CONDITIONS OF SALE
The Conditions of sale set out below are the terms and conditions agreed between MONETARIUM
(SINGAPORE) PTE LTD as auctioneer and the Buyers. These Conditions shall be binding upon the Buyer,
Online Bidder and the Seller participation in the
Auctioneer’s auction activities. These conditions may be varied by MONETARIUM (SINGAPORE) PTE LTD from time to time by way of an
announcement.
1.DEFINITIONS
In these Conditions:-
“Auctioneer” means MONETARIUM (SINGAPORE) PTE LTD carry out the auction sales and to
enter into any agreements with the Buyer or Online Bidder;
“Buyer” means the person with the highest bid
(online or floor bidding) accepted by the Auctioneer;
“Buyer’s Premium” means the charge payable by the
Buyer based on the hammer price at the rate
stipulated at Clause 6(b);
“Bidder” means a natural person or any legal
organization that has full capacity or legal entity to bid on floor or online at the auction according to the provisions of the laws of Singapore;
“Estimate Price Range” means the estimate
hammer price may be achieve by the particular Lot;
“Hammer Price” means the amount of highest bid
accepted by the Auctioneer in relation to a Lot;
“Purchase Price” means the total amount of money to be payable by the Buyer which has included the Hammer Price, the Buyer’s Premium, tax and any other related
expenses;
“Reserve Price” means the lowest selling price determined by the Vendor to the Auctioneer or any other selling price which has been agreed upon between the Vendor and the Auctioneer prior to the Auction;
“Start Bid” means the starting bidding price by the
Online Bidder prior to the actual Auction day;
“The Lot” means any item consigned to MONETARIUM (SINGAPORE) PTE LTD for sale by auction and includes the item described against any Lot number in the
catalogue;
“Vendor” means any person who consigns any item to the MONETARIUM (SINGAPORE) PTE LTD for the sale by
auction.
2.RESERVED PRICE
(a)The Auction sale is subject to a reserve price for each Lot specified to the Auctioneer by the Vendor.
(b)If reserve is not met, the Lot will be considered unsold. However, the Auctioneer may contact the highest bidder after the auction if Vendor is willing to sell below the
reserve price.
(c)Any starting bid price in the online platform shall not be considered as the reserve price for the Lot.
3.THE PURCHASER
(a)The highest bidder shall be the Buyer and the
Auctioneer shall be the sole judge of who the highest
bidder is.
(b)All bidders must be registered with MONETARIUM (SINGAPORE) PTE LTD before the registration closed and the Auctioneer shall have the absolutely discretion to reject any bidder’s registration due to false information been given during the registration process.
(c)When making any bid, the Buyer acknowledges that he is doing so as principal. Buyers accepting commissions from other parties to do so shall be at their own risk and will remain liable to MONETARIUM (SINGAPORE) PTE LTD for full settlement according to these Conditions.
4.ABSENTEE BIDFORM
(a)The Bidder may give the Auctioneer an Absentee Bid Form to bid on the Bidder’s behalf.
(b)The Auctioneer shall have the discretion to but no
obligation to accept such authorization. The Bidder who intends to give the Auctioneer an authorization to bid on the Bidder’s behalf shall present the Absentee Bid Form at least 24 hours before the commencement of the auction and must be acknowledged by the Auctioneer.
(c)The Auctioneer shall not be liable for any errors or
comissions in executing any authorized bidding and the Bidder shall be have full responsible and liability for the outcome the said bidding.
5.THE AUCTIONEER
(a)The Auctioneer shall full discretion to regulate the
bidding and shall have its sole right to accept or refuse any bid without having to state the reason for such refusal.
(b)The Auctioneer will have absolute discretion to divide any Lot, to combine any two or more Lots, or to withdraw any Lot from the auction without giving any reason.
(c)In the event of any unsold Lot, the Auctioneer shall be entitled to offer and sell the Lot by way of any private
arrangement without informing the Vendor.
(d)In the case of any dispute to any bid, the Auctioneer may at its own option forthwith to determine the dispute or re-submit the Lot for sale at the auction.
(e)The Auctioneer shall not be responsible for any Lot which is subsequently proved to be a stolen item by any parties thereof. Any stolen item will be handed over to the relevant authority for further investigation.
(f)The Auctioneer shall have the absolute right not to
disclose any information’s regarding to the Vendor’s
particular of any consignment Lot.
6.THE LOT
(a)All Lots are offered for sale subject to any Reserve Price that has been determined by the Vendor to the Auctioneer.
(b)All Lots sold through floor bidding or online bidding will be subject to a Buyer’s Premium of 20% of the Hammer Price.
(c)The Lot is sold “as is” without any representation or warranty of any kind and believed to be and shall be
taken to be correctly describe and is sold subject to all express conditions and the Buyer shall be deemed to have full knowledge of the state and conditions of the Lot and no error, mis-statement, omission or mis-description shall annul the sale nor shall any compensation be allowed in respect thereof.
