TERMS OF SALE – BUYERS
All of our auctions are governed by our Terms of Sale and any notices that are displayed in our saleroom, on our catalogue, or announced by the auctioneer at the auction. Please read our Terms of Sale set out on our website carefully before bidding in the auction. If your bid is successful, you will be obliged to comply with our Terms of Sale.
1. Definitions
1.1 The terms “you”, “yours”, etc., refers to the bidder, or buyer.
“Us”, “we” “our”, “Young’s”, etc. refers to the Auctioneer, whose sole proprietor is Christopher Young T/A Young’s Auctions, and whose registered office is at 10 Riverside Park, Dogflud Way, Farnham, Surrey, GU9 7UG.
“Bidder” refers to a person who places a bid for Goods at our auction.
“Buyer” refers to the person who makes the highest bid for the Goods accepted by the Auctioneer.
“Deliberate Forgery” means: (a) an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source; and (b) which is described in the catalogue as being the work of a particular creator without qualification; and (c) which at the date of the auction had a value materially less than it would have had if it had been as described;
“Goods” refers to the goods that you consign to us for sale at our auction.
“Hammer Price” refers to the level of the highest bid for the Goods accepted by the Auctioneer by the fall of the hammer.
“Principal” means a person or entity you are acting on behalf of for the purposes of the purchase of the Lot(s).
“Proceeds” refers to the Price less the Commission, the Premium, any expenses incurred to your account and any applicable VAT.
“Reserve” refers to the minimum price at which the Goods may be sold.
2. Bidding procedures and the Buyer
2.1. You must register your details with us before bidding and provide us with any requested proof of identity and billing information, in a form acceptable to us. We reserve the right, where we deem we are so required for regulatory purposes, to reveal your identity and contact details (and those of your Principal) to the Seller.
2.2. We strongly recommend that you attend the auction in person if possible. You are responsible for your decision to bid for a particular Lot. If you bid on a Lot, including by telephone and online bidding, or by placing a commission bid, we assume that you have carefully inspected the Lot and satisfied yourself regarding its condition.
2.3. If you instruct us in writing, we may execute absentee bids on your behalf. Neither we nor our employees or agents will be responsible for any failure to execute your absentee bid, unless our failure to do so is unreasonable. Where two or more absentee bids are recorded at the same level, we have the right to prefer the first bid made (where this can be reasonably ascertained).
2.4 There are a limited number of telephone lines available. A telephone bidder must expect to bid at the low estimate. Young’s Auctions cannot be held liable if we are unable to contact you on the given telephone number(s), and a backup bid has not been left.
2.5. The Bidder placing the highest bid for a Lot accepted by the Auctioneer will be the Buyer at the Hammer Price. However, the Auctioneer shall retain discretion on the running of the auction and in particular, retains the right not to accept a bid and to prefer a bid over any other bids received at the same time. Any dispute about a bid will be settled at our discretion. We may reoffer the Lot during the auction or may settle the dispute in another way. We will act reasonably when deciding how to settle the dispute.
2.6. Bidders will be deemed to act as principals (in other words, acting for their own account and not on behalf of someone else), even if the Bidder is acting as an agent for a third party.
2.7. We may bid on Lots on behalf of the Seller up to one bid below the Reserve.
2.8. We may refuse to accept any bid if it is reasonable for us to do so.
2.9. Bidding increments will be at our sole discretion (but will be in line with standard auction practice).
2.10. In the event you participate in the auction using the services of an Independent Bidding Platform, you will incur an additional fee or additional commission payable to that platform. This will be collected by us as part of the Total Amount Due in the event you are the Buyer of the Lot on which you bid.
2.10.1 Young’s Auctions cannot be held liable for any discrepancies observed whilst bidding on the independent bidding platforms. We will not be liable for any loss of opportunity or disappointment suffered as a result of participating in our auction.
3. The purchase price
3.1. As the Buyer, you will pay:
• The Hammer Price;
• A Premium of 30% (25% + VAT) of the Hammer Price;
• Any additional bidding fee payable by a Buyer bidding via an Independent Bidding Platform
4. Buyer Warranties
4.1. You warrant, and where you are acting on behalf of someone else, you will procure that your Principal warrants, that:
4.1.1. the funds to be used for the purchase of the Lot(s) are not connected with nor are derived from any criminal activity, including without limitation tax evasion, money laundering or terrorist financing;
4.1.2. neither you, nor any agent acting for you, nor your Principal, are to the best of your knowledge either under investigation, nor have you been charged with or convicted of without limitation tax evasion, money laundering, terrorist financing or other criminal activities; and
4.1.3. neither you, nor any agent acting for you, nor your Principal, are subject to Restrictive Measures or owned, partly owned or controlled by person(s) subject to such Restrictive Measures.
