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PROUDLEY ASSOCIATES – ONLINE AUCTION CONDITIONS

1. CONDITIONS

These conditions, together with any special conditions (“Special Conditions”) printed in the auction catalogue or displayed on the websites www.pro-assetauctions.com and www.proudleyassociates.com are the only terms and conditions subject to which Proudley Associates Ltd as agents for the vendor (“the Vendor”) will sell by auction goods to a purchaser (“the Buyer”) and all other conditions and warranties whether expressed or implied (as are capable of lawful exclusion) are hereby excluded. If there is any inconsistency between any of these conditions and any Special Conditions, the Special Conditions shall prevail.

2. INSPECTION

Bidders are strongly advised to make their own inspection of the lots at the times and at the premises specified in the auction catalogue and to satisfy themselves on all matters affecting the lots before bidding. When viewing the lots laid out in the display areas, visitors should always be aware that items must not be moved away from their display positions and no equipment may be plugged into the electricity supply outlet sockets.

3. DESCRIPTION AND CONDITION

Goods are believed to be correctly described but ALL GOODS ARE SOLD WITHOUT ANY WARRANTY or description asto the condition and with all faults and imperfections. Neither the Vendor nor Proudley Associates Ltd, their servants or agents shall be liable for any loss or damage suffered by the Buyer arising out of or in connection with any defects or deficiencies in any lots purchased, errors of description or illustration in the auction catalogue, any mis-statements as to any matter affecting the lots or the failure of the lots to fulfil the functions for which they were intended. Neither the Vendor nor Proudley Associates Ltd, their servants or agents makes or gives, nor has any person in the employment of Proudley Associates Ltd any authority to make or give, any representation or warranty in relation to any lot.

4. SOFTWARE AND INTELLECTUAL PROPRETY RIGHTS

The Bidder acknowledges that any software or intellectual property rights attaching to a lot or lots may not be the property of the Vendoror capable of transfer by the Vendor and that neither the Vendor or Proudley Associates Ltd are in any way authorising the use by the Bidder of such software of intellectual property rights and that according any use of such software or exploitation of such intellectual property rights shall be at the Bidder’s own risk.

5. CONDUCT OF SALE

Proudley Associates Ltd reserves the right of admission to the sale location and to request any person to leave at any time. In particular no unsupervised children under the age of 16 or animals except guide dogs will be permitted on the site or in the saleroom.

Each buyer will be asked to register his/her name and address at www.pro-asset auctions.com.

All bids for lots will be made exclusive of any Buyers Premium, removal charges and VAT, where applicable.

The highest bidder for each lot shall be the bidder at the closing of the bidding process who shall be the buyer of that lot.

In making a bid for any lots, the bidder warrants that he has due authority and capacity to make the bid and binds himself or any employer or principal to honour any contract resulting there from. No bid may be withdrawn after the closing of the bidding process at which point in time the contract between the Vendor and the Buyer is concluded.

The Vendor and Proudley Associates Ltd maintain the right to fix reserves on any lot and the Vendor may bid for any lot either personally or through the Proudley Associates Ltd or by their agent acting on their behalf. The Vendor or Proudley Associates Ltd may also withdraw consolidate or divide at anytime any lot.

The conduct of the sale shall be at Proudley Associates Ltd’s sole discretion who maintain the right to refuse any bids without giving any reason.If any dispute of whatsoever nature relating to a bid shall arise, Proudley Associates Ltd shall determine such dispute in their absolute discretion whose decision shall be final and binding on all parties.

The Auctioneer may:

a) Withdraw any lot.

b) Re-offer for sale any lot if he believes there is an error or dispute.

c) Take any other action he sees fit.

6. DEPOSIT

On acceptance by the Proudley Associates Ltd of a bid, the Buyer shall if required immediately pay to Proudley Associates Ltd a deposit of 25% of the price of the lot purchased in part payment of the price.

7. METHOD OF PAYMENT

Payment in full including Buyers Premium must be made to PRO-ASSETAUCTIONS by PayPal or to Proudley Associates Ltd in CASHby BANKERS DRAFT or by BANK TRANSFER on or before 4pm on the day following the sale or as otherwise detailed in any Special Conditions (time being of the essence) and in any case before the clearance of any of the lots purchased. WE DO NOT ACCEPT DEBIT/CREDIT CARD PAYMENTS.

