COMMISSION SERVICE – TERMS AND CONDITIONS

Effective Date: [25/04/2025]

IMPORTANT ­– PLEASE READ These Terms and Conditions (“Terms”) form a legally binding contract between: • Authentic Swiss Watches Ltd, trading as SwissTimepieces, a company registered in England and Wales with company number 10812930 and registered office at SwissTimepieces, Station House, Kendal, LA9 6RY (“we”, “us”, “our”, or the “Company”); and • The individual or entity named in the Commission Sale Document / Client Schedule (“you”, “your”, or the “Client”) governing the consignment, marketing, and sale of the wristwatch(es) (each a “Watch”) specified in the Client Schedule.

By signing the Commission Sale Agreement or by delivering a Watch to us for consignment you agree to be bound by these Terms. If you do not agree you must not consign a Watch to us. These terms are designed to protect both parties and offer you ultimate peace of mind.

These Terms are drafted for UK transactions and do not constitute legal advice. Please seek independent counsel before relying on them.

1. Definitions

“Agreement” means the Commission Sale Agreement incorporating these Terms.
“Buyer” means the purchaser of the Watch.
“Business Day” means any day other than a Saturday, Sunday or public holiday in England.
“Commission” means our fee calculated in accordance with clause 8.
“Gross Sale Price” means the total amount actually received from the Buyer including any delivery charges but excluding VAT (if applicable).
“Seller Proceeds” has the meaning given in clause 9.
“Sale Period” means sixty (60) days from the Listing Date unless extended under clause 11.

2. Appointment

2.1 You appoint us as your exclusive agent to market and sell the Watch during the Sale Period, and we accept that appointment on these Terms.
2.2 We act solely as your commission agent; title to the Watch remains with you until risk and title pass to the Buyer in accordance with clause 6.6.

3. Client Warranties

You warrant, represent and undertake that:
(a) you are the sole legal and beneficial owner of the Watch, or are duly authorised by the owner to consign it;
(b) the Watch is authentic and free from undisclosed defects, theft, finance, charges, liens or encumbrances;
(c) any documentation supplied (including box, papers, warranty cards, service history) is genuine;
(d) all information you provide about the Watch is complete and accurate; and
(e) you have complied with all customs, tax and import obligations.

4. Delivery, Inspection & Authentication

4.1 You may deliver the Watch to our Lake District showroom or request a free insured collection arranged by us.
4.2 On receipt we will undertake inspection and authentication (including Watch Register checks) and may engage third‑party experts. If the Watch is found to be counterfeit or materially mis‑described we may terminate this Agreement immediately and return the Watch to you (or law enforcement) at your expense.
4.3 We may carry out routine servicing, refurbishment, valeting or photography enabling us to achieve the optimal sale value for you. Costs exceeding £135 + VAT will be notified in advance and require your approval.
4.4 If the Watch is not as described or is damaged when received and you do not authorise the works or replacement items required to make it saleable, you will be liable for the insured collection charge (if any), insured return delivery and the cost of the Watch Register check if the watch is to be returned to you.

5. Valuation & Pricing

5.1 A fixed sale price and your guaranteed net return ("Seller Proceeds") will be agreed with you before we take the Watch into stock. This figure will not change unless additional work is required under clause 4 or damage is discovered.
5.2 We will not reduce the list price or accept any offers on the Watch without your prior written or verbal consent. Where you instruct us to reduce the price, our Commission under clause 8 remains unchanged.
5.3 All marketing descriptions, photographs and promotional materials are at our discretion, but we will not create any representation that conflicts with information supplied by you.

6. Marketing & Sale Process

6.1 We will list the Watch on our website and may advertise on third‑party marketplaces, social media, exhibitions or private networks.
6.2 You authorise us to photograph, describe and promote the Watch and to use associated intellectual property for that purpose.
6.3 We will handle all Buyer enquiries, viewings, payment processing and shipping.
6.4 We are required by the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 to give online Buyers a 14‑day right to return.
6.5 Risk of loss or damage passes to the Buyer upon physical delivery to the Buyer or their carrier.
6.6 Title passes to the Buyer only once cleared funds for the full Gross Sale Price are irrevocably received in our nominated account.

7. Storage, Care & Insurance

7.1 While in our possession the Watch will be stored in a secure safe and insured under our Jeweller’s Block policy for the agreed Seller Proceeds amount.
7.2 Our liability for loss or damage while the Watch is in our custody is limited to such insured value.

8. Commission, Fees & Expenses

8.1 We operate a fixed tiered commission structure based on the agreed List Price:

8.2 Commission is calculated on the Gross Sale Price and remains fixed even if you later authorise a price reduction.
8.3 We may deduct from the Gross Sale Price: (a) Commission; (b) approved refurbishment/repair costs (c) replacement items.
8.4 No Commission is payable if the Watch remains unsold and is returned in accordance with clause 11.

