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Aug 2, 2013<br />
<strong>Prestige</strong> <strong>Philately</strong> - General Public 183 182<br />
Page: 5<br />
<strong>Prestige</strong> <strong>Philately</strong> - Public Auction Terms of Sale<br />
(amended as at 1 st November 2011: see in particular Paragraph 10 as to <strong>the</strong> unavailability of extensions to have perfins expertised)<br />
1. AUCTIONEER: <strong>Prestige</strong> <strong>Philately</strong> Pty Ltd (<strong>Prestige</strong>), a company incorporated in <strong>the</strong> State of Victoria, is <strong>the</strong> auctioneer, and adheres to<br />
<strong>the</strong> standard terms of sale of <strong>the</strong> Australasian Philatelic Traders Association.<br />
2. DESCRIPTIONS: We endeavour to describe lots fully and accurately. The description of a lot comprises 1) <strong>the</strong> codes to <strong>the</strong> left of <strong>the</strong><br />
description (for details of our symbols and grading codes, see <strong>the</strong> previous page of this <strong>catalogue</strong>); 2) <strong>the</strong> description; and 3) any<br />
illustration of <strong>the</strong> lot or part of <strong>the</strong> lot whe<strong>the</strong>r in <strong>the</strong> printed <strong>catalogue</strong> or in our on-line <strong>catalogue</strong>.<br />
3. ESTIMATES: The figure in <strong>the</strong> right-hand column following each lot description is our estimated value of <strong>the</strong> lot in Australian dollars. A<br />
bidder may bid at, above or below <strong>the</strong> estimate. Bids below <strong>the</strong> reserve price (usually 75% of <strong>the</strong> estimate) are unlikely to be accepted. If<br />
<strong>the</strong> term “Offer” appears in place of an estimate figure, <strong>the</strong>re is no reserve.<br />
4. BIDDING: Bids may be made to <strong>Prestige</strong> by mail, by fax, by e-mail, by phone, or from our website. Bids received by phone must be<br />
confirmed in writing. At public auctions, bids may also be made in person, by phone (by prior arrangement) or through an agent attending<br />
an auction. An agent must advise <strong>Prestige</strong> of <strong>the</strong> person(s) for whom bids are being submitted or else <strong>the</strong> agent will be personally liable<br />
for payment and delivery of any lots purchased. <strong>Prestige</strong> reserves <strong>the</strong> right to refuse any bid, or to refuse bids from any person, for any<br />
reason.<br />
In most cases, <strong>Prestige</strong>'s bidding steps are as follows:<br />
$150 - 300 $10 rises $3000 - 5000 $200 rises<br />
$300 - 500 $20 rises $5000 - 10000 $250 rises<br />
$500 - 750 $25 rises $10000 - 15000 $500 rises<br />
Under $ 50 $2 rises $750 - 1500 $50 rises $15000 - 30000 $1000 rises<br />
$50 - 150 $5 rises $1500 - 3000 $100 rises over $30000 average of 5% rises<br />
<strong>Prestige</strong> reserves <strong>the</strong> right to raise or lower postal bids (depending on <strong>the</strong> bidder's apparent intention) to conform to <strong>the</strong>se bidding steps.<br />
5. TELEPHONE BIDDING: Bidding by telephone during <strong>the</strong> course of a public auction is permitted. However, clients wishing to use this<br />
service must contact <strong>Prestige</strong> at least 24 hours before <strong>the</strong> auction regarding <strong>the</strong> special conditions that apply. [To see <strong>the</strong>se special<br />
conditions, go to www.prestigephilately.com from where <strong>the</strong> Telephone Bidding Terms can be read and <strong>download</strong>ed.]<br />
6. GOODS & SERVICES TAX (GST): Australian law requires that GST equal to 10% of <strong>the</strong> knock-down or sale price of a taxed lot shall be<br />
payable by <strong>the</strong> buyer, unless <strong>the</strong> taxed lot is exported to ano<strong>the</strong>r country. Taxed lots are indicated in <strong>the</strong> <strong>catalogue</strong> by <strong>the</strong> estimate figure:<br />
being printed in bright green, followed by a small "T". GST equal to 10% of <strong>the</strong> amount of any fees or charges added by <strong>Prestige</strong> is<br />
also payable by Australian buyers.<br />
7. BUYER: The buyer of a lot shall be <strong>the</strong> person to whom <strong>the</strong> lot is sold ("knocked-down") by <strong>Prestige</strong>. In <strong>the</strong> event of equal bids being<br />
received, <strong>the</strong> earliest such bid shall be successful. In <strong>the</strong> event of a bidding dispute, <strong>Prestige</strong> shall have absolute discretion in <strong>the</strong><br />
settling of <strong>the</strong> dispute. A lot is at <strong>the</strong> buyer's risk once it has been sold ("knocked-down") but ownership (legal title) will not pass to <strong>the</strong><br />
buyer until <strong>Prestige</strong> has received payment in full for <strong>the</strong> lot.<br />
8. PAYMENT: Payment is due immediately a lot is sold, or immediately upon receipt of an invoice. In addition to <strong>the</strong> price for which a lot is<br />
sold, <strong>the</strong> buyer shall pay a premium of 15% of that price, plus any fees for postage packing and insurance or credit card use that are<br />
charged by <strong>Prestige</strong>, plus GST as appropriate. No buyer's premium is charged or payable in respect of on-line literature auctions.<br />
(Payment should always be made in Australian dollars. If payment is made in ano<strong>the</strong>r currency <strong>the</strong> buyer shall add <strong>the</strong> equivalent of $A50<br />