4.2. Where you are bidding on behalf of another person and you are an Art Market Participant, you warrant that: (i) you have conducted appropriate customer due diligence on the ultimate Buyer of the Goods in accordance with all applicable Money Laundering Legislation; (ii) upon request, you will provide us with any identification and any other relevant documentation you have obtained for customer due diligence purposes on the ultimate Buyer of the Goods; (iii) you consent to us relying on this due diligence; and (iv) you will retain for a period of not less than five years the documentation evidencing the due diligence.
4.3. Where you are bidding on behalf of another person and you are not a regulated Art Market Participant, you warrant that you will provide accurate and complete information about your Principal to us.
5. The contract between you and the Seller
5.1. The contract for the purchase of the Lot between you and the Seller will be formed when the hammer falls accepting the highest bid for the Lot at the auction.
5.2. You may directly enforce any terms in the Terms of Consignment against a Seller to the extent that you suffer damages and/or loss as a result of the Seller’s breach of the Terms of Consignment.
5.3. If you breach these Terms of Sale, you may be responsible for damages and/or losses suffered by a Seller or us. If we are contacted by a Seller who wishes to bring a claim against you, we may in our discretion provide the Seller with information or assistance in relation to that claim.
5.4. We normally act as an agent only and will not have any responsibility for default by you or the Seller.
5.5. In addition to any other rights we may have to cancel a contract for sale under these Terms of Sale, we may delay completion of a sale, delay release of a Lot or cancel the sale of a Lot in the event:
5.5.1 you are in breach of your warranties in Clause 4; or
5.5.2 we have not completed our enquiries pursuant to the Money Laundering Legislation to our satisfaction; or
5.5.3 we have reason to believe that the transaction might be unlawful for any reason, or that the sale might put us under any civil or criminal liability.
6. Payment
6.1. Immediately following your successful bid on a Lot you will:
6.1.1. give to us, if not already provided to our satisfaction, proof of identity in a form acceptable to us (and any other information that we require in order to comply with our anti-money laundering obligations
6.1.2. pay to us the Total Amount Due in any way that we agree to accept payment.
6.2 Payment not made within 10 business days will cause the actions in Clause 8 to apply.
6.3 Payment methods that we accept are: Visa/Mastercard Debit or Credit card (not Amex) on collection or through the Easy Live invoice system, and bank transfer. Items will not be released until payment has cleared.
6.3.1. Unfortunately, we are no longer able to accept cash payments or payments over the phone.
7. Title and collection of purchases
7.1. While you are bound by the contract for the purchase of the Lot from the fall of the hammer on your successful bid, the transaction is not completed and ownership in the Lot will not pass to you until:
7.1.1. you have paid us in full the Total Amount Due in cleared funds for that Lot;
7.1.2. you have provided us with the information set out in Clause 6.1.1; and
7.1.3. we have completed our enquiries pursuant to the Money Laundering Legislation to our satisfaction.
7.2. You may not claim or collect a Lot until (i) you have paid for it, (ii) ownership has passed to you and (iii) any applicable storage charge applicable under Clause 7.4 and accrued up until the day of collection have been paid in full by you.
7.3. Unless notified otherwise, and subject to the passing of ownership in the Lot to you under Clause 7.1, you will (at your own expense) collect any Lots that you have purchased and paid for either:
7.3.1. not later than ten business days following the day of the auction, or by prior arrangement
7.4. Subject to Clause 7.1, if you do not collect a Lot you have agreed to purchase within any of the time periods set out at Clause 7.3 above, we shall start charging a storage charge of £3.60 incl. VAT per day.
7.5. Each Lot shall immediately at the fall of the hammer be considered as delivered and remain in every respect at the absolute risk of the Purchaser thereof.
7.6. Subject to Clause 7.1, if you do not collect the Lot that you have paid for within 28 days after the auction, it will be deemed to be abandoned, and Young’s Auctions reserves the right to re-enter these lots into a future auction to recover the cost of storage and associated costs. At this time the buyer relinquishes all claims to ownership and any right to financial compensation.
