Page 150 - Bonhams Olivier Collection Early Chinese Art November 2018

APPENDIX 2 3 PAYMENT 4.4 If you have not collected the Lot by the date
specified in the Notice to Bidders, you authorise us,
BUYER’S AGREEMENT 3.1 Unless agreed in writing between you and us or as acting as your agent and on your behalf, to enter
otherwise set out in the Notice to Bidders, you must into a contract (the “Storage Contract”) with the
IMPORTANT: These terms may be changed in advance of pay to us by not later than 4.30pm on the second Storage Contractor for the storage of the Lot on the
the Sale of the Lot to you, by the setting out of different terms working day following the Sale: then current standard terms and conditions agreed
in the Catalogue for the Sale and/or by placing an insert in the between Bonhams and the Storage Contractor
Catalogue and/or by notices at the Sale venue and/or by oral 3.1.1 the Purchase Price for the Lot; (copies of which are available on request). If the Lot
announcements before and during the Sale at the Sale venue. is stored at our premises storage fees at our current
You should be alert to this possibility of changes and ask in 3.1.2 a Buyer’s Premium in accordance with the rates set daily rates (currently a minimum of £3 plus VAT per
advance of bidding if there have been any. out in the Notice to Bidders on each lot, and Lot per day) will be payable from the expiry of the
period referred to in paragraph 4.2. These storage
1 THE CONTRACT 3.1.3 if the Lot is marked [ AR ], an Additional Premium fees form part of our Expenses.
which is calculated and payable in accordance with
1.1 These terms govern the contract between Bonhams the Notice to Bidders together with VAT on that sum 4.5 Until you have paid the Purchase Price and any
personally and the Buyer, being the person to whom if applicable so that all sums due to us are cleared Expenses in full the Lot will either be held by us as
a Lot has been knocked down by the Auctioneer. funds by the seventh working day after the Sale. agent on behalf of the Seller or held by the Storage
Contractor as agent on behalf of the Seller and
1.2 The Definitions and Glossary contained in Appendix 3.2 You must also pay us on demand any Expenses ourselves on the terms contained in the Storage
3 to the Catalogue for the Sale are incorporated payable pursuant to this agreement. Contract.
into this agreement and a separate copy can also
be provided by us on request. Where words and 3.3 All payments to us must be made in the currency 4.6 You undertake to comply with the terms of any
phrases which are defined in the List of Definitions in which the Sale was conducted, using, unless Storage Contract and in particular to pay the
are used in this agreement, they are printed in italics. otherwise agreed by us in writing, one of the charges (and all costs of moving the Lot into storage)
Reference is made in this agreement to information methods of payment set out in the Notice to due under any Storage Contract. You acknowledge
printed in the Notice to Bidders, printed in the Bidders. Our invoices will only be addressed to the and agree that you will not be able to collect the Lot
Catalogue for the Sale, and where such information registered Bidder unless the Bidder is acting as an from the Storage Contractor’s premises until you
is referred to it is incorporated into this agreement. agent for a named principal and we have approved have paid the Purchase Price, any Expenses and all
that arrangement, in which case we will address the charges due under the Storage Contract.
1.3 Except as specified in paragraph 4 of the Notice to invoice to the principal.
Bidders the Contract for Sale of the Lot between you 4.7 You will be wholly responsible for packing, handling
and the Seller is made on the fall of the Auctioneer’s 3.4 Unless otherwise stated in this agreement all and transport of the Lot on collection and for
hammer in respect of the Lot, when it is knocked sums payable to us will be subject to VAT at the complying with all import or export regulations in
down to you. At that moment a separate contract is appropriate rate and VAT will be payable by you on connection with the Lot.
also made between you and Bonhams on the terms all such sums.
