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1841 Stephen B Luce (Admiral), JOHN TYLER U.S. Navy 1st Presidential Appointment
Currency:USD
Category:Collectibles / Autographs
Start Price:3,750.00 USD
Estimated At:5,000.00 - 7,000.00 USD
SOLD
4,000.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2020 Jun 27 @ 10:29UTC-7 : PDT/MST
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Autographs
(Admiral) Stephen Bleecker Luce’s Original U.S. Navy Presidential Appointment as a new Midshipman (at age 14)! Signed by President JOHN TYLER Dating: “from the 19th of October, 1841” Founder & 1st Naval War College President
JOHN TYLER (1790-1862). 10th President of the United States, In Office (1841-1845). Tyler Signed a bill to Annex Texas just three days before leaving office as a firm believer in “Manifest Destiny” and was the First President to see his Veto of legislation Overridden by Congress.
May 3, 1843-Dated (Stated as: “from the 19th of October, 1841”), Partially-Printed Vellum Document Signed, “J. Tyler” as president, 1 page, measuring 11.25” x 8”, Choice Extremely Fine. President Tyler Appoints: “Stephen B. Luce …a Midshipman in the Navy of the United States.” A large bold clear Signature of John Tyler as president measures 2.5” long, also Countersigned, “AP Upshur” as Secretary of the Navy. About 52 days later, Upshur would become the Acting Secretary of State.
STEPHEN BLEECKER LUCE (1827-1917) was a United States Navy Admiral. He was the Founder and First President of the Naval War College, between 1884 and 1886. Luce entered the Navy, at the age of 14, on October 19, 1841 as a Midshipman. He was instructed at the Naval School in Philadelphia until the newly instituted United States Naval Academy in Annapolis, Maryland was opened in 1845. Luce entered the United States Navy on October 19th, 1841 as a Midshipman (THIS DOCUMENT BEING OFFERED IS THAT FIRST OFFICIAL PRESIDENTIAL APPOINTMENT FOR LUCE AS MIDSHIPMAN DATING FROM OCTOBER 19, 1841) and, during the next seven years, served in the frigate Congress and ships of the line North Carolina and Columbus. In 1881 Luce was promoted to Commodore, in which capacity he commanded the US Navy Training Squadron in Newport from April 1881 to June 1884. As Commodore and Rear Admiral, Luce became the First President of the newly-established Naval War College at Newport, Rhode Island during 1884-1886. This historic John Tyler Signed U.S. Navy Presidential Appointment is the first of Stephen Bleecker Luce’s long and historic Naval carreer. An important unique Document that is exceptional fresh and vividly printed, well signed, tri-folded when mailed or stored, having excellent eye appeal.
Stephen Bleecker Luce was born on March 25th, 1827 in Albany, New York. He entered the Navy in October 1841 as a Midshipman and, during the next seven years, served in the frigate Congress and ships of the line North Carolina and Columbus.
Following graduation as a member of the U.S. Naval Academy's Class of 1847 and promotion to Passed Midshipman in 1848, he served at the Academy until mid-1849. Luce spent the first half of the 1850s serving in the sloop-of-war Vandalia in the Pacific, on astromomical duty in Washington, D.C., and as an officer of the steamer Vixen. Attaining the rank of Lieutenant in 1855, he was employed on coast survey work and served in the sloop-of-war Jamestown during the rest of the decade.
Lieutenant Luce began another Naval Academy tour in May 1860. A year later, soon after the outbreak of the Civil War, he returned to sea as an officer of the steam frigate Wabash. He was back at the Naval Academy in 1862-1863, receiving promotion to Lieutenant Commander during this time.
From mid-1863 to the end of the American Civil War two years later, he commanded several warships, including the sailing corvette Macedonian, steam sloop Canandaigua, Monitor Nantucket and "double-ender" gunboats Sonoma and Pontiac.
Lieutenant Commander (Commander after mid-1866) Luce was the Naval Academy's Commandant of Midshipmen from October 1865 to June 1868. He then returned to sea as commanding officer of the gunboat Mohongo, in the Pacific, and steam sloop Juniata in the Mediterranean Sea.
