*GENTS RAYMOND WEIL FREELANCER, AUTOMATIC DAY DATE CHRONOGRAPH WITH SILVER DIAL IN GOLD ACCENTS,

Legal Terms & Conditions

Contents

All Bidders, Buyers and Vendors

1.      Conditions binding on all Vendors, Bidders and Buyers

7.      Conditions Regulating the Conduct of the Sale (Bidding)

22.   Payment & Collection

31.   Non Collection & Non-Payment

32.   Delivery

33.   Default

35.   Insurance & Risk

38.   Liability for Accidents

42.   Title to the Sale of Lot(s)

43.   Disputes

44.   General

45.   Privacy

Terms of Consignment for Sellers

50.   Sellers Terms

54.   Commission

55.   Transportation

56.   Loss and Damage Warranty

57.   Photographs

58.   Estimates, Reserves and Discretion

59.   Electrical Items

60.   Soft Furnishings

61.   Descriptions

62.   Unsold Lots

63.   Withdrawn Lots

64.   Conditions of Sale

65.   Deduction of Charges

66.   Warehousing

67.   Settlement

All Bidders, Buyers and Vendors

Conditions binding on all Bidders, Buyers and Vendors

1.     These General Conditions of Sale are issued by Wellers Fine Art Ltd. (referred to in the Conditions as "the Auctioneers").

2.     The following Conditions of Sale must be strictly adhered to along with the Important Sale Information which is displayed to bidders on all auction catalogues and in the auction office. The terms shall regulate the sale of each lot to any vendor, bidder and buyer who has been approved by the Auctioneers and shall be considered to have accepted these terms and wishes to be bound by them.

3.     The following conditions are binding on all Vendors, Bidders and Buyers:

3.1.   The words "Lot" and "Goods" refer to items sold at auction sales conducted by the Auctioneers.

3.2.   “The Buyer” shall mean the maker of the highest bid accepted by the Auctioneers whether on the fall of the hammer (when the Hammer Price is achieved) or by private treaty sale.

3.3.   “Hammer Price” shall mean the highest bid accepted by the Auctioneers excluding any VAT that may be included thereon.

3.4.   “Buyer’s Premium” refers to the premium (plus VAT) which is levied on the Hammer Price of all lots.

3.5.   “Internet Premium” refers to the premium (plus VAT) which is levied on the Hammer Price of all lots where bidding is via the Internet.

3.6.   “Important Sale Information” means the notes associated with each auction including but not limited to the Health & Safety notes, viewing times (If Available), payment details, collection times, the amount of the Online Premium, Buyer’s Premium, VAT chargeable, and any other relevant terms relating to that particular auction and/or sale, and which in all cases are governed by these Terms.

3.7.   “Deposit” means the deposit paid by the potential buyer upon Registration of as notified by the Auctioneers in the Important Sale Information.

3.8.   “Premises” means the premises in which the auction is taking place, and, where relevant, the location where the individual Vehicles and/or lots under the control of Wellers Auctions Ltd. are stored.

3.9.   “Registration” means all or any one of the following as appropriate:

3.9.1. The payment of the Deposit electronically, or as otherwise notified by the Auctioneers in the relevant Important Sale Information; and

3.9.2. The presentation of 2 forms of identification acceptable to the Auctioneers; and

3.9.3. The completion and submission of the Buyer Registration Form.

3.10.“Buyer Registration Form” means the form to be completed by a potential buyer prior to participating in an auction.

3.11.“Vendor” includes any prospective vendor except where the context otherwise requires.

3.12.“VAT” means Value Added Tax at the current rate which will be charged on lots marked with an *.

4.     All persons attend auctions at their own risk; under no circumstances will the Auctioneers nor the vendor be individually or collectively held responsible for any loss or damage caused to individuals or property present on any auction site or premises for any purpose whatsoever.

5.     All Buyers shall register at reception to obtain a buyer's bidding card from the Auctioneers' sale office prior to bidding. Every potential Buyer must register their name and address in order to collect their bidding card. No sale will be made to Buyers who do not comply with these provisions.

6.     The Important Sale Information will be made available to potential buyers on the Auctioneer’s’ website, in the relevant catalogue, on request, and will be on display at the Premises.

