BIDDERS’ CONDITIONS OF BUSINESS

1. Introduction.

1.1. Please ensure that you read and understand these Bidders’ Conditions of Business (“Conditions of Business”) prior to bidding on a motor car or any other lot (“Lot(s)”) at this or any other RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) auction (RMA and RMS together are “RM”). Even though the RM Conditions of Business are generally standardized, there are unique jurisdictional requirements and terms that may not apply to every auction, and it is each bidder in the auction (“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 Conditions of Business are subject to change from time to time and it will be posted on RM’s website and catalogue, as the case may be. It is each Bidder’s responsibility to apprise themselves of the Conditions of Business for each auction in which the Bidder wishes to participate. Bidders are encouraged to contact RM’s Client Service department at clientservices@rmsothebys.com with any questions or concerns regarding these Conditions of Business.

1.2. RM’s contractual relationship with the Bidders are governed by:

1.2.1. These Conditions of Business;

1.2.2. The Conditions of Business displayed on RM’s website;

1.2.3. The Conditions of Business announced and displayed in the auction salesroom;

1.2.4. The Key to Lot Symbols and/or Legend referenced in the auction catalogue and/or Lot description on www.rmsothebys.com (“Website”) as the case may be; and

1.2.5. In each case as amended by any salesroom notice, auctioneer’s announcement at the auction, or website update.

(Clauses 1.2 to 1.2.5 together are “Contractual Obligations”)

1.3. As auctioneer, RM acts as the agent for the relevant consignor of the Lot(s) (“Consignor”), and a sale contract is made directly between the Consignor and the winning Bidder (the “Buyer”).

1.3.1. Occasionally, RM may own a Lot(s) (and, in such circumstances, acts in a principal capacity as the seller) and/or may have a legal, beneficial, or financial interest in a Lot(s) as a secured creditor or otherwise, in which case RM will disclose such interest with appropriate Symbols and/or Legend referenced in the auction catalogue and/or auction lot description on the Website.

2. Bidder Due Diligence Responsibilities. The Bidder is responsible for any and all due diligence including but not limited to inspections and verification of the (originality, character, features, condition, correctness, authenticity, history or description, statements made in reference to, or any and all other matters regarding any Lot(s) offered in an RM sale (“Bidder Due Diligence”).

3. All Sales Are “As Is” and “Where Is.” No warranties or representations of any type whatsoever are made by RM or any Consignor to the Bidder regarding any Lot(s) offered in an RM sale. Lot(s) descriptions, statements printed in catalogues or online content, pre-mailers, advertisements, brochures, signs, and window cards, as well as verbal statements made by Consignors, auctioneers or auction staff, are based on statements and historical files, if any, collected from the Consignor and other third-party sources, and RM has no obligation to verify or authenticate any such statements. All Lot(s) 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 LOT(S) OR COMPONENT OF ANY LOT(S), AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.

4. Services. RM may provide auction services including a sale facility, clerks, support staff, event advertising, and promotion. In connection with the auction, RM will have absolute discretion with regard to the Lot(s) 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.

5. Registration Fee.

5.1. In order to register to bid onsite at auction, Bidders must pay a bidder registration fee as outlined below:

5.1.1. Up to a US$400.00 bidder registration fee for RMS American auctions;

5.1.2. Up to a US$200.00 bidder registration fee for RMA American auctions;

5.1.3. A €200.00 bidder registration fee for RMS Paris auctions;

5.1.4. A €200.00 bidder registration fee for RMS Monaco and Villa Erba auctions; and

5.1.5. A £150.00 bidder registration fee for RMS London, United Kingdom auctions.

5.2. Please note that the registration fees outlined in the clauses above are subject to change by any salesroom notice, auctioneer’s announcement at the auction, catalogue update, or website update, and it is each Bidder’s responsibility to apprise themselves of any changes to the registration fees.

