BIDDER’S CONDITIONS OF BUSINESS
1. Introduction.
1.1. Please ensure that you read and understand these Bidder’s Conditions of Business (the “Conditions of Business”) prior to bidding on a non-fungible token (the “NFT”) created by 1 OF 1 Limited (the “Artist”) utilizing PININFARINA S.p.A.’s (the “Consignor”) proprietary designs at an RM Auctions, Inc. d.b.a. RM Sotheby’s and any affiliated, executors, beneficiaries, successors, assigns, or designated companies (“RMS”) auction utilizing the RMS online platform.
1.1.1. For the avoidance of doubt, all references to NFT contained in these Conditions of Business including, but not limited to, reference of custody of the NFT, refer only to a token managed in a digital wallet, not any Referenced Content (defined below) to which the NFT releases and which was created by or at the direction of the Artist.
1.2. Each bidder in the auction (the “Bidder”) is responsible to understand, review, and agree to these Conditions of Business. As a Bidder, you are agreeing to be bound by these Conditions of Business for the auction. Please note that, these Conditions of Business are subject to change from time to time and will be posted on RMS’ website as the case may be. Bidders are encouraged to contact RMS’ Client Service department at clientservices@rmsothebys.com with any questions or concerns regarding these Conditions of Business.
1.3. RMS’ contractual relationship with the Bidders is governed by:
1.3.1. These Conditions of Business;
1.3.2. The Conditions of Business displayed on RMS’ website;
1.3.3. The Key to Lot Symbols and/or Legend referenced in the auction catalogue and/or NFT description on www.rmsothebys.com (the “Website”) as the case may be; and
1.3.4. In each case as amended by any notice, auctioneer’s announcement, or website update.
(Clauses 1.3. to 1.3.4. collectively, the “Contractual Obligations”)
1.4. As auctioneer, RMS acts as the agent of the Consignor of the NFT in the sale process.
2. Bidder Due Diligence Responsibilities. The Bidder is responsible for any and all due diligence including, but not limited to, researching the NFT offered at auction, appropriate maintenance responsibilities (including hosting), and security specifically relating to the NFT and Referenced Content (the “Bidder Due Diligence”).
3. Sale is “As Is” and “Where Is.”
3.1. The NFT offered by RMS is sold “as is” and “where is” and neither RMS, the Consignor, nor the Artist make any representations or warranties of merchantability, fitness for a particular purpose, correctness of the catalogue or other images, or descriptions of the quality, rarity, importance or historical relevance of the NFT. Additionally, neither RMS, the Consignor, nor the Artist represent that the NFT does not contain viruses or malware or, that it will function as any Bidder and/or winning Bidder (the “Buyer”) expects nor, without error or mistake. RMS expressly advises prospective Bidders that it is the Buyer’s sole responsibility to conduct pre-bidding diligence into and, that Buyer assumes all risk of loss or damage to the NFT upon transfer of the same to the Buyer including, and without limitation to, responsibility to provide appropriate maintenance (including without limitation hosting) and security relating to, the NFT and Referenced Content.
3.2. The Buyer further acknowledges that the Buyer is solely responsible for any risks associated with the transferring, creating, holding, storing, or use of NFTs or a digital wallet, as applicable, including network failures or disruptions; corrupted wallet files; viruses, phishing, bruteforcing, hacking, security breaches, mining attacks, or other means of attack against the NFT; risk of losing access to the NFT due to loss of private key(s); custodial or buyer error; regulatory interference in one or more jurisdictions; token taxation; personal information disclosure; uninsured losses; failure to provide appropriate maintenance (including without limitation hosting of Referenced Content); and other unanticipated risks. Neither RMS, the Consignor, nor the Artist will be responsible for any such risks or losses. Once risk passes to the Buyer, the Buyer irrevocably releases RMS, the Consignor, and the Artist and their affiliates from any and all claims, causes of action, liabilities, damages, losses, and expenses (including but not limited to reasonable attorneys’ fees) for loss of or damage to the NFT.
4. Bidding at the Auction.
4.1. All bids will be placed in USD ($).
4.2. Bidding on the NFT at the auction will open to registered Bidders on 24 May 2022 at 12:00 EDT and is expected to close on 26 May 2022 at 12:00 EDT.
