BIDDERS’ CONDITIONS OF BUSINESS
1. Introduction.
1.1 Please ensure that you read and understand these Conditions of Business prior to bidding on a motor car or any other lot at this or any other RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) auction (RMA and RMS together “RM”). Even though the RM Bidders’ Conditions of Business are standardized, there are unique jurisdictional requirements and terms that may not apply to every auction, and it is each Bidder’s responsibility to understand and review these Conditions of Business as they apply. By agreeing to these Conditions of Business, you are agreeing to be bound by these Conditions of Business for both RMS and RMA auctions. Please note that the Bidders’ Conditions of Business are subject to change, and it is each Bidder’s responsibility to apprise themselves of any changes to the Bidders’ Conditions of Business. Bidders are encouraged to contact RM’s Client Service department at clientservices@rmsothebys.com with any questions or concerns regarding these Bidders’ Conditions of Business.
1.2 RM’s contractual relationship with the Bidders is governed by:
1.2.1 these Bidders’ Conditions of Business;
1.2.2 the Bidders’ Conditions of Business displayed in the auction salesroom;
1.2.3 the Bidders’ Conditions of Business displayed on RM’s website; and
1.2.4 in each case as amended by any salesroom notice, auctioneer’s announcement at the auction, or website update.
(Clauses 1.2 to 1.2.4 together “Contractual Obligations”.)
1.3 As auctioneer, RM acts as the agent for the Consignor, and a sale contract is made directly between the Consignor and the Buyer.
1.3.1 Occasionally, RM may own a motor car or any other lot (and, in such circumstances, acts in a principal capacity as the Seller) and/or may have a legal, beneficial, or financial interest in a motor car or any other lot as a secured creditor or otherwise.
2. Services. RM agrees to act as an agent for the Bidders and provide auction services including, but not limited to, a sale facility, clerks, support staff, event advertising, and promotion. In connection with the auction, RM will have absolute discretion with regard to the motor car and any other lot or any RM auction as to (a) consulting any expert either before or after the sale, (b) researching provenance, (c) grouping and providing catalogue and other descriptions as may be appropriate, (d) marketing and promotion of the sale, and (e) any other services required to conduct the sale.
3. Registration Fee.
3.1 In order to register to bid onsite at auction, Bidders must pay a bidder registration fee as outlined below:
3.1.1 up to a $300 (USD) bidder registration fee for RMS North American auctions;
3.1.2 up to a $200 (USD) bidder registration fee for RMA North American auctions;
3.1.3 a €200 (EUR) bidder registration fee for RMS Paris auctions;
3.1.4 a €200 (EUR) bidder registration fee for RMS Monaco and Villa Erba auctions; and
3.1.5 a £150 (GBP) bidder registration fee for RMS London, United Kingdom, auctions.
4. Bidding.
4.1 To bid at an RM auction, a Bidder must be at least 21 years of age.
4.2 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 motor car or any other lot and are responsible for payment in full. No Bidder may retract a bid made during the sale for any reason.
4.3 The Bidder is responsible for all risk of loss or damage and insurance immediately upon purchase of the motor car or any other lot.
4.4 RM reserves the right to reject any bid. The highest Bidder acknowledged by the auctioneer will be the Buyer. The auctioneer has absolute and sole discretion in the case of error or dispute with respect to bidding and, whether during or after the sale, to determine the successful Bidder, to re-open the bidding, to cancel the sale, or to re-offer and re-sell the motor car or any other lot in dispute. If any dispute arises after the sale, RM’s sale record is conclusive. At RM’s discretion, RM will execute order or absentee bids and accept telephone bids and online bids via rmsothebys.com as a convenience to clients who are not present at auctions; RM is not responsible for any errors or omissions in connection therewith. Prospective Bidders should also consult rmsothebys.com for the most up-to-date cataloguing of the motor cars or any other lots.
4.5 By participating in the sale, the Bidder represents and warrants that any bid placed by them, or on their behalf, is not the product of any collusive or other anti-competitive agreement and is otherwise consistent with federal and state antitrust law. RM may require such necessary financial references, guarantees, deposits, and/or such other security, at their absolute discretion, as security for any bid. Please bear in mind that RM is unable to obtain financial references over weekends or public holidays.
5. Purchase Price.
5.1 The Purchase Price shall consist of the following:
5.1.1 the Hammer Price of the motor car or any other lot, and
5.1.2 the applicable Buyers’ Premium.
