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AUCTION TERMS AND CONDITIONS
Effective Date: August 30, 2023
The following terms are supplemental to our Terms of Use and apply to Auctions conducted on the Service and offline by Kings Auctions. Our Terms of Use are incorporated here by reference. Capitalized terms not defined in these Auction Terms and Conditions have the meanings set forth in our Terms of Use . By completing an online Bidder Registration Form and establishing a Member Account on the Service, you agree that you have read, understood, and agree to be bound by the Terms of Use and these Auction Terms and Conditions.
Kings Auctions ("Kings Auctions", "Company", "we", "our", or "us") hereby provides the following terms (" Auction Terms and Conditions") to apply to sales by Bids conducted by Kings Auctions (each an "Auction" and collectively, the "Auctions"). By completing a Bidder registration Form, you agree that you have read, understood and agree to be bound by these Auction Terms and Conditions.
PLEASE READ THESE AUCTION TERMS AND CONDITIONS CAREFULLY. THESE AUCTION TERMS AND CONDITIONS INCLUDE AN AGREEMENT TO MANDATORY ARBITRATION, WHICH MEANS THAT YOU AGREE TO SUBMIT ANY DISPUTE ARISING UNDER, RELATED TO, OR IN CONNECTION WITH THE AUCTION TO BINDING INDIVIDUAL ARBITRATION RATHER THAN PROCEED IN COURT. THE DISPUTES/ARBITRATION PROVISION ALSO INCLUDES A CLASS ACTION WAIVER, WHICH MEANS THAT YOU AGREE TO PROCEED WITH ANY DISPUTE INDIVIDUALLY AND NOT AS PART OF A CLASS ACTION. THIS AGREEMENT ALSO INCLUDES A JURY WAIVER.
1. AUCTIONS.
Each Auction conducted is of a designated set of items (each a "Lot") on a designated date. Lots are provided by the party that wishes us to sell property on their behalf (each such party a "Consignor"). We will provide the pertinent information for each Auction, including: date, start time of auction, each Lot to be sold, and location. Auctions may be conducted live in-person, online or both. All Auctions conducted by Kings Auctions, and these Auction Terms and Conditions, are governed by the laws of the State of California. Kings Auctions maintains a bond on file with the California Secretary of State as required by California Civil Code ?1812.600.
1.1 Pre-sale Estimates: Pre-sale estimates are intended as a guide for prospective buyers. In our opinion, any bid between the high and low pre-sale estimates would offer a chance of success. However, lots can realize prices above or below the pre-sale estimates. It is advisable to check the pre-sale estimates prior to submission of a bid as estimates can be subject to revision. Please note that the estimates do not include the buyers premium, overhead premium (if applicable), any applicable Artists Resale Right or VAT.
Pre-sale Estimates in currencies other than the local currency as a Guide Only
Although the sale is conducted in the local currency, the pre-sale estimates in some cases are also published in other currencies. The rate of exchange is the rate at the time of publication of this guide. Therefore, you should treat the estimates in any other currencies as a guide only and you should not rely on the estimate as a precise invoice amount. Kings assumes no responsibility for any error or omission in any foreign currency amounts published. Buyers are recommended to check the latest exchange rates before bidding.
2. REGISTRATION.
In order to participate in an Auction, registration is required for all persons wishing to Bid ("Bidders"). Any person registering to Bid by phone, absentee, or in person will complete a Bidder Registration Form . Online Bidders will submit a completed electronic form through the Service, where they may also establish an online account (" Member Account"). Each Auction requires a separate registration; Bidders with a Member Account may register for Auctions via their account.
2.1 Information Required. To register, Bidders are required to submit their name, physical address, telephone number, email address, and credit card information. You hereby represent that all information you submit in connection with registration is truthful and accurate. By submitting your information, you consent to have your personal information processed by Kings Auctions in the United States. Kings Auctions has implemented commercially reasonable technical and organizational measures designed to secure your personal information from accidental loss and from unauthorized access, access, use, alteration or disclosure. However, we cannot guarantee that unauthorized third parties will never be able to defeat those measures or use your personal information for improper purposes. You acknowledge that you provide your personal information at your own risk.
2.2 First Time Bidders. For verification purposes, Bidders who have not participated in an Auction are required to submit a copy of their (A) official government-issued identification document, e.g., a drivers license, passport, or state identification card, which such identification document may be redacted to exclude sensitive personal information other than the Bidders name and photo and (B) credit card. Copies of such documents may be submitted in person or via our encrypted portal. This information will be requested following your registration. Failure to do so may inhibit your ability to register.
2.3 Credit Card Authorization. We (and/or our third-party payment processor) may verify credit card information in order to register. To verify your card, we will charge $1.00 to it. After the card is verified, we will refund the card after the auction if items are not purchased. Your card issuer will credit your card balance within thirty (30) days from the date of the refund. In the event you add or replace a credit card, we may also verify such new or replacement credit card.
