withdraw the Lot from the Auction. In the event of such withdrawal, the Seller shall within 14 days of withdrawal pay SEVEN MODERN COMPANY TRADING