In these conditions the following words shall have the following meanings:
The Auctioneer. means THE COIN CABINET LTD.
Hammer Price. the price at which a lot is sold to the buyer
Buyer. the highest bidder for any lot acceptable to the Auctioneer
Seller. the person on whose behalf goods are offered for sale by the Auctioneer
Lot. goods delivered to the Auctioneer by the Seller for sale by auction
The Buyer
1. The highest bidder acceptable to the Auctioneer shall be the Buyer. The Auctioneer shall have absolute discretion to settle any disputes which arise and to refuse bids or to advance the bidding as seen fit.
2. When the lot is sold the buyer shall pay the Auctioneer in full the Hammer Price (plus V.A.T. if payable), together with a premium of 15.00% (excl. of V.A.T.) of the Hammer Price within 14 days of the sale.
3. In order to bid Buyers shall provide the auctioneers with name, address and telephone number, along with requested bank and other references if deemed necessary.
4. Where the Lot is marked by an asterisk (*), V.A.T. is payable on the hammer price at the standard rate.
5. The ownership of a lot shall not pass to the Buyer and the Buyer shall not be entitled to delivery of any lot until he has made full payment to the Auctioneer of the total amount due. Payment shall be deemed to have been made only after the Auctioneer has received cash or sterling bankers draft or the Buyer's cheque has been cleared.
6. All lots will be delivered via the Auctioneers delivery method of choice, which will depend on the order total and the Buyer’s location. The Auctioneer will provide a tracking number as a receipt of shipment. All lots will be insured during transit. An insurance cost of 0.5 % of the order total will be added to International shipments.
7. Should a Buyer fail to pay within the time frames set out in this terms and conditions, the Auctioneer will be required to pass collection over to a collection agency. This would entail a collection fee of 15 % of the value of the total order, payable by the Buyer. In addition to this the Auctioneer will after the 14 days be within their right to
(a) rescind the sale or any lots sold to the buyer;
(b) re-sell all or any lots by public auction or private treaty and any deficiencies in the purchase price resulting from such sale together with full costs incurred in connection with the lots or lots shall be paid to the Auctioneer by the buyer. Any surplus over the proceeds of sale shall go to the Seller;
(c) remove, store and insure (on any premises) the lot or lots at the expense of the Buyer;
(d) reject any bids made by or on behalf of of the Buyer at any future auction, or obtain part payment before accepting any future bids;
(e) apply any proceeds
8. (a) Items sold are normally of some age and are sold with any faults, imperfections and errors of descriptions.
(b) The Auctioneer accept responsibility for the authenticity of all coins in this auction.
(c) The Auctioneer does not accept responsibility for any grade mentioning or other attribution, authorship or estimated price of any lot and any representation or settlement by the Auctioneer in any catalogue, brochure, or advertisement only. Every person interested should exercise and rely on his own judgement as to such matters and neither the Auctioneer nor his employees or agents accept any responsibility for the correctness of such opinion.
(d) Where coins are sold in a plastic holder (“slab”) with a grade by a professional coin grading company, the professional coin grading company have their own warranty as to the authenticity and grade stated. The Auctioneer does not accept responsibility for these professional grading companies’ grades. Should the Buyer disagree with the grade on a slab they must themselves exercise their right to submit a coin for regrading and the Auctioneer should not be liable for any cost the Buyer incurs in doing so.
9. The Auctioneer will, on the Buyer's written instruction, by email or post, execute bids on their behalf, but neither the Auctioneer nor his employees nor his agents shall be liable for any neglect in so doing or failure to do so.