in this Buyer’s Agreement. 4.8 You will be wholly responsible for any removal,
3.5 We may deduct and retain for our own benefit from storage, or other charges for any Lot not removed
1.4 We act as agents for the Seller and are not the monies paid by you to us the Buyer’s Premium, in accordance with paragraph 4.2, payable at our
answerable or personally responsible to you for any the Commission payable by the Seller in respect current rates, and any Expenses we incur (including
breach of contract or other default by the Seller, of the Lot, any Expenses and VAT and any interest any charges due under the Storage Contract), all of
unless Bonhams sells the Lot as principal. earned and/or incurred until payment to the Seller. which must be paid by you on demand and in any
event before any collection of the Lot by you or on
1.5 Our personal obligations to you are governed by 3.6 Time will be of the essence in relation to any your behalf.
this agreement and we agree, subject to the terms payment payable to us. If you do not pay the
below, to the following obligations: Purchase Price, or any other sum due to us in 5 STORING THE LOT
accordance with this paragraph 3, we will have the
1.5.1 we will, until the date and time specified in the Notice rights set out in paragraph 7 below. We agree to store the Lot until the earlier of your
to Bidders or otherwise notified to you, store the Lot removal of the Lot or until the time and date set out
in accordance with paragraph 5; 3.7 Where a number of Lots have been knocked down in the Notice to Bidders, on the Sale Information
to you, any monies we receive from you will be Page or at the back of the catalogue (or if no date
1.5.2 subject to any power of the Seller or us to refuse to applied firstly pro-rata to pay the Purchase Price of is specified, by 4.30pm on the seventh day after the
release the Lot to you, we will release the Lot to you each Lot and secondly pro-rata to pay all amounts Sale) and, subject to paragraphs 6 and 10, to be
in accordance with paragraph 4 once you have paid due to Bonhams. responsible as bailee to you for damage to or the
to us, in cleared funds, everything due to us and the loss or destruction of the Lot (notwithstanding that it
Seller; 4 COLLECTION OF THE LOT is not your property before payment of the Purchase
Price). If you do not collect the Lot before the time
1.5.3 we will provide guarantees in the terms set out in 4.1 Subject to any power of the Seller or us to refuse and date set out in the Notice to Bidders (or if no
paragraphs 9 and 10. to release the Lot to you, once you have paid to us, date is specified, by 4.30pm on the seventh day
in cleared funds, everything due to the Seller and after the Sale) we may remove the Lot to another
1.6 We do not make or give and do not agree to make to us, we will release the Lot to you or as you may location, the details of which will usually be set out
or give any contractual promise, undertaking, direct us in writing. The Lot will only be released on in the relevant section of the Catalogue. If you have
obligation, Guarantee, warranty, representation of production of a buyer collection document, obtained not paid for the Lot in accordance with paragraph 3,
fact in relation to any Description of the Lot or any from our cashier’s office. and the Lot is moved to any third party’s premises,
Estimate in relation to it, nor of the accuracy or the Lot will be held by such third party strictly to
completeness of any Description or Estimate which 4.2 You must collect and remove the Lot at your own Bonhams’ order and we will retain our lien over the
may have been made by us or on our behalf or by expense by the date and time specified in the Notice Lot until we have been paid in full in accordance with
or on behalf of the Seller (whether made orally or in to Bidders, or if no date is specified, by 4.30pm on paragraph 3.
writing, including in the Catalogue or on Bonhams’ the seventh day after the Sale.
Website, or by conduct, or otherwise), and whether 6 RESPONSIBILITY FOR THE LOT
made before or after this agreement or prior to or 4.3 For the period referred to in paragraph 4.2, the Lot
during the Sale. No such Description or Estimate is can be collected from the address referred to in the 6.1 Only on the payment of the Purchase Price to us
incorporated into this agreement between you and Notice to Bidders for collection on the days and will title in the Lot pass to you. However under the
us. Any such Description or Estimate, if made by us times specified in the Notice to Bidders. Thereafter, Contract for Sale, the risk in the Lot passed to you
or on our behalf, was (unless Bonhams itself sells the Lot may be removed elsewhere for storage and when it was knocked down to you.
the Lot as principal) made as agent on behalf of the you must enquire from us as to when and where you
Seller. can collect it, although this information will usually be 6.2 You are advised to obtain insurance in respect of the
set out in the Notice to Bidders. Lot as soon as possible after the Sale.
2 PERFORMANCE OF THE CONTRACT FOR
SALE
You undertake to us personally that you will
observe and comply with all your obligations and
undertakings to the Seller under the Contract for
Sale in respect of the Lot.

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