8. RISK AND TITLE

The Vendor shall only sell such title to the lots as he may have.

All risks in and relating to the goods purchased shall pass to the Buyer upon the fall of the hammer and the Buyer is strongly advised to effect insurance for these risks at once. In no circumstances will Proudley Associates Ltd or the Vendor be held responsible if any lot or part there of be lost, stolen, damaged or destroyed after the closing of the bidding process.

Title to each lot will not pass until:-

(a)such lot, andall other goods sold pursuant to any other transaction between the Buyer and a vendor on whose behalf Proudley Associates Ltd was acting as agent where at the due time for full payment of the price of the lot sold under these conditions payments has not been made in full;

(b)such lot has been removed from the premises in its entirety.

9. CLEARANCE

No lot or part thereof can be cleared until payment has been made in full by PayPal or by cleared funds into Proudley Associates Ltd’s account. No lot shall be cleared without the authority of Proudley Associates Ltd and unless under the supervision of Proudley Associates Ltd’s servants or agents.Clearance must be completed by the dates specified in the Special Conditions or written authority is obtained from Proudley Associates Ltd for clearance after that time. The Buyer has no right to anything not described in the Catalogue.

Delivery of lots sold will be made only to the declared Buyer and no transfer of any lot or part of a lot to any other person will be recognised.

Prior to the clearance of any lot the Vendor may rescind the contract for the sale of that lot and refund to the Buyer any money paid by the Buyer for the lot including Buyers Premium should any third party claim title to or possession of any part of the lot.

The Buyer will be responsible for removal of lots and must provide their own labour and equipment. Proudley Associates Ltd requires that in pursuit of safe working practice all equipment used for lifting and transporting heavy items which have been purchased at the auction should be covered by appropriate insurance and certification documents (especially in relation to lifting equipment and fork lift trucks). Documentation may be required for inspection. Furthermore appropriate protective clothing, such as hard hats and safety shoes, must be worn during these activities and due regard paid to safe material handling practices.

Depending on the size of the removal, it may be that certain projects will come under the Health & Safety Executive (HSE) assuming the role of the client under Construction, Design and Management Regulations,1994 (CDM).This will be where walls, roofs, or major structural movement may take place. Clearance of all lots must be undertaken in accordance with current Health and Safety at Work Regulations and, where necessary, Construction, Design & Management 1994 (CDM).You may have to provide a “Work Method Statement” and “Risk Assessment approved by the site supervisor, prior to the removal of any lots.We reserve the right to halt clearance if they feel in their opinion, it is being carried out in an unsafe manner or without an approved “Method statement” and “Risk assessment”, as stated.

10. DAMAGE TO PREMISES

The Buyer shall be responsible for the removal of all articles at his expense and risk and such removal must be carried out safely and lawfully and in accordance with the Vendor’s Conditions of Safety where applicable. All electrical installations must be left in a safe condition during and after the removal and the use of explosives or flame cutting equipment or any other potentially hazardous or inflammatory process shall not be permissible on the site without the express written consent of Proudley Associates Ltd. The Buyer takes on responsibility to insure against and to make good any injury or damage to persons or property caused by the Buyer. At their discretion Proudley Associates may require the payment of a deposit to Proudley Associates Ltd prior to and/or during the removal which will be refunded on the removal being completed to Proudley Associates Ltd’s satisfaction. If the Buyer refuses to deposit such monies, the Vendor or Proudley Associates Ltd may refuse the Buyer access to the premises for the purposes of removing the lot purchased by them and/or rescind the sale in which event the provisions of condition 10 will apply.

