No Legal or Tax Advice: These Conditions are an important legal document. As a condition of bidding at the Online Only Auction, 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 the Online Only Auction. RM faces significant reputational damages that would cause monetary damages for selling the motor car or any other lot; 16.5. The Consignor acknowledges that it is the Consignor’s responsibility to maintain sufficient insurance coverage to permit such driving or moving, and the Consignor specifically agrees to indemnify, defend, and hold RM harmless, as provided in these Conditions, from any liability that may result from such driving or movement of the Motor Car or Any Other Lot.13. RM Sotheby’s successfully completed the first catalogue sale to be offered via the auction house’s time-based Online Only digital platform this past week with the presentation of Online Only: The Palm Beach Auction. 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. Proceeds to Consignor:5.1. 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. 2.1. The Consignor agrees that RM and its respective affiliates and agents will not be responsible for, and the Consignor releases RM and its respective affiliates, agents, and warehouses from, any and all liability for loss of, theft of, or damage to the Motor Car or Any Other Lot.20. The full Privacy Policy can be found at the bottom of the RM website homepage under the Privacy & Terms tab. 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. Are you registering as a company? RM is not responsible for any errors or omissions in connection with the calling/displaying/accepting of bids.6.8. In order for a RM Car Specialist to bid on the Bidder’s behalf, the Bidder must (i) provide the following information, (ii) select and initial beside a bidding option as outlined below, and (iii) sign their name at the bottom of this Addendum to Bidders’ Conditions of Business: ONLINE ONLY: THE PALM BEACH AUCTIONClient Name: Lot Number: Bidding Options: I acknowledge and agree that an RM Car Specialist may bid on my behalf on the above referenced lot number at the Online Only Auction in accordance with the following selected option:A. 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. Contingent upon clause 13.2 being satisfied, the Motor Car’s Title (as long as the Consignor does not owe RM any money) will be returned to the Consignor within 60 business days.13.4. If the Bidder does not satisfy and/or meet the Bidder Registration Requirements, RM, at its sole discretion, may not allow the Bidder to register to bid at the Online Only Auction. RM Sotheby’s, on the other hand, is taking a different approach in these volatile times, moving its own Spring 2020 Palm Beach auction to an online, multi-day format. RM Auctions’ forthcoming Palm Beach auction, scheduled for 20–21 March at the Palm Beach International Raceway, has been transitioned into an Online Only time-based offering via rmsothebys.com.. In order to assist Bidders with this process, RM may provide information about the tax status of each motor car or any other lot, as well as any ownership or registration papers that will be supplied with the respective motor car or any other lot (“Tax and Ownership Information”); however, this information is being provided merely to assist Bidders in their determination of their own tax and regulatory responsibilities. 19. Judgment on the award may be entered in any court having jurisdiction. Buyers’ Premium. By agreeing to these Conditions of Business, you are agreeing to be bound by these Conditions of Business for both RMS and RMA auctions. Introduction.1.1. The Consignor authorizes RM to release the Motor Car or Any Other Lot to the successful Buyer upon RM receiving full payment of cleared funds from the Buyer or financing terms as agreed to with RM.5.4. Please bear in mind that RM is unable to obtain financial references over weekends or public holidays.7. Anti-sniping: If a bid is placed within the final two minutes of bids being accepted on an individual lot, the Online Only Auction for that individual lot will be extended by an additional two minutes to prevent a Bidder from trying to place a high bid in the final moments of the Online Only Auction for that individual lot.3. 259 motor cars and 21 lots of memorabilia opened for bidding on 20 March, with lots closing in a staggered format from 25 to 28 … RM’s contractual relationship with the Consignors is governed by:1.2.1. If you wish to ask any questions regarding the use of your personal information, request a full accounting of what personal information is on file with RM, unsubscribe to any services, or purge your personal information from RM’s systems, please email [email protected]29. The Online Only Auction will now begin on 20 March 2020 and will follow a timed-auction format. The Online Only: The Palm Beach Auction virtual sale was originally RM Sotheby’s 18 th annual South Florida auction, set to be held at the Palm Beach International Raceway on March 20-21. RMA will receive a Buyers’ Premium of 10% on all motor car lots.8.2.2. Lot 315 1992 Lamborghini LM002 (ZA9LU45A8LLA12287) $275,000 The Conditions of Business displayed in the auction salesroom;1.2.4. For further details on requirements to bid, please contact