2020 APG Sales Information Pack

APG SALES INFORMATION PACK

Directors & Staff Contents 2
3
CHAIRMAN 2019 Sales Review 4
Peter Bourke - VIC Review of 2019 Sales
Stallion Averages - 2019 APG Sales
DEPUTY CHAIRMAN APG Performance – 2007 to 2019
Robert Marshall - NSW
2020 Sales Information 6
DIRECTORS Pacing Sales - Format for 2020 7
Bill Ellis - NSW Pacing Sales - Fees & Charges 8
Paul Ellis - QLD APTS – Format, Fees & Charges for 2020 9
Trevor O'Reilly - QLD Important Changes re Bone & Joint Abnormalities and Surgery 10
Peter Watkinson - VIC APG Race Series and Sales Races – Series 31 (2020 Sales)

SECRETARY - 2020 APG Sale Entry Forms 12
Chris Bolenski - Important Information Re Online Entries 13
- Terms & Conditions of Sale – Series 31 15
GENERAL MANAGER - Brisbane Sale (Sunday, 26 January) 16
David Boydell - - Melbourne Sale (Sunday, 2 February) 17
- - APTS Sale (Sunday, 2 February) 18
Other Staff: - - Perth Sale (Sunday, 1 March) 19
Dean Baring – Marketing & Operations - - Sydney Sale (Sunday, 8 March) 20
John Coffey – Customer Relationships  - Non-Sale
Louise Toulmin – Office Manager 
Philip Trainor - Pedigree Researcher 

APG CONTACT DETAILS PO Box 217, CORIO VIC 3214
Address (03) 5275 1999
Telephone (03) 5275 6999
Facsimile [email protected]
Email

WWW.APGOLD.COM.AU

-1-

REVIEW OF THE 2019 APG YEARLING SALES

APG’s 2019 sales results were incredibly strong, with our Melbourne, Sydney and Perth Sales all achieving record
sales averages, whilst Brisbane fell just short of its 2017 record.

As per the table below, on an overall basis, sales averages across all APG Sales were up by an impressive 17.7%
on the prior year, whilst clearance rates were a very solid 80.2%. Sales averages for colts grew by 27.1% to
$29,676, whilst fillies’ averages grew by 5.6% to $22,058.

Sales Results – Combined APG Sales 2019 2018
Sales Average $26,269 $22,314
Sales Clearance Rate
Colts Average 80.2% 82.8%
Colts Clearance Rate $29,676 $23,355
Fillies Average 82.00%
Fillies Clearance Rate $22,058 87.6%
$20,898
78.0%
77.1%

When you drill down further, the statistics show that colts experienced strong growth across all price ranges,
whilst the majority of the growth in the fillies market was seen at the top end.

This represents almost the complete opposite of the prior year’s trend, where the bulk of growth was achieved
at the bottom and middle sections of the market, and the fillies experienced strong growth, whilst the colts
experienced an overall decline.

Combined Sexes 2019 2018
Sire Sales Average Sales Average
Top 20% (81-100th Percentile)
Second 20% (61-80th Percentile) $61,292 $49,154
Third 20% (41-60th Percentile) $29.315 $26,606
Fourth 20% (21-40th Percentile) $20,309 $17,495
Fifth 20% (1 - 20th Percentile) $13,433 $11,811
$6,998 $6,437

Colts 2019 2018
Sire Sales Average Sales Average
Top 20% (81-100th Percentile)
Second 20% (61-80th Percentile) $67,735 $51,443
Third 20% (41-60th Percentile) $33,490 $27,702
Fourth 20% (21-40th Percentile) $23,133 $18,087
Fifth 20% (1 - 20th Percentile) $16,102 $12,317
$8,356 $6,687

Fillies 2019 2018
Sire Sales Average Sales Average
Top 20% (81-100th Percentile)
Second 20% (61-80th Percentile) $51,000 $45,868
Third 20% (41-60th Percentile) $25,013 $24,833
Fourth 20% (21-40th Percentile) $16,925 $16,829
Fifth 20% (1 - 20th Percentile) $11,013 $10,974
$5,936 $6,145

-2-

STALLION AVERAGES – 2019 SALES

Stallions with a Service Fee of $8,000+ (inc GST)