4.3. To bid at the auction, a Bidder must satisfy any and all of the RMS Bidder registration requirements which include, but are not limited to, (i) being at least 18 years of age; (ii) providing RMS with a copy of a valid form of government-issued identification; (iii) providing RMS with a bank letter written on bank letterhead; RMS may waive this requirement at its sole discretion; (iv) providing RMS with a copy of a credit card; (v) providing RMS with copies of any and all required financial documents including, but not limited to, financial references, guarantees, deposits, and/or such other security, at RMS’ absolute discretion, as security for any bid; and (vi) not being subject to any bans or international sanctions or, the Bidder’s country being subject to a ban or sanction (together “Bidder Registration Requirements”).
4.3.1. If planning to pay via cryptocurrency the Bidder must, prior to the opening of the auction, complete all Bidder Registration Requirements and contact RMS’ Client Service department at clientservices@rmsothebys.com for further information on potentially utilizing BitPay to facilitate the use of cryptocurrency. In order to process cryptocurrency, there is a vendor fee of 1% that is applicable to the total Purchase Price. The embedded BitPay invoice includes the 1% added vendor fee. Please note RMS and BitPay reserve all rights to reject a payment with a cryptocurrency.
4.4. Please note that, even if a Bidder has satisfied and/or met some or all of the Bidder Registration Requirements for previous RMS auctions, all Bidders will be required to satisfy and/or meet the Bidder Registration Requirements for the auction specifically prior to being accepted to bid.
4.5. If the Bidder does not satisfy and/or meet the Bidder Registration Requirements, RMS, at its sole discretion, may not allow the Bidder to register to bid at the auction.
4.6. Once you have satisfied the Bidder Registration Requirements, you will be able to place bids against the NFT at the auction. To place a bid, the Bidder must follow the instructions and processes on the RMS online auction platform.
4.7. Once made, no Bidder may retract a bid made during the auction for any reason.
4.8. If a bid placed by another bidder exceeds your bid, you will be notified via the email address you provided during registration, and the webpage of the NFT will indicate you have been outbid.
4.9. If a bid is placed within the final two minutes of the bid acceptance period for the NFT, the auction period for the NFT will be extended by an additional two minutes to prevent a Bidder from trying to place a high bid in the final moments of the auction for the NFT.
4.10. There is no “cooling-off period”, cancellation, or rescission of bids.
4.11. If at the end of the auction, you are awarded the final bid on the NFT ("Close of Lot”), (i) you are now the legal owner of the NFT; (ii) you are responsible for payment in full; and (iii) subject to fulfillment of the Contractual Obligations, the contract between you and the Consignor is concluded and irrevocable.
4.11.1. To clarify, the term “Close of Lot” shall be defined as the time that the time-based auction expires.
4.12. The value of the last accepted bid upon the Close of Lot is the Hammer Price (“Hammer Price”).
4.13. RMS is not obligated to release the NFT to the winning Bidder until the Buyer has met all of the Contractual Obligations and paid the complete Purchase Price to RMS (defined below).
4.14. RMS 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, the auctioneer and RMS have absolute and sole discretion, 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 NFT in dispute. If any dispute arises after the sale, RMS’ sale record is conclusive. RMS is not responsible for any errors or omissions in connection with the calling, displaying, accepting, or rejecting of bids.
4.15. By participating in the auction, 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 applicable competition law.
4.16. For further details on requirements to bid, please contact a client services representative at clientservices@rmsothebys.com.
5. Ownership and Possession of NFT.
5.1. Legal and beneficial title in and to the NFT shall remain solely in and with the Consignor and/or the Artist until payment is made to RMS in accordance with clause 12 (Payment) of these Conditions of Business.
5.2. RMS will custody the NFT while it is offered in the auction and, upon RMS receiving complete payment of the Purchase Price, RMS will transfer ownership of the NFT to the Buyer. Please note, neither RMS nor the Consignor will insure the NFT.
