Services and Fees

Payment Terms	Cash/Cheque (Business or Personal)/Eft-Pos Buyers Premium 15% inc G S T (GST applies to Premium only)
Vendor Payments	Posted automatically, with an inventory of good sold, to a designated person and address, within 5 working days of the accounts completion. Payments can also be deposited into NZ Bank accounts.
Collection & Delivery of Goods	Collection Service Available Napier & Hastings Charges deducted from sale of goods Delivery of goods is the responsibility of the purchaser Assistance is available for packing and booking of freight
Valuations : Chattel valuations	Market Values for Matrimonial or Estate purposes Market Values for Business liquidations/sales and GST de-registration etc
On Site Auctions	Domestic & Commercial clearances on -site Mobile computer system
Auctioneer Service	An Auctioneer is available for hire for private auctions Negotiated fee

Commissions & Charges

General Auctions & Collectibles Auctions	Sellers (Vendor) Commission: 18% + GST plus $2 per lot booking fee. A Handling Fee shall be charged on items not sold. Freight charges apply to items collected and/or returned to Vendors. Buyers Premium 15% inc G S T (GST applies to Premium only)
On-Site Auctions	Vendor: 10% + GST, negotiable with estimated sale value. Plus Advertising costs Minimum commission value may apply.
Chattel Valuations	Minimum fee $70.00 (Inc.GST) for written inventory, valued at Estimated Auction Selling Price. Estimate of total fee available prior to appointment.
Appraisals	There is no charge for an appraisal of items if they are presented at our rooms or photos are supplied. A call out fee may apply where this is not possible.

Bidding

Absentee Bidding

Maidens & Foster are proud to offer an honest and accurate service for absent buyers. Absent buyers are asked to disclose their highest offer. This price is filed in confidence with the auction office. The sale price will be 1 bid only above the next highest absentee bid, or bid from the floor. In the case where there are two identical bids and no better bids, the first bid placed will take precedence.

Phone Bidding

Maidens & Foster strive to build buyer confidence & trust with pre-auction absentee bids, and hence are reluctant to offer phone bidding. There are occasions where placing a pre-auction bid is difficult and phone bidding is the best option. Phone bids are only considered on these occasions and if the item holds "reasonable" value.

Terms and conditions of sale

Interpretation and general

1.1 “Auctioneer” includes the person authorised to conduct a sale and his, her, its or their employees or agents in any way assisting in the auction or the recording of it.

1.2 “Bidder” means any person (whether present or not) and his, her or its agent or employee placing or making bids or leading the auctioneer to believe that person, agent or employee is making bids.

1.3 “Person” includes any company, firm or body whether incorporated or not.

1.4 “Property” means the goods, chattels, land, estates or interests being auctioned.

1.5 “Purchaser” means the person to whom the property is knocked down by the auctioneer in an at that time uncontested auction.

1.6 “Vendor” means the person placing the property with the auctioneer for sale and includes such a person’s actual or purported agents or employees.

2 Unless arranged otherwise in writing with the vendor and auctioneer, the terms of sale are:

(a) for all property except real estate; and

(b) cash on the fall of the hammer.

3.1 The auctioneer alone may fix the amount of a bid or permit it to be withdrawn. The auctioneer will resolve any dispute about the bidding, whether at or after the auction. The auctioneer may combine or divide lots.

3.2 A bid authorises the auctioneer to note the auction sheet and, where writing is required, to execute the contract at that bid on behalf of the bidder and authorises the charge of any buyer’s premium referred to in cl 5.1.

3.3 If, but only if the auctioneer has stated whether in relation to the auction generally and/or the particular sale, that the auction is subject to a reserve price and/or that the vendor reserves the right to bid, the vendor may personally or through the auctioneer bid as often as desired.

Purchaser’s rights and obligations

4 Unless specifically stated otherwise in relation to identified property the vendor warrants only:

(a) That the title in the property sold will pass to the purchaser only upon the purchaser completing payment in full by cash or cleared cheque.

(b) That there are or will be no encumbrances on the property not advised in particulars of sale or by the auctioneer before entering upon the auction.

5.1 Where announced or notified before the auction that there is a buyer’s premium and the amount of or the method of calculating it, the purchaser is to pay, upon the fall of the hammer, the amount or rate announced plus GST, if applicable.

5.2 All goods sold shall be removed on the day of the sale or as otherwise provided in the particulars or announced. if not removed the auctioneer may charge a reasonable sum for warehousing them, but will not be liable to the purchaser for them in any respect.

5.3 If the purchaser fails to pay the purchase price or collect the goods as required, the auctioneer may elect to resell the property in any manner without notice to the purchaser who will be liable for any deficiency in price (after allowing all commissions or expenses of resale whether of the auctioneer, vendor or others), the buyer’s premium and liquidated damages of one and a half times the standard overdraft interest rate being charged by the auctioneer’s bank at the time of sale (as conclusively certified by the apparent manager of the bank) or may sue for the price, liquidated damages as calculated above and solicitor and client costs for pursuing the purchaser, whether or not cancelling the contract.

5.4 In the event of there being any surplus following resale it will belong to the vendor. The purchaser may not recover more than actually paid by the purchaser.

5.5 If provenance of property is warranted, a purchaser may within 14 days of the auction prove to the satisfaction of the auctioneer that the property is a forgery, whereupon the vendor will repay the purchase price or deposit, as the case may be, in full, subject to the return of the property in good condition.