CONDITIONS BINDING ON ALL VENDORS, BIDDERS AND BUYERS

1 These General Conditions of Sale are issued by Sterling Vault Auctioneers Ltd (referred to in the Conditions as ?the Auctioneers?).

2 The following Conditions of Sale must be strictly adhered to along with the Important Sale Information which is displayed to bidders on all auction catalogues and in the auction office. The terms shall regulate the sale of each lot to any vendor, bidder and buyer who has been approved by the Auctioneers and shall be considered to have accepted these terms and wishes to be bound by them.

3 The following conditions are binding on all Vendors, Bidders and Buyers:

? The words ?Lot? and ?Goods? refer to items sold at auction sales conducted by the Auctioneers.

? ?The Buyer? shall mean the maker of the highest bid accepted by the Auctioneers whether on the fall of the hammer (when the Hammer Price is achieved) or by private treaty sale.

? ?Hammer Price? shall mean the highest bid accepted by the Auctioneers excluding any VAT that may be included thereon.

? ?Buyer?s Premium? refers to the premium of 20% (plus VAT) which is levied on the Hammer Price of all lots.

? ?Important Sale Information? means the notes associated with each auction including but not limited to the Health & Safety notes, viewing times, payment details, collection times, the amount of the Buyer?s Premium, VAT chargeable, and any other relevant terms relating to that particular auction and/or sale, and which in all cases are governed by these Terms.

? ?Premises? means the premises in which the auction is taking place, and any relevant storage locations

? (i) the presentation of 2 forms of identification acceptable to the Auctioneers; and

? (ii) the completion and submission of the Buyer Registration Form.

? ?Buyer Registration Form? means the form to be completed by a potential buyer prior to participating in an auction.

? ?Vendor? includes any prospective vendor except where the context otherwise requires.

? ?VAT? means Value Added Tax at the current rate which will be charged on lots marked with an asterisk (*).

4 All persons attend auctions at their own risk; under no circumstances will the Auctioneers nor the vendor be individually or collectively held responsible for any loss or damage caused to individuals or property present on any auction site or premises for any purpose whatsoever.

5 All Buyers shall register at reception to obtain a buyer?s bidding card from the Auctioneers? sale office prior to bidding. Every potential Buyer must register their name and address in order to collect their bidding card. No sale will be made to Buyers who do not comply with these provisions.

6 The Auctioneers will approve any bidders wishing to bid online and reserve the right to refuse approval to any registrant.

7 The Important Sale Information will be made available to potential buyers on the Auctioneers? website, in the relevant catalogue, on request, and will be on display at the Premises.

CONDITIONS REGULATING THE CONDUCT OF THE SALE (BIDDING)

8 WARNING: All lots are ?sold as seen?

The Auctioneers will always strive to accurately describe any lot(s) that is to be sold however neither the Auctioneers nor Vendor are to be held accountable for any faults and errors or mis-statement of description, measurement, weight, quantity, quality, numbered or otherwise (whether of substantial nature or not). It is strongly advised that the buyer must physically inspect the lot(s) and satisfy themselves regarding the condition of each lot they intend to purchase in advance of any bidding taking place. Buyers should check the safety of any mechanical, electrical or technical items purchased before attempting to use them and should take advice from an engineer, electrician or other qualified technical expert as to the fitness of goods for any particular purpose. The Auctioneers cannot accept liability for any damage sustained due to disregard of this warning, except for liability for personal injury or death caused by the negligence of the Auctioneers.

9 Buyers intending to export goods should ascertain (a) whether an export licence is required and (b) whether there is any specific prohibition on importing goods of that character.

10 A Buyers Premium of 20% is levied on the hammer price on all lots unless stated otherwise. Buyers Premium is subject to the addition of VAT at the current rate on the total unless stated otherwise.

11 An additional Premium of 3% + VAT at the current rate will be added to the hammer price if bidding using the online auction platform.

