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Terms of Consignments - Abacus Auctions - Public Auction Terms of Consignmetns

 

Terms of Consignments - Public Auction

  1. ABACUS: Abacus Auctions Pty Ltd, a company incorporated in the State of Victoria, is the Auctioneer. Abacus is a member of the Australasian Philatelic Traders Association (APTA) and adheres to the APTA Code of Ethics..

  2. VENDOR: The Vendor is the person or persons consigning material for sale by Abacus. The Vendor includes (as appropriate) the owner(s), their agents, representatives or executors, or the person(s) in possession of the property. Multiple Vendors jointly and severally assume all obligations, liabilities, representations, warranties and indemnities in these Terms of Consignment.

  3. PURCHASER: The Purchaser is the person to whom the material or any part thereof is sold by Abacus whether as the highest bidder at auction, or upon acceptance of a fixed price offer, or by any other means.

  4. VENDOR WARRANTIES: The Vendor warrants to Abacus and to the Purchaser that:
    (a) the Vendor has good title to the material or is entitled and properly authorised to sell the material; and
    (b) the Vendor will transfer good title to the material to the Purchaser free of any third party rights or claims.
    The Vendor agrees to indemnify Abacus and the Purchaser against any loss or damage resulting from any breach of the Vendor’s obligations, representations or warranties in these Terms of Business including but not limited to profit, Vendor Commission, Buyer’s Premium, postage and packing, insurance costs, and expertising fees. Where Abacus reasonably believes that there is or may be such a breach, Abacus is entitled at its sole discretion to withdraw the material from sale or rescind its sale.

  5. VENDOR COMMISSION & VENDOR RECEIPT: The Vendor Commission is payable by the Vendor to Abacus on the sale price of the material or any part thereof. The Vendor Receipt shall identify the Vendor and the material, the Vendor Commission and the Vendor’s GST status. Abacus does not charge the Vendor any lotting fees, unsold lots fees, insurance levies, advertising fees, or fees for illustrations, except as expressly agreed by both parties in writing (including via email).

  6. VENDOR PROCEEDS & PAYMENT: Abacus shall make Payment of the net Vendor Proceeds not later than 45 days after the date of sale in the manner specified on the Vendor Receipt, or if nothing is specified, by posting an Australian Dollar company cheque to the Vendor. The Vendor authorises Abacus to deduct the Vendor Commission and any other agreed charges from the Vendor Proceeds before making Payment. Abacus is not liable to make Payment for any sale that is rescinded, and may deduct from Payment an appropriate sum for sales that Abacus has been notified or reasonably believes may be rescinded. Abacus will make Payment in respect of such sales within a reasonable time after full unconditional payment is received from the Purchaser.

  7. VENDOR STATEMENTS: Abacus shall provide a Vendor Statement for the consigned material at any time upon request. For public auctions, Abacus will provide an advance Vendor Statement detailing descriptions, estimates and reserve prices along with an auction catalogue, as well as a final Vendor Statement detailing sale price, Vendor Commission, GST, other charges and net Vendor Proceeds.

  8. SALE OF MATERIAL: Abacus has absolute discretion as to the way in which material is prepared for sale and sold including but not limited to how material is grouped, described, priced, estimated, reserved, illustrated, marketed, promoted, advertised and offered for sale, subject to any written agreement with the Vendor. Abacus shall notify the Vendor how the material is to be offered by means of Vendor Statements and exercises all due care in selling material, but neither Abacus nor its officers or employees shall be liable for acts or omissions relating to the Sale of Material beyond Payment of the net Vendor Proceeds.

  9. CERTIFICATES OF AUTHENTICITY & EXTENSIONS: Abacus may submit material or part thereof consigned without a recent Certificate of Authenticity to any recognised expert or expert committee at its absolute discretion to obtain a Certificate of Authenticity. Abacus may do so at any time with the written agreement (including via email) of the Vendor, or where a Purchaser has exercised their right to request an Extension to obtain a Certificate of Authenticity upon the specific conditions set out in the Terms of Sale. The Vendor shall bear all costs associated with such submissions including a reasonable fee for Abacus’ services quoted in advance, except where a satisfactory Certificate of Authenticity is obtained following an Extension request in which case these costs will be borne by the Purchaser. Abacus shall not be liable to make Payment of net Vendor Proceeds following an Extension request until full unconditional payment is received from the Purchaser. Unless a satisfactory Certificate of Authenticity is obtained within a reasonable time following an Extension request or the sale otherwise becomes unconditional under the Terms of Sale, the sale will be rescinded.

  10. RETURN OF MATERIAL: The Vendor may request the Return of consigned material that remains unsold after six months from the date of the Vendor Receipt or after one month from the date of being offered for sale (whichever comes first), and Abacus shall Return such material upon payment of the costs of its Return and any other charges owing. If the Vendor does not request Return of unsold material, Abacus may re-offer such material at reduced prices until sold.

  11. WITHDRAWL OF MATERIAL: If the Vendor requests the Withdrawal of material prior to it being offered for sale, then in addition to the costs of Return and any other charges owing, the Vendor shall also be liable to pay Abacus both the Vendor Commission and the Buyer’s Premium as if the material had been sold at the Insurance Valuation or Reserves (once set) and Abacus shall not be obliged to Return the material to the Vendor until full payment of all these costs & charges is received. If a Vendor demands that Abacus offer material at higher Estimates or Reserves than those set by Abacus, Abacus may elect to treat this demand as a Withdrawal of the material, either at any time before the auction takes place, or within a reasonable time after the auction at which the material is offered at such higher Estimates or Reserves and remains unsold.

  12. INSURANCE: Abacus shall provide insurance coverage for the consigned material up to the Insurance Valuation or Estimates (once set). In the event of any loss or damage to the material (excluding gradual deterioration or inherent fault or defect), Abacus shall compensate the Vendor up to this amount less Vendor Commission and any other agreed charges.

  13. GOVERNING LAW: These Vendor Terms shall be governed by and interpreted in accordance with the laws of the State of Victoria.