Lot 23Audemars Piguet Royal Oak Offshore, Ref: 25721ST.OO.1000ST.07

CROWN AUCTIONS TERMS AND CONDITIONS

The following terms and conditions herein are applicable to all persons who participate in any service provided by Crown Auctions.

In these terms and conditions: -

1. 1. 1. ‘Auctioneer’ means Crown Group Holdings GC Pty Ltd ACN 648 717 891 ATF The Crown Group Trust ABN 203 883 296 77 and any of its associated and subsidiary companies and entities or their fully appointed employees, servants and agents.
      2. ‘bidder’ means a registered bidder authorised to use the Auctioneer’s service.
      3. ‘Lot’ means any lots(s) or asset(s) for auction, either as a group or individually determined by the sole discretion of the Auctioneer.
      4. ‘online auction platform’ means the bidding/auction platform integrated to the Crown Auctioneer’s Website.
      5. ‘successful auction’ or ‘winning bid’ or ‘successful Lot auction’ means circumstances where the highest amount bid on the Lot during the auction matches or exceeds the reserve price for that auction.
      6. ‘Total Price’ means the full amount/price/cost of the winning bid for the Lot plus any additional costs or fees that may apply.
      7. ‘winning bidder’ means the highest bidder of a successful auction.
      8. ‘Website’ means www.crownauctions.com.au.

1. 1. It is the Auctioneer’s sole right to facilitate the auction as they see fit including but not limited to bidding, payment, inclusion or exclusion of lots, admission, use of technology, etc.
   2. The Auctioneer nor current owner of the Lot are to be held liable for any defects or faults of any Lot. It is the bidder’s sole responsibility to fully informed about the Lot prior to auction.
   3. All risk in relation to the Lot is passed to the winning bidder and all title to the Lot remains with the owner until payment for the Lot has been advanced in full.
   4. Bidders are not to rely on any stated price estimates for a Lot.
   5. All sales are final. No refunds or exchanges will be given unless within seven (7) days of the conclusion of the auction, the successful bidder provides the Auctioneer written notice from the bidder and expert or authority that the Lot is not as described or represented by the Auctioneer then the funds will be refunded back to the bidder within seven (7) days of the Auctioneer receiving the written notice and opinion subject to the Lot being returned to the Auctioneer and the Auctioneer being satisfied the claim is valid.
   6. Any claim or dispute between any of the associated parties to the auction will be construed by the laws of the country in which the auction takes place unless otherwise expressly nominated by the Auctioneer
   7. All provisions contained in each clause of these terms & conditions are enforceable independently of any other provision contained in each clause of these terms & conditions and the validity of the clauses shall not be affected if any other clause or provision is invalid to any extent.

1. 8. The auctions terms & conditions are published on the website and may be subject to change without any notice. The bidder is responsible for understanding and complying with the Auctioneer’s current terms & conditions.

1. 1. Prior to participating in an auction, the interested party must become a registered bidder. Once the interested party is a registered bidder, they will be given access to the online auction platform and will be able to participate in auctions held by the Auctioneer via the Website.
   2. To become a registered bidder, an interested party must accurately and honestly complete the registration form prior to participating in an auction. Any false or misleading information provided by the interested party will be reported to the relevant authorities. Becoming a registered bidder under false pretences or deceptive conduct will not reduce any obligation the bidder and/or winning bidder has to the Auctioneer.
   3. It is at the Auctioneer’s sole discretion whether to accept or reject the interested party’s registration application. It is only once this registration application is approved by the Auctioneer that the interested party becomes a registered bidder.
   4. All bidders will be required to confirm that they are over the age of eighteen (18) and are permitted by law to enter into a legally binding contract.
   5. Upon becoming a registered bidder, the party is deemed to have accepted the terms and conditions for the auction, online auction platform, general terms & conditions and/or all other disclosed conditions set out by the Auctioneer.
   6. The Auctioneer may suspend a bidder’s account and deny them access to the auction at any time without warning or notice. In the event a suspension occurs during an auction, any incomplete transactions taking place at that time will be rendered void.

