9ct White Gold 0.25ct Diamond Tennis Bracelet

FIVEWAYS ASSETS LIMITED TERMS AND CONDITIONS OF SALE

(Unified Version – Applicable to All Auctions Conducted via The Saleroom, iBidder, and Bidspotter)

 

Company Number: 12239626

Registered Office: Albany House, Temple Court, Temple Way, Coleshill, Warwickshire, B46 1HH

Telephone: 01842 646 039

Email: connect@fivewaysassets.com

Website: www.fivewaysassets.com

 

Introduction

These Terms and Conditions of Sale (“Terms”) govern all auctions conducted by Fiveways Assets Limited (“the Auctioneer”), whether via The Saleroom, iBidder, Bidspotter, or any other approved online platform. By registering to bid, placing a bid, or purchasing any Lot, all Bidders and Buyers agree to be legally bound by these Terms, together with any Important Information published in relation to a specific auction.

 

These Terms apply uniformly across all platforms and are designed to ensure transparency and fairness in every transaction. The Processing and Administration Fee of £695 plus VAT per Lot applies to all Lots sold through iBidder and Bidspotter. This fee does not apply to sales conducted via The Saleroom, in accordance with that platform’s policy.

 

Any reference to these Terms includes any future amendments or updates published by the Auctioneer. By continuing to participate in any auction, the Buyer confirms acceptance of the most recent version of these Terms.

 

1. INTERPRETATION AND DEFINITIONS

 

1.1 Definitions

In these Terms and Conditions, unless the context otherwise requires:

 

(a) “Auctioneer”, “we”, “us”, or “our” means Fiveways Assets Limited (Company Number 12239626), whose registered office is at Albany House, Temple Court, Temple Way, Coleshill, Warwickshire, B46 1HH.

 

(b) “Buyer” means the person, firm, or company who registers to bid, places a bid, or purchases a Lot at auction.

 

(c) “Seller” means the owner of the Lot or their authorised agent who has instructed the Auctioneer to sell that Lot.

 

(d) “Lot” means any individual item or group of items offered for sale at auction.

 

(e) “Platform” means any online auction platform authorised for use by the Auctioneer, including The Saleroom, iBidder, and Bidspotter.

 

(f) “Processing and Administration Fee” means the fixed, non-refundable charge of £695 plus VAT per Lot, payable by the Buyer on all Lots purchased via iBidder and Bidspotter. This charge does not apply to sales conducted via The Saleroom, where such fees are prohibited.

 

(g) “Buyer’s Premium” means the commission payable by the Buyer to the Auctioneer on the hammer price of each Lot, being 30% plus VAT (36% total) unless otherwise stated.

 

(h) “Hammer Price” means the final, highest bid accepted by the Auctioneer when the Lot closes.

 

(i) “Working Day” means any day other than a Saturday, Sunday, or public holiday in England.

 

(j) “Important Information” means the published information accompanying each auction which forms an integral part of these Terms and Conditions.

 

1.2 Interpretation

Headings are for convenience only and shall not affect interpretation. Words importing the singular include the plural and vice versa. Any reference to “including” shall be construed as meaning “including, without limitation”.

2. APPLICATION AND LEGAL STATUS

 

2.1 These Terms and Conditions apply to every auction conducted by the Auctioneer, whether via The Saleroom, iBidder, Bidspotter, or any other approved online platform. They apply equally to all Buyers and Sellers and shall form the entire agreement between the parties in respect of each Lot sold.

 

2.2 By registering for an auction, placing a bid, or purchasing a Lot, the Buyer acknowledges that they have read, understood, and agree to be legally bound by these Terms and any associated Important Information published in relation to the relevant auction.

 

2.3 The Auctioneer may revise or update these Terms from time to time. Any amendment shall take effect immediately upon publication on the Auctioneer’s website or on the relevant Platform. Continued participation in any auction after publication of such amendments shall constitute the Buyer’s acceptance of the revised Terms.

 

2.4 In the event of any inconsistency between these Terms and the Platform’s standard user terms, these Terms shall prevail except where a Platform specifically prohibits a particular fee or condition, in which case the relevant Platform restriction shall take precedence for that auction only.

 

2.5 These Terms are intended for business-to-business transactions. All Buyers confirm that they are acting in the course of trade or business and not as consumers. Any individual who registers or bids as a business when not doing so may be held liable for misrepresentation and fraud.

 

2.6 Each auction constitutes a separate and distinct sale, and the Buyer’s obligations under these Terms apply independently to each Lot purchased.

 

2.7 These Terms and any contract formed under them are governed by and construed in accordance with the laws of England and Wales. The courts of England and Wales shall have exclusive jurisdiction over any dispute arising from or in connection with these Terms, the conduct of an auction, or any Lot sold.

 

2.8 Nothing in these Terms shall limit or exclude any liability that cannot be limited or excluded under applicable law, including liability for fraud or fraudulent misrepresentation.

3. THE AUCTIONEER’S ROLE AND SCOPE OF SERVICES

 

3.1 The Auctioneer acts solely as an agent for the Seller. The Auctioneer facilitates the sale of Lots by conducting online auctions, managing the bidding process, and administering post-sale formalities. The contract for the sale and purchase of any Lot is made directly between the Seller and the Buyer at the fall of the virtual hammer.

 

3.2 The Auctioneer is not the owner of the Lots unless explicitly stated. The Auctioneer therefore accepts no responsibility for the acts, omissions, or defaults of any Seller or for the condition or authenticity of any Lot offered.

 

3.3 The Auctioneer provides online auction services through authorised platforms, including The Saleroom, iBidder, and Bidspotter. The Auctioneer does not guarantee continuous, uninterrupted, or error-free access to these platforms and shall not be held liable for any technical or communication failure affecting bidding or sale outcomes.

 

3.4 In consideration of the services provided by the Auctioneer, the Buyer agrees to pay all applicable fees and charges in accordance with these Terms, including the Buyer’s Premium, the Processing and Administration Fee of £695 plus VAT per Lot (where applicable), and all VAT or other taxes imposed by law.

 

3.5 The Auctioneer reserves the right at its absolute discretion to:

(a) refuse any bid without giving a reason;

(b) withdraw any Lot from sale;

(c) divide, consolidate, or combine any Lots; and

(d) make such announcements or amendments relating to any Lot as it considers appropriate.

 

3.6 The Auctioneer shall not be responsible for any error, omission, or misstatement in the description, catalogue entry, or photograph of any Lot, whether arising from negligence or otherwise. All such descriptions are provided for identification only and do not form any part of the contract.

 

3.7 The Auctioneer may act in its absolute discretion to resolve any dispute between Bidders or in relation to any auction matter. The Auctioneer’s decision shall be final and binding on all parties.