Promoted to Captain in December 1872, Luce served at the Boston Navy Yard until the autumn of 1875, then commanded the steam sloop Hartford until August 1877. His later career was heavily involved with educational affairs, initially as Inspector of Training Ships, then in command of the training ship Minnesota and the Training Squadron. He strongly advocated higher education for the Navy's officers and, as a Commodore and Rear Admiral, was the first President of the newly-established Naval War College at Newport, Rhode Island during 1884-1886.
Luce also commanded the North Atlantic Squadron in 1884 and in 1886-1889. Though retired in March 1889, Rear Admiral Luce remained active in Naval affairs as President of the U.S. Naval Institute until 1898 and, during the first decade of the 1900s, as President of the Naval Academy's Board of Visitors and on special duty at the War College. Stephen B. Luce died at Newport, R.I., on 28 July 1917.
Luce belonged to several military societies. In 1894 Luce joined the Aztec Club of 1847, a military society of officers who had served during the Mexican War, and served as its president from 1910 to 1911.
Luce joined the Military Order of Foreign Wars (MOFW) and became the founding Commander of the Rhode Island Commandery of the MOFW in 1900. He was also a member of the Military Order of the Loyal Legion of the United States (insignia number 13,113) and the Naval Order of the United States.
The United States Navy has named three ships in honor of Rear Admiral Stephen B. Luce, including:
USS Luce (Destroyer # 99, later DM 4), 1918-1936; USS Luce (DD 522), 1943-1945; and USS Luce (DLG-7, later DDG-38), 1961-1995.
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Taxes:
| Tax | Rate | Desc. |
| CST |
8.25% |
California |
| SST |
8.75% |
San Diego County |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
25% |
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Early American History Auctions - Terms & Conditions of Sale
BY PARTICIPATING IN THE AUCTION EACH BIDDER ACKNOWLEDGES THAT THE BIDDER HAS READ AND UNDERSTANDS AND AGREES TO THESE TERMS & CONDITIONS OF SALE. (PLEASE REFER TO SECTION 12 "DEFINITIONS")
1. General Terms.
All Bidder(s) at the Auction acknowledge and agree that the following General Terms shall apply at all times to the conduct of the Auction:
a. The Auction is by public mail/phone/email/internet/and/or fax. Absentee & Live Bid Closing Date: Saturday, June 27, 2020 beginning at 9:00 a.m. Pacific Time. The Auction inducted in accordance with the regulations of the State of California and the City of San Diego.
b. Any Bid in the Auction automatically constitutes acceptance by the Bidder, and is deemed to incorporate by reference these General Terms and Conditions.
c. A Purchaser's Premium of twenty percent (25%) on each individual Lot will be automatically added to all purchase(s) made by successful Bidder(s); (or twenty-five percent (25%) of the "Hammer Price" if a given Bid is placed through any other selected outside auction service including Invaluable and LiveAuctioneers) it being understood that EAHA may waive such fee for reacquisition(s) by Consignor(s).
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e. If the Consignor shall re-purchase a Lot that is either returned to the Consignor or otherwise dealt with or disposed of in accordance with the Consignor's direction, EAHA reserves the right to make appropriate adjustments.
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a. The Auctioneer may open or accept a Bid on any Lot by placing a Bid on behalf of the Consignor.
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f. In the event of a tie, the Lot will be awarded to the bid with the earliest postmark.
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m. If there should be any Material Error in descriptions contained in the Catalog creating a Significant difference from the value paid, a given Lot may be returned by a successful Bidder for Review, but only if prompt written notice is first received by EAHA not later than seventy-two (72) hours of receipt of the Lot(s) by the Bidder; it being understood that any such Lot(s) must be received by EAHA no later than fourteen (14) calendar days after the Auction Date and be in the same condition, in their original, sealed Holders, as when the Lot(s) were first delivered to the Bidder; it being further understood that late remittance(s) constitute just cause by EAHA to revoke any return privilege(s) otherwise available.
n. Any Lot returned for Review will be at the sole expense of the Buyer, as well as the return expense should the claim be rejected.
o. EAHA shall not be responsible for any errors in the bidding process, and the Bidder assumes full responsibility to ensure the Bid on a given Lot is correct. Bidders using the Internet acknowledge that due to the bidding process and speed of auctioneer it is possible to be awarded a lot in error. Instances of "awarding" a lot due to missing a bid or some other error may cause an Internet bidder to have their winning bid rescinded by the auctioneer. In such instance, the Internet bidder will be notified of the error and agrees that no further protest, or negative feedback will result on their behalf.
p. The Auctioneer shall timely announce the Hammer Price for each Lot sold at the Auction.
q. EAHA reserves the right to withdraw any Lot(s) prior to the Hammer Price being accepted by the Auctioneer.
r. No Bidder shall have a right to claim any special or consequential damages from EAHA for any reason whatsoever.
