JOHN PYE & SONS – TERMS OF PARTICIPATION AND PURCHASE OF GOODS BY AUCTION
“Buyer Premium” refers to the premium of between 15% to 20% (as specified in the Important Notes) which is incurred on the Hammer Price of all Lots unless stated otherwise.
“Commission Bids” refers to any proxy bidding taking place in relation to any given auction as notified to JOHN PYE & SONS, including any proxy bids received up to 15 minutes before the relevant auction.
“Contract” means the contract for purchase formed between the Buyer and the Seller once the Hammer Price has been achieved.
“Defaulter’s Entry Fee” means the fee of £130 to be charged to the relevant party in the case of any Lot having to be re-auctioned otherwise than due to a fault of JOHN PYE & SONS.
“Deposit” means the cash (or as otherwise agreed) deposit paid by the potential buyer upon Registration of either £200 or £500 as notified by JOHN PYE & SONS in the Important Notes.
“Good(s)” includes any goods forming a Lot or Lots as described in the relevant Important Notes including but not limited to textile goods, digital, electronic, bespoke, and industrial goods and/or equipment.
“Hammer Price” shall mean the highest bid accepted by JOHN PYE & SONS including any VAT that may be included therein.
“Important Notes” means the notes associated with each auction including but not limited to the Health & Safety notes, viewing times, payment details, collection times, the amount of the Buyer Premium, VAT chargeable, and any other relevant terms relating to that particular auction and/or sale, and which in all cases are governed by these Terms.
“JOHN PYE & SONS” means John Pye and Sons Limited including but not limited to JOHN PYE & SONS who have the conduct of auctions from the rostrum and/or any other authorised representative thereof.
“Lot” means any single Good, group of Goods, or set of Goods sold at an auction on the Premises.
“Premises” means the premises in which the (JOHN PYE & SONS) auction is taking place, and, where relevant, the location where the individual Lot and/or Lots under the control of JOHN PYE & SONS are stored.
“Registration” means all or any one of the following as appropriate: (i) the payment of the Deposit in cash or electronically, or as otherwise notified by JOHN PYE & SONS in the relevant Important Notes; and (ii) the presentation of 2 forms of identification acceptable to JOHN PYE & SONS when requested; and (iii) the completion and submission of the Bid Slip.
“Seller” includes any prospective seller save where the context otherwise requires.
“VAT” means Value Added Tax. “Working Day” means any day that JOHN PYE & SONS is open to the public for business
<li?11.6 During an auction, potential Buyers can bid for a Lot by clicking the “Bid” button. Each bid shall be final and binding as soon as the Bid button is clicked