S-22720-0-1

11 GOVERNING LAWAPPENDIX 2All transactions to which the Contract for Sale appliesand all connected matters will be governed by andconstrued in accordance with the laws of that partof the United Kingdom where the Sale takes placeand the Seller and you each submit to the exclusivejurisdiction of the courts of that part of the UnitedKingdom, save that the Seller may bring proceedingsagainst you in any other court of competentjurisdiction to the extent permitted by the laws ofthe relevant jurisdiction. Bonhams has a complaintsprocedure in place.BUYER’S AGREEMENTIMPORTANT: These terms may be changed in advance of theSale of the Lot to you, by the setting out of different terms inthe Catalogue for the Sale and/or by placing an insert in theCatalogue and/or by notices at the Sale venue and/or by oralannouncements before and during the Sale at the Sale venue.You should be alert to this possibility of changes and ask inadvance of bidding if there have been any.1 THE CONTRACT1.1 These terms govern the contract between Bonhamspersonally and the Buyer, being the person to whoma Lot has been knocked down by the Auctioneer.1.2 The Definitions and Glossary contained in Appendix3 to the Catalogue for the Sale are incorporatedinto this agreement and a separate copy can alsobe provided by us on request. Where words andphrases which are defined in the List of Definitionsare used in this agreement, they are printed in italics.Reference is made in this agreement to informationprinted in the Notice to Bidders, printed in theCatalogue for the Sale, and where such informationis referred to it is incorporated into this agreement.1.3 Except as specified in paragraph 4 of the Notice toBidders the Contract for Sale of the Lot between youand the Seller is made on the fall of the Auctioneer’shammer in respect of the Lot, when it is knockeddown to you. At that moment a separate contract isalso made between you and Bonhams on the termsin this Buyer’s Agreement.1.4 We act as agents for the Seller and are notanswerable or personally responsible to you for anybreach of contract or other default by the Seller,unless Bonhams sells the Lot as principal.1.5 Our personal obligations to you are governed by thisagreement and we agree, subject to the terms below,to the following obligations:1.5.1 we will, until the date and time specified in theNotice to Bidders or otherwise notified to you, storethe Lot in accordance with paragraph 5;1.5.2 subject to any power of the Seller or us to refuse torelease the Lot to you, we will release the Lot to youin accordance with paragraph 4 once you have paidto us, in cleared funds, everything due to us and theSeller;1.5.3 we will provide guarantees in the terms set out inparagraphs 9 and 10.1.6 We do not make or give and do not agree to makeor give any contractual promise, undertaking,obligation, Guarantee, warranty, representation offact in relation to any Description of the Lot or anyEstimate in relation to it, nor of the accuracy orcompleteness of any Description or Estimate whichmay have been made by us or on our behalf or byor on behalf of the Seller (whether made orally or inwriting, including in the Catalogue or on Bonhams’Website, or by conduct, or otherwise), and whethermade before or after this agreement or prior to orduring the Sale. No such Description or Estimate isincorporated into this agreement between you andus. Any such Description or Estimate, if made by usor on our behalf, was (unless Bonhams itself sells theLot as principal) made as agent on behalf ofthe Seller.2 PERFORMANCE OF THE CONTRACT FOR SALEYou undertake to us personally that you willobserve and comply with all your obligations andundertakings to the Seller under the Contract for Salein respect of the Lot.3 PAYMENT3.1 Unless agreed in writing between you and us or asotherwise set out in the Notice to Bidders, you mustpay to us by not later than 4.30pm on the secondworking day following the Sale:3.1.1 the Purchase Price for the Lot;3.1.2 a Buyer’s Premium in accordance with the rates setout in the Notice to Bidders, and3.1.3 if the Lot is marked [ AR ], an Additional Premiumwhich is calculated and payable in accordance withthe Notice to Bidders together with VAT on that sumif applicable so that all sums due to us are clearedfunds by the seventh working day after the Sale.3.2 You must also pay us on demand any Expensespayable pursuant to this agreement.3.3 All payments to us must be made in the currencyin which the Sale was conducted, using, unlessotherwise agreed by us in writing, one of themethods of payment set out in the Notice toBidders. Our invoices will only be addressed to theregistered Bidder unless the Bidder is acting as anagent for a named principal and we have