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Vendor
Terms - Revised and current as at 1st October 2004 |
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AUCTIONEER: Prestige Philately
Pty Ltd ("Prestige"), a company incorporated
in the State of Victoria, is the auctioneer, and adheres to
the standard terms of sale of the Australasian Philatelic
Traders Association. Gary Watson, a Director of Prestige
,holds current Auctioneer’s Licence No. 030438L granted under
the Auction Sales Act 1958. The expression "Prestige"
shall include the directors and employees of Prestige
or any one or more of them.
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ACCEPTABLE MATERIAL: Prestige accepts the
following classes of material for sale at public auction:
a) philatelic, including stamps, envelopes, postal stationery,
proofs,
revenues, etc;
b) literature, both philatelic and non-philatelic;
c) other paper collectibles, including banknotes, postcards,
cigarette cards, trade cards,
greeting cards, Valentines, autographs, posters, maps, share
certificates,
matchbox labels, tram and train tickets, etc;
d) ephemera, including postal implements, sporting memorabilia,
etc;
e) other categories as appropriate, by agreement.
Each submission of material for auction shall
be treated as a separate consignment and assigned a separate vendor
receipt number. However, lots from more than one consignment will
be shown on a single Vendor Advice: see paragraphs 10 and 18.
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REJECTION OF CONSIGNMENT: Prestige shall not
be obliged to accept any particular consignment or part thereof.
In particular, Prestige shall have a discretion to reject
a consignment as being unsuitable for inclusion in an auction,
or of insufficient value. If Prestige rejects a consignment
that has not been solicited by Prestige , Prestige
shall notify the sender in writing that the consignment has
been rejected and advise the cost of returning the consignment.
Prestige shall not be obliged to return the consignment
until such cost has been paid.
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SUPPLEMENTARY LOTS: Prestige shall have the
right to place material that is bulky or considered to be of
little value as "supplementary" or late lots in the next available
auction. No Vendor Advice will be issued for such lots.
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VENDOR: The person consigning material for
sale ("the vendor"), warrants that he or she has good
title in law or is otherwise entitled to offer the consignment
for sale. If the consignment is submitted by an agent of the
vendor, the agent similarly warrants that the vendor has good
title or is otherwise entitled to offer the consignment for
sale. (A person who submits a consignment as agent for the vendor
but who does not disclose such agency to Prestige shall
be deemed to be the vendor.) In the event that it is proven
that the vendor did not have good title or was otherwise not
entitled to offer the consignment for sale the vendor, and/or
the agent of the vendor, shall be liable for any loss suffered
by Prestige including, but not limited to, profit, buyer’s
commission, postage and packing charges, insurance costs, and
expertising fees. Hereafter the expression "the vendor"
shall include an agent of the vendor.
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VENDOR RECEIPT: At the time of accepting the
consignment, or soon thereafter, Prestige shall provide
to the vendor a written receipt for the consignment. The receipt
shall specify a) the vendor’s name, address and contact details;
b) the auction for which the consignment is accepted; and c)
a basic description of the consignment (or the statement "as
per list" if appropriate). If the vendor is "carrying
on an enterprise" as defined in the Goods & Services
Tax ("GST") legislation, the vendor’s Australian
Business Number ("ABN") shall be specified on the
receipt. If the vendor is not carrying on such an enterprise
he or she must sign a declaration at the foot of the receipt
to the effect that he or she is a "hobbyist" as defined
in the legislation, or is otherwise exempt from the provisions
of the GST and withholding tax legislation. (If the receipt
is mailed to the vendor, a copy of the receipt shall also be
provided to the vendor for the purpose of the vendor inserting
the ABN or signing the declaration. The vendor must return the
completed copy of the receipt to Prestige.)
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DUTY OF CARE: Prestige shall exercise all
due care in the lotting, describing and valuing ("processing")
of the consignment. However, Prestige shall not be held
responsible for the failure to correctly identify or otherwise
process the consignment.
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DISCRETION: Subject to any contrary agreement
in writing between Prestige and the vendor, Prestige
shall have absolute discretion in the processing of the consignment.
(At the time of submitting the consignment, the vendor is invited
to provide evidence of purchase prices, relevant auction realisations
or other information that may assist in or otherwise influence
Prestige’s processing of the consignment.) Prestige
shall also have absolute discretion in respect of selecting
lots for illustrating in the catalogue.
