BIDDERS’ CONDITIONS OF BUSINESS

1. Introduction.

1.1. Please ensure that you read and understand these Conditions of Business prior to bidding on a motor car or any other lot at this or any other RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) auction (RMA and RMS together “RM”). Even though the RM Bidders’ Conditions of Business are standardized, there are unique jurisdictional requirements and terms that may not apply to every auction, and it is each Bidder’s responsibility to understand and review these Conditions of Business as they apply. By agreeing to these Conditions of Business, you are agreeing to be bound by these Conditions of Business for both RMS and RMA auctions. Please note that the Bidders’ Conditions of Business are subject to change, and it is each Bidder’s responsibility to apprise themselves of any changes to the Bidders’ Conditions of Business. Bidders are encouraged to contact Jera Presley either via email at jpresley@rmsothebys.com or via telephone at 260-927-9797 with any questions or concerns regarding these Bidders’ Conditions of Business.

1.2. RM’s contractual relationship with the Bidders is governed by:

1.2.1. These Bidders’ Conditions of Business;

1.2.2. The Bidders’ Conditions of Business displayed in the auction salesroom;

1.2.3. The Bidders’ Conditions of Business displayed on RM’s website; and

1.2.4. In each case as amended by any salesroom notice, auctioneer’s announcement at the auction, or website update.

(Clauses 1.2 to 1.2.4 together “Contractual Obligations”.)

1.3. As auctioneer, RM acts as the agent for the Consignor, and a sale contract is made directly between the Consignor and the Buyer.

1.3.1. Occasionally, RM may own a motor car or any other lot (and, in such circumstances, acts in a principal capacity as the Seller) and/or may have a legal, beneficial, or financial interest in a motor car or any other lot as a secured creditor or otherwise.

2. Bidder Due Diligence Responsibilities. The Bidder is responsible for any and all due diligence including but not limited to inspections and verification of the (i) condition, (ii) authenticity, (iii) completeness, (iv) statements made in reference to, and (v) any and all other matters regarding any motor car or any other lot offered in an RM sale (“Bidder Due Diligence”). To schedule an inspection at either RM’s Auburn, Indiana; Stuart, Florida; or Culver City, California facility, please contact Jera Presley either via email at jpresley@rmsothebys.com or via telephone at 260-927-9797.

2.1. Any Mechanical Inspection Report (“Report”) is an opinion only. RM does not provide any representations or warranties in regard to the lot subject to the Report. The Report does not vary these Conditions of Business that govern bidding and if there are any discrepancies between these Conditions of Business and the Report, these Conditions of Business shall govern. RM welcomes third-party and/or in-person inspections and encourages interested Bidders to contact Jera Presley either via email at jpresley@rmsothebys.com or via telephone at 260-927-9797.

3. Twenty Day Window for Rescission of Sale due to Material Misrepresentation.

3.1. RM will review concerns regarding material misrepresentations raised by the Buyer for 20 business days from the date of the auction; after which time, all sales are considered “As Is” and “Where Is” as outlined in clause 4 below. Please send all concerns to legal@rmsothebys.com.

3.2. If it is found that the alleged material misrepresentation (that would not have been reasonably found through the Bidder Due Diligence) materially decreases the value or functionality of the motor car or any other lot, RM will work with the Buyer to reach a solution.

3.2.1. The Buyer agrees to indemnify, defend, and hold RM harmless from any claims that may be made with respect to any Buyer alleged damages or liability, including but not limited to, travel expenses, repair expenses, and inspection expenses in any way related to actions taken in accordance with clause 3.

(clause 3 to 3.2.1 together “Twenty Day Window”)

4. With the Exception of the Twenty Day Window, All Sales Are “As Is” and “Where Is.” No warranties or representations of any type whatsoever are made by RM regarding any motor car or any other lot offered in an RM sale. Statements printed in catalogues, online content, pre-mailers, advertisements, brochures, signs, and window cards, as well as verbal statements made by auctioneers or auction staff, are based on statements and historical files, if any, collected from the Consignor and other third party sources, and RM has no obligation to verify or authenticate any such statements. All motor cars or any other lots are sold as is, where is, with no representations or warranties, expressed or implied. THE CONSIGNORS AND RM DISCLAIM ALL WARRANTIES, EXPRESSED OR IMPLIED, AS TO CONDITION, ORIGINALITY, OR AUTHENTICITY; ORIGIN OR PROVENANCE; PREVIOUS USE OR OWNERSHIP; MANUFACTURING OR RESTORATION PROCESSES; YEAR OR AGE; SERIAL NUMBER, MAKE, OR MODEL; OPTIONS AND TOOLS; ENGINE HOURS; AND MILEAGE OF ANY MOTOR CAR OR ANY OTHER LOT OR COMPONENT OF ANY MOTOR CAR OR ANY OTHER LOT, AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.