Stallion Number Offered Clearance Rate Average

American Ideal USA 25 96.0% $29,813
Art Major USA 60 76.7% $30,978
Bettors Delight USA 58 81.0% $49,532
Captaintreacherous (US) 39 84.6% $42,652
Mach Three CA 26 84.6% $30,841
Rock N Roll Heaven USA 33 69.7% $22,348
Somebeachsomewhere USA 40 87.5% $38,457

Stallions with a Service Fee from $4,000 - $7,999 (inc GST)

Stallion Number Offered Clearance Rate Average

A Rocknroll Dance USA 24 87.5% $16,976
Artspeak USA 15 93.3% $15,393
Betterthancheddar USA 9 66.7% $7,000
Four Starzzz Shark CA 7 85.7% $22,083
Hes Watching USA 20 80.0% $20,594
Heston Blue Chip USA 12 91.7% $18,545
Pet Rock USA 18 72.2% $10,308
Roll With Joe USA 9 55.6% $28,900
Sportswriter USA 8 87.5% $12,857
Sunshine Beach USA 8 100.0% $12,313
Warrawee Needy CA 10 100.0% $18,600
Well Said USA 6 83.3% $19,000
Western Terror USA 19 73.7% $19,643

Stallions with a Service Fee up to $3,999 (inc GST)

Stallion Number Offered Clearance Rate Average
Caribbean Blaster 4 100.0% $11,625
Follow The Stars 25 76.0% $11,042
For A Reason 6 100.0% $14,833
Modern Art USA 4 100.0% $8,000
Shadow Play USA 8 100.0% $9,500

*Only stallions which sold a minimum of 4 progeny at the 2019 APG Sales are included in the above statistics.
The Service Fee refers to the advertised Stallion Fee for the 2016/17 Season. APG has made every effort to verify
the above data but accepts no responsibility for any errors or omissions.

-3-

APG PERFORMANCE – 2007 TO 2019

As an organisation, rather than dwelling on our past achievements, APG prefers to look to the future, focussing
on our goal of maintaining a healthy commercial breeding industry by developing and implementing strategies
designed to service our existing buyer base and bring new buyers to the industry.

However, from time to time we believe that it is important for us to remind vendors of how successful APG has
been at growing returns for vendors in an industry that over the last decade or so has faced more than its share
of difficult issues and hardships.

Accordingly, we would like to present breeders with the following graphs, highlighting APG’s achievements over
the past twelve years.

Combined APG Melb, Syd & Bris Sales - Turnover & Sales Averages

GROSS TURNOVER$12,000,000 $30,000
SALES AVERAGE$10,000,000$25,000
$20,000
$8,000,000 $15,000
$6,000,000 $10,000
$4,000,000 $5,000
$2,000,000 $0

$0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Combined Melb, Syd & Bris APG Gross Sales Combined Melb, Syd & Bris Sales Average

Growth 2007-2019 (APG Melb, Syd & Bris v NZ v Prizemoney v Inflation)

120.0%
100.0%

80.0%
60.0%
40.0%
20.0%

0.0%

NZ Sales Average Combined Melb, Syd & Bris Australian Prizemoney CPI
Sales Average

Market Share (Pacers) - 2007 Market Share (Pacers) - 2019

28% 48% 52%
72%

APG Gross Sales NZ Gross Sales APG Gross Sales NZ Gross Sales

-4-

The above graphs illustrate APG’s strong growth over the last 12 years, highlighted by:

 APG’s share of the combined APG / NZ Yearling Sales market increasing from 28% to 52%;

 APG’s East Coast Sales Averages have increased by over 110%, compared to Australia’s prizemoney and
Australia’s Consumer Price Index, which have each grown by around 30%.

Importantly, APG’s Melbourne and Sydney Sales Turnover has actually increased by 137% over the 12 year
period, thanks to a combination of:

 increased sales averages (up by 105.3%);
 increased clearance rates (up by 10.9% to 82.5%);
 increased number of sales horses being presented in the sales ring (up from 388 in 2007 to 389 in 2019)

Whilst APG is extremely pleased with the results that it has achieved on the East Coast, we are also equally
pleased with the growth that has been achieved in Perth since APG took over the operation of the Perth Sales in
2017.

In the three years since APG took over the operation of the Perth Sales, Perth Sales averages have increased by
32.5%, whilst turnover has grown by 27.2%.

APG Perth Horses v Sales Av.