(Clauses 5.1 to 5.1.2 together “Purchase Price”.)
6. Buyers’ Premium.
6.1 In addition to the Hammer Price, the winning Bidder is required to pay RM a percentage of the Hammer Price, which RM retains as the Buyers’ Premium for the purchase of each motor car or any other lot (“Buyers’ Premium”).
6.2 RMS North American auctions will have the following Buyers’ Premiums:
6.2.1 In the event of a final Hammer Price of $250,000 (USD) and below on all motor car lots, RMS will receive a Buyers’ Premium of twelve percent (12%).
6.2.2 In the event of a final Hammer Price above $250,000 (USD) on all motor car lots, RMS will receive a Buyers’ Premium of twelve percent (12%) on the first $250,000 (USD) and will receive a Buyers’ Premium of ten percent (10%) on the Hammer Price above $250,000 (USD).
6.2.3 Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RMS a Buyers’ Premium of twenty percent (20%) on the Hammer Price of those particular lots.
6.3 RMA North American auctions will have the following Buyers’ Premiums:
6.3.1 RMA will receive a Buyers’ Premium of ten percent (10%) on all motor car lots.
6.3.2 Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RMA a Buyers’ Premium of fifteen percent (15%) on the Hammer Price of those particular lots.
6.4 RM European auctions will have the following Buyers’ Premiums:
6.4.1 In the event of a final Hammer Price of €200.000 (EUR) and below on all motor car lots, RM will receive a Buyers’ Premium of fifteen percent (15%) (plus VAT on the Buyers’ Premium).
6.4.2 In the event of a final Hammer Price above €200.000 (EUR) on all motor car lots, RM will receive a Buyers’ Premium of fifteen percent (15%) (plus VAT on the Buyers’ Premium) on the first €200.000 (EUR) and will receive a Buyers’ Premium of twelve and a half percent (12.5%) (plus VAT on the Buyers’ Premium) on the Hammer Price above €200.000 (EUR).
6.4.3 Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RM a Buyers’ Premium of twenty percent (20%) (plus VAT on the Buyers’ Premium) on the Hammer Price of those particular lots.
6.5 RMS London, United Kingdom, auctions will have the following Buyers’ Premiums:
6.5.1 In the event of a final Hammer Price of £200,000 (GBP) and below on all motor car lots, RMS will receive a Buyers’ Premium of fifteen percent (15%) (plus VAT on the Buyers’ Premium).
6.5.2 In the event of a final Hammer Price above £200,000 (GBP) on all motor car lots, RMS will receive a Buyers’ Premium of fifteen percent (15%) (plus VAT on the Buyers’ Premium) on the first £200,000 (GBP) and will receive a Buyers’ Premium of twelve and a half percent (12.5%) (plus VAT on the Buyers’ Premium) on the Hammer Price above £200,000 (GBP).
6.5.3 Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RMS a Buyers’ Premium of twenty percent (20%) (plus VAT on the Buyers’ Premium) on the Hammer Price of those particular lots.
6.6 For those Bidders utilizing the online service Live Auctioneers for any RM auction, in addition to the applicable Buyers’ Premium, an additional two percent (2%) of the Hammer Price will be charged to the Buyer of a motor car lot, and an additional three percent (3%) of the Hammer Price will be charged to the Buyer of a non-motor car lot, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing.
7. Tax.
7.1 The Buyer is responsible to pay all city, state, federal, provincial, territorial, and any and all other taxes due for which the Buyer does not qualify as exempt, subject to RM verification; proof of exemption is the Buyer’s responsibility. The Buyer is responsible for any applicable duty, import tariffs, charges, or any and all other required payments that are due upon the import of the motor car or any other lot to its final destination.
7.2 Although by no means an exhaustive list, please be aware of the tax scenarios below.
7.2.1 For auctions held in the United States, if the Buyer of a motor car or any other lot resides in an American state in which RM is registered to collect/remit sales tax, RM is required to collect/remit sales tax on the purchase of that motor car or any other lot. RM is registered to collect/remit sales tax in the following states: California, Florida, Indiana, Pennsylvania, Arizona, New York, and Michigan. RM reserves the right to collect/remit sales tax from residents from other jurisdictions if RM deems the collection/remittance of tax necessary.
