1.

Definition of Auctioneer and Agent’s Status

1.1.

Brightwells Ltd. (hereinafter called “the Auctioneers”) sell as agents for the Seller (except where they are stated wholly or partly to own any Lot as principal) and

1.1.2

the parties to the contract of sale are the Seller and the Buyer and the Auctioneers as such are not responsible for any default by Seller or Buyer.

1.2

The Auctioneers means any employee or agent of Brightwells Ltd. who at the relevant time has the authority to conduct an auction or sale.

2.

Confirmation of Ownership

2.1

The Seller warrants to the Auctioneers and to the Buyer:-

2.1.1

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

2.1.2

and 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.

2.2

The Seller will indemnify the Auctioneers, their servants and agents and the Buyer against any loss or damage suffered by them in consequence of any breach of the above warranty on the part of the seller.

2.3

The Auctioneers may make such announcements or publish such information supplied by a Seller about any Lot as they in their discretion think fit.

2.3.1

and the Seller will indemnify the Auctioneers if any warranty is found to have been made by the Auctioneers as a result of such announcements or publications.

3.

Auctioneers Right to Split or Amalgamate Lots, to Refuse Admission & Bids

The Auctioneers shall have the right at their discretion to:

3.1

refuse admission to their premises or attendance at their auctions by any person

3.1.1

require any Seller to remove a Lot from the auction premises or to remove the Lot themselves (if the Seller refuses so to do) and recover the costs from the Seller.

3.2

The Auctioneers have absolute discretion without giving any reason to refuse any bid, to divide any Lot, to combine any two or more Lots, to withdraw any Lot from the auction and in case of dispute put up any Lot for auction again.

3.3

The Auctioneers may accept written instructions to bid on behalf of prospective Buyers but any instructions accepted shall be at the risk of the prospective Buyers, who will be deemed to have viewed the Lot(s).

4.

Faults & Descriptions, Responsibility of Lots

4.1

Every Lot must be taken to with all faults and imperfections and errors of description (if any).

4.2

Until sold, each Lot shall be at the Seller’s risk and it shall be his duty to preserve the same.

4.3

After the fall of the hammer such risk and duty shall devolve upon the Buyer.

4.4

Title in all Lots remains vested in the Seller or Brightwells Ltd. (as the Seller’s Agent) until payment in full has been made.

In the event of the Lots being re-sold before payment being made in full the purchaser shall hold the proceeds of such sale on trust for the Seller (or Brightwells Ltd. as Seller’s Agent).

4.5

No Lot shall be removed from the place of sale until the sale has been concluded, full payment made and pass obtained from the Auctioneers or their Clerk.

4.6

Notwithstanding such a lien and the right of possession aforesaid, the Auctioneers do not accept any risk as regards any Lot, nor any liability whatever, as to preservation or delivery thereof.

5.

Resale due to Faults or Compliance

5.1

On failure of compliance with the Conditions, the Auctioneers may re-sell the Lot or Lots, either by public auction or private contract and the deficiency (if any) with all expenses, shall be made good by the defaulter at this sale, but such defaulter shall not be entitled to any surplus which may arise by such re-sale, which shall remain the property of the Auctioneers.

5.1.1

Such expenses shall be deemed to include the usual Auctioneers commission on the re-sale and all expenses for porters, advertising, market tolls, carriage, care, storage, keep and otherwise.

6.

V.A.T. (Subject to current legislation)

6.1

Value Added Tax at the Rate prevailing on the day of the sale will be added to the purchase price of all items bought at any sale in the United Kingdom, the amount will clearly be shown on the Buyer’s invoice.

6.2

The only exceptions to the provisions of Clause 6.1 will be:

6.2.1

‘Zero’ rated or ‘Exempt’ articles,

6.2.2

or if prior to sale the Auctioneers hold a signed Seller’s declaration stating that he is either not registered for V.A.T. (unless the sale is wholly non-margin scheme).

6.2.3

or that items entered by him are eligible for sale under ‘second-hand margin scheme for V.A.T. rules.

6.3

Overseas Buyers must pay all V.A.T. chargeable on an invoice under United Kingdom legislation. V.A.T. may be refunded if appropriate upon production of acceptable proof of:

(a)

export of the items    and

(b)

registration for V.A.T. of the Buyer within another E.U. State, where items have been dispatched to that E.U. State.

