GENERAL CONDITIONS

1. DEFINITIONS

1.1 In these conditions the following terms have the following meanings, unless inconsistent with the context.

‘Auctioneers’ means Cheffins of Clifton House,1-2 Clifton Road, Cambridge, CB1 7EA.

‘Commission’ means the commission charged on the sale of Lots in accordance with Clause 2 below.

‘Conditions’ means the standard terms and conditions of business set out in this document.

‘Lots’ means all machinery and all other items sold or intended to be sold in accordance with these Conditions.

‘Purchaser’ means a person, firm or company who purchases lots.

‘Vendor’ means any person, firm or company who puts forward lots intended to be sold at the Sale.

‘Sale Day’ means the day fixed by the Auctioneers for an auction and where the context so requires means the day fixed for the auction in which a particular lot is entered.

‘Reserve Price’ means the minimum price fixed by either the Auctioneers or the Vendor at which Lots are to be sold at the Sale.

1.2 Except where the context otherwise requires words denoting the singular include the plural and vice versa; words denoting one gender include all genders; words denoting persons include corporations and vice versa.

2. COMMISSION AND ENTRY FEES

2.1 The Vendor shall pay commission to the Auctioneers as follows:

Class 1 – Steam Engines 7.5% (plus VAT) on the first £10,000 and thereafter 5% (plus VAT) plus an Entry Fee of £40 (plus VAT) on each lot.

Class 2 – Tractors & Vehicles 7.5% (plus VAT) on the first £10,000 and thereafter 5% (plus VAT) plus an Entry Fee of £15 (plus VAT) on each lot.

Class 3 – Motorcycles 7.5% (plus VAT) plus an Entry Fee of £40 (plus VAT) on each lot.

Class 4 – All other items 10% (plus VAT) plus an Entry fee of £2.50 (plus VAT) on each lot.

2.2 Commission at the rate specified in Clause 2.1 above together with Entry Fees as specified shall be payable by the Vendor on all Lots sold privately at the Sale.

2.3 Entry Fees for Lots entered and which are substituted for another Lot will be charged at double the Entry fee referred to in Clause 2.1 above.

Please see Clause 6.6 below regarding minimum reserves.

3. ENTRY OF LOTS FOR SALE

3.1 All goods must be delivered in accordance with instructions sent to the vendor prior to the sale. All entries for sale are accepted on our Standard Terms and Conditions of Business. Lot number labels will be forwarded for items accepted into the Sale.

3.2 No entries can be accepted on the day of the sale unless agreed by the Auctioneers.

3.3 All reserve prices must be set out in writing and handed to the auctoneers’ office 48 hours previous to the sale otherwise no responsibility can be accepted by the Auctioneers for errors in respect of Reserve Prices.

3.4 All Lots brought to the Sale must be offered for sale by auction and must not be sold privately before the Sale. In the event that any private transactions take place following a sale whilst the Lots remain in the Saleground they must be notified to the Auctioneers. Such transactions will be treated as a sale of the Lots by the Auctioneers and these conditions will apply.

3.5 If a Lot remains unsold following the sale for which it has been entered and remains on the Saleground the Auctioneers reserve the right to sell such a Lot at the Reserve Price without further consultation with the Vendor.

4. WITHDRAWN LOTS

The Vendor may not withdraw the Lot from the sale without the Auctioneers’ consent. If a vendor withdraws the Lot, the Auctioneers reserve the right to charge a fee equal to 10% (plus VAT) of the reserve price or £20 (plus VAT) whichever is greater, unless notified prior to the sale of alternative charges.

5. VAT

5.1 VAT at the standard rate will be added to items identified in the catalogue of sale by an asterisk as being subject to VAT.

5.2 The Auctioneers MAY elect to operate the Auctioneer’s Margin Scheme for lots entered by Non VAT Registered Vendors. In this circumstance, the Vendor shall enter the goods on the entry form, clearly stating that they are eligible to be sold under the respective scheme.

