Lot 88ASSORTED DRILL BITS

ONLINE TIMED AUCTIONS CONDITIONS OF SALE SPECIFIC TO PURCHASERS

1       DEFINITIONS

In these Terms of Business, the following terms have the following meanings unless inconsistent with the context:

“Auctioneers” means Stags.

“Host” means Bidpath Online Auction Software & Services – The software providers for this auction.

“Buyers Premium” means the premium charged to buyers on purchase of lots.

“Terms of Business” means the standard terms of business set out in this document.

“Lots” means all or any machinery and other items sold or intended to be sold in accordance with these Terms of Business.

“Purchaser” means a person, firm or company who purchase any lot.

“Vendor” means a person, firm or company who puts forward any lot intended to be sold at the sale.

“Sale” means a sale of the lots by auction from time to time organised by the auctioneers.

“Storage Location” means the venue at which the specific lot is stored during the sale period and is available for viewing (please note Stags’ Auctioneers will not always be able to attend viewings along with purchasers).

“Sale Price” means the price at which a lot is sold to the winning purchaser.

“Reserve Price” means the minimum price fixed by either the auctioneers or vendor at which any lot is to be sold in the sale.

“Auction Period” means the duration of the Online Timed Auction as advertised. 

“Buyers Premium” means payment to the Auctioneers by the Purchaser for each Lot, on which VAT is chargeable, at the rate as advertised for that Sale.

“Bidder” means a person, firm or company that places a bid.

“Special Conditions” means any additional conditions that are attributable to that specific sale.

“Purchaser Registration Number” means the number given to a potential purchaser for that sale by the auctioneers.

Except where the context otherwise requires words denoting the singular include the plural and vice versa; words donating one gender includes all genders, words denoting persons include corporations.

“VAT” Value Added Tax chargeable under English Law.

2.    TERMS OF BUSINESS

1. All persons registered to bid in any capacity are deemed to bid on the understanding that they have read and understood these Terms of Business. These Terms of Business may be supplemented or superseded by special conditions applicable to specific sales, any such special conditions will be noted within the descriptions of specific lots or on under the sale Terms of Business notes.
2. No employee or agent of the auctioneers has any authority to vary these provisions or the Terms of Business.
3. Any dispute arising under this contract or the Terms of Business shall be determined in the first instance by the auctioneers whose ruling shall be binding on the conduct of the auction. If such an issue including any dispute under clause 10 remains in dispute after the auction it may be referred by the purchaser, the Seller or the auctioneers to arbitration, or if the parties agree to independent expert determination within the period of ten working days starting on the date of the sale by a person agreed between the parties in dispute or failing such agreement by a person appointed by the President of the Central Association of Agricultural Valuers on the application of any of the parties within that time paying such fee as may be charged for that service. The parties agree to meet the professional fees and costs of that person as he shall direct and to be bound by his award both as the matter of the dispute and as to the parties’ costs.

3        HEALTH AND SAFETY

(i)          All persons viewing a lot do so at their own risk and with notice of the condition of the premises and their contents.

(ii)         All persons viewing a lot are hereby made aware that there may be significant risks at the storage location including moving machinery and equipment; Caution should be exercised at all times and children and animals/pets must be fully supervised at all times.

(iii)         All persons viewing a lot must take notice of all specific health and safety notices on display at individual sites. If in doubt, please consult the auctioneer in charge or the owner of the site.

(iv)        Any accidents or incidents that occur on the storage location must be immediately reported to Stags and the vendor and details recorded in the appropriate accident books. No powered machinery or equipment should be started without the prior approval of the auctioneers & the vendor.

(v)         Any vehicles brought onto the storage location to collect lots should be operated with extreme caution and within a 5-mph speed limit.  Loading using machinery should only be undertaken by suitably qualified and experienced operators. All loading and unloading of items are carried out at the purchasers risk and arrangements to ensure safety at all items should be in place. 