6. Bidding at Auction. 

6.1. To bid at the auction, a Bidder must satisfy any and all RM bidder registration requirements which include, but are not limited to (i) being at least 18 years of age; (ii) providing RM with a copy of a valid form of government-issued identification; (iii) providing RM with bank letter written on bank letterhead; RM may waive this requirement at its sole discretion; (iv) providing RM with a copy of a credit card; and (v) providing RM with copies of any and all required financial documents including, but not limited to, financial references, guarantees, deposits, and/or such other security, at RM’s absolute discretion, as security for any bid (together “Bidder Registration Requirements”).

6.2. Please note that even if a Bidder has satisfied and/or met some or all of the Bidder Registration Requirements for previous RM 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.

6.3. If the Bidder does not satisfy and/or meet the Bidder Registration Requirements, RM, at its sole discretion, may not allow the Bidder to register to bid at the auction.

6.4. Once you have satisfied the Bidder Registration Requirements, you will be able to place bids against Lot(s) at the auction.

6.5. Once made, no Bidder may retract a bid made during the auction for any reason.

6.6. There is no “cooling-off period”, cancellation, or rescission of bids.

6.7. If at the end of the auction, you are awarded the final bid on a Lot, ownership automatically changes hands at the drop of the auctioneer’s hammer (or equivalent device or mechanism) or the close of the Lot (“Close of Lot”). At the Close of the Lot, you are now the legal owner of the applicable Lot(s) and are responsible for payment in full.

6.8. The Bidder is responsible for all risk of loss or damage and insurance immediately upon purchase of the Lot(s).

6.9. 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, the auctioneer and RM 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 Lot(s) in dispute. If any dispute arises after the sale, RM’s sale record is conclusive. At RM’s discretion, RM will execute 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 with the calling, displaying, accepting, or rejecting of bids.

6.10. 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.

6.11. If a Bidder would like an RM representative to bid on their behalf, they need to complete the corresponding RM Car Specialist as Agent Form attached as Attachment #1 to these Conditions of Business.

6.12. For further details on requirements to bid, please contact a client services representative at clientservices@rmsothebys.com.

7. Purchase Price. The purchase price shall consist of the following:

7.1. the Hammer Price (defined below) of the Lot(s), and

7.2. the applicable Buyers’ Premium (defined below).

(Clauses 7 to 7.2 together are “Purchase Price”)

8. Buyers’ Premium.

8.1. In addition to the Hammer Price, the Buyer is required to pay RM a percentage of the Hammer Price as outlined below, which RM retains as the Buyers’ Premium for the purchase of each Lot(s) (“Buyers’ Premium”).

8.2. RMS American auctions will have the following Buyers’ Premiums:

8.2.1. In the event of a final Hammer Price of US$250,000.00 and below on all motor car lots, RMS will receive a Buyers’ Premium of 12%.

8.2.2. In the event of a final Hammer Price above US$250,000.00 on all motor car lots, RMS will receive a Buyers’ Premium of 12% on the first US$250,000.00 and will receive a Buyers’ Premium of 10% on the Hammer Price above US$250,000.00.

8.2.3. 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 20% on the Hammer Price of those particular lots.

8.3. RMA American auctions will have the following Buyers’ Premiums:

8.3.1. RMA will receive a Buyers’ Premium of 10% on all motor car lots.

8.3.2. 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 15% on the Hammer Price of those particular lots.

8.4. RM European auctions will have the following Buyers’ Premiums:

8.4.1. In the event of a final Hammer Price of €200.000,00 and below on all motor car lots, RM will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium).

8.4.2. In the event of a final Hammer Price above €200.000,00 on all motor car lots, RM will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium) on the first €200.000,00 and will receive a Buyers’ Premium of 12.5% (plus VAT on the Buyers’ Premium) on the Hammer Price above €200.000,00.

8.4.3. 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 20% (plus VAT on the Buyers’ Premium) on the Hammer Price of those particular lots.

8.5. RMS London, United Kingdom, auctions will have the following Buyers’ Premiums:

8.5.1. In the event of a final Hammer Price of £200,000.00 and below on all motor car lots, RMS will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium).

