Harmers International

Harmers International

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1. Unless announced otherwise by the auctioneer, all bids are per lot,
as numbered in the printed catalogue applicable to such auction (the
“Catalogue”). Harmers International, Inc. (hereinafter “Harmers”), as
agent for the consignor or vendor, shall regulate the bidding and shall
determine the manner in which the bidding shall be constructed. Harmers
reserves the right to withdraw any lot prior to the commencement
of bidding (without liability to any potential purchaser or agent), to
re-offer any withdrawn lot, to divide a lot and to group two or more
lots belonging to the same consignor or vendor. Harmers has the
right to refuse any bid believed not made in good faith, demand a
cash deposit from anyone prior to bidder registration, or demand
payment at the time the lot is knocked down to the highest bidder for
any reason whatsoever. Harmers requires new customers submit a
bidders registration form at least ten (10) days prior to the auction.

2. The highest bid acknowledged by the auctioneer shall prevail.
Should a dispute arise between bidders, the auctioneer, in his
sole discretion, shall determine who is the successful bidder
and whether to re-offer the lot in dispute. Should a dispute arise
after the sale, the auctioneer’s sale records shall be conclusive.

3. On all lots sold, a commission of 18% on the
hammer price is payable by the buyer to Harmers.

4. (a) The auctioneer reserves the right to bid on behalf of clients (and consignors
or vendors) but shall not be liable for errors and omissions in executing
instructions to bid, however received, notwithstanding whether such errors
or omissions are those of the bidder, the bidder’s agent or the auctioneer.
(b) All lots are offered subject to a reserve price. The
auctioneer, at his discretion, may implement such reserve
price by bidding on behalf of the consignor vendor.
(c) It may also be assumed that all consignors have been advanced
monies against the sale of their stamps and Harmers therefore
has a security interest over and above the auction commission.
(d) Purchase made by a consignor or vendor or his agent on his
own lots shall be considered as a sale and shall be subject to
commissions and sales tax as set forth in these Conditions of Sale.
(e) Agents are responsible for all purchases made on
behalf of their clients, unless other arrangements have
been confirmed by Harmers in writing prior to the auction.

PAYMENT FOR PURCHASES
5. Payment for lots and the commission payable with respect
thereto, including those on which extensions are desired (see
paragraph 9 of these Conditions of Sale), shall be as follows:
(a) Floor Bidders. Payment of the purchase price and the commission
applicable thereto, or such part thereof as Harmers shall require,
shall be made by the purchaser in such manner as Harmers may
determine. The name and address of the purchaser of each lot shall
be given to the auctioneer immediately following the sale of such lot.
(b) Mail , On-Line and Telephone Bidders. A successful bidder will
be notified of lots purchased. Before Harmers will send such lots,
payment in full (including the commission payable to Harmers) must
be received by Harmers within three (3) business days of receipt of
the aforesaid notification. However, a purchaser known to Harmers, or
who furnishes satisfactory references, may, at Harmers’ option, have
purchases delivered or forwarded for immediate payment in US dollars.
Mailed delivery will be to the registered address on the bid sheet and
receipt of proof of shipment to the registered address shall constitute
delivery. All charges for handling, delivery, and insurance (to the extent
obtained by Harmers on behalf of the purchaser) shall be added to
the purchase price. Risk of loss in transit shall be on the purchaser.
(c) Credit Card and PayPal Users are subject to an additional
3% fee and may be requested for a bidding deposit.

6. Title shall not pass to the purchaser until full payment has been
received by Harmers, as agent for the consignor or vendor.

7. (a) Purchasers agree to pay for lots as specified in paragraph 4 of these
Conditions of Sale and no credit shall be extended. A late payment
charge of 2% for the first month and 2 ½% for each succeeding month
compounded shall be added and Harmers will charge on-file credit
cards if payment is not made in accordance with aforesaid conditions.
(b) In the event that a bidder shall fail to comply with these Conditions of
Sale (“Non-Complying Bidder”), then, as to any lot with respect to which
such failure to comply occurs, Harmers may, at its sole discretion, reoffer
such lot during the same auction or at an auction at a later time, or
by private treaty at such time at Harmers, at its sole discretion, deems
appropriate. The Non-Complying Bidder shall be liable for the deficiency,
if any, between the hammer price and the net proceeds of a sale to a
subsequent purchaser (whether at auction or by private treaty), as well as
for all costs and expenses of both sales, all other charges due thereunder
(including commissions with respect to both sales, whether payable to
Harmers or to a third party) and all incidental damages related thereto.
It shall be at Harmers’ sole discretion to determine whether to re-offer
the lot theretofore hammered-down to a Non-Complying Bidder at the
same auction, or by private treaty in due course, or at a subsequent
auction, conducted by Harmers, and in no event shall any surplus
arising from the sale of a re-offered lot be payable to a Non-Complying Bidder.
(c) A defaulting purchaser shall be deemed to have granted Harmers a security interest
in property in Harmers possession owned by such purchaser. Harmers shall have
all the rights afforded a secured party under the New York Uniform Commercial
Code with respect to such property an may apply against such obligations all
monies held or received by it for the account against such obligations all monies
held or received by it for the account of, or due from Harmers to such purchaser.
(d) If Harmers takes any legal steps to secure payment of a delinquent account,
the defaulting purchaser shall be liable for all legal and other expenses incurred
by Harmers to secure such payment, including but not limited to a reasonable
allowance for attorneys’ fees. For purposes of this paragraph, the term “legal
steps” shall be deemed to include any and all consultation by Harmers with
its attorneys with respect to all matters arising out of a delinquent account.

