3.3 No error or misdescription of the lot shall vitiate the sale and the Purchaser shall be bound to take delivery of the lot sold without concession or reduction in price. Advertisements, catalogues, valuations and any pre-purchase/condition reports for the auction are statements of opinion and are not to be relied upon as statements or representations of fact and intending Bidders must satisfy themselves by conducting their own inspection, enquiries and investigation as to the nature and condition of the lot(s) offered for sale. Caveat Emptor (buyer beware) applies to each lot in this Auction. 3.4 All lots are available for inspection prior to auction and it is deemed that each lot has been adequately inspected by the Bidder or Purchaser prior to the sale. 3.5 Pre-purchase/condition reports are prepared as a result of a brief inspection undertaken by an independent contractor prior to auction and are intended as a guide only. No detailed inspection of the lot has been undertaken and no warrantee or guarantee concerning any faults or defects are given or implied. 3.6 No compensation shall be paid in respect of any error or misdescription in relation to the matters referred to above. 4. AUCTIONEER 4.1 “Auctioneer” means Shannons Auctions Limited and/or any person actually conducting the auction for and on behalf of Shannons Auctions Limited. 4.2 The Auctioneer reserves the right to: (a) refuse any bid; (b) require a successful bidder to immediately pay the whole or part of the purchase price; (c) withdraw any lot from sale. 4.3 The Auctioneer at all times acts solely as the agent for the Vendor. 4.4 Subject to the provisions of Condition 1 the highest Bidder shall be the Purchaser and if any dispute arises concerning the bidding the Auctioneer shall either determine the dispute or put the lot up again at the last undisputed bid. No person shall at any bidding, advance less than the sum named by the Auctioneer and no bid shall be retracted. 5. AUCTION SYSTEM 5.1 Shannons will conduct this auction at the auction venue and receive bids from: (i) registered Bidders present in person, (ii) registered absentee Bidders, (iii) registered phone Bidders, and/or (iv) registered internet Bidders. Each of these is known in these Auction Conditions as a Bidder. 5.2 The Vendor maintains the right to reduce the reserve price, therefore the starting price may not always be the reserve price. 5.3 The Auctioneer has the right to accept bids below the reserve and to make a bid or bids on behalf of the Vendor. 6. BIDDING AGENT 6.1 If the Bidder proposes to purchase the lot as an agent for a Principal the Bidder must identify the Principal at the time of completing the bidder registration form (the bidding slip). If the Bidder fails to identify the Principal at the time of the completion of the bidding slip, or provides incomplete, inaccurate or false details of the Principal, the Auctioneer and the Vendor shall not be bound by any contract, agreement or arrangement with any person other than the Bidder personally. 6.2 If the Bidder purchases the lot as an agent for a Principal then, unless within two clear business days from the conclusion of bidding for the lot the Principal ratifies the agency and the purchase of the lot and agrees with the Auctioneer to be bound by every term and condition or other stipulation applicable for the auction, as if the principal were the Bidder, then notwithstanding, any later ratification of the agreement by the Principal, the Bidder nevertheless will remain liable to the Vendor as the Purchaser of the lot. 7. PAYMENT OF BALANCE OF PURCHASE PRICE 7.1 Each lot shall be paid for by a purchaser located in Australia by cash, bank cheque, electronic funds transfer or credit card which is acceptable to Shannons no later than 6:00pm (Australian Eastern Standard/Daylight Time) two business days after the auction. In the case of a purchaser located outside of Australia, and unless otherwise agreed, each lot shall be paid for by the purchaser by credit card which is acceptable to Shannons or electronic funds transfer no later than 6:00pm (Australian Eastern Standard/Daylight Time) two business days after the auction. 7.2 Personal cheques will only be accepted by prior arrangement with the Auctioneer.