8.5.2. In the event of a final Hammer Price above £200,000.00 on all motor car lots, RMS will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium) on the first £200,000.00 and will receive a Buyers’ Premium of 12.5% (plus VAT on the Buyers’ Premium) on the Hammer Price above £200,000.00.

8.5.3. 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 20% (plus VAT on the Buyers’ Premium) on the Hammer Price of those particular lots.

8.6. For those Bidders utilizing the online service Live Auctioneers for any RM auction, in addition to the applicable Buyers’ Premium, an additional 2% of the Hammer Price will be charged to the Buyer of a motor car lot, and an additional 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.

9. Taxes. The Buyer is responsible to pay all applicable taxes, duties, tariffs, and any and all other government mandated costs associated with purchasing Lot(s) (“taxes”). Further, as mandated in multiple applicable jurisdictions, RM is required to remit taxes; as applicable, RM will outline the additional taxes on your invoice.

10. No Legal or Tax Advice.

10.1. This agreement is an important legal document. The Bidder acknowledges that the Bidder has had the opportunity to consult an attorney before accepting this agreement 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 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. 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 a Lot(s) at the auction. A further condition of bidding at the auction is that the Bidder holds RM harmless from any and all tax or regulatory issues that arise due to Tax and Ownership Information (defined below) that RM provides.

10.2. In order to assist Bidders with this process, RM may provide information about the tax status of each Lot(s), as well as any ownership or registration papers that will be supplied with the respective Lot(s) (“Tax and Ownership Information”); however, this information is being provided merely to assist Bidders in their determination of their own tax and regulatory responsibilities.

11. Expenses and Fees: Expenses and fees as outlined in these Conditions of Business include, but are not limited, to transportation, duty, storage, insurance, and taxes (collectively “Expenses and Fees”). The Buyer will be required to pay the applicable Expenses and Fees to RM in addition to the Hammer Price and applicable Buyers’ Premium in accordance with clause 12 (Payment).

12. Payment.

12.1. Subject to fulfillment of the Contractual Obligations, at the Close of Lot, the contract between the Consignor and the Bidder is concluded and irrevocable.

12.2. The value of the last accepted bid upon the Close of Lot is the Hammer Price (“Hammer Price”).

12.3. Payment is due in full on or before 5:00 p.m. EST of the next business day (“Payment Deadline”), and payment is to be made to RM.

12.4. RM American auctions will be conducted in United States Dollars and all payments are required to be made in United States Dollars. Further, 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.

12.5. RM United Kingdom auctions will be conducted in Pound Sterling and all payments are required to be made in Pound Sterling. Further, all payments must be in the form of wire transfer unless other arrangements have been approved in advance.

12.6. RM European auctions will be conducted in Euro and all payments are required to be made in Euro. Further, all payments must be in the form of wire transfer unless other arrangements have been approved in advance.

12.7. For any purchases under $5,000.00 (or the currency in which the Lot(s) is offered for sale), the Bidder acknowledges and agrees that his/her credit card against which the CC Hold has been taken will automatically be used as the payment method for the Hammer Price of the Lot(s), applicable Buyers’ Premium, and Expenses and Fees. Special payment arrangements can be made for multiple Lot(s) purchases, which the Bidder is welcome to discuss with an RM representative upon completion of the auction.

12.8. For final purchases exceeding $5,000.00 (or the currency in which the Lot(s) is offered for sale), all payments must be in the form of wire transfer unless other arrangements have been approved in advance.

12.9. RM is not obligated to release the Lot(s) to the winning Bidder until the Buyer has met all of the Contractual Obligations and paid the Purchase Price plus applicable Expenses and Fees.

13. Non-Payment.

13.1. In the event that the Buyer does not pay any portion of the Purchase Price and applicable Expenses and Fees by the Payment Deadline, the Bidder agrees to and acknowledges that RM has the sole discretion to do any one or any combination of the following:

13.1.1. Cancel/rescind the sale of a Lot(s). If the sale is cancelled/rescinded due to non-payment, RM will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission.

