TERMS AND CONDITIONS OF SALE
The following, as amended by any posted notices or oral announcements during the sale, constitutes the entire terms and conditions on which property listed in the catalog shall be offered for sale or sold by Great Gatsby's Auction Gallery, Inc. (Great Gatsby's) and any consignor of such property for whom we act as agent. By bidding at an auction, whether in person or by agent, absentee bid, telephone, internet or other means, the buyer or bidder agrees to be bound by these Conditions of Sale.
1. Property Sold As Is Without Warranty or Representation. Bidder acknowledges and agrees that all property is sold "AS IS" - "WHERE IS", and neither Great Gatsby's Auction Gallery, Inc. nor any consignor to Great Gatsby's makes any warranties or representations of merchantability or of the correctness of any description or the physical condition, size, quality, rarity, importance, medium, provenance or historical relevance of the property auctioned and sold. All references and descriptions of the property in any auction flier or brochure and any oral statements made by the auctioneer or employees of Great Gatsby's are intended for informational purposes only and should not be relied upon as creating, and do not create any warranty or representation by Great Gatsby's or any consignor. BIDDERS ARE ADVISED BY GREAT GATSBY'S TO CAREFULLY INSPECT THE PROPERTY BEFORE BIDDING. ALL SALES ARE FINAL!
2. Copyrights and Reproduction Rights. Great Gatsby's does not represent that Bidder acquires any copyrights or reproduction rights in and to any property purchased by Bidder at the auction. BIDDER IS ADVISED TO CONSULT HIS/HER ATTORNEY WITH RESPECT TO INTELLECTUAL PROPERTY RIGHTS.
3. Terms and Provisions Respecting Conduct of the Auction. Great Gatsby's and Bidder agree that (a) the highest bidder acknowledged by the auctioneer will be the purchaser of the goods or property; (b) in the event of any dispute between bidders or in the event of doubt on Great Gatsby's part as to the validity of any bid, the auctioneer will have the final discretion either to determine the successful bidder or to re-offer and resell the goods in dispute; (c) the record kept by Great Gatsby's of the result of the auction shall be conclusive as to any dispute between bidders or with a bidder which occurs after the sale of goods; (d) some goods or lots may be subject to reserve prices set by either Great Gatsby's or the consignor of the goods, which is the confidential minimum price below which such lots will not be sold; (e) the auctioneer may implement such reserve by opening the bidding or continuing the bidding in response to other bidders until reaching the reserve; (f) on the fall of the hammer or by announcement of the auctioneer, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer; (g) Great Gatsby's shall have full discretion to refuse any bidding, to divide any lot, to combine any two or more lots and to withdraw any lot prior to taking bids on said lot; (h) Great Gatsby's reserves the right to withdraw any lot at any time before the auction without liability; (i) in Great Gatsby's discretion, Great Gatsby's may accept and execute pre-auction, order bids and telephone bids as a convenience to customers who are not, or will not be present at the auction; (j) Great Gatsby's is not responsible for any errors or omissions in connection with such pre-auction, order bids or telephone bids; (k) no transfer of rights or obligations with respect to purchase at the auction shall be valid; and (l) all purchases are subject to the collection of Georgia sales tax in the amount of eight percent (8%) from the successful bidder unless the successful bidder is exempt under Georgia law; (m) a range of estimates is given on each auction lot with a low and a high estimate. Estimates should not be relied upon as a prediction of the actual selling price, appraised value, or retail value of the lot.
4. Risk of Loss. Bidder agrees that if Bidder becomes the purchaser of goods in the auction, Bidder shall assume full risk and responsibility for loss of such goods.
5. Payment for Auction Purchases. Bidder herewith irrevocably promises to pay to Great Gatsby's at or before the close of the auction at which a purchase is made the full purchase price announced by the auctioneer for each article of property purchased by Bidder plus a "Buyer's Premium" of twenty-three percent (23 %) of such purchase price. All payments shall be in U.S. dollars. Purchases may be paid for with cash, personal check, company check, bank wire transfer, MasterCard or Visa. If paying by check, Great Gatsby's reserves the right to hold all purchases until the check has cleared to the satisfaction of Great Gatsby's and its bank.