2.4 Minors. Bids will not be accepted from those persons under eighteen (18) years of age (i) without written consent of said person's parent or legal guardian, or (ii) unless such person is an emancipated minor. Written consent must acknowledge the terms and conditions of sale. This written consent constitutes an agreement to be bound thereby on behalf of the Bidder. If you are under 18 years of age you may participate in Auctions only if you are either an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Auction Terms and Conditions, and to abide by and comply with these Auction Terms and Conditions.
IF YOU ARE A PARENT OR GUARDIAN AND YOU PROVIDE YOUR CONSENT TO THE REGISTRATION OF YOUR CHILD, YOU AGREE TO BE BOUND BY THIS AGREEMENT WITH RESPECT TO, THROUGH, AND IN CONNECTION WITH SUCH REGISTRATION AND AUCTION PARTICIPATION.
2.5 Online Member Accounts. Bidder can elect to set up a Member Account on the Service in accordance with the policies set forth on the Service. Bidder acknowledges and agrees that all Bids placed under a Member Account are considered to be placed by the Member or with Member's authorization.
2.6 Approval of Registration. Kings Auctions, in its sole and absolute discretion, reserves the right to approve or reject Bidders for its Auctions at any time. We are under no obligation to accept your application for registration.
2.7 Term of Registration. Upon approval by Kings Auctions, your registration is effective throughout the applicable Auction for which you registered and any post-Auction obligations you incur in connection with Bids you placed during such Auction.
3. BIDDING.
Upon completed and approved registration, Bidders may submit a binding offer to purchase a Lot at a specified price (a "Bid") in an Auction.
Auctions are open to the public (subject to any governmental health or safety restrictions) without any admission fee or obligation to bid. The auctioneer introduces the objects for sale ?known as ?lots? ?in numerical order as listed in the catalogue. Unless otherwise noted in the catalogue, on the sale page or by an announcement at the auction, Kings acts as agent on behalf of the seller and does not permit the seller to bid on his or her own property. It is important for all bidders to know that the auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve, by placing responsive or consecutive bids for a lot. The auctioneer will not place consecutive bids on behalf of the seller above the reserve. Please refer to Conduct of an Auction.


Bidding by Interested Parties
In situations where a person who is allowed to bid on a lot has a direct or indirect interest in such lot, such as the beneficiary or executor of an estate selling the lot, a joint owner of the lot, or a party providing or participating in a guarantee of the lot, Kings will not notify bidders that an interested party may bid on the lot by one or more of the following means no pre-sale or pre-lot announcement will be made indicating that an interested party may bid on the lot. In certain instances, interested parties may have knowledge of the reserves.
Conduct of an Auction
(a) An auction is by its nature fast-moving and bidding may progress very quickly. In a live auction, the auctioneer will commence and advance the bidding at levels and in increments the auctioneer considers appropriate (including by reference to any advance bids made). The auctioneer has discretion to vary bid increments in the auction room and on the telephone but Bidders using Online Platforms may not be able to place a bid that is less than a whole bidding increment above the previous bid.
(b) In a timed auction, bidding opens at an amount that is at or below the low estimate for the Lot and escalates in bid increments that we determine. We may vary the amount of the bid increments during a timed auction. Lots will be closed sequentially, either by the online system
or, in some cases, by a live auctioneer. If closed by the online system, Lots will close sequentially in 30-second or one-minute intervals (as indicated on the sale page) unless a bid is placed within one minute of a Lots scheduled closing time, in which case we will extend the sale of that Lot by two minutes from the time of the last bid and such extensions may be repeated for a maximum period of two hours. The extension of any Lots closing time does not affect any other Lots closing time; therefore, it is possible that Lots will close out of numerical Lot order.
(c) With respect to Parcels, at the auctioneers discretion, the successful Bidder of the first Lot in a Parcel will have the option, but not the obligation, to purchase in consecutive order one or more of the remaining Lots in the Parcel, each at the same successful bid price as the first Lot. If any Lots in the Parcel are not purchased, the auctioneer will open the bidding on the next unsold Lot in the Parcel, and the successful Bidder of that Lot will have the option, but not the obligation, to purchase in consecutive order one or more, if any, of the remaining Lots in the Parcel, each at the newly-established successful bid price.
(d) The auctioneer (or, in a timed auction, the online system) may open bidding on any Lot by placing a bid on behalf of the Seller below the Reserve. The auctioneer and Kings representatives may further bid by placing successive or consecutive bids for a Lot up to the amount of the Reserve, or if there is an irrevocable bid on the Lot, up to the amount of the irrevocable bid. In a timed auction, such bids will be counted toward the total bid count displayed on the Online Platform.