Sterling Vault Auctioneers Ltd offers an online bidding service via the-saleroom.com for bidders who cannot attend the sale. In completing the bidder registration on www.the-saleroom.com and providing your credit card details and unless alternative arrangements are agreed with ?Sterling Vault Auctioneers Ltd? :

(i). authorise ?Sterling Vault Auctioneers Ltd? , if they so wish, to charge the credit card given in part or full payment, including all fees, for items successfully purchased in the auction via the-saleroom.com, and

(ii) .confirm that you are authorised to provide these credit card details to ?Sterling Vault Auctioneers Ltd? through www.the-saleroom.com and agree that ?Sterling Vault Auctioneers Ltd? are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale.Please note that any lots purchased via the-saleroom.com live auction service will be subject to an additional 3% commission charge + VAT at the rate imposed on the hammer price

12 The highest accepted bidder, subject to Vendor?s Reserve (if any) shall be the Buyer.

13 Every bidder shall be deemed to act as principal unless there is in force a written acknowledgment by the Auctioneers that he acts as agent on behalf of a named principal.

14 The Auctioneers shall have the right, at its discretion, to refuse admission to the Premises or attendance at the auctions of any person.

15 The Auctioneers reserve the right to refuse to accept bids from any person, without stating a reason.

16 The Auctioneers reserve the right on behalf of themselves and of the Vendor the following rights:

(i) To set a reserve price.

(ii) To bid on behalf of a Vendor, up to the Vendor?s reserve price.

(iii) To re-arrange, consolidate or withdraw any lots, or vary the order of the sale.

17 The Auctioneers shall not in any circumstances be obliged to announce any reserve price.

18 No person may advance on any bid less than the sum named by the Auctioneers.

19 A Vendor or agent may not bid for a lot owned by him. The Auctioneers alone may do this but only up to the value of the reserve.

20 No bidding may be retracted unless authorised by the Auctioneers.

21 Under no circumstances may the transferring of any lot(s) from individuals or agents to any other parties be allowed.

PAYMENT & COLLECTION

22 All required payments must be settled in full in sterling (GBP), by way of bank transfer or by credit/debit cards (must be in person and chip/pin). A surcharge of % plus VAT will be made on credit card transactions. The Buyer must pay the whole of the purchase price including any VAT, Buyers Premium or any additional Premiums, or the remainder of the purchase price, on or before receipt of the goods purchased. If the Buyer fails to make payment by close of business (4.30pm) on the next working day, or such other time as is specified in the Important Sale Information, the Auctioneers shall have an absolute discretion to cancel the contract of sale, and the terms below will apply.

23 If the Buyer does not honour his obligations for payment under clause 26 above in any way, the Auctioneers as agents of the Vendor shall at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following rights or remedies:

? to rescind the contract for sale of the lot(s) sold to the defaulting Buyer at the auction; and

? to pursue the Buyer directly for all monies owed including damages for breach of contract; or

? to enter the lot(s) in question to be re-sold at public auction or private sale, the defaulting Buyer will then pay the Auctioneers any resulting deficiency in the purchase price at the first auction after deduction of any part payment and addition of resale costs;

? to remove, store (either at the Premises or elsewhere) and insure the lot(s) at the expense of the defaulting Buyer;

? to retain that or any other lot(s) sold to the same Buyer at the same or any other auction and release it only after payment of the Hammer Price;

? to reject or ignore any bids made by or on behalf of the defaulting Buyer at any future auction;

? charge a one-off administration fee of £50 (plus VAT if applicable);

? move the lot(s) (at the risk of the Buyer provided that the Auctioneers will use reasonable care and skill in such a move) to other Premises from that where the Buyer purchased the lot(s); and

? for every calendar day following the day on which the lot(s) should have been collected from the Premises by the Buyer, the Buyer will incur a maximum daily storage charge of £10 plus VAT per lot stored without exception, and such charge will continue to accrue notwithstanding the transfer of any lot to an alternative premises by the Auctioneers.