6. Grant of Security Interest. To secure the payment of all sums which shall become due under this Agreement, Bidder herewith grants Great Gatsby's a first priority security interest in and to all property purchased by Bidder at the auction(s) (the "Collateral"). Great Gatsby's shall have the right to retain possession of all goods purchased by Bidder until Great Gatsby's shall be paid in full for all purchases made by Bidder. Accordingly, Bidder shall not be entitled to receive possession of any item until all items are paid for in full.
7. Remedies with Respect to Collateral Upon Failure to Pay. In the event Bidder fails to timely pay Great Gatsby's as provided in this Agreement, Great Gatsby's shall have all of the rights of a secured party under the Uniform Commercial Code of the State of Georgia with respect to the Collateral, including without limitation, the right to dispose of such Collateral, in bulk or piecemeal. Great Gatsby's shall be under no duty to exercise any or all of the rights and remedies given by this Agreement, and Bidder shall not be discharged from its obligations to Great Gatsby's under this Agreement (a) should Great Gatsby's agree to suspend the right to enforce any of the obligations of Bidder hereunder or Great Gatsby's interest in the Collateral, or (b) should Great Gatsby's extend, in whole or in part, the time for payment of any of Bidder's obligations hereunder, or exchange, substitute, compromise or surrender entirely any Collateral now or hereafter held. No forbearance or indulgence, including without limitation permitting Bidder to take possession of one or more items comprising the Collateral prior to payment in full for all purchases made by Bidder, shall operate as a waiver of any right or remedy of Great Gatsby's or obligation of Bidder, and no single or partial exercise by Great Gatsby's of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy unless Great Gatsby's shall otherwise agree in writing. Great Gatsby's shall be entitled to invoke any remedy available to Great Gatsby's by law or in equity and enforce any such remedy against Bidder despite said forbearance or indulgence.
8. Remedies with Respect to Indebtedness Upon Failure to Pay. In the event of a default by Bidder in its obligation to make timely payment of all sums due Great Gatsby's hereunder, Great Gatsby's (a) shall be entitled to recover late charges from Bidder equal to one and one-half percent (1.5%) of the unpaid purchase price for each month or fraction thereof that such purchase price remains unpaid; and (b) shall be entitled to recover from Bidder all costs of collection including fifteen percent of the principal and late fees as attorneys'
9. Removal of Purchased Goods. Bidder agrees to remove all goods which it has purchased at the auction from Great Gatsby's premises no later than ten (10) business days following the auction. Bidder shall become liable to Great Gatsby's for storage charges of $5.00 per day per auction lot for any property not removed within such time. Bidder agrees that Great Gatsby's is not responsible for any acts or omissions of third parties in packing and shipping Bidder's goods, such packing and shipping being the sole responsibility and risk of Bidder even if the party employed by Bidder was suggested or recommended by Great Gatsby's.
10. Limitation of Liability. Bidder agrees and acknowledges that the liability of Great Gatsby's to Bidder shall be limited to the amount Bidder shall have paid for any items purchased by Bidder at the auction covered by this Agreement.
11. Entire Agreement. Bidder and Great Gatsby's agree that this Agreement shall constitute the entire agreement between the parties and shall supersede any prior oral or other agreements respecting the matters covered herein. This Agreement may not be modified except (a) by a writing signed by both parties or (b) by an oral notification of such modification made by Great Gatsby's auctioneer at the time of sale.
13. Jurisdiction, Venue, Jury Trial and Governing Law. Bidder and Great Gatsby's agree that the Superior Court of Dekalb County Georgia or the United States District Court for the Northern District of Georgia, Atlanta Division (in diversity cases) shall have jurisdiction and venue of any dispute hereunder, and the parties herewith consent to such jurisdiction and venue. To the extent permitted by law, the parties herewith waive their rights to trial by jury in any litigation arising hereunder.
14. Bidding on merchandise automatically constitutes agreement with these terms