(d)MONETARIUM (SINGAPORE) PTE LTD reserves the right in forming their opinion to consult and rely upon any expert or authority considers by them to be reliable.
(e)Lots are sold as shown with all faults, imperfections and errors of descriptions and lack of authenticity. Neither the Auctioneer nor the Vendor shall give any warranty to any Buyer in respect of any Lot or be liable for any fault or error of description or lack of genuineness or authenticity of any Lot.
(f)All grading, statements or descriptions as to the Lot, whether made in the Catalogue, website during the course of auction or otherwise are opinions only and shall not be taken to be statements or representations of facts or
warranties of any kind.
(g)References in the catalogue entry or the condition
report to damage or restoration are for guidance only and should be evaluated by personal inspection by the bidder. The absence of such a reference does not imply that an item is free from defects or restoration, nor does a
reference to particular defects imply the absence of any others.
7.THE BIDDING INCREMENTS
Bidding Price Bid Increment ($)
1 - 100 5
101 - 200 10
201 - 500 20
501 - 1000 50
1001 - 2000 100
2001 - 5000 200
5001 - 10,000 500
Above 10,001 1000
8.AFTER THE AUCTION
(a)Each lot shall be at the Buyer’s risk from the fall of the hammer. However, the title does not pass to the Buyer until the payment of the Purchase Price is fully received by MONETARIUM (SINGAPORE) PTE LTD.
(b)Upon the payment of the full purchase price and the transfer of the title of the Lot to the Buyer, all risks of Lot shall be passed to the Buyer.
(c)In the event the Buyer fails pay the Purchase Price
within fourteen(14) days of the sale, the Auctioneer shall be entitled to charge the Purchase Price on the
Purchaser’s credit card which has been given during the registration process.
(d)The Auctioneer will not be responsible for the safe
custody of the Lot left for more than fourteen(14) days of the sale. MONETARIUM (SINGAPORE) PTE LTD
reserves the right to charge storage and to resell by
auction or privately, without notice to the Buyer after
fourteen(14) days of the sale.
(e)The Purchase Price shall be paid by the Buyer within fourteen (14) days from the date of the auction and the Auctioneer shall deliver the Lot in exchange, upon
payment clearance.
(f)No Lot shall be returned without the consent of the
Auctioneer.
(g)Lot purchased by absentee bidders will be forwarded at the risk of the Buyer who shall bear all costs incurred. Unless otherwise instructed, the Auctioneer shall have full discretion in choosing the shipment method.
9.PAYMENT
(a)All payments shall be made in Singapore Dollars in the form of cash below $20000 or cheques drawn on a Singapore clearing bank, or by means of a banker’s draft or telegraphic transfer directly to the Auctioneer’s bank account, quoting the original invoice number. All bank charges involved in currency transfer shall be borne by the Purchaser.
(b)The sale will be conducted in Singapore Dollars and the full settlement will also be expected to be in Singapore Dollars. The Buyer will be responsible to the
MONETARIUM (SINGAPORE) PTE LTD for all bank charges and any difference in the exchange notes upon conversion should they choose any other currency
payment.
(c)No Lot shall be collected or delivered until
MONETARIUM (SINGAPORE) PTE LTE has received the full Purchase Price.
(d)Without prejudice to any other rights, the Auctioneer
reserves the right to charge the interest of 2% per month on any overdue payment.
(e)The payment by way of Credit Card is acceptable but subjected to the 3.5% of the additional charge on the
Purchase Price of the particular Lot.
(f)Payment by way of cheque/bank draft and telegraphic transfer shall be made to the following account:
Account Holder : MONETARIUM (SINGAPORE) PTE LTD
Bank : UNITED OVERSEAS BANK LIMITED
A/C No. : 3013055198
Swift Code : UOVBSGSG
Branch : COLEMAN
10.REMEDIES FOR NON-PAYMENT
(a)If any Lot is not paid in full within the stipulated period given, the Auctioneer shall its absolute discretion and
without prejudice to any other rights it may have, be
entitled to exercise all or any of the following rights and remedies to the defaulting Buyer:-
i)To proceed legal action against the Buyer for damages for breach of Conditions in which event the legal costs shall be borne by the Buyer absolutely;
ii)To rescind or retain the sale of that or any other Lots sold to the defaulting Buyer at the same auction until the Payment of the total Purchase Price is fully paid;
iii)The deposit paid for the current auction shall be
forfeited absolutely and to reject any bids and registration made by the same defaulting Buyer in any future auction or obtain more deposit before accepting a bid in future.
11.MISCELLANEOUS
(a)The estimate price printed below on each Lot in the Catalogue or Online Platform is the Auctioneer’s
estimation of the expected price and is published as a guide for the Buyer only.
(b)MONETARIUM (SINGAPORE) PTE LTD shall not be responsible for any loss or damage to the Lot while in its custody if the said loss or damage is not from the
negligence of the company.
(c)These conditions of sale shall be governed by and
construed in accordance with Singapore Law and the
Buyer irrevocably agrees to submit the same to the
jurisdiction of the Singapore Court.