Page 79 - ACQUIRE AT SOGAL AUCTION 2018

glass where relevant) passes to reasonable efforts to take care If Sogal Art Auction resells the property under
the buyer at the expiration of seven calendar when handling, packing and shipping a purchased paragraph (d) above the
days from the date of the sale or lot, we are not responsible defaulting buyer shall be liable for payment of
on collection by the buyer if earlier. for the acts or omissions of third parties whom any deficiency between
we might retain for these the total amount originally due to us and the
AFTER THE SALE purposes. Similarly, where we may suggest price obtained upon resale as
9. In addition to the hammer price, the buyer other handlers, packers or well as for all costs, expenses, damages, legal
agrees to pay Sogal Art carriers if so requested, we do not accept fees and commissions and
Auction the buyer’s premium (this becomes the responsibility or liability for their premiums of whatever kind associated with
‘purchase price’), together acts or omissions. both sales or otherwise arising
with any applicable value added tax (VAT), sales from the default. If Sogal Art Auction pays any
or compensating use tax 14. Unless otherwise agreed by Sogal Art amount to the seller under
or equivalent tax in the place of sale. The Auction in writing, the fact paragraph (e) above, the buyer acknowledges
buyer’s premium is 10% of the the buyer wishes to apply for an export license that Sogal Art Auction shall
hammer price. The VAT, subject to Nigerian law does not affect his or her have all of the Rights of the seller, however
is 5% of the total purchase obligation to make payment within seven days arising, to pursue the buyer for
price. nor our Right to charge such amount.
10. Payment must be made to Sogal Art Auction interest or storage charges on late payment. If
within a period of seven the buyer requests us to apply 16. Where purchases are not collected within
(7) days after the sale. This includes the time for an export license on his or her behalf, we seven calendar days from the
required to process cheques or shall be entitled to make a date of sale, whether or not payment has been
to receive wire transfers. Failure to meet this charge for this service. We shall not be obliged made, Sogal Art Auction shall
schedule may incur the buyer to rescind a sale nor to refund be permitted to remove the property to a
additional charges or actions, made at the any interest or other expenses incurred by the managed third party warehouse at
discretion of Sogal Art Auction. buyer in circumstances where the buyer’s expense. Sogal Art Auction is only
Possible charges or actions against late- or an export license is required. liable to release the items
non-payment are elaborated upon after payment in full has been made of all the
in paragraph 16 below. 15. If the buyer fails to make payment in full in additional costs incurred,
good cleared funds within whether for removal, storage, handling, insurance
11. Immediately following the sale, the buyer the time required by paragraph 11 above, we and/or any other activity
must confirm his or her name shall be entitled in our absolute that warrants charges. This includes payment of
and permanent address and, if applicable, the discretion to exercise one or more of the all other amounts due to
details of the bank from which following Rights or remedies (in Sogal Art Auction, in respect of the purchase
payment will be made. The buyer must pay the addition to asserting any other Rights or remedies price and any applicable taxes.
full amount due (comprising available to us by law):
the hammer price, buyer’s premium and any (a) to charge interest at such rate we shall NO WARRANTY WILL BE OFFER
applicable taxes) immediately reasonably decide; Other Conditions
after the sale. This applies even if the buyer (b) to hold the defaulting buyer liable for the 17. (a) The copyright in all images, illustrations
wishes to export the lot and an total amount due and to and written material
export license is, or may be, required for the lot. commence legal proceeding for its recovery produced by or for Sogal Art Auction relating to
The buyer will not acquire together with interest, legal fees a lot is and shall remain at
title to the lot until all amounts due to Sogal Art and cost to the fullest extent permitted under all times the property of Sogal Art Auction and
Auction from the buyer have applicable law; shall not be used by anyone
been received in good cleared funds even in (c) to cancel the sale without our prior written consent.
circumstances where the lot has (d) to resell the property publicly or privately (b) Sogal Art Auction and the seller make no
been released to the buyer. on such terms as we shall think representation or warranty
fit that the buyer of a property will acquire any
12. Sogal shall be entitled to retain items sold (e) to reject at any future auction any bids copyright or other reproduction
until all amounts due have made by or on behalf of the buyer Rights in it.
been received in full in good cleared funds or or to obtain a deposit from the buyer before
until the buyer has satisfied accepting any bids;
such other terms as we, in our sole discretion, (f ) to take such other action as we deem
shall require. Subject to this, necessary or appropriate. (e) to reject at any
the buyer shall have paid for and collected future auction any bids made by or on behalf
purchased lots within ten (10) of the buyer
calendar days from the date of sale, unless or to obtain a deposit from the buyer before
otherwise agreed upon. accepting any bids;
(f ) to take such other action as we deem necessary
13. Although Sogal Art Auction shall use or appropriate.