a client services representative at [email protected]6.1.1. If the Consignor does not pay in accordance with this clause, his/her/their Motor Car or Any Other Lot may be sold without reserve.24. This agreement is an important legal document. Terms of Service apply. Online Only Auction is “As Available” and “As Is.” 3.1. Bidder Registration Requirements. Insurance: The Consignor will be responsible for maintaining adequate property insurance on the Motor Car or Any Other Lot at all times, and this insurance must be at least equal to the aggregate low pre-sale auction estimate for the Motor Car or Any Other Lot, which in each case shall include insurance for damages to the Motor Car or Any Other Lot and shall not be cancellable by the insurance company until after Ownership and Title have passed to the Buyer and the Buyer has taken possession of the Motor Car or Any Other Lot from RM. Cancel/rescind the sale of a motor car or any other lot. RM Sotheby's made the decision to transition the auction to its Online Only platform due to the global COVID-19 pandemic, less than ten days prior to the scheduled auction date. The purchase price shall consist of the following:7.1. the Hammer Price (defined below) of the motor car or any other lot, and7.2. Online Only Auction lots are expected to close approximately 1 week after 20 March 2020. To be clear, the Buyers’ Premium on the Motor Car or Any Other Lot will not be different from the Buyers’ Premium for other motor car lots or any other lots in the auction.5. Although the auctioneer shall be entitled to bid on the Consignor’s behalf up to the amount of the reserve (if applicable), the Consignor shall neither instruct nor permit any other person to bid on behalf of the Consignor for his/her/their Motor Car or Any Other Lot. 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, the Online Only Auction, 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. More information about the sale will be available in coming days, according to a news release. Introduction:1.1. If it is found that the Consignor did not properly winterize their Motor Car or Any Other Lot, the associated costs with checking, filling, and disposing of the antifreeze will be recouped from the Consignor’s settlement; if the Motor Car or Any Other Lot is not sold, the Consignor must pay RM before the Consignor can retake possession of their Motor Car or Any Other Lot. Buyers will receive titles in the mail as soon as possible following the Online Only Auction with a target of a maximum of 20 business days following the Online Only 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 the 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. RM is served with a lawsuit from a third party in relation to the motor car or any other lot;16.4. The reserve does not include commissions to RM. We were able to quickly mobilize and adapt tothe changing environment, allowing us to continue to serve our clients in a meaningful and effective way. In connection with the Online Only Auction, RM will have absolute discretion with regard to the motor car or 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 descriptions as may be appropriate, (d) marketing and promotion of the sale, and (e) any other services required to conduct the sale. Once sold, RM will retain all reasonable expenses, auction fees if sold via auction, and if sold via private treaty, a 20% commission; if there are any remaining funds, these will be returned to the Consignor within 30 business days of the sale.13.7. For further details on requirements to bid, please contact a client services representative at [email protected]2. _____________Bidders’ Initials OR B. Up to $______________________________ USD Hammer Price (as outlined and defined in the Bidders’ Conditions of Business). To clarify, the term “Close of Lot” shall be defined as the time that the time-based Online Only Auction expires. The Consignor agrees to rely solely upon the Buyer for payment.5.5. RM Sotheby’s recently held their Online Only: The Palm Beach Auction as their first catalog sale that was offered only online. 18.2. If there is a no-sale, any and all fees owing, including but not limited to Title Fees, must be paid to RM before the Motor Car or Any Other Lot is released to the Consignor.13.2. No-Sale of Motor Car or Any Other Lot:13.1. RM agrees to act as an agent for the Bidders and provide Online Only Auction services including but not limited to clerks, support staff, event advertising, and promotion. _____________Bidders’ InitialsIf any dispute arises after the sale wherein an RM Car Specialist bid on behalf of a Bidder during the Online Only Auction, the Bidder acknowledges that RM will not be held responsible for any errors or omissions in connection with the calling/displaying/accepting of bids.________________________________ Date ____________________________________Signature of Bidder. 