(vi)        The auctioneers shall have the right at their discretion to refuse admission to their premises or those of their clients by any person.

4        AUCTIONEERS STATUS

(i)          The auctioneers sell as agents for the vendor except where they are stated wholly or partly to own any lot as principal.

(ii)         The parties to the contract of sale are the vendor and the purchaser and the auctioneers as such are not responsible for any default by vendor or purchaser.

(iii)         The auctioneers include any employee or agent of the auctioneers who at the relevant time has the authority to conduct an auction sale.

4. The auctioneers may announce or publish any statements made and supplied by the vendor if they see fit.

5. The auctioneer retains the right to refuse bids, divide or combine lots, to withdraw lots from the auction, or re-offer a lot for sale in the case of a dispute.

5        EXCLUSION OF LIABILITY

(i)          The auctioneers shall not be liable for any expense, loss, claim or proceedings in respect of any loss, damage or injury whatsoever to any property real or personal (including any lots) whether incurred before, during or after the sale.

(ii)         The auctioneers shall not be liable for any expense, loss, claim or proceedings in any respect or personal injury to or death of any person arising out of or in the course of or caused by the sale, except to the extent that the same is due to the negligence of the auctioneers, their servants or agents.

6        WARRANTY

1. In case of dispute as to the interpretation of these Terms of Business the decision of the auctioneers shall be final and binding on all parties save as provided for in clause 2(iii).

7        BUYER’S PREMIUM

1. Where the auctioneers state before the sale in the catalogue or special conditions a Buyer’s Premium together with Value Added Tax may be charged to purchasers calculated on the basis of the sale price at a rate to be stated in that announcement.

8        DESCRIPTION AND CONDITION OF LOTS

1. As agents for the seller, the auctioneers are primarily dependant on the information provided by the seller and any statement, written or verbal, made by the auctioneers in respect of any lot as to genuineness, origin, date, age, provenance, condition or estimated selling price, including condition reports which may be provided at the purchaser’s request, is a statement of opinion held by the auctioneers. It is, however, deemed that prospective purchasers have inspected the lots on which they intend to bid at pre-sale viewings. Accordingly, the auctioneers accept bids from potential purchasers on the basis that the purchasers (or their advisors) have fully inspected the lot prior to bidding and have satisfied themselves prior to bidding in relation to the condition and accuracy of the description of the lot.
2. The nature of the lots sold at auction is such that they will rarely be in perfect condition and are likely, due to their nature and age, to show signs of wear and tear, damage, or other imperfections, restoration or repair. Any reference to condition by the auctioneers will not amount to a full description of condition. Photographs included in the auctioneer’s sale catalogues or on the website, are not representative of the condition of any lot.
3. The auctioneers draw the purchaser’s attention to the exclusion of liability for the condition of lots contained in the Terms of Business. Neither the seller nor the auctioneers, accept any responsibility for the condition of any lot.
4. All portable electrical goods are Portable Appliance Tested (PAT) although they are not guaranteed to be in working order. Prior to use, the electrical system of such goods must be checked and approved by a qualified electrician for compliance with safely regulations.
5. Certain machines could contain hazardous substances such as blue and white asbestos, dangerous chemicals and other hazardous substances which, if not handled correctly and disposed of correctly, could be in breach of Health and Safely at Work Act 1974, Control of Substances Hazardous to Health Regulations 1988 (COSHH) or other current legislation. The purchaser undertakes to handle and dispose of correctly, any toxic chemicals and dangerous substances and to indemnify the auctioneers against any failure to observe these undertakings.
6. All statements contained in the catalogues and adverts as to any lot are made without responsibility on the part of the vendors or the auctioneers, and such statements as to authenticity, genuineness, age, condition or quality, of any lot, are statements of opinion, and are not to be taken as statements or representations of fact.
7. The auctioneers cannot be held liable for costs incurred in travel or time should a lot be withdrawn from the auction without purchaser notification.

