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1. Participation - terms and conditions:
1.1 Eligibility to use the auction:
Bidding and buying is limited to persons who may lawfully form legally binding contracts under
applicable laws and have been properly registered at the auction’s site. Auctions
are not available to minors, as legally defined in their countries of residence.
The use of the auction is only available to individuals and others who have a good financial
standing with a certified bank.
1.2 Registration:
Any person wishing to bid, buy, or sell ("the user") at Hammersite’s "Classical Online Auction"
("the auction") must register by filling out the online Registration
Form.
By Registering to bid, buy or sell on the
auction, the user agrees to accept all the terms and conditions stipulated in theUser's Agreement and
to abide by them.
Hammersite reserves the right to deny registration to persons who have not met the terms
of eligibility.
1.3 Truthfulness of information provided by the user:
Information provided by the user at registration, and such that is updated or
modified by him at any time thereafter, must be truthful. The user must register by his legal
name, provide his current address, phone number, e-mail address, and valid credit card information
or ID number (where and when applicable).
1.4 Binding commitment to conclude the transaction:
The bidder, whose last bid is declared by Hammersite as the winning bid ("hammer price"),
agrees to take possession of and title to the auctioned item and remove it from Hammersite’s or
the seller’s premises within the period and according to the terms specified in "Taking possession,
Packing and Shipping".
The buyer will make all payments due to seller and to Hammersite within the period and according
to the terms specified in "Buyer’s premium and payment".
2. Bidding:
2.1 Logging-in:
Once the user’s initial registration has been approved, he/she can log-in by enetring his/her
user-ID and password.
2.2 Regular bidding:
Hammersite sets the starting bid amount at the beginning of the auction (it may be equal
to the reserve price or lower than it, but never higher).
The first bidder clicks the "submit bid" button. If no one else submits a bid by the end of
the auction, he becomes the "highest/winning bidder" and is entitled to purchase the lot for
the starting bid amount. That is unless the starting bid, which is the highest bid, did not
meet the reserve price. As long as the reserve price has not been met or exceeded a
notice will be posted next to that lot’s bidding window stating that "The reserve price has not
been met".
The current bid amount is the highest placed so far (at the beginning of the auction it
is the starting bid). With each new bid the current bid is increased the by the bidding
increment and becomes the next bid.
Once the first bidder clicked the "submit bid" button, the "next bid" amount is shown on the
bidding window. When the next bidder clicks the "submit bid" button, he becomes the "highest
bidder", until the first bidder or another bidder places a higher bid, and so forth.
Each bidder whose bid is superceded by a rival bid, will be automatically notified by e-mail (or
telephone, or by fax). He will be invited to place a new bid if he/she so wishes.
The "highest bidder" at the time the auction closes becomes the "winning bidder". If his last
bid is equal to or exceeds the reserve price, he is the lucky (prospective) owner of
the object.
Hammersite auctions do not close as long as active bidding is going on. For example,
if an auction is scheduled to close at 1:00 but a bid is places at 12:59, then the auction's closing
time will be extended by 1 minute. This enables bids on items to reach a fair price instead of
going to the user who manages to place a bid a second before the auction is supposed to
close.
Upon completion of an auction the successful/winning bidder will be notified by
e-mail (or telephone, or by fax).
2.3 Automatic proxy bid:
A proxy bid lets a bidder set a maximal price he/she is ready to pay for the auctioned
item without having to participate personally in the bidding process. The system will bid for
him/her as long as that maximal bid has not been reached.
The automatic proxy system checks each time a rival bid has been placed and compares it to
the maximum proxy bid. The system outbids the rival bids as long as that maximum bid is
higher than any of them.
If the maximum proxy bid is the highest bid by the time the auction ends, it becomes the
winning bid.
The winner will pay the last current bid, even if it is lower than the maximum
proxy bid (provided the reserve price, if there is one, has been reached or exceeded).
Once a rival bid supercedes the maximum proxy bid, the system will notify its bidder
by e-mail (or by telephone, or by fax) and let him/her place a new bid if he/she so wishes.
