VENDORS' OPTIONS FOR PAYMENT, INSURANCE AND UNSOLD LOTS

Options for vendors in Apex Philatelic Auctions' sales regarding payment, insurance and how to handle lots which do not sell. Unless you advise us otherwise – or have already so advised us – the first option in each case will apply.

PAYMENT (will be made by):

1) Apex company CHEQUE in Sterling (GBP) drawn on NatWest Bank

(net amount due, no further charges)

2) Banker's DRAFT in Sterling (GBP) drawn on NatWest Bank (or other UK clearing bank)

(Cost of draft will be deducted from sum due).

3) Sterling (GBP) CASH sent by registered post or collected.

(£10 fee [incl Vat], receipt required and photographic i/d may be requested. Max £10,000. We do not accept any responsibility for loss in transit however caused. To UK addresses only.)

4) Banker's DRAFT in any other currency drawn on bank local to currency

(eg USA bank for US$, NZ bank for NZ$ etc)

(GBP net sum due less cost of draft (typically £10) will be used to purchase draft at day to day exchange rate prevailing.)

5) CASH in any currency other than Sterling sent by registered post or collected

(GBP net sum due (max £10,0000) less cost of conversion (exchange rate and commission) will be used to purchase currency [banknotes only] at day to day exchange rate prevailing. Receipt required and photographic i/d may be requested. We do not accept any responsibility for loss in transit however caused. To UK addresses only.)

6) BANK TRANSFER – funds paid directly into your bank account

(Sterling amount, less outward transmission charges, paid directly into your account anywhere in the world. You will be responsible for any receipt charges made by your bank and for conversion charges if your account is not in GBP. You will need to give us details of your bank account.)

7) CREDIT ACCOUNT – funds credited against future purchases

(If not used for purchases can be paid by cheque or in cash at any time to you OR to a third party [fees may be payable and other terms as shown above].)

INSURANCE OF GOODS

1) INSURE on your company policy (underwritten at Lloyds)

("All risks" cover whilst lots in our possession. Cost of cover is 38p per £100 each time offered for sale, based on gross estimated value of lots. Total loss will be compensated and our liability limited as to putative net sum due [after commission] had lots sold at gross estimated value.

2) DO NOT INSURE on your company policy, I have my own cover

(Apex (we/us) accepts no responsibility for accidental loss or damage, however caused, unless we have been demonstrably negligent.)

(UNSOLDS) if any lots do not sell

1) RE-RUN UNTIL SOLD

(subject to our discretion. Estimates and reserves will be reduced by 20% at third offering and by a further 20% (of residual 80%) at each subsequent offer. At 10th time of offering, estimate and reserve is reduced to £1).

2) DO NOT RE-RUN – return lots by registered post

(Cost of return postage /carriage will be deducted from future remittance)

3) DO NOT RE-RUN – await instructions

(Lots will be held pending your instructions. Any costs incurred incl insurance will be deducted from future remittance)

4) RE-RUN ONCE – then return lots by registered post

(Lots will be re-offered in next available and/or suitable sale. If still unsold, they will be returned to you. Cost of return postage /carriage will be deducted from future remittance)

5) RE-RUN ONCE – then await instructions

(Lots will be re-offered in next available and/or suitable sale. If still unsold they will be held pending your instructions Any costs incurred incl insurance will be deducted from future remittance)

6) RE-RUN ONCE – then make me an offer

(Service for private [not trade] vendors only who prefer not to have a drawn-out sales process for a minority of lots. We will make you a cash offer for anything still unsold after two offers. The amount of the cash offer will depend on type of material; a typical cash offer for single items is half the estimated value [net]. You are under no obligation to accept offer.)

This information correct at 25th October 2007. These are "standard" terms. However, we reserve the right to withdraw or amend with or without notice.

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