24 Under no circumstances will Credit will be given to Buyers.

25 The risk in each lot shall pass to the Buyer following notification of his successful bid but the ownership of each lot shall remain vested in the vendor and the purchaser shall not be entitled to remove any lot until payment in full has been made for each and every lot purchased by him at the sale.

26 Goods must be collected directly from the premises between 9.00am and 4.30pm no later than two working days after the auction date unless otherwise stated in the Important Sales Information.

27 The Buyer is responsible for any necessary labour and equipment in order to remove their lot(s) and shall comply with any directions which may be given by staff.

28 In the event of any lot(s) not being paid for or not being removed within the timeframe specified the Auctioneers shall immediately be entitled to rescind contract without prior notice to the purchaser to resell the lot(s) by public or private sale. In the event of any such resale, any loss or damage (including storage charges) suffered Auctioneer shall be forthwith recoverable from the purchaser.

29 The Buyer shall be responsible for any damage occasioned to any adjoining or other lots or to the premises by the removal of their lots and shall repair the same either before removal of the lots from the site or after such removal as the Vendor may desire or shall pay the estimated cost of doing so to be fixed by the Vendor or the Auctioneer on his behalf, whose decision shall be binding on the Buyer.

30 The Buyer shall forthwith be responsible for any loss or damage to any person resulting from the removal of his lots and shall indemnify the Vendor and the Auctioneers against any liability therefore whether or not such damage was caused by the negligence of the Buyer, his employees or agents.

DELIVERY

31 The Auctioneers do not pack or deliver goods. In no circumstances will the Auctioneers accept collections by couriers unless by prior arrangement. The Auctioneers have the details available on request of ?Part & Parcel? who pack and ship items once they have been paid for in full. They invoice separately for their service.

We offer a tracked and insured U.K. shipping service for a standard rate of £20.00* per parcel.

*Larger items, as well as those exceeding a value of £2,500 or weighing in excess of 2kg may be subject to additional fees.

DEFAULT

32 If the Buyer fails to comply with any of the above Conditions and, in particular, if the Buyer fails to pay for any lot which he has purchased and he is not entitled to return the lot under any of these Conditions, the Auctioneers may treat the contract of sale to the Buyer as rescinded. The Auctioneers may re-sell the lot, by public or private sale, without reserve and without notice to the Buyer.

33 If upon resale a lower price is obtained for any lot than was obtained on the first sale, the difference in price, together with all costs and charges incurred on the re-sale, shall be a debt due from the Buyer to the Auctioneer.

INSURANCE & RISK

34 All goods purchased are the Buyer?s responsibility from the moment they are sold to him, on the fall of the Auctioneers? hammer. The Buyer should make his own insurance arrangements with effect from that time.

35 Notwithstanding Clauses 32 and 33 above, the Auctioneers will take reasonable care of the goods whilst in their care and in the event of their staff assisting to remove the goods after the sale.

LIABILITY FOR ACCIDENTS

36 Neither the Vendor nor the Auctioneer shall be under any liability pursuant to Section 6 of the Health and Safety Act 1974. The purchaser must undertake such reasonable and practical steps as are sufficient to ensure that his purchase will be safe and without risk to health and safety when properly used.

37 The Buyer shall be responsible for any injury to and/or death of any person resulting from the removal of his lot(s) and shall fully indemnify and keep indemnified, the Auctioneers against any such liability whether or not such injury and/or death was caused by the negligence of the Buyer, his employees or agents.

38 For the avoidance of doubt, nothing in these Terms limits the Auctioneers? liability, nor, where applicable, the liability of the Buyer or Vendor for:

? death or personal injury caused by negligence; or

? fraud or fraudulent misrepresentation; or

? any breach of the obligations implied by Section 12 of the Sale of Goods Act 1979 or Section 2 of the Supply of Goods and Services Act 1982; or

? losses for which it is prohibited by Section 7 of the Consumer Protection Act 1987 to limit liability; or

? any other matter for which it would be illegal or unlawful to exclude or attempt to exclude liability.