5.2.1. In order to receive an NFT, the Buyer must have a digital wallet that is capable of supporting and accepting the NFT and which the Buyer, or the company the Buyer has registered as, owns and to which the Buyer has access. The Buyer understands and acknowledges that not all digital wallets can support storage of a non-fungible token and, that if the Buyer’s wallet does not support storage of the NFT purchased by the Buyer, the Buyer may lose access to that NFT. RMS will transfer the NFT to the wallet address specified by the Buyer and is not responsible for confirming that the Buyer has supplied RMS with the correct or a valid address and, neither RMS, the Consignor, nor the Artist are responsible if the transfer of the NFT to the Buyer’s wallet fails unless such failure is the result of RMS sending the NFT to a wallet address other than the one provided by the Buyer. The Buyer understands and acknowledges that if the Buyer fails to provide RMS with an address for a digital wallet that is capable of supporting and accepting the NFT within 5 business days of the conclusion of the auction or sale, RMS may, at its sole discretion, treat the NFT as transferred to the Buyer and hold the Buyer responsible for all resulting third-party fees (including, and without limitation to, custodial fees, insurance, network fees, taxes, transfer fees, etc.).
5.3. Prior to and during the auction, the visual artwork associated with the NFT (the “Referenced Content”) is hosted or stored by or at the discretion of the Consignor. To be clear, RMS does not have custody of the Referenced Content.
6. Purchase Price.
6.1. The purchase price shall consist of the following:
6.1.1. the Hammer Price of the NFT;
6.1.2. the applicable Buyers’ Premium (defined below);
6.1.3. if applicable, vendor fee of 1% if the Bidder is planning to pay via cryptocurrency; and
6.1.4. any applicable Expenses and Fees (defined below).
(Clauses 6.1. to 6.1.4. together are “Purchase Price”)
7. Buyer’s Premium. In addition to the Hammer Price, the Buyer is required to pay RMS a Buyer’s Premium of 25% of the Hammer Price for the purchase of each NFT (“Buyer’s Premium”). As the Artist created the NFTs, RMS and the Artist will share the Buyer’s Premium for the purchase of each NFT.
8. Taxes. The Buyer is responsible to pay all applicable taxes, duties, tariffs, and any and all other government mandated costs associated with purchasing the NFT (the “taxes”). Further, as mandated in multiple applicable jurisdictions, RMS is required to remit taxes; as applicable, RMS will outline the additional taxes on your invoice.
9. No Legal or Tax Advice.
9.1. These Conditions of Business are an important legal document. The Bidder acknowledges that the Bidder has had the opportunity to consult an attorney before accepting these Conditions of Business and, has entered into this agreement after having the opportunity to consult with an attorney of their own choosing. Notwithstanding any references to any transactions or arrangements in these Conditions of Business or, any contemporaneous written, oral, or implied understandings of the parties relating to the subject matter of these Conditions of Business, RMS 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 these Conditions of Business and, no one at RMS has acted as the Bidder’s attorney or tax advisor. As a condition of bidding at the auction, 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 the NFT at the auction. A further condition of bidding at the auction is that the Bidder holds RMS, the Consignor, and the Artist harmless from any and all tax or regulatory issues that arise due to Tax and Ownership Information (defined below) that RMS provides.
9.2. In order to assist Bidders with this process, RMS may provide information about the tax status of each NFT as well as any ownership or registration papers that will be supplied with the NFT (“Tax and Ownership Information”); however, this information is being provided merely to assist Bidders in their determination of their own tax and regulatory responsibilities.
10. Credit Card Hold. Please note that in order to register to bid at the auction, RMS requires a hold of up to $2,000 USD to be placed on the Bidder’s credit card from the date of registration until the close of the auction (“CC Hold”). If the Bidder is not the Buyer of the NFT, the CC Hold will be removed from the credit card in accordance with the Bidder’s specific credit card companies’ procedures. If the Bidder is the Buyer of the NFT, the Bidder will be required to make payment to RMS in accordance with clause 12 (Payment) of these Conditions of Business.
11. Expenses and Fees: Expenses and fees as outlined in these Conditions of Business include, but are not limited, to licenses and taxes (collectively the “Expenses and Fees”). The Buyer will be required to pay the applicable Expenses and Fees to RMS in addition to the Hammer Price and applicable Buyer’s Premium in accordance with clause 12 (Payment).
12. Payment.
12.1. Payment of the Purchase Price may be made to RMS either via traditional currency or via cryptocurrency in accordance with the clauses below.
12.2. If the Buyer elects to pay via traditional currency, (i) payment is due in full on or before 5:00 p.m. EST / EDT of the next business day following the auction (“Payment Deadline”) and (ii) payment of the Purchase Price must be in the form of wire transfer.