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 plus applicable Expenses and Fees from the Bidder’s cash deposit and/or charge the Purchase Price and applicable Expenses and Fees 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 Expenses and Fees, 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 Expenses and Fees has 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 plus applicable Expenses and Fees has been made by the Buyer on the:

13.1.3.1. Purchase Price;

13.1.3.2. Applicable Expenses and Fees;

13.1.3.3. Any collection costs, attorneys’ fees, and court costs incurred to enforce payment; and

13.1.3.4. Other damages reasonably related to the Bidder’s non-payment.

13.1.3.5. 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 RM’S SOLE CHOICE OF COUNSEL), AND HOLD RM AND ITS AFFILIATES HARMLESS FROM ANY CLAIMS, DEMANDS, LOSSES, EXPENSES, DAMAGES, COSTS, ACTIONS, AND LIABILITIES, INCLUDING 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 LOT(S), THE NON-PAYMENT, OR RM’S ACTIONS TAKEN IN ACCORDANCE WITH CLAUSE 13.1.

14. Reserves.

14.1. Lot(s) not marked as “no reserve” (or similar) are subject to a reserve set by the Consignor. When a Lot(s) is sold subject to a reserve, the auctioneer may bid on the Consignor’s behalf in an amount not to exceed the amount of the reserve.

14.2. If RM contributes to the Hammer Price to meet a reserve, the reserve for the respective Lot(s) becomes the Hammer Price plus RM’s contribution for purposes of commissions.

15. 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 Lot(s) if the Bidder’s bid is successful. If the Bidder’s bid is successful, the Bidder is to pay the Purchase Price plus applicable Expenses and Fees, 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.

16. Cancellation/Rescission of Auction. 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, including but not limited to if RM believes the following events have occurred or have a reasonable chance of occurring:

16.1. Force Majeure events including but not limited to:

16.1.1. Any natural disaster, which despite reasonable efforts, restricts RM from holding the auction;

16.1.2. Structural damage to the auction venue prior to the auction, which despite reasonable efforts, restricts RM from holding the auction; and

16.1.3. Any terrorist event (including resulting governmental restrictions), pandemic, war, as well as any “guideline” or “recommendation” by government (local, state/province, federal/national) and/or accredited health organizations (including the World Health Organization) which despite reasonable efforts restricts RM from holding the auction in its contemplated form.

16.2. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to hold an auction that necessitate or make prudent a cancellation.

17. Cancellation/Rescission of Lot(s). RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of a Lot(s) and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission, including but not limited to if RM believes the following events have occurred or have a reasonable chance of occurring:

17.1. RM opines that the Lot(s) has been intentionally and materially misrepresented by the Consignor;

17.2. RM opines that physical damage to the Lot(s), which cannot be sufficiently repaired prior to the auction, occurred after this agreement was formed;

17.3. RM is served with a lawsuit or threatened with a dispute from a third party in relation to the Lot(s);

17.4. RM faces significant reputational damages that would cause monetary damages for offering or selling the Lot(s);

17.5. Material issues regarding title, registration, or transfer of ownership that cannot be reasonably cured or RM believes would expose it to claims or disputes from a third party;

17.6. Material issues regarding the provenance, merchantability, or authenticity of the Lot(s) that cannot be reasonably cured or RM believes would expose it to claims or disputes from a third party;

17.7. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to sell the Lot(s) at the auction that necessitate a cancellation; or

17.8. If there are disputes, claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of a Lot(s) 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 or rescind the sale of the Lot(s) and reimburse the payment to the Buyer if RM in its sole discretion deems the Buyer’s claims to be valid.

18. Online Services Are “As Available” and “As Is.”

18.1. Bidders may be able to bid via websites, telephone services, applications, RM’s online platform, and tools (collectively “Services”).

18.2. Although RM endeavors to keep the Services safe, secure, and functioning properly, RM cannot guarantee the continuous operation of or access to the Services or a Bidder’s ability to connect and navigate the Services. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RM’s control.

