American Furniture, Folk & Decorative Arts 04/13/11 - Freeman's ...

Terms & Conditionsall property offered and sold (“property”) through samuel t. freeman& co, ("freeman's") shall be offered and sold on the terms andconditions set forth below which constitutes the complete statementof the terms and conditions on which all property is offered for sale.by bidding at the auction, whether present in person or by agent, bywritten bid, telephone, internet or other means, the buyer agrees to bebound by these terms and conditions.1Unless otherwise indicated, all Propertywill be offered by Freeman’s as agent forthe Consignor.2Freeman’s reserves the right to vary theterms of sale and any such variance shallbecome part of these Conditions of Sale.3Buyer acknowledges that it had the rightto make a full inspection of all Propertyprior to sale to determine the condition,size, repair or restoration of any Property.Therefore, all property is sold “AS-IS”.Freeman’s is acting solely as an auctionbroker, and unless otherwise stated, doesnot own the Property offered for sale andhas made no independent investigation ofthe Property. Freeman’s makes nowarranty of title, merchantability orfitness for a particular purpose, or anyother warranty or representationregarding the description, genuineness,attribution, provenance or condition tothe Property of any kind or nature withrespect to the Property.4Freeman’s in its sole and exclusivediscretion, reserves the right to withdrawany property, at any time, before the fallof the hammer.5Unless otherwise announced by theauctioneer at the time of sale, all bids areper lot as numbered in the printedcatalogue. Freeman’s reserves the right todetermine any and all matters regardingthe order, precedence or appropriateincrement of bids or the constitution oflots.6The highest bidder acknowledged by theauctioneer shall be the buyer. Theauctioneer has the right to reject any bid,to advance the bidding at his absolutediscretion and in the event of any disputebetween bidders, the auctioneer shallhave the sole and final discretion either todetermine the successful bidder or to reofferand resell the article in dispute. Ifany dispute arises after sale, theFreeman’s sale record shall be conclusivein all respects.7If the auctioneer determines that anyopening or later bid or any advance bid isnot commensurate with the value of theProperty offered, he may reject the sameand withdraw the Property from sale.8Upon the fall of the hammer, title to anyoffered lot or article will immediately passto the highest bidder as determined in theexclusive discretion of the auctioneer,subject to compliance by the buyer withthese Conditions of Sale. Buyerthereupon assumes full risk andresponsibility of the property sold, agreesto sign any requested confirmation ofpurchase, and agrees to pay the full price,plus Buyer’s Premium, therefore or suchpart, upon such terms as Freeman’s mayrequire.9No lot may be removed from Freeman’spremises until the buyer has paid in fullthe purchase price therefor includingBuyer’s Premium or has satisfied suchterms that Freeman’s, in its solediscretion, shall require. Subject to theforegoing, all Property shall be paid forand removed by the buyer at his/herexpense within ten (10) days of sale and,if not so removed, may be sold byFreeman’s, or sent by Freeman’s to apublic warehouse, at the sole risk andcharge of the buyer(s), and Freeman’smay prohibit the buyer from participating,directly or indirectly, as a bidder or buyerin any future sale or sales. In addition toother remedies available to Freeman’s bylaw, Freeman’s reserves the right toimpose a late charge of 1.5% per monthof the total purchase price on any balanceremaining ten (10) days after the day ofsale. If Property is not removed by thebuyer within ten (10) days, a handlingcharge of .1% of the total purchase priceper month from the tenth day after thesale until removal by the buyer shall bepayable to Freeman’s by the buyer;Freeman’s shall charge 1.5% of the totalpurchase price per month for anyproperty not so removed within 60 daysafter the sale. Freeman’s will not beresponsible for any loss, damage, theft, orotherwise responsible for any goods leftin Freeman’s possession after ten (10)days. If the foregoing conditions or anyapplicable provisions of law are notcomplied with, in addition to otherremedies available to