7.

Self-Billing

7.1

Would all Sellers please note that we (Brightwells Ltd.) will raise a self billing tax invoice for the proceeds of any goods in this or any other sale held by us. It is a Customs & Excise requirement that this is the only tax invoice raised for those items.

7.2

We must have your V.A.T. registration number (where appropriate) together with your name and address for inclusion on any self billing tax invoice raised by ourselves.

7.3

You must notify us immediately if your V.A.T. registration number is cancelled, or if you are issued with a new V.A.T. registration number.

7.4

Any Seller not agreeing to this system of self billing tax invoices being raised by us must notify us prior to the commencement of the sale. Regrettably, we can only operate with a self billing system in place, and therefore will not sell the goods of any Seller who is unable to accept this system.

8.

No Biddings Retracted

8.1

No bidding shall be retracted. The bidding increments will be regulated by the Auctioneers.

9.

Payment

9.1

All Buyers must declare their names and addresses, (and produce proof of identity) and to pay to the Auctioneers the amount of the purchase money in cash, immediately on the fall of the hammer, and in default of which the Lot or Lots shall be offered again and re-sold, at the Auctioneers’ discretion.

9.2

Under no circumstances may any Lot be removed without first obtaining a pass from the Auctioneers.

9.3

The Auctioneers may at their absolute discretion, agree to accept payment by such other means or such other manner than is provided for in 9.1 as they see fit.

10.

Owners Risk

10.1

Neither the Sellers nor the Auctioneers will be responsible for any accident, or damage to life or limb prior to or during the progress of the Sale, or at any time during the removal of Lots.

10.2

Vehicles parked at the Sale are at the owner’s risk.

10.3

All objects and possessions are brought onto the Sale Site entirely at the owner’s risk and unattended baggage and objects will be removed or destroyed as the Auctioneers think fit.

11.

Highest Bidder

11.1

The Buyer shall be the highest bidder.

11.2

In the event of a dispute between two or more bidders as to which is the Buyer, the dispute shall be settled at the absolute discretion of the Auctioneers.

12.

Sellers Right to Bid

12.1

The Seller reserves the right to bid, however, no Seller may bid for any of his/her own Lots, except through the Auctioneers.

12.2

The Auctioneers reserve the right to charge full commission on the reserve price of any Lot so bought in.

13.

Reserves

13.1

The Seller shall be entitled prior to the auction to place a reserve price on any Lot, being the minimum amount for which the Lot shall be sold.

13.2

Such reserve shall be in writing and the document containing the reserve will be handed to the Auctioneers not later than one hour prior (or as advised in special conditions) to the commencement of the auction and in the event of the Seller failing so to do the Lot will be sold without reserve.

13.3

The Auctioneers reserve the right to sell any lot at 10% less than the reserve price.

13.4

Where a reserve price has been placed only the Auctioneers may bid on behalf of the Seller, whilst any third party may not bid on the Seller’s behalf.

13.5

Any Lot bought in by the Seller in excess of the reserve price will be subject to full commission charges.

14.

Reservation of Title

14.1

If the Auctioneers do not demand payment from the Buyer but allow him to remove the Lot from the sale then the Buyer shall ensure that the title in the Lot remains vested in the Seller (or Brightwells Ltd. as Agents of the Seller) until payment in full has been made. If the Seller has been paid, but the goods not paid for the title remains with Brightwells Ltd. until full payment has been made.

14.2

Until payment in full has been made the Buyer shall undertake to keep the Lot in a good and marketable and readily identifiable condition and not to sell the Lot which remains the property of the Seller. In addition, if not paid for on demand, the Lot shall be returned to the Auction site for resale and shall be dealt with as in 5.1.

14.3

In the event of sale by a Buyer before payment has been made in full the Buyer shall hold the proceeds of such sale on trust for Brightwells Ltd. (as Agent of the Seller).

14.4

In the event of breach of conditions, the Auctioneers reserve the right to enter on to property of the Buyer, or others to reclaim possession of any Lot.

15.

Private Sales

15.1

All private sales made on the day of the sale must be booked through the Auctioneers.

15.2

The Auctioneers reserve rights at their option to:

15.2.1

treat as void any private sale made by a Seller of any Lot which he shall have entered for sale by the Auctioneers and which has been received at the sale by them or on their behalf or

15.2.2

to charge and reserve from such Seller their appropriate commission upon any such sale.

