+ buyer’s premium of 15% plus VAT (18% incl VAT) 103 1.17 “Reserve” means the minimum price agreed between IA and the Seller at which a Lot may be sold. 1.18 “Sale Proceeds” means the net amount due to the Seller being the Hammer Price less the Seller’s Commission and VAT, Expenses and any other amount due to IA from the Seller. 1.19 “Seller” means the person who offers the Lot for sale, whether as agent or principal. 1.20 “Seller’s Commission” means the amount payable by the Seller to IA, calculated by reference to the hammer price. 1.21 “VAT” means Value Added Tax applicable at the prevailing rate at the date of the transaction (currently 20%). 1.22 “Working Day” means any day (other than a Saturday and Sunday) at which clearing banks in the city of London are open for the transaction of normal sterling banking business. 2. AGENT IA sells as agent for the Seller (except where IA is selling as principal, which IA will disclose in the Catalogue or otherwise in the Auction). The Contract for the sale of a Lot is between the Seller and the Buyer. IA shall not be liable for any act or default by the Seller (except where selling as principal) or the Buyer. 3. LOSS OR INJURY IA shall be under no liability for any injury, damage or loss sustained by any person while on IA’s premises (including any premises where an auction may be conducted or where a Lot, or part of a Lot, may be on view from time to time) except for death or personal injury, damage or loss caused by the negligence of or other breach of duty by IA, its employees or agents in the ordinary course of their duties to IA. 4. GOVERNING LAW Any transactions to which the Terms apply shall be governed by English Law and the Courts of England shall have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these Terms apply. 5. NOTICES 5.1 Any notices shall be deemed to have been received:- 5.1.1 if hand-delivered, at the time of delivery; 5.1.2 if sent by mail, two days after the date of posting. 5.2 In proving service by delivery:- 5.2.1by hand, it shall be necessary only to produce a receipt for the notice signed by or on behalf of the addressee; 5.2.2 by post, it shall be necessary only to prove that the notice was contained in a pre-paid envelope which was duly addressed and posted first class. 6. DATA PROTECTION 6.1 All information provided to IA will be treated confidentially and shall not be passed to third parties, except where necessary to complete a sale transaction or to facilitate transport by our partners. 6.2 IA reserves the right to pass on information when required by legislation, government authorities or the courts. 6.3 Telephone calls are recorded for training and monitoring purposes and may be used to assist in resolving any disputes which may arise in relation to bids during a Sale. 6.4 Photographs and video footage will be taken throughout the auction. These will be used by IA for marketing and publicity on our website, in social media, third party publications and other marketing collateral. The auction will be live streamed on our website and YouTube channel. Please speak to a member of staff at the registration desk if you have any concerns or if you wish to be exempted from this activity. Please note that we cannot be held responsible for any third party photography or video content of this event. 7. MISCELLANEOUS 7.1 You acknowledge and agree that IA, nor anyone employed by or representing IA, has not provided any legal or tax advice to you. 7.2 If any clause or part of any clause contained in the terms and conditions is held to be unenforceable or invalid this shall not affect the enforceability or validity of the remaining clause/s.