The highest bidder shall on the fall of the hammer for a particular lot be the successful purchaser and will be deemed to have entered into a binding contract (subject to the conditions set out below) with the Auctioneer as owner of the lot in its own right or with the Auctioneer as the duly appointed agent of the owner (as the case may be).

1. In the event of any dispute as to the bidding in respect of any lot, the Auctioneer shall have absolute discretion to settle the dispute as sole arbitrator and his decision shall be final and binding.

2. The Auctioneer has a right:-
(a) To refuse any bids.
(b) To advance the bidding at his absolute discretion.
(c) To place a reserve on any lot.
(d) To bid on behalf of any prospective purchaser with or without disclosure.
(e) To place bid or bids on behalf of the owner.
(f) To withdraw any lot from sale.
(g) To require a successful purchaser to pay forthwith the whole or part of any of the purchase price.
(h) To refuse any person or persons admission to or eject them from the auction site.
(i) To forbid any party from filming, photographing and/or video recording any auction or lots without the prior written permission of the Auctioneer.

3. Subject to 5 below, the purchaser acknowledges that the Auctioneer acts as the agent of the owner of the lot or as the owner of the lot in its own right and as such neither the Auctioneer in either capacity (as the case may be) or the owner of the lot shall be responsible for any defects or faults in respect of any lot. All lots are
open for inspections prior to sale and it is the prospective purchaser’s sole responsibility to inspect such lots prior to the commencement of the auction.

4. As from the fall of the hammer all risks in relation to the lot passes to the successful purchaser not withstanding that the title to the lot sold remains with the owner until such time as payment for the lot has been made in full.

5. All sales are final. No refunds or exchanges will be given. Notwithstanding if within 7 days after the fall of the hammer the Auctioneer shall receive from the successful purchaser notice in writing accompanied by the written opinion of a competent expert or authority that the lot purchased is not as described in the
catalogue or as represented by the Auctioneer then the Auction-eer will within 7 days of receipt of such notification refund to the successful purchaser the full purchase price paid subject to the return of the lot purchased in the same condition and state of repair as at the time of the fall of the hammer and subject further to the
Auctioneer being satisfied as to the validity of the claim.

6. All bids are deemed to be inclusive of GST or any other value added tax or goods and services tax. The successful purchaser in addition to payment of the amount of the successful bid will also be responsible for payment of a buyer’s premium as nominated by the Auctioneer prior to the commencement of the auction or failing
which the amount specified in the auction catalogue.Methods of payment accepted are specified in the auction catalogue.

7. Each lot shall be paid for and removed at the expense of the successful purchaser, on the day that the sale takes place, or at the sole discretion of the Auctioneer a deposit of 20% (or full payment by Personal cheque in lieu of deposit) will be accepted by the Auctioneer and must be paid by the successful purchaser on the day of sale and the balance due and owing must be paid to the
Auctioneer and the lots removed by 5.00pm within the number of days following the auction as shall be nominated by the Auctioneer.
Failure of the successful purchaser to comply with this condition will be deemed a breach of the Contract whereupon the Auctioneer will be entitled to forfeit any deposit paid and to terminate the Contract. The purchaser understands that :
(i) Time shall be of the essence in respect of payment of amounts due. The purchaser shall pay interest on overdue amounts at the rate of 1.5% per month in addition to the rate prescribed by the appropriate Court having jurisdiction in relation to any claim for monies owing.
(ii) If the purchaser fails to pay as herein provided, the purchaser shall remain liable for the amount of the successful bid plus the buyer’s premium referred to in 6 above and, until such payment is made in full, any deposit forfeited shall be payable by way of liquidated damages.

8. The party named on the bidding card shall be deemed to be the purchaser unless the Auctioneer is prior to the commencement of the auction provided with written evidence that the party is acting for and on behalf of a principal and shall supply the full name and address of the principal.

9. In this agreement:-
(a) Fall of the hammer means such time as a purchaser has bid for a particular lot and the Auctioneer has acknowledged that purchaser as being the successful purchaser at which time a binding contract subject to these terms and conditions has been entered into.
(b) Auctioneer means First State Auctions Pty Ltd ACN 083 150 298 trading as First State Auctions and any of its associated and subsidiary companies and entities or their duly appointed employees, servants and agents.
(c) Lot means any lot or lots for sale either individually or as a group at the Auctioneer’s sole discretion.

10. The purchaser agrees that these Terms and Conditions and any claim and any dispute between the Auctioneer, purchaser or any other relevant party, shall be construed by the laws of the country in which the auction takes place, unless otherwise expressly nominated by the Auctioneer in its sole discretion.

11. The provisions contained in each Clause of these Conditions of Sale, and any part thereof, shall be enforceable independently of the remainder of these Conditions of Sale and its validity shall not be affected if any other part is invalid to any extent.