TITLE TO THE SALE OF LOT(S)

39 Where the Auctioneer conducts a sale on behalf of a Vendor who is either a Receiver or Liquidator of a Limited Company or Trustee in Bankruptcy:

? The Vendor shall only act as agent on behalf of the Company or Bankrupt and shall be under no personal liability whatsoever in respect of the contract for the sale of any lot(s).

? The Vendor and the Auctioneers on their behalf only sell whatsoever right, title or interest the Company or Bankrupt may have in any lot.

? In the event of a third party proving to have a superior title or right to custody or possession of any lot the Vendor may rescind the contract of sale and upon return of any deposit and/or purchase price to the Purchasers neither the Vendor not the Auctioneer shall be under any further liability to the purchaser.

DISPUTES

40 In the event of any conflict arising between these General Conditions of Sale and any other conditions stated in any literature published by the Auctioneers, these General Conditions shall prevail.

GENERAL

41 The Auctioneers have the right to revise and amend these Terms from time to time to reflect changes in market conditions affecting its business, changes in technology, changes in payment methods, changes in relevant laws and regulatory requirements and changes in various systems? capabilities.

PRIVACY

42 The Auctioneers will only use the personal information provided to them to provide the auction services, or to inform Buyers and Vendors about similar services which they provide, unless told by such parties that they do not want to receive this information by not providing their email contact information on the Buyer?s Registration Form, or by ticking the relevant box on the relevant web page. The Auctioneers shall:

42.1 Only process Personal Data relating to its management (or otherwise) of the auction in accordance with the regulations of the Data Protection Act;

42.2 Only process Personal Data to the extent, and in such manner, as is necessary for the provision of the auction services and/or its obligations under these Terms or as is required by law or any regulatory body;

42.3 Implement appropriate technical and organisational measures to protect Personal Data against unauthorised or unlawful processing and against accidental loss, destruction, damage, alteration or disclosure. These measures shall be appropriate to the harm which might result from unauthorised or unlawful processing or accidental loss, destruction or damage to Personal Data and to the nature of the Personal Data which is to be protected; and

42.4 Not perform its obligations hereunder or as otherwise set out in these conditions in such a way as to breach any of its applicable obligations under the Data Protection Act.

42.5 If any court or competent authority decides that any of the provisions of these Terms are invalid, unlawful or unenforceable to any extent, the term will, to that extent only, be severed from the remaining terms, which will continue to be valid to the fullest extent permitted by law.

42.6 If or to the extent that any of these Terms (as amended from time to time in writing by the Auctioneers) are Terms to which any of the provisions of the Unfair Contract Terms Act 1977 or the Supply of Goods and Services Act 1982 or any subsequent modification or re-enactment thereof apply then such Terms shall be enforceable only to the extent permitted by those Acts or their subsequent modification or re-enactment and these Terms shall be construed accordingly.

42.7 If the Auctioneers fail, at any time while these Terms are in force, to insist that the Vendor and/or Buyer perform their obligations under these Terms, or if the Auctioneers do not exercise any of its rights or remedies under these Terms, that will not mean that the Auctioneers have waived such rights or remedies and will not mean that the Vendor and/or Buyer does not have to comply with those obligations. If the Auctioneers do waive a default by the Vendor and/or Buyer that will not mean that the Auctioneers will automatically waive any subsequent default by the Vendor and/or Buyer. No waiver by the Auctioneers of any of these Terms shall be effective unless the Auctioneers expressly says that it is a waiver and the Auctioneers tell the Buyer and Vendor so in writing.

42.8 A person who is not party to these Terms shall not have any rights under or in connection with them under the Contracts (Rights of Third Parties) Act 1999.

42.9 These Terms shall be governed by English law and the Auctioneers, the Vendor and the Buyer all agree to the exclusive jurisdiction of the English courts.

*NO RESERVE* Trench watch, circa 1950s, nickle plated case, hinged back, Arabic numerals,29mm, inner

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