TERMS OF BUSINESS FOR BUYERS - Bank Transfers preferred (required for payments over £1000). Card payment available by request (Under £1000).
1. The highest bidder accepted will be the buyer of the lot at the hammer price and any dispute will be resolved at the auctioneer’s absolute discretion. We reserve the right to reject any bid. Every bidder will be deemed to be acting as principal unless Medway Auctions Ltd provides advance written acknowledgement that the buyer is acting as agent on behalf of a named third party. Bidders must be registered before the auction and may require identification. Medway Auctions Ltd may require a reference, guarantee or a deposit.
2. Buyer’s premium. A buyer’s premium of 20 per cent plus Value Added Tax (VAT) will be added to the hammer price, and the buyer will pay this to Medway Auctions Ltd as part of the total amount due. VAT is only chargeable on lots delivered or collected in the UK.
3. Taxation The buyer’s premium is subject to VAT at the prevailing rate for UK residents. Margin Scheme is used for relevant VAT registered vendors. Medway Auctions Ltd cannot and will not give tax advice under any circumtances, please speak to a qualified accountant for any advice.
4. Payment On the fall of the hammer the contract between the vendor and the buyer is established. The buyer is obliged to make immediate payment to Medway Auctions Ltd for the total amount due (unless credit terms have been agreed in advance in writing). Payments can be made by bank transfer (cash/card may be accepted with prior agreement, subject to amounts under £1000).
5. All payments to Medway Auctions Ltd made by a buyer, may be applied to any outstanding amounts owed by the buyer, regardless of the express or implied instructions of the buyer or their agent.
6. Collection of Purchases The buyer will at their own expense collect the lots purchased within 3 working days of the date of the auction, once payment in full has been made, unless prior terms have been agreed.
7. The buyer will be responsible for any removal, storage and insurance charges after the auction. Under no circumstances will Medway Auctions Ltd be liable for damage or loss howsoever caused after the auction. Storage/non-collection fees are charged at £5 per lot per day from the 4th working day after the auction. These fees and the amount due for purchase of the items WILL be claimed through small claims courts in accordance with the law.
8. The buyer is responsible for loss or damage to the purchased lots upon sale. Medway Auctions Ltd, its employees and representatives are not responsible for any loss or damage, whatever the cause, while lots are in its custody.
9. Remedies for late or non-payment for lots. If the buyer fails to pay in full and collect the purchases, or fails to fulfil their obligations in any way, Medway Auctions Ltd acting as the vendor or vendor’s agent may, in addition to and without prejudice regarding other legal remedies, exercise one or more of the following remedies: to proceed against the purchaser for damages for breach of contract; to rescind the sale and that of any other lots sold to the same buyer in the same or any other auction; to resell the lot either at public auction or by private sale and pursue the buyer for any deficiency in proceeds and to cover the costs and expenses and commissions due on both the original and the subsequent sale. Any surplus generated will belong to the vendor; to remove, store and insure the lot at the buyer’s expense. The lots will be either at Medway Auctions Ltd premises or elsewhere; to impose a late payment charge not exceeding 3 per cent per month on the total payment due from the date of the auction, if the amount owing is unpaid four working days after the auction; to impose a storage charge of £5 per lot per day if the amount owing is unpaid four working days after the auction; to hold back the lot and any other lot sold to the buyer at the same or any other auction until the total amount due is paid; to reject any bids made by or on behalf of the defaulting buyer at any subsequent auctions, or requesting a deposit before allowing them to bid; to apply the proceeds of any sales by the buyer towards settlement of the total amount due, and to exercise a lien on the property of the defaulting buyer which Medway Auctions Ltd is holding for any purpose.
10. Liability of Medway Auctions Ltd and the Vendors Buyers are advised to view the items or request further details regarding the condition prior to the sale. Buyers must satisfy themselves that the description is accurate. Medway Auctions Ltd does not warranty that any of its lots will achieve any particular grade by third party grading services. Subject to the obligations accepted by Medway Auctions Ltd, neither the vendor, nor Medway Auctions Ltd, its employees or representatives bear liability for errors in description or authentication of any lot. No express or implied warranty is given by Medway Auctions Ltd, its employees or representatives in respect of any lot. An auction sale is not an approval sale. All lots are sold on a business to business basis and distance selling regulations do not apply. All lots are sold as second hand goods with no warranty given or implied. The terms of sale in respect of the sale of any Lot or Lots include a term excluding any liability on the part of the vendors, Medway Auctions Ltd, its employees or representatives in respect of any misstatement or misrepresentation whether made negligently or otherwise before the sale is concluded subject to the reasonableness of such exclusion. Ownership & Goods Description a) Medway Auctions Ltd acts as an agent only on the instruction of the vendor. b) Each Lot as set out in the catalogue or as divided or joined with any Lot or Lots at the sale are sold with all faults, imperfections and errors of description. Neither the vendor nor the Auction house is responsible for the authenticity attribution, origin, authorship, date, period, condition or quality of any Lot. c) Purchasers are deemed to have satisfied themselves by inspection or otherwise as to all such matters as to the physical description and/or condition of any Lot. d) Neither the vendor, Medway Auctions Ltd, its employees or representatives make or give any representation or warranty and are not responsible for any representation of warranty or for any statement in the catalogue.
TERMS OF BUSINESS FOR VENDORS AND CONSIGNORS
1. Warranty of title and availability The vendor warrants to Medway Auctions Ltd and to the buyer that they are the true owner of the lot, or they are fully authorised by the owner to sell the lot on their behalf. The vendor must be able to effect the transfer of good and marketable title to the buyer free from any third party claims. The vendor will indemnify Medway Auctions Ltd, its employees and representatives and the buyer against any loss or damage suffered as a result of any breach on the part of the vendor.
