Conditions of Sale for Bidders
The Royal Mint Limited (The Royal Mint) carries on business with bidders (Bidders) in connection with a sale to the highest Bidder (Buyer), via an online auction process (Auction), on the following Conditions of Sale (Conditions). For the avoidance of doubt, any reference to Bidder includes the Buyer.
These Conditions, as well as the terms and conditions on The Royal Mint’s website (https://www.royalmint.com/terms/purchases/) (Standard Terms), are those under which The Royal Mint will offer Bidders, by way of the Auction, the opportunity to purchase the product(s) listed for sale on the Platform (Product).
If there is a conflict or inconsistency between these Conditions and the Standard Terms, the terms of the Conditions will control and prevail, to the extent permitted by law. Bidders will be deemed to have accepted these Conditions and the Standard Terms and agreed to be bound by them when they partake in an Auction.
1.1 In these Conditions:
Auctioneer means The Royal Mint or its authorised online auctioneer or auction platform provider, as appropriate.
Hammer Price means the level of bidding reached (at or above any reserve) when the Auctioneer brings down the hammer.
Proof of Address means a utility bill or a bank/credit card statement dated within the last three (3) months.
Proof of Identity means a valid passport, photo card driving licence, firearms certificate or identity card issued by the Electoral Commission of Northern Ireland belonging to the bidder.
VAT means value added tax.
1.2 The singular includes the plural and vice versa as appropriate.
2. Eligibility and Registration
2.1 By entering the Auction, Bidders warrant that they are:
2.1.1 legally capable of entering into binding contracts;
2.1.2 not a resident of a restricted country or region listed on The Royal Mint’s website (https://www.royalmint.com/help/account/international-customers/); and
2.1.3 at least 18 years old.
2.2 There is no fee payable to enter the Auction, however a refundable deposit may be payable in accordance with clause 3.
2.3 Bids shall only be accepted from Bidders who have registered to take part in the Auction, and who have satisfied any necessary due diligence checks in accordance with clause 5.
2.4 To register, Bidders must register their interest at https://auction.royalmint.com. Bidders will then be sent a link to create an Auction account with The Royal Mint. Please note that the Auction account will be separate to any other account held by Bidders with The Royal Mint.
3.1 Following registration, and before being able to bid in the Auction, Bidders may be required to pay to The Royal Mint a refundable deposit by bank transfer (Deposit). If a Deposit is required, The Royal Mint will inform Bidders of this, and the amount of the Deposit, in advance of registration.
3.2 Payment or the Deposit must be made by Bidders from an account held at a UK clearing bank or building society.
3.3 Bidders agree to bear, and that The Royal Mint will not be responsible for, any fee charged by a bank or building society for the payment of the Deposit or any subsequent payment in accordance with clause 9.
3.4 In the event that, in accordance with clause 4, a Bidder is:
3.4.1 not successful in winning the bid for the Product, the Deposit will normally be returned to the Bidder to the bank account elected by them under the due diligence process in clause 5 within 3 – 5 working days of the Auction date (or such other time as we agree with you); or
3.4.2 successful in winning the bid for the Product, the Deposit will be deducted from the total price due for the Product (including any VAT, buyer’s premium and/or seller’s commission, where applicable), in accordance with clause 9.
4. Bidding Procedure
4.1 Once their account has been registered as above, Bidders will be required to click on “REGISTER FOR LOT” for the relevant lot on the Platform. Bidders will be required to verify their identity, in accordance with clause 5, via the Platform prior to placing any bid.
4.2 Once Bidders have registered for a lot, they will then be able to enter an early bird (i.e. absentee) bid, or wait for the auction to begin.
4.3 Bidders may bid for a lot by clicking the Bid button. Each bid shall be final and binding once Bidders click the Bid button.
4.4 Bidders acknowledge and accept that each bid submitted in the Auction is irrevocable and cannot be amended or corrected, even if submitted in error and/or notified to The Royal Mint.
4.5 Bidders accept full liability for all bids submitted via the Platform.
4.6 The highest Bidder accepted will be the Buyer of the Product at the Hammer Price and any dispute will be resolved at The Royal Mint’s and/or the Auctioneer’s (as applicable) absolute discretion.
4.7 Where two (2) or more bids at the same level are recorded, The Royal Mint and/or the Auctioneer reserve the right in its/their absolute discretion to prefer the first bid so made.