or 5% of <strong>the</strong> invoice total, whichever is greater, towards bank fees. Any resulting credit will be placed to <strong>the</strong> buyer's account.)<br />
In <strong>the</strong> event that <strong>the</strong> buyer does not make payment in full for <strong>the</strong> lot(s) within 30 days from <strong>the</strong> date of <strong>the</strong> invoice, <strong>Prestige</strong> shall have<br />
<strong>the</strong> right to exercise any one or more of <strong>the</strong> following rights and remedies:<br />
1) To impose an accounting fee of $50 per month (or part <strong>the</strong>reof) plus compound interest at <strong>the</strong> rate of 2.5% per<br />
month (or part <strong>the</strong>reof) of <strong>the</strong> total amount outstanding;<br />
2) To terminate <strong>the</strong> contract with <strong>the</strong> buyer, in which case any monies received from <strong>the</strong> buyer shall be forfeited to<br />
<strong>Prestige</strong>;<br />
3) To terminate <strong>the</strong> contract and resell <strong>the</strong> lot(s) at any time - and impose a penalty commission rate of 30% - in<br />
which case any resulting shortfall, plus costs including accounting fees, interest, insurance and resale expenses,<br />
shall be met by <strong>the</strong> original buyer;<br />
4) To apply any monies due at any time from <strong>Prestige</strong> to <strong>the</strong> buyer in payment of <strong>the</strong> outstanding amount;<br />
5) To take legal action against <strong>the</strong> buyer for damages for breach of contract.<br />
9. RETURN OF LOTS: A lot may be returned, within a reasonable time, only because of an error in <strong>the</strong> description: see clause 2 for <strong>the</strong><br />
definition of "<strong>the</strong> description". A lot that has been inspected by <strong>the</strong> buyer or by <strong>the</strong> buyer's agent cannot be returned for any reason. A lot<br />
that is illustrated in <strong>the</strong> printed <strong>catalogue</strong> or <strong>the</strong> on-line <strong>catalogue</strong> or of which an illustration has been supplied to <strong>the</strong> buyer or to <strong>the</strong><br />
buyer's agent cannot be returned for any reason that is apparent from <strong>the</strong> illustration.<br />
A lot expressed to be a "range", "group", "selection", "array", "collection"," accumulation" or similar, or any o<strong>the</strong>r lot containing more than<br />
10 items - excepting sets of stamps - is always offered "as is" and cannot be returned for any reason. Similarly, o<strong>the</strong>r lots expressed to be<br />
offered "as is" cannot be returned.<br />
10. "EXTENSIONS": A request for an extension to submit a lot to a recognised expert or expert committee for a Certificate of Au<strong>the</strong>nticity<br />
must be made in writing prior to or on <strong>the</strong> day of <strong>the</strong> auction. <strong>Prestige</strong> shall have an absolute discretion not to grant an extension. [In<br />
particular, an extension will not normally be granted if <strong>the</strong> lot is offered with a recent Certificate of Au<strong>the</strong>nticity or if <strong>the</strong> stamp(s) has/have<br />
perforated initials (perfins).] If an extension is granted, <strong>the</strong> buyer must make payment in full for <strong>the</strong> lot including <strong>the</strong> buyer's premium, in<br />
accordance with <strong>the</strong> terms of Paragraph 8. The amount paid including <strong>the</strong> buyer's premium will be refunded in full if <strong>the</strong> lot is returned with<br />
an acceptable "bad" Certificate. All costs associated with obtaining a certificate shall be borne by <strong>the</strong> buyer, unless <strong>the</strong> lot is found to be<br />
not as identified in <strong>the</strong> <strong>catalogue</strong>, in which case all costs associated with obtaining <strong>the</strong> Certificate shall be refunded to <strong>the</strong> buyer.<br />
A lot described as being defective in any way may not be returned should <strong>the</strong> Certificate obtained mention any fault not noted in <strong>the</strong> lot<br />
description. The buyer shall not be entitled to reject an item if <strong>the</strong> certificate includes any finding that does not materially affect <strong>the</strong> grading<br />
of <strong>the</strong> lot.<br />
Unless o<strong>the</strong>rwise agreed, nomination of <strong>the</strong> appropriate expert or expert committee shall be made by <strong>Prestige</strong>, and <strong>Prestige</strong> will be<br />
responsible for submitting <strong>the</strong> lot to that expert or expert committee. Should <strong>Prestige</strong> agree to <strong>the</strong> buyer's nomination of an expert or<br />
expert committee, <strong>the</strong> extension granted will be for a period of no more than 90 days from <strong>the</strong> date of <strong>the</strong> auction. If a Certificate<br />
has not been obtained within 90 days from <strong>the</strong> date of <strong>the</strong> auction, <strong>the</strong> extension shall lapse and may <strong>the</strong>reafter refuse to accept <strong>the</strong><br />
return of <strong>the</strong> lot.<br />
11. GOVERNING LAW: These Terms of Sale shall be governed by and interpreted in accordance with <strong>the</strong> laws of <strong>the</strong> State of Victoria.<br />
12. Submitting a bid by any method constitutes acknowledgment and acceptance of <strong>the</strong>se Terms of Sale.