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ESTIMATES & RESERVES: Prestige shall produce
a catalogue for the auction in which each lot shall be assigned
an estimate of value. Subject to any contrary agreement in writing,
each lot shall have a reserve price of 75% of the estimate.
Lots considered by Prestige to be of minimal value or
of no commercial value may be shown as "Offer" in
lieu of a dollar estimate and may be sold for any price. Lots
with an estimate of $20 or less will be offered unreserved.
Every lot subject to GST shall be indicated in the catalogue
by the symbol ‘T’ following the estimate.
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MAJOR CONSIGNMENTS: In the case of a major
consignment, Prestige may choose to market the consignment
as "The [name of the vendor] Collection", subject
to the approval of the vendor. If the vendor refuses to approve
of his name being used, Prestige shall have the right
to apply a pseudonym to the consignment for the purposes of
marketing the consignment. If the total estimates for the lots
comprising the consignment exceed $A400,000 Prestige
may choose to conduct an auction devoted to that consignment.
In such a case Prestige shall have the right to include
in the auction material from other vendors where such material
complements the consignment and is not in competition with the
consignment.
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ADVERTISING: Prestige may, but is not
obliged to, advertise the consignment or any part thereof in
an appropriate manner. However, Prestige shall not use
the vendor’s name in association with any such advertising unless
the vendor has agreed to his name being so used. Unless the
vendor requests Prestige to undertake advertising over
and above what Prestige would do in the normal course
of business, there shall be no fee charged to the vendor for
any such advertising. (Where the vendor requests unusual advertising,
Prestige may charge the vendor for the actual cost or
part thereof, including but not limited to, the costs of publishing
an advertisement in colour instead of in black and white; of
publishing an advertisement in a non-philatelic publication
or in a publication in a non-English speaking country; for translation
services and publishing of an advertisement in a language other
than English; of publishing an advertisement in other than the
print media; or other non-standard advertising.)
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PRE-SALE VENDOR ADVICE: Prior to the auction
Prestige shall provide to the vendor a copy of the catalogue
for the auction and a Vendor Advice. The Vendor Advice shall
specify the receipt number for the consignment, each lot number
that relates to the consignment, and the estimate for each lot.
The vendor shall be responsible for checking the accuracy of
the Vendor Advice. If the vendor believes that Prestige
has made a serious error in respect of the processing of the
consignment the vendor shall immediately make his or her concern
known to Prestige. If Prestige agrees that an
error has been made, Prestige shall a) withdraw the lot
without penalty to the vendor; or b) accept a reserve higher
than 75% of the estimate, which reserve shall be made known
to prospective bidders, without penalty to the vendor; or c)
take such other action as may be agreed. Prestige shall
not be responsible to the vendor for any error or omission that
is not made known to Prestige prior to the auction.
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COMMISSION: Prestige shall charge to the vendor
a commission of 15% (plus, if the vendor is resident in Australia,
10% GST on that commission) of the hammer or knockdown price
for each lot that forms part of the consignment. No commission
shall be payable by the vendor in respect of any lot that is
not sold. Prestige shall not impose any other commissions,
fees or charges upon the vendor in respect of the auction. Specifically,
Prestige shall not charge the vendor any form of lotting
fee, unsold lots fee, insurance levy, advertising fees, or fee
for illustrations.
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VENDOR RESERVES: Notwithstanding the content
of paragraph 8, the vendor shall be entitled to insist in writing
on reserving a lot at a higher level than 75% of the estimate.
However, unless Prestige agrees with such reserve, in
the event that the lot is not sold, Prestige may impose
upon the vendor a commission of 15% of 75% of the estimate,
as if the lot had been sold at that level.
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WITHDRAWAL OF LOTS: The vendor may withdraw
the consignment or part thereof at any time prior to the day
on which the illustrations for the catalogue for the auction
are prepared or, in the case of non-illustrated lots, prior
to the day on which the artwork for the catalogue is submitted
to the printers. If, at the time of withdrawal, and in the absence
of any other agreement, the consignment has not been lotted
there shall be no fee or penalty imposed upon the vendor. If
the consignment has been lotted, or substantially lotted, Prestige
may impose a penalty upon the vendor of 30% of the total
estimates of that part of the consignment that has been lotted.
Prestige shall not be obliged to release any part of
the consignment to the vendor until payment of such penalty
has been made to Prestige. Once the illustrations have
been prepared or, in the case of non-illustrated lots, the artwork
for the catalogue has been submitted to the printers, the vendor
shall not be permitted to withdraw the consignment or any part
thereof.