(e) The auctioneer (or, in a timed auction, the online system) may refuse or reject any bid, including bids that have previously been accepted, withdraw any Lot, or reopen or continue the bidding (including after the fall of the hammer or, in a timed auction, the close of a Lot). If the Reserve for a Lot is not met, the auctioneer may withdraw the Lot from sale, and the auctioneer or online system will announce that the withdrawn Lot has been passed, withdrawn, returned to owner, unsold, bought-in or the equivalent.
(f) In the case of error or dispute with respect to bidding, either during or after the auction, we in our sole discretion may refuse any bid, withdraw a Lot, determine who the Buyer is, continue or re-open the bidding, cancel the sale of a Lot, or re-offer and re-sell a Lot (including after the fall of the hammer or, in a timed auction, the close of a Lot), and take such other action as we reasonably deem appropriate. In the case of any dispute, our sale record will be absolute and final. In the event of any discrepancy between any online records or messages provided to you and our sale record, our sale record will prevail. Where we decide to cancel the sale of a Lot or to re-offer and sell a Lot following an error or dispute with respect to bidding, we will notify the Buyer of such decision as soon as reasonably practicable.
(g) Subject to Conditions 7(e) and 7(f), the Buyer will be: in a live auction, the highest Bidder accepted for a Lot at the fall of the hammer; in a timed auction, the highest Bidder accepted for a Lot on the close of the Lot; in the case of a Bidder bidding as agent, such Bidders principal will be the Buyer. This means that, subject to Condition 7(e), the sale contract between the Buyer and the Seller is concluded on the striking of the auctioneers hammer in a live auction, or on the close of a Lot in a timed auction, whereupon the Buyer becomes liable to pay the full Purchase Price and any applicable Buyers Expenses. The sale contract between the Seller and the Buyer of a Lot will be final at the end of the auction session.
(h) Any post-auction sale of Lots will be made pursuant to these Conditions of Business for Buyers.
3.1 Placement; Payment Authorization. When a Lot at the Auction goes live, you are free to place bids on such Lot (i) if an in-person Auction, or if an Auction conducted both in-person and online, until the individual conducting the sale for Kings Auctions (the "Auctioneer") determines that bidding on such Lot has closed, or (ii) if an online-only Auction, in accordance with the parameters set forth on the Service for such Lot. As bids are placed, Kings Auctions reserves the right to authorize your credit card for any bid amount placed. If an authorization was made on a Bid and you are subsequently outbid, Kings Auctions will release that authorization.
3.2 Notifications. If you are placing Bids via the Service or by proxy, each time you are outbid King?s Auctions will send you an email message notification advising you of such. If you are a telephone or in- person Bidder, it is your responsibility to monitor the Lot(s) for which you placed Bid(s) in the event you are outbid. If you are the winning Bidder for a given Lot, Kings Auctions will send you an email message confirmation.
3.3 Bid Conditions. Kings Auctions reserves the right to accept or decline any Bid. Bids must be for an entire Lot. Each Lot constitutes a separate sale. All Bids are per Lot unless otherwise announced at a live sale by the Auctioneer. All winning Bids are subject to a Buyer's Premium (as defined herein). Live auction Lots will be sold in their numbered sequence unless the Auctioneer directs otherwise. Kings Auctions may cancel any Lot and have it removed from an Auction prior to acceptance of a winning Bid. In the event a Lot is removed from an Auction, notice will be provided (i) if an online Auction, by a posting on the Service and by email to Bidders who placed their Bid on such Lot via the Service, and (ii) if the Auction is an in-person Auction, at the physical location of the Auction. In such instance of Lot removal from an Auction, any Bids previously placed on such Lot prior to its removal from the Auction shall be cancelled, and Kings Auctions will not receive any further Bids on such Lot.
3.4 Purchase Obligations. In connection with making Bids, Bidders agree that the registered Bidder with the highest Bid at the close of the Auction will be obligated to purchase the Lot. By bidding on any Lot, you agree to purchase the Lot at the price you have Bid. You agree that should you Bid on a Lot and that Bid is the winning Bid, that you are bound to pay Kings Auctions the winning bid amount for the Lot. All sales are final and winners cannot cancel. No exceptions will be made. You further acknowledge and agree that the Winning Bid you submit for each Lot is subject to: (i) additional fees, including the Buyer's Premium and Online Service Fee (if applicable), and (ii) additional costs, including taxes, shipping (if applicable), storage (if applicable), and customs (if applicable), and that you are obligated to pay such fees and costs in connection with your winning Bid.
3.5 Conduct. It is unlawful and illegal for Bidders to collude, pool, or agree with another Bidder to pay less than the fair value for Lot(s). Bidders participating in both live and online auctions acknowledge that the law provides for substantial penalties for those who violate these provisions.