9        RESERVE PRICE AND BIDDING

1. Bidders are required to register for a purchaser’s registration number before bidding at the sale. Proof of identification (verification of email address and mobile phone number) will be required at the time of registration if the bidder is not known to the auctioneers. No person may bid without warranting their identity to the auctioneers.
2. Any person intending to bid as an agent for a potential purchaser must notify the auctioneers in advance of the sale and confirm the arrangements for payment of the goods to the satisfaction of the auctioneers.
3. The auctioneers may accept written instructions to bid on behalf of any prospective purchaser but with no liability in the case of any error arising out of such instructions. Any instructions accepted shall be at the risk of the prospective purchasers who will be deemed to have viewed the lot. The auctioneers accept no responsibility in connection with the commissioning of their staff to bid for a lot. It is the responsibility of the purchaser to ascertain if he has been successful.
4. The auctioneers may at their discretion decide to receive bids over the telephone or otherwise from prospective purchasers not physically present at the sale. Where such a facility is offered prospective purchasers wishing to use it must register with the auctioneers in advance of the sale. The auctioneers accept no liability in relation to telecommunications facilities and connections nor to the means by which such prospective purchasers may seek to communicate with the auctioneers.

(v)         Bids shall be made exclusive of any VAT and buyer’s premium which may apply.

(vi)        The purchaser shall be the person who makes the highest bid acceptable to the auctioneers.

(vii)        The bidding increments will be regulated by the auctioneers. The purchaser shall not make any set-off or other plea for non-payment of the purchase money, and shall be liable to the auctioneers for any unpaid purchase money whether or not the lot bought has been delivered.

(viii)       All lots must be inspected by the purchaser who bids on the understanding that he has inspected or is deemed to have inspected the lot for which he is bidding and agrees to take it with all faults and imperfections.

(ix)        The auctioneers may without giving any reason, refuse to accept the bidding of any person.

(x)         The auctioneers and/or the vendor reserve the right to fix a reserve price and alter this at any time during the auction, for any lot.

(xi)        Although the right to alter reserves is reserved it is expected that all vendors must set a reserve prior to sale and this must not be changed. If no reserve is added at the start of the sale, a reserve should not be added after. Vendors can move reserves down in value but not up in value once the auction has commenced.

(xii)        Lots that are entered, advertised and promoted by the auctioneers but then sold privately out of the auction will attract a reasonable administration fee to cover the auctioneer’s costs calculated at 10% of the reserve price. The auctioneers will not be held liable for a seller defaulting on the Terms of Business in this way.

10      PAYMENT

(i)          All purchasers must register their names and addresses before they are permitted to bid in an online sale.

(ii)         On conclusion of the sale period the auctioneers will notify the buyer by email, post or telephone to confirm:

(a) That the purchaser is the winning bidder

(b) The amount of the successful bid

(iii)         Attached to the notification email or posted invoice will be an invoice for the amount of the winning bid plus any relevant commission and VAT due.

(iv)        All lots must be paid for at the conclusion of the sale unless alternative arrangements are made prior to the auction ending and have been confirmed by the auctioneers.

(v)         The auctioneers may at their absolute discretion, agree to accept payment by such other means or such other manner as they see fit.

(vi)        All payments must be made by cheque, bankers draft, debit card, BACS or credit card (subject to 2% charge + VAT on business credit cards).

(vii)        Payment of any invoice is due on the day of issue, interest is payable on outstanding sums at a rate of 8% until the overdue sum is paid.

(viii)       If the auctioneers have paid the seller the sale proceeds due for a lot before the purchaser has paid the auctioneers in full for the lot then the auctioneers shall have lien on the lot until the outstanding amount is paid in full by the buyer to the auctioneers.

8. In the event of any sale by the purchaser of a lot that has not been fully paid for the purchaser will hold the proceeds of such sale on trust for the auctioneers to discharge the lien referred to in clause 10 (viii). 