7.2.2 For auctions in the EU, according to the EU VAT Directive, motor cars that have been in use for no more than six (6) months or that have been driven for no more than 6,000 kilometers are considered new means of transport and will be subject to VAT. Payment of VAT is the responsibility of the Buyer. Where applicable, RM may take a deposit from the Buyer equal to the amount of VAT due, which will be refunded upon receiving satisfactory evidence that the motor car has been transported to and registered in another EU country.
8. No Legal or Tax Advice. This agreement is an important legal document. The Bidder acknowledges that the Bidder has had the opportunity to consult an attorney before signing this agreement and has signed this agreement after having the opportunity to consult with an attorney of their own choosing. Notwithstanding any references to any transactions or arrangements in this agreement, or any contemporaneous written, oral, or implied understandings of the Parties relating to the subject matter of this agreement, RM has not provided legal or tax advice or tax planning services to the Bidder or for the Bidder’s benefit in connection with the transactions contemplated by this agreement, and no one at RM has acted as the Bidder’s attorney or tax advisor. It is the Bidder’s responsibility to satisfy themselves and comply with all applicable tax, duty, or any and all other payments associated with the purchase of a motor car or any other lot at an RM auction.
9. Payment.
9.1 Subject to fulfillment of the Contractual Obligations, on the fall of the auctioneer’s hammer or equivalent device or mechanism (“Hammer Price”), the contract between the Consignor and the Bidder is concluded; payment is due in full on or before 5:00 p.m. of the next business day (“Payment Deadline”), and payment is to be made to RM.
9.2 For RM North American auctions, all payments must be in the form of cash or certified funds unless other arrangements have been approved in advance. Cash payments will be reported according to U.S. federal government requirements.
9.3 For RM United Kingdom and European auctions, all payments must be in the form of wire transfer unless other arrangements have been approved in advance.
9.4 RM is not obligated to release the motor car or any other lot to the winning Bidder until the winning Bidder has met all of the Contractual Obligations and paid the Purchase Price plus applicable taxes.
9.5 In the event that the winning Bidder does not pay any portion of the Purchase Price plus applicable taxes by the Payment Deadline, the Bidder agrees to and acknowledges the following: If RM elects to pay the Consignor any portion of the Purchase Price plus applicable taxes, RM shall have all of the rights of the Consignor to pursue the Buyer for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Business. The Bidder hereby authorizes RM to deduct the Purchase Price plus applicable taxes from the Bidder’s cash deposit or to charge this amount to the credit card that the Bidder has provided. If the Bidder’s cash deposit and/or credit card payment does not cover the Purchase Price plus applicable taxes, in addition to other remedies available by law, RM reserves the right to impose, from the Payment Deadline until the full Purchase Price plus applicable taxes has been made by the Buyer, a late charge of ten percent (10%) interest per annum on the (1) Purchase Price plus applicable taxes, (2) maximum published Sellers’ Commission, (3) Buyers’ Premium, (4) applicable expenses, (5) any collection costs, attorneys’ fees, and court costs incurred to enforce payment, and (6) other damages.
10. All Sales Are “As Is” and “Where Is.” The Bidder is responsible for inspections and verification of the condition, authenticity, and completeness of any motor car or any other lot purchased. No warranties or representations of any type whatsoever are made by RM. Statements printed in catalogues, online content, pre-mailers, advertisements, brochures, signs, and window cards, as well as 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. Except as herein provided, all motor cars or any other lots are sold as is, where is, with no representations or warranties, expressed or implied. THE CONSIGNORS AND RM 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, OR MODEL; OPTIONS AND TOOLS; ENGINE HOURS; AND MILEAGE OF ANY MOTOR CAR OR ANY OTHER LOT OR COMPONENT OF ANY MOTOR CAR OR ANY OTHER LOT, AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
11. Reserves. Motor cars or any other lots not marked as “no reserve” (or similar) are subject to a reserve bid set by the Consignor. When a motor car or any other lot 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.
12. Absentee and Telephone Bidding. Absentee and telephone bidding are services provided by RM for the Bidder’s benefit, and RM cannot be held responsible for errors or omissions with respect to the bidding process, including failure to execute any bid. By submitting one or more bids, the Bidder has entered into a binding contract to purchase each motor car or any other lot if the Bidder’s bid is successful. If the Bidder’s bid is successful, the Bidder is to pay the Purchase Price plus applicable taxes, including the Buyers’ Premium and sales tax, if not otherwise exempt. It is the Bidder’s responsibility to provide proof of exemption from sales tax. By participating in telephone bidding, the Bidder acknowledges that RM has the right to record all telephone calls.