3.6 Disputes Between Bidders. For live auctions the Auctioneer will have final discretion in the event that any dispute should arise between Bidders. The Auctioneer will determine the successful Bidder, cancel the sale, or re-offer and resell the Lot or Lots in dispute. Kings Auctions will have final discretion to resolve any disputes arising after the sale and in online auctions. If any dispute arises our sale record is conclusive.
3.7 Absentee Bids. Kings Auctions will execute order or absentee bids, and accept telephone bids as a courtesy to clients who are unable to attend the live auctions. notwithstanding the foregoing, we take no responsibility for any errors or omissions in connection with this courtesy.
3.8 Online Bids. Our online auction software is provided "As Is" and "As Available." High speed internet access is required to access the Service effectively. The Service is subject to limitations, delays and other problems inherent in the use of the Internet and electronic communications. Kings Auctions is not responsible for any delays, delivery failures, or other damage resulting from such problems.
3.9 Reserve. All of the Lots offered at Auction are subject to a confidential minimum price acceptable to the Consignor at which the Lot will be sold (the " Reserve"). Kings Auctions is not obligated to sell the Lot unless the Reserve is met. A Lot or Lots may be withdrawn from an Auction if there is no Bid equal to or above the Reserve.
During a live auction the auctioneer may open any Lot by bidding on behalf of the Consignor and may bid up to the amount of the Reserve, by placing successive or consecutive bids for a Lot or Bids in response to other Bidders. Online sales may do the same by employing the use of a starting Bid which will commence bidding at or below the reserve price agreed to by the Consignor.
4. WINNING BIDS.
At the close of the Auction, the highest Bid for a Lot will be considered the "Hammer Price", and the successful Bidder shall be informed by email (the "Winning Bidder" or the " Purchaser"). The Winning Bidder is responsible for paying to Kings Auctions the Hammer Price, Buyer's Premium, and all applicable taxes, plus shipping costs (if applicable), insurance costs while in transit (for items not picked up in person), Online Service Fee (if the Winning Bidder placed the Bid online via the Service) and any applicable customs and/or duties (such amounts collectively, the " Total Purchase Price"). Upon conclusion of the Auction, we will provide the Winning Bidder with an accounting statement of the Total Purchase Price by email.
4.1 Risk of Loss; Release of Lots. Upon establishment of the Hammer Price for the purchase of the Lot (the " Sale"), the Winning Bidder immediately thereafter assumes full responsibility for all risk of loss or damage (including, without limitation, liability for or damage to frames or glass covering prints, paintings, photos, or other works) and will immediately pay the Total Purchase Price or such part as Kings Auctions may require. All Sales are final. You expressly acknowledge that subsequent to the Sale, a Lot's value may remain the same, increase in value where you may be able to resell the Lot at a profit, or decrease in value even to the point where such Lot is worth zero. Lots will be released to you (or the shipping company, as applicable) upon our receipt of payment of the Total Purchase Price in full from you.
4.2 Buyer's Premium. Winning Bidder agrees that in addition to the Hammer Price, the Lot will be subject to an additional charge on the Hammer Price calculated as set forth below (the "Buyer's Premium") as part of the Total Purchase Price. The Buyer's Premium is as follows:
(a) Lots with a Hammer Price of up to $100.00. For individual Lots with a Hammer Price of up to and including one hundred United States Dollars and zero cents ($100.00), the Buyer's Premium is twenty-five United States Dollars and zero cents ($25.00).
(b) Lots with a Hammer Price of $100.01 and above . For individual Lots with a Hammer Price of one hundred United States Dollars and one cent ($100.01) and above, a Buyer's Premium of twenty-three percent (23%) will be added to the Hammer Price.
Example : The Hammer Price on a Lot is one hundred and fifty thousand United States Dollars ($150,000). The Winning Bidder would pay a Buyer's Premium of 23%, i.e., forty thousand five hundred United States Dollars ($40,500.00) on such Lot.
4.3 Live Auctioneers Online Service Fee. For all Lots where the Winning Bid is submitted online via the Service with a Winning Bidder using Invaluable, an additional three percent (3%) of the Hammer Price (the "Online Service Fee") will be added to the Buyer's Premium amount detailed immediately above.
4.4 Taxes. Winning Bidder agrees that he/she is responsible for the payment of any and all applicable taxes due in connection with such Lot, including but not limited to sales tax, use tax, and value-added tax (VAT). All items picked up in California and New York will be charged state sales tax for the respective state. All items sent/shipped/delivered to residents of California, Florida, Texas, Indiana and New York will be charged state sales tax for their respective state.
4.5 Lot Retrieval. All Lots must be removed from our premises by the Winning Bidder within thirty (30) calendar days of the conclusion of the Auction at the Winning Bidder's own expense.
