Fully Functional Ferrari 156 Electric Model Racing Car

AUCTION TERMS AND CONDITIONS

Participation in the auction is subject to the acceptance and unconditional acceptance of these Auction Terms and Conditions:

1. BID
- The submission of a bid means a binding offer.
- The bidder remains bound to his bid until it is either outbid or rejected by Auctioneer.
- Bids of unknown persons may be rejected by Auction House.
- Persons who are not present may notify the Auction House in writing of intended bids. These bids are considered as maximum bids, plus premium. Changes to a written bid must be made in writing; they must be received no later than 24 hours prior to the Auction. Written bids can be send to info@dutchauctioncompany.com
- Request for Telephone bids must be made no later than 24 hours prior to the Auction.

2. AUCTION OBJECTS
- The objects are offered and sold in the name and for the account of the consignor.
- The Dutch Auction Company and the sellers disclaim any warranty for the age, origin, condition and quality of the vehicles and objects put up for auction. The objects are sold in the condition in which they were at the time of the knock down.
- All objects are to be inspected at the preceding exhibition. It is possible to get an idea of their condition and value and to obtain information. The buyer acknowledges, that we sell used goods which can have marks and defaults caused by their age.
- The objects are described based on the latest current state of knowledge to the best of our knowledge and belief. The Dutch Auction Company is not liable for obvious or hidden defects.

3. KNOCKDOWN/PROPERTY
- The object is awarded to the highest bidder. The object will only be delivered to the buyer after payment has been made in full.
- The knock down could be also conditional. If it is called up « conditional sale», it means, that the reserve was not met. The Auction House will first consult with the seller and afterwards inform the buyer, if his offer was successful or not. This may happen right at the sale or within a few days.
- In the event of differences between two or more bidders, the Object may be offered again.
- Once the bid has been accepted, no further complaints will be accepted.

4. KNOCKDOWN HAMMER PRICE / BUYERS PREMIUM
- A buyers premium of 20% must be paid on top of the hammer price. This is excluding 21 % VAT* on the buyer premium.
- For cars 12% buyer's premium will apply. This is excluding 21% VAT* on the buyer premium.

* Explanation of the application of VAT:

> Private buyers registered within the Netherlands and Europe are invoiced including VAT.
> Private buyers registered outside Europe and exporting the purchased lots, lots leaving Europe, will be invoiced without VAT. Proof of export of the lots is required.
> Commercial buyers (companies) registered in the Netherlands are invoiced including VAT.
> Commercial buyers (companies) registered outside the Netherlands but within Europe are invoiced without VAT.
> Commercial buyers (companies) registered outside Europe and exporting the purchased lots, leaving Europe, are invoiced without VAT. Proof of export of the lots is required.

If commercial buyers (companies) wish to make use of the above VAT application, they must register as a commercial (company) bidder. Company name, address and VAT number are then required information that must be provided at registration.

5. PAYMENT OF THE OBJECTS
- The auctioned objects must be paid for in cash (maximum of € 20.000,-) or by bank, and collected from the auction site within 5 days after the Auction. On Credit Card payment an additional 3% will be added to the total bill.
- Before leaving the auction room, each buyer is requested to take receipt of the relevant formalities at the auction office and to make a full or appropriate down payment.

6. DELIVERY/COLLECTION OF THE OBJECTS
- The auctioned objects will only be delivered after the auction and after full payment.
- The objects must be collected within 5 days of the Auction. Later collection may be possible by agreement with the Auction House.
- Objects that are not collected on time will be removed to storage at the buyer's expense.

7. LEGAL ISSUES/LIABILITY
- The Dutch Auction Company reserves the right to make changes and comments regarding the object description before and during the exhibition or until the bid is accepted. Lots may be added or removed.
- The Dutch Auction Company, as sales commissioner according to article 7:425 BW 7:425 BW, acts for the account of the consignor. Any liability for defects shall be excluded in accordance with section 2. Any notices of defects, claims for rescission or reduction must be addressed directly to the Consignor as the seller. No representative or employee of the Dutch Auction Company is entitled to issue any guarantees deviating from this.
- The auction management may offer lots outside the numerical order without justification, and may combine, separate, or withdraw catalog items.
- Any participation in the auction is at your own risk. In the event of damage to exhibited objects, the causer shall be liable.
- Each removal of the auctioned objects, also by third parties, relates to own costs and risks.
- The invoice for the auctioned objects is to be paid in accordance with section 5. If this is neglected, the auctioneer may, at his discretion, demand fulfilment of the purchase contract by charging a default interest of 1% per month on the hammer price plus surcharge and the costs of collection. However, he may also withdraw from the purchase contract without notice or other notification and cancel the knockdown and sell the object by private contract. In this case, the successful bidder shall be liable for all damages resulting from non-payment or delayed payment, in particular for any loss of proceeds. Any down payment made will be deducted from the damage.
- The auction and all disputes arising from it are subject to Dutch law. This applies regardless of the legal domicile of the parties involved.
- The English version of these Terms and Conditions of Sale shall be authoritative for the assessment of disputes.
- The place of jurisdiction is Breda, Holland.

8. GENERAL
- The auction and sale conditions are made known to every interested person and are posted in the auction hall during the exhibition and auction.
- Legal identification, name and address of the buyer are required for bidding and auctioning an object. Registration entitles the buyer to bid.
- It is the buyer's responsibility to protect himself against the risks of loss, theft, damage, and destruction of the objects in question by taking out insurance in good time. All risks are with the buyer after knockdown of the item.

Tilburg, The Netherlands - January 2022