3. Bidder Registration Required.
All Bidder(s) in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
a. It/he/she duly registered to Bid at the Auction having fully completed and transmitted to EAHA the necessary Auction Bid form(s).
b. The invoice describing a given Lot by number shall include the Merchandise described in the Catalog by the Cataloguer.
4. Prices, Payment and Delivery.
All Bidder(s) in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
a. All payment(s) for Merchandise shall be made by check, money order, cashier's check, bank wire, credit card or in cash (U.S. currency only); Bidder(s) who have not established credit with EAHA must first furnish satisfactory credit references to EAHA and/or deposit at least twenty-five percent (25%) of their total Bid(s) for that Auction, or such other amount(s) as EAHA may, in its sole and absolute discretion, require before such Bid(s) will be accepted; it being understood that deposit(s) submitted will be applied to purchases and any remaining deposit(s) will be refunded upon clearance of funds.
b. A two percent (2%) Purchaser's Premium Discount will be granted on purchases paid by cash, check or money order.
c. California Sales Tax of 7.50% will be added to California residents; San Diego County residents add 7.75%.
d. Payment shall be due immediately upon receipt of notification and payment is deemed delinquent, and in default if not made in good funds in full within fourteen (14) days of the Auction Date.
e. On cash transaction(s) exceeding Ten Thousand Dollars ($10,000), a Treasury Form 8300 must be filed.
f. Lot(s) will not be shipped before all funds are fully received by EAHA.
g. EAHA reserves the right to extend credit and impose periodic charges on any accounts past due.
h. The Bidder agrees to report to EAHA any damage or breakage that occurs to Merchandise in the original Holder and packaging during shipment within 3 days of receipt of package. The original packaging MUST be saved, complete and intact, as required by the insuring company. Failure to meet either of these requirements will release EAHA of any further liability or payment for such damages.
i. Successful Bidder(s) agree to pay reasonable attorney's fees and costs incurred by EAHA to collect on any past due account(s).
j. Bid(s) will not be accepted from any individual(s) under the age of eighteen (18) years old without a parent or guardian's written consent and express acceptance of these General Terms and Conditions.
k. If a corporation is the Bidder, the authorized corporate representative must provide EAHA, at the time of registration, with proof in the form of a legal document acceptable to EAHA confirming the representative's express authority to Bid in the Auction for and on behalf of the corporation.
l. A shipping and handling charge will be added to each invoice to adequately package, ship and fully insure Merchandise. Bidder may request that EAHA increase the insured value of the purchased Merchandise above the successful Bid price for the Merchandise purchased at Auction by making a special arrangements in writing with EAHA, prior to shipment.
m. All Auction Lot Holders are for short term use and should be changed by the new buyer for proper long term storage.
5. Financial Responsibility.
All Bidder(s) in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
a. In the event a successful Bidder fails to make payment when due, EAHA reserves the right, in its sole and exclusive discretion, to rescind the sale or to resell the Lot(s) in a commercially reasonable manner (which may include a public or private sale); it being understood that the Bidder agrees to pay for the reasonable cost of such a sale, together with any incidental costs of sale, attorney's fees and costs, costs of the Cataloguer and any other reasonable charge(s).
b. EAHA shall have the right to offset any sums due to EAHA, and to make such offset(s) from any past, current, or future consignment(s), or purchase(s) that are in the possession or control of EAHA.
c. EAHA shall automatically have a security interest to secure any indebtedness due by a successful Bidder(s); it being understood that the Bidder consents to granting EAHA the right to file a Uniform Commercial Code "Financing Statement" to secure EAHA's financial interest.
d. If a given invoice submitted to the successful Bidder by EAHA is not paid for in full when due per the invoice terms, the unpaid balance shall accrue penalty interest at the rate of one-and-one-half percent (1-1/2%) per month until fully paid; it being understood that in such event the penalty interest rate shall exceed the interest permitted by law.
e. Bidder agrees to pay all reasonable attorney's fees, court costs and collection costs incurred by EAHA in attempting to collect past due invoice(s).
f. If the successful Bidder for a given Lot(s) consists of one or more person(s) or entit(ies), each shall be jointly and severally liable to EAHA for any payment(s) due for Merchandise purchased.