Conditions Regulating the Conduct of the Sale (Bidding)

7.     WARNING: All lots are ‘sold as seen’ with all faults and errors in description and quantity and may contain cosmetic imperfections, visible damage or may be beyond economical repair.

7.1.   The Auctioneers will always strive to accurately describe any lot (s) that is to be sold however neither the Auctioneers nor Vendor are to be held accountable for any faults and errors or mis-statement of description, measurement, weight, quantity, quality, numbered or otherwise (whether of substantial nature or not). It is strongly advised that the buyer must physically inspect the lot (s) and satisfy themselves regarding the condition of each lot they intend to purchase in advance of any bidding taking place. Buyers should note that certain goods sold at auction are suitable only for spare parts or as scrap. Buyers should check the safety of any mechanical, electrical or technical items purchased before attempting to use them and should take advice from an engineer, electrician or other qualified technical expert as to the fitness of goods for any particular purpose. The Auctioneers cannot accept liability for any damage sustained due to disregard of this warning, except for liability for personal injury or death caused by the negligence of the Auctioneers.

7.2.   The purchaser shall be deemed to have inspected the lot he/she buys and if he/she buys without previous inspection he shall do so at his own risk. Any lot(s) sold online without viewing available has an option whereby the customer can request a condition report. No oral or written representation made prior to or at the time of sale of any lot shall be deemed to be incorporated in such sale nor to have induced any purchaser to bid. The lots are not sold by sample but in any case if a sample shall be displayed it shall be on the understanding that the contract of sale shall contain no implied condition or warranty as to the quality it shall be on the understanding that the contract of sale shall contain no implied warranty as to the quality or fitness or otherwise or that the lots are free from any defects rendering them merchantable or are reasonably fit for the purpose for which they were purchased.

7.3.   The Auctioneers where possible will show electrical products powered on however this does not guarantee the functionality or condition of any lot (s) displayed.

7.4.   Electrical faults may not always be apparent at the time of processing a lot therefore under no circumstances are the Auctioneers to be held responsible for any faults, mis-description of condition or errors discovered after the fall of the hammer.

8.     Lots in any auction that have been physically de-branded/de-badged must remain de-branded.

8.1.    In all cases no original trademarks, web images, vendor/clients logos or other intellectual property may be copied or used by the winning bidder under any circumstances.

8.2.    Any customers in breach of Clause 2.2 & 2.2.1 risk permanent exclusion from auctions and salerooms.

9.     A Buyers Premium is levied on the hammer price on all lots unless stated otherwise. Buyers Premium is subject to the addition of VAT at the current rate on the total unless stated otherwise.

10.  An additional Internet Premium  + VAT at the current rate will be added to the hammer price if bidding using the online auction platform.

11.  The highest accepted bidder, subject to Vendor's Reserve (if any) shall be the Buyer.

12.  Every bidder shall be deemed to act as principal unless there is in force a written acknowledgment by the Auctioneers that he acts as agent on behalf of a named principal.

13.  The Auctioneers shall have the right, at its discretion, to refuse admission to the Premises or attendance at the auctions of any person whether at the site or online.

13.1.  The Auctioneers reserve the right to refuse to accept bids from any person, without stating a reason.

14.  The Auctioneers reserve the right on behalf of themselves and of the Vendor the following rights:

14.1.1.   To set a reserve price.

14.1.2.   To bid on behalf of a Vendor, up to the Vendor's reserve price.

14.1.3.   To re-arrange, consolidate or withdraw any lots, or vary the order of the sale.

15.  The Auctioneers shall not in any circumstances be obliged to announce any reserve price.

16.  No person may advance on any bid less than the sum named by the Auctioneers.

17.  A Vendor nor agent may bid for a lot owned by him. The Auctioneers alone may do this but only up to the value of the reserve.

18.  No bidding may be retracted unless authorised by the Auctioneers.

19.  Under no circumstances may the transferring of any lot (s) from individuals or agents to any other parties be allowed.

20.  Any lots not taken away on the day of the Sale shall be re-sold by the Auctioneers without hesitation.

21.  In the event of the goods resold under Clause 21 not having been paid for in full by the original Buyer, then the original Buyer will remain liable to pay any shortfall.