 

3.8 The Auctioneer shall not be liable for any failure to perform its obligations under these Terms to the extent that such failure arises from events beyond its reasonable control, including technical failures of the Platform, interruptions of communication, or third-party errors.

4. REGISTRATION AND ELIGIBILITY TO BID

 

4.1 All Bidders must register with the Auctioneer prior to participating in any auction. Registration constitutes the Bidder’s confirmation that they have read, understood, and agreed to be bound by these Terms and any applicable Important Information.

 

4.2 Registration is available only to individuals, firms, or companies acting in the course of trade or business. The Auctioneer does not accept bids from consumers. By registering, the Bidder warrants that they are acting solely for business purposes and that any purchase is made in the course of trade.

 

4.3 If an individual registers or bids as a business when not doing so, this shall constitute misrepresentation and fraud. The Auctioneer reserves the right to pursue legal action and report such conduct to the relevant authorities.

 

4.4 In order to register, the Bidder must provide accurate and up-to-date information as requested by the Auctioneer, including but not limited to their full name, trading name, address, email address, telephone number, and such identification or business documentation as the Auctioneer may reasonably require.

 

4.5 The Auctioneer reserves the absolute right to refuse or revoke registration without providing a reason.

 

4.6 Registration and participation may be subject to payment of a refundable deposit, typically £500, as determined by the Auctioneer. Deposits will be applied towards the Buyer’s invoice if the Bidder is successful or refunded within forty-eight (48) hours of the auction’s conclusion if the Bidder is unsuccessful, unless otherwise instructed in writing.

 

4.7 The Bidder is responsible for maintaining the confidentiality of their login credentials and shall be liable for any bids placed using their account, whether made personally or by another party.

 

4.8 Any Bidder using an account belonging to a third party must have written authorisation from that party to do so. The Auctioneer may require evidence of such authorisation prior to accepting bids.

 

4.9 Every Bidder shall be deemed to act as principal unless the Auctioneer has received written acknowledgment that the Bidder acts as agent for a disclosed and named principal. In such cases, both the agent and the principal shall be jointly and severally liable under these Terms.

 

4.10 It is the responsibility of each registered Bidder to ensure that their registration details remain current. Failure to maintain accurate information may result in suspension or refusal of participation.

5. PLATFORM CONDITIONS

 

5.1 The Auctioneer conducts all auctions through authorised online platforms, including The Saleroom, iBidder, and Bidspotter. Participation in an auction requires the Bidder to have an active and valid account on the relevant Platform.

 

5.2 The Buyer acknowledges that each Platform operates its own user terms, technical systems, and procedures, which are entirely outside the control of the Auctioneer. Participation on any Platform constitutes the Buyer’s agreement to be bound by that Platform’s user terms in addition to these Terms.

 

5.3 The Auctioneer shall not be liable for any:

(a) failure, interruption, delay, or error in communication or data transmission;

(b) technical fault, malfunction, or downtime of the Platform; or

(c) inaccuracy in information provided by the Platform.

In such circumstances, the Buyer shall remain bound by any bids placed or contracts formed prior to the occurrence of such issues.

 

5.4 All bids must be submitted through the authorised Platform interface. Direct bids to the Auctioneer by telephone, email, or in person will not be accepted unless expressly permitted in writing.

 

5.5 All bids placed through a Buyer’s registered account shall be deemed to have been placed by that Buyer personally. The Buyer is solely responsible for ensuring that their account is secure and not used by unauthorised parties.

 

5.6 The Buyer acknowledges and accepts that internet-based auctions carry inherent risks of connectivity loss, latency, or technical disruption. The Auctioneer accepts no responsibility for any failure of a bid to be received, processed, or recorded due to such causes.

 

5.7 In the event of any conflict between these Terms and the terms of the Platform used to host the auction, these Terms shall prevail except where a Platform expressly prohibits a particular fee or condition, in which case that restriction shall apply solely to that Platform.

 

5.8 A Processing and Administration Fee of £695 plus VAT per Lot shall apply to all Lots purchased via iBidder and Bidspotter. This fee is non-refundable and payable in addition to the Buyer’s Premium and any applicable VAT.

 

5.9 The Processing and Administration Fee referred to in clause 5.8 shall not apply to Lots sold on The Saleroom, where such charges are prohibited.

 

5.10 The Buyer acknowledges that the Processing and Administration Fee is a fair and reasonable reflection of the administrative, logistical, and compliance work carried out by the Auctioneer in conducting the auction, processing payment, and administering post-sale documentation.

6. AUCTION CONDUCT AND BIDDING RULES

6.1 Each auction shall have an advertised opening and closing time, as published on the relevant Platform. The Auctioneer reserves the right, at its absolute discretion, to extend, suspend, delay, or cancel any auction or individual Lot without prior notice or reason.

6.2 All bids must be placed through the authorised Platform interface. A bid shall be deemed placed at the moment it is received by the Platform, regardless of whether confirmation is displayed to the Bidder.

6.3 All bids are binding and irrevocable once placed. No bid may be withdrawn or cancelled without the express written consent of the Auctioneer, which may be withheld at the Auctioneer’s sole discretion.

6.4 The Auctioneer reserves the right to:
(a) refuse any bid without giving a reason;
(b) regulate bidding increments;
(c) correct any error in bidding or auction data; and
(d) re-open bidding in the event of a dispute or technical fault.

6.5 Each Lot may be subject to a reserve price set by the Seller. The reserve price is confidential between the Seller and the Auctioneer. If the highest bid does not meet or exceed the reserve, the Seller shall not be obliged to sell the Lot.

6.6 The Auctioneer may accept a provisional bid where the reserve has not been met. Such bids are binding on the Buyer and may be accepted by the Seller within twenty-four (24) hours of the close of the auction. Once accepted, the provisional bid shall form a binding contract of sale between the Seller and Buyer.

6.7 In the event that two or more Bidders submit identical bids for a Lot, the first bid received by the Platform shall take precedence.

6.8 The Auctioneer may contact underbidders within twenty-four (24) hours of an auction’s conclusion to offer the Lot at their final bid amount. Acceptance of such an offer shall create a binding contract of sale subject to these Terms.

6.9 A contract for the sale and purchase of a Lot is formed when the Auctioneer confirms the Buyer’s successful bid, whether by automatic system notice or direct communication. The Buyer shall then be immediately liable to pay the full amount due, including the hammer price, Buyer’s Premium, Processing and Administration Fee (where applicable), VAT, and any other applicable charges.

6.10 The Auctioneer’s decision in all matters relating to the conduct of an auction, including disputes as to bidding, shall be final and binding. The Auctioneer shall not be required to provide reasons for its decisions.