2. Medway Auctions Ltd reserves prior to the auction The vendor is entitled to place a reserve on any lot subject to agreement. Any reserve must be reasonable and Medway Auctions Ltd reserve the right to decline to offer a lot with an unreasonable reserve. Once a reserve has been placed it cannot be changed without Medway Auctions Ltd's written consent. Medway Auctions Ltd has the right to sell a lot at any ‘hammer price’ below the reserve, but in such cases the sale proceeds to which the vendor is entitled will be the same as if the lot had sold at 10% less of its reserve price.
3. Authority to deduct commission and expenses Medway Auctions Ltd has the right to deduct commission at the agreed rate from the ‘hammer price’, VAT where applicable and ‘expenses’ and the vendor acknowledges the right of Medway Auctions Ltd to retain the buyer’s premium.
4. Rescission of contract If the buyer makes a claim to rescind the contract for good cause before or after the sales proceeds have been remitted to the vendor, Medway Auctions Ltd is authorised to rescind the sale and refund the buyer in full at the vendor's expense.
5. Payment of sale proceeds Medway Auctions Ltd will remit the ‘sale proceeds’ to the vendor within 45 days of the auction, but if Medway Auctions Ltd has not yet received the ‘total amount due” from the buyer, remittance of the money will be made within 5 business days of receipt of the funds. In practice Medway Auctions Ltd will endeavour for the payment to be made by the 21st day after the date of sale.
6. If the buyer fails to pay within 28 days of the auction Medway Auctions Ltd will seek to inform the vendor and take their instructions regarding the appropriate course of action. So far as is practicable Medway Auctions Ltd will assist the vendor to recover the ‘total amount due’ from the buyer. If Medway Auctions Ltd is unable to contact the vendor due to unforeseen circumstances, the vendor authorises Medway Auctions Ltd, at the vendor’s expense, to agree special terms for payment of the ‘total amount due’, to remove, store and insure the sold lot, to act on the vendor’s behalf against the buyer on such terms as mutually deemed fit, and take necessary steps to collect the ‘total amount due’.
7. If the buyer fails to pay Medway Auctions Ltd The ‘total amount due’ within 28 days of the auction the auctions house may, at its sole discretion, remit the ‘sale proceeds’ to the vendor at which point title of the goods passes to Medway Auctions Ltd.
8. Withdrawn lot Where a vendor withdraws a lot from the sale after being catalogued, Medway Auctions Ltd reserves the right to charge a fee of 20% commission based on the middle of the catalogue estimate of the auction price. This commission is INCLUSIVE of VAT. There may also be charges for expenses incurred.
9. Rights to photographs and publication of results The vendor gives Medway Auctions Ltd the right to photograph any lot and to use such photographs or photographs provided by the vendor at any time and at its absolute discretion. In addition Medway Auctions Ltd may use achieved price or any other information about the lot for any purpose.
10. Unsold lots Where any lot is unsold Medway Auctions Ltd will notify the vendor accordingly. The vendor will make arrangements to collect the lot or re-offer the lot for sale. Medway Auctions Ltd reserves the right to negotiate the sale of the lot by private treaty at or above the reserve price by close of business up to two working days after the day of the auction. In the event of such a sale the vendor is liable to pay the same charges as if the lot had been sold at auction, and the same terms and conditions apply.
GENERAL TERMS AND CONDITIONS
1. Any person on the Auction premises before, during or after the sale shall be considered to be there at their own risk and shall have no claim against the Auction house or landowner in respect of any injury they may sustain or any accident which may occur whilst on those premises.
2. Medway Auctions Ltd acts as agent for the vendor and as such is not responsible for any default by vendor or buyer. Medway Auctions Ltd may also act as the principal of auction lots.
3. Any representation or statement by Medway Auctions Ltd, in any catalogue as to authorship, attribution, authenticity origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. Any prospective buyer should exercise and rely on their own judgement as to such matters and neither Medway Auctions Ltd nor its employees or representatives bears liability for the correctness of such opinions.
4. Whilst the interests of prospective buyers are best served by attendance physically or digitally at the auction, Medway Auctions Ltd will, if so instructed, execute bids on their behalf. Neither Medway Auctions Ltd nor its employees or representatives are responsible for any neglect or default in doing so or for failing to do so.
5. Medway Auctions Ltd has the right, at its discretion, to refuse admission to its premises or attendance at its auctions by any person for any or no reason.
6. Medway Auctions Ltd has absolute discretion, without giving any cause, to refuse any bid, to divide any lot, to combine any two or more lots, to withdraw any lot from the auction and in case of dispute to re-auction any lot.
7. These Conditions will be governed by and construed in accordance with English law. All transactions to which these Conditions apply and all matters connected therewith shall also be governed by English law. Medway Auctions Ltd hereby submits to the exclusive jurisdiction of the English courts and all other parties concerned hereby submit to the non-exclusive jurisdiction of the English courts.
8. Vendors’ commission on sales A commission of 20 per cent is payable by the vendor on the hammer price on lots sold.
9. VAT Commission, buyer’s premium, storage, shipping, illustrations, insurance and advertising are subject to VAT if the vendor or buyer is a United Kingdom resident.
10. Data protection. Medway Auctions Ltd will use information supplied by the bidders or otherwise obtained lawfully by Medway Auctions Ltd for the provision of auction related services, client administration, marketing (with consent) and otherwise required by law. This data will be held digitally or physically in the UK by Medway Auctions Ltd. Information will not be shared to third parties without expressed consent, for recovery of funds owed or required by law. Please see Easy Live Auction Ltd Data policy for details on how they handle customer information.
