158 GENERAL TERMS & CONDITIONS OF BUSINESS The Auctioneer carries on business on the following terms and conditions and on such other terms or conditions as may be expressly agreed with the Auctioneer or set out in any relevant Catalogue. Conditions 12-21 relate mainly to buyers and con- ditions 22-32 relate mainly to sellers. Words and phrases with special meanings are defined in condition 1. Buyers and sellers are requested to read carefully the Cataloguing Practice and Catalogue Explanation contained in condition 2. DEFINITIONS 1 . In these conditions the following words and expressions shall have the following meanings: Auctioneer - James Adam and Sons trading as Adam’s. Auctioneer’s Commission - The commission payable to the Auctioneer by the buyer and seller as specified in conditions 13 and 25. Catalogue - Any advertisement, brochure, estimate, price or other publi- cation. Forgery - A Lot which was made with the intention of deceiving with re- gard to authorship, culture, source, origin, date, age or period and which is not shown to be such in the description therefore in the Catalogue and the market value for which at the date of the auction was substantially less than it would have been had the Lot been in accordance with the Catalogue description. Hammer Price - The price at which a Lot is knocked down by the Auction- eer to the buyer. Lot - Any item which is deposited with the Auctioneer with a view to its sale at auction and, in particular, the item or items described against any Lot number in any Catalogue. Proceeds of Sale - The net amount due to the seller being the Hammer Price of the Lot after deducting the Auctioneer’s Commission thereon under condition 25 the seller’s contribution towards insurance under condition 26, such VAT as is chargeable and any other amounts due by the seller to the Auctioneer in whatever capacity howsoever arising. Registration Form or Register - The registration form (or, in the case of persons who have previously attended at auctions held by the Auctioneer and completed registration forms, the register maintained by the Auction- eer which is compiled from such registration forms) to be completed and signed by each prospective buyer or, where the Auctioneer has acknowl- edged pursuant to condition 12 that a bidder is acting as agent on behalf of a named principal, each such bidder prior to the commencement of an auction. Sale Order Form - The sale order form to be completed and signed by each seller prior to the commencement of an auction. Total Amount Due - The Hammer Price of the Lot sold, the Auctioneer’s Commission due thereon under condition 13, such VAT as is chargeable and any additional interest, expenses or charges due hereunder. V.A.T. - Value Added Tax. Cataloguing Practice & Catalogue Explanations 2 . Terms used in Catalogues have the following meanings and the Cata- loguing Practice is as follows: The first name or names and surname of the artist - In the opinion of the Auctioneer a work by the artist. The initials of the first name(s) and the surname of the artist - In the opin- ion of the Auctioneer a work of the period of the artist and which may be in whole or in part the work of the artist. The surname only of the artist - In the opinion of the Auctioneer a work of the school or by one of the followers of the artist or in his style. The surname of the artist preceded by ‘after’ - In the opinion of the Auc- tioneer a copy of the work of the artist. Signed/Dated/Inscribed - In the opinion of tile Auctioneer the work has been signed/dated/inscribed by the artist. With Signature/With date/With inscription’- In the opinion of the Auction- eer the work has been signed/dated/inscribed by a person other than the artist. Attributed to - In the opinion of the Auctioneer, probably a work of the artist. Studio of/Workshop of - In the opinion of the Auctioneer a work executed in the studio of the artist and possibly under his supervision. Circle of - In the opinion of the Auctioneer a work of the period of the artist and showing his influence. Follower of - In the opinion of the Auctioneer a work executed in the artist’s style yet not necessarily by a pupil. Manner of - in the opinion of the Auctioneer a work executed in artist’s style but of a later date. GENERAL CONDITIONS Auctioneer Acting as Agent 3. The Auctioneer is selling as agent for the seller unless it is specifical- ly stated to the contrary. The Auctioneer as agent for the seller is not responsible for any default by the seller or the buyer. The auctioneer reserves the right to bid on behalf of the seller. Auctioneer Bidding on behalf of Buyer 4. It is suggested that the interests of prospective buyers are best protected and served by the buyers attending at an auction. However, the Auctioneer will, if instructed, execute bids on behalf of a prospective buyer. Neither the Auctioneer nor its employees, servants or agents shall be responsible for any neglect or default in executing bids or failing to execute bids. Admission to Auctions 5. The Auctioneer shall have the right exercisable in its absolute discretion to refuse admission to its premises or attendance at its auctions by any person. Acceptance of Bids 6. The Auctioneer shall have the right exercisable in its absolute discretion to refuse any bids, advance the bidding in any manner it may decide, with- draw or divide any Lot, combine any two or more Lots and, in the case of a dispute, to put any Lot up for auction again. Indemnities 7. Any indemnity given under these conditions shall extend to all actions, proceedings, claims, demands, costs and expenses whatever and howso- ever incurred or suffered by the person entitled to the benefit of the in- demnity and the Auctioneer declares itself to be a trustee of the benefit of every such indemnity for its employees, servants or agents to the extent that such indemnity is expressed to be for their benefit. Representations in Catalogues 8. Representations or statements made by the Auctioneer in any Catalogue as to contribution, authorship, genuineness, source, origin, date, age, provenance, condition or estimated selling price or value is a statement of opinion only. Neither the Auctioneer nor its employees, servants or agents shall be responsible for the accuracy of any such opin- ions. Every person interested in a Lot must exercise and rely on their own judgment and opinion as to such matters. 9. The headings of the conditions herein contained are inserted for con- venience of reference only and are not intended to be part of, or to effect, the meaning or interpretation thereof. Governing Law 10 . These conditions shall be governed by and construed in accordance with Irish Law. Notices 11. Any notice or other communication required to be given by the Auctioneer hereunder to a buyer or a seller shall, where required, be in writing and shall be sufficiently given if delivered by hand or sent by post to, in the case of the buyer, the address of the buyer specified in the Registration Form or Register, and in the case of the seller, the address of the seller specified in the Sale Order Form or to such other address as the buyer or seller (as appropriate) may notify the Auctioneer in writing. Every notice or communication given in accordance with this condition shall be deemed to have been received if delivered by hand on the day and time of delivery and if delivered by post three (3) business days after posting. CONDITIONS WHICH MAINLY CONCERN THE BUYER The Buyer 12. The buyer shall be the highest bidder acceptable to the Auctioneer who buys at the Hammer Price. Any dispute which may arise with regard to bidding or the acceptance of bids shall be settled by the Auctioneer. Every bidder shall be deemed to act as principal unless the Auctioneer has prior to the auction, acknowledged in writing that a bidder is acting as agent on behalf of a named principal. The Commission 13. The buyer shall pay the Auctioneer a commission at the rate of 20% of the Hammer Price, exclusive of VAT at the applicable rate on all individual lots.