18.3. Bidders agree that they are making use of the Services at their own risk and that the Services are being provided to Bidders on an “AS AVAILABLE” and “AS IS” 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.

19. Bid Display. RM may use a bid display in the salesroom for informational purposes only. The bid and currencies listed on the bid display are not real-time bids or conversions pegged to market rates and are not to be relied on by anyone. Errors and inaccuracies may occur in the operation of the bid display. To be clear, the bid price stated by the auctioneer is the prevailing and binding bid price.

20. Credit Card Hold and Pre-authorization.

20.1. 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 20.2 (“CC Hold”), from the date of registration until the close of the auction. If the Bidder fails to pay for a Lot(s) 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 is not the Buyer of the Lot(s), the CC Hold will be removed from the credit card in accordance with the Bidder’s specific credit card companies’ procedures. Please note that RM may waive this requirement at its sole discretion.

20.2. A CC Hold as outlined below will be placed on the Bidder’s credit card:

20.2.1. A US$5,000.00 CC Hold for RMS American auctions;

20.2.2. A US$2,000.00 CC Hold for RMA American auctions;

20.2.3. A €5.000,00 CC Hold for RM European auctions; and

20.2.4. A £5,000.00 CC Hold for RMS London, United Kingdom auctions.

21. Title Transfer.

21.1. If the Buyer of a Lot(s) resides in an American state and, the purchased Lot(s) is titled in an American state, 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 as soon as possible following the auction with a target of a maximum of 20 business days following the auction; however, please note that for reasons beyond RM’s control, including any delays in lien releases by lien holder(s) and/or delays by Department of Motor Vehicles (or equivalent) in certain states, there are instances where the Buyer may not receive the title within 20 business days and, in those circumstances, RM will work to provide the titles to the Buyer as soon as possible. A US$75.00 administration fee or its equivalent in local currency of the auction location (US$85.00 in the State of California) will be assessed per motor car purchased, but this fee will not apply to nostalgia lots.

21.1.1. If a Lot(s) is rendered “Title in Transit”, it is unlikely that the Buyers will receive the title in the mail within 20 business days following the auction; however, RM will work to provide the titles to the Buyer as soon as possible.

21.1.2. The Buyer acknowledges that delays in transferring titles, including due to delays at government Motor Vehicle departments happen from time-to-time and, the Buyer will hold RM harmless from any allegations of damages arising out of government delays.

21.2. If the Buyer of a Lot(s) resides outside the United States, RM will use its reasonable efforts to assist with the transfer of ownership; however, it is the responsibility of the Buyer to transfer ownership in compliance with their jurisdictional rules and regulations.

22. Removal of Purchased Lot(s).

22.1. For RM American and European auctions, all purchased Lot(s) must be removed by the Buyer from either the auction site or the secure storage facility by the next business day by 5:00 p.m. in the applicable time zone where the auction is held (“RM Removal Deadline”).

22.1.1. Specifically, for RM American auctions:

22.1.1.1. If a Lot(s) is not removed by the RM Removal Deadline, the Buyer will be charged a removal fee of up to US$600.00 and a daily storage fee of up to US$30.00 until the Lot(s) is removed.

22.1.1.1.1. Please note that for RM auctions in Auburn, Indiana, no removal fee will apply.

22.1.2. Specifically, for RM European auctions:

22.1.2.1. The Lot(s) will be moved by RM from the auction site immediately following the auction and taken to a secure storage facility and the Buyer will be required to pay RM a moving fee of up to €600,00 plus VAT per Lot(s).

22.1.2.2. If a Lot(s) is not removed by the RM Removal Deadline, the Buyer will be charged a daily storage fee of up to €40,00 plus VAT per Lot(s) until the Lot(s) is removed.

22.1.2.3. Specifically, if a boat lot is not removed by the RM Removal Deadline, RM will remove the boat lot, and the Buyer 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.