6.11 The Auctioneer reserves the right to cancel a sale or re-offer a Lot if it believes that an error, omission, or irregularity has occurred in the bidding process or if the integrity of the auction has been compromised.

6.12 The Buyer acknowledges that all auctions are conducted electronically and that the timing and receipt of bids are determined by the Platform’s server records, which shall be conclusive evidence in any dispute.

7. RESERVE PRICES, PROVISIONAL SALES AND UNDERBIDDERS

7.1 Each Lot may be offered subject to a confidential reserve price, being the minimum amount at which the Seller has authorised the Auctioneer to sell the Lot. The reserve price shall not exceed the lower end of any estimate published in the auction listing.

7.2 If the reserve price is met or exceeded when the auction closes, the Lot shall be sold to the highest Bidder at the Hammer Price, subject to these Terms.

7.3 If the highest bid at the close of the auction is below the reserve price, the Lot shall be considered unsold at that time. However, the Auctioneer may treat such a bid as a provisional bid on behalf of the Seller.

7.4 Where a provisional bid has been received, the Seller shall have a period of up to twenty-four (24) hours following the close of the auction to accept or reject the highest bid. If the Seller accepts the bid within that period, a binding contract of sale shall be deemed to have been formed at the Hammer Price.

7.5 All provisional bids are binding on the Bidder. Once a Seller accepts a provisional bid, the Buyer shall be immediately bound to complete the purchase and make full payment in accordance with these Terms.

7.6 If the Seller rejects a provisional bid, the Bidder shall be released from any further obligation, and no contract of sale shall arise.

7.7 The Auctioneer may, at its discretion, contact underbidders following the close of the auction to offer them the opportunity to purchase a Lot at their final bid price or another price agreed with the Seller. Acceptance by an underbidder shall create a binding contract of sale subject to these Terms.

7.8 The Auctioneer shall not be obliged to disclose the reserve price to any party at any stage.

7.9 The Auctioneer may, at its discretion, reduce or remove a reserve price at any time before the Lot closes.

7.10 The Auctioneer reserves the right to sell Lots below the reserve price where express consent has been given by the Seller.

7.11 The Buyer acknowledges and accepts that the Auctioneer’s decision in relation to reserve prices, provisional bids, and the acceptance or rejection of underbidders’ offers shall be final and binding.

8. DESCRIPTIONS, GRADING AND CONDITION OF LOTS

 

8.1 All Lots are sold “as seen” and “as is” at the time of sale. The Buyer acknowledges that all Lots are sold in their existing condition, with all faults, imperfections, and errors of description, whether apparent or latent.

 

8.2 The Auctioneer, its agents, and the Seller make no representations or warranties, express or implied, as to the condition, quality, originality, provenance, authenticity, functionality, suitability for purpose, or merchantable quality of any Lot. All implied warranties or conditions, whether statutory or otherwise, are hereby excluded to the fullest extent permitted by law.

 

8.3 Descriptions, statements, photographs, and grades appearing in the auction catalogue, on the Platform, or in any communication by the Auctioneer are provided for identification purposes only. They do not form part of any contract and shall not be relied upon as statements or representations of fact.

 

8.4 The Buyer is deemed to have inspected each Lot prior to bidding, or to have chosen not to do so. Failure to inspect shall not be grounds for rescission of sale, refund, or compensation.

 

8.5 Where a grading system is used, the grades are provided solely as an approximate guide to the mechanical or aesthetic condition of a Lot and do not imply any warranty. The Auctioneer accepts no responsibility for the accuracy or completeness of any grading.

 

8.6 The following grading system may be used for motor vehicles, machinery, or similar assets:

(a) Grade 1 – Runner (Good Condition): The Lot starts, runs, and drives. No warning lights are illuminated. No known major faults.

(b) Grade 2 – Runner (Used Condition): The Lot may exhibit wear, faults, or minor defects. Warning lights may be illuminated. Still capable of running or driving.

(c) Grade 3 – Non-Runner (Poor Condition): The Lot may not start or drive. Major mechanical or electrical faults are known or suspected. Transportation required for removal.

 

8.7 Where mileage or operating hours are displayed, such figures are provided for information only and shall not be treated as conclusive. The Auctioneer and Seller make no warranty as to the accuracy of any odometer or hour meter reading.

 

8.8 For vehicle Lots, any reference to “first registration” refers to the first registration in the United Kingdom unless otherwise stated. Where a vehicle was first registered outside the UK more than five years before UK registration, the age will be determined by the foreign registration date.

 

8.9 For jewellery, diamonds, and watches, grades and descriptions are provided based on the Auctioneer’s assessment and the information supplied by the Seller. The Buyer acknowledges that such assessments are subjective and provided as guidance only.

 

8.10 The Auctioneer may disclose whether a vehicle has been categorised for insurance purposes (e.g., Category N, S, C, D, etc.) or has an accident history. Such information is provided in good faith but without guarantee.

 

8.11 If the Auctioneer becomes aware of any material fault or issue with a Lot, it may include a note under “Auctioneer’s Remarks” or “Auctioneer’s Notes” on the Platform. Such notes are advisory and not exhaustive.

 

8.12 Example or stock photographs may be used for illustrative purposes, particularly for vehicles, jewellery, or items sold in bulk or series. Buyers are strongly advised to request confirmation or viewing before bidding. Example photographs shall not be treated as actual images of the Lot.

 

8.13 The Buyer accepts that once a Lot has been sold, no claim shall be made against the Auctioneer or the Seller in respect of any description, condition, or defect, whether known or unknown at the time of sale.

 

8.14 It is the Buyer’s responsibility to ensure that any purchased vehicle or equipment is roadworthy, safe, and compliant with all applicable laws before use on public highways or in any work environment.

9. PAYMENT TERMS AND BUYER OBLIGATIONS

9.1 Immediately upon the conclusion of the auction, or upon acceptance of a provisional bid, the Buyer shall be deemed to have entered into a binding contract to purchase the Lot at the Hammer Price together with all applicable charges.

9.2 The Buyer shall pay to the Auctioneer, in full and without deduction or set-off, the total amount due in respect of each Lot purchased. The total amount due shall include:
(a) the Hammer Price;
(b) the Buyer’s Premium of 30% plus VAT (36% total);
(c) the Processing and Administration Fee of £695 plus VAT per Lot (where applicable);
(d) any VAT due on the Hammer Price, Buyer’s Premium, or fees; and
(e) any other sums payable under these Terms, including storage or penalty charges where applicable.

9.3 Unless otherwise stated in writing by the Auctioneer, all invoices must be settled in full within twenty-four (24) hours of issue. Time for payment shall be of the essence.