4.8 The Royal Mint and/or the Auctioneer reserve the right to reject any bid.
4.9 Every Bidder will be deemed to be acting as principal unless The Royal Mint provides advance written acknowledgement that the Bidder is acting as agent on behalf of a named third party.
4.10 The Royal Mint reserves the right, in the event of a Buyer failing to satisfy any requirement under these Conditions, to offer the option of purchasing the Product to the next highest Bidder (and so on) on the terms of these Conditions.
5. Due Diligence Checks
5.1 Bidders agree to The Royal Mint carrying out certain credit and personal identity, source of funds, wealth and/or residency check for the purpose of anti-money laundering, identification and risk mitigation.
5.2 Bidders shall provide The Royal Mint with such documentation as it may require to satisfy these purposes. Bidders may also be required to provide evidence of their source of funds and wealth prior to purchasing the Product.
5.3 The Royal Mint reserves the right to carry out the above checks on Bidders prior to the Auction, and/or the Buyer once the Auction has been completed.
5.4 The Royal Mint may also require a reference or guarantee.
5.5 Bidders confirm that all information and documents provided to The Royal Mint during the registration process or at any time via the Platform or otherwise in relation to the Auction are up-to-date, complete, truthful, accurate and not misleading.
6. Estimates and Minimum Increment
6.1 The Royal Mint and/or the Auctioneer may provide an estimated value of the Product, which does not include VAT, is intended to be a guide only, and is by no means definitive. The Royal Mint and/or the Auctioneer reserve the right to amend any estimate ahead of the Auction.
6.2 The Royal Mint and/or the Auctioneer reserve the right to refuse any bid, which is not at least the same or higher than the applicable minimum bidding increments above the previous bid value. The relevant increments and bid values:
6.2.1 will be notified to Bidders on the Platform ahead of and during bidding; and
6.2.2 are set at the sole discretion of The Royal Mint and/or the Auctioneer.
6.3 The Royal Mint and/or the Auctioneer reserve the right not to accept bids at below eighty per cent (80%) of the low estimate.
7. Premium and Commission
Unless otherwise provided on the Platform or notified to Bidders, no buyer’s premium or seller’s commission will be payable or due under the Auction.
Unless otherwise provided on the Platform or notified to Bidders, the Product price is inclusive of VAT. Products marked with a ‘G’ are classified as Investment Gold, so a VAT-registered trader can submit a claim to HMRC to recover the VAT.
9.1 On the fall of the hammer, the contract between The Royal Mint and the Buyer is concluded. The Buyer is obliged to make immediate payment, via bank transfer, to The Royal Mint for the total amount due (unless credit terms have been agreed with The Royal Mint in writing in advance).
9.2 The Royal Mint:
9.2.1 does not accept cash payments;
9.2.2 will only accept payment for the Product from the bank account elected by the Buyer under the due diligence process in clause 5; and
9.2.3 may, at its absolute discretion, agree terms with the Buyer in advance whereby the Buyer may take possession of the Product ahead of full payment at a predetermined future date.
9.3 No title in the Product passes to the Buyer until full payment of the total amount due in Pounds Sterling is received by The Royal Mint.
9.4 All payments to The Royal Mint made by the Buyer may be applied to any outstanding amounts owed by the Buyer, regardless of the express or implied instructions of the Buyer or his/her agent.
10. Collection or Delivery of Product
10.1 Unless otherwise provided on the Platform or notified to Bidders, the Buyer will have the option to accept delivery or otherwise collect the Product purchased, in both cases within 30 calendar days of the date of the Auction, once payment in full has been made, unless prior credit terms have been agreed. The cost of delivery and/or collection (if any) will be provided on the Platform or otherwise notified to Bidders ahead of bidding.
10.2 The Buyer is responsible for loss or damage to the Product from time of collection or delivery. The Royal Mint, its employees and representatives are not responsible for any loss or damage, whatever the cause, while the Product is in the Buyer’s custody after this point.
