Terms and Conditions of Sale for VENDORS
“You”, “Yours”, etc. refers to you as the Vendor
“We”, “Us”, etc. refers to Mullock’s Ltd referred to as The Auctioneer
1a. The Vendor authorises Mullock’s Ltd to deduct commission at the agreed rate and retain the buyer’s premium inclusive of VAT. The scales of commission are readily available and can be obtained from our website www.mullocksauctions.co.uk or by contacting our main office.
1b. A lotting and photograph fee totalling £2.00 per lot will be charged to include the display of images on search downloads at four websites, live on-line bidding, saleroom visuals and standard catalogue illustrations when applied.
1c. Unless instructions are received to the contrary in writing, all goods will be offered without reserve.
1d. Lots may be offered subject to a reserve as agreed between the Auctioneers and Vendor and once agreed may only be changed with the consent of the Auctioneers.
1e. Any items unsold will be re-offered automatically in the next available sale unless we receive your written instructions to the contrary.
1f. The Vendor shall not bid for his property or employ any person to bid for him, except for the Auctioneers who alone shall have the right to bid on behalf of the Vendor.
1g. Items withdrawn from the sale after the items have been catalogued are subject to a withdrawal fee of 20% of the reserve price or lower guide price (minimum £5.00) to cover handling and cataloguing costs.
1h. Items withdrawn from the sale at the instructions of the Vendor must be collected within 2 working days of the sale after which the Auctioneers reserve the right to send to storage any remaining goods at the sole expense of the Vendor and without notification.
1i. A non sold fee of up to 5% may be charged at the Auctioneers discretion.
1j. VAT is chargeable at the standard rate on all the Auctioneers charges.
1k. Private foreign residents, except those residing in the EU, are exempt from VAT on the Vendor’s commission, lotting and photography fees.
2a. The Auctioneers act only as agent for the Vendor and the Vendor warrants to the Auctioneers that he is entitled to sell.
2b. The Vendors shall indemnify the Auctioneers, agents and the buyer against all claims made or proceedings brought by persons entitled or purporting to be entitled to the Lot and shall reimburse the Auctioneers on demand of all payments, expenses, costs or any other loss or damage whatsoever made, incurred or suffered as a result of any breach by the Vendor of a) above.
2c. The Auctioneers shall have complete discretion as to whether to offer for sale or not: the description of the property in their catalogues or other literature: the printed estimate price of any Lots in the catalogue: and seeking the views of any expert: and illustrate the property in their catalogues at the expense of the Vendor.
2d. The Vendor warrants to the Auctioneer that all property submitted for auction is authentic, not a reproduction, genuine and as described. If a buyer proves later to the contrary then the Auctioneer has the right to unsell that item. If you have been paid out for the item then the Vendor is fully responsible to pay Mullock’s Ltd all monies due in respect of that item and any other costs incurred.
3. Loss and Damage Warranty
Unless otherwise stated (in which case the property remains at the owner’s risk) goods will be covered for loss and damage whilst in the possession of Mullock’s Ltd, for which a charge of 1% of hammer price, plus VAT at the standard rate, is made.
Mullock’s Ltd is not regulated by the FSA for the provision of insurance to its clients. However Mullock’s Ltd, for its own protection, insures property consigned to it at the bottom of the presale estimate, unless the item has been sold. If sold, the property is insured at the hammer price for loss occasioned as a result of theft, fire or negligence whilst in its custody and control.
4a. The proceeds of the sale will be held by Mullock’s Ltd as stakeholders in favour of the Vendor in a client account until such time as the net proceeds for the sale become due and payable to the Vendor. Such proceeds may be placed in an interest bearing account to which the Vendor will not be beneficially entitled to any interest earned.
4b. The net proceeds will become due and payable to the Vendor one month after the date of the sale provided that the Auctioneers have, by then, been paid the purchase price in full by the buyer. If by the due date the Auctioneers have not received payment in full from the buyer, the proceeds of the sale will be paid 7 days after full payment is received by the Auctioneers. In the event of a defaulting buyer the Auctioneers reserve the right to cancel the sale of any Lot(s) purchased and to return the goods to the Vendor.
4c. There is a standard £15 bank transfer fee deducted from the Vendor for making International bank transfers. Payments are made out to the name on the Vendor Account by cheque unless otherwise stated.
5. Vendor’s VAT Status
The vendor must give the Auctioneers all relevant information as to his VAT status with regard to the Lots to be sold which he warrants is and will be correct and upon which the Auctioneers shall be entitled to rely.
6. Unsold Goods
Unsold goods may be re-offered with a reserve at the discretion of the Auctioneers. Reserves will not be carried forward.
7. Return of Goods
Property returned at the request of the Vendor shall be returned at their risk and expense and will not be insured in transit unless the Auctioneers have received special instructions.These conditions constitute together with the matters set out on the receipt from the entire agreement made between the Auctioneers and the Vendor.