12.3. If the Buyer elects to pay via cryptocurrency, the Buyer must have, prior to the opening of the auction, completed all Bidder Registration Requirements and contacted RMS’ Client Service department at clientservices@rmsothebys.com for further information on utilizing BitPay to facilitate the use of cryptocurrency. In order to process cryptocurrency, there is a vendor fee of 1% that is applicable to the total Purchase Price. The embedded BitPay invoice includes the 1% added vendor fee. Please note RMS and BitPay reserve all rights to reject a payment with a cryptocurrency.
12.4. The Buyer will have 12-months from the date of the auction to redeem the NFT. At the end of the 12-month period, RMS nor the Consignor warrant or guarantee the delivery of the NFT.
13. Non-Payment.
13.1. In the event that the Buyer does not pay any portion of the Purchase Price by the Payment Deadline, the Bidder agrees to and acknowledges that RMS has the sole discretion to do any one or any combination of the following:
13.1.1. Cancel/rescind the sale of the NFT. If the sale is cancelled/rescinded due to non-payment, RMS will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission and, the Buyer will be liable for any losses or damages that may be caused to RMS and to the Consignor.
13.1.2. Assume 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.
13.1.3. Deduct the Purchase Price from the Bidder’s cash deposit and/or charge the Purchase Price 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, in addition to other remedies available by law, RMS reserves the right to impose, from the Payment Deadline until the full Purchase Price have been made by the Buyer, a late charge of (1) the U.S. Prime Rate then in effect, as published by The Wall Street Journal (“U.S. Prime Rate”) + 4.00% for up to the first 60 calendar days after the Payment Deadline and (2) the U.S. Prime Rate + 8.00% thereafter until the full Purchase Price has been made by the Buyer on the:
13.1.3.1. Purchase Price;
13.1.3.2. Any collection costs, attorneys’ fees, and court costs incurred to enforce payment; and
13.1.3.3. Other damages reasonably related to the Bidder’s non-payment.
13.1.3.4. Please note that the U.S. Prime Rate as outlined above will be adjusted daily to account for changes in the U.S. Prime Rate and may increase or decrease during the term of these Conditions of Business.
13.2. In the event of a non-payment, the Buyer will INDEMNIFY, DEFEND (WITH RMS’ SOLE CHOICE OF COUNSEL), AND HOLD RMS, THE CONSIGNOR, AND THE ARTIST AND THEIR AFFILIATES HARMLESS FROM ANY CLAIMS, DEMANDS, LOSSES, EXPENSES, DAMAGES, COSTS, ACTIONS, AND LIABILITIES, INCLUDING AND WITHOUT LIMITATION TO COURT COSTS AND ATTORNEYS’ FEES, OF WHATEVER KIND OR NATURE THAT MAY OR MAY NOT OCCUR, WHETHER KNOWN OR UNKNOWN, ON THE ACCOUNT OF, ARISING OUT OF, OR RELATED TO THE NFT, THE NON-PAYMENT, OR RMS ACTIONS TAKEN IN ACCORDANCE WITH CLAUSE 13.1.
14. Reserves.
14.1. The NFTs are subject to a reserve set by the Consignor. As the NFTs are sold subject to a reserve, the auctioneer may bid on the Consignor’s behalf up to and including an amount not to exceed the amount of the reserve.
14.2. If RMS contributes to the Hammer Price to meet a reserve, the reserve for the respective NFT becomes the Hammer Price plus RMS’ contribution for purposes of commissions.
15. Cancellation/Rescission of Auction.
15.1. RMS will use reasonable efforts to avoid cancellation/rescission; however, RMS has the sole discretion to cancel/rescind the auction and RMS will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RMS believes the following events have occurred or have a reasonable chance of occurring:
15.1.1. Force Majeure events including but not limited to:
15.1.1.1. Any natural disaster that, despite reasonable efforts, restricts RMS from holding the auction; and
15.1.1.2. Any terrorist event, pandemic (including resulting governmental restrictions), war, as well as any “guideline” or “recommendation” by government (local, state/province, or federal/national) and/or accredited health organizations (including the World Health Organization) that, despite reasonable efforts, restricts RMS from holding the auction in its contemplated form.
15.1.2. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to hold the auction that necessitate or make prudent a cancellation.