9.4 Payment must be made by electronic bank transfer (BACS or CHAPS) to the account specified on the Auctioneer’s invoice. The Auctioneer does not accept payment by cash, cheque, or credit card.

9.5 All bank charges or fees incurred in making payment shall be borne by the Buyer.

9.6 No Lot may be collected, removed, or released until the full amount due has been received in cleared funds.

9.7 Failure to make payment in full within the specified period shall constitute a breach of contract by the Buyer and shall entitle the Auctioneer, without prejudice to any other rights or remedies, to apply the following penalties:

(a) Daily Late Payment Penalty: A cumulative penalty charge equivalent to the Buyer’s Premium (30% plus VAT) per day shall accrue on the total outstanding balance from the due date until full cleared payment is received.

(b) Compounding and Duration: Such penalty shall accrue daily and compound until payment is made in full, without limitation as to duration. These additional charges shall not be capable of waiver, reduction, or removal once applied.

(c) Fixed Penalty Fee: In addition to daily penalties, a one-off penalty fee of £695 plus VAT shall be applied at the commencement of any late payment period.

(d) Interest: The Auctioneer may also claim statutory interest under the Late Payment of Commercial Debts (Interest) Act 1998 (as amended) in addition to the daily penalties above.

(e) Legal and Recovery Costs: The Buyer shall be liable for all costs, expenses, and disbursements (including legal fees on a full indemnity basis) incurred by the Auctioneer in recovering any overdue sums.

9.8 The Auctioneer shall be entitled to suspend or cancel any sale or to withhold delivery of any Lot purchased by the Buyer until all sums due from that Buyer (including in respect of other Lots or auctions) have been paid in full.

9.9 Payments received from the Buyer may be applied by the Auctioneer towards any outstanding debt owed by the Buyer to the Auctioneer, whether or not such debts relate to the same transaction.

9.10 The Buyer shall not be entitled to withhold payment or claim any set-off against the Auctioneer or Seller for any reason whatsoever.

9.11 In the event that payment is not received within the prescribed time, the Auctioneer may, at its sole discretion and without further notice, treat the sale as rescinded and resell the Lot by public auction or private treaty. Any deficiency in price, together with all costs and expenses incurred, shall be recoverable from the Buyer as a debt.

9.12 The Buyer acknowledges that the Processing and Administration Fee of £695 plus VAT per Lot represents a reasonable pre-estimate of the Auctioneer’s administrative and compliance costs incurred in the conduct of the auction and is therefore non-refundable under all circumstances.

9.13 Payment of all sums due shall be made in pounds sterling (GBP).

10. COLLECTION, STORAGE, AND DELIVERY

10.1 Collection of any Lot purchased shall be the sole responsibility of the Buyer. The Buyer shall, at their own expense, collect or arrange collection of the Lot no later than five (5) days after full payment has been received and cleared.

10.2 Collection appointments must be pre-booked with the Auctioneer. Collections are strictly by appointment only, and any Buyer arriving without an appointment may be refused entry.

10.3 The Buyer must present proof of payment and valid identification when collecting any Lot. The Auctioneer reserves the right to withhold release of any Lot if these requirements are not met.

10.4 The Buyer is responsible for providing appropriate transport and equipment for the removal of the Lot. The Auctioneer and its staff shall not be obliged to assist in the loading, securing, or handling of any Lot.

10.5 All risk in the Lot shall pass to the Buyer immediately upon conclusion of the auction. The Buyer shall be responsible for insuring the Lot from that moment, including during collection, loading, and transport.

10.6 Title in the Lot shall not pass to the Buyer until full payment has been received in cleared funds. Until title passes, the Auctioneer may retain possession of the Lot and shall be entitled to resell it in accordance with clause 9.11 if payment is not received.

10.7 If a Buyer fails to collect a Lot within five (5) days of cleared payment being received, the following charges shall apply:
(a) A fixed penalty charge of £695 plus VAT; and
(b) A storage fee of £100 plus VAT per day, accruing daily until collection is made.
These charges must be paid in full before the Lot is released.

10.8 The Auctioneer reserves the right to move or store any uncollected Lot at the Buyer’s risk and expense. Such storage may be at third-party premises, and the Buyer shall indemnify the Auctioneer against all costs incurred in doing so.

10.9 If a Lot is not collected within twenty-one (21) days of cleared payment being received, the Auctioneer may, at its sole discretion, treat the sale as rescinded, resell the Lot, or otherwise dispose of it. Any costs, penalties, or losses incurred as a result shall be recoverable from the Buyer as a debt.

10.10 Where the Auctioneer offers delivery or transportation services, such services are provided by third-party carriers on a separate contractual basis between the Buyer and the carrier. The Auctioneer shall not be liable for any damage, loss, or delay arising during transit.

10.11 The Buyer must ensure that all vehicles or machinery purchased are roadworthy, safe, and compliant with applicable laws before being driven or operated. Removal of unroadworthy vehicles from the Auctioneer’s premises must be by recovery vehicle or trailer only.

10.12 The Buyer must comply with all site health and safety rules when collecting any Lot. High-visibility clothing and appropriate footwear are mandatory at all times on the collection premises.

10.13 The Auctioneer reserves the right to refuse release of any Lot if it believes that collection arrangements are unsafe or non-compliant with legal or insurance requirements.

10.14 The Buyer acknowledges that any Lot not collected within the permitted period may be deemed abandoned. In such cases, the Auctioneer shall be entitled to resell, scrap, or otherwise dispose of the Lot at its discretion without further notice, and without prejudice to the Auctioneer’s right to recover all outstanding fees and costs.

11. INSPECTION, VIEWINGS, AND ACCESS TO LOTS

11.1 The Buyer acknowledges that all Lots are sold as seen and that it is their responsibility to satisfy themselves as to the condition, quality, and suitability of any Lot prior to bidding.

11.2 Viewings may be arranged strictly by appointment only and subject to the Auctioneer’s approval. The Auctioneer reserves the right to refuse or limit viewings at its discretion, including for logistical, safety, or security reasons.

11.3 Requests to view must be made no less than forty-eight (48) hours prior to the scheduled closing time of the auction. No viewings shall be permitted within the final forty-eight (48) hours before the auction closes unless expressly agreed in writing by the Auctioneer.

11.4 The Auctioneer does not guarantee that any Lot will be available for physical viewing prior to the auction, as certain Lots may be stored offsite, in transit, or at vendor or holding facilities.

11.5 For Lots stated as being “in transit,” the Buyer acknowledges that such items may take up to twenty-one (21) working days to arrive at the Auctioneer’s main collection facility. The Buyer agrees not to make any claim, deduction, or cancellation request on the basis of such delay.

