Conditions of Sale
2. The Auctioneer reserves the right to include its own material in any auction sale.
3. A Bidder acknowledges and agrees that any Buyer's Premium or other charges incurred by a Bidder is not payable by the Auctioneer.
4. A Bidder acknowledges that the Auctioneer may have access to information that is not publically available for any and all auction lots. Any claimed conflict of interest or claimed competitive advantage resulting from this information is expressly waived by all participants in any Auction sale.
5. The Buyer for any lot is the Bidder who makes the highest bid accepted by the Auctioneer, and includes the principal of any Bidder acting as an agent. In the event of any dispute arising in an auction sale involving a Bidder or Bidders, the Auctioneer shall have absolute discretion to determine the outcome of any dispute or may decide to withdraw or relist the disputed lot.
6. The auctioneer reserve the right to postpone, rearrange or cancel an auction without notice at its sole discretion. Any individual lot or lots may also be withdrawn by Auctioneer without notice prior to the bidding process being open. Any Bidder accepts that the Auctioneer or Consignor shall not be liable for any costs or damages arising from either the withdrawn of material at the auction or the delay or cancellation of the auction.
7. The Auctioneer reserves the right and has absolute discretion to alter lots whether combining lots, dividing lots or withdrawing lots from the auction process without giving reason. All bidding shall be regulated by the Auctioneer and at their absolute discretion they shall have the right of refusal for any or all bid(s).
8. Any estimate figures for auction lot(s) are provided by the Auctioneer as an expected sale price only. Any listed price is not a representative of any possible reserve price and are published for the benefit of Bidders as a guide only. The Auctioneer reserves the right to reject any bids lower than the lot(s) estimate. Bidders may only bid within or above the estimated sale price for any particular lot(s).
9. Lots may carry a Reserve price. Reserve prices are confidential and Bidders will not be made aware of the reserve associated with any lot(s). The Auctioneer will not sell an item below reserve price or will re-purchase on behalf of the Consignor or Auctioneer. The Auctioneer reserves the right to place bids on behalf of the consignor up to the amount of a reserve price established by the consignor.
10. The Auctioneer shall not be responsible for any default by either buyer or seller or for any action, loss or claim arising in any lot.
11. Any and all item bids will be opened in numerical order. If more than one identical bid is received and represents a winning bid then the winning Bidder will be the earliest received chronologically. The decision of the Auctioneer in identitying the winning Bidder shall be final and at their sole discretion.
12. Only a registered member is allowed to bid in any auction. Each individual auction undertaken by the Auctioneer requires a new registration. Registration for a previous auction does not preclude or automate inclusion in another.
13. The registration process may require your Client ID and/or you may be required to fill a registration form. The registration form will require but may not be limited to your address, telephone number, and signature. After registration you will be allotted a numbered paddle to bid.
14. Any first time Bidder or registrant may be asked to provide references and/or a refundable Security Money Deposit and/or show a government-issued picture ID before the start of the auction, subject to the Auctioneer's sole discretion.
15. Any person submitting bids individually and/or on behalf of a corporation or any other person / persons, agrees to be personally liable for full payment of the invoice. The Auctioneer reserves the right to prevent Bidders from registering or taking part in any auction where previous bills are outstanding. If a Bidder defaults on payment the Auctioneer reserves the right to forfeit the registrants Security Money Deposit and this will not be returned.
16. Bidding commissions for registrants unable to attend the auction in person may be carried out by the Auctioneer without charge and in strict confidence. Any "BUY" commissions will only be accepted, solely at the absolute discretion of the Auctioneer.
17. The Auctioneer shall endeavour to make all efforts possible to enter and execute bids received by E-mail, Fax or by other means. However, the Auctioneer shall not be liable for any errors for incorrectly entered or incorrectly executed bids. Bidders are solely responsible for their bids made through any method including any errors they may make in doing so. The Auctioneer reserves the right to refuse and reject any unsigned bid sheet received.