(a) In-person Pick-up; Storage Fees . If you intend to pick up your items as the winning Bidder, arrangements must be made upon payment of the Total Purchase Price for the Lot. Pick-ups are by appointment only, Monday-Friday between 10:00am and 4:00pm. If, after thirty (30) days following your payment of the Total Purchase Price, the Lot is not removed: (A) a handling charge of eight dollars ($8.00) per day or one percent (1%) of the Total Purchase Price per month, whichever is greater, will be payable to us by the winning Bidder, with a minimum of five hundred dollars ($500.00) or five percent (5%) of the Total Purchase Price for any Lot not so removed within sixty (60) calendar days after the Sale, whichever is greater (the "Storage Fees"); and (B) we may send the Lot to a public warehouse or storage facility, at winning Bidder's sole risk and expense. If winning Bidder fails to remove the Lot within one hundred and eighty (180) days following the Sale, then, in addition to the Storage Fees, Kings Auctions shall have the right (but not the obligation) to dispose of or retain any such Lot. All costs incurred by Kings Auctions in connection with the removal or disposal of any such Lot shall be paid by winning Bidder within ten (10) days of our demand therefor.
(b) Packing; Shipping. Winning Bidders are responsible for all costs to pack and ship their items, including related insurance fees as detailed in Section 4.5(c) below. Packing and shipping is not included in the Hammer Price of your auction items. Kings Auctions is not responsible for, and does not assume responsibility for, packing and/or shipping costs. All packing and shipping costs shall be the responsibility of the Winning Bidders. Please review the packing and shipping terms for your items. Some items may be shipped directly by Kings Auctions, or we or you (upon notice to us) may contract with an outside shipping company, such as Federal Express (FedEx), United Parcel Service (UPS) or another chosen delivery service (" Shippers"), to ship your Lot to you. Winning Bidders may elect to utilize their own direct billing number with such Shippers to cover shipping costs. Please allow 2-12 weeks for the delivery of your Lot to you; delivery time is dependent upon the size of the Auction, the destination address of the Lot, and the method of transportation to deliver the Lot. Kings Auctions and Shippers are not responsible for returned or undeliverable shipments.
Special Note Regarding COVID-19: Please allow for additional time for packaging, shipping and delivery in the event that 1) federal, state, and/or local governments and municipalities impose business operating restrictions and/or 2) any other unforeseen circumstances arise related to COVID-19 that may affect our ability to prepare and ship items within our standard timeframes.
(c) Insurance. If Winning Bidders elect to have their items shipped, Winning Bidders are responsible for procuring and paying for applicable insurance to cover the value of the item in connection with such shipments, whether the Shippers are engaged by us or by the Winning Bidder, such insurance to commence upon our release of the items to the Shippers.
(d) International . Kings Auctions will provide you with a customs document detailing the value of items purchased. Kings Auctions and Shippers are not responsible if there are any delays in customs. Purchasers are responsible for compliance with all laws and regulations applicable to the international purchase and shipment of items. Purchaser understands that the shipment of Lots internationally is subject to United States export controls and trade and economic sanctions laws, and agrees to comply with all such laws and regulations, including the Export Administration Regulations maintained by the United States Department of Commerce, and the trade and economic sanctions maintained by the United States Treasury Department's Office of Foreign Assets Control.
(e) Release for Lot Transport. Winning Bidder, on behalf of itself and its successors, assigns, and successors in interest (all of the foregoing are collectively referred to herein for convenience as "Releasors"), hereby now and forever fully and completely and forever releases, discharges, and covenants not to sue Kings Auctions of and from any and all present or future rights, demands, actions, causes of action, losses, costs, expenses, liens, debts, liabilities, allegations, suits, damages, sums, judgments, equitable or injunctive relief of any sort, obligations or claims of any kind or character whatsoever, including without limitation attorneys' fees and costs (collectively for purposes of this Paragraph, "Claims"), whether known or unknown, foreseen or unforeseen, accrued or that may hereafter accrue, fixed or contingent, whether arising by law, equity, or otherwise, or pursuant to any current or future federal, state, local or common law, regulation, statute, rule, ordinance, directive, order, or court ruling, whether based in tort, contract, or any other theory of recovery that the Releasors have, or may hereafter have, which arise out of or are in any way connected with (or are alleged to arise out of or be in any way connected with), either directly or indirectly, in whole or in part, from the condition of the Lot after release of the property to Shippers.
(f) Indemnity for Lot Transport. Winning Bidder agrees to defend, indemnify and hold harmless Kings Auctions and its subsidiaries, agents, and other affiliated companies, and the employees, contractors, agents, officers and directors of each, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney's fees) arising from the shipment of the Lot by Shippers and all losses arising from and after release of the Property to Shippers.