11.6 For jewellery, diamonds, and watches, the Buyer acknowledges that Lots may originate from multiple vendors, including locations within the United Kingdom, the United States, and Europe. Following purchase, such Lots will undergo a secondary assessment at the Auctioneer’s UK office prior to dispatch. The Buyer accepts that this process, including customs clearance, may take up to sixty (60) working days from the date of the auction’s conclusion.

11.7 During any viewing or inspection, the Buyer must comply with all instructions of the Auctioneer’s staff and adhere to site health and safety policies. The Auctioneer reserves the right to refuse access to any individual who fails to comply with safety requirements or who behaves in an unsafe or disruptive manner.

11.8 The Buyer and their representatives shall attend any viewing or inspection entirely at their own risk. The Auctioneer, its employees, and agents shall not be liable for any personal injury, loss, or damage to property sustained while attending the Auctioneer’s premises or any offsite facility.

11.9 No testing, dismantling, or intrusive inspection of any Lot shall be permitted without the express written consent of the Auctioneer.

11.10 The Buyer shall not remove any parts, accessories, or contents from a Lot during viewing or inspection. Any such conduct shall be treated as a serious breach of these Terms and may result in suspension from all future auctions and/or legal action.

11.11 The Auctioneer shall not be responsible for providing condition reports, inspection certificates, or photographs beyond those published on the Platform unless expressly agreed in writing. Any additional information provided shall be for guidance only and shall not be relied upon as forming part of the contract.

11.12 The Buyer acknowledges that access to certain Lots may be restricted due to storage conditions, third-party premises, or health and safety regulations. The Auctioneer shall not be liable for any inability to provide access in such circumstances.

11.13 The Buyer accepts that failure to inspect a Lot prior to bidding shall not constitute grounds for cancellation of the sale, non-payment, or any claim for compensation.

12. TITLE, RISK, AND TRANSFER OF OWNERSHIP

 

12.1 Risk in the Lot shall pass to the Buyer immediately upon the conclusion of the auction, regardless of whether payment has been made or collection has occurred. From that moment, the Buyer shall be responsible for all loss, damage, theft, or deterioration of the Lot, howsoever caused.

 

12.2 Title (legal ownership) in the Lot shall not pass to the Buyer until the Auctioneer has received full payment of all sums due, including the Hammer Price, Buyer’s Premium, Processing and Administration Fee, VAT, and any other applicable charges, all in cleared funds.

 

12.3 Until title passes, the Auctioneer and/or the Seller shall retain full legal and beneficial ownership of the Lot. The Buyer shall hold the Lot as bailee for the Auctioneer and/or Seller and shall keep it separate from all other goods, properly stored, protected, and insured against all risks.

 

12.4 The Buyer shall not remove, sell, charge, pledge, or otherwise dispose of any Lot prior to payment in full and transfer of title. Any attempt to do so shall be treated as conversion and a fundamental breach of contract, entitling the Auctioneer to immediate recovery of the Lot and any resulting damages.

 

12.5 If payment is not received in full within the specified period, or if the Buyer commits any act of insolvency, bankruptcy, or liquidation, the Auctioneer may immediately terminate the contract, repossess the Lot, and resell it at public auction or by private treaty.

 

12.6 Any resale of a Lot under clause 12.5 shall be without prejudice to the Auctioneer’s right to recover from the Buyer all losses, expenses, commissions, storage, and legal costs incurred as a result of the Buyer’s default.

 

12.7 The Buyer acknowledges that the Auctioneer may act as agent for the Seller in enforcing the Seller’s rights under this Section and may bring proceedings in its own name or in the Seller’s name as appropriate.

 

12.8 The Auctioneer and Seller shall have a lien over any Lot purchased by the Buyer for all monies due from that Buyer, whether arising from the same or any other auction. The lien shall extend to all storage, handling, insurance, interest, penalty, and legal charges incurred by the Auctioneer.

 

12.9 The Auctioneer shall be entitled to exercise a general right of retention over any Lot or property of the Buyer held by the Auctioneer until all outstanding sums have been paid in full.

 

12.10 The Buyer acknowledges that title and risk are distinct concepts and that transfer of risk prior to transfer of ownership does not relieve the Buyer from their obligation to insure the Lot against all risks from the moment the auction closes.

 

12.11 The Auctioneer shall not be liable for any loss or damage to a Lot while in storage or awaiting collection, whether caused by negligence or otherwise, unless such loss results directly from the wilful misconduct of the Auctioneer or its employees.

 

12.12 The Buyer agrees that this Section shall survive completion of the sale and delivery of the Lot and shall remain enforceable until all obligations of the Buyer have been fully discharged.

13. CANCELLATION, DEFAULT, AND REMEDIES

13.1 The Buyer acknowledges that once a bid has been placed and accepted, whether as a winning bid or as a provisional bid subsequently accepted by the Seller, a binding contract of sale is created between the Buyer and the Seller, with the Auctioneer acting as agent.

13.2 The Buyer shall have no right to cancel or withdraw from a purchase once the auction has concluded, except with the express written consent of both the Seller and the Auctioneer. Any cancellation granted shall be subject to the conditions set out in this Section.

13.3 In the event that the Auctioneer and Seller agree to a cancellation at the Buyer’s request, the Buyer shall remain liable to pay:
(a) the full Buyer’s Premium (30% plus VAT) on the Lot in question; and
(b) a fixed cancellation penalty of £695 plus VAT per Lot.
These sums are payable immediately upon confirmation of cancellation and are non-refundable.

13.4 Failure by the Buyer to pay for or collect any Lot in accordance with these Terms shall constitute a fundamental breach of contract. In such circumstances, and without prejudice to any other rights or remedies available to it, the Auctioneer may exercise one or more of the following rights:

(a) treat the sale as rescinded and resell the Lot by auction or private treaty, with any deficiency in the resale price (plus commissions, fees, and costs) recoverable from the Buyer as a debt;
(b) retain any deposit or part-payment made by the Buyer towards satisfaction of the Buyer’s obligations;
(c) apply any monies received from the Buyer towards any outstanding debt owed to the Auctioneer, whether or not related to the same Lot;
(d) charge interest and penalty fees in accordance with clause 9.7;
(e) recover from the Buyer all storage charges, insurance, legal costs, and any other expenses incurred by reason of the Buyer’s default;
(f) retain or sell any other Lot purchased by the Buyer at any auction, whether or not fully paid for, and apply the proceeds towards satisfaction of any sums owed;
(g) refuse or ignore any future bids placed by the Buyer or any associated entity; and
(h) issue legal proceedings for recovery of all outstanding amounts and associated costs, including legal fees on a full indemnity basis.

13.5 If a Lot is resold due to the Buyer’s default, and the resale price exceeds the original Hammer Price, the Buyer shall have no claim to the surplus.

