1. Warranties. All merchandise is sold AS-IS. While Rapaport guarantees that products identified by grading reports or appraisal are the same as referred to by such documents, we do not guarantee the quality or accuracy of such reports, appraisals or other documents. No guarantees or warrantees are made as to the quality, origin, physical characteristics, provenance, grading report, appraisal or other associated document accuracy. Descriptions of merchandise made by Rapaport staff are merely general and not a guarantee of the nature, size or quality of the goods. Buyer agrees not to hold Rapaport companies or staff liable or responsible for any description or information provided about any merchandise.

 

2. Bidding. Permission to bid is granted at the sole discretion of Rapaport and subject to approval by Rapaport. Rapaport reserves the right to require bidders to pay a deposit equal to 10% of their total bid. The deposit will be refunded to unsuccessful bidders within three business days after the Auction Close. All bids must be in writing using the official Bid Form or submitted online via the Online Bid Form. All bids are in total US dollars per lot. Rapaport at its sole discretion reserves the right to refuse or reject any bids from any party for any reason. Rapaport reserves the right to refuse to sell any lot if the highest bid received is deemed by Rapaport and/or the seller, at their sole discretion, to be insufficient. Unless indicated otherwise all lots are subject to a reserve price. Rapaport is entitled to bid on behalf of the Seller up to the reserve price.

 

3. Taxes. All applicable taxes, duties and other related charges are the responsibility of the Buyer. Buyers must pay sales tax unless they are members of the jewelry trade who provide a Sales Tax Resale Certificate.

 

4. Opening of Bids. All bids will be recorded by Rapaport after Bidding Close. Auction close will take place approximately 25 hours after Bidding Close so that sellers have an opportunity to accept or decline bids. Rapaport will inform successful bidders of their purchase no later than one business day after Auction Close.

 

5. Total Bid Limit. Buyers wishing to limit their total purchases may specify a maximum they wish to spend on the tender auction. Once this maximum has been reached all additional bids from this buyer will be voided. Application of funds will be in the order of lot number.

 

6. Notification and Invoicing. Rapaport will notify successful bidders via telephone or email and issue an invoice no later than one business day after Auction Close. Bidders must provide names of contact persons, telephone numbers and email address where they can be reached on the day following the Auction Close.

 

7. Payment. Terms are Certified Bank Check Bank Wire, or ACH payment. Full payment, including bank fees, must be made within three business days of notification of successful bid. No merchandise will be delivered to buyers unless Rapaport bank confirms full irrevocable payment has been received. If payment is not made, Rapaport reserves the right cancel the bid and/or revoke the sale. All sales are final and returns are not accepted unless specifically indicated in writing at time of sale. Rapaport shall be entitled to charge Buyers that are private consumers (i.e. not members of the trade) a 10% Buyer’s Premium for any Sale.

 

8. Default. In the event a successful bidder defaults on purchase by not making payment on or before three business days after notification of successful bids, Buyer will forfeit all rights to any merchandise, lose any bid deposit and be required to pay a 10% Bid Default penalty fee. In the event of default, Rapaport at its sole discretion reserves the right to cancel the sale, and/or take legal action against the default buyer with legal fees charged to the bidder, and/or offer the parcel to the second highest bidder who is under no obligation to accept the merchandise.

 

9. Confidentiality. The identity of all parties bidding for merchandise will not be disclosed to any third parties unless permission is given. Bidders agree not to disclose their bids to third parties or coordinate their bids with any other bidders or third parties.

 

10. Dispute or Error. In the event of any dispute, error, discrepancy or any other reason deemed sufficient by Rapaport, Rapaport at its sole discretion reserves the right to provide a full refund to bidder, withdraw any lot from tender and/or refuse any bid or cancel any sale. If Rapaport withdraws any lot or cancels any sale, the bidders agree to waive any claims and not to institute any legal action against Rapaport and/or against the seller. Bidders agree that all decisions by Rapaport regarding any disputes in connection with this auction will be final and accepted by bidders.

 

11. Insurance. All merchandise in the possession of Rapaport will be insured by Rapaport at no charge, for up to 7 days after Auction Close. Once merchandise leaves the Rapaport office insurance is the responsibility of the buyer.

 

12. Shipping Fees. Terms of sale are cash, FOB Rapaport New York office. If Buyer requests shipment of merchandise after auction and Rapaport agrees to make shipment, buyer shall pay in advance all shipping, insurance and handling fees for shipment. Rapaport is not liable for merchandise once they leave Rapaport office. Insurance to buyer’s destination is responsibility of buyers.

 

13. Liability. By participating in the auction bidders and buyers hereby agree; a) Rapaport and any third parties shall not be liable to any buyer or seller for any direct, secondary or incidental damages resulting from the withdrawal of any lot or refusal to accept any offer. b) In the event of any dispute the liability of Rapaport and any sellers will be limited to the return of any money paid by the buyer for the lot after the lot is returned in the same condition as it was delivered to the buyer.

 

14. Delivery, Title and Ownership. Title and ownership of the merchandise will only pass to buyer after full unrestricted irrevocable payment is received and confirmed in Rapaport’s bank account. Within two working days after confirmed receipt of funds, Rapaport will deliver merchandise to buyers at the Rapaport New York office. Buyers must take delivery of merchandise purchased within 7 days of Auction Close after which buyer will be charged reasonable insurance and storage fees. 

 

15. Conduct. All parties agree to conduct themselves in a business-like manner; to maintain the privacy and security of other bidders; to follow all instructions of Rapaport staff regarding the handling of merchandise and to respect and honor the strong traditions of honesty and integrity in the jewelry industry.

 

16. Intent. Bidders confirm and agree that their participation in the auction is not connected in any way to terrorism, money laundering or any other illegal act. Bidders agree to provide Rapaport with any requests in connection with the USA Patriot Act, OFAC or other regulations, including provision of documents and full disclosure of relevant particulars. Bidders agree not to collude with other bidders so as to reduce competitive bidding.

 

 17. Agreements. In the event of a conflict with any other agreements made between bidder and Rapaport, these terms and conditions shall prevail.