Freeman’s and theConsignor (including without limitationthe right to hold the buyer(s) liable forthe bid price) Freeman’s, at its option,may either cancel the sale, retaining asliquidated damages all payments madeby the buyer(s), or resell the property. Insuch event, the buyer(s) shall remainliable for any deficiency in the originalpurchase price and will also beresponsible for all costs, includingwarehousing, the expense of the ultimatesale, and Freeman’s commission at itsregular rates together with all related andincidental charges, including legal fees.Payment is a precondition to removal.Payment shall be by cash, certified checkor similar bank draft, or any other methodapproved by Freeman’s. Checks will notbe deemed to constitute payment untilcleared. Any exceptions must be madeupon Freeman’s written approval of creditprior to sale.In addition, a defaulting buyer will bedeemed to have granted and assigned toFreeman’s, a continuing security interestof first priority in any property or moneyof, or owing to such buyer in Freeman’spossession, and Freeman’s may retainand apply such property or money ascollateral security for the obligations dueto due to Freeman’s. Freeman’s shallhave all of the rights accorded a securedparty under the Pennsylvania UniformCommercial Code.10Unless the sale is advertised andannounced as “without reserve”, each lotis offered subject to a reserve andFreeman’s may implement such reservesby bidding through its representatives onbehalf of the Consignors. In certaininstances, the Consignor may pay lessthan the standard commission rate whereFreeman’s or its representative is asuccessful bidder on behalf of theConsignor. Where the Consignor isindebted to Freeman’s, Freeman’s mayhave an interest in the offered lots andthe proceeds therefrom, other than thebroker’s Commissions, and all sales aresubject to any such interest.11No “buy” bids shall be accepted at anytime for any purpose.12Any pre-sale bids must be submitted inwriting to Freeman’s prior tocommencement of the offer of the firstlot of any sale. Freeman’s copy of anysuch bid shall conclusively be deemed tobe the sole evidence of same, and whileFreeman’s accepts these bids for theconvenience of bidders not present at theauction, Freeman’s shall not beresponsible for the failure to execute, or,to execute properly, any pre-sale bid.13A Buyer’s Premium will be added to thesuccessful bid price and is payable by thebuyer as part of the total purchase price.The Buyer’s Premium shall be: 25% onthe first $20,000 of the hammer price ofeach lot, 20% on the portion from$20,001 through $500,000, and 12% onthe portion of the hammer priceexceeding $500,000.14Unless exempted by law from thepayment thereof, the buyer will berequired to pay any and all federal excisetax and any state and/or local sales taxes,including where deliveries are to be madeoutside the state where a sale isconducted, which may be subject to acorresponding or compensating tax inanother state.15Freeman’s may, as a service to buyerarrange to have purchased propertyposted and shipped at the buyer’sexpense. Freeman’s is not responsiblefor any acts or omissions in packing orshipping of purchased lots whether or notsuch carrier recommended by Freeman’s.Packing and handling of purchased lots isat the responsibilityof the buyer and is at the entire risk of thebuyer.16In no event shall any liability of Freeman’sto the buyer exceed the purchase priceactually paid.17No claimed modification or amendment ofthis Agreement on the part of any partyshall be deemed extant, enforceable orprovable unless it is in writing that hasbeen signed by the parties to thisAgreement. No course of dealing and nodelay or omission on the part of Freeman’sin exercising any right under thisAgreement shall operate as a waiver ofsuch right or any other right and waiver onany one or more occasions shall not beconstrued as a bar to or waiver of anyright or remedy of Freeman’s on anyfuture occasion.18These Conditions of Sale and the buyer’s,the Consignor's and Freeman’s rightsunder these Conditions of Sale shall begoverned by, construed and enforced inaccordance with the laws of theCommonwealth of Pennsylvania andConsignor and Buyer agree to theexclusive jurisdiction of the Philadelphia,Pennsylvania Court of Common Pleas andthe United States District Court for theEastern District of Pennsylvania.