18. All lots are sold as shown with all faults, imperfections and errors of description. Neither the Auctioneer nor the seller shall give or provide warranty to any buyer in respect of any lot, or be liable for any fault or error contained in a lot description. All statements as to the items sold, whether made in catalogues, during the course of the auction, or otherwise are statements of opinion only. Such statements are not to be taken as representations of fact and Bidders should carry out due diligence as they require. The Auctioneer reserves the right in forming his own opinion and to have the ability to consult and rely upon any expert or authority considered by him reliable. Notwithstanding the aforementioned terms if a winning Bidder finds that any lot should have been wrongly described in any material aspect, the buyer may reject the same. In doing so a Bidder must provide written notice of intention to do so and shall have returned the same item(s) to the Auctioneer within seven (7) days from the day of the sale. Bidders accept that the Auctioneer will not be responsible or liable for any costs, expenses or damages incurred by a lot or its return including, but not limited to, loss of any kind or profit whatsoever.
19. Bidders are advised by the Auctioneer to complete all due diligence and to scrutinize the lots they bid for prior to doing so. All Bidders and Buyers must satisfy themselves as to the accuracy of their purchases at the time of delivery. The Auctioneer cannot be held responsible for any discrepancy with a listing after the item(s) have been removed from their original packing.
20. Each lot shall be at the buyer's risk from the fall of the hammer.
21. Delivery is possible only when full payment has been given. Delivery of lot(s) may be made on the following day after receiving full payment of the purchase price.
22. The Purchase price is defined as the winning bid price plus Buyer's Premium and any applicable taxes. The full price has to be paid by the purchaser. The full and total invoice amount is to be paid by the buyer prior to delivery and within 7 days of the date specified on the invoice. The Auctioneer reserves the right and has sole discretion in charging interest at the rate of 2% per month for any overdue amount. If a bidder defaults on payment the Auctioneer has sole discretion and reserves the right to forfeit the registrants Security Money Deposit and this will not be returned.
23. Payment for lot(s) shall be in Indian Rupees. Payment can be made by cash, cheques / DD drawn on Indian banks or by electronic transfers. The full purchase price shall be paid prior to delivery of the lot. All associated costs for the delivery of lots such as handling, shipping, and insurance will be added to the purchase price. Any Credit card payment will be subject to a 3% surcharge on Master and Visa Cards. Any payment via accepted online payment processors will also be subject to a 3% surcharge but may vary depending on the individual processor.
24. The Auctioneer will not be liable for any lots left for more than seven (7) working days after the date of sale. The Auctioneer reserves the right to relist, re-sell or charge storage for any such lots. Buyers shall not be entitled to remove lots from the auction room during the course of the auction.
25. Export of Antiquities: All Buyers are required to be aware of any legislation regarding the export of antiquities. All Buyers are requested to note that as per the Antiquities and Art Treasures Act, 1972 (Act No. 52 of 1972), items (including coins) over 100 years old, cannot be exported out of India except at the express permission of the Director General, Archaeological Survey of India, Janpath, New Delhi.
26. By bidding in any auction and on any lot(s) a Bidder enters into a legal contract. By doing so a Bidder accepts to honour all his/her conditions of sale and shall be bound by them. These Conditions shall take effect and be construed in accordance with Indian law and are subject to Lucknow Jurisdiction as per the licence of the Auctioneer.
27. The Bidders are required to provide all invoicing details to Virasat Auctions prior to the sale at the time of registering. The Auctioneer reserves the right to reject or exclude Bidders that have not provided these details.
28. The Bidder accepts that price estimate(s) for any lot(s) do not include any packing, shipping, handling or insurance charges. All of the aforementioned will be borne by the buyer. The exact amount of shipping-handling and insurance will be conveyed when the final invoice is prepared and will vary depending on the specifics of each individual lot.
29. The Bidder accepts that any and all duties and taxes as applicable, including GST and/or Local Body will be borne by the buyer.
30. Buyers may choose to have the option to collect any and all of their purchases from the Virasat Auctions office in Lucknow after the transfer of full payment is completed.
31. Virasat Auctions reserves the right to publish / announce the names of any Bidders individual or otherwise that default on any payment. Publication can be made at the sole discretion of the Auctioneer on their website and at appropriate places. Such action protects the integrity of the Auctioneer and the industry as a whole. The Auctioneer will not be liable or responsible for any losses whether financial or otherwise resulting from a Bidder failing to pay or the following publication of name.
32. The auction is conducted in Indian Rupees unless otherwise detailed in the auction listing.
12.50 % Buyer’s Premium (on Hammer Price) 2.25 % on Buyer’s Premium) + 5.00 % GST (on Numismatic Items) Total = 19.75 % on Hammer Price
These Terms shall be governed and construed in accordance with the laws of India, without regard to its conflict of law provisions.
If you have any questions about these Terms, please contact us.
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