CONDITIONS OF SALE
THE PLACING OF A BID SHALL CONSTITUTE ACCEPTANCE OF THE CONDITIONS OF SALE
BIDDING
1) Unless
announced otherwise by the
auctioneer, all bids are per
lot, as numbered in the printed
catalogue applicable to such
auction (the “Catalogue”).
Harmers
International, Inc. (hereinafter
“Harmers”), as agent for the
consignor or vendor, shall
regulate the bidding and shall
determine the manner in which
the bidding shall be
constructed.
Harmers reserves the
right to withdraw any lot prior
to the commencement of bidding
(without liability to any
potential purchaser or agent),
to re-offer any withdrawn lot,
to divide a lot and to group two
or more lots belonging to the
same consignor or vendor.
Harmers has the right to
refuse any bid believed not made
in good faith, demand a cash
deposit from anyone prior to
bidder registration, or demand
payment at the time the lot is
knocked down to the highest
bidder for any reason
whatsoever.
Harmers requires new
customers submit a bidders
registration form at least ten
(10) days prior to the auction.
2) The
highest bid acknowledged by the
auctioneer shall prevail.
Should a dispute arise
between bidders, the auctioneer,
in his sole discretion, shall
determine who is the successful
bidder and whether to re-offer
the lot in dispute.
Should a dispute arise
after the sale, the auctioneer’s
sale records shall be
conclusive.
3.
On all lots sold, a commission of
18% on the hammer price is payable
by the buyer to Harmers
4.
(a) The auctioneer reserves the
right to bid on behalf of clients
(and consignors or vendors) but
shall not be liable for errors and
omissions in executing instructions
to bid, however received,
notwithstanding whether such errors
or omissions are those of the
bidder, the bidder’s agent or the
auctioneer.
(b) All lots
are offered subject to a reserve
price.
The auctioneer, at his
discretion, may implement such
reserve price by bidding on behalf
of the consignor vendor.
(c) It may also
be assumed that all consignors have
been advanced monies against the
sale of their stamps and Harmers
therefore has a security interest
over and above the auction
commission.
(d) Purchase made by a consignor or vendor or his
agent on his own lots shall be
considered as a sale and shall be
subject to commissions and sales tax
as set forth in these Conditions of
Sale.
(e) Agents
are responsible for all
purchases made on behalf of
their clients, unless other
arrangements have been confirmed
by Harmers in writing prior to
the auction.
PAYMENT FOR PURCHASES
5.
Payment for lots and the commission payable with respect thereto,
including those on which extensions are desired (see paragraph 9 of these
Conditions of Sale), shall be as follows:
(a)
Floor Bidders.
Payment of the purchase price and the commission applicable thereto, or such
part thereof as Harmers shall require, shall be made by the purchaser in
such manner as Harmers may determine.
The name and address of the purchaser of each lot shall be given to
the auctioneer immediately following the sale of such lot.
(b) Mail , On-Line and Telephone Bidders.
A successful bidder will be notified of lots purchased.
Before Harmers will send such lots, payment in full (including the
commission payable to Harmers) must be received by Harmers within three (3)
business days of receipt of the aforesaid notification.
However, a purchaser known to Harmers, or who furnishes satisfactory
references, may, at Harmers’ option, have purchases delivered or forwarded
for immediate payment in US dollars.
Mailed delivery will be to the registered address on the bid sheet
and receipt of proof of shipment to the registered address shall constitute
delivery. All charges for
handling, delivery, and insurance (to the extent obtained by Harmers on
behalf of the purchaser) shall be added to the purchase price.
Risk of loss in transit shall be on the purchaser.
(c)
Credit Card and PayPal Users are subject to an additional 3% fee and
may be requested for a bidding deposit.
6.
Title shall not pass to the purchaser until full payment has been
received by Harmers, as agent for the consignor or vendor.
7.
(a) Purchasers agree to pay for
lots as specified in paragraph 4 of
these Conditions of Sale and no
credit shall be extended.
A late payment charge of 2%
for the first month and 2 ½% for
each succeeding month compounded
shall be added and Harmers will
charge on-file credit cards if
payment is not made in accordance
with aforesaid conditions.
(b) In the event that a bidder shall fail to comply
with these Conditions of Sale (“Non-Complying Bidder”), then, as to any lot
with respect to which such failure to comply occurs, Harmers may, at its
sole discretion, re-offer such lot during the same auction or at an auction
at a later time, or by private treaty at such time at Harmers, at its sole
discretion, deems appropriate.
The Non-Complying Bidder shall be liable for the deficiency, if any, between
the hammer price and the net proceeds of a sale to a subsequent purchaser
(whether at auction or by private treaty), as well as for all costs and
expenses of both sales, all other charges due thereunder (including
commissions with respect to both sales, whether payable to Harmers or to a
third party) and all incidental damages related thereto.
It shall be at Harmers’ sole discretion to determine whether to
re-offer the lot theretofore hammered-down to a Non-Complying Bidder at the
same auction, or by private treaty in due course, or at a subsequent
auction, conducted by Harmers, and in no event shall any surplus arising
from the sale of a re-offered lot be payable to a Non-Complying Bidder.