13. Cancellation/Rescission of Auction.
13.1 RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the auction and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:
13.1.1 Force Majeure events including but not limited to:
13.1.1.1 any natural disaster, which despite reasonable efforts, restricts RM from holding the auction;
13.1.1.2 structural damage to the auction venue prior to the auction, which despite reasonable efforts, restricts RM from holding the auction; and
13.1.1.3 any terrorist event, which despite reasonable efforts, restricts RM from holding the auction.
13.1.2 Government/Court action, order, injunction, regulation, or law that necessitates a cancellation.
14. Cancellation/Rescission of Motor Car or Any Other Lot.
14.1 RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of a motor car or any other lot and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:
14.1.1 RM opines that the motor car or any other lot has been intentionally and materially misrepresented by the Consignor;
14.1.2 RM opines that physical damage to the motor car or any other lot, which cannot be sufficiently repaired prior to the auction, occurred after this agreement was signed;
14.1.3 RM is served with a lawsuit from a third party in relation to the motor car or any other lot;
14.1.4 RM faces significant reputational damages that would cause monetary damages for selling the motor car or any other lot;
14.1.5 material issues regarding Title, registration, or transfer of ownership that cannot be reasonably cured;
14.1.6 material issues regarding the provenance, merchantability, or authenticity of the motor car or any other lot that cannot be reasonably cured; or
14.1.7 if there are legitimate claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of a motor car or any other lot not being authentic, being misrepresented, having an encumbered title or registration, having undisclosed material issue, or having a similar claim, RM has the right to retain the Buyer’s funds on account and be the arbitrator as to the merit of the Buyer’s claims and to cancel the sale of the motor car or any other lot and reimburse the payment to the Buyer if RM deems the Buyer’s claims to be valid.
15. Online Services Are “As Is” and “As Available.”
15.1 Bidders may be able to bid via websites, telephone services, applications, and tools (collectively “Services”).
15.2 RM tries to keep the Services safe, secure, and functioning properly, but RM cannot guarantee the continuous operation of or access to the Services. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RM’s control.
15.3 Bidders agree that they are making use of the Services at their own risk and that they are being provided to Bidders on an “AS IS” and “AS AVAILABLE” basis. Accordingly, to the extent permitted by applicable law, RM excludes all expressed or implied warranties, terms, and conditions, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
16. Currency Display. RM may use a currency display in the salesroom for informational purposes only. The currencies listed on the currency converter are not real-time conversions pegged to market rates and are not to be relied on by anyone. Errors and inaccuracies may occur in the operation of the currency converter. To be clear, the bid price stated by the auctioneer is the prevailing and binding bid price.
17. Bank Letter. Please note that in order to register to bid at an RM sale, RM requires that all Bidders provide a Bank Letter. All Bank Letters must be written on bank letterhead. Please note that RM may waive this requirement at its sole discretion.
18. Credit Card Hold and Pre-authorization.
18.1 Please note that in order to register to bid at an RM sale, RM requires a hold and pre-authorization to be placed on the Bidder’s credit card, which is dependent on the particular auction as listed in clause 18.2 (“CC Hold”). If the Bidder fails to pay for a motor car or any other lot purchased on or before 5:00 p.m. of the next business day following the auction, the Bidder acknowledges that their credit card will be charged the applicable CC Hold for the missed payment; please note that the Bidder is still bound to pay their remaining balance. The CC Hold will not be charged to their credit card if the Bidder makes full payment on or before 5:00 p.m. of the next business day following the auction. If the Bidder does not purchase a motor car or any other lot, their credit card will not be charged. If their credit card is not to be charged, the CC Hold should fall off their credit card within ten (10) business days, depending on their credit card company. Please note that RM may waive this requirement at its sole discretion.
18.2 A CC Hold as outlined below will be placed on the Bidder’s credit card:
18.2.1 a $5,000 (USD) CC Hold for RMS North American auctions;
18.2.2 a $2,000 (USD) CC Hold for RMA North American auctions;
18.2.3 a €5.000 (EUR) CC Hold for RM European auctions; and
18.2.4 a £5,000 (GBP) CC Hold for RMS London, United Kingdom, auctions.