9. Payment of Seller Proceeds

9.1 “Seller Proceeds” means the Gross Sale Price less the deductions permitted by clause 8.3.
9.2 We will remit the Seller Proceeds to your nominated bank account 14 calendar days after successful delivery to the Buyer, provided the Watch has not been returned during the statutory cancellation period.
9.3 Payments are made by BACS; overseas bank fees are borne by you.

10. Returns, Chargebacks & Cancellations

10.1 Any Watch returned by a Buyer will undergo our thorough authentication and inspection process. If the Watch is returned in the same condition and passes our returns procedure, the consignment continues as unsold. If the return is refused, the watch will be returned to the buyer and the payout schedule will continue as planned.
10.2 If a Buyer alleges counterfeit or misrepresentation we may, after sufficient investigation, refund the Buyer and recover the payment from you or withhold equivalent sums from Net Proceeds.

11. Unsold Watches & Termination

11.1 The initial Sale Period is 60 days from the Website Listing Date.
11.2 If you request the Watch back before the 60‑day Sale Period has expired you will pay an early‑termination fee of £500 to cover, without limitation, our time, labour, insurance, marketing costs and photography costs.
11.3 If the Watch is not sold after 60 days, you may either (a) instruct us to apply a mutually agreed price reduction and leave the Watch with us for continued sale on a rolling monthly basis, or (b) request its return. To request the Watch back after the 60‑day period you must complete our Return Form; once we receive the form we will process the return within 2–5 Business Days and arrange insured delivery free of charge, subject only to reimbursement of any agreed refurbishment costs.
11.4 Either party may terminate this Agreement at any time on 7 days’ written notice (subject to clause 11.2) or immediately for material breach.
11.5 On termination we will return the Watch to you provided all sums due to us are paid.

12. Limitation of Liability

12.1 Nothing in these Terms limits liability for fraud, death, personal injury, or any liability that cannot legally be excluded.
12.2 Subject to clause 12.1, our total liability to you (whether in contract, tort or otherwise) in connection with any Watch shall not exceed: (a) the insured value referred to in clause 7.1; or (b) if the Watch has been sold, the Net Proceeds payable to you.
12.3 We are not liable for: (a) indirect or consequential loss; (b) loss of profits or business; (c) loss arising from inaccurate information supplied by you; or (d) loss occurring after the Watch leaves our custody under clause 6.5.

13. Indemnity

You agree to indemnify us against all claims, losses, costs and liabilities arising from: (a) breach of your warranties in clause 3; (b) any defect or fault in the Watch; (c) any tax, duty or levy relating to prior ownership; or (d) any third‑party claim to title.

14. Anti‑Money Laundering & Sanctions

We comply with the Money Laundering Regulations 2017 and related legislation. You agree to provide satisfactory identification and any information reasonably required for KYC/AML purposes.  We may withhold Net Proceeds until such checks are satisfied.

We use Veriff to process ID and Anti-Money Laundering checks. Veriff implements appropriate physical, technical, and organisational measures to ensure the security of customer data. Additionally, Veriff has developed a complete roadmap to ensure we are certified against global industry standards.

To view Veriff's compliance standards please click here.

15. Data Protection

We process personal data in accordance with our Privacy Policy and the UK GDPR. Each party acts as an independent controller of any personal data it processes under this Agreement.

16. Force Majeure

Neither party is liable for failure or delay caused by circumstances beyond its reasonable control, provided it notifies the other party as soon as practicable.

17. Confidentiality

Except as required by law, each party shall keep confidential and shall not disclose to any third party any confidential information obtained from the other party pursuant to this Agreement.

18. Notices

Any notice under this Agreement must be in writing and delivered by hand, recorded post or email to the addresses set out in the Client Schedule (or as otherwise notified). Notices are deemed received: (a) if delivered by hand, on signature; (b) if posted, 2 Business Days after posting (7 for international); (c) if emailed, at 9 a.m. on the next Business Day after transmission.

19. Variation

We may vary these Terms on 30 days’ written notice save that no variation shall affect Watches already consigned unless required by law.

20. Assignment

Neither party may assign or transfer its rights or obligations without the other’s prior written consent, except that we may assign to a successor in business.

21. Entire Agreement

This Agreement constitutes the entire agreement between the parties concerning its subject‑matter and supersedes all prior understandings. Each party acknowledges that in entering into this Agreement it has not relied on any statement not expressly set out herein.

22. Severance

If any provision is held invalid by a competent authority, the remainder of the Terms shall remain in full force.

23. Governing Law & Jurisdiction

These Terms and any dispute or claim (including non‑contractual disputes) arising out of or in connection with them shall be governed by and construed in accordance with the laws of England & Wales and subject to the exclusive jurisdiction of the courts of England & Wales.

24. Complaints & Alternative Dispute Resolution

We aim to resolve complaints internally. If you are a consumer and we cannot resolve your complaint you may use the UK‑approved ADR provider National Association of Jewellers ADR or the European ODR platform at https://ec.europa.eu/consumers/odr.

25. Version Control

Version: [2.1] Last updated: [25/04/2025]

End of Terms