London Transport TICKET RACK of PUNCH TICKETS as issued to bus conductors 1950s-1970s to carry in

TERMS AND CONDITIONS OF SALE

London Transport Auctions Ltd is hereinafter referred to as the Auctioneer and includes any person acting upon the Auctioneer's authority.

1. General Conditions of Sale

a. All persons on the premises of, or at a venue hired or borrowed by, the Auctioneer are there at their own risk.

b. Such persons shall have no claim against the Auctioneer in respect of any accident, injury or damage howsoever caused nor in respect of cancellation or postponement of the sale.

c. The Auctioneer reserves the right of admission which will be by registration at the front desk.

d. For security reasons, bags are not allowed in the saleroom and must be left at the cloakroom.

2. Catalogue

a. The Auctioneer acts as agent only.

b. Lots are sold as seen and The Sale of Goods Act 1979 (as amended) does not apply.

c. All descriptions of auction lots, including the condition and estimated value of items, whether printed or oral,

are given in good faith and are statements of opinion not fact. Any comments on any lots must be made to the

Auctioneer at least 24 hours before the start of the auction.

d. Lots are sold with all imperfections and/or faults and neither the Auctioneer nor the Vendor is responsible for

any defects whatsoever.

e. No warranty is given or implied by the Auctioneer of the Vendor with regard to any lot other than that the

Seller has the right to sell it and any express or implied conditions or warranties whether relating to condition or

quality are hereby excluded.

f. Intending purchasers should satisfy themselves as to the condition, age, provenance etc of all pieces and lots before they bid.

3. The Auction Process

a. The Auctioneer reserves the right:

i. to accept or refuse any bid(s),

ii. to regulate the bidding and amounts of any bid(s),

iii. to rearrange, consolidate or withdraw any lot(s) or part of any lot without reason or notice.

b. In the event of a dispute, the Auctioneer has absolute discretion to settle such dispute.

c. All transactions associated with this auction sale shall be governed by English law.

4. Conditions of Sale - Vendors

a. The Vendor indemnifies the Auctioneer together with his servants and agents who act solely as agent for the Vendor.

b. The Vendor warrants to the Auctioneer and the Purchaser that he/she is either the true owner of any lot or is authorised by the true owner to sell it and that he/she is able to pass marketable title free of any encumbrance or claim.

c. All lots are sold at the Auctioneer’s discretion unless written instructions to the contrary are received by the Auctioneer from the Vendor at least 24 hours prior to the starting time of the auction (responsibility for receipt of such instructions rests with the Vendor).

d. The Vendor authorises the Auctioneer to deduct all monies due to the Auctioneer from the auction proceeds.

e. Subject to receipt of funds from buyers, the Auctioneer will use best efforts to make payments to Vendors within 28 working days of the sale but shall not be liable for settlement of any lot(s) for which he is not in possession of cleared funds.

f. The Vendor shall collect any unsold lots within 28 days of the auction. The Auctioneer does not ship but Vendors may make arrangements for their own courier to collect unsold lots by arrangement. Any unsold lots remaining after 28 days will incur a daily £1 storage charge per lot unless the Vendor has made arrangements acceptable to the Auctioneer for the lot(s) to be entered in a subsequent auction. Uncollected unsold lots after three months will be sold for the Auctioneer's account without further notification to the Vendor.

g. Vendors are not allowed to bid for their own lots.

h. The Vendor agrees to such further terms and conditions as are described on the Auction entry form.

