DEFINITIONS AND GENERAL CONDITIONS
Definitions (Regarding all auctions)
1. In these conditions the following words and expressions shall have the following meanings:
‘Auctioneer’ – James Adam and Sons trading as Adam’s
‘Auctioneer’s Commission’ – The commission payable to the Auctioneer by the buyer and seller as specified in conditions 22 and 26.
‘Catalogue’ – Any advertisement, brochure, estimate, price list or other publication.
‘Forgery’ – A Lot which was made with the intention of deceiving with regard to authorship, culture, source, origin, date, age or period and which is not shown to be such in the description therefore in the Catalogue and the market value for which at the date of the auction was substantially less than it would have been had the Lot been in accordance with the Catalogue description.
‘Hammer Price’ – The price at which a Lot is knocked down by the Auctioneer to the buyer.
‘Lot’ – Any item which is deposited with the Auctioneer with a view to its sale at auction and, in particular, the item or items described against any Lot number in any Catalogue.
‘Proceeds of Sale’ – The net amount due to the seller being the Hammer Price of the Lot after deducting the Auctioneer’s Commission thereon under condition 26 the seller’s contribution towards insurance under condition 28, such VAT as is chargeable and any other amounts due by the seller to the Auctioneer in whatever capacity howsoever arising.
‘Registration Form or Register’ – The registration form (or, in the case of persons who have previously attended at auctions held by the Auctioneer and completed registration forms, the register maintained by the Auctioneer which is compiled from such registration forms) to be completed and signed by each prospective buyer or, where the Auctioneer has acknowledged that a bidder is acting as agent on behalf of a named principal, each such bidder prior to the commencement of an auction.
‘Sale Agreement Form’ – The sale agreement form to be completed and signed by each seller prior to the commencement of an auction.
‘Total Amount Due’ – The Hammer Price of the Lot sold, the Auctioneer’s Commission due thereon under condition 22, such VAT as is chargeable and any additional interest, expenses or charges due hereunder.
‘V.A.T.’ – Value Added Tax.
Cataloguing Practice and Catalogue Explanations
2.Terms regarding cataloguing practice used in catalogues have specific meanings, and attention is drawn to these explanations in each published catalogue.
GENERAL CONDITIONS
Auctioneer Acting as Agent
3. The Auctioneer is selling as agent for the seller unless it is specifically stated to the contrary. The Auctioneer as agent for the seller is not responsible for any default by the seller or the buyer. The Auctioneer reserves the right to bid on behalf of the seller.
Auctioneer Bidding on behalf of Buyer
4. It is suggested that the interests of prospective buyers are best protected and served by the buyers attending at an auction. However, the Auctioneer will, if instructed, execute bids on behalf of a prospective buyer. Neither the Auctioneer nor its employees, servants or agents shall be responsible for any neglect or default in executing bids or failing to execute bids.
Admission to Auctions
5. The Auctioneer shall have the right exercisable in its absolute discretion to refuse admission to its premises or attendance at its auctions by any person.
Acceptance of Bids
6. The Auctioneers shall have the right exercisable in its absolute discretion to refuse any bids, advance the bidding in any manner it may decide, withdraw or divide any Lot, combine any two or more Lots and, in the case of a dispute, to put any Lot up for auction again.
Indemnities
7. Any indemnity given under these conditions shall extend to all actions, proceedings, claims, demands, costs and expenses whatever and howsoever incurred or suffered by the person entitled to the benefit of the indemnity and the Auctioneer declares itself to be a trustee of the benefit of every such indemnity for its employees, servants or agents to the extent that such indemnity is expressed to be for their benefit.
Representations in Catalogues
8. Representations or statements made by the Auctioneer in any Catalogue as to attribution, authorship, genuineness, source, origin, date, age, provenance, condition or estimated selling price or value is a statement of opinion only. Neither the Auctioneer nor its employees, servants or agents shall be responsible for the accuracy of any such opinions. Every person interested in a Lot must exercise and rely on their own judgement and opinion as to such matters.