Payment & Collection

22.  All required payments must be settled in full in sterling (GBP), by way of CHAPS or by credit/debit cards. The Buyer must pay the whole of the purchase price including any VAT, Buyers Premium or any additional Premiums, or the remainder of the purchase price, on or before receipt of the goods purchased. If the Buyer fails to make payment by close of business (3.30pm) on the next working day, or such other time as is specified in the Important Sale Information, the Auctioneers shall have an absolute discretion to cancel the contract of sale, to retain the Deposit, and the terms of clause 23 below will apply.

23.  If the Buyer does not honour his obligations for payment under clause 22 above in any way, the Auctioneers as agents of the Vendor shall at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following rights or remedies:

23.1.  To rescind the contract for sale of the lot (s) sold to the defaulting Buyer at the auction; and

23.2.  To retain the Deposit (if applicable) and to pursue the Buyer directly for all monies owed including damages for breach of contract; or

23.3.  To enter the lot (s) in question to be re-sold at public auction or private sale, the defaulting Buyer will then pay the Auctioneers any resulting deficiency in the purchase price at the first auction after deduction of any part payment and addition of resale costs;

23.4.  To remove, store (either at the Premises or elsewhere) and insure the lot (s) at the expense of the defaulting Buyer;

23.5.  To retain that or any other lot (s) sold to the same Buyer at the same or any other auction and release it only after payment of the Hammer Price;

23.6.  To reject or ignore any bids made by or on behalf of the defaulting Buyer at any future auction;

23.7.  Charge a one-off administration fee of £50 (plus VAT if applicable);

23.8.  Move the lot (s) (at the risk of the Buyer provided that the Auctioneers will use reasonable care and skill in such a move) to other Premises from that where the Buyer purchased the lot (s); and

23.9.  For every calendar day following the day on which the lot (s) should have been collected from the Premises by the Buyer, the Buyer will incur a daily storage charge of £10 plus VAT per lot stored without exception, and such charge will continue to accrue notwithstanding the transfer of any lot to an alternative premises by the Auctioneers (and for the avoidance of doubt, the Auctioneers will deduct such charge from the Deposit).

23.10.   PLEASE GIVE 24 HOURS NOTICE IF YOU CANNOT ATTEND YOUR COLLECTION SLOT! Failure to do so will result in a £10 additional storage fee which MUST be paid.

24.  Under no circumstances will Credit will be given to Buyers.

25.  The risk in each lot shall pass to the Buyer following notification of his successful bid but the ownership of each lot shall remain vested in the vendor and the purchaser shall not be entitled to remove any lot until payment in full has been made for each and every lot purchased by him at the sale.

26.  Goods must be collected directly from the premises between 7.00am and 3.30pm no later than two working days after the auction date unless otherwise stated in the Important Sales Information.

27.  The Buyer is responsible for any necessary labour and equipment in order to remove their lot (s) and shall comply with any directions which may be given by staff.

28.  In the event of any lots not being paid for or not being removed within the timeframe specified the Auctioneers shall immediately be entitled to rescind the contract without prior notice to the purchaser to resell the lot (s) by public or private sale. In the event of any such resale, any loss or damage (including storage charges) suffered by the vendor or Auctioneer shall be forthwith recoverable from the purchaser.

29.  The Buyer shall be responsible for any damage occasioned to any adjoining or other lots or to the premises by the removal of their lots and shall repair the same either before removal of the lots from the site or after such removal as the vendor may desire or shall pay the estimated cost of doing so to be fixed by the vendor or the Auctioneer on his behalf, whose decision shall be binding on the Buyer.

30.  The Buyer shall forthwith be responsible for any loss or damage to any person resulting from the removal of his lot (s) and shall indemnify the vendor and the Auctioneers against any liability therefore whether or not such damage was caused by the negligence of the Buyer, his employees or agents.

Non Collection & Non-Payment

31. Failure to make your pre-arranged collection slot will be charged at £10.00 and added to your next bill.

31.1. Please let us know ASAP if you cannot attend your collection slot, the minimum we expect is 24 hours notice. If you let us know in less than 24 hours there will be a penalty charge added to your account of £10. This slot can then be used by another customer and we ask you to think of others.

31.2. If you don't collect your items within the 7 working days timeframe, NO REFUND will be offered for your items. An admin charge of 10% WILL be applied to your account to re-book the items back into a future auction which MUST be paid in full.

31.3. Any invoice that is not paid for, there WILL be a 10% admin fee that you WILL be liable for, if buyers want to put the lots back into auction because they cannot pay their invoice.