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LATE SALES: After the auction, Prestige
reserves the right to sell lots that were not sold at the auction.
Prestige shall endeavour to sell such lots for at least
70% of the estimates but reserves the discretion to sell such
lots for such lower prices as are considered reasonable. Prestige
shall not sell any lot for less than 60% of the auction estimate
without first obtaining the consent of the vendor to such sale.
Prestige shall charge to the vendor a commission of 15%
of the actual sale price of such lots.
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EXTENSIONS: The Vendor is encouraged to obtain
a Certificate of Authenticity for every valuable item about
which there may be reasonable doubt as to its identification
or genuineness. If a lot is offered without a recent Certificate,
a buyer may, in accordance with Prestige’s "Terms
of Sale", request an "extension" to submit a
lot to a recognised expert or expert committee for a Certificate
of Authenticity. Prestige shall not be liable to pay
the vendor for any lot for which an extension has properly been
granted by Prestige until such time as the opinion sought
has been obtained. In the event that the lot is returned with
a "bad" Certificate the sale to the buyer shall be
voided and the lot treated as if it were unsold at the auction,
and the costs of obtaining that Certificate shall be borne by
the vendor. Unless otherwise agreed with the buyer, nomination
of the appropriate expert or expert committee shall be made
by Prestige, and Prestige shall submit the lot
for the Certificate. Once Prestige is advised that an
acceptable Certificate has been issued, Prestige shall
be liable to make payment to the Vendor. Should Premier agree
to the buyer’s nomination of an expert or expert committee,
the extension shall be for a maximum of 90 days (or 180 days
in the case of the BPA) from the date of the auction.
If such a Certificate has not been obtained within 90 days (or
180 days in the case of the BPA) from the date of the
auction then, subject to any contrary agreement by the vendor
to further extend the time to obtain the Certificate, the extension
shall lapse and Prestige shall make payment to the vendor.
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RETURNED LOTS: In accordance with the Terms
of Sale a buyer may, within a reasonable time after the date
of the auction, return a lot, or advise Prestige of his
intention to return a lot, because of an error in the description.
If Prestige accepts that the return of the lot is reasonable,
the lot shall be deemed to have been unsold at the auction and,
in respect of that lot, no commission shall be charged to the
vendor and no payment shall be made by Prestige..
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PAYMENT: Payment of the net proceeds due to
the vendor shall be made by Prestige to the vendor not
earlier than 35 days and not later than 42 days after the date
of the auction. Unless otherwise agreed, payment shall be made
by posting a business cheque for the net proceeds to the address
provided by the vendor. Subject to any contrary agreement in
writing, payment to overseas vendors shall be made by way of
international bank draft in the currency of the vendor’s country
of residence or, at Prestige's discretion, in such other
currency as Prestige deems appropriate.
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FINAL VENDOR ADVICE: Prestige
may, but is not obliged to, supply the vendor with an interim
vendor advice at any time after the auction. At the time of
making payment, Prestige shall provide to the vendor
an itemised Vendor Advice detailing the receipt number for each
lot, the estimate for each lot, the hammer price realised for
each lot, the total gross sales, the commission charged, the
amount of any GST collected on behalf of the vendor, and the
net amount payable to the vendor. At the same time, Prestige
shall also provide to the vendor a Tax Invoice detailing
the commission charged on each lot and the GST referable to
each lot.
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RE-OFFERED LOTS: At any time from two weeks
after the date of the auction the vendor may request that any
or all unsold lots be returned at the vendor’s expense, and
Prestige shall be obliged to return such lots, provided
the vendor does not owe money to Prestige. In the absence
of any such request, a lot that is unsold at the auction or
not subsequently sold shall be retained by Prestige and
re-offered at a later auction. Prestige reserves the
discretion to reduce the estimate of the re-offered lot by approximately
25% and to reduce the reserve to 75% of the reduced estimate.
Prestige shall have the discretion to re-offer a lot
until it is sold, or to elect at any time not to re-offer a
lot. If Prestige elects not to re-offer a lot, that lot
shall be returned to the vendor at Prestige’s expense.
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DEEMED ACCEPTANCE: Submission of a consignment
constitutes acknowledgment and acceptance of these Vendor Terms.
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GOVERNING LAW: These Vendor Terms shall be
governed by and interpreted in accordance with the laws of the
State of Victoria.
Revised and current as at 1st October 2004 |
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