7.7 Young’s offer a limited shipping policy, for which we are not liable for any loss or damage to goods. This service is offered at the buyer’s own risk. Please refer to our full shipping policy, which can be found here: https://www.youngsauctions.co.uk/shipping-policy/
8.Non-payment or failure to collect purchases
8.1. Please do not bid on a Lot if you do not intend to buy it. If your bid is successful, these Terms of Sale form your contract of purchase. This means that you will have to carry out your obligations set out in these Terms of Sale. If you do not comply with these Terms of Sale we may (acting on behalf of the Seller and ourselves) pursue one or more of the following measures:
8.1.1. take action against you for damages for breach of contract;
8.1.2. reverse the sale of the Lot to you and/or any other Lots sold by us to you;
8.1.3. resell the Lot by auction or private treaty.
8.1.4. keep that Lot or any other Lot sold to you until you pay the Total Amount Due;
8.1.5. reject or ignore bids from you or your agent at future auctions or impose conditions before we accept bids from you; and/or
8.1.9. if we sell any Lots for you, use the money made on these Lots to repay any amount you owe us.
8.2. We will act reasonably when exercising our rights under Clause 8. We will contact you before exercising these rights and try to work with you to correct any non-compliance by you with these Terms of Sale.
8.3. For failure to collect purchased lots, Clauses 7.4-7.6 applies.
9. Health and safety
9.1. Although we take reasonable precautions regarding health and safety, you are on our premises at your own risk. Neither we nor our employees or agents are responsible for the safety of you or your property when you visit our premises, unless you suffer any injury to your person or damage to your property as a result of our, our employees’ or our agents’ negligence.
9.2. Any damage caused by you to goods on our premises will be charged at the lower estimate or the reserve.
10. Seller’s Warranties
10.1. The Seller warrants to us and to you that:
10.1.1. the Seller is the true owner of the Lot for sale or is authorised by the true owner to offer and sell the Lot at auction;
10.1.2. the Seller is able to transfer good and marketable title to the Lot to you free from any third party rights or claims; and
10.1.3. as far as the Seller is aware, the main characteristics of the Lot set out in the auction catalogue (as amended by any notice displayed in the saleroom or announced by the Auctioneer at the auction), and any documentation provided to you by the Seller in relation to the Lot, are correct.
10.2. If, after you have placed a successful bid and paid for a Lot, any of the warranties above are found not to be true, please notify us in writing. Neither we nor the Seller will be liable to pay you any sums over and above the Total Amount Due and we will not be responsible for any inaccuracies in the information provided by the Seller.
10.3. We are acting as the agent of the Seller only and give no warranty as to the Seller’s title to the Lot.
10.4 Save as expressly set out above, all other warranties, conditions or other terms which might have effect between the Seller and you, or us and you, or be implied or incorporated by statute, common law or otherwise are excluded to the fullest extent permitted by law.
11. Descriptions, condition and safety
11.1. Care is taken to ensure that descriptions as to authorship, attribution, origin, date, age, provenance and condition are reliable and accurate, but all such descriptions are statements of opinion and are not to be taken as statements or representations of fact. No allowance whatsoever will be made for errors in description, authenticity or quality. Purchasers must satisfy themselves as to the conditions of a Lot prior to the sale and check any information for themselves.
11.2. We will give the opportunity to view and inspect the Lots before the auction. You (and any independent consultants acting on your behalf) must satisfy yourself about the accuracy of any description of a Lot. We shall not be responsible for any failure by you or your consultants to properly inspect a Lot. The actual colour of the Lot may vary from the images in the auction catalogue.
11.2.1 Condition reports are an expression of opinion, rather than a statement of fact. They are for guidance only and we accept no responsibility for their accuracy.
11.3. Please note that many of the Lots that you may bid on at our auction are second-hand and are unlikely to be in perfect condition. Lots are sold “as is” (i.e. as you see them at the time of the auction). Neither we nor the Seller accept any liability for the condition of second-hand Lots, for their fitness for purpose, or for any condition issues affecting a Lot if such issues are included in the description of a Lot in the auction catalogue (or in any saleroom notice) and/or which the inspection of a Lot by the Buyer ought to have revealed. Items without any specified damage in the description cannot be assumed to be in perfect condition.
11.4. We act as agents only. Each Prospective Buyer by making a bid for a Lot acknowledges that they have satisfied themselves fully as to the attribution and condition of the Lot.