11. Remedies for Late or Non-Payment
11.1 Subject to any consumer rights the Buyer may have in law and in accordance with clause 11 of the Standard Terms, if the Buyer fails to pay in full and collect the Product, or fails to fulfil their obligations in any way, The Royal Mint acting as the vendor may, in addition to and without prejudice regarding other legal remedies, exercise one or more of the following remedies:
11.1.1 to proceed against the Buyer for damages for breach of contract;
11.1.2 to rescind the sale and that of any other lots sold to the same Buyer in the same or any other auction;
11.1.3 to resell the Product either at public auction or by private sale, and pursue the Buyer for any deficiency in proceeds and to cover the costs and expenses and commissions due on both the original and the subsequent sale. Any surplus generated will belong to The Royal Mint;
11.1.4 to remove, store and insure the Product at the Buyer’s expense. The Product will be stored either at The Royal Mint’s premises or elsewhere;
11.1.5 to impose a late payment charge not exceeding three per cent (3%) per month on the total payment due from the date of the Auction, if the amount owing is unpaid five (5) working days after the Auction;
11.1.6 to hold back the Product and any other lot sold to the Buyer at the same or any other Auction until the total amount due is paid;
11.1.7 to reject any bids made by or on behalf of the defaulting Buyer at any subsequent Auctions, or requesting a Deposit before allowing them to bid; and/or
11.1.8 to apply the proceeds of any sales by the Buyer towards settlement of the total amount due, and to exercise a lien on the property of the defaulting Buyer which The Royal Mint is holding for any purpose.
12. Liability of The Royal Mint and the Auctioneer
As well as this clause, Bidders’ and the Buyer’s attention is drawn in particular to clause 13 (Limitation of Liability) of the Standard Terms.
12.1 Neither The Royal Mint nor the Auctioneer accept responsibility for:
12.1.1 any loss or damage caused by any bugs or viruses, and Bidders are advised to obtain their own virus, malware and other computer protection software;
12.1.2 any interruption in or failure, delay, error or unavailability of the Platform;
12.1.3 any neglect or default in executing or failing to execute bids whether through the Auctioneer or through any online bidding software, or where a bidding slip has been completed incorrectly; and
12.1.4 errors during or after the sale or failures to execute bids placed on the internet or on a Bidder’s equipment or mobile device, including, without limitation, errors or failures caused by any loss of connection to the auction being conducted online, a breakdown or problems with the online bidding software or the web site service provider and/or a breakdown or problems with any internet connection, computer, mobile device or system.
12.2 Bidders are advised to view the Product or request further details regarding the condition prior to the sale. The Royal Mint does not warrant that the Product will achieve any particular grade by third party grading services, and if the grading company does not reach a conclusion regarding authenticity then the opinion of The Royal Mint shall stand. No express or implied warranty, to the extent permitted by law, is given by The Royal Mint, its employees or representatives in respect of the Product, other than those expressly stated in the description of the Product, these Conditions and in the Standard Terms.
12.3 Any claim by the Buyer is limited to the total price paid for the Product, and there is no further liability accepted by The Royal Mint for any loss, expenses or damage caused, to the extent permitted by law.
12.4 This condition only applies to the Buyer of the Product and cannot be assigned to any third party. For the purposes of this clause, the Buyer is deemed to be the person or entity to whom the original invoice is made.
13.1 The Royal Mint and/or the Auctioneer may use a third-party provider of services including web-hosting, software, transaction facilitation, support and maintenance to facilitate and support the Platform.
13.2 Subject to clause 12, The Royal Mint will have no liability to Bidders under these Conditions if it is prevented from, or delayed in, performing its obligations under these Conditions by anything outside its reasonable control including, but not limited to, pandemics, epidemics, strikes, lock-outs or other industrial action, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence or other natural disaster, impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport, impossibility of the use of public or private telecommunications networks or the acts, decrees, legislation, regulations or restrictions of any government.
13.3 All information contained on or available through The Royal Mint’s website is for general information purposes only and does not constitute investment or tax advice.
13.4 Failure or delay by The Royal Mint in enforcing or partially enforcing any provision of these Conditions shall not be construed as a waiver of its rights under the Conditions.
13.5 If any provision of these Conditions is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.
13.6 These Conditions, along with the Standard Terms, represent the entire agreement between The Royal Mint and Bidder in relation to the subject matter of any contract.
13.7 A person who is not a party to these Conditions shall not have any rights under or in connection with it by virtue of the Contracts (Rights of Third Parties) Act 1999, save that if The Royal Mint’s legal status as a government owned company changes, any rights it has may be assigned by it automatically to any successor body without restriction and any such successor body may exercise rights under the Conditions as if it was a party to it.
13.8 The Royal Mint has the right to revise and amend these Conditions from time to time by posting revised terms and conditions on its website.
13.9 The Royal Mint may cancel the Auction at any stage at its absolute discretion.
13.10 These Conditions are governed by the laws of England and Wales. Any dispute arising from, or related to, the Conditions shall be subject to the exclusive jurisdiction of the courts of England and Wales.