$20,000 120
$18,000 100
$16,000 80
$14,000 60
$12,000 40
$10,000 20
0
$8,000
$6,000
$4,000
$2,000

$0

2016 2017 2018 2019

Perth Sales Average Perth Horses

-5-

APG SALES FORMAT FOR 2020

APG’s 2020 Sales Calendar will be similar to its 2019 Calendar with a few exceptions, as detailed below.

Brisbane – Sunday, 26 January 2020

At a recent Industry Consultation session in Brisbane, both APG and Racing Queensland sought the support of
the co-ordinators of the Redcliffe Yearling Sales (Darren Ebert & Co) to create an industry day, which would see
both the Redcliffe and the APG Sales conducted on the same day at the same venue, with Racing Queensland
working alongside both companies to create a special day for the Queensland Harness Racing Industry.

Both APG and Redcliffe would maintain their separate identities, and conduct separate sales on the day, each
with their own catalogues, race series and the like, but the sales would benefit in a range of ways, including
shared set-up costs, shared promotions, and additional support from Racing Queensland.

All aspects of the “Industry Sales Day” were open for discussion, including things such as date and venue.
Unfortunately, the co-ordinators of the Redcliffe Yearling Sales did not wish to pursue the concept for 2020, but
APG will seek to pursue the concept again for 2021 as we believe it would deliver significant benefits to all
Queensland participants.

Accordingly, APG’s Brisbane Sale will continue to be held at Albion Park on the Australia Day weekend, and we
will continue to develop initiatives to ensure that APG’s Brisbane Sale remains the number one destination for
buyers seeking to benefit from Queensland’s incredible Sales Races and QBred Scheme.

Melbourne – Sunday, 2 February 2020

APG’s Melbourne Sale will retain its usual timeslot of the Sunday of Hunter Cup weekend and we will continue to
cap the number of horses that we catalogue for the sale. For the first time, APG will trial incorporating the APTS
into its Melbourne Sale weekend, with the APTS to be conducted as an evening session following the conclusion
of the pacers sale. For further details, please refer to page 8.

As per last season, John Coffey will be visiting vendors/preparers properties throughout September, October &
November to conduct yearling inspections of the Melbourne horses, meaning that selection for the Melbourne
Sale will be based on a combination of pedigree and conformation.

APG would like to thank Harness Breeders Victoria for their efforts to support the sales weekend with their BBQ
which has become a regular fixture on the Friday night of sales weekend. Heading into 2020, APG intends to
seek their support to add a yearling parade on the Friday night, further enhancing our Sales weekend.

Perth – Sunday, 1 March 2020

We are very excited to be moving to Magic Millions new four hectare property in the Swan Valley, about 25
minutes east of Perth, where they will be building a custom designed selling facility.

Kerry Hanks has been enormously helpful since commencing her role with RWWA, and has worked closely with
APG to ensure that we have a race free day in WA for our sales on the Sunday.

Sydney – Sunday, 8 March 2020

APG’s Sydney Sale will once again be held on Miracle Mile weekend at Inglis’s Riverside Stables at Warwick
Farm.

APG is extremely grateful to the support of NSW Breeders Association, for their assistance in conducting last
year’s yearling parade, and we hope to work with them again in 2020, providing them with further support to
grow the Friday night parade.

-6-

FEES & CHARGES FOR 2020 APG SALES

Fees & Charges Applicable to the 2020 APG Sales

Whilst New Zealand’s entry fees for their sales exceed $1,000 per horse ($1,092.50NZD for their 2020 Auckland
Sale and $1,063.75NZD for Christchurch), APG has elected to keep its entry fees capped at its current levels of
$385 per entry (plus an additional administration fee of $55 per entry if vendors choose not to enter online).

Accordingly, APG’s cost structure for its 2020 sales will be as follows:

Charge Description Amount
Cataloguing Fee (including APG’s online catalogue) $385 (or $440 if fail to use APG’s online entry system)
Stabling Fees
Commission on Genuine Sales $38.50 per day
Commission on Passed In Lots 10% + GST
(Reserve over $10,000 - vendor wishes to sustain)
Commission on Passed In Lots 10% of Reserve + GST
(Reserve $10,000 or under - vendor wishes to sustain) + sustaining fee
Commission on Passed In Lots
(vendor does not wish to sustain) 10% of Reserve + GST
(free sustaining)

5% of Reserve + GST

Perth Charges

In addition to the above charges, Perth Sale vendors will also be required to pay a compulsory vendor sustaining
fee of $302.50 ($275 + GST) for all horses that enter the sales ring.