11.5 Lots purchased are, therefore, not subject to return, unless as stated in Clause 12.
12. Deliberate Forgeries
12.1. You may return any Lot which you consider with some cause to be a Deliberate Forgery to us within three months of the auction, provided that you return the Lot to us in the same condition as when it was released to you, accompanied by a written statement identifying the Lot from the relevant catalogue description and a written statement of defects.
12.1. If we are satisfied, acting reasonably, that the Lot is a Deliberate Forgery and it has been returned to us within the time specified in Clause 12.1, we will refund the money paid by you for the Lot (including any Premium and applicable VAT) PROVIDED THAT you will have no right to a refund under this Clause 12.2 if:
12.2.1. the catalogue description reflected the accepted view of experts as at the date of the auction; or
12.2.2. you personally are not able to transfer good and marketable title in the Lot to us.
12.3. If you have sold the Lot to another person, we will only be liable to refund the price that you paid for the Lot. We will not be responsible for repaying any additional money you may have made from selling the Lot. The rights under this Clause 12 are given to you as Buyer in our auction; they are not given to, and may not be transferred or assigned to, any third party.
12.4. Your right to return a Lot that is a Deliberate Forgery does not affect your legal rights and is in addition to any other right or remedy provided by law or by these Terms of Sale.
TERMS OF CONSIGNMENT – SELLERS
1. Definitions
1.1 The terms “you”, “yours”, “vendor”, etc., refers to the Seller, as the consignor of goods.
“Us”, “we” “our”, “Young’s Auctions”, etc. refers to the Auctioneer, whose sole proprietor is Christopher Young T/A Young’s Auctions, and whose registered office is at 10 Riverside Park, Dogflud Way, Farnham, Surrey, GU9 7UG.
“Bidder” refers to a person who places a bid for Goods at our auction.
“Buyer” refers to the person who makes the highest bid for the Goods accepted by the Auctioneer.
“Deliberate Forgery” means: (a) an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source; and (b) which is described in the catalogue as being the work of a particular creator without qualification; and (c) which at the date of the auction had a value materially less than it would have had if it had been as described;
“Goods” refers to the goods that you consign to us for sale at our auction.
“FCA” means the Financial Conduct Authority.
“Hammer Price” refers to the level of the highest bid for the Goods accepted by the Auctioneer by the fall of the hammer.
“Principal” means a person or entity you are acting on behalf of for the purposes of the purchase of the Lot(s).
“Proceeds” refers to the Price less the Commission, the Premium, any expenses incurred to your account and any applicable VAT.
“Reserve” refers to the minimum price at which the Goods may be sold.
2. Procedure for consigning Goods for sale at auction
2.1. If you consign Goods to us for sale at auction, you will need to provide us with the following information about you, in a form acceptable to us:
2.1.1. Your legal name and proof of identity (as set out in Clause 3.2) and other information as we may require conducting such checks under the Money Laundering Legislation as we deem necessary.
2.1.2. Your bank account details.
2.1.3. Your address and contact details.
2.1.4. Your VAT registration number (if applicable).
2.1.5. Your confirmation of whether you are selling the Goods as a Trader or as a Consumer.
2.2. We may have to conduct various checks into our customers under the Money Laundering Legislation. In this regard we will require the following from the consignor of property to us.
2.2.1. For individuals, official photo identification (driving licence, passport or equivalent) and proof of address.
2.2.2 For corporate entities, the certificate of incorporation (or equivalent) with the entity’s official name, registered number (if any) and registered address, as well as details and ID documentation for directors and beneficial owners of the entity.
2.2.3 For trusts and estates, details and ID documentation for executors/trustees and details of beneficiaries.
2.3. If you are consigning goods for another person (your Principal) you will be required to provide the above information (as applicable) for yourself and your Principal, along with a signed letter from your Principal authorising you to consign those goods.
3. Right to refuse
3.1 We reserve the right to use our discretion to refuse any Lot for sale.
4. The contract between you and the Buyer
4.1. The contract between you and the Buyer will be formed when the hammer falls accepting the highest bid for the Goods at the auction.
4.2. You may directly enforce any terms in the Terms of Sale against a Buyer and/or a Bidder to the extent that you have suffered damages and/or loss because of the Buyer and/or the Bidder’s breach of the Terms of Sale.
