TimeLine Auctions - Coins, Part 3

TERMS AND CONDITIONS, Important Notices & Cataloguing Protocols 1. Interpretations and Definitions: the following terms generally apply within these Terms and Conditions; other terms are defined within specific sections following: Auctioneer ? the firm TimeLine Auctions Ltd (?TimeLine? hereafter) or its authorised auctioneer. Agent ? a person acting on behalf of another. Auction ? a sale event whether taking place live in real-time or of extended duration (Timed Auction). Bid ? a sum offered by a Bidder to purchase the Lot. Bidder ? the person offering a Bid. Buyer ? the person who the Lot is knocked down to. Buyer?s Premium ? the percentage of the Hammer Price payable in addition by the Buyer. Date of Sale ? the date on which the Auctioneer knocks down the Lot. Hammer Price ? the amount of the winning bid when knocked down by the auctioneer to a Bidder. Knock(ed/ing) Down ? the act of the Auctioneer in bringing the Hammer down to complete the sale of the Lot to the Buyer submitting the highest bid. Lot ? the goods for sale. Net Proceeds ? the Hammer Price less the Selling Commission and any charges or expenses levied at TimeLine?s discretion. Purchase Price ? the total sum due for any Lot, including the Hammer Price, the Buyer?s Premium, any internet bidding fees, any shipping charges, taxes, duties or any other costs payable to TimeLine. Reserve Price ? the minimum Hammer Price at which a Lot may be knocked down. Seller ? the person offering the Lot for sale. Title ? legal rights of ownership of the Lot. 2. Application: the singular includes the plural and vice versa and any reference to ?he?, ?she? or ?it? applies to all of them. 3. Dimensions and weights: all dimensions and weights are approximate and are for general guidance only; a single dimension given is normally the greatest dimension for the piece(s). 4. Condition: items are briefly described with respect to condition using various phrases to signify the overall and general condition. It should be noted that items having significant age, sometimes being very ancient, often show minor blemishes and defects and these are considered to be normal and would not be individually described. Phrases used include: Restored - may be repaired or otherwise reinstated; possibly with some areas replaced; Fair Condition - may be fragmentary or obviously damaged; Fine Condition - usually essentially complete but may have minor damage or show restoration or repair; Very Fine Condition - usually complete and in good condition; may have some minor damage, restoration or repair; and Extremely Fine Condition - complete and better than average condition, without significant repair or restoration. 5. Dating: dates may be given in several forms, as examples below: 527 AD - an item that bears a date upon it or that can otherwise be dated with precision; 6th century AD - an item that can be dated with considerable confidence to a specific period; Circa 6th century AD - an item that can be approximately dated by comparison with other pieces; Probably 6th century AD - an item that is likely to be of this period in the light of similar pieces; Possibly 6th century AD - an item that might be of this period by comparison with items of a broadly similar character; and Undated - no date is known or suggested for the piece. 6. Attributions: works of art attributions may be given in several forms, as examples below: Signed ? a work bearing the signature of the named artist; Attributed to ? a work of the period of the artist which may be in whole or in part the work of the artist named; Circle of ? a work of the period of the artist and showing his influence; Follower of ? a contemporary or nearly so work executed in the style of the artist; Manner of ? a work executed in the style of the artist but of a later date; and After ? a copy of any date of a work of the artist. 7. Other Descriptive Matters: some other words or phrases are used descriptively, as examples below: Style - an item made in the style of an earlier age but thought to be probably of later date. Archaistic - an item made in the style of a much earlier age; Grand Tour - an item usually of some age but in the style of an earlier age; After the Antique - an item made as a reproduction, usually of quite modern date; and Faux - used descriptively when the material used is probably imitative in character. 