CONDITIONS OF SALE
The Monart Sale — Kimaura Ltd
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NOTICE TO BUYERS AND SELLERS

The attention of Vendors and Purchasers is drawn to these revised Conditions of Sale. They form the basis of the contract between Buyer and Seller. All prospective Purchasers are advised to read these Conditions carefully before bidding. Purchasers should note in particular the provisions relating to complaints, disputes, and time limits for raising such matters.

The sale will be conducted by a registered and licensed Auctioneer, in compliance with all relevant legislation.

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DEFINITIONS

"Auctioneers" means Kimaura Limited or any party acting on its behalf.

"Vendor" means the person, partnership, or corporation named in the Entry Form as Owner of the Lot. If no owner is named, or in the case of a partnership, the person entering the Lot shall be deemed the Vendor.

"Purchaser" means the highest bidder to whom the Lot is knocked down, subject to these Conditions, and includes a Vendor purchasing in partnership.

"Lot" means and includes any horse offered for sale by Kimaura Limited.

"Sale" means any sale conducted by the Auctioneers, whether held in person, online (an "Online Auction"), or both.

"Online Bidding Platform" means the website and systems used by the Auctioneers to receive bids in an Online Auction.

"Sales Complex" means any premises, whether permanent, temporary, or otherwise, used by the Auctioneers for the Sale.

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1. LIABILITY AND CONDUCT

Kimaura Limited, its servants or agents shall not accept responsibility for injury, loss, or damage to persons, animals, goods, or property, howsoever arising, whether through act, omission, default, or negligence of the Auctioneers, Vendors, their agents, or visitors to the Sales.

The Auctioneers reserve the right to refuse entry to the Sales Complex of any animal suspected of suffering from a contagious disease.

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2. RESERVES, BIDDING AND PRIVATE SALES

(i) A Lot entered in the Catalogue shall not be sold privately before its auction. If it fails to reach reserve, the Vendor may negotiate privately, but all such sales must be conducted through the Auctioneers. Breach of this condition may result in exclusion from future sales.

(ii) A Lot may be subject to a reserve price. Subject to such reserve, the highest bidder shall be the Purchaser. In the event of a dispute, the Auctioneer's decision shall be final and binding. The Auctioneer may, at discretion, re-offer the Lot for sale.

(iii) The Auctioneers reserve the right:
     (a) To refuse any bid without reason.
     (b) To bid on their own behalf up to the reserve.
     (c) To withdraw any Lot prior to sale without disclosing the reserve.

Vendors shall not bid or allow another to bid on their behalf, except:
     - where selling on dissolution of a partnership, or
     - in an online-only auction, where a Vendor may bid up to their pre-agreed reserve.

If a Vendor successfully bids above reserve, full commissions apply (10% Buyer's, 5% Vendor's).

(iv) RISK AND OWNERSHIP: A Lot remains at the Vendor's risk until the fall of the hammer. From the fall of the hammer, the Lot is the property and sole responsibility of the Purchaser, and all risk of loss, injury, illness, disease or death passes to the Purchaser, wherever the Lot is kept and whether or not it has been collected. PURCHASERS ARE STRONGLY ADVISED TO INSURE EACH LOT FROM THE FALL OF THE HAMMER. The Auctioneers accept no liability for loss, injury, or disease affecting a Lot while at the Sales Complex.

After the Sale, the Vendor may keep the Lot on the Purchaser's behalf until it is collected. This is solely a convenience to the Purchaser and does not pass any risk back to the Vendor or the Auctioneers. Any veterinary treatment, surgery or other care the Lot requires after the fall of the hammer is at the Purchaser's cost, and the full purchase price remains payable if the Lot is injured, becomes ill or dies before collection.

The Purchaser must arrange collection and transport promptly, at the Purchaser's own cost. If a Lot is not collected within 48 hours of the close of the Sale, the Vendor may charge the Purchaser a reasonable daily fee for its keep until collection. No Lot will be released until all sums due have been paid in full.

(v) If a Purchaser fails to pay, the Auctioneers may retain the Lot until payment is made, holding a lien for all costs incurred. A Lot will not be delivered until all sums due (purchase price plus expenses) are paid. In case of default, the Auctioneers may resell the Lot and the defaulting Purchaser shall be liable for any shortfall as liquidated damages. The Auctioneers and Vendor retain full rights to pursue legal remedies.

(vi) Any undertaking by the Auctioneers to handle or transport a Lot shall be at the sole risk and cost of the Vendor or Purchaser, as applicable, and shall not create any liability on the part of the Auctioneers.

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3. DESCRIPTIONS OF LOTS AND STABLE VICES

(i) The Auctioneers are not responsible for the accuracy of catalogue information or announcements from the rostrum. Such information is supplied by the Vendor, who alone is liable for its accuracy and must indemnify the Auctioneers accordingly.