If two or more identical proxy bids are placed, the one placed first will take priority. The other
proxy bidders will be notified that they had been outbid.
The bidder’s maximum bid is private and confidential and not accessible to anyone.
2.4 Reserve price:
Unless a seller specifies a reserve price (the minimal hammer price he is willing to sell it
for), his auctioned item is without reserve.
The seller in coordination with Hammersite sets a reserve price.
Hammersite warrants that a seller-specified and Hammersite-approved reserve price will be the
minimum price for which the item will be sold. If that reserve price has not been reached or
exceeded the item will remain unsold.
The reserve price will remain undisclosed.
Despite the above written, Hammersite is permitted by its own discretion, to sell the
items under the reserve price, in condition that the seller will receive the full amount of the
reserve price of the item, minus the commission.
2.5 Bidding increment:
Hammersite sets the bidding increment for each single lot/item. The size of the increment is
determined by the estimated lot/item price (the higher the price, the higher the increment). Bid
increments may be changed by Hammersite at any time without notice. The latest set of bid
increments is:
| Item Priced From |
To |
Bid Increment |
| $0 |
$50 |
$5.00 |
| $50 |
$200 |
$10.00 |
| $200 |
$420 |
$20.00 |
| $420 |
$600 |
$30.00 |
| $600 |
$1000 |
$50.00 |
| $1000 |
$2100 |
$100.00 |
| $2100 |
$4000 |
$150.00 |
| $4000 |
$6000 |
$250.00 |
| $6000 |
$10000 |
$300.00 |
| $10000 |
$20000 |
$500.00 |
| $20000 |
$30000 |
$1,000.00 |
| $30000 |
$60000 |
$1,500.00 |
| $60000 |
$100000 |
$2,000.00 |
| $100000 |
$200000 |
$2,500.00 |
| $200000 |
$999999999 |
$3,000.00 |
2.6 Bid retraction/cancellation:
Bid retractions are generally not possible and can only be done in very special cases.
3. Making payment and taking delivery:
3.1 Payment:
The buyer must pay Hammersite the amount of the hammer price within 7 days
of the end of the auction. In addition he must pay Hammersite the buyer’s premium, VAT
or sales tax, and charges for services rendered if and where applicable.
Accepted payment methods are direct transfer into Hammersite’s bank account, cashier’s check,
money order, escrow, and wire transfer.
Personal checks will be accepted from buyers of good standing.
Payment via credit card for any amount will be accepted with a 3% commission charge. Payment by American Express is accepted with a 4.5% commission charge.
3.2 Buyer’s premium and VAT:
A buyer’s premium will be added to the hammer price, together with VAT or sales tax where and
whichever is applicable.
A buyer’s premium at a rate of 19% on the first $1,000 of the hammer price, a rate of 17.5% on the amount over $1,000 and under $10,000 and 15% on the amount by which the hammer price exceeds $10,000 is payable by the buyers of the lots.
VAT (value added tax) will be added to the premium amount (where applicable).
VAT (or a sales tax where applicable) will be added to the total purchase price of
items marked in the catalogue and on the item page by a dagger symbol (†).
3.3 Taking possession and delivery:
All merchandise purchased must be paid for and removed from Hammersite’s or the seller’s premises
within seven days, unless other arrangements have been made with either Hammersite or the
seller.
3.4 Remedies:
If any lot is not paid for in full, or not removed within the time stated above, Hammersite
will be entitled to exercise against the buyer one or more of the rights and remedies it thinks fit.
These include, inter alia, the right to rescind the sale, to proceed for damages for breach of
contract, to resell the lot, to charge the buyer with expenses, costs interest and/or linkage to
cost of living index, to retain that or any other lot sold to the buyer, to apply any amount due to
the buyer towards settlement of the price
commission.
3.5 Packing and shipping:
Hammersite will not handle packing, shipping and insurance of items bought.
Buyers will be provided with the names and addresses of reputable shipping contractors.
In special cases, Hammersite will order such services on behalf of the buyer, and at buyer’s
costs. | 