6. Guarantees of Authenticity.
Unless otherwise indicated in the Catalog, the Merchandise offered for sale at the Auction shall be guaranteed by EAHA to be authentic as described in the Catalog, and upon information and belief, is in full compliance with California Assembly Bill 1570; it being understood that SUCH GUARANTEE SHALL BE VALID FOR A PERIOD OF THIRTY (30) CALENDAR DAYS ONLY FOLLOWING the Auction Date; it being further understood that after thirty (30) calendar days, no purchased Merchandise can be returned by a successful Bidder(s) under any circumstances; it being further understood that this limited guarantee is extended only to the original Purchaser of record, and to be effective requires the timely presentation of the original sales invoice as well as verification that the item of Merchandise is in the same exact condition as when originally sold. Due to their unique handmade manufacture, Encased Postage Stamps are expressly subject to a thirty (30) day inspection and return period from the sale date after which there is no return whatsoever. After thirty (30) calendar days, should any claim regarding authenticity of the Merchandise arise, at the sole discretion of EAHA, EAHA may elect to assign any rights it has against the original Consignor it may hold. It being understood and agreed that such an assignment, if granted by EAHA, shall not be considered an obligation and EAHA and any of its employees or officers shall be completely removed from any further involvement or responsibility.
7. Descriptions and Grading.
a. Bidder(s) acknowledge that all gradings of coin and/or currency Merchandise sold in the Auction have been determined by independent grading services, and/or by EAHA; it being understood that the successful Bidder(s) acknowledge that the grading of rare coin(s), currency and other merchandise is subjective and accordingly may differ among independent grading services and among expert numismatists, and that such grading may have a material effect on the ultimate Auction value of the Merchandise.
b. EAHA shall not be responsible for the grade(s), claims, or statement assigned by independent grading services, and makes no warranty or representation regarding such grade(s) or statements whether an item is pre-certified or not (sold raw). All third party graded lots are sold "AS IS" and are not returnable.
c. Lot description(s) are based solely upon an examination of the coin(s), and are not intended to describe in detail any perceived special characteristics; it being understood that Bidder(s) acknowledge that coin grading and perception(s) are inherently subjective.
d. EAHA does not warrant the accuracy of the description(s) and the photograph(s) and the color of photograph(s) contained in the Catalog, and that the Bidder acknowledges and agrees that the actual Merchandise offered for sale may vary in size and/or scale and/or color from any photograph(s) and/or description of the Lot in the Catalog.
e. There can be no claim that any verbal description of the Merchandise, provided by EAHA or any employee, varies and/or alters the description contained in the Catalog.
f. Conservation and restoration or simply "Conservation" will be used as an active generic term to indicate professional level, quality methods having been employed to an item at some point, the exact degree and specifics will be indicated as possible. NO ITEM, having mention of CONSERVATION will be returnable for ANY reason, 30 DAYS past the date of auction, REGARDLESS OF ANY NEGATIVE COMMENTS, OF ANY TYPE, SUGGESTED BY THIRD PARTY GRADING SERVICES OR OTHERS.
g. There can be no claim regarding any item subsequently submitted to any certification service, including any non-certified (Raw) item once the initial inspection and return period has expired.
8. Disclaimer and Warranties.
All Bidders in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IS MADE OR IMPLIED ON ANY LOT IN THE CATALOG, AND NO WARRANTY, WHETHER EXPRESS OR IMPLIED, IS MADE WITH RESPECT TO ANY LOT EXCEPT FOR A WARRANTY OF TITLE; IT BEING UNDERSTOOD THAT ALL LOTS OFFERED FOR SALE ARE SOLD ON AN "AS IS" BASIS AND THAT THE PURCHASER CONSEQUENTLY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING, QUALITY, DESCRIPTION, CONDITION, AUTHENTICITY, AND PROVENANCE OF A GIVEN LOT. NEITHER EAHA NOR THE CONSIGNOR MAKES ANY REPRESENTATION THAT THE PURCHASER OF MANUSCRIPT MATERIAL, PHOTOGRAPHS, PRINTS, OR WORKS OF ART WILL ACQUIRE ANY COPYRIGHT OR REPRODUCTION RIGHTS THERETO."