1. 1. To apply to be a registered bidder, the interested party must: -
      1. Be eighteen (18) years or older and permitted by law to enter into a legally binding contract;
      2. Be authorised to provide the information requested in the application to be a registered bidder; and
      3. Provide details of a credit card which is sufficient to make online payments and authorise the Auctioneer to take all necessary steps to pre-authorise the payment method upon registration and charge winning Lots to the payment method when applicable.

1. 1. Bidders must ensure that all personal information is current and accurate. The Auctioneer is not responsible for any issues whatsoever that may arise from the bidder’s failure to provide current and/or accurate personal information.
   2. In the event there has been unauthorised access to the bidder’s account on the Website or auction that results in a successful auction or winning bid, the bidder will be liable to the Auctioneer for all associated costs incurred. The bidder must notify the Auctioneer immediately after becoming aware of any unauthorised access to their account.
   3. The bidder may request that the Auctioneer remove their account from the database and auction system. The Auctioneer can delay granting this request until all existing obligations on part of the bidder are satisfied or fulfilled.
   4. It is at the Auctioneer’s sole discretion to refuse, suspend or terminate the bidder’s account and/or access to the auction.
   5. Unless otherwise evidenced in writing to the Auctioneer prior to the commencement of the auction, the party named on the registration form is deemed to be the purchaser of the Lot.

1. 1. Upon registering with the Auctioneer’s auction, the bidder agrees to the Auctioneer using the bidder’s personal and private information obtained during the registration process as permitted or required by law, for administrative and internal use, and for the delivery of promotions.

1. 1. All bids are inclusive of GST and any other applicable taxes that may be incurred, unless otherwise stated.
   2. The winning bidder will be required to pay an additional 16.5% buyer’s premium. The Auctioneer is entitled to claim a premium of up 16.5% of the winning bid amount from the successful bidder immediately after a successful auction. The buyer’s premium is to be paid by the winning bidder in addition to the full bid amount. 
   3. How payment is accepted is at the discretion of the Auctioneer, however, the 16.5% buyer’s premium will be charged on the winning bidder’s nominated credit card immediately upon winning.
   4. Each bid placed by a bidder during an auction is an irrevocable offer to purchase the Lot and cannot be lowered or reduced.
   5. It is at the Auctioneer’s sole discretion to accept or refuse a bid on behalf of the Vendor.
   6. Should there be two (2) bids for the same amount, the earlier bid will take precedence.
   7. It is at the sole discretion of the Auctioneer to resolve disputes in relation to the making of a bid.

1. 1. The Auctioneer only accepts payment by the following methods: -
      1. The Auctioneer will accept the following credit cards: -
         1. MasterCard;
         2. Visa
      2. EFT payment by way of direct deposit into the Auctioneer’s trust account.
   2. The winning bidder is responsible for the additional 1.7% surcharge that applies to all payments made by credit card.

1. 1. The bidder who makes the highest bid for a Lot which exceeds the reserve price (if applicable) and is accepted by the Auctioneer will be the winning bidder for that Lot and will be liable for the price specified in the highest bid, the Buyer’s Premium of 16.5% and any additional fees and charges that may be incurred as a result of being the successful bidder of the Lot.
   2. At the conclusion of the auction, the winning bidder of the Lot authorises the Auctioneer to effect immediate payment of the Total Price by the payment method nominated by the winner bidder in any way necessary.
   3. At the Auctioneer’s discretion, the successful bidder’s credit card may be charged as many times as necessary to reach the amount that equates to the 16.5% buyer’s premium and the successful bidder will be invoiced accordingly.
   4. The winning bidder agrees that time is of the essence in relation to outstanding monies payable to the Auctioneer. Should the winning bidder not attend to payment of outstanding monies, interest at a rate of 5.0% per month will accrue in addition to the rate prescribed by the Court having jurisdiction over any claim for monies owing.
   5. The successful bidder will remain liable for outstanding amount of the winning bid in addition to interest and the buyer’s premium and until such payment is made in full, any deposit forfeited will be payable in the form of liquidated damages.
   6. Upon failure of immediate payment, the winning bidder has five (5) business days to pay the outstanding balance owing on the Lot that pertains to the winning auction, otherwise the Auctioneer may attempt to recover the costs as set out herein.
   7. Should the winning bidder’s nominated payment method not hold sufficient funds for the Total Price of the Lot, the Auctioneer may deduct the maximum amount and call upon the winning bidder to immediately effect payment of the balance owing.
   8. The winning bidder may submit a deferred payment request to the Auctioneer offering to pay a deposit of 16.5% of the Total Price and provide payment of the remaining balance of the Total Price from another payment method within two (2) business days of closure of the auction of the applicable Lot. It is at the Auctioneer’s sole discretion whether a deferred payment request is approved. The Auctioneer reserves the right to recover any outstanding costs by any means set out herein and/or permitted by law.
   9. Should the winning bidder refuse, or be unable to pay the Total Price for the Lot or fails to comply with the terms and conditions herein, the Auctioneer in its sole discretion can: -
      1. Where no deposit has been paid:

1. 1. 1. Sue the successful bidder for the Total Price of the applicable Lot; or
      2. Resell the Lot (without notice to the winning bidder) and should there be a shortfall, the Auctioneer can claim the outstanding monies from the original winning bidder.

0. 1. 2. Where a deposit has been paid:
1. Forfeit the deposit and resell the Lot (without notice to the winning bidder) and claim from the original winning bidder any shortfall.
   10. Notwithstanding the above, the Auctioneer may in its sole discretion decide to not proceed with the sale of the Lot to the winning bidder in the event their elected method of payment is unable to be processed due to an error or insufficient funds.

1. 1. If the reserve price is not met at the end of auction, the Lot is to be considered as not sold and the highest bidder does not win the auction of the Lot. The Auctioneer reserves their rights to remove the Lot from auction or auction the Lot another time chosen at their sole discretion.
   2. Upon the conclusion of a successful Lot auction, the highest bidder for the Lot will be deemed to have entered into a binding contract with the Auctioneer (acting as agent or as owner).
   3. Should a dispute between bidders arise, the Auctioneer will function as the sole arbitrator to settle the dispute.
   4. Upon the closing of a successful auction, the winning bidder will be notified via their nominated email address.
   5. Upon the closing of a successful auction, the Auctioneer will immediately charge the buyer’s premium of 16.5% and the winning bidder will be invoiced the balance.
   6. It is at the Auctioneer’s sole discretion prior to commencement or upon completion of any auction to withdraw any particular Lot for sale for any reason whatsoever.

1. 1. Shipping will not be approved until the winning bidder has fully paid the Total Price of the Lot.
   2. The title to the Lot only transfers to the winning bidder once the Total Price is paid in full and the payment clears.
   3. The Auctioneer will arrange for the Lot(s) to be shipped to the winning bidder’s registered address.
   4. Delivery locations must not be a post office box and the delivery address cannot be changed once the auction closes. The winning bidder is responsible for ensuring the nominated shipping address is up to date and proper.   
   5. Lot deliveries must be signed for by the winning bidder or their appointed agent. Subject to the shipping terms and conditions and verification of postal address and credit card, items will be dispatched within ten (10) business days from the date of the Lot closing.
   6. Complimentary, fully-insured, worldwide shipping is available to the winning bidder.
   7. The winning bidder is liable for all customs clearance fees, duties, taxes.
   8. If, for any reason whatsoever, the Lot is not or cannot be delivered in the condition it was in at the time of sale, or should the Lot be stolen, mis-delivered or lost prior to delivery, the Auctioneer will not be liable for any amount exceeding the amount paid by the successful bidder.
   9. The Auctioneer is not liable for any shipping delays and postage times may be extended at the discretion of the Auctioneer.
   10. Any and all risk transfers to the winning bidder upon successful delivery of the Lot.
   11. Without limiting the Auctioneer’s contractual and legislative remedies, failure by a winning bidder to accept delivery of a Lot may result in the Auctioneer suspending the winning bidder’s account and/or access to the auction.

