STANDARD TERMS AND CONDITIONS
TERMS FOR BUYING AND SELLING WITH LACY SCOTT &
STANDARD VENDOR'S COMMISSION:
13.5% plus VAT. If a lot remains unsold on a reserve a
commission charge of 5% of the reserve price will apply at the
An entry fee of £2.50 per lot, plus VAT, will be charged on all
lots, irrespective of whether the lot receives a bid.
All goods on the Auctioneers' premises are covered by an insurance
policy against the risk of fire, burglary and water damage.
A Buyer's Premium rate of 17.5% of the hammer price is payable by
the Buyers of all lots inclusive of VAT. This shall be
collected and retained by the Auctioneers. Buyer's Premium on
specialist auctions will be prominently displayed at the time of
All charges, including commission, photography, insurance,
advertising, transport and any other services provided, are subject
to VAT. Where indicated by an asterisk in the catalogue VAT is
payable on the hammer price.
Any notice by the Auctioneers to a Vendor consignor, prospective
bidder or Buyer may be given by first class mail to the addressee's
last address known to the Auctioneers and if so given shall be
deemed to have been duly received by the addressee 48 hours after
posting. These conditions shall be governed by and construed
in accordance with English law.
All transactions to which these conditions apply and all matters
connected with them shall also be governed by English law.
The Auctioneers shall have the right at their discretion to refuse
admission to their premises or attendance at their auctions by any
The Auctioneers means Lacy Scott & Knight of10 Risbygate
Street, Bury St Edmunds,Suffolk,IP33 3AAand atMarket
Place,Stowmarket,IP14 1DN. The Vendor means the person or
persons named on the schedule hereto. Where the vendor
comprises two or more persons the singular used in these conditions
shall include plural and any obligations on the part of the seller
should be joint and several.
The Property shall mean the items identified on the schedule
hereto. The Buyer shall mean a person or persons including a
firm or company making the highest bid for the Property or any part
thereof whose bid shall exceed or be equal to the reserve, if any,
under condition 10.
If there should be any dispute as to who is the Buyer the
Auctioneers' decision on this point shall be final. If a
bidder acts for any person who is not bidding, the bidder shall be
jointly and severally liable with that person for the satisfaction
of all obligations and liabilities to the Buyer.
- The Auctioneers are instructed by the Vendor to act as the
Vendor's agents to sell the Property by auction or private treaty
subject to the conditions.
- The Vendor warrants to Lacy Scott & Knight and to the Buyer
that he is the true owner of the Property or is properly authorised
to sell the Property by the true owner free from all
encumbrances. The Vendor of Property not held by the
Auctioneers on their sale premises or under their control, warrants
and undertakes to the Auctioneers and the Buyer that the Property
will be available and in a deliverable state on demand by the
- The Vendor will indemnify Lacy Scott & Knight its servants
and agents and the Buyer against any liability under the
misrepresentation act 1987 or the consumer protection act 1987 or
any statutory re-enactment thereof of any breach of these terms and
conditions of sale.
- Whilst every effort will be made by the Auctioneers to
catalogue the Property correctly, the Auctioneers shall not be
liable to the Vendor for any errors in the catalogue description
and the Vendor shall be liable to the Buyer for any errors in the
catalogue description whether or not such errors entitle the Buyer
to rescind the sale under the Auctioneers' conditions of Sale by
auction and omission to the salerooms.
- The Vendor authorises the Auctioneers to sell their Property on
the basis that they are sold as seen with all faults, imperfections
and errors of description.
- The Auctioneers as agents for the Seller are not authorised to
give any warranty in respect of the Property or any part thereof
and the Auctioneers should exclude any and every implied condition
or warranty relating to the Property otherwise except the warranty
as to title implied under Section 12 of the Sale of Goods Act 1979.
The Sale of Goods Act 1979 as amended isnotapplicable.
- The Vendor warrants that all information supplied to the
Auctioneers is accurate and indemnifies the Auctioneers against any
liability however arising in respect of any inaccuracies in the
above information and against all costs and expenses incurred by or
on the Auctioneers' behalf in dealing with any claim arising in
- All properties are put up for sale without reserve unless
written instructions are received at least 48 hours prior to the
sale or indeed a reserve is entered in the schedule
- Where a Vendor cancels instructions for sale or where a lot is
withdrawn for any reason other than misattribution or authenticity
Lacy Scott & Knight reserve the right to charge a fee equal to
the Vendor's unsold commission of 5% of the reserve or, in the
absence of a reserve by reference to an estimated price reasonably
fixed by the Auctioneers, plus VAT at the prevailing rate at the
date of the sale at which the goods are withdrawn.
- The Auctioneers are not authorised to sell the Property other
than to a Buyer at or more than or within 75% of the reserve price
as is the discretion of the Auctioneers.
- After any auction if the Property remains unsold the
Auctioneers shall be authorised to sell the Property at the next
appropriate sale, unless otherwise instructed by the Vendor that
the Property is withdrawn under Condition 9.In the event that the
property fails to attract the minimum bid of £5, the Auctioneer
reserves the right to dispose of same without recourse to the
- If the Property is unsold against a reserve the Auctioneers
shall be authorised to sell the Property at their earliest
convenience without any reserve being applied unless a revised
reserve is notified to the Auctioneers at least 48 hours prior to
the next appropriate sale.