Governing Law
9. These conditions shall be governed by and construed in accordance with Irish Law.
Notices
10. Any notice or other communication required to be given by the Auctioneer hereunder to a buyer or a seller shall, where required, be in writing and shall be sufficiently given if delivered by hand or sent by post to, in the case of the buyer, the address of the buyer specified in the Registration Form or Register, and in the case of the seller, the address of the seller specified in the Sale Agreement Form or to such other address as the buyer or seller (as appropriate) may notify the Auctioneer in writing. Every notice or communication given in accordance with this condition shall be deemed to have been received if delivered by hand on the day and time of
delivery and if delivered by post three (3) business days after posting.
Conflict of Interest
11. The Auctioneer affirms that no conflict of interest exists that prevents him/her providing the property service for the Client.
Records
12. The Auctioneer will keep a record of the services provided on foot of any Agreement for 6 years. All financial records must be kept for 7 years.
Bank Account
13. The Auctioneer’s “Client Account” is held at:
Bank of Ireland
39 St. Stephen’s Green
Dublin 2
Client Monies
14. Any interest credited to the Client Account in respect of monies held by the Auctioneer will be dispersed in accordance with the Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012.
Complaints
15. Any complaint which the Client may have arising under this Agreement may be dealt with by Eamon O’Connor - email:
[email protected] - tel: +353 1 6760261. A response will issue within 10 working days of receipt of the complaint.
Where the Client is dissatisfied with the response to the complaint received from the Auctioneer, the Client may make a complaint to: Property Services Regulatory Authority, Abbey Buildings, Abbey Road, Navan, Co Meath, C15 K7PY.
Statement of obligations on the Auctioneer pursuant to section 42 and 43 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
16. The Auctioneer is obliged under sections 42 and 43 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to report to An Garda Síochána and the Revenue Commissioners suspicious transactions and transactions involving places designated under section 32 of that Act. The maximum cash accepted per transaction is €8,000. For any cash payments in excess of €500, a PSRA cash origin form will have to completed.
CONDITIONS 17-22 (INCLUSIVE) PREDOMINANTLY
CONCERN THE BUYER
Non-Payment or Failure to Collect Purchased Lots
17. If a buyer fails to pay for and/or collect any purchased Lot by the dates herein specified for payment and collection the Auctioneer shall, in its absolute discretion and without prejudice to any other rights or remedies it may have, be entitled to exercise one or more of the following rights or remedies without further notice to the buyer:
(a) To issue court proceedings for damages for breach of contract.
(b) To rescind the sale of that Lot or any other Lots sold to the buyer whether at that or any other auction.
(c) To resell the Lot or cause it to be resold whether by public auction or private sale. In the event that there is a deficiency between the Total Amount Due by the buyer and the amount received by the Auctioneer on such resale after the deduction of any necessary expenses the difference shall be paid to the Auctioneer by the buyer. Any surplus arising shall belong to the seller.
(d) To store (whether at the Auctioneer’s premises or elsewhere) and insure the purchased Lot at the expense of the buyer.
Adam’s may 180 days after the date of the auction, where the purchaser has failed to collect their lot(s)
(i) transfer the property to a third-party storage facility and you will be subject to the third-party storage facility’s standard terms and directly responsible to pay the third-party storage facility’s fees and costs; and in doing so share your contact details with the third part storage facility.
(ii) sell your property in any way Adam’s feels, in its sole discretion, to be reasonably appropriate and pay you the balance of the price realized after deduction of all amounts due to Adam’s;
(iii) take any other action Adam’s sees necessary or appropriate.
(e) To charge interest on the Total Amount Due at the rate of 2% over and above the base interest rate from time to time of Bank of Ireland or if there be no such rate, the nearest equivalent thereto as determined by the Auctioneer in its absolute discretion from the date on which the payment is due hereunder to the date of actual payment.
(f) To retain that Lot or any other Lot purchased by the buyer whether at the same or any other auction and release same to the buyer only after payment to the Auctioneer of the Total Amount Due.
(g) To apply sums which the Auctioneer received in respect of Lots being sold by the buyer towards settlement of the Total Amount Due.
(h) To exercise a lien on any property of the buyer in the possession of the Auctioneer for whatever reason.