13.6 The Buyer acknowledges and agrees that the fixed penalty and daily late payment fees under these Terms represent a genuine pre-estimate of the loss and administrative burden incurred by the Auctioneer as a result of delay or breach, and are therefore fully enforceable and not subject to reduction or waiver.

13.7 The Auctioneer shall be entitled, but not obliged, to suspend or terminate the Buyer’s registration and access to all future auctions without notice in the event of non-payment, breach of these Terms, or any conduct that, in the Auctioneer’s opinion, undermines the integrity of the auction process.

13.8 Any Lot not paid for in full or collected within the specified time may be deemed abandoned. The Auctioneer may then sell, scrap, or otherwise dispose of the Lot at its discretion. The Buyer shall remain liable for all losses, costs, and charges arising from such disposal.

13.9 In the event of any legal proceedings arising out of the Buyer’s default, all communications, notices, and claims may be served at the Buyer’s registered or last known address. Service by email shall be deemed effective at the time of transmission.

13.10 The Buyer shall indemnify and hold harmless the Auctioneer and Seller against all losses, damages, costs, and expenses (including legal costs on a full indemnity basis) arising directly or indirectly from any act, omission, or breach by the Buyer of these Terms.

13.11 The remedies provided in this Section are cumulative and may be exercised concurrently or successively. The exercise of one remedy shall not prevent the Auctioneer from exercising any other rights or remedies available at law or in equity.

 

14. LIMITATION OF LIABILITY

14.1 Nothing in these Terms shall exclude or limit the Auctioneer’s liability for death or personal injury caused by its negligence, or for fraud or fraudulent misrepresentation.

14.2 Subject to clause 14.1, the Auctioneer, its directors, employees, and agents shall not be liable for any loss, damage, cost, or expense suffered by the Buyer or any third party arising from or in connection with:
(a) any act, omission, negligence, or default of the Seller or any third party;
(b) any defect in or condition of any Lot, whether known or unknown;
(c) any error, misdescription, omission, or misstatement in any catalogue, description, or photograph;
(d) any failure, delay, interruption, or technical fault affecting the operation of any Platform or the transmission of bids;
(e) the withdrawal of any Lot from sale; or
(f) any breach of contract by the Seller.

14.3 The Auctioneer gives no warranty or representation as to the authenticity, origin, age, condition, quality, description, or suitability of any Lot. All implied terms, conditions, and warranties (whether statutory or otherwise) are excluded to the fullest extent permitted by law.

14.4 The Buyer acknowledges that the Auctioneer acts solely as agent for the Seller and shall not be responsible for any default, act, or omission of the Seller or any third party. The Buyer’s rights in respect of any breach of warranty, representation, or obligation by the Seller shall be against the Seller only and not the Auctioneer.

14.5 The Auctioneer shall not be liable for any indirect, consequential, or special loss, including (without limitation):
(a) loss of profit, revenue, or business;
(b) loss of goodwill or reputation;
(c) loss of data;
(d) loss of opportunity; or
(e) any consequential or economic loss, whether arising in contract, tort (including negligence), breach of statutory duty, or otherwise.

14.6 Subject to clause 14.1, the Auctioneer’s total aggregate liability to the Buyer, whether in contract, tort, negligence, misrepresentation, or otherwise, shall not exceed the total amount of the Hammer Price of the Lot in relation to which the claim arises.

14.7 The Buyer agrees that the limitations and exclusions of liability set out in these Terms are fair and reasonable, having regard to the nature of the auction process and the fact that the Auctioneer is not the manufacturer, owner, or producer of any Lot.

14.8 The Buyer further acknowledges that participation in an auction involves inherent risks, including the risk of purchasing used, untested, or faulty goods, and that such risks are assumed entirely by the Buyer upon placing a bid.

14.9 The Buyer shall indemnify and hold harmless the Auctioneer, its officers, employees, and agents against any claim, demand, loss, damage, liability, or expense (including legal costs on a full indemnity basis) arising directly or indirectly from the Buyer’s participation in the auction, breach of these Terms, or use or resale of any Lot.

14.10 The Auctioneer shall not be liable for any failure or delay in performing its obligations under these Terms where such failure or delay results from any cause beyond its reasonable control, including but not limited to: acts of God, floods, fires, explosions, strikes, lockouts, civil disturbances, war, or failure of communication systems.

14.11 The Buyer agrees that these limitations and exclusions shall survive completion of the sale and continue to apply indefinitely in respect of any claim relating to the auction or the Lot.

 

15. PERSONAL DATA, CALL RECORDING, AND PRIVACY

15.1 The Auctioneer is committed to protecting the privacy and personal data of all users in accordance with the UK General Data Protection Regulation (GDPR) and the Data Protection Act 2018.

15.2 By registering for or participating in any auction, the Buyer consents to the Auctioneer collecting, storing, and processing personal and business information for legitimate business purposes, including but not limited to:
(a) verifying identity and eligibility to bid;
(b) processing registrations, payments, and transactions;
(c) administering auctions and post-sale documentation;
(d) enforcing contractual rights and preventing fraud;
(e) complying with legal, regulatory, or tax obligations; and
(f) marketing and communication purposes, where the Buyer has not opted out.

15.3 The Auctioneer may share necessary information with its employees, contractors, and professional advisers, as well as with the Seller, relevant Platform operators (such as The Saleroom, iBidder, and Bidspotter), and any third parties directly involved in the facilitation of the auction. All such parties are required to handle information securely and only for legitimate business purposes.

15.4 Personal and business data shall be stored securely, processed lawfully, and retained only for as long as necessary to fulfil the purpose for which it was collected or as required by law.

15.5 The Buyer has the right to request access to, correction of, or deletion of their personal data, as well as to withdraw consent for processing where applicable, by contacting the Auctioneer in writing at connect@fivewaysassets.com.

15.6 All telephone calls, including incoming and outgoing communications, may be recorded for training, monitoring, and legal purposes.

15.7 By entering into these Terms and by contacting or communicating with the Auctioneer in any way, the Buyer expressly consents to the recording of telephone calls and acknowledges that such recordings may be used in legal proceedings, including but not limited to debt recovery, fraud investigation, and court proceedings.

15.8 All call recordings and electronic correspondence shall be stored securely and processed in accordance with GDPR and the Auctioneer’s internal data retention policy.

15.9 The Auctioneer reserves the right to disclose recordings or data to authorised third parties, including law enforcement agencies, regulators, Auction Technology Group PLC (the operator of The Saleroom, iBidder, and Bidspotter), and legal representatives, where reasonably necessary to protect the Auctioneer’s interests or comply with legal obligations.

