Terms
General Conditions of Sale
These General Conditions of Sale govern all auctions held by EDLYD Auction. By registering to bid, every bidder accepts these terms in full.
1
Definitions — Buyer and Seller
The "Seller" is the person or entity who has entrusted a lot to EDLYD Auction for sale by auction. The "Buyer" is the person whose bid is accepted by the auctioneer at the fall of the hammer. EDLYD Auction acts as agent for the Seller and is not a principal to the sale, except where it sells lots from its own account, in which case it discloses that fact.
2
Registration before bidding
All prospective bidders must register with EDLYD Auction before the sale and obtain a bidder number (paddle). Registration requires a valid government-issued photo ID, proof of address, and may require a bank reference or deposit at the discretion of the house. EDLYD Auction reserves the right to refuse registration or admission to any sale.
3
Bidding process and increments
Bidding is conducted live from the rostrum by the auctioneer. Bids may be placed from the floor, by telephone (subject to prior arrangement) or by absentee written order. The auctioneer has sole discretion to set and vary bid increments, to refuse any bid, to advance the bidding, to withdraw a lot, to re-open a lot in case of dispute, and to determine the successful bidder. The fall of the hammer concludes the sale and forms a binding contract between Buyer and Seller.
4
Buyer's premium
A buyer's premium of twenty-five percent (25%) of the hammer price, exclusive of any applicable taxes, is payable by the Buyer to EDLYD Auction on every lot sold. Any VAT or other taxes required by Bulgarian law are added to the buyer's premium and, where applicable, to the hammer price.
5
Payment terms
Full payment of the hammer price, buyer's premium and any applicable taxes is due within fourteen (14) calendar days of the date of sale. Payment may be made by bank transfer in EUR or BGN to the account specified on the invoice. Title to the lot does not pass to the Buyer until cleared funds have been received in full. Late payment may give rise to interest and to the remedies set out below.
6
Collection and storage fees
Lots must be collected from our premises in Sofia within seven (7) calendar days of the date of sale. Lots not collected within that period will be subject to storage and handling fees, charged per lot per day at the rate published by the house, plus any insurance and transport costs. Risk in the lot passes to the Buyer on the fall of the hammer.
7
Condition reports
Condition reports are provided on request as a guidance only. They are statements of opinion and not statements of fact, and they do not constitute a warranty. Prospective bidders are responsible for inspecting lots in person and satisfying themselves as to condition prior to bidding. All lots are sold "as is", with all faults and imperfections.
8
Authenticity guarantee
EDLYD Auction guarantees the authenticity of each lot solely as described in the printed catalogue heading, subject to any glossary terms and to any saleroom notices given prior to the auction. No other representation, warranty or guarantee, express or implied, is given. Claims under this guarantee must be made in writing within fourteen (14) days of the sale and are limited to refund of the hammer price and buyer's premium against return of the lot in the condition in which it was sold.
9
No withdrawal after the hammer
Once the auctioneer's hammer falls, the sale is final and binding. The Buyer may not withdraw, cancel or refuse delivery of the lot. Failure to pay or to collect entitles EDLYD Auction, without further notice, to cancel the sale, resell the lot publicly or privately, retain any deposit, and recover from the defaulting Buyer all losses, costs and expenses incurred.
10
Applicable law and jurisdiction
These Conditions and any sale concluded under them are governed by the laws of the Republic of Bulgaria. Any dispute arising out of or in connection with a sale shall be subject to the exclusive jurisdiction of the competent courts of the city of Sofia, Bulgaria.
Full printed conditions are available on request from the registered office.