CONDITIONS OF BUSINESS FOR BUYERS 1. Introduction (a) The contractual relationship of Graham Budd Auctions Ltd and Sellers with prospective Buyers is governed by:- (i) these Conditions of Business for Buyers; (ii) the Conditions of Business for Sellers, available from Graham Budd Auctions Ltd on request; (iii) Graham Budd Auctions Ltd’s Authenticity Guarantee; (iv) any additional notices and terms printed in the sale catalogue, in each case as amended by any saleroom notice or auctioneer’s announcement. (b) As auctioneer, Graham Budd Auctions Ltd acts as agent for the Seller. Occasionally, Graham Budd Auctions Ltd may own or have a financial interest in a lot. 2. Definitions “Bidder” is any person making, attempting or considering making a bid, including Buyers; “Buyer” is the person who makes the highest bid or offer accepted by the auctioneer, including a Buyer’s principal when bidding as agent; “Seller” is the person offering a lot for sale, including their agent, or executors; “GB” means Graham Budd Auctions Ltd, Auctioneers and Valuers, registered at Lion House, Red Lion Street, London, WC1R 4GB, company number 5036951. “Buyer’s Expenses” are any costs or expenses due to Graham Budd Auctions Ltd from the Buyer; “Buyer’s Premium” is the commission payable by the Buyer on the Hammer Price at the rates set out in the Guide for Prospective Buyers; “Hammer Price” is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price; “Purchase Price” is the Hammer Price plus applicable Buyer’s Premium and Buyer’s Expenses; “Reserve Price” (where applicable) is the minimum Hammer Price at which the Seller has agreed to sell a lot. The Buyer’s Premium, Buyer’s Expenses and Hammer Price are subject to VAT, where applicable. 3.Examination of Lots (a) GB’s knowledge of lots is partly dependent on information provided by the Seller and GB is unable to exercise exhaustive due diligence on each lot. Each lot is available for examination before sale. Bidders are responsible for carrying out examinations and research before sale to satisfy themselves over the condition of lots and accuracy of descriptions. (b) All oral and/or written information provided to Bidders relating to lots, including descriptions in the catalogue, condition reports or elswhere are statements of GB’s opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at GB’s absolute discretion. 4. Exclusions and limitations of liability to Buyers (a) GB shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Counterfeit, subject to the terms of GB’s Authenticity Guarantee. (b) Subject to Condition 4 (a), neither GB nor the Seller:- (i) is liable for any errors or omissions in any oral or written information provided to Bidders by GB, whether negligent or otherwise; (ii) gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by English law), other than the express warranties given by the Seller to the Buyer (for which the Seller is solely responsible) under the Conditions of Business for Sellers; (iii) accepts responsibility to Bidders for acts or omissions (whether negligent or otherwise) by GB in connection with the conduct of auctions or for any matter relating to the sale of any lot. (c) Without prejudice to Condition 4(b), any claim against GB and/ or the Seller by a Bidder is limited to the Purchase Price for the relevant lot. Neither GB nor the Seller shall be liable for any indirect or consequential losses. (d) Nothing in Condition 4 shall exclude or limit the liability of GB or the Seller for death or personal injury caused by the negligent acts or omissions of GB or the Seller. 5. Bidding at Auction (a) GB has absolute discretion to refuse admission to the auction. Before sale, Bidders must complete a Registration Form and supply such information and references as GB requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent (in which case GB’s prior and express consent must be obtained). (b) GB advises Bidders to attend the auction, but GB will endeavour to execute absentee written bids provided that they are, in GB’s opinion, received in sufficient time and in legible form. (c) When available, written and telephone bidding is offered as a free service at the Bidder’s risk and subject to GB’s other commitments; GB is therefore not liable for failure to execute such bids. Telephone bidding may be recorded. 6. Import, Export and Copyright Restrictions GB and the Seller make no representations or warranties as to whether any lot is subject to import, export or copyright restrictions. It is the Buyer’s sole responsibility to obtain any copyright clearance or any necessary import, export or other licence required by law, including licenses required under the Convention on the International Trade in Endangered Species (CITES). 