(ii) A Lot is sold at the fall of the hammer or upon subsequent private agreement, and the sale is concluded at that point, subject only to the following:
     (a) Returnable if the horse is a wind-sucker, weaver, box-walker, has been nerved, tubed, operated on for unsoundness in wind, or has sweet itch, unless so described.
     (b) Returnable if described as a colt but does not have two descended testes, or described as a gelding but is in fact a colt or rig.

(iii) If the Purchaser contends a Lot does not correspond with its description or pedigree, or is affected by a vice as in (ii)(a), written notice must be given to the Auctioneers within 14 days of the final day of sale. Failure to notify bars all claims. The Auctioneers will appoint an expert or veterinary surgeon, solely to determine a claim under this Condition 3, whose decision is final and binding. This is not a re-examination of the Lot under Condition 4.

(iv) Disputes under this section will be adjudicated by the Auctioneer, whose decision shall be final. Costs will be borne by the party at fault. The Auctioneers shall not be liable as a party to such disputes.

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4. VETERINARY PROCEDURES

Every Lot is sold with an agreed vetting, carried out before the Sale by members of the Monart Sale veterinary panel.

All Lots will be sold with a "Certificate of Veterinary Examination of a Horse Prior to Sale at Auction" issued by the Monart Sale veterinary panel. Digital X-rays will be available for inspection by Purchasers and their veterinary advisors before the Sale. The panel's decision shall be final and binding.

NO LOT MAY BE RE-EXAMINED AFTER THE FALL OF THE HAMMER, and no further veterinary examination may be requested, or relied upon, to return a Lot or to vary or cancel its sale.

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5. BLOOD TESTS

Blood will be taken at pre-purchase examination for prohibited substances. Purchasers may elect (within 24 hours of invoice) either to have the sample stored for future reference or processed immediately. If a positive result is returned, the animal shall be returned, and the Vendor barred from future sales.

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6. PAYMENT

Payment to Vendors (or their authorised agents) will be made within 30 days of the sale, provided the Purchaser has settled in full. The Auctioneers accept no liability for shortfall in the event of a defaulting Purchaser. The Auctioneers will use best endeavours to secure payment, but final discretion on payment terms lies with them.

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7. DISPUTES

The Auctioneers act as agent for both Vendor and Purchaser. Any disputes shall be governed by these Conditions of Sale. The Auctioneers shall not be liable to either party.

If a dispute arises before the Auctioneers have remitted purchase money, such funds shall be held in an interest-bearing account until resolution. If the Purchaser fails to pursue resolution, the Auctioneers may release funds to the Vendor unless legal proceedings have commenced.

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8. COMMISSION AND FEES

Vendor's commission: 5% of sale price.
Purchaser's commission: 10% of sale price.

- Commission is also payable on any Lot sold privately within one week of the Sale.
- Full commission is payable on returnable Lots.
- VAT at 13.5% applies except where:
     (1) The Purchaser is VAT-registered in another EU country (VAT number must be provided), or
     (2) The Purchaser is from outside the EU (proof of shipment required).

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9. ONLINE AUCTIONS

In an Online Auction, these Conditions apply with the following meanings:

(a) FALL OF THE HAMMER. A Lot is knocked down, and the fall of the hammer occurs, at the moment bidding on that Lot closes on the Online Bidding Platform. Subject to any reserve, the highest valid bid recorded at that moment is accepted.

(b) ANNOUNCEMENTS. References to announcements from the rostrum include any notice, update or correction published on the Online Bidding Platform, on the Auctioneers' website, or by email before or during the Sale.

(c) BIDS. Every bid placed through a registered account is a binding offer to purchase on these Conditions, and the account holder is responsible for all bids made through that account. The Online Bidding Platform's record of bids and their times is conclusive.

(d) CLOSING EXTENSIONS. If a bid is placed in the final five minutes before a Lot closes, bidding on that Lot is extended by five minutes from the time of that bid, until no further bids are received. This does not delay the closing times of subsequent Lots.

(e) TECHNICAL ISSUES. The Auctioneers may extend, pause, suspend or cancel bidding on any Lot, or re-offer it, in the event of a technical failure, suspected error or irregular bidding. The Auctioneers accept no liability for any bid that is not received or not recorded, however caused, including any failure of the internet, a device, or the Online Bidding Platform.

(f) FINAL DAY OF SALE. For the purposes of the time limits in these Conditions, the final day of sale is the day on which bidding closes on the last Lot of the Sale.

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NOTES

The Monart Sale is owned and managed by Kimaura Ltd, a company registered in Ireland (No. 630595), PSRA Licence No. 004007.