4.6 Invoices and Payments.
(a) Timing of Payments. All invoices must be paid immediately after the close of the Auction.
(b) Payment Methods. Kings Auctions accepts payment by: (i) wire transfer; and (ii) credit card, namely American Express, Mastercard, and Visa.
(c) Credit Card Authorization . Bidder authorizes Kings Auctions to charge Bidder's credit card provided at registration for all items purchased at any Auction that Bidder may participate in, if not paid in full within ten (10) calendar days after the close of the Auction. By providing your credit card number to us at registration, Bidder grants Kings Auctions the express authority to charge such card. Chargebacks are expressly prohibited. Except as expressly set forth in these Auction Terms and Conditions, ALL SALES FINAL / RETURNS / REFUNDS / EXCHANGES are not possible. Processing fees for credit card payments may apply.

LOT 1 MUST BE PAID TO ESCROW IN FULL IMMEDITALEY AT CLOSE OF AUCTION,PRE BIDDING ON LOT 1 REQUIRES BIDDERS TO CONTACT KINGS FOR ESCROW INFORMATION,YOU MUST BE SIGNED UP WITH ESCROW TO BID ON LOT 1..
All invoices under five thousand United States Dollars ($5,000.00) will automatically be charged to the credit card on file unless prior arrangements are made. All invoices over five thousand United States Dollars ($5,000.00) will automatically be charged five thousand United States Dollars ($5,000.00) as a deposit to the credit card on file unless prior arrangements are made. A two percent (2%) credit card processing fee is assessed and added to the total of all invoices five thousand United States Dollars ($5,000.00) or higher which have payment made by credit card.
(d) Payment Plans; No Lot Rights Until Payment is Made in Full . In the event Kings Auctions has agreed in writing prior to the Auction to provide payment terms or an extended period of time for payment to you, you acknowledge and agree that you shall have no right, title, or interest in and to any property purchased by you until all amounts owed by you are paid in full.
If you fail to comply with the terms of the payment plan or extended payment period, upon your default, Kings Auctions shall have the unequivocal right, at its sole discretion, to sell some or all of the property on which you were the Winning Bidder, and to apply the proceeds toward the balance of any monies owed by you to King?s Auctions. If the monies received through the sale of the items do not meet your outstanding obligations, Kings Auctions shall have the right to pursue any and all remedies available under the law against you pursuant to the provisions set forth herein. If the monies received through the sale of the items exceed your outstanding obligations, the excess, minus any fees or costs incurred by Kings Auctions in connection with and arising out of the sale of the properties, shall be refunded to you.
(e) Late Payment Fees . Commencing with the tenth day following the sale, payments not received by Kings Auctions will incur a late charge of one-and-a-half percent (1.5%) per month (or the highest rate allowable by law, whichever is lower) on the outstanding Total Purchase Price.
(f) Excess Fund Return . In the event you are the Winning Bidder on a Lot and prior to an Auction you provided us with a deposit for your Bid which exceeds the Total Purchase Price, we will return any such excess within thirty (30) business days of the conclusion of the Auction, unless delay is compelled by (A) legal proceedings, or (B) our inability, through no fault of our own, to transfer title to the Lot or comply with any provision of California Civil Code Section 1812.600-1812.609, the California Commercial Code, the California Code of Civil Procedure, or other provision of applicable law.
4.7 Representations and Warranties. You represent and warrant to us and to each Consignor that:
(a) No Money Laundering. You are not utilizing the purchase of any Lot or Lots for the purposes of money laundering.
(b) Anti-Bribery / Anti-Corruption. You have no knowledge or reason to suspect that you are under investigation, charged with or convicted of any act in violation of any anti-bribery or anti-corruption law, including but not limited to the U.S. Foreign Corrupt Practices Act.
(c) No Tax Crimes. Your purchase of any Lot or Lots will not enable tax crimes.
(d) OFAC / Designated Persons. You are not nor will become: (A) a person designated by the U.S. Department of Treasury's Office of Foreign Asset Control as a "specially designated national or blocked person" or similar status; (B) a person described in Section 1 of U.S. Executive Order 13244 issued on September 23, 2001; (C) directly or indirectly owned or controlled by the government of any country that is subject to an embargo by the United States government; or (D) a person acting on behalf of a government of any country that is subject to an embargo by the United States government.
(e) Financial Means. You have the financial means to pay for all Lots at the price at which you submit a Bid.
(f) No Derivative Violations. Your purchase of a Lot or Lots will not cause Kings Auctions, the Consignors of the Lot(s), or anyone else to violate any anti-bribery, anti-corruption, anti-money laundering, or anti-terrorism laws, or any other laws, rules, regulations or ordinances, or result in the violation of the same.