4.3. If you breach these Terms of Consignment, you may be responsible for damages and/or losses suffered by a Buyer, Bidder and/or by us. If we are contacted by a Buyer and/or a Bidder who wishes to bring a claim against you, we may in our discretion provide the Buyer and/or Bidder with information or assistance in relation to that claim.
4.4. We normally act as an agent only and will not have any responsibility for default by you or the Buyer.
4.5. We may delay completion of, or cancel, any contract for sale where (i) we have not completed our enquiries pursuant to the Money Laundering Legislation to our satisfaction, (ii) we have concerns about the Buyer in relation to the Money Laundering Legislation, or (iii) we have reason to believe that the transaction might be unlawful for any reason, or that the sale might put us under any civil or criminal liability.
5. Commission
5.1. We will charge you a commission on the sale of the Goods calculated as a percentage of the Hammer Price at the following rate: 18% incl. VAT.
5.2. We will also charge a lotting fee, which applies to both sold and unsold lots.
6. Loss and damage to goods
6.1. Young’s Auctions is not authorised by the FCA to provide insurance to its clients and does not do so. However, Young’s Auctions for its own protection assumes liability for property consigned to it at the lower pre-sale estimate until the hammer falls.
6.2. To justify accepting liability, we make a charge of 1.8% of the hammer price incl. VAT, or if unsold 1.8% of our lower estimate.
6.3. The liability assumed by Young’s Auctions shall be limited to the lower pre-sale estimate or the hammer price if the lot is sold.
6.4. The liability accepted by us in Clause 6.1 does not include any liability for loss or damage to the Goods that is caused by or results from: (i) any inherent vice or defect affecting the Goods; (ii) acts of God, flood, drought, earthquake or other natural disaster; (iii) acts of terrorism, civil commotion, riots or war; or (iv) nuclear, chemical or biological contamination.
6.5. If you (or your agent) instruct us in writing not to assume liability for Goods, the Goods remain entirely at your risk unless and until the Goods pass to the Buyer or are collected by you or on your behalf. In this case Clauses 6.1 - 6.4 will not apply.
6.6. Young’s Auctions is not liable for damage to gilded picture frames, plaster picture frames or picture frame glass; if the Lot is or becomes dangerous, we may dispose of it without notice to you in advance in any manner we see fit and will be under no liability for doing so.
7. Illustrations and photography
7.1. We reserve the right to photograph all Goods unless you specifically request us in writing not to. The copyright in such photographs will be owned by us, along with the text and layout of the auction catalogue.
8. Minimum bids and our discretion
8.1. Goods will normally be offered subject to a reserve agreed between us before the sale in accordance with clause 9.
8.2. We may sell Lots below the reserve provided we account to you for the same sale proceeds as you would have received had the reserve been the hammer price. If you specifically give us a “discretion” we may accept a bid of up to 10% below the formal reserve.
8.3. The auctioneer has the right at their absolute discretion to refuse any bid and to advance any bidding as they may decide.
9. Reserves
9.1. Reserves must be reasonable and may not exceed our lower pre-sale estimate for that lot. We may decline to offer Goods which, in our opinion, would be subject to an unreasonably high reserve (in which case the Goods carry the storage and insurance charges set out in these Terms of Consignment).
9.2. Once we have agreed a Reserve, this cannot be changed except with your and our consent.
9.3. Where a Reserve has been agreed, only we may bid on your behalf and only up to one bid below the Reserve (if any) and you may in no circumstances bid personally or ask anyone else to bid on your behalf.
9.4. Lots with an estimate of £50 or lower shall be sold without reserve, thus giving the Auctioneer the right to sell the item at their discretion to the highest bidder or at a price the auctioneer sees fit.
10. Electrical and unsafe goods
10.1. We will not accept any Goods that are not certified as safe by an electrician, unless they are antiques. You are liable for the cost of testing electrical goods, cost per item £6 incl.VAT.
10.2. If we notify you that we will not accept uncertified electrical Goods, you must remove such Goods promptly at your expense following such notification. If you do not collect the Goods within five days of our written notice to do so, we may dispose of the Goods at your expense.
10.3. If in our opinion any of your Goods, in particular those which are soft furnishings, infringe safety regulations, we will not offer these Goods for sale. You must remove such Goods at your expense. If you do not collect such Goods within five days of our written notice to do so, we may dispose of the Goods at your expense.
