| 17 CONDI T IONS OF SALE Please note our amended General Terms and Conditions The auct ion process shall be subject to our General Auction Terms and Conditions. These terms form an integral part of the resulting contracts. The General Auction Terms and Conditions are listed hereinafter and displayed in the auction room. Both by taking part in the auction and by submitting bids, you agree to accept the General Auction Terms and Conditions. GENERAL AUCTION TERMS AND CONDITIONS 1. Hermann Historica GmbH (hereinafter referred to as the Auctioneer) shall by default carry out the auction as an intermediary in the name of and for the account of third part ies, unless explicitly marked as acting as commission agent in its own name and on behalf of consignors, or in its own name and for its own account . The auctions may be conducted on or outside the business premises of the Auctioneer, with physical participation of bidders, by phone, online or by using any other digital or electronic media, in particular dedicated electronic auctioning platforms, limited to such platforms (“online-only”), and as “timed auctions”. 2. The catalogue descriptions and any verbal statements neither constitute nor contain guarantees of any specific characteristics. All objects coming up for auction are offered as used. The lots may be viewed and examined prior to the auction. All lots are sold “as seen”, without any guarantee or liability in respect of visible or hidden defects. Once the bid has been accepted, no complaints of any kind may be taken into account . The right of withdrawal (with or without reason) as stipulated in the various consumer protection laws does not apply. 3. The Auctioneer undertakes to carry out all purchase orders, whether submitted in writing, by phone, email, fax or via an electronic auctioning platform, conscientiously but without assuming liability. The Auctioneer reserves the right to decline or disregard order bids, without giving a reason. A maximum bid must be indicated when submit t ing an offer in writ ing; however, the Auctioneer will only draw on this in the amount required to outbid other prospective buyers by one increment (approximately 5%). In case of identical bids a draw will decide. Phone bidders will be contacted before their requested lot is called if a written order corresponding to at least the starting price of the object has been received in good time. Phone bidding will only be permitted in exceptional cases for objects with a reserve of less than € 800. No liability may be accepted for transmission errors or for difficulties with the phone connection. On electronic auctioning platforms bids are submitted by clicking the platform’s “Bid” button, thus submitting the suggested amount required to outbid the previous high bid. “Classic” and “online-only” auctions are directed by an auctioneer who assigns the knock-down according to auction law, thus consumer protection rights of cancellation do not apply. In “timed auctions” the highest bid at the displayed end-time wins. The Auctioneer rules out any liability for consequential damage or loss of profit in the event the purchase order is not concluded, provided this was not caused by wilful misconduct on the part of an employee of the Auctioneer. The Auctioneer may refuse to accept any bids in which neither the object nor the amount of the bid can be clearly identified beyond doubt. 4. The Auctioneer reserves the right to combine, separate, exclude, withdraw or rearrange any lot without giving a reason. The sale is concluded if no higher bid is submitted after a bid has been announced three times. The Auctioneer is entitled to accept the sale under reserve. If a bid is accepted conditionally, the bidder shall be bound by his bid for 4 weeks. If the bidder is not awarded the sale without reserve within this period, the bid expires. A written invoice sent to the address provided by the buyer shall be regarded as confirmation of the acceptance of the bid. Conditionally accepted bids expire without notification or further consultation with the reserve bidder. Without giving any reason, the Auctioneer may refuse any bid submitted either in person or in writing, if said bidder is unknown to him, has not provided a sufficient deposit or satisfactory references prior to the auction. Likewise, the aforementioned right of refusal also applies to customers whose accounts have not been settled in full at the time of the auction. In the event a bid is refused, the second highest bid shall be binding. If several people offer identical bids and, after the third time of asking, no higher bid is forthcoming, a draw shall decide the successful bidder. The Auctioneer is authorised to retract his acceptance of the bid and award the lot immediately in favour of a particular bidder at his discretion or to offer the object again if a higher bid made at the right time was erroneously overlooked or if any doubts arise regarding the sale. If the highest bidder wishes to withdraw his bid, the Auctioneer is entitled to accept his bid nevertheless with all consequent rights; however, he may also accept the second highest bid offered or repeat the whole call. At the bidders’ request, any lot that initially remained unsold may be offered again and sold during the day of the auction, or may be transferred into a subsequent online-only auction. 5. The successful bidder is obligated to pay the purchase price to the Auctioneer. The Auctioneer is authorised by the consignor to assert his rights arising from the sale. Prospective buyers submit bids in their own name and for their own account. The purchase price comprises the bid amount, a 29.5% premium thereof, when bidding through a third-party auction platform their commission (usually within a range of 2% to 5%), and the costs of insurance, packaging and shipping, if the Auctioneer is commissioned to ship the lots. If the Auctioneer is acting as an intermediary, both the premium and the fees for insurance, packaging and shipping include statutory VAT. The amount of the hammer price shall be determined on the basis of the auction record. The purchase price is due as soon as the bid is accepted and is payable in cash and in Euros. The Auctioneer expressly refers to his duty to verify customer’s ID according to the German Money Laundering Act . For credit transfers or payment by cheque on account of performance, the debt shall only be deemed to be set tled when the purchase price has been credited irrevocably and in full to the Auctioneer’s account . Moreover, foreign notes and coins or currencies will only be accepted according to the respective value amount that is finally credited to the Auctioneer’s account by the bank. Shortfalls will be payable, including any fees for cheques or banking charges incurred. Please check our respective fees for payments by credit card. If a bidder acts as an agent for a third party, both may be held personally liable for obligations arising from the contract. This also applies if the invoice is issued in the name of another customer. The Auctioneer shall be exempt therefrom. Invoices issued during or immediately after the auction are subject to confirmation and may subsequently require correction. Any discrepancies in the amount shall be payable. 6. Should the buyer fail to fulfil his payment obligations within the specified time limit , he is automatically in default . As a consequence, a minimum charge of € 25 will be added to the invoice amount, along with any payment reminder and/or collection fees incurred. At the same time, interest shall accrue at 5% above the base rate p.a. Should the buyer fail to meet his payment obligations, despite receiving a reminder, he shall be liable for the damage caused by his default. If the Auctioneer asserts his right to compensation for non-performance under section 326 BGB (German Civil Code), he is entitled to offer the item for auction again at a later date. Once another buyer is found, all rights granted to the previous buyer shall expire. If the lot is resold, the previous buyer shall be regarded as the consignor and is therefore liable to recompense the Auctioneer’s services; fees to the amount of 20% (incl . VAT) for lots with a hammer price of € 300 and above, or 30% (incl . VAT) for lots with a hammer price under € 300, as well as all additional costs incurred by the renewed sale of the item thus become payable. He shall have no claim to the excess proceeds. The proceeds from the new auction are to be offset against the debt of compensation on receipt of the payment or the credit by the Auctioneer in accordance with section 367 BGB. Moreover,
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