This fee is collected by APG on behalf of RWWA and goes directly to the funding of the APG Perth Sales Classics.

With regards to stabling, Perth vendors will pay a fee equal to the fee charged to APG by Magic Millions (fee yet
to be determined).

Online Entry

APG is continuing its push to have vendors nominate for the sales using our online entry system.

In particular, the Online Entry System:

 Eliminates risks associated with entries being lost in the post;
 Significantly reduces the administrative burden on APG associated with re-entering paper-based entries

into our auction software;
 Eliminates typos and/or description errors because the entry system is linked to a foal extract from the

national HaRVEY database and automatically populates entry forms with the relevant breeding, colour,
sex and freeze brand information based on the broodmare details entered by the vendor; and
 Provides vendors with immediate e-mail confirmation of all of their sales entries for their records.

Once vendors have set themselves up within the Online Entry system, they will find that future entries are
incredibly quick and easy, as the system allows them to save their vendor information, address details and
banking details. In addition, all entry fees paid via credit card using the Entry System’s secure online credit card
payment facility will not incur any credit card processing fees.

Until such time as APG adopts a 100% online entry process, vendors will still remain able to enter using paper-
based forms, however, a $55 administration fee will apply to each horse that is not entered online.

-7-

2020 AUSTRALASIAN PREMIER TROTTING SALE

APTS Sales Date – Sunday, 2 February 2020

The 2020 APTS will be the second time that APG will conduct the APTS pursuant to a three year agreement with
HRV than encompasses the 2019, 2020 & 2021 Trotting Sales.

For 2020, APG’s Board has made the decision to trial the concept of incorporating the APTS into our enormously
successful Melbourne Sales weekend.

Under the new format:

 APG will seek to conduct a yearling parade on the Friday night, promoting both the trotters and the
pacers;

 Friday afternoon and Saturday will be marketed as official inspection days for both the trotters and the
pacers;

 Sunday’s pacing sale will commence at 10:30am (instead of the usual 11am) and will run through to
around 5:00-5:30pm, with the trotting sale to commence almost immediately following the conclusion
of the pacing sale.

APG believes that combining the trotting sale with the pacing sale on the Sunday will create a number of
synergies and benefits, including:

 Creating organisational efficiencies and cost savings for APG, vendors, preparers & buyers; and

 Maximising the exposure of the trotting yearlings to APG buyers (Melbourne’s Sunday Sale attracts the
highest attendance of any standardbred sale in Australia);

We anticipate that the total number of yearlings presented in the ring on the Sunday will closely match the
numbers that typically go through the ring on a daily basis at the Magic Millions Sales on the Gold Coast (where
they catalogue 265 yearlings per day).

Fees & Charges Applicable to the 2020 APTS Sales

The fees & charges pertaining to the APTS will remain the same as last year:

Charge Description Amount
Cataloguing Fee (including APG’s online catalogue) $275 (or $330 if fail to use APG’s online entry system)
Stabling Fees
Commission on Genuine Sales $38.50 per day
Commission on Passed In Lots 8% + GST
(Reserve over $10,000 - vendor wishes to sustain)
Commission on Passed In Lots 9% of Reserve + GST (capped at $2,750)
(Reserve $10,000 or under - vendor wishes to sustain) + sustaining fee
Commission on Passed In Lots
(vendor does not wish to sustain) 9% of Reserve + GST
(free sustaining)
$200 + GST

-8-

IMPORTANT CHANGES RE SURGERY ETC.

Vendors would be aware that APG seeks to maximise returns for vendors by ensuring that the APG sales are
conducted in the most professional possible manner, and are conducted in a selling environment that allows
buyers to bid with confidence.

To this end, APG offers buyers a number of forms of protection, including:

 An effective steroid testing program;
 Optional steroid testing on sales day (at the request of the buyer);
 Post sale laryngoscopic evaluation;
 Protective clauses relating to rigs, wobblers and windsuckers;
 Protective clauses relating to bone fractures and chips.

These protective clauses are designed to protect the purchaser against faults that are either difficult or
impossible to identify by visual inspection alone (e.g. bone chips), and are not intended to protect buyers from
potential faults or defects that should have been clearly visible to the naked eye (e.g. conformation issues).