1. 1. All Lots sold are warranted by the Auctioneer to match the representations made in the catalogue and have a clean title, unless stated otherwise.
   2. All auction purchases are final, and the winning bidder may not return the Lot purchased by auction or refuse delivery of the Lot unless the Auctioneer is satisfied that:
      1. The Lot was damaged during delivery; or
      2. The winning bidder has provided satisfactory evidence that the purchased Lot does not match the description or representations set out in the in the catalogue.
   3. A winning bidder claiming that the Lot was damaged during delivery or that it does not match the description or representations set out in the in the catalogue must return the Lot to the Auctioneer for inspection. If the Auctioneer is satisfied and accepts the winning bidder’s claim, the Auctioneer, at their sole discretion, will decide whether to issue a full refund to the winning bidder or have the Lot repaired.
   4. If the Auctioneer is not satisfied that the winning Bidder was able to establish that the Lot was damaged during delivery or that it does not match the description or representations set out in the in the catalogue and rejects the winning bidder’s claim, the decision will be final, and the Auctioneer will return the Lot to the winning bidder.

1. 1. At their sole discretion, the Auctioneer may permanently suspend, ban, or terminate a bidder’s account at any time without prior warning. The Auctioneer may also elect to terminate an account in cases where the bidder fails to comply with the terms and conditions herein, provides the Auctioneer with false, inaccurate, or incomplete information, or participates in misleading, deceptive, or illegal conduct. The Auctioneer must notify the bidder of the termination within a reasonable time period.

1. 2. A bidder may elect to terminate their account and request to be removed from the Auctioneer’s database.
   3. Upon termination by either party, the bidder shall be removed as a registered bidder for any of the Auctioneer’s auctions and the bidder may not further participate in any transactions after being notified of the termination, with the exception that the termination will not come into effect until all the bidder’s current or ongoing online transactions are finalised and all obligations of either the Auctioneer or bidder have been satisfied. 

1. 1. The Auctioneer shall not be held liable for, and the winning bidder will not make any claims, demands for damages, losses, costs and/or expenses or further action against the Auctioneer for any: -
      1. Lack of availability or access to the online auction platform;
      2. Bidding issues resulting from technical difficulties;
      3. Service interruptions or disruptions to the online auction platform;
      4. Improper or unlawful use of the Auctioneer’s website and/or online auction platform; and
      5. Failure to implement and/or provide reasonable security of the online auction platform.

• 1. The watches available through the auction are classified as follows:
• New – The watch is in new condition and has had no previous owner
• As New – The watch is in very good condition and presents as new and may have been privately owned.
• Pre-Owned – The watch some signs of wear (e.g., a scratch) and/or was privately owned.
  2. Where stated on the Lot description, the Auctioneer will provide a 90-day limited warranty on ‘as-new’, and ‘pre-owned’ watches purchased through the Auction.
  3. The Auctioneer provides a limited warranty on ‘new’ watches for the period listed in the catalogue description for that particular Lot.
  4. The limited warranty only applies to the hand and movement components of the watch.  
  5. The limited warranty does not include:
     1. Ageing:
     2. Normal wear and tear;
     3. Damage from improper use or handling;
     4. Damage from accidents, tampering, or any other damage caused by the consumer;
     5. External damage;
     6. Battery change;
     7. Any loss of gems or stones on the watch face or outer portion of the watch;
     8. Moisture damage to non-water resistant watches;
        1. Any moisture damage to a water-resistant watch used outside of the conditions set out in the manufacturer’s water resistance specifications; and/or
        2. Moisture damage to a water-resistant watch caused by the crown not being secured properly.
  6. The warranty is voided by any modifications and/or third-party repairs to the watch.

1. 1. The limited warranty applies to watches shipped outside of Australia on the condition that the watch is returned to the Auctioneer’s head office.
   2. The winning bidder is responsible for all shipping costs to and from the Auctioneer’s head office, including any other associated costs that may apply.