5. Services. RM agrees to act as an agent for the Bidders and provide auction services including, but not limited to, a sale facility, clerks, support staff, event advertising, and promotion. In connection with the auction, RM will have absolute discretion with regard to the motor car and any other lot or any RM auction as to (a) consulting any expert either before or after the sale, (b) researching provenance, (c) grouping and providing catalogue and other descriptions as may be appropriate, (d) marketing and promotion of the sale, and (e) any other services required to conduct the sale.

6. Bidding.

6.1. To bid at an RM auction, a Bidder must be at least 21 years of age.

6.2. At auction, there is no “cooling-off period.” If you are awarded the final bid, ownership changes hands at the close of the online timed auction, equivalent to the “fall of the auctioneer’s hammer” in a live auction. You own the motor car or any other lot and are responsible for payment in full. No Bidder may retract a bid made during the sale for any reason.

6.3. The Bidder is responsible for all risk of loss or damage and insurance immediately upon purchase of the motor car or any other lot.

6.4. RM reserves the right to reject any bid. The highest Bidder acknowledged by the auctioneer will be the Buyer. The auctioneer has absolute and sole discretion in the case of error or dispute with respect to bidding and, whether during or after the sale, to determine the successful Bidder, to re-open the bidding, to cancel the sale, or to re-offer and re-sell the motor car or any other lot in dispute. If any dispute arises after the sale, RM’s sale record is conclusive. Prospective Bidders should also consult rmsothebys.com and sothebys.com for the most up-to-date cataloguing of the motor cars or any other lots.

6.5. By participating in the sale, the Bidder represents and warrants that any bid placed by them, or on their behalf, is not the product of any collusive or other anti-competitive agreement and is otherwise consistent with federal and state antitrust law. RM may require such necessary financial references, guarantees, deposits, and/or such other security, at their absolute discretion, as security for any bid. Please bear in mind that RM is unable to obtain financial references over weekends or public holidays.

6.6. It is the Bidder’s sole responsibility to ensure they understand the process for bidding. If a Bidder has any questions or concerns, the Bidder is encouraged to contact Jera Presley either via email at jpresley@rmsothebys.com or via telephone at 260-927-9797.

7. Purchase Price. The purchase price shall consist of the following:

7.1. the Hammer Price (defined below) of the motor car or any other lot, and

7.2. the applicable Buyers’ Premium (defined below).

(Clauses 7 to 7.2 together “Purchase Price”.)

8. Buyers’ Premium. In addition to the Hammer Price, the winning Bidder is required to pay RM 15% of the Hammer Price, which RM and Sotheby’s retain as the Buyers’ Premium for the purchase of each motor car or any other lot (“Buyers’ Premium”).

9. Taxes.

9.1. The Buyer is responsible to pay all city, state, federal, provincial, territorial, and any and all other taxes due for which the Buyer does not qualify as exempt, subject to RM verification; proof of exemption is the Buyer’s responsibility. The Buyer is responsible for any applicable duty, import tariffs, charges, or any and all other required payments that are due upon the import of the motor car or any other lot to its final destination.

9.2. Although by no means an exhaustive list, please be aware of the tax scenarios below.

9.2.1. For auctions held in the United States, if the Buyer of a motor car or any other lot resides in an American state in which RM is registered to collect/remit sales tax, RM is required to collect/remit sales tax on the purchase of that motor car or any other lot. RM is registered to collect/remit sales tax in the following states: California, Florida, Indiana, Pennsylvania, Arizona, New York, and Michigan. RM reserves the right to collect/remit sales tax from residents from other jurisdictions if RM deems the collection/remittance of tax necessary.

10. No Legal or Tax Advice. This agreement is an important legal document. The Bidder acknowledges that the Bidder has had the opportunity to consult an attorney before signing this agreement and has signed this agreement after having the opportunity to consult with an attorney of their own choosing. Notwithstanding any references to any transactions or arrangements in this agreement, or any contemporaneous written, oral, or implied understandings of the Parties relating to the subject matter of this agreement, RM has not provided legal or tax advice or tax planning services to the Bidder or for the Bidder’s benefit in connection with the transactions contemplated by this agreement, and no one at RM has acted as the Bidder’s attorney or tax advisor. It is the Bidder’s responsibility to satisfy themselves and comply with all applicable tax, duty, or any and all other payments associated with the purchase of a motor car or any other lot at an RM auction.

11. Payment.

11.1. Subject to fulfillment of the Contractual Obligations, on the fall of the auctioneer’s hammer (or equivalent device or mechanism), the contract between the Consignor and the Bidder is concluded.

