SOLD
6,000.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2013 Apr 20 @ 10:29UTC-7 : PDT/MST
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Autographs
George Washington Signed Approved Payment Receipt For “Expenses After Runnaways” To Overseer Thomas Boylan
GEORGE WASHINGTON (1732-1799). 1st President of the United States, Presidential term: April 30, 1789 to March 4, 1797; one of the Founding Fathers of the United States, serving as the Commander-in-chief of the Continental Army during the American Revolutionary War; presided over the 1787 Constitutional Convention held at Philadelphia.
April 10th, 1787 & October 18th, 1787-Dated Docket Post Revolutionary War Era, Manuscript Document Signed, “Go. Washington” as President of the Potomack Company, Very Fine. This remarkable George Washington Signed, Endorsed Receipt, measures 3.5" x 6.5" being custom matted and framed to 17.5” x 20.75” along with an 1825 Engraving of Washington with facsimile signature below, after the famous painting by Gilbert Stuart, along with two informational gold-gilt engraved plaques located below both the document and print.
During this time frame in the year 1787, George Washington would preside over the Constitutional Convention held at Philadelphia. By September, the final compromises were made, the final clauses polished, and it came time to vote. In the Convention, each state, regardless of its number of delegates, had but one vote, so a state evenly split could not register a vote for adoption. In the end, thirty-nine of the fifty-five delegates supported adoption of the new Constitution, barely enough to win support from each of the twelve attending state delegations. (Rhode Island, which had opposed the Convention, sent no delegation.) Following a signing ceremony on September 17th, most of the delegates repaired to the City Tavern on Second Street near Walnut where, according to George Washington, they "dined together and took cordial leave of each other." Then he hurried back to his home of Mount Vernon in Virginia.
The Potomac Company (spelled here as Potomack) was created in 1785 to make improvements to the Potomac River and improve its navigability for commerce. The Potomac Company built five skirting canals around the major falls. When completed it allowed boats and rafts to float downstream towards Georgetown, a major port of the time on the Potomac River, now in the District of Columbia. George Washington was its first President, as well as an investor in the company. Tobias Lear, Washington's personal secretary, served as the company chairman for a period.
The Potomac Company originally wanted to hire only free labor, but due to the shortage of labor, the directors hired free, indentured, and Slave labor to build the locks and canals and deepen the river. James Rumsey, a well known for his work with steam-propelled riverboats, was hired as the project’s chief engineer. The Signed and Endorsed upon the Reverse side, the docket reads, in full:
“No 74. -- Thomas Boylans acct. -- Expenses after runnaways -- 10S paid April 17th, 1787 -- Cas’d this 18th, Oct. 1787 -- (Signed) Go. Washington -- John Fitzgerald -- George Gilpin”.
The truly remarkable Black History and Slavery related content of the front or face side reads, in full:
“The Potomack Company to Thomas Boylan DC ---
April 10th, 1787. - To Expenses, attending the bringing of Comr. McCarthy & Hugh Taylor from the town of Alexandria to the Great Falls -- £0.10.0 -- (Signed) Thos. Boylan.” Additionally noted at bottom left and below in another hand: “I know this to be Just. -- (Signed) James Smith.” Plus, endorsed for payment: “Rec'd. the above ten Shillings for T. Boylan -- (Signed) Richardson Stuart.”
Thomas Boylan was an Overseer of the Potomack River Company. George Washington who cared deeply for the very river that ran below his home of Mount Vernon, was the company President. Richarson Stuart, who signs on the front, served as the Manager for the company at Great Falls. It is known at one point up to 50 Slaves were used to dredge part of the Potomack River for George Washington's Potomack Company. We understand that the "runnaways" mentioned within the text of this receipt, pertain to Runnaway Slaves that actually belonged to George Washington.
John Fitzgerald in 1785 became one of the Directors of the Potomack Company. Serving in the Continental Army he rose to the rank of Colonel and became an Aide-de-Camp. A life long friend of Washington, Fitzgerald would dine often at Mount Vernon in his later years. In 1786 he became the Mayor of Alexandria, and became Benefactor of Georgetown College founded in 1792. President Washington appointed him “Collector of Customs” at Alexandria.
George Gilpin (1740-1813) was an Alexandria, Virginia merchant, surveyor, civic leader, friend and distant relative of George Washington who was one of four Directors of the Potomack Company.
One of the major constructions of the Potomack Company was the Patowmack Canal. A major engineering feat of the time, the Potomack Canal permitted boats to navigate around Great Falls of the Potomack River, which were located 14 miles upstream from what is now known as Washington, D.C., and then drops a treacherous 75 feet through the un-navigable "Mather Gorge." George Washington's Potomack Canal Company was to build a canal with locks and channels to make it possible to navigate the river.
The document has some slightly deeper tone to about 75% of the original laid period paper, where the smaller portion was folded. All of the reverse side signatures are all squarely upon the larger portion, written in brown ink with “Go. Washington” clearly and fully readable yet a bit light. The entire reverse panel of the frame is hinged to open easily for full access, currently the signature side is displayed. An easy to insert Plexiglas reverse panel would allow for full viewing of both sides. Archival, professionally matted and framed under Plexiglas, this important, historic George Washington Signed Approved Payment Receipt for “Expenses After Runnaways” made to Overseer Thomas Boylan is ready to hang upon display.
Auction Location:
P.O. Box 3507, Rancho Santa Fe, California, 92067, United States
Previewing Details:
Auction lot view is available only by Special Arrangement. Please phone us at (858) 759 3290 to discuss the details.