6. RESERVE PRICE & BIDDING

6.1 The auctioneers and/or the vendor reserve the right to fix a Reserve Price for any lot and withdraw that lot in the event that the highest bid price does not meet the reserve price.

6.2 The vendor may bid for any Lot either personally or through the auctioneers or through any other person and may withdraw any Lot any time before the sale of such a Lot.

6.3 The Auctioneers may without giving any reason refuse to accept the bidding of any person. In the case of a dispute as to any bid, the Auctioneers may forthwith determine the dispute or put up the Lot again at the last undisputed bid or withdraw the Lot.

6.4 No person may advance less at a bid than a sum to be named from time to time by The Auctioneers nor be allowed to retract a bid.

6.5 The highest bidder for each Lot shall be the Purchaser of that Lot.

6.6 Reserves of less than £25 will not be accepted.

7. AUCTIONEERS AS AGENT FOR VENDOR

7.1 The Auctioneers sell as Agent for the Vendor and as such are not responsible for any default by the Vendor or Purchaser.

7.2 In the event that a Purchaser fails to pay the purchase price for the Lot in accordance with these Conditions and the Auctioneers have previously advanced to the Vendor of such Lot an amount representing such purchase price the Vendor shall forthwith at the request of the Auctioneers assign all and any of his rights against the Purchaser in respect of the unpaid purchase price to the Auctioneers and shall execute such documents as may be required by the Auctioneers to give effect to such an assignment and further, shall give reasonable co-operation to the Auctioneers in any action, claim or proceeding brought or threatened by the Auctioneers against the Purchaser.

8. RISK

8.1 All Lots remain at the Vendor’s risk until sold and following such sale shall be at the Purchaser’s risk.

8.2 The Purchaser is on risk once the hammer falls and is strongly advised to effect insurance at once. Upon the fall of the hammer, the Purchaser shall assume all risks in and relating to such lots. The Purchaser is advised to effect in respect of all such risks arising thereafter any insurance it may consider necessary. The duty of the Auctioneers and/or the vendor to deliver lots shall be deemed performed upon the fall of the hammer even if a lot is subsequently and/or part thereof has been lost.

9. CONFIRMATION OF OWNERSHIP

The vendor warrants to the Auctioneers and to the Purchaser:-

9.1 That he is the true owner of the Lot or is properly authorised to sell the Lot by the true owner.

9.2 Is able to transfer a good and marketable title to the lot free from any third party claims liens and encumbrances and that all entries on the entry form are correct.

9.3 That no Lot is subject to any hire purchase, lease, contract hire agreement or any other finance agreement or contract.

9.4 That the auctioneers have been notified in writing if any of the items on this form, or

any continuation form, have been recorded by any insurance company as a write off

or having been subject to a major insurance claim.

10. REMOVAL OF LOTS FROM THE SALE

10.1 All lots whether sold or unsold may not be removed from the Saleground without a

pass for the removal of Lots. Passes can be obtained from the Auctioneers’ offices.

All Lots must be checked out by the security.

10.2 All lots purchased must be cleared from the Saleground on the day of sale unless

otherwise stated in the catalogue. Failure to remove Lots within the specified time

will result in storage charges of £5/Lot per day (plus VAT) payable on collection.

10.3 Any Lot which (without the express written consent of the auctioneers) has not been collected within 2 calendar months from the day on which it was sold or last offered for sale will be deemed to be abandoned and the Auctioneers will be entitled to dispose of such abandoned Lots at their unfettered discretion. For the avoidance of doubt, any monies arising from such disposal(s) will be paid to and retained by the auctioneers.

11. EXCLUSION OF LIABILITY

11.1 The auctioneers shall not be liable for any expense, loss, claim or proceedings in any respect of any loss or damage whatsoever, to any property real or personal (including all lots) whether incurred before, during or after the sale.

11.2 The Auctioneers shall not be liable for any expense, loss, claim or proceedings in any respect of personal injury to or death of any persons arising out of or in the course of or caused by the Sale, except to the extent that the same is due to the negligence of the Auctioneers, their servants or agents.