11.2. The value of the last accepted bid upon the fall of the auctioneer’s hammer (or equivalent device or mechanism) is the Hammer Price (“Hammer Price”).

11.3. Payment is due in full on or before 5:00 p.m. of the next business day (“Payment Deadline”), and payment is to be made to RM.

11.4. All payments must be in the form of wire transfer unless other arrangements have been approved in advance.

11.5. RM is not obligated to release the motor car or any other lot to the winning Bidder until the winning Bidder has met all of the Contractual Obligations and paid the Purchase Price plus applicable taxes.

11.6. In the event that the winning Bidder does not pay any portion of the Purchase Price plus applicable taxes by the Payment Deadline, the Bidder agrees to and acknowledges the following: If RM elects to pay the Consignor any portion of the Purchase Price plus applicable taxes, RM shall have all of the rights of the Consignor to pursue the Buyer for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Business. The Bidder hereby authorizes RM to deduct the Purchase Price plus applicable taxes from the Bidder’s cash deposit or to charge this amount to the credit card that the Bidder has provided. If the Bidder’s cash deposit and/or credit card payment does not cover the Purchase Price plus applicable taxes, in addition to other remedies available by law, RM reserves the right to impose, from the Payment Deadline until the full Purchase Price plus applicable taxes has been made by the Buyer, a late charge of 10% interest per annum on the (1) Purchase Price plus applicable taxes, (2) maximum published Sellers’ Commission, (3) Buyers’ Premium, (4) applicable expenses, (5) any collection costs, attorneys’ fees, and court costs incurred to enforce payment, and (6) other damages.

12. Reserves. Motor cars or any other lots not marked as “no reserve” (or similar) are subject to a reserve bid set by the Consignor. When a motor car or any other lot is sold subject to such a reserve bid, the auctioneer may bid on the Consignor’s behalf in an amount not to exceed the amount of the reserve bid.

13. Cancellation/Rescission of Auction. RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the auction and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:

13.1. Force Majeure events including but not limited to:

13.1.1. Any natural disaster, which despite reasonable efforts, restricts RM from holding the auction;

13.1.2. Structural damage to the auction venue prior to the auction, which despite reasonable efforts, restricts RM from holding the auction; and

13.1.3. Any terrorist event, which despite reasonable efforts, restricts RM from holding the auction.

13.2. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to hold an auction that necessitate a cancellation.

14. Cancellation/Rescission of Motor Car or Any Other Lot. RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of a motor car or any other lot and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:

14.1. RM opines that the motor car or any other lot has been intentionally and materially misrepresented by the Consignor;

14.2. RM opines that physical damage to the motor car or any other lot, which cannot be sufficiently repaired prior to the auction, occurred after this agreement was signed;

14.3. RM is served with a lawsuit from a third party in relation to the motor car or any other lot;

14.4. RM faces significant reputational damages that would cause monetary damages for selling the motor car or any other lot;

14.5. Material issues regarding title, registration, or transfer of ownership that cannot be reasonably cured;

14.6. Material issues regarding the provenance, merchantability, or authenticity of the motor car or any other lot that cannot be reasonably cured;

14.7. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to sell the motor car or any other lot at auction that necessitate a cancellation; or

14.8. If there are legitimate claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of a motor car or any other lot not being authentic, being misrepresented, having an encumbered title or registration, having undisclosed material issue, or having a similar claim, RM has the right to retain the Buyer’s funds on account and be the arbitrator as to the merit of the Buyer’s claims and to cancel the sale of the motor car or any other lot and reimburse the payment to the Buyer if RM deems the Buyer’s claims to be valid.

15. Online Services Are “As Is” and “As Available.”

15.1. Bidders may be able to bid via websites, applications, and tools (collectively “Services”).

15.2. RM tries to keep the Services safe, secure, and functioning properly, but RM cannot guarantee the continuous operation of or access to the Services. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RM’s control.

15.3. Bidders agree that they are making use of the Services at their own risk and that they are being provided to Bidders on an “AS IS” and “AS AVAILABLE” basis. Accordingly, to the extent permitted by applicable law, RM excludes all expressed or implied warranties, terms, and conditions, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement.

16. Bank Letter. Please note that RM or Sotheby’s may request a Bank Letter at its sole discretion. All Bank Letters must be written on bank letterhead.

