TERMS AND CONDITIONS OF SALE

1. This is a public auction held by Stamp King Chicago. All bids are per lot as numbered in the catalog. Current Scott catalog numbers and values are used unless noted otherwise. The right is reserved to withdraw any lot prior to sale, to divide any lot or to group two or more lots. Withdrawn and combination lots will be announced prior to each sale or session.

2. All lots are sold to the highest bidder at one advance over the next highest bid or the opening reserve price, and are subject to a 15% buyer's premium which will be added to the hammer price as part of the total purchase price. In the case of tie bids, the first bid received shall prevail.

3. All mail, fax and confirmations of telephone bids must be on our bid sheet, personally signed by the bidder. Bid cancellations must be made in writing prior to the sale. The right is reserved to reject bids which, in our opinion, are not offered in good faith or are not commensurate with the market value of the item being offered. Bids received in odd amounts will automatically be reduced. Buy bids are not welcome. If received, they will be entered at 3 times the catalog value or high estimate, whichever is greater. Every effort will be made to accurately record and execute bids, but we regret we cannot be responsible for errors or omissions in handling bids. In this sale, the opening price represents the reserve.

4. The terms of the sale are strictly cash. Floor bidders can make payment immediately following the auction or up to three business days following the sale at our office. Mail bidders will be notified of lots purchased, and must remit full payment before lots are sent. Mail bidders are responsible for shipping charges. Clients with established credit, who have furnished satisfactory references, may, at our option, have lots forwarded for immediate payment. Postage and insurance are extra and will be charged to the buyer at actual cost, with a $3.00 minimum charge. A signed registration, UPS or express receipt to the advised address shall constitute delivery. Agents bidding on behalf of third parties shall be jointly and severally liable with the third party for lots purchased. Title shall not pass to the buyer until full payment is received. A late payment charge of 2% per month will be imposed on overdue accounts. This is 24% per year (24% APR). If collection of any sum due is submitted for legal action or collection, the bidder agrees to pay all legal fees, collection costs and expenses incurred in addition to the sums due with the late payment charges. A fee of $15.00 plus any bank charges will be assessed to cover the expense of handling each check returned unpaid. Credit will be denied if any previous balance is unpaid.

5. All lots are sold as genuine and correctly described. Lots accompanied by an expertizing certificate shall not be subject to additional certification. The buyer may request written confirmation of our lot descriptions. "Genuine," is defined as not faked or forged. The following conditions apply to requests for expertization: a) Mail bidders must advise of any extension requests at the time of placing their bids. Floor bidders must advise of any extensions at the time of lot settlement. b) The lot must be paid in full. c) The Auctioneer shall submit all items so requested for extension to the reputable expertizing authority of the Auctioneer's choice: in most instances of United States or British Commonwealth material, Professional Stamp Experts or American Philatelic Expertizing Service. The Philatelic Foundation may be used on request. d) Expertization expenses shall be paid by the buyer, except the Auctioneer shall be responsible for all expertization charges up to a maximum of $100.00 when a written opinion states the item is not genuine. e) Full refunds will be made promptly in the unlikely event of an adverse opinion. f) If an expertization service declines an opinion, there is no refund.
Any lot described incorrectly must be returned intact by registered or express mail within 10 days of receipt by purchaser. LOTS NOT RETURNABLE: a) Lots containing ten or more items. b) lots described as containing stamps with faults or defects. c) lots sent out for postal viewing, or lots available to be viewed by floor bidders. d) lots described "as is." e) photographed lots for any visible reason - centering, cancellations, margins, perforation faults etc., and f) if a lot in any manner is altered from its original condition or if authentication markings are added it will be deemed unreturnable, even if not genuine.

6. Buyers living in Illinois are subject to state and local sales tax on the purchase price including the buyer's premium, unless they are exempt and have a resale certificate on file with us.

7. Stamp King Chicago is a licensed auctioneer in Illinois. Claims and requests not made within the specified time periods or when the auction invoice is not paid in full, will render all lots not returnable for any reason, at any time. In any dispute between bidders, the auctioneer's decision is final. Bidders agree that any dispute relating to their bids, including but not limited to any actions for collection, shall be brought in the Circuit Court of Cook County, Illinois, and bidders submit to the jurisdiction of that court. No individual auctioneer or employee shall be personally liable for negligence or otherwise.

8. The placing of a bid shall constitute acceptance of all the foregoing terms and conditions of sale. Prices realized for this sale are sent free to all successful bidders, otherwise the cost is $1.00.