Terms
of Sale - Prestige Philately – On-Line Literature Auction Terms
of Sale |
Prestige Philately – On-Line Literature
Auction Terms of Sale
(amended as at 1st September 2011)
1.
AUCTIONEER: Prestige Philately (Prestige), a
company incorporated in the State of Victoria, is the auctioneer, and adheres
to the standard terms of sale of the Australasian Philatelic Traders Association.
2.
DESCRIPTIONS: We endeavour to describe lots fully and
accurately. The description of a lot comprises 1) the codes to the left
of the description; 2) the description; and 3) any illustration
of the lot or part of the lot. (The various codes and symbols are explained
on the previous page.
3.
ESTIMATES: The figure in the right-hand column following
each lot description is the reserve or starting price of the lot in Australian
dollars. A bidder may bid at or above the reserve. Bids below the reserve price
will not be accepted.
4.
BIDDING: Bids may be made to Prestige by mail,
by fax, by e-mail or by phone. Bids received by phone must be confirmed in writing.
At public auctions, bids may also be made in person, by phone (by prior arrangement)
or through an agent attending an auction. An agent must advise Prestige
of the person(s) for whom bids are being submitted or else the agent will be
personally liable for payment and delivery of any lots purchased. Prestige
reserves the right to refuse any bid, or to refuse bids from any person, for
any reason.
In most cases, Prestige's bidding steps are
as follows:
| |
|
$150
- 300 |
$10
rises |
Over
$3000 |
Average
of 5% bidding increments |
| |
|
$300
- 500 |
$20
rises |
|
|
| Under
$30 |
$1
rises |
$500
- 750 |
$25
rises |
|
|
| $30
- 50 |
$2
rises |
$750
- 1500 |
$50
rises |
|
|
| $50
- 150 |
$5
rises |
$1500
- 3000 |
$100
rises |
|
|
Prestige reserves the
right to raise or lower postal bids (depending on the bidder's apparent intention)
to conform to these bidding steps.
5.
GOODS & SERVICES TAX (GST): Australian law requires
that GST equal to 10% of the knock-down or sale price of a taxed lot shall be
payable by the buyer, unless the taxed lot is exported to another country. Taxed
lots are indicated in the catalogue by the letter 'T' following the reserve
figure: eg 150 T. GST equal to 10% of the amount of any fees or charges added
by Prestige is also payable by Australian buyers.
6.
BUYER: The buyer of a lot shall be the person to whom
the lot is sold ("knocked-down") by Prestige. In the event
of equal bids being received, the earliest such bid shall be successful. In
the event of a dispute, Prestige shall have absolute discretion in the
settling of the dispute. A buyer’s premium of 15% will be added to the
“hammer” or sale price of each lot.
A lot is at the buyer's risk once it has been sold
("knocked-down") but ownership (legal title) will not pass to the
buyer until Prestige has received payment in full for the lot.
7.
PAYMENT: Unless the buyer a) has an existing credit
balance exceeding the value of his bids; or b) pre-pays for his purchases; or
c) has made alternative arrangements with Prestige at least 48 hours before
the auction closes; bids must be accompanied by details of a valid credit card
to which the full amount of the invoice will be charged. NB: No
fee will be charged for payment by Visa or MasterCard. A fee of 2½%
will be charged for payment by American Express.
8. FAILURE TO MAKE PAYMENT:
In the event that the charge to the buyer’s credit card is declined,
and the buyer does not make payment in full for the lot(s) within 30 days from
the date of the invoice, Prestige shall have the right to exercise any
one or more of the following rights and remedies:
| 1) To impose an accounting
fee of $10 per month (or part thereof) plus compound interest at the
rate of 2.5% per month (or part thereof) of the total amount outstanding; |
| 2) To terminate the contract
with the buyer, in which case any monies received from the buyer shall
be forfeited to Prestige; |
| 3) To terminate the contract
and resell the lot(s) at any time, in which case any resulting shortfall,
plus costs including accounting fees, interest, insurance and resale
expenses, shall be met by the original buyer; |
| 4) To apply any monies due
at any time from Prestige to the buyer in payment of the outstanding
amount; |
| 5) To take legal action
against the buyer for damages for breach of contract. |
8.
RETURN OF LOTS: A lot may be returned, within a reasonable time,
only because of an error in the description: see clause 2 for the definition
of "the description". A lot that has been inspected by the buyer or
by the buyer's agent cannot be returned for any reason. A lot that is illustrated
in the on-line catalogue or of which an illustration has been supplied to the
buyer or to the buyer's agent cannot be returned for any reason that is apparent
from the illustration.
A lot expressed to be a "range", "group",
"selection", "array", "collection"," accumulation"
or similar, is always offered "as is" and cannot be returned for any
reason. Similarly, other lots offered "as is" cannot be returned.
9.
GOVERNING LAW: These Terms of Sale shall be governed
by and interpreted in accordance with the laws of the State of Victoria.
10.
Submitting a bid by any method constitutes acknowledgment and acceptance of these Terms of Sale.
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Terms of Sale
