The Riyadh Car Show Auction 2019 - 22nd November 2019

www.silverstoneauctions.com 101 the sums set out in this Condition 13. All such sums shall be payable to SEVEN MODERN COMPANY TRADING as remuneration for the services performed by SEVEN MODERN COMPANY TRADING down to the date of withdrawal, and not by way of penalty or liquidated damages. 13.2 In all cases of withdrawal, the Seller shall be liable to pay SEVEN MODERN COMPANY TRADING 5% of the mid estimate value of the Lot, notwithstanding that commission of a lesser, or no, amount had previously been agreed, to reflect the time, effort, loss of publicity and buyer’s premium suffered by SEVEN MODERN COMPANY TRADING. In the event of a Lot having no reserve and therefore no estimate the Seller shall be liable to pay SEVEN MODERN COMPANY TRADING 5% of the auctioneer’s reasonable estimate. The fee shall be subject in each case to VAT and Expenses. 13.3.In the event that the Seller withdraws the Lot from the Auction, the Seller shall arrange for collection and removal of the Lot at his own expense within two working days after the date of withdrawal provided that the Seller may not collect the Lot unless and until any withdrawal fee payable under Conditions 13.2 and 13.3 shall have been paid in full. 14. Removal and Storage 14.1 The Seller shall arrange for the removal of any unsold Lot and the Buyer for the removal of purchased lots by the time specified in the vendor delivery instructions and key sale information in the auction catalogue or by other such time as agreed by SEVEN MODERN COMPANY TRADING 14.2 Failure to remove Lots pursuant to clause 14.1 above will entitle SEVEN MODERN COMPANY TRADING to charge the Seller or Buyer a removal charge, storage fees, insurance and other expenses and any costs incurred at the following rates: Motor Vehicle: Removal – 1,000 USD plus VAT Storage – 15 USD per day plus VAT Delivery can be arranged via CARS SHIPPING LLC - delivery by quotation. These fees apply unless stated otherwise in the Key Sale Information of the sale catalogue Automobilia: Removal – 25 USD plus VAT Storage –15 USD per day plus VAT 15. The Buyer 15.1 The Buyer shall be the highest bidder at the Hammer Price. Any dispute as to any bid shall be settled by the Auctioneer at his/her absolute discretion. 16. Buyer’s Premium The Buyer shall pay the Buyer’s Premium to SEVEN MODERN COMPANY TRADING and the Buyer acknowledges that SEVEN MODERN COMPANY TRADING may also receive the Seller’s Commission due to SEVEN MODERN COMPANY TRADING under Clause 10. 17. Payment 17.1 Once a lot is sold, the Purchase Price shall become immediately payable to SEVEN MODERN COMPANY TRADING. 17.2 Full payment for all Lots must be made to SEVEN MODERN COMPANY TRADING by 5:00pm the next Working Day. Payment can only be accepted in USD. For security reasons, payments by Debit or Credit card (VISA/Mastercard) will only be accepted where the cardholder is present. 17.3 No Lot may be collected until the Purchase Price has been received by SEVEN MODERN COMPANY TRADING and payments by a Buyer to SEVEN MODERN COMPANY TRADING may be applied by SEVEN MODERN COMPANY TRADING towards any such sums due from that Buyer to SEVEN MODERN COMPANY TRADING on any account whatsoever notwithstanding any directions to the contrary by the Buyer or his agent whether express or implied. 17.4 Title to the Lot will pass to the Buyer only when the Purchase Price in cleared funds has been received by SEVEN MODERN COMPANY TRADING. 17.5 Immediately a Lot is sold the risk shall pass to the Buyer notwithstanding that possession will not be given and title will not pass to the Buyer before payment of the Purchase Price. 17.6 The Buyer shall, at his own expense, remove the Lot purchased but not before payment in full to SEVEN MODERN COMPANY TRADING of the Purchase Price whether in respect of this or any other Lot. 17.7 Cash payments are not accepted as a payment method for the purchase price of the buyer. 18. Responsibility for Purchased Lots 18.1 The Buyer will be responsible for loss or damage to a Lot they have purchased from the fall of the hammer. Neither SEVEN MODERN COMPANY TRADING nor its employees or agents shall be responsible for any loss or damage unless caused by the negligence of SEVEN MODERN COMPANY TRADING, its employees or agents in the ordinary course of their duties to SEVEN MODERN COMPANY TRADING while the Lot is in SEVEN MODERN COMPANY TRADING custody or under its control. 18.2 The Buyer shall be responsible for all removals, insurance, storage and other charges on any Lot from the fall of the hammer (in accordance with Clause 11). 18.3 General department of Saudi Traffic will be notified of the change of owner within 5 working days following receipt of payment, using the details from invoice, unless otherwise stated. 18.4 Automobilia, watches & lifestyle Lots that have not been paid and collected by midday on the first working day following the sale will be sent to the buyer at the buyer’s expense. 19. Non-payment or Failure to Collect 19.1 If the Purchase Price is not paid in full, SEVEN MODERN COMPANY TRADING as the agent of the Seller, shall in its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following remedies:- 19.1.1 to remove, store (either at SEVEN MODERN COMPANY TRADING premises or elsewhere) and insure the Lot at the expense of the Buyer; 19.1.2 to charge interest at a daily rate equal to 4% pa over National Commercial Bank’s (SA) Base Rate on so much of the total amount due as remains unpaid after the date of and time referred to in clause 17.2; 19.1.3 to retain that or any Lot sold to the same Buyer at the same or any other auction of SEVEN MODERN COMPANY TRADING and to release it only after payment of the total amount due; 19.1.4 to apply any money due or to become due to the defaulting Buyer in or towards settlement of the total amount due and to exercise a charge or lien on any property of the Buyer which is in SEVEN MODERN COMPANY TRADING’s possession for any purpose. 19.1.5 take such steps as SEVEN MODERN COMPANY TRADING shall at its absolute discretion consider necessary to collect the monies due from the Buyer, and to agree terms for the payment of the Purchase Price; 19.1.6 to cancel the sale and refund any monies to the Buyer, or to cancel the sale to the Buyer and to purchase the Lot itself. If it does so, property in the Lot shall pass to SEVEN MODERN COMPANY TRADING on its election and SEVEN MODERN COMPANY TRADING shall remit the Purchase Price to the Seller within 14 Working Days of its election less the Seller’s Commission, Expenses and sums due to SEVEN MODERN COMPANY TRADING which would have been payable had the contract not been rescinded; 19.1.7 to appoint a solicitor and/or other agent to pursue any of the courses of action referred to in this clause 19, and the Seller hereby authorises SEVEN MODERN COMPANY TRADING to take any of the courses referred to in this clause, including the issue and prosecution of proceedings on the