1

Subject to any reserve price and the Vendor’s right to bid, the highest bidder shall be the Purchaser and in the event of any dispute arising, the lot may be reoffered, the Auctioneer shall be the sole arbitrator and his decision shall be final.

2

Advances in bidding shall be regulated by the Auctioneer and unless otherwise advised, will be at least ten percent in advance of the previous bid. No bidder may retract their bid once it has been taken.

3

The Auctioneer may refuse to accept any bid which, in his opinion, is not in the best interests of the Vendor, and may exclude any person or persons whatsoever from the Auction at any time for any reason whatsoever, and particularly if he suspects they are engaging in collusive bidding practices.

4

The Vendor reserves the right to withdraw a lot from sale at any time before the Auctioneer accepts a bid for the lot at the Auction.

5

On the fall of the hammer, the Purchaser shall give their name and address and (if required) immediately pay twenty-five cents in the dollar in part payment of the purchase price, such payment to be applied to the lot so purchased or to the entire invoice of purchases by the Purchaser. The Purchaser shall complete the Vickers & Hoad Pty Ltd “Buyer’s Bid Card”. In default of these conditions, the lot or lots so purchased may, at the Auctioneer’s absolute discretion, be immediately put up again and resold.

6

The Purchaser shall be deemed to be the principal unless, prior to the sale, they had given the Auctioneer a copy of a written authority to bid for or on behalf of another person.

7

As soon as possible after the fall of the hammer, the Purchaser and the Vendor authorise the Auctioneer and/or Auctioneer’s clerk to sign on their behalf the sale sheet which with these conditions shall constitute the whole contract between the Vendor and the Purchaser to the exclusion of everything else.

9

No condition or warranty either express or implied is given by the company Vickers & Hoad Pty Ltd with any lot offered, as all lots are open for inspection prior to the commencement of the sale and are sold with all faults, if any. No sale shall be invalidated and no compensation shall be paid in respect of any fault or error of description of any lots sold. No lot shall be sold or deemed to be sold by order of sale description or by any other description.

10

Any statement as to the quantity of goods is approximate only and is as represented to the company Vickers & Hoad. The company gives no warranty that quantities as stated are correct. In addition to any other rights the Purchaser may have, compensation for shortages in quantity shall be given if demanded in writing before delivery of the goods. In the event of any dispute as to compensation, the dispute shall be settled by an arbitrator who shall be a person mutually agreed upon by the parties.

11

No purchases may be removed until after the conclusion of the Auction. All purchases must be paid for and removed within two (2) days of the date of the sale or as specified at the time of sale.

12

If the Purchaser fails to comply with these conditions or any of them or if any cheque given on account of any purchase is dishonoured, any monies which the Purchaser shall have paid to the company Vickers & Hoad Pty Ltd on account of any purchases shall be absolutely forfeited to the Vendor and the Vendor or the company Vickers & Hoad Pty ltd shall be at liberty to sue the Purchaser for recovery of the balance of the purchase monies and the Buyer’s Premium forthwith or, without prejudice to the Vendor or the partnership's right to recover the balance of purchase monies and the Buyer’s Premium if it is not possible to resell the lot, to resell or attempt to resell the lot in any manner and upon such terms and conditions as they may think fit, and without being obliged to give any notice of resale to the Purchaser.

13

All losses and expenses incurred by the Vendor or the partnership  resulting from any resale pursuant to Clause 12 hereof or any attempted resale and all damages which the Vendor or the Company may sustain thereby shall be recoverable from the Purchaser as liquidated damages whether the goods are resold or not. Without limiting the generality of the foregoing, the partnership  shall be entitled to recover from the Purchaser:-

(a)

The amount of any commission which the partnership lost on a purchase as the result of the Purchaser not proceeding;

(b)

The Buyer’s Premium payable in accordance with Clause 16;

(c)

All costs associated with any resale or attempted resale, including advertising, insurance, transport and storage; and

(d)

Interest on the purchase monies outstanding from time to time on and from the third day after the date of the sale at the corporate overdraft reference rate for the time being charged by the National Bank.

14

SALE BY TENDER - The highest or any tender may not necessarily be accepted. Any of these other Conditions of Sale that are relevant also apply to Sale by Tender. Particular note should be taken in reference to Conditions 6, 8, 9, 10, 11, 12, 13, 15, 16 and 17.

15

No servant or agent of the partnership is authorised to waive, add to or vary these Conditions without the written authority of the principal of  Vickers & Hoad Pty Ltd

16

The purchaser agrees that the Vickers & Hoad Pty Ltd will charge a premium as otherwise notified being a percentage of the gross sale price to the Purchaser (exclusive of GST) for services and facilities provided to the purchaser by Vickers & Hoad (Buyer’s Premium). The Buyer’s Premium is payable in addition to and at the same time as the sale price and will form part of the total price paid by the Purchaser for the purchase of the lot.

16.1 Prior to the Auction, the company Vickers & Hoad P/L will advise the Purchaser, either orally or in writing, whether the sale price of a lot is exclusive of Goods & Services Tax (GST) (GST Exclusive) or inclusive of GST (GST Inclusive).

16.2 The Purchaser acknowledges and agrees that:-

(a) If the sale price is GST Exclusive, GST will be calculated on and added to the sale price and the Buyers Premium.

(b) If the sale price is GST Inclusive, the Buyer’s Premium will be as a percentage of the Sale Price (Exclusive of GST) and payable by the Purchaser to the partnership at the same time as the sale price.

17

The Purchaser acknowledges that the  Vickers & Hoad Pty Ltd  is acting as the authorised agent of the Vendor and any rights of action he may have in respect of the lots purchased by him lie against the Vendor, not the company. In the event that he wishes to take proceedings in respect of the said lots and the Vendor has not been named by the partnership in its dealings with him to date, he agrees to request the name of the Vendor from  Vickers & Hoad and, provided the partnership provides the relevant details, to proceed against the Vendor, not  Vickers & Hoad Pty Ltd