Taxes:
| Tax | Rate | Desc. |
| CST |
7.5% |
California |
| SST |
8% |
San Diego County |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
18% |
Additional Fees:
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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 Bid Closing Date: April 19, 2013 at 5:00 p.m. PST. Absentee Bids will be executed over iCollector.com, LiveAuctioneers.com, ArtFact.com and EarlyAmerican.com April 20, 2013, beginning at 9:00 a.m. PST. The Auction is conducted 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.
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j. If any dispute arises of and concerning a given Bid at the Auction, the Auctioneer’s decision shall be considered absolute and final.
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l. Any announcements made on the day of the Auction shall take precedence over any terms that may be contained in the Catalog and/or other announcements and/or documentation.
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2. The Bidding Process.
All Bidder(s) in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
a. The Auctioneer may open or accept a Bid on any Lot by placing a Bid on behalf of the Consignor.
b. The Auction Date printed on the Catalog cover is the last day that bids are accepted through any means, EXCEPT for those bidding through iCollector.com, LiveAuctioneers.com, Artfact.com or EarlyAmerican.com who are permitted to continue bidding until each Lot is closed in the day following.
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d. Bids below the Low Estimate, which includes any requested increase(s), will not be reduced.
e. Bids below sixty percent (60%) of Low Estimate are considered frivolous and will not be accepted.
f. In the event of a tie, the Lot will be awarded to the bid with the earliest postmark.
g. All Bid(s) must be for an entire Lot; it being understood that each Lot constitutes a separate sale.
h. No Lot will be broken up unless otherwise permitted by the Auctioneer, and Lot(s) will be sold in their numbered sequence unless the Auctioneer directs otherwise.
i. All Merchandise shall be sold in separate Lot(s) to the highest Bidder as determined by the Auctioneer in his sole and exclusive discretion.
j. If a Lot is awarded to the wrong Bidder due to an administrative error, the highest Bidder will prevail. All Bidders agree to post-Auction corrections without protest or negative feedback.
k. The Auctioneer shall have the right, at his sole and exclusive discretion, to adjudicate all bidding disputes and shall have the right, to rescind the acceptance of any Bid and/or place a given Lot(s) for re-Auction.
l. The Auctioneer’s decision on all Bid disputes shall be deemed to be binding and final.
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 eBay 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 eBay bidder to have their winning bid rescinded by the auctioneer. In such instance, the eBay 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 Purchaser’s Premium of eighteen percent (18%) on each individual Lot will be automatically added to all purchase(s) made by successful Bidder(s); purchases made through LiveAuctioneers.com, ArtFact.com or iCollector.com will be charged an additional three percent (3%) Purchaser's Premium; it being understood that EAHA may waive such fee for reacquisition(s) by Consignor(s).
c. A two percent (2%) Purchaser’s Premium Discount will be granted on purchases paid by cash, check or money order.
d. California Sales Tax of 7.5% will be added to California residents; San Diego County residents add 8.0%.
e. 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.
f. On cash transaction(s) exceeding Ten Thousand Dollars ($10,000), a Treasury Form 8300 must be filed.
g. Lot(s) will not be shipped before all funds are fully received by EAHA.
h. EAHA reserves the right to extend credit and impose periodic charges on any accounts past due.
i. 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.
j. Successful Bidder(s) agree to pay reasonable attorney’s fees and costs incurred by EAHA to collect on any past due account(s).
k. 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.
l. 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.
m. 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.
n. All Auction Lot Holders are for short term use and should be changed 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 and as described in the Catalog; 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. 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 shall be completely removed from any further involvement or responsibility.
7. Descriptions and Grading.
a. Bidder(s) acknowledge that all gradings of coin 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) and currency 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 coin Merchandise.
b. EAHA shall not be responsible for the grade(s) assigned by independent grading services, and makes no warranty or representation regarding such grade(s). 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) 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 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.
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.
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 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.
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 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 mail, phone, fax, email and website.
b. The term “Auction” shall mean an auction 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.
d. The term “Auctioneer” shall mean an individual(s) duly licensed and designated by “EAHA” to conduct the Auction.
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.
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. The term “Consignment Agreement” shall mean the written agreement(s) between “EAHA” and a given “Consignor” available at “EAHA’s” offices.
j. The term “Consignor” shall mean the owner of the “Merchandise” offered for sale by “Lot” at the Auction.
k. The term “Description” shall mean the written remarks describing the features of a Lot combined with the corresponding photograph of said Lot.
l. The term “LiveAuctioneers” shall mean the Internet accessible service provided by Live Auctioneers, LLC of New York, NY.
The term “iCollector” shall mean the Internet accessible service provided by iCollector Online Auctions Port Coquitlam, British Columbia, Canada.
The term “ArtFact” shall mean the Internet accessible service provided by Artfact, LLC., Allston, MA 02134.
m. 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.
n. 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).
o. The term “Hammer Price” shall mean the successful Bid in the Auction as determined by the Auctioneer on the Auction Date.
p. 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.
q. The term “Lot(s)” shall mean the article(s) comprising the Merchandise offered for sale at the Auction.
r. 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.
s. The term “Merchandise” shall mean personal property described in the Catalog and offered for sale by Lot at the Auction.
t. The term “Purchaser” shall mean the successful Bidder at the Auction on the Auction Date.
u. 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 eighteen percent (18%) of the “Hammer Price”.
v. 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.
w. The term “Settlement Date” shall mean a time forty-five (45) days after the Auction Date.