TERMS FOR SELLING WITH LSK
TERMS FOR SELLING WITH LACY SCOTT &
STANDARD VENDOR'S COMMISSION: 14% plus VAT. If
a lot remains unsold on a reserve a commission charge of 5% of the
reserve price will apply at the Auctioneers' discretion.
ENTRY FEE: An entry fee of £2.50 per lot, plus VAT, will be
charged on all lots, irrespective of whether the lot receives a
INSURANCE: All goods on the Auctioneers' premises are covered by
an insurance policy against the risk of fire, burglary and water
damage. See clause 27 for further details.
BUYER'S PREMIUM: A Buyer's Premium rate of 17.5% of the hammer
price is payable by the Buyers of all lots exclusive 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 sale.
VAT: 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.
GENERAL: 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
DEFINITIONS: The Auctioneers means Lacy Scott & Knight of 10
Risbygate Street, Bury St Edmunds, Suffolk, IP33 3AA and at Market
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.
1. 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.
2. 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 Buyer.
3. 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.
4. 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.
5. 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.
6. 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 is not applicable.
7. 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
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 hereto.
9. 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 10% 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.
10. 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.
11. 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
will dispose of same without recourse to the Vendor.
12. 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.
13. 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.
14. 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.
15. No Vendor may bid, nor may any third party bid on a
16. 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.
17. The Auctioneers
are authorised to take reasonable steps to regulate the bidding and
to refuse undesirable bids at their discretion.
18. 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 sale.
19. 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.
20. 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
21. Payment is made by cheque or bank
transfer. Cheques are posted out and bank transfers processed
5 working days after the General sale and 10 working days after all
other sales. Please note that bank transfers take two days to
clear. 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
22. 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
23. 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.
24. 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 charges.
25. 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.
26. 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
27. Loss & damage; Lacy Scott & Knight is not
authorised by the FCA to provide insurance to its clients, and does
not do so. However Lacy Scott & Knight, for its own
protection, assumes liability for property consigned to us at the
agreed reserve price or the mid-pre-sale estimate if no reserve has
been agreed, until title passes to the buyer, or at our valuation
if no estimate has been agreed. Should an item(s) be subject
to a claim following its sale by auction, the settlement figure
will be the price achieved, less charges, and should the item be
subject to a claim following an auction where it has been unsold,
then the highest bid, if any, shall be the settlement figure.
28. The Auctioneers shall not be responsible for
accidental breakage, loss or damage howsoever caused unless
directly caused by negligence of their employees.
29. 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.
30. 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 Vendor.
31. 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.
32. 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