9. Waiver and Release.
All Bidders in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
BIDDER EXPRESSLY WAIVES AND RELEASES, AND FOREVER DISCHARGES EAHA FROM ANY AND ALL CLAIMS, RIGHTS, DEMANDS AND CAUSE(S) OF ACTIONS AND SUIT(S), OF WHATEVER KIND OR NATURE, INCLUDING, BUT NOT LIMITED TO, CLAIM(S) BASED UPON AUCTIONEER'S NEGLIGENCE, WHETHER IN LAW OR EQUITY OR WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, WHICH BIDDER MAY CLAIM TO HAVE WITH RESPECT TO AND/OR ARISING OUT OF, OR IN CONNECTION WITH ANY CHALLENGE TO ANY MERCHANDISE PURCHASED AT THE AUCTION, THE AUCTION PROCEDURES, OR THE PURCHASE OF ANY LOT(S); IT BEING THE INTENTION THAT THIS WAIVER AND RELEASE SHALL BE EFFECTIVE AS A BAR TO EACH AND EVERY CLAIM, DEMAND, CAUSE OF ACTION AND/OR SUIT OR CONTROVERSY THAT MAY ARISE HEREUNDER OR BE RELATED TO THE AUCTION
ALL BIDDER(S) BY SUBMITTING A BID IN ANY FASHION, SIGNED OR UNSIGNED, IN THE AUCTION KNOWINGLY AND VOLUNTARILY WAIVE ANY AND ALL RIGHTS AND BENEFITS OTHERWISE CONFERRED UPON THE BIDDER BY LAW OR BY THE PROVISION(S) OF SECTION 1542 OF THE CALIFORNIA CIVIL CODE, WHICH READS IN FULL AS FOLLOWS:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR."
10. Disputes and Arbitration.
All Bidders in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
a. If a dispute arises concerning ownership of a given Lot that has been Bid upon or concerning proceeds of any sale, EAHA reserves the right to commence a statutory Inter-Pleader or similar proceeding at the expense of the Consignor and successful Bidder and any other applicable party, and in such event shall be entitled to its reasonable attorneys' fees and costs.
b. Neither EAHA nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of these General Terms and Conditions, the Auction or the conduct thereof and in no event shall such liability exceed the original Purchase Price, premium, or fees paid.
c. If the Bidder fails to comply with one or more of these General Terms and Conditions, then, in addition to all other remedies which it may have at law or in equity, EAHA may at its sole option either rescind the sale, retaining all payments made by Bidder as liquidated damages; it being recognized that actual damages may be speculative or difficult to compute, or sell a portion or all of the Lot(s) held by EAHA, in a quantity sufficient in the opinion of EAHA to satisfy the indebtedness, plus all accrued charges, and EAHA may sell such portion at an Auction or private sale conducted by EAHA and charge a seller's commission that is commercially reasonable. More than one such sale may take place at the option of EAHA. Notice of the sale shall be by U.S.P.S. Mail, Return Receipt Requested to the address utilized on the Bid Sheet, Auction Consignment and Security Agreement or other last known address by EAHA. The proceeds shall be applied first to the satisfaction of any damages occasioned by Bidder's breach, then to any other indebtedness owed to EAHA, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees, costs, collection agency fees and costs and any other costs or expenses incurred.
d. It/he/she shall be liable to EAHA if the proceeds of such sale(s) insufficient to cover the indebtedness.
e. The rights granted to the Bidder(s) under the within General Terms and Conditions are personal and apply only to the Bidder(s) who initially purchase the Lot(s) at the Auction, and no rights may be assigned or transferred to any other person or entity, and any attempt to assign or transfer any such rights shall be absolutely void and unenforceable.
f. ANY DISPUTE ARISING OUT OF OR RELATED TO THESE GENERAL TERMS AND CONDITIONS, THE AUCTION OR ANY LOT, WITH THE SOLE EXCEPTION OF ACTIONS BY EAHA TO COLLECT THE PURCHASE PRICE AND OTHER DAMAGES, SHALL BE SUBMITTED TO BINDING ARBITRATION WITH THE VENUE OF ALL HEARINGS TO BE IN SAN DIEGO AND PURSUANT TO THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION AND/OR THE PROFESSIONAL NUMISMATICS GUILD ("PNG") AT"EAHA'S EXCLUSIVE OPTION.