approvedthat arrangement, in which case we will address theinvoice to the principal.3.4 Unless otherwise stated in this agreement allsums payable to us will be subject to VAT at theappropriate rate and VAT will be payable by you onall such sums.3.5 We may deduct and retain for our own benefit fromthe monies paid by you to us the Buyer’s Premium,the Commission payable by the Seller in respectof the Lot, any Expenses and VAT and any interestearned and/or incurred until payment to the Seller.3.6 Time will be of the essence in relation to anypayment payable to us. If you do not pay thePurchase Price, or any other sum due to us inaccordance with this paragraph 3, we will have therights set out in paragraph 7 below.3.7 Where a number of Lots have been knocked down toyou, any monies we receive from you will be appliedfirstly pro-rata to pay the Purchase Price of each Lotand secondly pro-rata to pay all amounts due toBonhams.4 COLLECTION OF THE LOT4.1 Subject to any power of the Seller or us to refuseto release the Lot to you, once you have paid to us,in cleared funds, everything due to the Seller andto us, we will release the Lot to you or as you maydirect us in writing. The Lot will only be released onproduction of a buyer collection document, obtainedfrom our cashier’s office.4.2 You must collect and remove the Lot at your ownexpense by the date and time specified in the Noticeto Bidders, or if no date is specified, by 4.30pm onthe seventh day after the Sale.4.3 For the period referred to in paragraph 4.2, the Lotcan be collected from the address referred to in theNotice to Bidders for collection on the days and timesspecified in the Notice to Bidders. Thereafter, theLot may be removed elsewhere for storage and youmust enquire from us as to when and where you cancollect it, although this information will usually be setout in the Notice to Bidders.4.4 If you have not collected the Lot by the date specifiedin the Notice to Bidders, you authorise us, actingas your agent and on your behalf, to enter into acontract (the “Storage Contract”) with the StorageContractor for the storage of the Lot on the thencurrent standard terms and conditions agreedbetween Bonhams and the Storage Contractor(copies of which are available on request). If the Lotis stored at our premises storage fees at our currentdaily rates (currently a minimum of £3 plus VAT perLot per day) will be payable from the expiry of theperiod referred to in paragraph 4.2. These storagefees form part of our Expenses.4.5 Until you have paid the Purchase Price and anyExpenses in full the Lot will either be held by us asagent on behalf of the Seller or held by the StorageContractor as agent on behalf of the Seller andourselves on the terms contained in the StorageContract.4.6 You undertake to comply with the terms of anyStorage Contract and in particular to pay the charges(and all costs of moving the Lot into storage) dueunder any Storage Contract. You acknowledge andagree that you will not be able to collect the Lot fromthe Storage Contractor’s premises until you have paidthe Purchase Price, any Expenses and all charges dueunder the Storage Contract.4.7 You will be wholly responsible for packing, handlingand transport of the Lot on collection and forcomplying with all import or export regulations inconnection with the Lot.4.8 You will be wholly responsible for any removal,storage, or other charges for any Lot not removedin accordance with paragraph 4.2, payable at ourcurrent rates, and any Expenses we incur (includingany charges due under the Storage Contract), all ofwhich must be paid by you on demand and in anyevent before any collection of the Lot by you or onyour behalf.5 STORING THE LOTWe agree to store the Lot until the earlier of yourremoval of the Lot or until the time and date set outin the Notice to Bidders, on the Sale InformationPage or at the back of the catalogue (or if no dateis specified, by 4.30pm on the seventh day after theSale) and, subject to paragraphs 6 and 10, to beresponsible as bailee to you for damage to or the lossor destruction of the Lot (notwithstanding that it isnot your property before payment of the PurchasePrice). If you do not collect the Lot before the timeand date set out in the Notice to Bidders (or if nodate is specified, by 4.30pm on the seventh dayafter the Sale) we may remove the Lot to anotherlocation, the details of which will usually be set outin the relevant section of the Catalogue. If you havenot paid for the Lot in accordance with paragraph 3,and the Lot is moved to any third party’s premises,the Lot will be held by such third party strictly toBonhams’ order and we will retain our lien over theLot until we have been paid in full in accordance withparagraph 3.OXF/MOT/03.15