5. Conditions of Sale - Buyers

a. In making a bid for any lot, whether in person or otherwise, all persons acknowledge that they have read, understand and abide by these Terms and Conditions of Sale and the bidder acknowledges that he/she has satisfied himself fully before bidding, by inspection or otherwise, as to the condition of such lot.

b. Each bid is an offer to buy and a winning bid forms an irrevocable commitment to purchase the lot concerned.

c. Responsibility for a purchased lot shall pass to the Buyer at the fall of the hammer; however, legal title shall not pass until the Auctioneer is in possession of cleared funds in payment for that lot.

d. The Buyer will pay to the Auctioneer the hammer price together with a Buyer’s Premium calculated at a rate of

15.00% of the hammer price, no VAT payable.

e. All lots not paid for and removed on sale day must be paid for in full and collected within 7 working days except where agreed by the Auctioneer in advance in writing. The Auctioneer does not ship lots but will put buyers in contact with a shipping agent if so requested.

f. No lot(s) may be removed until cleared funds are to hand except where agreed by the Auctioneer in writing.

g. Overdue accounts 7 working days after the sale will be charged interest at 5% pa and uncollected lots will incur a daily storage charge of £1 per lot thenceforth. Uncollected lots after 28 days, whether paid for or not, will be sold for the Auctioneer's account without further notification to the Buyer.

6. The Auction Process

a. Those persons wishing to bid in person at the auction should first register at the auction front desk and obtain a bidding number. Prospective bidders who are not known to the Auctioneer will be asked for acceptable identification including proof of address.

b. Bidding in the room must be done by holding up the bidder's numbered card so that it is clearly visible to the Auctioneer who may refuse at his discretion to accept bids attempted in any alternative manner.

c. Lots may be paid for and removed during or immediately after the auction by application to the front desk. Payment at the sale is accepted in cash, by debit-card or by credit-card. Credit-cards and non-UK debit-cards will incur an additional charge of 2.5% of the total amount payable. Personal cheques drawn on a UK bank may be accepted from persons known to the Auctioneer and are subject to an administration charge of £3 per cheque.

d. Lots in respect of which cleared payment is not possible on the day must be collected from the Auctioneer's premises within 7 working days of notification of receipt by the Auctioneer of cleared funds.

e. Commission bids may be left with the Auctioneer by lodging a completed Commission Bid form by the deadline stated on the form. Unless special arrangements have been agreed in advance with the Auctioneer for an alternative payment method, authority to charge a valid credit or debit-card must be given on the form. The Auctioneer may at his discretion carry out a prior check on the card. Commission bids will be executed by the Auctioneer as cheaply as possible on a best-efforts basis and without obligation and he shall not be responsible for any neglect or default in executing or failing to execute any commission bid. Full payment for all winning bids will be charged to the quoted credit or debit-card immediately after the sale.

f. Commission bidding is also available, as well as online live bidding via the-saleroom.com's website and all online bids that are successful will be subject to an additional fee of 3% + VAT on the hammer price. Following registration at the-saleroom.com, prospective bidders must also contact the Auctioneer directly to provide credit/debit-card details and full payment for all winning bids via the-saleroom.com will be charged to that credit/debit-card immediately after the sale.

g. The buyer of each lot shall be the person making the highest bid which is acceptable to the Auctioneer. In the event of an equal maximum bid for any lot between the saleroom and a commission bid and/or a bid via the-saleroom.com, the bid in the saleroom will take preference. In the event of two or more commission bids being equal, the first one received takes preference.

h. Estimated values of lots are provided as a guide as to what price the lot may attain, based on previous auction results and the Auctioneer's knowledge of the prevailing market. These are indications provided in good faith but as statements of opinion rather than facts.

i. Lots will be sold in numerical order (unless otherwise stated) at a rate of between 100 and 120 lots per hour.

j. The Auctioneer does not pack or ship lots. Buyers should collect their purchases or arrange for their own courier to do so. Collection is by prior arrangement from our storage location in Crawley, Sussex and 3 working days' notice is required to make arrangements for collection. Upon request, the Auctioneer can put buyers in touch with a shipping agent who will collect, pack and ship on the buyer's behalf. Such arrangements will form a separate contract between the buyer and the shipper and the buyer will pay the shipping costs directly to the shipper. Safe transit of purchases by personal collection, courier or shipper is at the sole risk of the purchaser.