8. Lots including Archaeological or Cultural Property: a UK export licence from the Department of Culture, Media and Sport, is required for all Lots originating from UK soil or territory leaving the UK and for such Lots of non-UK origin when leaving the EU. TimeLine will make applications for the necessary Cultural Property Export Licence as a ?free of charge? service to Buyers. Clients are advised to check concerning any Regulations applicable in their country of residence regarding importation and to enquire prior to bidding. The deferment of any Export Licence shall not be reason to cancel any bid nor to delay payment. 9. Lots including materials from Endangered Species: a CITES licence will be required for the export from the UK of any item(s) made of or containing materials such as ivory, tortoiseshell, rhinoceros horn, whalebone, etc. Clients are advised to check concerning any Regulations applicable in their country of residence regarding importation. 10. Copyright: all cataloguing text, images and other material published by TimeLine whether physically or electronically is the property of TimeLine and may not be reproduced, stored in any retrieval system or otherwise transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written consent of TimeLine. 11. Basis of Contract: these terms and conditions apply to the exclusion of any other terms that the Seller or Buyer seeks to impose or incorporate, or which are implied by trade, custom, practice or course of dealing. (a) In consideration for TimeLine accepting goods for sale, the Seller agrees to be bound by these terms and conditions. (b) In consideration for TimeLine accepting a Buyer?s bid at the Auction, the Buyer agrees to be bound by these terms and conditions. (c) As auctioneer, TimeLine acts solely for and in the interest of the Seller only. TimeLine does not act for or give advice to Buyers. Buying at TimeLine Auctions 12. General Conduct of Auction: TimeLine shall have absolute discretion as to lots offered for sale, lots withdrawn and the conduct of any Auction. TimeLine shall have absolute discretion to refuse entry, decline bids and expel any person from the Auction whether present in person or by agent or proxy or attending by way of any electronic media or telecommunications. 13. Viewing: all prospective Bidders are advised to view any Lot(s) prior to bidding. Public viewing arrangements will be advised in advance of the Date of Sale and private viewing can be arranged at the TimeLine premises by appointment. 14. Lot Descriptions: all Lots are offered ?as seen? and ?as is?. The Buyer is obligated to make all and any enquiries he wishes as to the accuracy and authenticity of any sale description and the principle of caveat emptor applies except where expressly excluded by operation of law. TimeLine does not make or give any guarantee, warranty or representation or undertake any duty of care in relation to the description, illustrations or photographs of any Lot, including condition, quality, provenance, authenticity, background, style, period, age, origin, value and estimated selling price. 15. Condition Reports: more detailed appraisals of the condition of any Lot are available on request. Bidders/Buyers should note that reports are provided as a service to interested clients. Descriptions therein are not warranties and all Lots are offered ?as seen? and ?as is?. 16. Estimates: estimates are for general guidance only and Lots may sell outside their range. Buyers must make their own assessment as to the value of any Lot and conduct their bidding accordingly. 17. Reserves: Lots may be subject to a Reserve set by the Seller, at a level not exceeding the low estimate, below which Reserve bids cannot be accepted. 18. Buyer?s Premium: the general Buyer?s Premium is 21% (VAT inclusive) for Bidders attending the Auction, for telephone Bidders and for Absentee Bids placed through TimeLine and is payable on the Hammer Price for every Lot. For Bidders using the liveauctioneers.com or the-saleroom.com internet bidding service or any other service that might be provided, the Buyer?s Premium shall be 24% (VAT inclusive, to include the additional bidding service charge). 