EXHIBITION AND INSPECTION OF LOTS; QUALITY
8. (a) On Premises Inspection and Postal Viewing. Ample opportunity
is given for on premises inspection prior to the auction date and,
upon written request and at Harmers discretion, for inspection
by postal viewing (all as detailed elsewhere in the Catalogue).
(b) Each lot is sold as genuine and correctly described, based on individual
description as modified by any specific notations in the Catalogue, including
but not restricted to the section thereof entitled “Key to Cataloguing”.
(c) Quality. Any lot which a purchaser considers to be incorrectly described shall be
returned to Harmers within two weeks of its receipt by such purchaser (“Returning
Purchaser”), provided, however, that the same must be received by Harmers
within four weeks of the date of the auction. Any lot, the description of which
is disputed, must be returned intact in the condition received by the purchaser.
Notwithstanding the foregoing, the following lots are not returnable, except at the
sole discretion of Harmers: (i) lots from purchasers who attended the exhibition of
lots; (ii) lots examined by postal viewing; (iii) lots on account of their appearance,
if they are illustrated in the Catalogue; (iv) lots described as having repairs,
defects or faults; (v) U.S. stamps (through 1918) for reasons of paper inclusions;
(vi) no encapsulated stamp (unless originally offered in this condition); (vii) lots
containing more than ten (10) stamps; and (viii) contradictory grading certificates.

EXTENSION OF TIME FOR CERTIFICATION
9. When an opinion from a “generally recognized authority” is desired by the purchaser:
(a) A request for expertising must be made to Harmers, in writing, within
7 days of the date of the auction. The request must include the name
and address of the “generally recognized authority”. The “generally
recognized authority” must be approved, in writing, by Harmers.
(b) Harmers, and only Harmers, will submit the item to the agreed upon expert.
(c) If a lot is certified by a “generally recognized authority” to be other than as described, or the
authority declines to express an opinion, this is normally grounds for the return of a lot.
(d) Except to the extent set forth in paragraph 10 of these Conditions of Sale,
payment of the expense of certification will be paid by the purchaser.
(e) In the event that a dispute cannot be resolved by reference to a “generally accepted
authority” and Harmers thereupon undertakes to re-offer the lot with a description
identical to the description disputed, the Returning Purchaser shall be liable for
the deficiency, if any, between the proceeds of the sale to the Returning Purchaser
and the proceeds of a sale to a subsequent purchaser, as well as for all costs
and expenses of the re-sale, including commission, and all incidental damages.

EXPENSES OF CERTIFICATION
10. Expenses of certification shall be borne by the purchaser, except where
a lot is certified “other than as described” and is returned to Harmers in
accordance with paragraph 9 of these Conditions of Sale. Expenses incurred
in the submission and the return of a lot under paragraphs 8 or 9 of these
Conditions of Sale are not refundable, except the cost of the certificate itself.

SALES TAX
11. Unless exempted by law, a purchaser shall pay New York State and local sales
taxes, or any compensating use taxes of any other State or government authority
(collectively, “Taxes”). A purchaser claiming an exemption from payment of
any Taxes shall provide evidence acceptable to Harmers of such exemption.

APPLICABLE LAW, JURISDICTION, ETC.
12. All matters arising out of this auction shall be governed by the laws of the
State of New York, without giving effect to the choice of law principles thereof.

13. Any controversy or claim arising out of or relating to this auction shall be
settled by arbitration in the City of New York, State of New York by a single
arbitrator in accordance with Rules of the American Arbitration Association and
judgment upon the award rendered by the arbitrator may be entered in any
Court having jurisdiction, provided, however, that notwithstanding the foregoing,
if either party determines that emergency relief is required in the nature of
a temporary restraining order or preliminary injunction that such party may,
without being in violation of this paragraph 13, commence such emergency
proceedings without the involvement of the American Arbitration Association or
an arbitrator, whether or not an arbitration proceeding has been commenced.

14. The purchaser at auction (a) consents and submits to the jurisdiction of the
Courts of the State of New York and of the Courts of the United States for a
judicial district within the territorial limits of the State of New York for all matters
arising out of the auction sale, including with out limitation, any action or
proceeding instituted for the enforcement of any right, remedy, obligation and
liability arising under or by reason thereof; and (b) consents and submits to the
venue of such action or proceeding in the City and Country of New York (or
such judicial district of a Court of the United States as shall include the same).

Harmers International

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