12. DETAILS OF PURCHASERS AND PAYMENT

12.1 All purchasers are required to Register for a bidding number before the auction at the Auctioneers’ office.

12.2 All lots must be paid for on the day of the sale by the Purchaser.

12.3 Any interest earned on client’s monies will be retained by the auctioneers.

13. INSPECTION OF GOODS

13.1 All lots are sold with all faults and errors of description. Purchasers should satisfy themselves prior to sale of the Lot as to the condition of each Lot and should exercise and rely on their own judgement as to whether the Lot accords with its description. Neither the Auctioneers, their servants or agents are responsible for errors of description or for the genuineness or authenticity of any Lot; unless otherwise stated no warranty is given by the Auctioneers, their servants or agents or by any Vendor to any Purchaser in respect of any Lot and any express or implied conditions or warranties are excluded to the fullest extent permitted by law.

13.2 The Auctioneers may at their discretion or upon the instruction of the Vendor alter or withdraw all or any lots referred to in the auction catalogue up to the moment at which the hammer falls in relation to such lot(s).

14. AUCTIONEERS’ RIGHT TO ANNUL SALES

In the event of any dispute or refusal to pay or of non-payment on the part of the Purchaser, the Auctioneers may, entirely at their discretion, annul and cancel the sale of such lot or lots.

15. RESERVATION OF TITLE

15.1 If the Auctioneers allow the Purchaser to remove the Lot from the Saleground before the Purchaser has made full payment for the Lot then title to the Lot shall remain vested in the Vendor.

15.2 If the Auctioneers pay the Vendor the price of the Lot before the Purchaser has paid the price to the Auctioneers, title to the Lot shall pass from Vendor to the Auctioneers and shall remain with the Auctioneers until full payment has been made by the Purchaser to the Auctioneers, when title shall pass to the Purchaser.

15.3 Notwithstanding that the title has not passed to the Purchaser all risk of damage to the Lot shall pass to the Purchaser immediately upon sale (the fall of the hammer).

15.4 The Purchaser shall until payment has been made in full keep the Lot in good marketable condition and readily identified and shall indemnify the Vendor or the Auctioneers as the case may be for any damage.

15.5 In the event of any sale by the Purchaser of a Lot before full payment has been made the Purchaser shall hold the proceeds of such sale on trust for the Vendor or the Auctioneer (as the case may be) and shall pay such proceeds into a separate identifiable bank account.

15.6 At any time before the title to the Lot has passed to the Purchaser, the Vendors or the Auctioneers (as the case may be) including the Auctioneers acting as agents for the Vendor shall have the right to enter upon the Purchasers property for the purpose of recovering the Lot.

16. COMPLIANCE WITH ROAD TRAFFIC ACTS

The Purchaser of any vehicle or trailer is responsible for complying with all legal requirements as to the construction and the use of such vehicle or trailer and for obtaining all certificates, permits or other authorisations necessary before such vehicle or trailer can be used on the road.

17. HEALTH AND SAFETY AT WORK ACT 1974 AND ALL OTHER ACTS AND REGULATIONS APPLICABLE TO FARM SAFETY

The Purchaser of any lot is responsible for complying with all legal requirements as to the safe use of lots purchased at the Sale and shall ensure compliance with all relevant legislation relating to the safe use of such lots.

18. TRADES DESCRIPTIONS ACT 1968

The vendor is reminded that under the terms of the Trades Descriptions Act 1968 the Vendor of any Lot to which a false description is applied may be guilty of a criminal offence punishable by fine or imprisonment.

19. GOVERNING LAW AND JURISDICTION

For the avoidance of doubt all contracts entered into between the Purchaser and Vendor and between either of them and the Auctioneers on the basis of these standard terms and conditions of business are governed by the laws of England and Wales and the parties hereby submit to the non-exclusive jurisdiction of the English Courts.

CHEFFINS

Clifton House, 1 & 2 Clifton Road, Cambridge CB1 7EA

Tel: 01223 213777 Fax: 01223 271960 www.cheffins.co.uk

November 2010