19. Registration and Bidding: all prospective bidders must register their personal details with TimeLine before bidding and a Bidder Number will be allocated for their exclusive use; prospective Bidders may be asked to provide proof of identity and address. TimeLine reserves its right to refuse any Bidder or any Bid at its discretion. The Bidder Number must be shown by Bidders to the Auctioneer when placing a bid and by the successful Bidder when the Lot is knocked down. The auctioneer shall conduct the Auction at his sole discretion for all matters, accept Bids from any source and may exercise bids on behalf of Absentee Bidders or on behalf of Sellers up to any Reserve. Bidding shall be in pounds sterling only and generally in accordance with the increments set out below: (a) £0 to £99 ? in increments of £5 (b) £100 to £199 ? in increments of £10 (c) £200 to £499 ? in increments of £20 (d) £500 to £999 ? in increments of £50 (e) £1000 to £1999 ? in increments of £100 (f) £2000 to £4999 ? in increments of £200 (g) £5000 to £9999 ? in increments of £500 (h) £10000 to £19999 ? in increments of £1000 (i) £20000 to £49999 ? in increments of £2000 (j) £50000 to £99999 ? in increments of £5000 (k) £100000 to £249999 ? in increments of £10000 (l) £250000 and up ? in minimum increments of £20000 20. Absentee Bidding: Registered Bidders may leave Absentee Bids in advance of a live Auction directly through the TimeLine website or in writing by mail, email, fax or other delivery means and will be automatically exercised at the Reserve Price or at one bid increment above any competing Bid up to the submitted maximum Bid amount. 21. Commission Bidding: while Bidders are advised to attend the Auction and to bid in person, TimeLine will accept written instructions in advance of a live Auction from a Registered Bidder to personally execute bids on behalf of the Bidder up to a stated maximum. Unlimited bids or bids to ?buy? will not be accepted. In the event of identical bids being received from more than one Bidder, the earliest received will have priority. TimeLine offers this as a free service for live Auctions but no liability is accepted for any errors in bidding or in the event that a bid is not placed; a deposit may be required. 22. Internet Bidding: live, real-time bidding is available to Bidders through the independent bidding services at liveauctioneers.com or the-saleroom.com for all live Auctions. Bidders intending to use an internet bidding service must Register in advance with that service and a separate additional charge is payable to TimeLine through the increased Buyer?s Premium applicable to internet bidding; it is entirely the responsibility of the Bidder using any bidding service to ensure that Bids are made accurately; Bids cannot be retracted once made and are binding on the Bidder in all circumstances. TimeLine are not responsible for any technical failure or otherwise which results in bids not being received. 23. Telephone Bidding: facilities for telephone bidding are available at live Auctions at the discretion of TimeLine for Bidders on Lots with a low estimate in excess of £400 and must be booked and confirmed in advance. It is a condition for acceptance by TimeLine of any telephone bidding request that the Bidder undertakes to execute a minimum Bid at the low estimate sum. TimeLine offers telephone bidding as a free service but no liability is accepted for any errors or in the event that a connection cannot be made or is interrupted before the Lot is knocked down. 24. Agents: all Bidders making Bids through any means shall be deemed to be acting as principal in their bidding and shall be directly and fully liable for all Bid amounts, Buyer?s Premium and any other charges or costs. If any prospective Bidder wishes to appoint a person to bid on their behalf, then this must be agreed and authorised in writing by TimeLine in advance of the Auction; a deposit may be required. 25. Value Added Tax: VAT is charged and invoiced on an inclusive basis, under the Auctioneer?s Margin Scheme on all Buyers? Premiums and other charges. Where marked with a ?dagger? (?) symbol VAT will be payable on the Hammer Price in addition. 26. Payment: the Purchase Price becomes due and payable when the auctioneer knocks the Lot down. (a) The full Purchase Price must be paid in Pounds Sterling and can be made by cash up to the value of £7,000, cheque from a UK bank (subject to clearance), bank transfer (for transfers from outside the UK, subject to payment of a £10 transaction fee), bank debit card or credit card (subject to a transaction fee of 3% of the invoice total amount). (b) Unless agreed by TimeLine in writing in advance of the Auction, the Buyer must be pay to TimeLine by no later than 4.30pm on the third working day following the Date of Sale the full Purchase Price. 