(c) A
defaulting purchaser shall be deemed
to have granted Harmers a security
interest in property in Harmers
possession owned by such purchaser.
Harmers shall have all the
rights afforded a secured party
under the New York Uniform
Commercial Code with respect to such
property an may apply against such
obligations all monies held or
received by it for the account
against such obligations all monies
held or received by it for the
account of, or due from Harmers to
such purchaser.
(d) If Harmers takes any legal steps to secure payment
of a delinquent account, the defaulting purchaser shall be liable for all
legal and other expenses incurred by Harmers to secure such payment,
including but not limited to a reasonable allowance for attorneys’ fees.
For purposes of this paragraph, the term “legal steps” shall be
deemed to include any and all consultation by Harmers with its attorneys
with respect to all matters arising out of a delinquent account.
EXHIBITION AND INSPECTION OF LOTS; QUALITY
8.
(a)
On Premises Inspection and Postal
Viewing.
Ample opportunity is given
for on premises inspection prior to
the auction date and, upon written
request and at Harmers discretion,
for inspection by postal viewing
(all as detailed elsewhere in the
Catalogue).
(b) Each lot is sold as genuine and correctly
described, based on individual description as modified by any specific
notations in the Catalogue, including but not restricted to the section
thereof entitled “Key to Cataloguing”.
(c) Quality. Any lot which a
purchaser considers to be incorrectly described shall be returned to Harmers
within two weeks of its receipt by such purchaser (“Returning Purchaser”),
provided, however, that the same must be received by Harmers within four
weeks of the date of the auction.
Any lot, the description of which is disputed, must be returned
intact in the condition received by the purchaser.
Notwithstanding the foregoing, the following lots are not returnable,
except at the sole discretion of Harmers: (i) lots from purchasers who
attended the exhibition of lots; (ii) lots examined by postal viewing; (iii)
lots on account of their appearance, if they are illustrated in the
Catalogue; (iv) lots described as having repairs, defects or faults; (v)
U.S. stamps (through 1918) for reasons of paper inclusions; (vi) no
encapsulated stamp (unless originally offered in this condition); (vii) lots
containing more than ten (10) stamps; and (viii) contradictory grading
certificates.
EXTENSION OF TIME FOR CERTIFICATION
9.
When an opinion from a “generally recognized authority” is desired by the
purchaser:
(a) A request
for expertising must be made to
Harmers, in writing, within 7 days
of the date of the auction.
The request must include the
name and address of the “generally
recognized authority”.
The
“generally recognized authority”
must be approved, in writing, by
Harmers.
(b) Harmers,
and only Harmers, will submit the item to the agreed upon expert.
(c) If a
lot is certified by a “generally recognized authority” to be other than as
described, or the authority declines to express an opinion, this is normally
grounds for the return of a lot.
(d) Except
to the extent set forth in paragraph 10 of these Conditions of Sale, payment
of the expense of certification will be paid by the purchaser.
(e) In the
event that a dispute cannot be resolved by reference to a “generally
accepted authority” and Harmers thereupon undertakes to re-offer the lot
with a description identical to the description disputed, the Returning
Purchaser shall be liable for the deficiency, if any, between the proceeds
of the sale to the Returning Purchaser and the proceeds of a sale to a
subsequent purchaser, as well as for all costs and expenses of the re-sale,
including commission, and all incidental damages.
EXPENSES OF CERTIFICATION
10
Expenses of certification shall be borne by the purchaser, except where a
lot is certified “other than as described” and is returned to Harmers in
accordance with paragraph 9 of these Conditions of Sale.
Expenses incurred in the submission and the return of a lot under
paragraphs 8 or 9 of these Conditions of Sale are not refundable, except the
cost of the certificate itself.
SALES TAX
11.
Unless exempted by law, a purchaser shall pay
New York
State and local sales taxes, or
any compensating use taxes of any other State or government authority
(collectively, ���Taxes”). A purchaser
claiming an exemption from payment of any Taxes shall provide
evidence acceptable to Harmers of such exemption
APPLICABLE LAW, JURISDICTION, ETC.
12.
All matters arising out of this auction shall be governed by the laws of
the State of
New York, without giving effect to the
choice of law principles thereof.
13.
Any controversy or claim arising out of or relating to this auction shall
be settled by arbitration in the City of New York, State of New York by a
single arbitrator in accordance with Rules of the American Arbitration
Association and judgment upon the award rendered by the arbitrator may be
entered in any Court having jurisdiction, provided, however, that
notwithstanding the foregoing, if either party determines that emergency
relief is required in the nature of a temporary restraining order or
preliminary injunction that such party may, without being in violation of
this paragraph 13, commence such emergency proceedings without the
involvement of the American Arbitration Association or an arbitrator,
whether or not an arbitration proceeding has been commenced.
14.
The purchaser at auction (a) consents and submits to the jurisdiction of
the Courts of the State of New York and of the Courts of the United States
for a judicial district within the territorial limits of the State of New
York for all matters arising out of the auction sale, including with out
limitation, any action or proceeding instituted for the enforcement of any
right, remedy, obligation and liability arising under or by reason thereof;
and (b) consents and submits to the venue of such action or proceeding in
the City and Country of New York (or such judicial district of a Court of
the United States as shall include the same).