4.8 Defaults; Company's Remedies. If winning Bidder does not comply with the conditions herein, such winning Bidder will be in default. In addition to any and all other remedies available to Kings Auctions and the Consignor by law and at equity, including, without limitation, the right to hold the winning Bidder liable for the Total Purchase Price, including all fees, charges and expenses more fully set forth herein, we, at our option, may: (a) cancel the Sale of the subject Lot, or any other lots sold to the defaulting Purchaser at the same or any other Auction, retaining as liquidated damages all payments made by the Purchaser; (b) resell the purchased property, whether at public auction or by private sale; or (c) effect any combination thereof. In any case, the Purchaser will be liable for any deficiency, any and all costs, handling charges, late charges, expenses of both sales, our commissions on both sales at our regular rates, legal fees and expenses, collection fees and incidental damages.
We may, in our sole discretion, apply any proceeds of sale then due or thereafter becoming due to the Purchaser from us or any affiliated company, or any payment made by the Purchaser to us or any affiliated company, where or not intended to reduce the Purchaser's obligations with respect to the unpaid Lot or Lots, to the deficiency and any other amounts due to us or any affiliated companies. In addition, a defaulting Purchaser will be deemed to have granted and assigned to us and our affiliated companies, a continuing security interest of first priority in any property or money of our owing to such Purchaser in our possession or in the possession of any of our affiliated companies, and we may retain and apply such property or money as collateral security for the obligations due to us or to any affiliated company of ours. Payment will not be deemed to have been made in full until we have collected good funds. In the event the purchaser fails to pay any or all of the Total Purchase Price for any Lot and Kings Auctions elects to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that Kings Auctions shall have all of the rights of the Consignor to pursue the Purchaser for any amounts paid to the Consignor, whether at law, in equity, or under these Auction Terms and Conditions.
Kings Auctions further reserves the right to prohibit defaulting Purchasers from being approved for registration at future Auctions.
5. LIMITATION OF LIABILITY.
5.1 Exclusion of Consequential Damages. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL KING?S AUCTIONS, ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR ITS LICENSORS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, ARISING OUT OF OR RELATING TO THESE AUCTION TERMS AND CONDITIONS, REGARDLESS OF THE THEORY OF LIABILITY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THROUGHOUT THE AUCTION, KING?S AUCTIONS IS NOT RESPONSIBLE FOR THE CONDUCT (WHETHER ONLINE OR OFFLINE) OF ANY BIDDER, CONSIGNOR, OR NON-COMPANY PERSONNEL.
5.2 Liability Cap. COMPANY'S MAXIMUM AGGREGATE LIABILITY ARISING OUT OF OR RELATING TO THIS AGREEMENT, REGARDLESS OF THE THEORY OF LIABILITY, WILL BE LIMITED TO THE GREATER OF FIVE HUNDRED DOLLARS ($500) AND THE TOTAL PURCHASE PRICE PAID OR PAYABLE BY YOU TO KING?S AUCTIONS. THE EXISTENCE OF MORE THAN ONE CLAIM SHALL NOT EXPAND SUCH LIMIT. THE PARTIES ACKNOWLEDGE THAT THE FEES AGREED UPON BETWEEN YOU AND KING?S AUCTIONS ARE BASED IN PART ON THESE LIMITATIONS, AND THAT THESE LIMITATIONS WILL APPLY NOTWITHSTANDING ANY FAILURE OF ANY ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.
6. INDEMNITY.
In addition to as otherwise set forth herein, You agree to defend, indemnify and hold harmless Kings Auctions and its subsidiaries, agents, and other affiliated companies, and the employees, contractors, agents, officers and directors of each, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney's fees) arising from your violation of any term of these Auction Terms and Conditions, including without limitation, (i) your breach of any of the representations and warranties herein; (ii) your violation of any law, rule or regulation of the United States or any other country.
7. LOTS.
7.1 Warranty; Disclaimers. Kings Auctions only warrants the authenticity of Attribution (as defined below) of property listed in the catalogue or online as stated in the Attribution Warranty in Section 8 below. Except for the Attribution Warranty, all property is sold "As Is." We make no warranties, nor does the Consignor, as to the merchantability or fitness for a particular purpose, the correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance of any property. No oral or written statements made in the catalogue, online listing, advertisement, the Service, internet or application-based sites, social media, Pre-Sale Condition report, bill of sale, and announcement or elsewhere made by employees, contractors, and/or us (including affiliated and related companies) shall be considered a warranty. We and the Consignor make no representations and warranties, express or implied, as to whether the purchaser acquires any Intellectual Property Rights, including but not limited to, any reproduction rights of any property. No copyright is transferred in any item offered for sale at Auction absent an express written instrument from the Consignor specifically transferring such rights provided with and conditioned upon the Consignor receiving consideration for the item. We and the Consignor are not responsible for errors and omissions in the catalogue, online listings, the Service, internet or application-based sites, or any other supplemental material. We make no warranties, express or implied, that any Lot has any value, whether actual, perceived, or intrinsic.