7. Conduct of the Auction (a) The auctioneer has discretion to refuse bids, withdraw or re-offer lots for sale (including after the fall of the hammer) if (s)he believes that there may be an error or dispute, and may also take such other action as (s)he reasonably deems necessary. (b) The auctioneer will commence and advance the bidding in such increments as (s)he considers appropriate and is entitled to place bids on the Seller’s behalf up to the Reserve Price for the lot, where applicable. (c) Subject to Condition 7(a), the contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer. (d) Any post-auction sale of lots shall incorporate these Conditions of Business. 8. Payment and Collection (a) Unless otherwise agreed in advance, payment of the Purchase Price is due in pounds sterling immediately after the auction (the “Payment Date”). (b) Title in a lot will not pass to the Buyer until GB has received the Purchase Price in cleared funds. GB will generally not release a lot to a Buyer before payment. Earlier release shall not affect passing of title or the Buyer’s obligation to pay the Purchase Price, as above. (c) The refusal of any licence or permit required by law, as outlined in Condition 6, shall not affect the Buyer’s obligation to pay for the lot, as per Condition 8(a). (d) On receipt of cleared funds, the buyer may collect lots from the saleroom during the auction and immediately after its completion. Thereafter all purchased lots will be transferred to GB's appointed shipper and independent storer, details of which are printed in the auction catalogue or available from GB on request. Purchased lots in the possession of the appointed company will be subject to their own Conditions of Business and insurance arrangements. (e) All packing and handling of lots is at the Buyer’s risk. GB will not be liable for any acts or omissions of third party shippers, storers or packers. 9. Remedies for non-payment Without prejudice to any rights that the Seller may have, if the Buyer without prior agreement fails to make payment for the lot within 5 working days of the auction, GB may in its sole discretion exercise 1 or more of the following remedies:- (a) store the lot at its premises or elsewhere at the Buyer’s sole risk and expense; (b) cancel the sale of the lot; (c) set off any amounts owed to the Buyer by GB against any amounts owed to GB by the Buyer for the lot; (d) reject future bids from the Buyer; (e) charge interest at 4% per annum above The Bank of England’s Base Rate from the Payment Date to the date that the Purchase Price is received in cleared funds; (f) re-sell the lot by auction or privately, with estimates and reserves at GB’s discretion, in which case the Buyer will be liable for any shortfall between the original Purchase Price and the amount achieved on re-sale, including all costs incurred in such re-sale, including any shipping, storing, packing, insurance and handling fees owed to third parties; (g) Exercise a lien over any Buyer’s Property in GB’s possession, applying the sale proceeds to any amounts owed by the Buyer to GB. GB shall give the Buyer 14 days written notice before exercising such lien; (h) commence legal proceedings to recover the Purchase Price for the lot, plus interest and legal costs; (i) disclose the Buyer’s details to the Seller to enable the Seller to commence legal proceedings. 10. Failure to collect purchases (a) If the Buyer pays the Purchase Price but does not collect the lot within 14 days of the auction, GB's appointed shipper and independent storer will begin charging a handling fee, storage charges and insurance fees. Lots will be fully subject to the appointed company's Conditions of Business including remedies for failure to collect property. (b) All packing and handling of lots is at the Buyer’s risk. GB will not be liable for any acts or omissions of third party shippers, storers or packers, or for any course of action taken under third party Conditions of Business including remedies for failure to collect property. 11. Data Protection (a) GB will use information supplied by Bidders or otherwise obtained lawfully by GB for the provision of auction related services, client administration, marketing and as otherwise required by law. (b) By agreeing to these Conditions of Business, the Bidder agrees to the processing of their personal information and to the disclosure of such information to third parties world-wide for the purposes outlined in Condition 11(a) and to Sellers as per Condition 9(i). 12. Miscellaneous (a) All images of lots, catalogue descriptions and all other materials produced by GB are the copyright of GB. (b) These Conditions of Business are not assignable by any Buyer without GB’s prior written consent, but are binding on Bidders’ successors, assigns and representatives. (c) The materials listed in Condition 1(a) set out the entire agreement between the parties. (d) If any part of these Conditions of Business be held unenforceable, the remaining parts shall remain in full force and effect. (e) These Conditions of Business shall be interpreted in accordance with English Law, under the exclusive jurisdiction of the English Courts, in favour of GB.