16.

Warranty

In case of dispute as to the meaning of any description or warranty the decision of the Auctioneers shall be final and binding on all parties.

17.

Interpretation

17.1

In these conditions of sale, unless the contrary intention appears, words importing the masculine gender shall indicate female and words in the singular shall include the plural and words in the plural include the singular.

18.

All Buyers are deemed to bid on the understanding that they have read and understood these Conditions of Sale.

19.

Members’ Accounts Regulations 1993 Notice Required Under Regulation 2A

19.1

The market is not required to comply with the requirements of the Members’ Accounts Regulations of the RICS. No monies paid to this market are covered by any scheme for the protection of clients money operated by the RICS. This notice is published in accordance with the requirements of the RICS from which a more detailed explanation can be obtained by writing to the Standards and Practice Department, The RICS, 12 Great George Street, Parliament Square, London, SW1P 3AD

20.

Health & Safety & Risk

20.1

All persons entering the Sale Site do so at their own risk.

20.2

All persons entering the Sale Site must take notice of all specific health and safety notices on display at individual sites. If in doubt please consult the Safety Officer/Auctioneer in charge.

21.

Commission Bid

21.1

Commission bids will be faithfully executed when received in writing at least one hour prior to sale, on condition that the Lots have been viewed by the intending Buyer or his Authorised Agent and the Buyer agrees to take with all faults and misdescriptions. Whilst any Lot will be purchased as other bids and reserves allow, the Auctioneers will accept no responsibility if a commission bid is not executed.

21.2

All Lots bought on commission must be paid for immediately, regardless of whether or not they have been collected.

21.3

A deposit may be requested at the time of placing a commission bid.

22.

Additional Charges

22.1

The Auctioneers reserve the right to levy additional charges where appropriate. These may include: Commission, Levies, Tolls, Offering Fees, Transfer Fees, Haulage, Contra Accounts, Advertising, Sundries, Buyers Premium, Indemnity and other charges appropriate to individual sales. Please ask for a confirmation of rates PRIOR TO SALE if you require clarification.

23.1

Agents

Save as provided in 23.1.2 below, in all cases where a person whose bid is accepted is in fact acting as an agent, whether or not he has disclosed this fact, he and his principal shall be deemed to be and remain jointly and severally liable on the contract, and no steps taken or proceedings commenced against the principal or the agent shall be deemed to operate as an election discharging the other from liability unless such steps or proceedings result in a final satisfied judgment.

23.1.1

Save as aforesaid, the agent and his principal shall be deemed to be jointly and severally liable on the contract and any steps authorised by these Conditions or the general law may be taken against either or both of them, whether the existence or identity of the principal was disclosed or not.

23.1.2

Conditions 23.1 and 23.1.1 above shall not apply if before the commencement of the sale the agent informs the auctioneers that he intends to contract as a principal, in which case the agent will be deemed to be personally and solely liable on the contract.

23.2

Export

Buyers making a purchase for export must comply with all regulations and export requirements and indemnify the Auctioneers against any liability.

23.3

Catalogues and Advertisements

The Auctioneers cannot guarantee that any Lot described in any Catalogue or Advertisement will arrive for Sale, nor that any description therein contained can be relied upon as accurate. All Lots should be inspected by the Buyer who bids on the understanding that he has inspected (or is deemed to have inspected) the Lot and agrees to take with all faults and imperfections.

23.4

Disposal of Not Sold Lots

Any Lot that fails to attract a minimum bid (as applicable) will be disposed of by the Auctioneers and any costs will be payable by the Seller. If the Seller wishes to retain and remove the Lot, this must be done by the end of the sale day and on condition that all relevant charges and fees have been paid to the Auctioneers.

24.

Please Note

24.1

These are only the General Conditions of Sale and the Special Conditions appropriate should also be referred to by all Sellers and Buyers.

24.2

In certain circumstances, Special Conditions may detail additional, more specific requirements than the General Conditions. In these cases the Special Conditions take precedence over the General Conditions.

24.3

Livestock Sales will use the General Conditions of Sale for Cattle, Calves, Sheep and Pigs (1984) as recommended by the L.A.A., (subject to update) together with additional Special Conditions.

24.4

Special regulations may be in place to complement General and Special Conditions such as MOD and Breed Society regulations.