31.4 If you do not pay by 3:30pm the day following the auction, YOU WILL be banned for a minimum of 6 weeks.

*The reason for implementing this is because some customers have not been turning up to their pre-arranged collection slots and it takes time to get your items together ready for you to collect.

Delivery

32.  The Auctioneers offer a couple of different options for collection and delivery of your items:

32.1 Courier is one way in which your items can be collected, which will then be picked up by the courier instructed and delivered to you. Please see list of suggested couriers in our Important Information.The Buyer must receive confirmation from the Auctioneers prior to arranging a courier to collect on the Buyer’s behalf as per the instructions stated in the Important Sale Information. Under no circumstances will the Auctioneers palletise goods for collection on behalf of the Buyer.

32.2 Delivery of larger items such as sofas, arm chairs, dining sets etc. is available on specific lots where it is indicated that the item qualifies for delivery.

32.2.1 The cost of the delivery is as follows. For deliveries within a 20 mile radius of Guildford at a price of £25+ VAT. Any delivery between 20-30 miles radius of our office in Guildford will be an extra £10 +VAT (£35+VAT), with a £1.50+VAT charge for every mile over a 30 mile radius. To find out more, please contact the office before bidding on the item.

Default

33.  If the Buyer fails to comply with any of the above Conditions and, in particular, if the Buyer fails to pay for any lot which he has purchased and he is not entitled to return the lot under any of these Conditions, the Auctioneers may treat the contract of sale to the Buyer as rescinded. The Auctioneers may re-sell the lot, by public or private sale, without reserve and without notice to the Buyer.

34.  If upon resale a lower price is obtained for any lot than was obtained on the first sale, the difference in price, together with all costs and charges incurred on the re-sale, shall be a debt due from the Buyer to the Auctioneer.

Insurance & Risk

35.  Goods are at the Vendor’s risk until sold and it is for the Vendor to make appropriate insurance arrangements until title is handed to the buyer on the fall of the hammer.

36.  All goods purchased are the Buyer's responsibility from the moment they are sold to him, on the fall of the Auctioneers' hammer. The Buyer should make his own insurance arrangements with effect from that time.

37.  Notwithstanding Clauses 34 and 35 above, the Auctioneers will take reasonable care of the goods whilst in their care and in the event of their staff assisting to remove the goods after the sale.

Liability for Accidents

38.  Neither the vendor nor the Auctioneer shall be under any liability pursuant to section 6 of the Health and Safety Act 1974. The purchaser must undertake such reasonable and practical steps as are sufficient to ensure that his purchase will be safe and without risk to health and safety when properly used.

39.  The Buyer shall be responsible for any injury to and/or death of any person resulting from the removal of his lot (s) and shall fully indemnify and keep indemnified, the Auctioneers against any such liability whether or not such injury and/or death was caused by the negligence of the Buyer, his employees or agents.

40.  Neither the Vendor nor the Auctioneers shall be under any liability pursuant to section 6 of the Health and Safety Act 1974 and the Buyer’s attention is drawn to the undertaking given on each Buyers Registration Form at the sale by which the Buyer undertakes to take such reasonable and practical steps as are sufficient to ensure that his purchase will be safe and without risk to health and safety when properly used.

41.  For the avoidance of doubt, nothing in these Terms limits the Auctioneers’ liability, nor, where applicable, the liability of the Buyer or Vendor for:

41.1.  Death or personal injury caused by negligence; or

41.2.  Fraud or fraudulent misrepresentation; or

41.3.  Any breach of the obligations implied by section 12 of the Sale of Goods Act 1979 or section 2 of the Supply of Goods and Services Act 1982; or

41.4.  Losses for which it is prohibited by section 7 of the Consumer Protection Act 1987 to limit liability; or

41.5.  Any other matter for which it would be illegal or unlawful to exclude or attempt to exclude liability.

Title to the Sale of Lot(s)

42.  Where the Auctioneer conducts a sale on behalf of a vendor who is either a Receiver or Liquidator of a Limited Company or Trustee in Bankruptcy:

42.1.  The vendor shall only act as agent on behalf of the Company or Bankrupt and shall be under no personal liability whatsoever in respect of the contract for the sale of any lot (s).

42.2.  The vendor and the Auctioneers on their behalf only sell whatsoever right, title or interest the Company or bankrupt may have in any lot.