19. Title Transfer.
19.1 For RM North American auctions, in an effort to ensure all titles are free and clear of liens or encumbrances, RM manages the process of title reassignment on behalf of the Buyer. Buyers will receive titles in the mail up to twenty (20) business days following the auction. A $75 (USD) administration fee or its equivalent in local currency of the auction location ($65 [USD] in the State of California) will be assessed per motor car purchased, but this fee will not apply to nostalgia lots.
19.2 For RM European and London, United Kingdom auctions, RMS will use its best efforts to ensure that all titles are free and clear of liens and encumbrances. Where possible, RMS will also assist with the process of title reassignment on behalf of the Buyer. RMS cannot however be held responsible for the successful completion of this procedure due to the various regional rules and guidelines.
20. Removal of Purchased Motor Car or Any Other Lot.
20.1 For RM North American and European auctions, all purchased motor cars, including motorcycles, boats, and trailers, must be removed from the auction site by the next business day by five PM (5:00 p.m.) in the applicable time zone where the auction is held (“RM Removal Deadline”).
20.1.1 Specifically, for RM North American auctions:
20.1.1.1 If a motor car (including motorcycles, boats, and trailers) is not removed by the RM Removal Deadline, the Buyer will be charged a removal fee of up to $600 (USD) and a daily storage fee of up to $40 (USD) until the motor car (including motorcycles, boats, and trailers) is removed.
20.1.1.1.1 Please note that for RM auctions in Auburn, Indiana, no removal fee will apply.
20.1.2 Specifically, for RM European auctions:
20.1.2.1 The Buyer will be charged a removal fee of up to €600 (EUR) plus VAT per motor car, and a daily storage fee of up to €40 (EUR) plus VAT per motor car until the motor car (including motorcycles, boats, and trailers) is removed.
20.1.2.2 Specifically, if a boat lot is not removed by the RM Removal Deadline, RM will remove the boat lot, and the Consignor is required to pay RM a removal fee plus VAT per boat lot and a daily storage fee plus VAT per boat lot. The removal fee and daily storage fee for a boat lot will be determined based on the size of the boat lot and therefore cannot be confirmed until the boat lot is consigned.
20.2 For RMS London, United Kingdom, auctions:
20.2.1 All purchased motor cars, including motorcycles, boats, and trailers, will be removed and taken to the CARS Europe storage facility located in either Chedburgh, Suffolk, United Kingdom, or Fairoaks Chobham, United Kingdom, by the next business day by twelve PM (12:00 p.m.) in the applicable time zone where the auction is held.
20.2.2 The Buyer will be charged a removal fee of up to £600 (GBP) plus VAT per motor car and a daily storage fee of up to £40 (GBP) plus VAT per motor car until the motor car (including motorcycles, boats, and trailers) is removed.
20.3 Regarding the collection of any non-motor car lots, including but not limited to memorabilia, jewelry, and clothing, from the auction site: Once the Buyer has made payment by the Payment Deadline, a direct shipping company will contact the Buyer. Please note that a reasonable memorabilia removal and storage fee will apply.
20.4 Please note that the Buyer is required to insure their motor car or any other lot while the motor car or any other lot is being stored on their behalf.
21. Legal Action.
21.1 For RM North American auctions, in the event that either party brings action against the other, arising from or relating to this auction, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees and costs. Jurisdiction for any action brought shall lie exclusively in a court of competent jurisdiction in the judicial district in which the auction is located.
21.2 For RM European auctions:
21.2.1 These Bidders’ Conditions of Business (and any dispute or claim relating to them, their subject matter, their enforceability, or their termination [including non-contractual claims]) are to be governed by and construed in accordance with English law.
21.2.2 The courts of England and Wales shall have jurisdiction to settle any claim, dispute, or issue, whether arising out of or in connection with these Bidders’ Conditions of Business or otherwise (including non-contractual claims). In the case of a dispute that is the subject of a claim by RM, such jurisdiction shall be non-exclusive. In any other case, such jurisdiction shall be exclusive, and the Buyer and Consignor agree that it will not institute proceedings in the courts of any country other than England and Wales.
21.3 For RMS’ Paris auctions:
21.3.1 These Bidders’ Conditions of Business (and any dispute or claim relating to them, their subject matter, their enforceability, or their termination [including non-contractual claims]) are to be governed by and construed in accordance with French law.