6.5. If any Motor Cars, including motorcycles, boats, and trailers, are not removed by the Removal Deadline (or are not granted authority to be removed due to clause 13.1), RM will remove the motor cars, including motorcycles, boats, and trailers, and the Consignor is required to pay RM removal fee of up to US$600 and a daily storage fee of up to US$30.13.5. RM Sotheby's Palm Beach Auction Auction Information RM Auctions’ forthcoming Palm Beach auction, scheduled for 20–21 March at the Palm Beach International Raceway, has been canceled and transitioned into an Online Only offering via rmsothebys.com, where bidding will open on Friday, 20 March. Online Only: The Palm Beach Auction was originally RM Sotheby's 18th annual South Florida auction, set to be held at the Palm Beach International Raceway on 20-21 March. In this case, the Online Only platform allowed RM Sotheby's to swiftly adapt to changing circumstances to continue to serve its clientele. Each car was presented with comprehensive photography as well as condition reports completed by RM Sotheby’s Car Specialists. Photography, Videography, and Illustrations: All photographs, videography, and illustrations commissioned by RM for the Motor Car or Any Other Lot are the absolute property of RM, and RM shall have the absolute right to use the photographs, videography, and illustrations as RM deems fit. RM Sotheby’s successfully completed the first catalogue sale to be offered via the auction house’s time-based Online Only digital platform this past week with the presentation of Online Only: The Palm Beach Auction. The most expensive cars in 2020 at Palm Beach can go up to millions of dollars. Packing and Shipping. “We even saw some of our top lots sold to brand-new RM Sotheby’s clientele. RM Receiving Motor Car or Any Other Lot in Trust: Any consigned Motor Car or Any Other Lot is delivered to RM in trust under the exact terms set forth in these Conditions. RM Sotheby’s is pleased to announce the latest details for Online Only: The Palm Beach Auction, a time-based online auction, set to open for bidding at 11:00 am ET on Friday, 20 March with staggered closure on lots to begin at 11:00am ET on 25 March, running through 27 March.This announcement follows the auction house’s recent decision to cancel its live South Florida sale, set for … The value of the last accepted bid upon the Close of Lot is the Hammer Price (“Hammer Price”).12.3. Entire web site (C) Copyright The Consignor 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 10. Verbal bidding instructions will not be accepted. RM opines that physical damage to the Motor Car or Any Other Lot, which cannot be sufficiently repaired prior to the auction, occurred after these Conditions was signed;15.3. 18.1.1. Lot 460 1961 Jaguar E-Type Series 1 3.8-Litre Roadster (875195) $280,500 The Consignor will hold RM harmless and indemnify RM from any damage or liability caused by the minor work performed by RM’s staff on the Motor Car or Any Other Lot.12. Feel like you were in the room with our in depth result highlights. Although RM endeavors to provide a safe, secure, and functioning Online Only Auction, RM cannot guarantee the continuous operation of or access to the Online Only Auction or a Bidder’s ability to connect and navigate the Online Only Auction. Translations. Cancellation/Rescission of Online Only Auction. No Bidder may retract a bid made during the sale for any reason.6.5.1. 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. Antifreeze Is the Responsibility of the Consignor:25.1. RM Sotheby's saw an unprecedented level of interest in its online platform, with nearly 900 registered bidders - 23 percent more than the average number of registered bidders at live RM Sotheby's South Florida auctions over the last four years. As an accommodation to the Consignor, RM agrees to act as an intermediary between the Consignor and the Buyer by accepting the purchase price from the Buyer, transferring the Motor Car or Any Other Lot to the Buyer, and delivering the amounts due to the Consignor under these Conditions. 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. Personally tailored emails from RM Sotheby's are just a few clicks away. If there is a discrepancy, contradiction, or question of interpretation regarding enforceability between the English version of the Bidders’ Conditions of Business and a version of the Bidders’ Conditions of Business produced in a language other than English, the English version of RM’s Bidders’ Conditions of Business will supersede.25.2. Packing and handling of purchased motor cars or any other lots are at the entire risk of the Buyer. Entire Agreement. Please send all concerns to [email protected] 3.2. The Online Only Auction will have the following Buyers’ Premiums:8.2.1. If there is a no-sale, the Consignor is required to remove their non-sold Motor Car, including motorcycles, boats, and trailers, from the auction site by 3:00 p.m. of the next business day in the jurisdiction where the auction was held (“Removal Deadline”).13.3. It is the absolute requirement of the Consignor that they provide any and all titles, registration documents, or appropriate documents evidencing Ownership and/or government registrations (such as Purchase Agreements and Bills of Sale) (“Titles”) to the Motor Car or Any Other Lot to RM prior to the auction of the Motor Car or Any Other Lot.7.2. 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 Online Only Auction is held.24. 