15.10 The Buyer acknowledges and agrees that the Auctioneer shall not be liable for any loss, damage, or unauthorised access to data that occurs due to circumstances beyond the Auctioneer’s reasonable control, including cyber-attacks, third-party breaches, or system failures.

15.11 The Auctioneer’s Privacy Policy, available on its website or upon request, forms part of these Terms and governs the collection and use of personal data.

15.12 The Buyer agrees that these provisions shall survive termination or completion of any contract formed under these Terms.

 

16. FORCE MAJEURE AND EVENTS BEYOND CONTROL

16.1 The Auctioneer shall not be liable or deemed to be in breach of these Terms for any failure, delay, or omission in performing its obligations where such failure, delay, or omission is caused directly or indirectly by an event or circumstance beyond its reasonable control (“Force Majeure Event”).

16.2 Force Majeure Events shall include, but shall not be limited to:
(a) acts of God, flood, drought, earthquake, storm, pandemic, or other natural disaster;
(b) war, threat of war, civil commotion, riot, terrorist act, or armed conflict;
(c) strikes, lockouts, industrial disputes, or labour shortages;
(d) breakdown or failure of plant, machinery, or transport;
(e) explosion, fire, or accident;
(f) power failure, utility interruption, or computer system malfunction;
(g) cyber-attack, hacking, or failure of data systems;
(h) government action, restriction, or regulation; or
(i) failure, interruption, or malfunction of any Platform, internet, or telecommunications network.

16.3 In the event of a Force Majeure Event, the Auctioneer’s obligations under these Terms shall be suspended for the duration of the event and for such further time as is reasonably necessary to enable the Auctioneer to resume performance.

16.4 The Auctioneer shall use reasonable endeavours to mitigate the effects of any Force Majeure Event but shall not be obliged to procure alternative systems or services where doing so would cause undue hardship or expense.

16.5 If a Force Majeure Event continues for more than thirty (30) consecutive days, the Auctioneer may, at its sole discretion, cancel the affected auction or terminate any contract for sale without liability to the Buyer or Seller.

16.6 The Buyer shall remain liable to pay all sums due in respect of any Lots sold prior to the occurrence of a Force Majeure Event.

16.7 The Auctioneer shall not be responsible for any loss of opportunity, consequential damage, or indirect loss suffered by the Buyer or Seller as a result of any Force Majeure Event.

16.8 Nothing in this Section shall affect the Buyer’s obligation to pay in full for any Lot for which the auction has concluded or the sale has otherwise been confirmed prior to the Force Majeure Event.

17. NOTICES AND COMMUNICATIONS

 

17.1 Any notice, demand, or other communication required or permitted to be given under these Terms shall be in writing and shall be deemed duly served if delivered by hand, sent by first-class post, or transmitted by email to the relevant party at its registered or last known address or designated email address.

 

17.2 For the purposes of these Terms, the contact details of the Auctioneer are as follows:

 

Fiveways Assets Limited

Albany House, Temple Court, Temple Way, Coleshill, Warwickshire, B46 1HH

Telephone: 01842 646 039

Email: connect@fivewaysassets.com

 

17.3 A notice shall be deemed received:

(a) if delivered by hand, at the time of delivery;

(b) if sent by first-class post, at 9:00 a.m. on the second Working Day after posting; and

(c) if sent by email, at the time of transmission, provided that no bounce-back or delivery failure message is received.

 

17.4 For the avoidance of doubt, service by email shall constitute valid service of any notice or communication under these Terms, including but not limited to invoices, payment reminders, demands, and legal notices.

 

17.5 The Buyer is responsible for ensuring that the Auctioneer has an accurate and current postal and email address for correspondence. Failure to maintain current contact details shall not invalidate service under this Section.

 

17.6 Notices sent by the Auctioneer shall be effective notwithstanding that the Buyer fails or refuses to read, open, or respond to such communication.

 

17.7 All communications between the Buyer and the Auctioneer shall be in English.

 

17.8 The Auctioneer shall be entitled to rely upon and act upon any instructions or correspondence appearing to have been sent by or on behalf of the Buyer, without obligation to verify authenticity. The Buyer shall indemnify the Auctioneer against any loss, damage, or liability arising from such reliance.

 

17.9 The Auctioneer may communicate with the Buyer by any reasonable means, including email, telephone, or via the auction Platform. All such communications shall be deemed to form part of the contractual relationship between the parties.

 

17.10 The Buyer acknowledges and agrees that all telephone calls, messages, and email communications may be recorded, stored, and used in evidence in any dispute or legal proceedings arising from these Terms.

 

17.11 This Section shall apply to all communications made before, during, or after an auction and shall survive termination or completion of any sale or transaction.

18. GOVERNING LAW AND JURISDICTION

18.1 These Terms, and any contract or dispute arising out of or in connection with them or with any auction conducted by Fiveways Assets Limited (whether contractual or non-contractual in nature), shall be governed by and construed in accordance with the laws of England and Wales.

18.2 The Buyer, Seller, and Auctioneer irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute, controversy, or claim arising out of or in connection with these Terms, any auction, or any Lot sold or offered for sale by the Auctioneer.

18.3 Each party irrevocably waives any objection to the English courts on the grounds of inconvenient forum or any similar grounds, and further agrees not to commence or pursue proceedings in any jurisdiction other than England and Wales.

18.4 The Buyer acknowledges that the Auctioneer acts as agent for the Seller and that any contract for sale formed through an auction is between the Buyer and the Seller. However, any dispute relating to the conduct of the auction or the interpretation or enforcement of these Terms shall be subject to the exclusive jurisdiction of the English courts.

18.5 If any provision of these Terms is found to be invalid, unlawful, or unenforceable by any court or competent authority, such provision shall be severed to the extent necessary, and the remaining provisions shall continue in full force and effect.

18.6 The Buyer agrees that the English version of these Terms shall prevail over any translation and that all proceedings and correspondence shall be conducted in the English language.

18.7 Nothing in this Section shall limit the Auctioneer’s right to take proceedings against the Buyer in any other court of competent jurisdiction for the purpose of enforcing a judgment or order of the English courts.

18.8 The Buyer further agrees that any judgment or order obtained by the Auctioneer in the courts of England and Wales may be enforced against the Buyer in any jurisdiction in which the Buyer has assets or carries on business.

18.9 The governing law and jurisdiction provisions contained in this Section shall survive termination or completion of any contract for sale and shall apply to all related claims or proceedings, whether arising in contract, tort, equity, or otherwise.

 

19. MISCELLANEOUS PROVISIONS AND INTERPRETATION

19.1 Entire Agreement
These Terms, together with any documents expressly referred to herein (including the Important Information and any special conditions published with an auction), constitute the entire agreement between the Buyer, the Seller, and the Auctioneer, and supersede all prior understandings, agreements, negotiations, and representations, whether oral or written.

