7.6 In the event that the Bidder fails to settle payment of the balance of the purchase price in the required time: (a) the Vendor shall have the right to retain any deposit paid by the defaulting Purchaser and the Vendor may then or any time after at the Vendor’s option sell the lot either by private treaty or auction to any other Purchaser and the Bidder shall have no right or action against the Vendor or the Auctioneer and shall have no proprietary interest (legal, equitable or otherwise) in the lot. (b) in the event that the Vendor shall be unable to sell the lot for the same amount as the highest bid by the defaulting Bidder, the Vendor shall be entitled to recover the difference together with any other losses and expenses incurred by the Vendor against the defaulting Bidder. (c) the Vendor may abandon the lot and sue the Bidder for payment of the balance of the purchase price. Shannons Auctions Limited ABN 83 099 665 497