22.2. For RMS London, United Kingdom, auctions:

22.2.1. All purchased Lot(s) will be moved by RMS from the auction site immediately following the auction and taken to a secure storage facility AND the Buyer will be required to pay RMS a moving fee of up to £600.00 plus VAT per Lot(s).

22.2.2. If the Lot(s) is not removed by noon on the next business day in the jurisdiction where the auction was held, the Buyer will be charged a daily storage fee of up to £40.00 plus VAT per Lot(s) until the Lot(s) is removed.

22.3. Please note that the Buyer is required to insure their Lot(s) while the Lot(s) is being stored on their behalf.

22.4. If the Lot(s) is not removed for one calendar year from the RM Removal Deadline and other arrangements have not been made, RM has the right to (i) auction the Lot(s), (ii) retain its standard Buyers’ Premium and other applicable Expenses and Fees, and (iii) return the remaining payment to the Buyer.

23. Legal Action.

23.1. The governing law and jurisdiction for any legal action will correspond with the currency that the Lot(s) is offered in, as follows:

23.2. For Lot(s) consigned in USD: These Conditions of Business shall be interpreted in accordance with the laws of the State of Michigan, U.S., 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 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 near Detroit, Michigan, before one arbitrator and all proceedings shall be conducted in English. The mediation and arbitration shall be administered by the American Arbitration Association pursuant to the AAA Commercial Arbitration Rules and Mediation Procedures. 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 this auction, 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 RM arising out of or related to these Conditions of Business or any claim or dispute between the parties regarding the Lot(s) or the auction shall be the Buyers’ Premium that would have been due under clause 8 of these Conditions of Business had the Lot(s) (a) met their reserve; (b) if offered without reserve, then the Lot’s published low estimate; or (c) if no published low estimate, then the Lot’s fair market value as determined by RM.

23.3. For Lot(s) consigned in EURO or British Pounds: These Conditions of Business shall be interpreted in accordance with the laws of England, 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 London, England, before one arbitrator, and all proceedings shall be conducted in English. The mediation and arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures or pursuant to JAMS’ Streamlined Arbitration Rules and Procedures. 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 Lot(s), 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 RM arising out of or related to these Conditions of Business or any claim or dispute between the parties regarding the Lot(s) or the auction shall be the Buyers’ Premium that would have been due under clause 8 of these Conditions of Business had the Lot(s) (a) met their reserve; (b) if offered without reserve, then the Lot’s published low estimate; or (c) if no published low estimate, then the Lot’s fair market value as determined by RM.

24. Packing and Shipping. RM is not responsible for the acts or omissions in our packing or shipping of purchased Lot(s) or of other carriers or packers of purchased Lot(s), whether or not recommended by RM. Packing and handling of purchased Lot(s) are at the entire risk of the Buyer.

25. 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, 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 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.

26. 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 applicable Anti-Money Laundering Laws and Regulations.

27. 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.

28. Translations.

28.1. 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 RM’s Conditions of Business will supersede.

28.2. If there is a discrepancy, contradiction, or question of interpretation in a description for a Lot(s), in print, 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.

29. COVID-19 Assumption of Risk and Waiver of Liability. If attending the auction in person, the Bidder agrees to the following:

29.1. The Bidder and any guests in the Bidder’s party, acknowledge the potential risks associated with COVID-19 exposure and voluntarily assume all risks related to exposure to COVID-19.

29.2. The Bidder agrees not to hold RM or any of their affiliates, directors, officers, employees, agents, contractors, third parties, vendors, guests, or volunteers liable for any issues associated with COVID-19 exposure.

29.3. If the Bidder has recently tested positive for COVID-19 or are experiencing any symptoms of COVID-19 including, but not limited to, fever, dry-cough, tiredness, aches and pains, difficulty breathing, shortness of breath or, have been in contact with someone with COVID-19 or suspected COVID-19, the Bidder will not permitted to attend the auction.

29.4. By attending the auction, the Bidder agrees to submit to a temperature check and to wear a mask at all times. The Bidder will only be exempt from wearing a mask while eating or, if the Bidder has been diagnosed with a medical condition that prohibits the wearing of a mask.

