TORBAY

TERMS AND CONDITIONS OF ALL SALES BY TORBAY AUCTIONS

1. The highest bidder for each lot shall be the buyer thereof. In the event of any dispute the auctioneer shall have absolute discretion to determine the dispute and the disputed lot may well be re-offered for sale. this shall be detrmined by TORBAY AUCTIONS.

1. 2. TORBAY AUCTIONS shall have the absolute right of discretion to divide any lot, or to combine any two or more lots, or to withdraw any lots from the sale without giving any reason whatsoever. The bidding shall be regulated at the absolute discretion of the auctioneer. The auctioneer has the right to refuse or accept any bid or bids at anytime before, during or after a sale.

2. 3. All lots that are offered for sale by TORBAY AUCTIONS subject to a “NO FIXED RESERVE” policy,unless agreed prior with the seller in writing, which must be on TORBAY AUCTIONS files as evidential proof of the said request and agreement.

3. 4. All lots are subject to an "AUCTIONEERS PREMIUM" of 15%, which is payable by all Sellers and 10% from all buyers, A minimum cost of £10.00 will be incurred by the seller on any item valued over £100 but not exceeding £500. A minimum charge of £10.00 shall be due by the buyer on any item or items that they purchase up to a value of £100.

4. a) The symbol 'I.G' appearing next to a lot in this catalogue denotes the item is 'Investment Gold' and, therefore, a VAT-registered trader can submit a claim to H M Revenue and Customs to recover the VAT element of the Buyers' Premium.

4. 5. Bidding commissions for anyone unable to attend the auction in person will be carried out byTORBAY AUCTIONSat no extra charge. Bids must be in writing and be received at least 24 hours before the sale. "Buy" commissions will not be accepted.TORBAY AUCTIONS shall not be liable for errors or omissions in executing any bidding commissions. We cannot guarantee to execute written bids received less than 24 hours before the commencement of the sale. If two absentee bidders bid identical sums for the same lot, the first bid received shall take precedence.

5. 6. The buyer of any lot shall, if requested, immediately notify TORBAY AUCTIONS of their name and address and if required, (a) provide bank/or other credit references; (b) pay the full purchase price, or a fractional deposit as may be determined by and at the sole discretion of the TORBAY AUCTIONS.

6. 7. (A) All lots without exception are considerded to be offered for sale by TORBAY AUCTIONS  entirely on a,“SOLD AS SEEN”  basis,with all faults, imperfections and errors of description and lack of authenticity. Neither,TORBAY AUCTIONS nor the vendor shall give any warranty to any buyer in respect of any goods / lot/s, nor shall they be liable for any fault or error of description or lack of genuineness or authenticity of any sale goods / lot/s. All statements as to items sold, whether made in catalogues, or before, during or after the course of the auction or otherwise, are considered as "statements of opinion" only and are not and shall not be taken to be statements or representations of fact. TORBAY AUCTIONS. reserves the right in forming their opinion to consult and may rely upon any expert or authority considered by them to be reliable. TORBAY AUCTIONS reserve the rights to sell any and all lots offered for sale by auction or private treaty at any time whilst the lot/s / goods are in WEST SUSSEX AUCTIONS possesion before during and after a sale, enablingTORBAY AUCTIONS to obtain what they feel is the best price and the best offer at the time. this may be by public or private means, through our appointed agent/s an independent or alternative auction or venue /s of our choosing.

6. 7(B) Notwithstanding the foregoing, if any lot, other than a miscellaneous item not individually described in the catalogue, should be proved by the buyer to be not genuine or authentic, or to have been wrongly described in any material respect, the buyer may reject the same, provided that they shall have given notice of their intention so to do and shall have returned the same to TORBAY AUCTIONS, within seven days from, and in the same condition as at, the date of sale. The onus of proving a lot to be not genuine or authentic or to have been so wrongly described shall lie with the buyer. Proof of the inability of any recognised expert or authority to express a definite opinion shall not discharge such onus. If the buyer shall discharge such onus, the auctioneers shall rescind the sale and repay to the buyer the price paid by him. Save as provided herein, TORBAY AUCTIONS shall not under any circumstances whatsoever be liable for any costs, expenses or damages (whether direct, indirect, special or consequential) incurred by the buyer in respect of any lot, whether or not as a result of any fault, imperfection, error or description or lack of genuineness or authenticity, including but not limited to loss of any kind of profit whatsoever.

7. (C). All lots may be sold at 90% of the lower estimate, with TORBAY AUCTIONS sole discretion. All paymens due to a client from a sale of lot/s / goods held by  TORBAY AUCTIONS shall be sttled within 14 days of all cleared funds.

8. (A) At the time of delivery. TORBAY AUCTIONS cannot be held responsible for any discrepancy which might be discovered after the lots have been removed from either the auction room or TORBAY AUCTIONS' storage premises.

9. (A).TORBAY AUCTIONS act solely as agents and shall not be responsible for any default by either the buyer or seller or for any action or claim which may arise in respect of any lot.

10. (A). Each lot shall be held at the buyer's risk from the fall of the hammer or pre sale agreement. The lot or lots shall be removed by the buyer within seven working days after the date of the sale. TORBAY AUCTIONS reserves the right to charge storage and to resell by auction or privately, without notice to the buyer, on any sold lots not so removed within 7 days of the sale.

11. (A). Any part of the purchase price left outstanding after the auction pursuant to Condition 5 shall be paid in full within thirty days of the sale date of the auction. Without prejudice to any other rights, TORBAY AUCTIONS reserves the right to charge interest on any overdue payment at the rate of seven per cent (7%) over bank base rate per month. "Seven working days" notice must be allowed for clearance of personal cheques before delivery can be made unless prior arrangements have been made with TORBAY AUCTIONS.  A 7% surcharge will be applied to credit card payments.

12. (A). Buyers accepting commissions from third parties do so at their own risk and will remain responsible to TORBAY AUCTIONS for full settlement according to these conditions.

13. (A) TORBAY AUCTIONS are not responsible for any inaccuracies in information and results given verbally before, during or after neither the auction nor any errors in reports subsequently produced.

14. (A). By making a bid the buyer acknowledges his acceptance of these Conditions and shall be bound by them.

15. (A). If any buyer fails to comply with any of these Conditions, the lot or lots in respect of which the failure is made may at the discretion of TORBAY AUCTIONS, be put up again and resold. The damages recoverable from the defaulting buyer shall include, but not be limited to, the auctioneers' expenses and commission in respect of the resale and the amount (if any) by which the price obtained on the resale is exceeded by that obtained on the first sale.

16. (A). A variation of these Conditions shall only be binding on TORBAY AUCTIONS and the vendor if it is made in writing and signed by a duly authorised representative of TORBAY AUCTIONS.

17. (A). These Conditions shall take immediate effect on receipt of this document and be construed in accordance with the provisions of English law.