21.3.2 The courts of France shall have jurisdiction to settle any claim, dispute, or issue, whether arising out of or in connection with these Bidders’ Conditions of Business or otherwise (including non-contractual claims). In the case of a dispute that is the subject of a claim by RM, such jurisdiction shall be non-exclusive. In any other case, such jurisdiction shall be exclusive, and the Buyer and Consignor agree that they will not institute proceedings in the courts of any country other than France.
22. Packing and Shipping. RM is not responsible for the acts or omissions in our packing or shipping of purchased motor car or any other lot or of other carriers or packers of purchased motor car or any other lot, whether or not recommended by RM. Packing and handling of purchased motor car or any other lot are at the entire risk of the Buyer.
23. Data Use. The Bidders agree to allow RM to use their personal information in accordance with RM’s Privacy Policy. RM uses your personal information to provide services specifically tailored toward your requirements and to treat you in a personal way; to fulfill your agreements regarding the consignment and purchase of items at RM auctions and private sales; to provide you with information on upcoming sales; to carry out analysis and market research; to undertake targeted online advertising; to send status updates and service communications; to improve our websites, products, and services; to provide payment services; and for management and administrative purposes. The full Privacy Policy can be found at the bottom of the RM website homepage under the Privacy & Terms tab. If you wish to ask any questions regarding the use of your personal information, to request a full accounting of what personal information is on file with RM, or to unsubscribe to any services or purge your personal information from RM’s systems, please email privacy@rmsothebys.com.
24. Anti-Money Laundering. The Bidder agrees to provide all information and assistance reasonably requested by RM to comply with RM’s internal Anti-Money Laundering process and to comply with any and all Anti-Money Laundering Laws and Regulations in force in the jurisdiction in which the auction is held.
FOR RM CALIFORNIA AUCTIONS SPECIFICALLY:
25. Notice to Buyers as Required by the California Department of Motor Vehicles Code Section 11729. Failure of RM to comply with the terms of this agreement may be in violation of statute, which could result in criminal or administrative sanctions, or both. If you feel RM has not complied with the terms of this agreement, please contact an investigator of the Department of Motor Vehicles.
26. Contract Cancellation Agreement. In the event of a successful bid, if a motor car or any other lot has a combined hammer price and Buyers’ Premium equaling less than $40,000 (USD), under the Car Buyer’s Bill of Rights (FFVR 35), RM is required to offer a two (2) day contract cancellation option agreement to the successful Buyer. If the Buyer exercises this contract cancellation option, RM is obligated to return any funds paid by the Buyer and cancel the sale. If the sale is canceled, RM is under no obligation to pay the Consignor for the motor car or any other lot, and the motor car or any other lot will be deemed to have not sold.
FOR RM EUROPEAN AUCTIONS SPECIFICALLY:
27. Motor Car or Any Other Lot Under Temporary Import.
27.1 A temporary import bond is used in all EU sales. If a motor car or any other lot is brought into the EU from a country outside of the EU, the motor car or any other lot must be placed on either RM’s bond in the United Kingdom or one of RM’s nominated customs agencies for Paris, Monaco, or Italy. Fees and charges vary from sale to sale, and for some countries, this is also determined by the value of the motor car or any other lot.
27.2 Motor cars or any other lots subject to temporary importation restrictions cannot be discharged from RM’s custody without the completion of customs procedures and until full payment has been received. Customs charges will be levied appropriately depending on each individual scenario and will be payable directly to the relevant authorities, which RM will provide the details of as and when necessary.
27.3 Should the Buyer decide for the motor car or any other lots to remain in the EU when purchased, the Buyer is responsible to pay any and all import fees for the motor car or any other lots.
28. Translated Bidders’ Conditions of Business. If there is a contradiction due to translation in our Bidders’ Conditions of Business, please note that the French version of RM’s Bidders’ Conditions of Business will supersede.
FOR RMS’ PARIS AUCTIONS SPECIFICALLY:
29. Guarantee. Please note that RMS has placed a guarantee with QBE Insurance (Europe) Limited, a company incorporated in England with registered number 1761561 ("QBE"), Plantation Place, 30 Fenchurch Street, London, EC3M 3BD, to secure availability of sale proceeds as required by law.