11. Warranties and information about goods
11.1. The Seller warrants that possession in the lots can be transferred to the Buyer with good and marketable title, free from any third party right and encumbrances, claims or potential claims. The Seller has provided all information concerning the item’s ownership, condition and provenance, attribution, authenticity, import or export history and of any concerns expressed by third parties concerning the same.
11.2. If we have to refund the price of any Goods to the Buyer due to the Goods being a Deliberate Forgery, you must promptly, and in any event within seven days, reimburse to us any Proceeds that we have transferred to you for those Goods following receipt of our written notice requesting you to do so.
11.3. The sale of Lots containing elephant ivory is banned, subject to some exceptions. If you are consigning Goods containing or made of elephant ivory that can be sold under the Ivory Act 2018, you consent to Young’s applying for an exemption certificate on your behalf. You will be charged £30 incl. VAT for this.
11.3.1 Under the Ivory Act 2018, as the vendor, you are also liable for ensuring that your item qualifies for exemption.
12. Unsold and withdrawn lots
12.1. If the Goods are unsold at auction, you authorise us to negotiate a sale by private treaty not later than five business days following the last day of the auction. In this case you will pay to us the same charges as if such Goods had been sold at auction and, so far as appropriate, these Terms of Consignment will apply to any such sale.
12.2. In addition to Clause 12.1, we may, with your consent, re-offer unsold Goods at a future auction (or by private treaty thereafter as set out in Clause 19.1 above) but we may recommend a variation in estimates or Reserve. There will be a fee to re-enter unsold lots. Where, in our opinion, Goods are unsaleable, we will notify you and you must collect such Goods from the saleroom within ten business days following the last day of the auction. If you fail to collect such Goods promptly, we may charge you storage fees of £3.60 incl. VAT per day.
12.3. If you do not remove your unsold or withdrawn Goods within thirty days of the date of our notification we may either: (a) sell such Goods and deduct any charges applied in accordance with Clause 21.1 from any net proceeds of sale; or (b) at your expense dispose of such Goods.
12.4. You may not claim or collect the Goods until any applicable storage charges applicable under Clause 21.1 and accrued up until the day of collection have been paid in full by you (at law, the right for a professional to hold on to goods until its services have been paid for is called a “lien”).
12.5. A withdrawal fee of 36% (incl. VAT) of the lower estimate plus any costs incurred will be charged should you change your mind about selling the items once the item has been catalogued. Lots cannot be withdrawn once the sale is in progress.
12.6. We reserve the right to use our discretion to withdraw any Lot from sale.
13. Terms of Sale
13.1. You agree that the Goods will be sold to the Buyer in accordance with our Terms of Sale, a copy of which will be displayed in the saleroom and printed in our auction catalogue.
14. Due diligence checks and Anti-Money Laundering Policy
14.1. Under the money laundering regulations in force we are required to carry out relevant due diligence checks. This includes verifying the identity of all customers we transact with as well as any beneficial owners on behalf of whom they may transact. Vendors who are unable to or refuse to supply required identification documents and proof of address will not be able to consign items for sale. Copies of customer due diligence checks will be stored for as long as it is necessary to satisfy legal requirements in an appropriate storage facility, which for the avoidance of doubt may include storage solely in electronic form. We reserve the right to withhold the monies owed until the vendor provides the information necessary to complete the anti-money laundering checks.
14.2. We have the right to cancel any transaction without providing a reason.
15. Authority to deduct commission and expenses and retain premium and interest
15.1. You authorise us to deduct our Commission at the stated rate and all expenses incurred on your account from the Hammer Price, plus any applicable VAT. You consent to our right to charge the Buyer and retain beneficially the Premium plus any applicable VAT paid by the Buyer in accordance with our Terms of Sale and any interest earned on the sale proceeds until the date of settlement.
16. Payment
16.1. Provided that the Buyer has paid for the Goods, we will usually pay the net sum due to you within twenty eight days of the last day of the auction. Payment to vendors is usually made by bank transfer (or cheque by arrangement).
16.2.If the Buyer has not paid for the Goods, we will not submit payment to you. In this case no settlement will be made.
16.3. You must notify us in writing if your bank account details change. We will not be responsible for any payments made to the incorrect bank account if this is because you have not provided us with the correct bank account details.
16.4. If we make payments to your bank account in error, we may request reimbursement by sending you an invoice.
16.5. We may deduct any sums that you owe to us from the Proceeds.