7.2 Evaluation; Item Descriptions. It is the sole responsibility and risk of prospective Bidders to perform their own due diligence, and to make the determination of whether a Lot is suitable for Bid.
7.3 Catalogues. While Kings Auctions customarily produces printed catalogues of all Lots available for an Auction, such catalogues are for illustrative purposes only. Descriptions of Lots therein are not comprehensive and may contain errors. we do not warrant any aspect of content in our catalogues other than the Attribution of Lots.
7.4 Pre-Sale Condition Reports. Bidders may request a written report of the Lot's repair and restoration history (a "Pre-Sale Condition Report") by emailing Sales@Kings-Auctions.com for a Pre-Sale Condition Report. Other than Attribution, we do not make any representations or warranties, express or implied, concerning any content in a Pre-Sale Condition Report. We will customarily provide Pre-Sale Condition Reports so long as we receive a written request from you at least forty-eight (48) hours prior to the Auction. You agree that any Pre-Sale Condition Report(s) we provide to you are the confidential information of Kings Auctions, are to be utilized for your personal purposes only, are to be treated by you with the same degree of care that you utilize to protect your own confidential information (provided, however, that you must at least use reasonable care), and are not to be disclosed to third parties unless mandated by law. If you breach any obligations in this Section, Kings Auctions shall be entitled to seek equitable relief to protect its interest therein, including but not limited to injunctive relief as well as money damages. These confidentiality obligations will survive the conclusion of any Auction.
7.5 Pricing. All Lot pricing is listed in United States Dollars. We may offer certain programs, tools, and site experiences of particular interest to international users, such as estimated local currency conversion and international shipping calculation tools, but these are offered for convenience only. Bidders are obligated to pay the total amount pursuant to pricing in United States Dollars, irrespective of currency conversions and/or fluctuations should they elect to pay in a currency other than United States Dollars.
8. ATTRIBUTION WARRANTY.
8.1 Attribution. "Attribution" is defined by Kings Auctions as the creator, period, culture, or source of origin, as the case may be as stated in the (a) Heading set forth in bold type of a Lot in a live auction catalogue, and only that bold type heading, as may be amended by specific statements at the site of the auction by the auctioneer and/or by written salesroom notices and announcements (" Bold Type Heading") or (b) the lot title, and only the lot title of an online auction, as amended by any online notices and announcements ("Online Lot Heading") (Bold Type Heading and Online Lot Heading collectively, "Attribution Headings ").
8.2 Attribution Warranty. Subject to the exclusions below, we make no warranties to information not contained in Attribution Headings. Subject to the exclusions listed below, Kings Auctions warrants the Attribution of a Lot for a period of one (1) year from the date of sale and only to the original Purchaser on record at the auction. If it is determined to our satisfaction that the Attribution is incorrect, the sale will be rescinded if the Lot is returned to the Kings Auctions warehouse facility in the same condition in which it was at the time of sale. In order to satisfy us that the Attribution of a Lot is indeed incorrect we reserve the right to require the Purchaser to obtain, at the Purchaser's expense, the opinion of two experts in the field, mutually acceptable to Kings Auctions and the Purchaser, before we agree to rescind the sale under this Attribution Warranty. For clarity, should Purchaser elect on Purchaser's own volition to obtain a post-sale third-party short-form opinion or look (e.g. from third parties such as Professional Sports Authenticator (PSA), James Spence Authentication (JSA), Beckett Authentication Services, Roger Epperson Authentication, and others), such opinions or looks are insufficient and shall not qualify the item for recission irrespective of the conclusions provided. This Attribution Warranty is not assignable and applies only to the original Purchaser on record with Kings Auctions. This Attribution Warranty does not transfer to any subsequent owners of any purchased property (this includes without limitation, heirs, successors, beneficiaries or assigns).
8.3 Remedies. Should a Sale be rescinded and the Total Purchase Price paid, it is specifically understood that this will be considered the sole remedy. It is exclusive and in lieu of any other remedy available as a matter of law, or in equity.
8.4 Exclusions. Exclusions will be made and this Attribution Warranty does not apply to Attribution which on the date of sale was in accordance with the then generally accepted opinion of scholars and specialists, or the identification of periods or dates of execution which may be proven inaccurate by means of scientific processes not generally accepted for use until after publication of the catalogue or listing online, or which were unreasonably expensive or impractical to employ.
9. INTELLECTUAL PROPERTY.
Kings Auctions retains all right, title, and interest (including, without limitation, all Intellectual P