11      RESERVATION OF TITLE

1. Even though risk in the lot has passed to the purchaser, title to any lot will remain with the vendor until the purchaser has paid the purchase money for that lot in full, and in the case of uncleared funds the sum until full payment has cleared the auctioneers’ bank account.  Until title has passed to the purchaser under this condition, the vendor may recover possession of the lot from the purchaser, and the vendor or the auctioneers may enter upon the purchaser’s premises (or such premises where the lot is held) in order to do so.

 12     RESPONSIBILITY FOR LOTS & COLLECTION OF LOTS

1. After the close of the sale such risk and duty shall devolve upon the purchaser to ensure the lot is used safely, kept secure and is in a legal condition to travel or operate and the auctioneer accepts no liability for damage loss or theft of any items.
2. Purchasers should in all cases make collection within four weeks of the conclusion of the auction unless other terms are stipulated at the time of sale or prior arrangements have been made. Purchasers risk forfeiting an item if not collected after this time period irrelevant of whether the item has been paid for in part or full. Where vendors request items to be removed after this period, or sooner than the end of this time period, purchasers will be given 2 weeks written notice either by email, post or both by the auctioneers and then have to make collection or forfeit the item and lose any right to collect or claim it.
3. Purchasers should not enter or arrive at a vendor’s property without the vendor agreeing to an appointment or having been provided with authorisation in the form of collection details from the auctioneers.
4. Where vendors, the auctioneers or contracted parties assist with the loading or removal of items no liability is held by the removing party in terms of damage, injury or method. Purchasers can and should make their own arrangements if they hold concerns.     

13      VALUE ADDED TAX

1. VAT at the statutorily prescribed rate will be charged in addition to the sale price on all lots, save that the auctioneer may elect to operate the statutory Auctioneer’s Margin Scheme in respect of lots offered on behalf of non-VAT registered vendors.

2. Purchasers from the United Kingdom shall supply the auctioneer with their VAT/FISCAL number at the time of purchase to enable the auctioneer to invoice purchased lots correctly. In the event of noncompliance with this Terms of Business, the auctioneer will charge VAT at the prescribed UK standard rate applicable at the date of the sale in addition to the sale price of all relevant lots.     
    
3. All purchasers from outside the United Kingdom agree to comply with requirements stated by the U.K. Government in relation to VAT. The purchaser is responsible for ensuring that they are up to date and aware of the statutory requirements.

14      WARRANTY AND INSPECTION OF GOODS

1. All lots are sold with all faults and imperfections and errors of description. Purchasers should satisfy themselves prior to the sale of the lots as to the condition of each lot and should exercise and rely on their own judgement as to whether the lot accords to its description. Neither the auctioneers, their staff or agents are responsible for errors of description or for the genuineness or authenticity of any lot. No warranty is given by the auctioneers, their staff or agents or by any vendor to any purchaser in respect of any lot and any express or implied conditions or warranties are excluded to the fullest extent permitted by law.

15      COMPLIANCE WITH ROAD TRAFFIC ACTS

1. The purchaser of any vehicle or trailer is responsible for complying with all legal requirements as to the construction and the use of such vehicle or trailer and for obtaining all certificates, permits or other authorisation necessary before such vehicle or trailer can be used on the road.
2. The purchaser of any lot is responsible for complying with all legal requirements regarding the safe use of items purchased at a sale and shall ensure compliance with all relevant legislation relating to the safe use of any item.

16        HEALTH AND SAFETY AT WORK ACT 1974 AND ALL OTHER ACTS AND REGULATIONS APPLICABLE TO HEALTH AND SAFETY

(i)          The purchaser of any lot is responsible for complying with all legal requirements as to the safe use of lots purchased at the sale and shall ensure compliance with all relevant legislation relating to the safe use of such lots.

