The Silverstone Classic Live Online Auction 2020 31st July & 1st August 2020

262 The Silverstone Classic Live Online Auction 2020 Terms and Conditions GENERAL The following Terms (“Terms”) together with such other terms, conditions and notices as may be set out in any relevant catalogue apply to all sales by Silverstone Auctions Limited (“SA”) at auction or within 14 days after the auction. No alteration to the Terms will be binding unless accepted by SA in writing. The Terms may be amended by SA provided it is reasonable for it do so by the posting of notices prior to or during the sale. Nothing in the Terms shall affect the statutory rights of a consumer. Additional information applicable to the Auction may be set out in the Catalogue for the Sale, in an insert in the Catalogue and/or in a notice displayed via the online portal. Buyers should be alert to the possibility of changes. SA acts solely for and in the interests of the Seller. SA’s duty is to sell the Lot at the highest price obtainable at the Auction to a Buyer. SA does not act for Buyers in this role and does not give advice to Buyers. When SA or its employees make statements about a Lot it is doing so as agent for the Seller of the Lot. Buyers who are themselves not expert in the Lots are strongly advised to seek and obtain independent advice on the Lots and their value before bidding for them. This may include inspecting the Lot where available. DEFINITIONS 1. In these Terms: 1.1 “Auction” means the auction sale in respect of which a Lot is consigned for sale. 1.2 “Auctioneer” means the representative of SA conducting the Auction or their agent nominated to do so. 1.3 “Automobilia” means any memorabilia including but not limited to trophies, badges, programmes, models, prints and other collectables. 1.4 “Buyer” means the only person whose bid is accepted by SA to conclude the contract for the purchase of a Lot. 1.5 “Buyer’s Premium” means the amount payable by the Buyer to SA. Buyer’s premium on Motor Vehicles is 12.5% plus VAT at 20% and on Automobilia and Lifestyle goods is 12.5% plus VAT at 20%. 1.6 “Catalogue” the catalogue relating to the relevant Auction includes any webpage advertisement, brochure, estimate, price list or other publication relating to one or more Lots. 1.7 “Contract” means the agreement between the Buyer and the Seller on the successful bid of the Buyer on which the Lot is sold to them. 1.8 “Cataloguing Fee” means the sum of £250 (plus VAT at 20%) per motorcar, £125 (plus VAT at 20%) per motorcycle and £25 (plus VAT at 20%) per Automobilia item, payable by the Seller for each Lot entered into the Auction. 1.9 “Expenses” in relation to the sale of any Lot means SA’s charges and expenses payable by the Seller in addition to the Seller’s Commission including insurance, storage, illustrations, auction Entry Fee, cleaning costs, photography costs, catalogue costs, special advertising, packing and freight of that Lot and any VAT thereon. 1.10 “Hammer Price” means the price in pounds sterling at which a Lot is sold by the Auctioneer to the Buyer. 1.11 “Lot” means any item(s) consigned to SA with the view to its or their sale at Auction. 1.12 “Motor Vehicle” means any car or motorbike included or proposed to be included in a sale of motor vehicles together with spares, tools, documentation etc. stated as being part of the Lot. 1.13 “Purchase Price” means the Hammer Price together with the Buyer’s Premium and any additional charges due plus VAT. 1.14 “Reserve” means the minimum Hammer Price agreed between SA and the Seller at which a Lot may be sold. 1.15 “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 SA from the Seller. 1.16 “Seller” means the person who offers the Lot for sale, whether as agent or principal. 1.17 “Seller’s Commission” shall have the meaning given in clause 10. 1.18 “VAT” means Value Added Tax applicable at the prevailing rate at the date of the transaction. 1.19 “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 SA sells as agent for the Seller (except where SA is selling as principal, which SA 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. SA shall not be liable for any act or default by the Seller (except where selling as principal) or the Buyer. 3. DISCRETION 3.1 SA has the right as its sole discretion to refuse any bid, to divide any Lot, to combine two or more Lots, to withdraw any Lot and, in the case of dispute, to put any Lot up for Auction again. 3.2 If SA is notified about the Seller’s alleged breach of any of the Terms before it has remitted the Sale Proceeds to the Seller, it may at its sole discretion withhold payment until that dispute is resolved. SA may, however, deduct any sums that are due to it from the sum held. 3.3 Automobilia lots will be subject to an auctioneers 10% discretion on the reserve unless SA are notified in writing by the seller otherwise. 4. LOSS OR INJURY SA shall be under no liability for any injury, damage or loss sustained by any person while on SA’s premises (including any premises where a sale 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 SA, its employees or agents in the ordinary course of their duties to SA. 5. LOTS 5.1 The Catalogue contains details about each Lot. The description contained in the Catalogue, which may be online, is given on behalf of the Seller, from information supplied by the Seller for which SA is not responsible. Mileage is correct at time of cataloguing. 5.2 Photographs, Illustrations and diagrams contained in the Catalogue are for identification purposes only. They may not show the true condition and colour, (which may be inaccurately reproduced) of the Lot. 5.3 It is for any potential bidder to satisfy themselves as to each and every aspect of a Lot, including its originality, authorship, condition, provenance, history, background, authenticity, style, period, age, suitability, quality, roadworthiness (if relevant), origin, value and estimated selling price (including the Hammer Price), via the information provided online or in any Catalogue. No description of a lot carries with it an implication that it is fit for any particular purpose. 5.4 Each Lot is sold by its respective Seller to the Buyer. Lots