• Terms of Sale
The Buyer shall be the highest bidder at the Hammer Price. Any dispute as to any bid shall be settled by the Auctioneer at his absolute discretion. ALL BIDS ARE FINAL AT AUCTION. At auction there is no “cooling off period.” If you are awarded the final bid, ownership changes hands at the drop of the gavel. You own the merchandise and are responsible for payment in full. No bidder may retract a bid made during the sale for any reason.
Every bidder shall be deemed to act as principal unless prior to the commencement of the Auction there is a written acceptance by RM that a bidder acts as agent on behalf of the [named] principal.
No person shall be entitled to bid at the Auction without first having completed and delivered to RM a bidder’s registration form [and bidders attention is drawn to the information in the Catalogue under the heading “General Information”].
• Buyer’s Premium
The Buyer shall pay RM an amount equal to 12% of the Hammer Price for motor car lots and 17% for all other lots, including motorcycles and memorabilia (“the Premium”), together with VAT thereon (applicable at the prevailing rate in the UK on the auction date) and the Buyer acknowledges that RM may also receive the Seller’s Premium due to RM under Condition 10 in the catalogue.
• Value Added Tax
“VAT” is Value Added Tax applicable at the prevailing rate in the UK at the auction date (currently 20%)
• Terms of Payment
A contract of sale is made between the Seller and the Buyer on the acceptance of a bid by the fall of the Auctioneer’s hammer. RM is not a party to the contract of sale and has no liability for any act or default by the Seller or the Buyer.
Immediately after a Lot is sold, the Buyer shall a) give to RM his name and address and, if so requested, proof of identity if he has not already done so; and b) pay to RM the Purchase Price unless credit terms have been agreed with RM in writing before the Auction. Full payment for all Lots must be made to RM by 5:00pm the next business day. Payment may be made in GBP by wire transfer. Where the Buyer wishes to pay by cheque (supported by a Bank Letter of Guarantee) and RM has agreed that the Buyer may do so, the Lot will not be released until the cheque has been cleared. Please note that payment by credit or debit card is not accepted for this sale.
No Lot may be collected until the Purchase Price has been received by RM and payments by a Buyer to RM may be applied by RM towards any such sums due from that Buyer to RM on any account whatsoever notwithstanding any directions to the contrary by the Buyer or his agent whether express or implied.
Title to the Lot will pass to the Buyer only when the Purchase Price in cleared funds has been received by RM.
Immediately after a Lot is sold the risk shall pass to the Buyer notwithstanding that possession will not be given and title will not pass to the Buyer before payment of the Purchase Price. RM will not be responsible for any damage to or the loss or destruction of the Lot or any injury, loss or damage caused by the Lot unless caused by the negligence of or other breach of duty by RM, its employees or agents in the ordinary course of their duties to RM. The Buyer will compensate RM in full in respect of all claims and proceedings brought against RM in respect of any loss or damage to the Lot or injury, loss or damage caused by it not arising from the negligence of or other breach of duty by RM, its employees or agents in the ordinary course of their duties to RM.
Should a Buyer default on payment in any manner whatsoever, without limiting any recourse RM may have, Buyer agrees to pay RM all lost auction fees (which is the maximum published rates for (1) the seller’s premium, (2) the buyer's premium, and (3) the entry fee), this amount is due and payable without relief. Buyer will also be liable to seller for its damages. Buyer hereby authorizes RM to charge this amount to Buyers's credit card provided. Buyer agrees not to dispute this charge with the credit card company at any time. Buyer agrees to also pay RM’s costs of collection, including lawyer’s fees and costs.
• Conditions of Sale
Statements printed in catalogue brochures, signs, and window cards, and verbal statements made by auctioneers or auction staff are representations made by the Consignor and RM has no obligation to verify or authenticate any such claims or representations. Any announcements made at time of sale supersede any earlier printed information. Except as herein provided, all vehicles are sold as is, where is, with no representations or warranties, expressed or implied. SELLER AND RM AUCTIONS, LTD. DISCLAIM ALL WARRANTIES, EXPRESSED OR IMPLIED AS TO CONDITION, ORIGINALITY, OR AUTHENTICITY, ORIGIN OR PROVENANCE, PREVIOUS USE OR OWNERSHIP, MANUFACTURING OR RESTORATION PROCESSES, YEAR OR AGE, SERIAL NUMBER, MAKE, MODEL, OPTIONS, TOOLS, OR MILEAGE OF ANY VEHICLE OR COMPONENT OF ANY VEHICLE, AND SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTIBILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
• Risk of Loss
Buyer is responsible of all risk of loss or damage immediately upon purchase of the vehicle or item, which occurs at the time of sale when buyer is declared by the auctioneer to have the successful bid. Following the auction, all lots will be removed from the site and taken to a secure storage facility operated by Universal Classic Car Storage. The fee for this removal is compulsory and established at £250 + VAT for all motor car lots and £50 + VAT for all motorcycle lots. Storage fees will be waived until 16th Septmeber and from this point buyers will be charged £15 + VAT per day, per lot until payment has been received by RM Auctions and shipping arrangements have been made.
• Other Terms
Vehicles not marked as “no reserve” (or similar) are subject to a reserve bid set by the Consignor. When a vehicle is sold subject to such a reserve bid the auctioneer may bid on the Consignor’s behalf in an amount not to exceed the amount of the reserve bid.
Any and all terms of sale posted on the auction premises, printed in sale brochures or forms, posted on our website (www.rmauctions.com), publicly announced, or otherwise published are incorporated herein by reference. It is the bidder’s responsibility to familiarize themselves with these terms.
In the event either party brings action against the other from or relating to this bid card or any auction held in connection herewith, the prevailing party as, determined by the court, shall be entitled to recover its reasonable legal fees and costs. The Courts of England are to have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these Conditions of Business relate or apply. All parties agree that RM shall retain the right to bring proceedings in any court in addition to those of the Courts of England.
You are responsible for all bids made with this bidder number, whether or not made by you and whether or not authorized by you. If your bidder card is lost or stolen, immediately report same to RM as all bids made with this bidder number will be your responsibility.