(ii)         The purchaser will be deemed to have inspected any lot and will be solely responsible for ensuring that the lot complies with the Health & Safety at Work Act 1974 and in particular Sector Information Minute 01/2006/03 as issued or subsequently amended by the Health and Safety Executive or subsequent governing body prior to commencing use or work with such lot.

3. The purchaser will provide if requested by the vendor or the auctioneer acting as agent on behalf of the vendor a written undertaking pursuant to Section 6(8) of the Health and Safety at Work Act 1974 to confirm that all duties under Sections 6(1)(a) or 6(1a) of the Health & Safety at Work Act 1974 have passed to the purchaser at the fall of the hammer.

17      NOTIFICATION OF DEFECTIVE LOTS

(i)          Any purchaser disputing the accuracy of any description or alleging breach of warranty of the lot purchased shall notify the auctioneers as soon as practicable and no later than 12:00 noon on the fourteenth day following the close of the sale (and in any case, within two days of the item being collected) in which the lot was purchased. Complaints must be provided using the complaints form which is available upon request by emailing auctions@stags.co.uk setting out full details of the defect alleged.

(ii)         The auctioneers may appoint as arbitrator any person including but without limitation any partners of their own firm or any person in their employ who decision shall be final and binding on the vendor and the purchaser.

18     RE-SALE DUE TO FAILURE OF COMPLIANCE

(i)          On failure of compliance with the Terms of Business, the auctioneers may without prejudice to any other rights they may have, resell the lot or lots, either by public auction or private contract and the deficiency (if any) arising upon the resale together with all expenses shall be due as a debt by the defaulter of the first sale.

(ii)         The defaulter shall not be entitled to any surplus which may arise by such re-sale, which shall remain the property of the auctioneers.

4. Expenses shall be deemed to include the usual auctioneers’ commission on the re-sale and all expenses for porters, advertising, market tolls, carriage, care, storage, keep and otherwise.

19      AUCTIONEERS’ RIGHT TO ANNUL SALES

1. In the event of any dispute, refusal to pay, lack of communication or of non-payment on the part of the purchaser, the auctioneers may, entirely at their discretion, annul and cancel the sale of such lot or lots.

20      REMOVAL OF LOTS FROM STORAGE LOCATION

1. All lots whether sold or unsold may not be removed from the storage location without a pass or paid invoice for the removal of lots. Passes or paid invoices must be obtained from the auctioneers’ offices or by email or post. All lots must be checked out by a representative of the auctioneers or the vendors themselves.

(ii)          The purchaser has no right to anything not described in the sales description.

(iii)         The purchaser will be responsible for removal of lots at his own expense and must provide his own labour and equipment.  Such removal must be carried out safely and lawfully and in accordance with any conditions of sale of which the buyer is notified.

(iv)        All lots purchased must be cleared from the storage location within seven days of the date of the sale in which they were purchased unless otherwise stated or arranged.

2. The auctioneers reserve the right to sell entirely without reserve by auction at the next, or at any future sale, any sold or unsold lot which remains in the storage location for longer than the times specified in clause 20 (iv) above, unless they have received and accepted in their sole opinion a satisfactory explanation in writing from the purchaser or vendor as to why the lot remains in the storage location.

21           UNSOLD LOT CATALOGUES

1. In some but not all auctions, any unsold lots will be re-offered in an online unsold catalogue which will go live after the close of the auction.
2. Prospective purchasers will have the opportunity to submit a ‘buy it now offer’ or ‘ask a question’ via the online catalogue for the opportunity to purchase unsold items post auction. Highest bidders from the original auction will be given priority for any unsold item, for the first 48 hours, from the close of the sale. The unsold catalogue will be live for up to 14 days post the close of the original sale.
3. Any offer placed from any prospective purchaser will not be binding until confirmation has been received from a member of the Auctions team by way of receipt of invoice.
4. In all circumstances, the vendor and the auctioneers reserve the right to refuse the sale of any item offered within the unsold catalogue.