27. Title, Risk and Insurance: Title to any Lot is retained by the Seller until the Purchase Price and all other sums payable by the Buyer to TimeLine have been paid in full in cleared funds to TimeLine; at this point, Title will transfer from the Seller to the Buyer. Risk for the Lot passes to the Buyer at the time the Lot is knocked down to the Bidder. TimeLine does not hold property insured after the Lot has been knocked down. 28. Collection of Lots: Once the Buyer has paid the Purchase Price in full, TimeLine will release the Lot to the Buyer for collection. The Buyer must collect, or arrange the collection of, all purchases from the location advised by TimeLine by 4.30pm on the seventh working day following the Date of Sale. Buyers may use the services of Mail Boxes Etc (contact details are provided on TimeLine documentation) or a service of their choice for collection, packing and shipping services. TimeLine reserves the right to levy storage and other charges for any Lots that have not been collected within the stipulated period. 29. Delivery by TimeLine: at the absolute discretion of TimeLine, TimeLine may, on request, directly arrange delivery of certain Lots to the address registered to the Buyer, on payment by the Buyer to TimeLine of any advised handling and delivery charge. TimeLine does not insure property in transit but can arrange insurance at a cost of 6% of the total invoice value or minimum of £10, whichever is the higher; cover being limited to the to the invoiced amount paid for the Lot and subject to a £200 excess on any claim. 30. Remedies for Buyer?s Failure to Make Payment and/or Remove Lots: if the Purchase Price and/or all sums payable are not paid in full when they fall due and/or the Lot is not removed in accordance with these terms, TimeLine will without further notice to the Buyer be entitled to exercise one or more of the following rights: (a) To terminate the agreement immediately for breach of contract; (b) To retain possession of the Lot; (c) To remove and/or store the Lot at the Buyer?s expense; (d) To take legal proceedings against the Buyer for payment of any sums due to TimeLine by the Buyer; (e) To be paid interest on any monies due to TimeLine at the annual rate of 8% per annum from time to time to be calculated on a daily basis from the date upon which such monies became payable until the date of actual payment; (f) To sell the Lot without a Reserve Price at the Auction and apply any proceeds against the amount owing by the Buyer to TimeLine; (g) To apply any monies received from the Buyer in payment or part payment of any sums due from the Buyer to TimeLine under these terms; (h) To refuse to allow the Buyer to register for a future Auction or to reject a bid from the Buyer at a future Auction. 31. Buyer?s Indemnity: the Buyer agrees to indemnify TimeLine on a full indemnity basis against all legal and other costs, all losses and expenses incurred as a result of TimeLine taking steps under the previous paragraph. Selling at TimeLine Auctions 32. Seller?s Representations and Warranties: in submitting goods for sale, the Seller warrants and represents to TimeLine that he is the owner of the Lot or is duly authorised to sell the Lot by the owner and that he is legally capable of selling the Lot and of transferring full title to the Lot. The Seller also warrants that, to the best of his knowledge and belief, the Lot is genuine and that the description given to the Lot is accurate. The Seller warrants that he has complied with all requirements legal or otherwise relating to any export or import of the Lot and all duties and taxes in respect of the export or import of the Lot have been paid and as far as he is aware all previous third party owners have complied with such requirements. 33. Seller?s Indemnity: the Seller shall indemnify and hold TimeLine harmless from all claims and all direct, indirect or consequential losses (including loss of profits, loss of business, depletion of goodwill and similar losses), costs, proceedings, damages and expenses (including legal and other professional fees and expenses) awarded against or incurred or paid by TimeLine as a result or in connection with: (a) Any claim made against TimeLine concerning the authenticity of any Lot; (b) Any alleged or actual infringement, whether or not under English law, of any third party?s Intellectual Property Rights or other rights arising out of the Auction or sale of the Lot. 34. Selling Commission: The standard rate of selling commission payable to TimeLine shall be 18% of the Hammer Price (VAT inclusive). 