11. DEFAULT BY BUYER

Upon failure for whatsoever reason:-

(i) to pay a deposit in full if required under condition 5; or

(ii) to pay the purchase price in full on the due date; or

(iii) to remove any lot from the premises on or before the date specified for clearance,

the Vendor will be entitled to rescind the contract forthwith without incurring any liabilities to the Buyer and, without prejudice to any claims of the Vendor and/or Proudley Associates Ltd against the Buyer arising from breach of contract or otherwise, upon rescission as aforesaid the following provisions apply:

(a) all monies deposited in part payment will be forfeited out of which the Vendor’s and/or Proudley Associates Ltd’s expenses referred to in paragraph (d) below shall be paid;

(b) if the lots have been cleared in breach of these conditions, the Vendor and/or Proudley Associates Ltd, their servants or agents may enter the premises of the Buyer to recover such lots;

(c) lots may be re-sold or otherwise disposed of by Proudley Associates Ltd in the manner they feel appropriate at their sole discretion and any deficiency arising upon the resale together with the expenses of it shall be due as a debt from the Buyer in default upon the first sale. Neither Proudley Associates Ltd nor the Vendor shall be liable to account to the Buyer in the event of a re-sale at a higher price than the price contracted by the Buyer.

(d) the Buyer will be responsible from the specified time for final clearance for all losses and expense incurred by the Vendor and/or Proudley Associates Ltd including storage, security and removal expenses, the costs of re-selling or disposing of lots and Proudley Associates Ltd’s commission.

12. AUCTIONEER AS AGENT

Proudley Associates Ltd generally acts only as Agent for and on behalf of the Vendor and shall not be held responsible for any action or default on the part of either the Vendor or the Buyers. Any concluded contract is made between the Vendor and the Buyer.

13. ACCIDENTS OR DAMAGE

Neither Proudley Associates Ltd nor the Vendor will accept any responsibility for any accident, (save for personal injury or death caused by the negligence of Proudley Associates Ltd or the Vendor) resulting in death, injury or damage howsoever caused to any person which may occur whilst on Proudley Associates Ltd’s or vendor’s premises before during or after the sale and any person entering the premises does so at his own risk.

14. BUYERS PREMIUM

The Buyer will be required to pay to Proudley Associates Ltd a “Buyers Premium” on the bid price as indicated in the Special Conditions and this will include any lots sold by Private Treaty after the Auction. Proudley Associates Ltd may also receive commission from the Vendor.

15. VAT

UK Value Added Tax at the prevailing rate will be added to the hammer price, Buyers Premium and any removal charges where applicable. VAT will be chargeable on all items destined for export and refundable on provision of a Bill of Lading relating to the relevant assets to the offices of Proudley Associates Ltd.

16. HEALTH & SAFETY AT WORK ACT 1974 AND ANCILLARY LEGISLATION

It is expressly brought to the Buyer’s attention that, at the time of sale, any item of plant, machinery or equipment contained in the lot(s) may not necessarily comply with the Health and Safety at Work Etc. Act 1974, Provision and Use of Work Equipment Regulations 1992, Work Place (Health, Safety & Welfare) Regulations 1992, or any other Act or Regulations there under governing the use of that plant, machinery or equipment in a working environment. Successful Buyers are hereby required to ensure so far as is reasonably practicable that such item will be safe and without risks to health and that the use of any such items at a place of work within the United Kingdom does not contravene any such Act or Regulation applicable to such use and any subsequent or amending legislation thereto

17. DANGEROUS SUBSTANCES

It is expressly brought to the attention of Buyers (successful or otherwise) that certain types of plant or main service installations could contain blue and white asbestos, dangerous chemicals etc. which if not handled correctly during their removal from the site could be in breach of the Health and Safety at Work Etc. Act 1974 Sections 2-9, or other current legislation regulating the use of such substances in a working environment. The Buyer shall ensure so far as is reasonably practical that they comply with the Health and Safety at Work Etc. Act 1974 or other current legislation in connection with the removal, handling and transport of such dangerous substances or shall employ a specialist contractor to remove them. The Buyer will indemnify the Vendor, their servants and agents against any losses, damages or expenses suffered by them as a result of the Buyer’s or a sub-contractor’s failure to comply with this legislation.

18. THE CONSUMER PROTECTION ACT 1987

No lots are sold as new.

19. COPYRIGHT

No representations or warranties are made by either Proudley Associates Ltd or the Vendor as to whether any lot is subject to copyright, nor as to whether the Buyer acquires any copyright in any lot sold.

20. GOVERNING LAW

These Conditions and Special Conditions shall be governed by and constructed in accordance with English Law. All transactions to which these conditions and the Special Conditions apply and all connected matters shall also be governed by English law.