42.3.  In the event of a third party proving to have a superior title or right to custody or possession of any lot the vendor may rescind the contract of sale and upon return of any deposit and/or purchase price to the purchasers neither the vendor not the Auctioneer shall be under any further liability to the purchaser.

Disputes

43.  In the event of any conflict arising between these General Conditions of Sale and any other conditions stated in any literature published by the Auctioneers, these General Conditions shall prevail.

General

44.  The Auctioneers have the right to revise and amend these Terms from time to time to reflect changes in market conditions affecting its business, changes in technology, changes in payment methods, changes in relevant laws and regulatory requirements and changes in various systems’ capabilities.

Privacy

45.  The Auctioneers will only use the personal information provided to them to provide the auction services, or to inform Buyers and Vendors about similar services which they provide, unless told by such parties that they do not want to receive this information by not providing their email contact information on the Buyer’s Registration Form, or by ticking the relevant box on the relevant web page.

46.  The Auctioneers shall:

46.1.  Only process Personal Data relating to its management (or otherwise) of the auction in accordance with the regulations of the Data Protection Act and General Data Protection Regulation (GDPR);

46.2.  Only process Personal Data to the extent, and in such manner, as is necessary for the provision of the auction services and/or its obligations under these Terms or as is required by law or any regulatory body;

46.3.  Implement appropriate technical and organisational measures to protect Personal Data against unauthorised or unlawful processing and against accidental loss, destruction, damage, alteration or disclosure. These measures shall be appropriate to the harm which might result from unauthorised or unlawful processing or accidental loss, destruction or damage to Personal Data and to the nature of the Personal Data which is to be protected; and

46.4.  Not perform its obligations hereunder or as otherwise set out in these conditions in such a way as to breach any of its applicable obligations under the Data Protection Act and General Data Protection Regulation (GDPR).

46.5.  If any court or competent authority decides that any of the provisions of these Terms are invalid, unlawful or unenforceable to any extent, the term will, to that extent only, be severed from the remaining terms, which will continue to be valid to the fullest extent permitted by law.

47.  If or to the extent that any of these Terms (as amended from time to time in writing by the Auctioneers) are Terms to which any of the provisions of the Unfair Contract Terms Act 1977 or the Supply of Goods and Services Act 1982 or any subsequent modification or re-enactment thereof apply then such Terms shall be enforceable only to the extent permitted by those Acts or their subsequent modification or re-enactment and these Terms shall be construed accordingly.

48.  If the Auctioneers fail, at any time while these Terms are in force, to insist that the Vendor and/or Buyer perform their obligations under these Terms, or if the Auctioneers do not exercise any of its rights or remedies under these Terms, that will not mean that the Auctioneers have waived such rights or remedies and will not mean that the Vendor and/or Buyer does not have to comply with those obligations. If the Auctioneers do waive a default by the Vendor and/or Buyer that will not mean that the Auctioneers will automatically waive any subsequent default by the Vendor and/or Buyer. No waiver by the Auctioneers of any of these Terms shall be effective unless the Auctioneers expressly says that it is a waiver and the Auctioneers tell the Buyer and Vendor so in writing.

49.  A person who is not party to these Terms shall not have any rights under or in connection with them under the Contracts (Rights of Third Parties) Act 1999.

50.  These Terms shall be governed by English law and the Auctioneers, the Vendor and the Buyer all agree to the exclusive jurisdiction of the English courts.

Terms of Consignment for Sellers

Sellers Terms the following apply:

51.  The words ‘you’, ‘yours’ etc refer to the Seller.

52.  The Seller has full title to the property and has authority to sell the said property.

53.  If the consignment of goods to us is made by an agent we assume that the Seller has authorised the consignment and that the consignor has the Seller’s authority to contract.

54.  The words ‘we’, ‘us’ etc refer to the Auctioneers.

Commission

55.  Our auction charges are:

55.1.  Rates are to be negotiated with Wellers Auctions Ltd Directors

55.2.  All charges are plus VAT

Transportation

56.  Items for sale must be consigned to Wellers Auctions Ltd by any stated deadline and at your expense. You may deliver items yourself on weekdays by appointment. Alternatively we can recommend an independent courier company, if needed, who would invoice you separately.

