Terms and Conditions
 
V. SPANOS (Philatelists)
Terms and conditions of sale

January, 2004
Clause 1

(a) Each lot is put up subject to the reserve price (if any) imposed by the vendor. In the event of any reserve price not being reached V.SPANOS (Philatelists) has the power to sell by private treaty after the auction any lot at not less the reserve price as long as the goods remain on V.SPANOS (Philatelists) premises. In the event of such a sale these conditions of sale will apply.

(b) The seller warrants to V.SPANOS (Philatelists) and to the buyer that he/she is the true owner of the property or is properly authorised to sell the property by the owner and is able to transfer good and marketable title to the property free from any claim by a third party. The seller will indemnity V.SPANOS (Philatelists) its servants and agents and the buyer against any loss or damage suffered by either in consequence of any breach of the above on the part of the seller.

(c) A vendor who sends for sale by auction any items which is an asset of his business must disclose to V.SPANOS (Philatelists) whether or not he/she is a registered person for V.A.T. purposes. This information must be supplied on or prior to the delivery of the goods.

(d) Subject to sub-clause (a) of this clause. the highest bidder for each lot shall be purchaser.

(e) If any dispute arises as to the highest bidder V.SPANOS (Philatelists) shall have absolute discretion to determine the dispute and may put up again and re-sell the lot in respect of which the dispute arises.

(f) V SPANOS (Philatelists) has full discretion to refuse any bidding to divide any lot, to combine and offer lots as one lot and to withdraw any lot or lots from the sale without in any case giving any reason. VSPANOS (Philatelists) reserves the right to bid on behalf of clients, but shall not be liable for errors or omissions in executing instructions to bid.

Clause 2

(a) The bidding and advances shall be regulated by and at the absolute discretion &V.SPANOS (Philatelists) which shall have the right to refuse any bid or bids should it so decide.

(b) Each lot shall remain the property of the vendor until paid for in full. but shall be at the purchaser 's risk from the fall of the hammer. Each lot shall be paid for in full on delivery and taken away at his expense and by a purchaser overseas within 14 days of the date of sale, or such longer time as shall be agreed in writing between V SPANOS (Philatelists) and the purchaser (the onus for such prior arrangements lies with the prospective purchaser).

(c) The Purchaser shall pay a premium of 15% of the total amount realised on each lot (plus V.A T. at current rate on that premium) to V.SPANOS (Philatelists) for its retention which premium is in addition to any commission payable by the vendor.

(d) 11 any purchaser fails to pay in full within the time stated in subclause (b) of this cause, such lot may any lime thereafter at V.SPANOS (Philatelists)'s discretion be put up for sale by auction again or sold privately: the purchaser shall make good any difference in price, reduction in premium and costs of resale which shall become a debt due from him to the extent that any increased price on resale does not fully cover the amount of such debt.

(c) Interest at the rate of 2.5% per month or part thereof small be payable by the purchaser on any overdue account.

Clause 3

(a) Unless comprising two or more items ( in which case no such warranty is given) and subject to clause 3(b) of these conditions, each lot is sold as (i) genuine unless otherwise described in the sale catalogue or by V.SPANOS (Philatelists) and (i) correctly described. The date of any certificate forming part of the description of the lot will be included in the description.

(b) A purchaser shall be at liberty to reject any lot comprising three or less items only if he has made payment therefore in accordance with the provisions of clause 2 above and if he (5) gives V SPANOS (Philatelists) wrItten notice of intention to question the genuineness or, as the case may be, the accuracy of description of the lot within 21 days (or in the case of an overseas purchaser, a reasonable time) from the date of sale, AND (n) proves that the lot is not genuine or was incorrectly described; AND (in returns to V.SPANOS (Philatelists) Lid within 30 days from the date of sale the ;of in the same condition as it was at the time of sale provided that V SPANOS (Philatelists) may, at its discretion on receiving a request in writing from the purchaser, extend for a reasonable period the time for returns the certificate and items) to which such certificate relates. The onus and cost of proving a lot to be not genuine or incorrectly described is on the purchaser The inability of any recognised expert or expert committee to express a definite opinion shall serve to discharge the onus on the purchaser and shall be a ground for rejection of the lot concerned.

(c) Where a purchaser of a lot discharges such onus of proof and acts in accordance with sub-clause (b) of this clause. V.SPANOS (Philatelists) shall set aside the sale and repay to the purchaser the purchase money (including the buyers premium referred to in clause 2(c) above) paid by him in respect of the lot

(d) No lot shall be rejected if, subsequent to the sale, if has been marked or treated by any process whatsoever unless V.SPANOS (Philatelists) permission to subject the lot to such marking or treatment has first been obtained in writing.

(e) Any lots comprising two or more items, or miscellaneous lots containing items which are undescribed, shall be put up tor sale not subject and shall be taken by the purchaser with all (if any) faults, lack of genuineness and errors of description and numbers of items in the lot and the purchaser snail have no right to reject any such lot save that, notwithstanding the foregoing provisions of this sub-clause. where before a sale a person intending to bid at the sale, gives notice in writing to and satisfies V.SPANOS (Philatelists) that any such lot contains any item or items underdescribed in the sale catalogue and that person specifically describes that item or those items in that notice, then that item of those items shall. as between V.SPANOS (Philatelists) and that person, be taken to form part of the description of the lot for the purposes of sub-clause (a), (b) and (c) of this clause.

(f) No lot Illustrated in the catalogue shall be rejected on the ground of characteristics clearly apparent from the illustration.

Clause 4

V.SPANOS (Philatelists) operated a V.A.T. exclusively system and lots prefixed by the letter "T" in the sale catalogue are subject to V.A.T. unless exported by V SPANOS (Philatelists).

Clause 5

(a) By making a bid the purchaser acknowledges and accepts these Terms, Conditions and Notices and any special terms by V.SPANOS (Philatelists) to apply to any lot.

(b) Every bidder shall be deemed to act as principal unless there is in force a written acknowledgement by V.SPANOS (Philatelists) that helshe acts as an agent on behalf of a named principal.

Clause 6

These terms, Conditions and Notices and any Sale organised by V.SPANOS (Philatelists) shall be governed by English low and any actual or prospective purchaser hereby submits to the jurisdiction of the English courts in connection therewith.

SPECIAL NOTICES

1. Each lot is received in V.SPANOS (Philatelists) offices for the sale subject to V.SPANOS (Philatelists) standard Terms and Conditions of Sale and unless the contrary is expressed in writing by an interesting Vendor, each lot is accepted by V.SPANOS (Philatelists) for unreserved sale and will be sold without reserve. Written instructions as to reserves (if any) must reach V.SPANOS (Philatelists)'s offices at the latest on the day before the date of the sale and must be confirmed after receipt of advice note,
2. Correspondence from abroad relating to reserves must be in English with prices stated in British currency.
3. V SPANOS (Philatelists) will not be responsible for the loss of items received inadequately packed, mounted or arranged.
4. Unsold lots which have not been cleared will, after the expiration of six months from the date of sale, be sold to defray expenses.
5. Lots bid on and bought in by the vendor will be regarded as sold and liable for full commission (including buyers premium referred to herein).
6. Settlement is normally made one month after the final date of the auction except where V.SPANOS (Philatelists) has received notice of intention to question !he genuineness or accuracy of the description of a lot under clause 3(b) above when settlement for the lot will be delayed until a satisfactory opinion has been received Vendors should note that in exceptional cases this can take some months.
7. 'Buy' bids without upper limit can only be accepted on the condition that V.SPANOS (Philatelists) discretion is absolute.

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