29.5. If the Bidder refuses to submit to a temperature check and/or does not wear a mask as outlined, the Bidder must leave the auction premises immediately and/or the Bidder will be escorted from the auction premises by security and, no refunds will be provided.

29.6. Information provided during bidder registration may be used in accordance with governmental COVID-19 rules and regulations and in accordance with RM’s Privacy Policy.

FOR RM CALIFORNIA AUCTIONS SPECIFICALLY:

30. 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.

31. Contract Cancellation Agreement. In the event of a successful bid, if a Lot(s) has a combined hammer price and Buyers’ Premium equaling less than US$40,000, under the Car Buyer’s Bill of Rights (FFVR 35), RM is required to offer a 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 Lot(s), and the Lot(s) will be deemed to have not sold.

32. Lot(s) Exhaust Warning. Operating, servicing and maintaining a passenger vehicle or off-road vehicle can expose you to chemicals including engine exhaust, carbon monoxide, phthalates, and lead, which are known to the State of California to cause cancer and birth defects or other reproductive harm. To minimize exposure, avoid breathing exhaust, do not idle the engine except as necessary, service your vehicle in a well-ventilated area and wear gloves or wash your hands frequently when servicing your vehicle. For more information go to www.P65Warnings.ca.gov/passenger-vehicle.

FOR RM EUROPEAN AUCTIONS SPECIFICALLY:

33. Lot(s) Under Temporary Import.

33.1. A temporary import bond is used in all EU sales. If a Lot(s) is brought into the EU from a country outside of the EU, the Lot(s) 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 Lot(s).

33.2. Lot(s) 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.

33.3. Should the Buyer decide for the Lot(s) to remain in the EU when purchased, the Buyer is responsible to pay any and all import fees for the Lot(s).

34. 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 consumer protection laws, the Buyer has the automatic statutory right for 14 calendar days after the Close of Lot (drop of hammer) to rescind the sale of the Lot(s). Nothing in this clause 34 shall affect any Buyer(s) legal rights that shall apply against the Consignor as a result of any applicable laws.

34.1. 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”).

34.2. RM reserves the right to make the reasonable determination as to whether a Consignor meets the definition of Business.

34.3. Bidders who exercise this right is responsible for any and all expenses associated with the Lot(s) including, but not limited to, transportation, duty, storage, insurance, and taxes.

34.4. If the Bidder exercises this right, they are advised to insure the Lot(s) until the Consignor re-takes possession of the Lot(s).

ATTACHMENT #1 TO BIDDERS’ CONDITIONS OF BUSINESS

RM CAR SPECIALIST AS AGENT FORM

The Bidder may choose to have an RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) (RMA and RMS together “RM”) Car Specialist place a bid on a Lot(s) on their behalf during the Monterey auction (“Auction”). In order for a RM Car Specialist to bid on the Bidder’s behalf, the Bidder must (i) provide the following information, (ii) select and initial beside a bidding option as outlined below, and (iii) sign their name at the bottom of this form:

MONTEREY AUCTION

Client Name:

Lot Number:

Bidding Options: I acknowledge and agree that an RM Car Specialist may bid on my behalf on the above referenced lot number at the Auction in accordance with the following selected option:

A. Up to US$______________________________ Hammer Price (as outlined and defined in the Auction Bidders’ Conditions of Business).
**Please note that the applicable Buyers’ Premium will apply.
_____________
Bidders’ Initials

OR

B. As Instructed.
**Please note that the applicable Buyers’ Premium will apply.
**Please note that if this Option is chosen, the Bidder will be required to provide the RM Car Specialist with their bidding instructions either via email or text message. Verbal bidding instructions will not be accepted.
_____________
Bidders’ Initials

If any dispute arises after the sale wherein an RM Car Specialist bid on behalf of a Bidder during the Auction, the Bidder acknowledges that RM will not be held responsible for any errors or omissions in connection with the calling/displaying/accepting of bids.

________________________________
Date

________________________________
Signature of Bidder