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 Consignor 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. Licenses: The Online Only Auction will be produced by RM Auctions, Inc. of 5536 County Road 11A, Auburn, IN 46706 (Indiana Secretary of State Dealer License No. Bidding Restrictions: The Consignor hereby agrees not to bid on his/her/their Motor Car or Any Other Lot. 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 RMA or RM Sotheby’s (“RMS”) auction (RMA and RMS together are “RM”). Online Only Auction is “As Available” and “As Is.” 17.1. Overriding Clause. Lot 335 1966 Ferrari 330 GT 2+2 Series II (8627) $260,000 View information on collector car auction dates, schedule details, event info, how to register to bid, how to consign, or how to buy tickets for RM Sotheby's. RM Sotheby's made the decision to transition the auction to its Online Only platform due to the global COVID-19 pandemic, less than ten days prior to the scheduled auction date. If RM has reason to believe or is notified that the (i) Consignor’s breach of the Contractual Obligations, (ii) alleged breach of the Contractual Obligations, (iii) Consignor’s actions could potentially cause RM liability, and/or (iv) Buyer claims material misrepresentation within the Twenty Day Window (defined below) as outlined in clause 10 (“dispute”), RM, at its sole discretion, may withhold payment to the Consignor until the dispute has been resolved; further, RM may deduct any sums that are due to it from the sum held.6. Any natural disaster, which despite reasonable efforts restricts RM from holding the Online Only Auction; and15.1.2. 5. Lot 240 2015 Ferrari 458 Speciale (ZFF75VFA0F0208869) $324,500 In order to facilitate and transfer the Title for the Motor Car or Any Other Lot, the Consignor agrees to sign the Power of Attorney attached to the Consignment Agreement package.7.5. (Clauses 1.4 to 1.4.3 together are “Contractual Obligations”.)1.5. Except as otherwise expressly provided herein, these Conditions of Business shall not be modified, except in writing. The Online Only Auction will now begin on 20 March 2020 and will follow a timed-auction format. Twenty Day Window for Rescission of Sale due to Material Misrepresentation Claims:10.1. Motor Car or Any Other Lot Operation:11.1. 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. 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.19.4. 18.1.2. 259 motor cars and 21 lots of memorabilia opened for bidding on 20 March, with lots closing in a staggered format from 25 to 28 March. RM Sotheby's Car Specialists and dedicated client services team was also available to answer any questions from potential bidders and consignors. Non-Payment by Buyer: In the event of non-payment by the Buyer, RM will endeavor to use reasonable efforts to enforce payment from the Buyer; however, RM shall not be liable to the Consignor for payment. Lot 365 1983 Lamborghini Countach LP 5000S (ZA9C00500CLA12512) $275,000 If the Motor Car or Any Other Lot does not sell at auction, the Consignor grants RM the authority for up to 90 business days after the auction to (a) list the Motor Car or Any Other Lot for sale on RM’s Private Sales website, (b) advertise, in other media at RM’s discretion, the Motor Car or Any Other Lot for sale, and (c) if there was a reserve price agreed to between the parties, unilaterally sell the Motor Car or Any Other Lot for an amount equal to or greater than the reserve price.7. RM Sotheby's Palm Beach Auction Auction Information RM Auctions’ forthcoming Palm Beach auction, scheduled for 20–21 March at the Palm Beach International Raceway, has been canceled and transitioned into an Online Only offering via rmsothebys.com, where bidding will open on Friday, 20 March. 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 (1) the U.S. Prime Rate + 4.00% for up to the first 60 calendar days after the Payment Deadline and (2) the U.S. Prime Rate + 8.00% thereafter until the full Purchase Price plus applicable taxes has been made by the Buyer on the: 13.3.1. Services: RM agrees to act as an agent for the Consignor and to provide auction services, including but not limited to, a sales facility, clerks, support staff, event advertising, and promotion. 17. Located at The Royal Poinciana Plaza, Sotheby’s Palm Beach gallery will showcase a wide-ranging selection of fine art, design, jewelry, watches and luxury cars in a curated lifestyle setting, all available for immediate purchase and continuously rotated throughout the coming months. Force majeure events, including but not limited to:14.1.1. Lot 320 2006 Ford GT (1FAFP90S76Y400701) $242,000 The Consignor agrees to accept sole responsibility and liability for any representations made by RM that accurately repeat the information supplied by the Consignor as to the character, features, condition, correctness, authenticity, or history of the Motor Car or Any Other Lot, and also to indemnify, defend, and hold RM harmless from any claims that may be made with respect to any such representations.9.2. Material issues regarding title, registration, or transfer of ownership that cannot be reasonably cured; 16.6. This clause shall not preclude the parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.21. The Bidders’ Conditions of Business displayed on RM’s website; and 1.4.3. Services. **Please note that the applicable Buyers’ Premium will apply. 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