Abell Spring Luxury Goods Auction

TERMS AND CONDITIONS OF SALE FOR ON LINE BIDDING This Auction is presented by Abell Auction and Live Auctioneers and is conducted under these Terms and Conditions as well as applicable state and local law. By participating in the auction, buyer affirmatively represents and acknowledges that he or she has read and understood the terms and conditions of sale set forth herein, and agrees to be bound by the same. Any condition statement is given as a courtesy to a client, is only an opinion and should not be treated as a statement of fact. Abell's shall have no responsibility for any error or omission. The absence of a condition statement does not imply that a lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. By bidding at an Abell Auction Company auction, you hereby agree to be bound by the following: 1. As Is: All lots are sold ?As Is? and without recourse and neither Abells nor the consignor makes any warranties or representations, express or implied, with respect to such lots. DO NOT BID ON ANY LOT UNLESS YOU HAVE PERSONALLY INSPECTED IT TO DETERMINE ITS PROVENANCE, CONDITION, SIZE AND WHETHER OR NOT IT HAS BEEN REPAIRED OR RESTORED. 2. Bidding at Auction: The highest bidder recognized by the auctioneer will be the purchaser. The successful bidder will be personally responsible to pay the hammer price plus a ?Buyer?s Premium? of twenty three (23) percent of the gross hammer price, plus applicable sales tax. Title to the property purchased shall not pass to the purchaser until such time that all credit card transactions and checks have been cleared by Abell?s banking facilities. All unpaid balances shall bear interest at the highest rate permitted by law, until paid in full. 3. All Sales Are Final/Removal of Property: All sales are final. Quantities and condition must be checked before removal from Abells, as adjustments will not be made after removal from the premises. All purchases, upon payment, shall be immediately removed from the premises at the purchaser?s expense. Abell is not responsible for any property left on the premises after seven (7) days. Packing and handling of purchased lots is at the entire risk of the purchaser. Abells is not responsible for any shipping or removal of property, including work conducted by a third party representative. 4. Storage Fees: Without exception for all merchandise left on the premises, Abells will charge a storage fee of the greater of $50 per lot per day or 10% of selling price, plus handling a fee of $150 if left over fifteen (15) days past the date of sale for items purchased at our Quarterly fine art and antique auctions. For items purchased at our weekly auctions, Abell will charge a storage fee of the greater of $25.00 per lot per day or 10% per item left in our warehouse over 10 days (plus a handling fee of $75). Abells reserves the right to re-sell any item purchased and left in our warehouse for over 30 days. Lot fees and handling fees will be deducted from the gross sales proceeds. 5. Pre-Auction Bids: Bids which are submitted to Abells prior to the auction may, at the discretion of Abells, be executed for the convenience of the bidders. Abells shall not be responsible for failing to execute such bids or errors relating to the execution of such bids. Any third party representative bidding on behalf of a third party is personally responsible for any purchase made. 6. Sales Taxes: Buyers are responsible for the payment of all applicable sales taxes, unless legal documentation is on file with Abells prior to the commencement of the Auction. 7. Default: If any conditions contained in this document are not complied with by the Buyer, Abells, in addition to all remedies available by law, including the right to hold such buyer liable for the purchase price plus buyer?s premium and applicable sale tax, may: (i) cancel the sale, retain as liquidated damages any payment paid by the buyer; (ii) resell the property without reserve at public auction or privately, on seven (7) days? notice to the buyer; and (iii) take such other legal action as it deems necessary or appropriate. If Abells resells the property, the original defaulting buyer shall be liable for the payment of any deficiency in the purchase price and all costs and expenses, including storage fees, the expenses of both sales, attorneys? fee incurred, incidental charges and all other charges due hereunder. Any buyer who fails to comply with the conditions contained in this Agreement shall be deemed to have granted Abells a security interest in any other property owned by such buyer that is in Abell?s possession. Abells shall have the benefit of all rights of a secured party under the California Uniform Commercial Code. 8. Attorneys? Fees/Court Costs: Should any action be brought to enforce any of the terms and/or conditions set forth in this Agreement, the prevailing party shall be entitled to all court costs and actual attorneys? fees incurred. 9. Forms of Payment: cash, personal and business checks (on local banks only), VISA, MasterCard, Discovery and American Express cards. Buyers will be charged a $50.00 processing fee for all returned checks. All motor vehicles must be paid for by bank cashier?s check or cash. ALL INTERNATIONAL BIDDERS MUST SUBMIT PAYMENT BY WIRE; please contact Abells for wiring instructions. Any item paid by credit card over the telephone is subject to a ten (10) day hold