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Terms Of Sale |
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TENDER TERMS AND CONDITIONS OF SALE
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Confidentiality: The identity of all parties bidding for merchandise will not be disclosed
to any third parties. Bidders agree not to disclose their bids to third parties or coordinate
their bids with any other bidders or third parties.
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Warranties and Guarantees: Rapaport guarantees that the lot matches its accompanying GIA
laboratory grading report. Should the Bidder resubmit the diamond for grading within 60 days of
purchase and the color, clarity, cut or polish grades differ from the original grading report, the
Lot may be returned for a full refund. Any descriptions of merchandise made by Rapaport staff are
merely general and not a guarantee of the nature, size or quality of the goods. Failure to examine
the Lots shall not constitute cause for cancellation of sale.
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Viewing: Viewing is by appointment only. Merchandise is offered for sale from their respective international
locations and lots may be offered for viewing in either New York, Antwerp, Ramat Gan, or Mumbai .
Not all lots may be available for inspection. Unless otherwise approved, viewing is limited to one (1)
visit by two (2) representatives per bidder. All parties viewing merchandise will be required to register
and have valid identification. Rapaport reserves the right to monitor viewing with video surveillance cameras,
limit viewing to select pre-qualified parties, and reasonably restrict viewing. No party shall have any merchandise
on their person or in their possession when entering, exiting or in the viewing rooms.
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Bidder Qualification: Permission to bid is granted at the sole discretion of Rapaport and subject to approval
by Rapaport. Both members of the diamond trade and members of the general public are eligible to bid subject to prior registration and acceptance as qualified bidders. Bids may
only be made by registered and qualified bidders who have completed and executed the required forms and agreements,
paid the required bid deposit and provided all relevant documentation. Failure to provide all information and documentation
requested may lead to qualification as a bidder being refused. Bidder qualification for this and /or any other Rapaport tenders
will remain valid until revoked by Rapaport at any time at its sole discretion.
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Bidding: Rapaport at its sole discretion reserves the right to require bidders to pay a bidders premium based on whether they are members of the diamond trade or members of the general public.
Members of the general public will be required to pay a bidders premium equal to 5% of their winning bid. All bids must be in writing using the official Tender Bid Form downloadable from or submitted online via the online bid form.
All bids are in total US dollars per lot. No bids will be accepted after the Tender Close deadline. Rapaport at its
sole discretion reserves the right to limit viewing of the goods and refuse to accept bids from any party for any reason.
In addition, Rapaport reserves the right to refuse to sell any particular lot if the highest bid received is deemed by Rapaport and /or the seller, at their discretion, to be insufficient and does not meet the seller’s asking price.
Bidders agree not to retract their bids. Each lot will have a disclosed closing time (“Tender Close”).All bids will be opened and recorded by Rapaport after Tender Close. Paper bids will be entered by Rapaport staff manually by the end of the day on which they are received. All paper bids
must be received by Rapaport before Tender Close to be considered. Rapaport will inform the successful bidders of their purchase no later than two business days after Tender
Close.
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Total Bid Limit: Bidders may be required to deposit security (wire transfer,
cashiers check, certified fund or hold on credit card) to secure bidding privileges, waived at Rapaport’s option. Deposit will be returned
to Bidders within three working days after tender close. Once Total Bid Limit has been reached, no additional bids from this buyer will be accepted.
Application of funds will be in the order of lot number. Buyers that have established credit facilities with Rapaport may not have to post deposits.
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Taxes: All sales taxes are for the bidders account. Bidders may be requested to provide a copy of their Sales Tax Registration and Reseller certificate.
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Notification and Invoicing: Rapaport will notify successful bidders via fax, telephone or email and issue an invoice no later than two business days
after Tender Close. Bidders must provide names of contact persons and telephone and fax notification numbers where they can be reached on the days following the Tender Close.
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Payment: Terms are Certified Bank Check or Bank Wire, Credit card or Cash, delivery at Rapaport Office New York or shipping as instructed by the
Bidder at Bidder’s expense and risk. Full payment must be made within one business day of notification of successful bid. No merchandise will be delivered
to buyers unless Rapaport bank confirms full payment has been received. If payment is not made, Rapaport reserves the right to cancel the bid and/or sale
and bidder forfeits the bid deposit. All sales are final and no returns are accepted after delivery under any circumstances. Bidders paying by credit card
will be charged an additional 3% administration fee.
