The Riyadh Car Show Auction 2019 - 22nd November 2019

The Riyadh Car Show Auction 2019 98 Terms and Conditions GENERAL The following Terms (“Terms”) together with such other terms, conditions and notices as may be set out in any relevant catalogue apply to all sales by SEVEN MODERN COMPANY TRADING at auction or within 14 days after the auction. No alteration to the Terms will be binding unless accepted by SEVEN MODERN COMPANY TRADING in writing. The Terms may be amended by SEVEN MODERN COMPANY TRADING provided it is reasonable for it do so by the posting of notices or by oral announcement made by the Auctioneer prior to or during the sale. Nothing in the Terms shall affect the statutory rights of a consumer. Additional information applicable to the Auction may be set out in the Catalogue for the Sale, in an insert in the Catalogue and/or in a notice displayed on the Lot or visible elsewhere. Verbal announcements affecting the Auction may be made before and during the bidding. Buyers should be alert to this possibility of changes especially if bidding otherwise than in person at the Auction. SEVEN MODERN COMPANY TRADING acts solely for and in the interests of the Seller. SEVEN MODERN COMPANY TRADING’s duty is to sell the Lot at the highest price obtainable at the Auction to a Buyer. SEVEN MODERN COMPANY TRADING does not act for Buyers in this role and does not give advice to Buyers. When SEVEN MODERN COMPANY TRADING or its employees make statements about a Lot it is doing so as agent for the Seller of the Lot. Buyers who are themselves not expert in the Lots are strongly advised to seek and obtain independent advice on the Lots and their value before bidding for them. DEFINITIONS 1. In these Terms: 1.1 “Auction” means the auction sale in respect of which a Lot is consigned for sale. 1.2 “Auctioneer” means the representative of SEVEN MODERN COMPANY TRADING conducting the Auction. 1.3 “Automobilia” means any memorabilia including but not limited to trophies, badges, programmes, models, prints and other collectables. 1.4 “Buyer” means the only person whose bid is accepted by SEVEN MODERN COMPANY TRADING to conclude the contract for the purchase of a Lot. 1.5 “Buyer’s Premium” means the amount payable by the Buyer to SEVEN MODERN COMPANY TRADING. Buyers premium on Motor Vehicles is 12%. The buyer also bears the value of VAT and customs arrangements as applicable in the country where the vehicle will be registered. 1.6 “Catalogue” the catalogue relating to the relevant Auction includes any advertisement, brochure, estimate, price list or other publication or webpage relating to one or more Lots offered in the related auction. 1.7 “Contract” means the agreement between the Buyer and the Seller on the successful bid of the Buyer on which the Lot is awarded to them. 1.8 “Entry Fee” means the sum of $300 (inclusive of VAT). 1.9 “Expenses” in relation to the sale of any Lot means charges and expenses payable by the Seller in addition to the Seller’s Commission including insurance, storage, illustrations, auction Entry Fee, cleaning costs, photography costs, catalogue costs, special advertising, packing, freight, of that Lot and any VAT thereon. 1.10 “Hammer Price” means the price in US dollars at which a Lot is awarded by the Auctioneer to the Buyer. 1.11 “Lot” means any item(s) consigned to SEVEN MODERN COMPANY TRADING with the view to its or their sale at Auction (including all motorcars and Automobilia items). 1.12 “Motor Vehicle” means any car or motorbike included or proposed to be included in a sale of motor vehicles together with spares, tools, documentation etc. stated as being part of the Lot. 1.13 “Purchase Price” means the Hammer Price together with the Buyer’s Premium and any additional charges due plus VAT. 1.14 “Reserve” means the minimum Hammer Price agreed between SEVEN MODERN COMPANY TRADING and the Seller at which a Lot may be sold. 1.15 “Sale Proceeds” means the net amount due to the Seller being the Hammer Price less the Seller’s Commission and VAT, Expenses and any other amount due to SEVEN MODERN COMPANY TRADING from the Seller. 1.16 “Seller” means the person who offers the Lot for sale, whether as agent or principal. 1.17 “Seller’s Commission” shall have the meaning given in clause 10. 1.18 “VAT” means Value Added Tax applicable at the prevailing rate from time to time. 1.19 “Working Day” means any day at which clearing banks are open for the transaction of normal US dollars banking business. 1.20 “Provisionally sold” means the bid placed during the auction has not been accepted by the seller. A provisional bid stands until 12pm the day following the auction. 2. Agent SEVEN MODERN COMPANY TRADING sells as agent for the Seller (except where SEVEN MODERN COMPANY TRADING is selling as principal, which SEVEN MODERN COMPANY TRADING will disclose in the Catalogue or otherwise in the Auction). The Contract for the sale of a Lot is between the Seller and the Buyer. SEVEN MODERN COMPANY TRADING shall not be liable for any act or default by the Seller (except where selling as principal) or the Buyer. The Seller undertakes and commits to transfer the ownership of the Lot or the Car to the Buyer and terminate all legal procedures required, without any liability on SEVEN MODERN COMPANY TRADING to the Buyer. 3. Discretion 3.1 SEVEN MODERN COMPANY TRADING has the right as its sole discretion to refuse any bid, to divide any Lot, to combine two or more Lots, to withdraw any Lot and, in the case of dispute, to put any Lot up for Auction again. 3.2 If SEVEN MODERN COMPANY TRADING is notified about the Seller’s alleged breach of any of the Terms before it has remitted the Sale Proceeds to the Seller, it may at its sole discretion withhold payment until that dispute is resolved. SEVEN MODERN COMPANY TRADING may, however, deduct any sums that are due to it from the sum held. 3.3 Automobilia lots will be subject to an auctioneers 10% discretion on the reserve unless SEVEN MODERN COMPANY TRADING are notified in writing by the seller otherwise. 4. Loss or injury SEVEN MODERN COMPANY TRADING shall be under no liability for any injury, damage or loss sustained by any person while on SEVEN MODERN COMPANY TRADING premises (including any premises where a sale may be conducted or where a Lot, or part of a Lot, may be on view from time to time) except for death or personal injury, damage or loss 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. 5. Lots 5.1 The Catalogue contains details about each Lot. The description printed in the Catalogue is given on behalf of the Seller, from information supplied by the Seller for which SEVEN MODERN COMPANY TRADING is not responsible. 5.2 Photographs, Illustrations and diagrams contained in the Catalogue are for identification purposes only. They may not show the true condition and colour, (which may be inaccurately reproduced) of the Lot. 5.3 Lots are available for inspection prior to the Sale and it

RkJQdWJsaXNoZXIy MTU2