35. Additional Charges: TimeLine may levy additional charges regarding: (a) Collection of goods from Seller?s premises, storage of goods submitted for sale by a Seller and storage of Lots unsold; (b) Further charges at the discretion of TimeLine on advance warning to the Seller for any unusual research, special or additional imaging, testing, consultation with external specialists, conservation, cleaning or other services concerned with presenting the Lot, including VAT or other taxes or duties as applicable. 36. Lots: all goods submitted to TimeLine will be lotted and catalogued at the sole discretion of TimeLine; antiquities, antiques and collectables Lots with a low estimate of £200 or less and coins Lots with a low estimate of £100 or less will not normally be illustrated in any printed catalogue; estimates are provided for information only and Hammer Prices may differ from the estimated range. 37. Rights to Photographs, Illustrations and Documents: the seller gives Timeline full and absolute right to photograph or illustrate any Lot submitted for sale and to use such photographs or illustrations and any photographs, illustrations or documents provided by the seller at any time and at TimeLine?s absolute discretion (whether or not in connection with any Auction). 38. Reserve Price: The seller may set a Reserve Price on any Lot where the low estimate exceeds £120 subject to agreeing that an Unsold Fee will become payable for any such Reserved Lot which fails to sell; in addition the Seller agrees that the auctioneer may accept a bid received at one bid increment or 10% of the Reserve Price (whichever is higher) below the Reserve Price sum if necessary to sell the Lot. 39. Withdrawal of Lots: Once entered for sale, Lots may be withdrawn by the Seller only upon payment to TimeLine of a withdrawal fee which shall be 6% (VAT inclusive) of the low estimate or Reserve, whichever is higher. TimeLine reserves the absolute right to withdraw any Lot from sale for any reason. 40. Unsold Lots: in the event that a Lot is not sold no selling Commission is payable unless the Lot was subject to a Reserve Price in which case a sum of 6% (VAT inclusive) is payable by the Seller to TimeLine. Charges for storage, insurance and other charges remain payable by the Seller to TimeLine at its discretion; the Seller is responsible for collection of the unsold goods immediately following the Date of Sale. 41. Payment to Sellers: the Net Proceeds of the Auction (Hammer Price less Selling Commission, insurance and any other charges or expenses at TimeLine?s absolute discretion) will become due and payable to the Seller 30 days following the Date of Sale provided that TimeLine have received cleared payment of the Purchase Price in full from the Buyer. 42. Insurance for Sellers: if the Seller wishes for TimeLine be responsible to the Seller as bailee for any loss or damage to the Lot being consigned, then: (a) The Seller shall agree to pay 1.5% of the Reserve or low estimate, or of the Hammer Price if sold, whichever of them is greater, to TimeLine for payment of insurance; (b) TimeLine shall not be liable for loss or damage to a Lot if caused by act(s) of terrorism, war, natural disaster or other uninsurable event. (c) TimeLine does not insure any Lot after it is knocked down. (d) An excess of £200 shall apply to all claims. Legal Matters 43. Sale of Goods Act: The terms implied by sections 13 to 15 of the Sale of Goods Act 1979 are, to the fullest extent permitted by law, excluded. 44. Severance: If any provision or part-provision of these terms and conditions is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of the terms and conditions. 45. Governing Law: these terms and conditions and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, the law of England and Wales. 46. Jurisdiction: each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with these terms and conditions or its subject matter or formation (including non-contractual disputes or claims). 47. Disputes: in the event that the Buyer or Seller has any dispute in relation to a Lot which has been sold, that dispute must be notified to TimeLine in writing within 14 days following the Date of Sale in order that TimeLine can hold the proceeds pending resolution of the dispute. In the event of deliberate forgery being claimed for any Lot, the Buyer shall submit two opinions in writing from recognised experts for consideration; the inability of different experts to agree shall not be sufficient grounds and TimeLine may investigate or consult with others at their discretion. TimeLine will have no liability to the Buyer and Seller after a period of 14 days as then TimeLine will release monies and make payments to Sellers in accordance with these terms and conditions.