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Default: In the event a successful bidder defaults on purchase by not making payment on or before one business day after notification of successful bids,
bidder will forfeit all rights to any merchandise, lose any bid deposit and be required to pay a 5% Bid Default penalty fee. In the event of default, Rapaport at
its sole discretion reserves the right to cancel the sale, and/or take legal action against the defaulting buyer and/or offer the parcel to the second highest bidder
who is under no obligation to accept the merchandise.
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Dispute or Error: In the event of any dispute, error or any other reason deemed necessary by Rapaport. Rapaport at its sole discretion reserves the right to provide
a full refund to bidder, withdraw any lot from tender and/or refuse any bid or cancel any sale. If Rapaport withdraws any lot or cancels any sale, the bidders agree to waive
any claims and not to institute any legal action against Rapaport and/or against each other. Bidders agree that all decisions by Rapaport regarding any disputes in connection
with this tender will be final and acceptable to bidders.
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Insurance: All merchandise in the possession of Rapaport will be insured at all times. There is no charge to buyer for this insurance.
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Shipping Fees: If Buyer requests shipment of merchandise after tender and Rapaport agrees
to make shipment, buyer shall pay in advance all shipping, insurance and reasonable handling fees for
shipment to buyer's specified delivery location. Rapaport is not liable for goods once shipped.
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Liability: By participating in the tender bidders and buyers hereby agree; a) Any and all claims by bidders
or buyers against Rapaport or each other shall be limited to the return of any money paid by the bidder for the lot
in question. b) Rapaport and all third parties shall not be liable to any bidder or buyer for any direct, secondary
or incidental damages resulting from the withdrawal of any lot or refusal to accept any bid. Rapaport will have no
obligation of any nature whatsoever to buyers/bidders other than to deliver the merchandise to successful buyers after
all conditions, including full payment, have been met.
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Delivery, Title and Ownership: Title and ownership of the merchandise will only pass to buyer after full unrestricted
payment is received and confirmed in Rapaport's bank account. Within one working day after confirmed receipt of funds, Rapaport
will deliver merchandise to buyers at such location at the point of origin of the merchandise as Rapaport may determine. Buyers must take delivery of merchandise purchased within
7 days of Tender Close after which buyer will be charged reasonable insurance and storage fees.
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Conflict of Interest: Rapaport will not bid on any parcel or lot offered for sale.
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Conduct: All parties agree to conduct themselves in a business-like manner; to maintain the privacy and security of other
bidders; to follow all instructions of Rapaport staff regarding the handling of merchandise and to respect and honor the strong
traditions of honesty and integrity in the diamond industry.
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Intent: Bidders confirm and agree that their participation in the tender is not connected in any way to terrorism,
money laundering or any other illegal act. Bidders agree to comply with any Rapaport requests in connection with the USA Patriot
Act, including provision of documents and full disclosure of relevant particulars. Rapaport act in compliance with the US Patriot
Act and all other US laws.
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Participation in Future Tenders: Bidders confirm and agree that these Tender Terms and Conditions shall be applicable
and effective for Bidder’s participation in future Rapaport tenders and for all bids placed by said bidder in respect thereof.
Bidder accepts and agrees to be bound by the terms of these Tender Terms and Conditions in respect of all subsequent bids in all
such circumstances. In particular Bidder agrees to update Rapaport with changes to Bidder’s details and update the documentation
provided Rapaport in connection with USA Patriot Act compliance, including provision of documents and full disclosure of relevant
particulars for purposes thereof or as may be requested by Rapaport from time to time. These Terms and Conditions may change from
time to time. The most recent Terms and Conditions will be available atand Bidder agrees that bidding in
any Tender is subject to the most recent Tender Terms and Conditions.
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Governing Law and Jurisdiction: These Tender Terms and Conditions, as well as Rapaport`s and Bidder’s rights and obligations hereunder, shall be governed and construed and enforced
in accordance with the laws of the State of New York. By participating in the tender, whether present in person or by agent, bidding online or by other means, the buyer shall be deemed to have
consented to the jurisdiction of the state courts of, and the federal courts, sitting in the Sate of New York. We, undersigned, hereby confirm that we accept and agree to the above Tender Terms
and Conditions and agree to be bound to the terms thereof.
Updated 01/27/08
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