15.2. Neither RMS, the Consignor, nor the Artist shall be responsible for any unforeseeable malfunction, third-party custodial error, mining attack, hacking, exploited security weaknesses, blockchain malfunction or other technical error which could not reasonably have been prevented by reasonable diligence, telecommunications failure, use of malicious software, electromagnetic pulse, or other event beyond such parties’ control that results in loss or unavailability of the NFT or Referenced Content damage or corruption to the NFT or Referenced Content, or inability of the NFT to be transferred to RMS or to the Buyer.
16. Cancellation/Rescission of NFT.
16.1. RMS will use reasonable efforts to avoid cancellation/rescission; however, RMS has the sole discretion to cancel/rescind the sale of the NFT and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RMS believes the following events have occurred or have a reasonable chance of occurring:
16.1.1. RMS opines that the NFT has been intentionally or materially misrepresented by the Consignor;
16.1.2. RMS opines that physical damage to the NFT, which cannot be sufficiently repaired prior to the auction, occurred after these Conditions of Business were formed;
16.1.3. RMS is served with a lawsuit or threatened with a dispute from a third party in relation to the NFT;
16.1.4. RMS faces significant reputational damages that would cause monetary damages for offering or selling the NFT;
16.1.5. Material issues regarding title, registration, or transfer of ownership that cannot be reasonably cured, or RMS believes would expose it to claims or disputes from a third party;
16.1.6. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to sell the NFT at the auction that necessitate a cancellation; or
16.1.7. If there are disputes, claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of the NFT not being misrepresented, having an encumbered title or registration, having undisclosed material issue, or having a similar claim, RMS has the right to retain the Buyer’s funds on account and be the arbitrator as to the merit of the Buyer’s claims, including to cancel or rescind the sale of the NFT and reimburse the payment to the Buyer if RMS in its sole discretion deems the Buyer’s claims to be valid.
17. Auction is “As Available” and “As Is.”
17.1. All bids on an NFT will be via RMS’ online auction platform.
17.2. Although RMS endeavors to keep a safe, secure, and functioning auction, RMS cannot guarantee the continuous operation of or access to the auction or, a Bidder’s ability to connect and navigate the auction. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RMS’ control.
17.3. Bidders agree that they are making use of the auction at their own risk and that the auction is being provided to Bidders on an “AS AVAILABLE” and “AS IS” basis. Accordingly, to the extent permitted by applicable law, RMS 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.
18. Royalty.
18.1. After the sale of any of the NFTs, each NFT shall be held on OpenSea or other source which, may be provided by RMS with each NFT being attached with a digital contract which pays a royalty of 8% (the “Royalty”).
18.1.1. The Royalty is embedded in each NFT’s code that requires the seller of the NFT to pay the 8% Royalty.
18.1.2. The Royalty is a perpetual restrictive covenant on the sale of each NFT.
19. Exclusions or Limitations of Liability.
19.1. RMS, the Consignor, and the Artist are only selling the ownership rights to the NFT and are in no way responsible for any resales or secondary market sales of the NFT or the Referenced Content or any iterations of the same. Any copyright(s) in and to the NFT and Referenced Content, including but not limited to, any reproduction rights in any Referenced Content, remain with the creator(s) thereof, and the purchase of the NFT does not constitute an assignment thereof.
19.2. Transfer of ownership to an NFT will not guarantee continuing access to the Referenced Content to which it relates and you further acknowledge and agree to the risks associated with purchasing, using, transferring, and owning NFTs, as applicable, including, but not limited to, telecommunications, network, server, or blockchain failures, malfunctions, or disruptions; risk of losing access to the NFT due to lost or forgotten private key(s) or password(s) or corrupted wallet files; mis-typed addresses or incorrectly constructed transactions; viruses, phishing, bruteforcing, hacking, security breaches, mining attacks, or other means of cyber-security attack; custodial or buyer error; regulatory interference in one or more jurisdictions; token taxation; personal information disclosure; uninsured losses; and other unanticipated risks.
19.3. Neither RMS, the Consignor, nor the Artist will be liable for any special, consequential, indirect, incidental or punitive damages. In addition to the above, neither RMS, the Consignor, nor the Artist will be liable for any loss whatsoever related to damage or corruption to the Referenced Content, failure of the NFT to reference the Referenced Content, or loss of, or other security or persistence issues related to, the Referenced Content.