19.2 No Reliance
The Buyer acknowledges that in entering into these Terms and participating in any auction, they have not relied upon any statement, representation, warranty, or promise (whether negligent or otherwise) other than those expressly set out herein. Nothing in this clause shall limit or exclude liability for fraud or fraudulent misrepresentation.

19.3 No Partnership or Agency
Except as expressly stated, nothing in these Terms shall create or be deemed to create any partnership, joint venture, fiduciary relationship, or relationship of employer and employee between the parties. The Auctioneer acts solely as agent for the Seller and shall not be a party to the contract of sale between the Buyer and the Seller.

19.4 Assignment
The Buyer shall not assign, transfer, charge, or otherwise deal with any of their rights or obligations under these Terms without the prior written consent of the Auctioneer. The Auctioneer may assign or subcontract its rights and obligations under these Terms to any affiliated company or successor entity without notice to the Buyer.

19.5 Waiver
No failure or delay by the Auctioneer in exercising any right, power, or remedy under these Terms shall constitute a waiver thereof, nor shall any single or partial exercise preclude further exercise. Any waiver must be in writing and signed by an authorised officer of the Auctioneer to be effective.

19.6 Third-Party Rights
No person other than the parties to these Terms shall have any right to enforce or rely on any provision of them under the Contracts (Rights of Third Parties) Act 1999, except that the Seller may enforce any provision of these Terms that expressly confers a benefit on them.

19.7 Severability
If any provision of these Terms is held to be invalid, unlawful, or unenforceable by a court or competent authority, such provision shall be severed to the extent necessary, and the remaining provisions shall continue in full force and effect.

19.8 Variation
The Auctioneer reserves the right to amend or update these Terms at any time. Amendments shall take effect immediately upon publication on the Auctioneer’s website or notification to registered users. Continued participation in auctions after such amendments shall constitute acceptance of the revised Terms.

19.9 Interpretation
For the purposes of interpretation:
(a) Clause headings are for convenience only and do not affect interpretation.
(b) References to “Sections” or “Clauses” refer to sections and clauses within these Terms.
(c) Words in the singular shall include the plural and vice versa.
(d) Any reference to a statute or statutory provision includes any amendment, re-enactment, or extension thereof, and all subordinate legislation made thereunder.
(e) References to “person” include any individual, partnership, company, or other body corporate, whether incorporated or unincorporated.
(f) Any obligation on a person not to do something includes an obligation not to permit or allow it to be done.
(g) Words such as “including,” “include,” and “for example” shall be interpreted as illustrative only and shall not limit the generality of the preceding words.

19.10 Survival
All provisions of these Terms which by their nature are intended to survive termination or completion, including those relating to payment obligations, limitation of liability, indemnities, governing law, and jurisdiction, shall continue in full force and effect after termination or completion of any sale.

19.11 Counterparts
These Terms may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

19.12 Authority
Each individual executing these Terms on behalf of a company, partnership, or other legal entity warrants that they have full authority to bind that entity to these Terms.

19.13 Electronic Communications
The parties agree that the use of electronic signatures, online registration, and digital communications shall constitute valid execution and acceptance of these Terms and all related contracts and notices.

DEFINITIONS

In these Terms and Conditions, unless the context otherwise requires, the following expressions shall have the meanings set out below:

“Administration Fee” or “Processing and Administration Fee” means the fixed non-refundable fee of £695 plus VAT applicable to all Lots sold through iBidder and Bidspotter, and any other platform where permitted, payable by the Buyer in addition to the Hammer Price and Buyer’s Premium.

“Auctioneer” means Fiveways Assets Limited (Company Number [insert company number, if applicable]), whose registered address is Albany House, Temple Court, Temple Way, Coleshill, Warwickshire, B46 1HH, acting as agent for the Seller in the conduct and administration of auctions.

“Auction Platform” or “Platform” means the online bidding systems operated by third parties, including but not limited to iBidder, Bidspotter, and The Saleroom, through which the Auctioneer conducts its auctions.

“Bidder” means any person or entity who registers with the Auctioneer or through any Auction Platform to place bids on one or more Lots, whether on their own behalf or as an authorised agent for another party.

“Buyer” means the Bidder whose bid is accepted by the Auctioneer or Seller as the winning bid (including any provisional bid subsequently accepted), thereby forming a binding contract for the purchase of the Lot.

“Buyer’s Premium” means the additional commission payable by the Buyer to the Auctioneer on each Lot purchased, calculated as a percentage of the Hammer Price (currently 30% plus VAT unless otherwise stated).

“Business Day” means any day other than a Saturday, Sunday, or public holiday in England when banks are generally open for business.

“Collection Facility” means the physical location or storage site designated by the Auctioneer for the collection of purchased Lots, details of which will be provided in the Buyer’s invoice or auction information.

“Contract” means the legally binding agreement formed between the Seller and the Buyer upon acceptance of the Buyer’s bid, subject to and incorporating these Terms and any special conditions published by the Auctioneer.

“Force Majeure Event” has the meaning given in Section 16 and includes any event or circumstance beyond the reasonable control of the Auctioneer.

“Hammer Price” means the highest bid accepted by the Auctioneer for a Lot at the close of the auction (or the price agreed subsequently in the case of a provisional or underbid sale), exclusive of the Buyer’s Premium, Administration Fee, and VAT.

“Late Payment Fee” means the daily charge payable by the Buyer for failure to make payment by the due date, accruing at a rate equivalent to the Buyer’s Premium (excluding VAT) per day on a cumulative basis, in addition to a one-off penalty of £695 plus VAT, as detailed in Section 9.

“Lot” means any item, asset, vehicle, jewellery, diamond, watch, or other goods offered for sale by the Auctioneer on behalf of a Seller, identified by a Lot number within an auction catalogue or listing.

“Provisional Bid” means a bid submitted below the reserve price which may subsequently be accepted by the Seller following the close of the auction, thereby forming a binding Contract.

“Reserve Price” means the minimum price set by the Seller at which a Lot may be sold, as notified confidentially to the Auctioneer prior to the auction.

“Sale” or “Auction Sale” means the sale of one or more Lots conducted by the Auctioneer through any online Auction Platform or other approved medium.

“Seller” means the legal owner of a Lot who has appointed the Auctioneer as their agent to offer the Lot for sale.

“Terms” means these Terms and Conditions of Sale, as amended from time to time and including any supplementary conditions published by the Auctioneer.

“VAT” means Value Added Tax as chargeable under the Value Added Tax Act 1994 (as amended) and any equivalent or replacement tax imposed in the United Kingdom.

“Working Day” means a day other than a Saturday, Sunday, or public holiday in England when the Auctioneer’s offices are open for business.