Loss and Damage Warranty

57.   All goods whilst on our premises are warranted against fire, theft or accidental damage. In the unlikely event of any damage, we will either have the item professionally repaired or compensate you at the lower auction estimate of the value of the item – This does not apply to our General Auctions.

Photographs

58.  All lots in our sales are illustrated on the internet. The copyright in respect of such illustrations shall be the property of us, the Auctioneers, as is the text of the catalogue. Please note that unlike some auction houses we do not charge any type of photography fee as this is covered in our 20% vendor’s commission charge.

Estimates, Reserves and Discretion

59.  We advise you on the likely price your lot will achieve at auction, which is usually within a price range and the estimate reflects the minimum and maximum of that range.

59.1.  Goods will normally be offered subject to a reserve agreed between us before the sale, being the minimum hammer price at which that lot may be sold. Reserves must be reasonable and we may decline to offer goods which in our opinion would be subject to an unreasonably high reserve.

59.2.  Once a reserve is set it cannot be changed except with our consent.

59.3.  Where a reserve has been placed only we may bid on your behalf and only up to the reserve (if any) and you may in no circumstances bid personally.

59.4.  Reserves carry a discretionary discount of 10%, unless a ‘firm reserve’ is specifically requested by you.

59.5.  It is important to note that the reserve cannot be higher than the bottom estimate on any lot.

Electrical Items

60.  These are subject to detailed statutory safety controls. Where such items are accepted for sale you accept responsibility for the cost of testing by external contractors. Goods not certified as safe by an electrician (unless antiques) will not be accepted for sale. They must be removed at your expense on your being notified. We reserve the right to dispose of unsafe goods as refuse, at your expense.

Soft Furnishings

61.  The sale of soft furnishings is strictly regulated by statute law in the interests of fire safety. Goods found to infringe safety regulations will not be offered and must be removed at your expense. We reserve the right to dispose of unsafe goods as refuse, at your expense.

Descriptions

62.  Please assist us with accurate information as to the provenance etc. of goods where this is relevant. There is strict liability for the accuracy of descriptions under modern consumer legislation and in some circumstances responsibility lies with sellers if inaccuracies occur.

62.1.  Where possible please number your items and email us a digital list (MS Excel) with the number, full description and where relevant, the Reserve

Unsold Lots

63.  If an item is unsold you may collect within a specified time frame, which is usually within 7 days of the sale.

63.1.  Uncollected lots are automatically entered into the next available sale with any reserve or estimate reduced by 50%.

63.2.  Where in our opinion an item is unsaleable, you must collect such items from the saleroom promptly on being so informed. Otherwise, storage charges may be incurred at £5 per lot per day.

63.3.  Please discuss with us as soon as possible, the re-offering of unsold lots. If unsold lots remain with us after a period of one week, without instructions from you, we reserve the right to sell the item unreserved or dispose of it subject to a disposal fee plus VAT.

Withdrawn Lots

64.  Lots withdrawn by the Seller prior to auction will attract charges as follows:

64.1.1.  10% commission levied on the bottom auction estimate

64.1.2   £10 per lot for items entered into our General Auctions.

64.2.  All charges are plus VAT

Conditions of Sale

65.  You agree that all goods will be sold on our Conditions of Sale. In particular you undertake that you have the right to sell the goods either as owner or agent for the owner. You undertake to indemnify us and any buyer or third party in respect of breach of this undertaking.

Deduction of Charges

66.  You authorise us to deduct commission and applicable charges at the stated rate and all expenses incurred for your account from the hammer price and consent to our right to retain beneficially the premium paid by the buyer in accordance with our Conditions of Sale and any interest earned on the sale proceeds until the date of settlement.

Warehousing

67.  We disclaim all liability for goods delivered to our saleroom without sufficient sale instructions

67.1.  We reserve the right to make minimum warehousing charge of £1 per lot per day.

67.2.  Unsold lots are subject to the same charges if you do not remove them within a reasonable time of notification.

67.3.  If not removed within one week, we reserve the right to sell them and defray charges from any net proceeds of sale or at your expense to consign them to the local authority for disposal.

Settlement

68.  We pay by cheque or bank transfer normally within 28 working days of the sale

68.1.  Unless the buyer has not paid for the goods.

68.2.  In this case, no settlement will then be made but we will take your instructions as to whether you wish to collect or re-enter in the next suitable sale.