19.4. The Bidder agrees that they have sufficient understanding of NFTs, digital wallets and other storage mechanisms, cryptocurrencies, blockchain technology, and the use, characteristics, functionality, programming, and/or other material characteristics of all of the foregoing, to fully understand and agree to these Conditions of Business and the disclaimers and risks outlined herein, or have consulted with professional advisors in relation to the foregoing such that any participation by you in the auction of any NFT constitutes an informed acceptance of such disclaimers and risks.
20. Legal Action. These Conditions of Business shall be interpreted in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers’ Arbitration Institution in force on the date on which the Notice of Arbitration is submitted in accordance with these Rules, without regard to choice of law principles. Any dispute, claim, or controversy arising out of or relating to these Conditions of Business or the breach, termination, enforcement, interpretation, or validity thereof, including the determination of the scope or applicability of these Conditions of Business to arbitrate, shall exclusively be subject to arbitration, and shall first be subject to mediation as a condition precedent to arbitration. If mediation is unsuccessful, the parties shall proceed to arbitration in Zurich, Switzerland, before one arbitrator, and all proceedings shall be conducted in English. Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude the parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. In the event that either party brings action against the other, arising from or relating to the auction or the NFT, the prevailing party, as determined by the arbitrator or court, shall be entitled to recover its reasonable attorneys’ fees and costs, including through appeals. To the fullest extent permitted by law, the Bidder agrees that the maximum liability of RMS arising out of or related to these Conditions of Business or any claim or dispute between the parties regarding the NFT or the auction shall be the Buyer’s Premium that would have been due under clause 7 of these Conditions of Business had the NFT (a) met their reserve; (b) if offered without reserve, then the NFT’s published low estimate; or (c) if no published low estimate, then the NFT’s fair market value as determined by RMS.
21. Data Use. The Bidder agrees to allow RMS to use their personal information in accordance with RMS’ Privacy Policy. RMS 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 RMS auctions, the auction, 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 RMS 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 RMS, or to unsubscribe to any services or purge your personal information from RMS’ systems, please email privacy@rmsothebys.com.
22. Anti-sniping: If a bid is placed within the final two minutes of bids being accepted on an individual NFT, the auction for that individual NFT may be extended up to an additional two minutes to prevent a Bidder from trying to place a high bid in the final moments of the auction for that individual NFT.
23. Anti-Money Laundering. The Bidder agrees to provide all information and assistance reasonably requested by RMS to comply with RMS’ internal anti-money laundering process and to comply with any and all anti-money laundering laws and regulations.
24. Entire Agreement. This document shall be binding upon the parties and their respective heirs, personal representatives, and assigns. Except as otherwise expressly provided herein, these Conditions of Business shall not be modified, except in writing. Whenever used in these Conditions of Business, as the contract requires, the singular number shall include the plural, the plural number shall include the singular, the masculine gender shall include the feminine and neuter, the feminine gender shall include the masculine and neuter, and the neuter gender shall include the masculine and feminine.
25. Translations.
25.1. If there is a discrepancy, contradiction, or question of interpretation regarding enforceability between the English version of the Conditions of Business and a version of the Conditions of Business produced in a language other than English, the English version of RMS’ Conditions of Business will supersede.
25.2. If there is a discrepancy, contradiction, or question of interpretation in a description for an NFT, online or otherwise, between the English version of the description and a version produced in a language other than English, the English version will supersede.
26. Consumer Protection Rights. If the Consignor is a Business (defined below) AND the Buyer is a consumer AND the consumer has a right of withdrawal against the Consignor on the basis of EU and UK consumer protection laws, the Buyer has the automatic statutory right for 14 calendar days after the Buyer comes into possession of the NFT to rescind the sale of the NFT. Nothing in this clause 26 shall affect any Buyer(s) legal rights that shall apply against the Consignor as a result of any applicable laws.
26.1. The definition of Business for these Conditions of Business is a natural person or legal entity in the business of selling automobiles and acting for purposes relating to such business (“Business”).
26.2. RMS reserves the right to make the reasonable determination as to whether the Consignor meets the definition of Business provided that such determination is not inconsistent with applicable law.
26.3. Buyers who exercise this right are responsible for any and all expenses associated with the NFT including, but not limited to, transportation, duty, storage, insurance, and taxes.