- Should a dispute arise the Auctioneers are authorised by the
Vendor to determine the dispute and to put up the Property again at
the last disputed bid.
- The Vendor authorises the Auctioneers to bid on his behalf at
their discretion up to the amount of the reserve to buy in the
Property on the Vendor's behalf as unsold below the reserve or to
withdraw the Property as unsold if the reserve is not reached,
under Condition 10.
- No Vendor may bid, nor may any third party bid on a Vendor's
- The Vendor authorises the Auctioneers to bid on behalf of those
persons who have left with them before the auction written
authority to bid on their behalf. Neither the Auctioneers nor
their servants or agents being responsible for any neglect or
default relating to bids left to be made in that way, or for any
failure of telecommunications relating to bids made.
- The Auctioneers are authorised to take reasonable steps to
regulate the bidding and to refuse undesirable bids at their
- The Auctioneers have the Vendor's authority to divide any lot,
to combine any two or more lots or withdraw any lot or lots from
- The Vendor authorises Lacy Scott & Knight to deduct
commission at the stated rates, inclusive of VAT at the prevailing
rate on the day of the sale, in addition to expenses from the
hammer price and acknowledges Lacy Scott & Knight's rights to
retain the Buyer's Premium payable by the Buyer in accordance with
Lacy Scott & Knight's Condition of Sale.
- The Auctioneers may deduct their commission and charges from
any sum received by them from the Buyer and authorised by the
Vendor to retain the possession of the Property until such time as
all charges relating to the goods and the sale price plus Buyer's
Premium and VAT have been paid provided the Auctioneers have been
duly paid by the Buyer subject to the Conditions of Sale.
- Payment is made by cheque. Cheques are posted out 5
working days after the General sale and 10 working days after all
other sales. Unpresented cheques up to a value of £10 will be paid
into a charity account 6 months after the date of sale. Unpresented
cheques over £10 will be held on account for six years, after which
point they will be paid to charity. The Auctioneers shall pay the
Vendor the net proceeds of the sale unless any sum due to the
Auctioneers from the Vendor less any charges incurred within 21
days of the date of the sale BUT if by that date the Auctioneers
have not received the total amount due from the Buyer, then the
Auctioneers will remit the sum due to the Vendor within 5 working
days after the date on which the total amount is received from the
- If the Property or any part thereof sold as a separate lot
proved to be a deliberate forgery the Vendor authorises the
Auctioneers to repay the Buyer the purchase price including Buyer's
Premium and VAT already paid by the Buyer and the Vendor shall pay
to the Auctioneers a sum equal to the Buyer's Premium plus VAT at
the prevailing rate and in addition Conditions 12 and 19 shall
- The Vendor undertakes to notify the Auctioneers of any change
of address and shall be deemed to have had due and proper notice of
any matters relating to these Conditions.
- The Auctioneers can themselves undertake the collection of
goods or acting expressly as agents they will if necessary instruct
a Contractor on the Vendor's behalf. The Auctioneers disclaim
all responsibility for loss or damage of goods, for unauthorised
removal of goods and for damage to premises. The Auctioneers
reserve the right to make a storage charge for all goods held on
their premises. The Vendor will be liable for all removal
- The Auctioneers' reserve the right to store or arrange for the
storage of Property delivered to them for sale either on their own
premises or elsewhere, at their sole discretion.
- If the Property is left in the Auctioneers' possession for 7
days after written notification to the Vendor to remove them the
Auctioneers will charge £2 per lot per day for the storage plus VAT
at the prevailing rate and are authorised by the Vendor to sell the
Property at their discretion to defray costs and storage
- Unless otherwise instructed Lacy Scott & Knight will insure
all Property whilst in their custody against the risk of fire,
burglary and water damage (but not against accidental breakage or
damage). In respect of any article delivered to Lacy Scott
& Knight if the Vendor has in force a policy or policies of
insurance in which the article is specifically mentioned as being
insured, whether or not for an agreed sum or value, the Vendor
shall notify his insurers of and shall himself note Lacy Scott
& Knight's interests as bailee in such policy or policies.
- The Auctioneers shall not be responsible for accidental
breakage, loss or damage howsoever caused unless directly caused by
negligence of their employees.
- The Vendor of electrical or mechanical goods warrants and
undertakes to Lacy Scott & Knight that at the date on which the
Property is consigned to Lacy Scott & Knight that the same are
safe if reasonably used for the purpose for which they were
designed and free from any defect not obvious on external
inspection which could prove dangerous to human life or health and
will indemnify Lacy Scott & Knight, its servants and all agents
against any loss or damage suffered by any of them in consequence
of any breach of the above warranty and undertaking. In
accordance with law the Auctioneers will have electrical goods
tested for safety; the Vendor authorises the Auctioneers to make a
charge for this service.
- Any properties which the Auctioneers consider unsaleable or in
any way unsuitable may be disposed of at the Auctioneers'
discretion for which a charge will be incurred and is payable by
- The Auctioneers assume the right to take and use photographs at
their discretion for which a contribution shall be made by the
Vendor at the Auctioneers' discretion.
- A charge will be incurred solely at the discretion of the
Auctioneers for verbal valuations made on behalf of prospective
Vendors. This shall be refunded to the Vendor in the event of
instructions received to proceed with the sale of the Vendor's
Property within one calendar month of an initial valuation.