11. Miscellaneous Terms.
All Bidders in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
a. These General Terms and Conditions and the Auction shall be construed and enforced in accordance with and governed by the laws of the State of California, regardless of the location of the Auction.
b. These General Terms and Conditions, and the information on EAHA's website, constitute the entire Agreement between EAHA and the Bidder(s) and supersede all other agreements, understandings, warranties and representations of and concerning the Auction and subject matter hereof.
c. EAHA will not be responsible for damage due to irradiation by the U.S. Post Office.
d. If any part of these General Terms and Conditions, or any term or provision of any part is held to be invalid, void, or unenforceable by any court of competent jurisdiction, the remaining portion(s) shall remain and be in full force and effect.
12. Definitions
a. The term "Absentee Bid" shall mean all Bids placed via any communication including: mail, phone, fax, email and website.
b. The term "Auction" shall mean an auction or consignment sale authorized and conducted under the auspices of "EAHA" and under these General Terms and Conditions.
c. The term "Auction Date" shall mean the date the Auction is conducted or consignment item is sold.
d. The term "Auctioneer" shall mean an individual(s) duly licensed and/or employee designated by "EAHA" to conduct the Auction or any Sale.
e. The term "Bid" shall mean a bona fide Bid made by a "Bidder" which is officially acknowledged and accepted by the Auctioneer at the Auction on the Auction Date.
f. The term "Bidder" shall mean an individual or entity that submits a legally binding and bona fide Bid to the Auctioneer at the Auction or any direct buyer either physical or online.
g. The term "Catalog" shall mean the official publication issued by EAHA and transmitted to potential Bidder(s) in advance of the Auction.
h. The term "Cataloguer" shall mean the individual(s) that has described the "Lot(s)" contained in the Catalog for the Auction.
i. "Conservation" the Professional activities including the careful examination as supported by expertise, research and education, in treatment of an item using, "any methods that prove effective in keeping or bringing that property in as close to its original condition as possible, for as long as possible."
j. The term "Consignment Agreement" shall mean the written agreement(s) between "EAHA" and a given "Consignor" available at "EAHA's" offices.
k. The term "Consignor" shall mean the owner of the "Merchandise" offered for sale by "Lot" at the Auction.
l. The term "Description" shall mean the written remarks describing the features of a Lot combined with the corresponding photograph of said Lot.
m. The term "EarlyAmerican;s website." shall mean the Internet accessible service provided by EAHA.
n. The term "EAHA" shall mean collectively Early American History Auctions, Inc. and/or any subsidiary or affiliated entity and/or Officer(s), Director(s) and/or employee(s) of EAHA.
o. The term "Fair Market Value" shall mean the sale price a given Lot is expected by the Cataloguer to realize at the Auction from the Bidder(s).
p. The term "Hammer Price" shall mean the successful Bid in the Auction as determined by the Auctioneer on the Auction Date.
q. The term "Holder" shall mean the original frame, container, case or clear plastic sleeve, labeled with the "Lot" number, in which the "Merchandise" is delivered by the Consignor to the successful Bidder at an Auction.
r. The term "Lot(s)" shall mean the article(s) comprising the Merchandise offered for sale at the Auction.
s. The term "Low Estimate" shall mean the low range of the sale price that a Lot is expected by the Cataloguer to realize at the Auction.
t. The term "Merchandise" shall mean personal property described in the Catalog and offered for sale by Lot at the Auction.
u. The term "Purchaser" shall mean the successful Bidder at the Auction on the Auction Date.
v. The term "Purchaser's Premium" shall mean the commission that is automatically charged by "EAHA" to each successful Bidder at the Auction in a sum equal to twenty percent (20%) of the "Hammer Price" or twenty-five percent (25%) of the "Hammer Price" if bids are placed through a third party firm including Invaluable, LiveAuctioneers and iCollector.
w. The term "Reserve" is a confidential price below which the Auctioneer will not sell a given Lot, and/or will re-purchase on behalf of the Consignor or EAHA.
x. The term "Settlement Date" shall mean a time forty-five (45) days after the Auction Date.