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Liability of Auctioneer and Seller
18. Prior to auction ample opportunity is given for the inspection of the Lots on sale and each buyer by making a bid acknowledges that he has, by exercising and relying on his own judgement, satisfied himself as to the physical condition, age and Catalogue description of each Lot (including but not restricted to whether the Lot is damaged or has been repaired or restored). All Lots are sold with all faults and imperfections and errors of description. None of the seller, the Auctioneer nor any of their employees, servants or agents shall be responsible for any error of description or for the condition or authenticity of any Lot. No warranty whatsoever is given by the seller or Auctioneer or by any of their employees, servants or agents in respect of any Lot and any condition or warranty express or implied by statute or otherwise is hereby specifically excluded.
Forgeries
19. Any amount paid by a buyer in respect of a Lot which, if it is proved within 3 years of the date of the auction at which it was purchased, to have been a Forgery shall be refunded by the seller subject to the provisions hereof, provided that:
(a) The Lot has been returned by the buyer to the Auctioneer within 3 years of the date of the auction in the same condition in which it was at the time of the auction together with evidence proving that it is a Forgery, the number of the Lot and the date of the auction at which it was purchased;
(b) The Auctioneer is satisfied that the Lot is a Forgery and that the buyer has and is able to transfer good and marketable title to the Lot free form any third party claims;
FURTHER PROVIDED THAT the buyer shall have no rights here under if:
(i) The description of the Lot in the Catalogue at the time of the auction was in accordance with the then generally accepted opinion of the scholars or experts or fairly indicated that there was a conflict of such opinion;
(ii) The only method of establishing at the time of the auction in question that the Lot was a Forgery would have been by means of scientific processes which were not generally accepted for use until after the date of the auction or which were unresonably expensive or impratical.
The buyer’s sole entitlement under this condition is to a refund of the actual amount paid by him in respect of the Lot. Under no circumstances shall the Auctioneer be liable for any damage, loss (including consequential, indirect or economic loss) or expense suffered or incurred by the buyer by reason of the Lot being a Forgery. The benefit of this condition shall be solely and exclusively for the buyer and shall not be assignable. The buyer shall for the purpose of this condition be the person to whom the original invoice in respect of the sale of the Lot is made.
Photographs
20. The buyer authorises the Auctioneer at any time to make use of any photographs or illustrations of the Lot purchased by the buyer for such purposes as the Auctioneer may require.
New VAT Regulations
21. All lots are sold within the Auctioneer’s VAT margin scheme. Revenue Regulations require that the buyer’s premium must be invoiced at a rate which is inclusive of VAT. This VAT is not recoverable by any VAT registered buyer.
Buyer’s Premium
22. The Auctioneer may also charge a fee to the purchaser “the buyer’s premium”. The buyer’s premium is a commission paid by the buyer to the Agent in addition to the sale price. The standard buyer’s premium shall be 25% inclusive of VAT, and may be subject to change.
Internet Bidding
23. These terms and conditions apply to all internet bidding at sales conducted by, or in conjunction with, Adam’s, covering both live auctions and online-only timed auctions. Internet bidding conditions are in conjunction to those which are covered in our General Terms and Conditions of Business.
Registration
Before you can bid via Internet Bidding, you must register to bid online by signing up for an ‘Easy Live Auction’ account. Bidders must be registered at least 24 hours prior to the start of any Sale or you may not be able to bid online in that Sale. You will be liable for any and all bids made via your account.
Internet Bidding Process
Each bid made online shall be final and binding as soon as you click the Bid button. The bidder holds sole responsibility for any bid submitted, including those made in error, and will be held liable for the full payment and collection of the lot if named the winning bidder.
In the event of a tie between a bid placed by you online and any other identical bid(s) (including bids made in person at the Sale, telephone bids, absentee bids, and other internet bids), it will be at the auctioneer’s discretion as to which bid shall be accepted.
Adam’s reserves the right to reject a registration to bid online, withdraw its permission for you to use Internet Bidding, or terminate an Internet Bidding account, for any reason at any time prior to, during or after a Sale without prior notice.
If you choose to use the Internet Bidding service, you do so entirely at your own risk. Adam’s does not take responsibility for any issues regarding internet bidding functionality or delays which may occur due to software or hardware complications.
In the rare and unlikely event of an unforeseen technical issue occurring in the final stages of bidding, the auctioneer reserves the right, as per Condition 6 in our Conditions of Sale, to re-offer the lot at a later point between existing bidders.