17. Title Transfer. In an effort to ensure all titles are free and clear of liens or encumbrances, RM manages the process of title reassignment on behalf of the Buyer. Buyers will receive titles in the mail as soon as possible following the auction with a target of a maximum of 20 business days following the auction; however, please note that for reasons beyond RM’s control, including any delays in lien releases by lien holder(s) and/or delays by Department of Motor Vehicles (or equivalent) in certain states, there are instances where the Buyer may not receive the title within 20 business days and, in those circumstances, RM will work to provide the titles to the Buyer as soon as possible. A US$75 administration fee or its equivalent in local currency of the auction location (US$65 in the State of California) will be assessed per motor car purchased, but this fee will not apply to nostalgia lots.

17.1. If a motor car or any other lot is rendered “Title in Transit”, it is unlikely that the Buyers will receive the title in the mail within 20 business days following the auction; however, RM will work to provide the titles to the Buyer as soon as possible.

17.2. The Buyer acknowledges that delays in transferring titles due to delays at government Motor Vehicle departments happen from time-to-time and, the Buyer will hold RM harmless from any allegations of damages arising out of government delays.

18. Removal of Purchased Motor Car or Any Other Lot.

18.1. All purchased motor cars, including motorcycles, boats, and trailers, must be removed from either RM’s Auburn, Indiana; Stuart, Florida; or Culver City, California facility within 5 business days of the sale (“RM Removal Deadline”).

18.1.1. If a motor car (including motorcycles, boats, and trailers) is not removed by the RM Removal Deadline, the Buyer will be charged a daily storage fee of up to US$30 until the motor car (including motorcycles, boats, and trailers) is removed.

18.2. Regarding the collection of any non-motor car lots, including but not limited to memorabilia, jewelry, and clothing, from either RM’s Auburn, Indiana; Stuart, Florida; or Culver City, California facility: Once the Buyer has made payment by the Payment Deadline, a direct shipping company will contact the Buyer. Please note that a reasonable memorabilia storage fee will apply.

18.3. Please note that the Buyer is required to insure their motor car or any other lot while the motor car or any other lot is being stored on their behalf.

19. Legal Action. In the event that either party brings action against the other, arising from or relating to this auction, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees and costs. Jurisdiction for any action brought shall lie exclusively in a court of competent jurisdiction in the judicial district in which the auction is located.

20. Packing and Shipping. RM is not responsible for the acts or omissions in our packing or shipping of purchased motor cars or any other lots or of other carriers or packers of purchased motor cars or any other lots, whether or not recommended by RM. Packing and handling of purchased motor cars or any other lots are at the entire risk of the Buyer.

21. Data Use. The Bidders data will be shared between RM and Sotheby’s in accordance with the respective following Data Policies.

21.1. RM Data Use. The Bidders agree to allow RM to use their personal information in accordance with RM’s Privacy Policy. RM uses your personal information to provide services specifically tailored toward your requirements and to treat you in a personal way; to fulfill your agreements regarding the consignment and purchase of items at RM auctions and private sales; to provide you with information on upcoming sales; to carry out analysis and market research; to undertake targeted online advertising; to send status updates and service communications; to improve our websites, products, and services; to provide payment services; and for management and administrative purposes. The full Privacy Policy can be found at the bottom of the RM website homepage under the Privacy & Terms tab. If you wish to ask any questions regarding the use of your personal information, to request a full accounting of what personal information is on file with RM, or to unsubscribe to any services or purge your personal information from RM’s systems, please email privacy@rmsothebys.com.

21.2. Sotheby's Data Use. Sotheby’s will hold and process your personal information and may share it with its subsidiaries and affiliates for use as described in, and in line with, Sotheby’s Privacy Policy published on Sotheby’s website at www.sothebys.com or available on request by email to enquiries@sothebys.com. Under European data protection laws, a client may object, by request and free of charge, to the processing of their information for certain purposes, including direct marketing, and may access and rectify personal data relating to them and may obtain more information about Sotheby’s data protection policies by writing to Sotheby’s, 34-35 New Bond Street, London W1A 2AA, or 1334 York Avenue, New York, NY 10021, Attn: Compliance, or emailing enquiries@sothebys.com.

22. Anti-Money Laundering. The Bidder agrees to provide all information and assistance reasonably requested by RM to comply with RM’s internal Anti-Money Laundering process and to comply with any and all Anti-Money Laundering Laws and Regulations in force in the jurisdiction in which the auction is held.

23. Entire Agreement: This document shall be binding upon the parties and their respective heirs, personal representatives, and assigns. Except as otherwise expressly provided herein, these Conditions of Business shall not be modified, except in writing. Whenever used in these Conditions of Business, as the contract requires, the singular number shall include the plural, the plural number shall include the singular, the masculine gender shall include the feminine and neuter, the feminine gender shall include the masculine and neuter, and the neuter gender shall include the masculine and feminine.

RM Sotheby’s Online | Lotus

RM Sotheby’s Online | Lotus

RM Sotheby’s Online | Lotus