Importantly, clause 7.6 of APG’s Terms & Conditions makes it clear that the vendor is required to disclose:

 if the horse has any known bone fractures, chips or other bone or joint abnormalities potentially
affecting racing soundness; and

 if the horse has undergone invasive joint surgery or surgical intervention of the upper respiratory tract or
has undergone abdominal surgery of any type

Vendors should ensure that any disclosures are made to APG immediately upon the vendor becoming aware of
an issue that requires disclosure, and should submit any accompanying veterinary report – do not wait until the
weekend of the sales. APG will then provide advice to the vendor on how to handle the situation to maintain
the highest standards of integrity, and will also arrange for the necessary disclosures to be made on sales day to
ensure the vendor is not in breach of any of the vendor warranties in APG’s Terms & Conditions.

Horses not Permitted to Go Through Sales if APG Not Notified of Disclosable Issue at least 72Hrs Prior to Sales

In recent years, we have had a number of situations where vendors have failed to disclose surgeries or other
disclosable conditions to APG until sometimes as late as an hour before their horse is due to go through the ring.
This is unacceptable as it does not provide APG with sufficient time to ensure that there is clear and fair
disclosure of the condition to buyers, exposing both APG and the vendor to criticism.

APG is implementing a policy whereby horses will not be permitted to be presented for sale unless vendors
have provided written notification (by e-mail) to APG ([email protected]) no later than 72hours prior to
the relevant sales date, detailing the disclosure and attaching any supporting veterinary report.

Whilst the 72 hour deadline applies, our strong preference is to receive notification immediately upon
vendors/preparers becoming aware of a disclosable condition (often weeks or months prior to the sales).

Do Not Ignore Issues that Require Investigation

In the event that a horse has any symptoms (e.g. a bog spavin) that may indicate the presence of a disclosable
condition (e.g. bone chips), APG expects vendors to seek veterinary advice to determine whether the horse is
indeed suffering from a disclosable condition.

Failure to seek appropriate veterinary advice has the potential to create issues for both the vendor and the
purchaser, and impacts upon the reputation of both the vendor and the APG Sales. This, in turn, may impact
upon APG’s decision to accept entries from that vendor in future years.

-9-

APG RACE SERIES & LOCAL SALES RACES

APG is proud of its ability to offer vendors and buyers exclusive access to Australasia’s richest 2yo & 3yo Series.
As regular APG vendors would be aware, APG recently undertook the first stage of our comprehensive review
into the format and structure of our $1.8M+ Race Series.
The goal of the review is to ensure that APG’s Race Series continues to maximise its appeal to participants, and
continues to encourage participants to invest in APG Sales yearlings.
The first stage of the review involved collecting feedback via a survey from over 1,000 APG customers that had
either purchased, sold or trained an APG graduate from the last three years of APG sales.
Based on the survey results, APG is now developing and modelling a couple of different race series scenarios that
we look forward to presenting to participants in the coming weeks, to allow them to vote on which race series
format will be adopted for the next 3 years.

-10-

2020 SALE
ENTRY FORMS

IMPORTANT INFORMATION RE ONLINE ENTRIES

APG is heading towards a 100% online entry process for a number of reasons, including accuracy, ease of
administration, and risk management reasons.

Whilst APG will still accept paper based entries for the 2020 sales, APG will be levying an administration fee of
$55 per horse on such entries. This administrative fee is being levied to reflect the additional workload that
these entries place on APG’s staff, and also to encourage vendors to switch to the online system to avoid the fee.

Benefits of Online Entry & Payment

 Get instant e-mail confirmation that your entry has been received (no risk of entry being lost in post);

 Online entry system matches yearlings against information in the national database, making it easy for
vendors to identify any registration issues / mistakes (e.g. sire, sex, colour, D.O.B. and freeze brand);

 Secure, online credit card payment facility (APG will waive any credit card processing fees for vendors
that submit and pay for their entries online);

 Direct Deposit option available, to enable vendors to make a bank transfer direct to APG’s account;

 Avoid the $55 per horse administration fee applicable to entries not submitted via the Online System.

Important Information That You Will Require Prior to Entering Your Horses Online

To enter online, simply go to www.apgold.com.au, and then click on the “Online Entry” link. Please note, that
before attempting to enter your horses online, it is essential that you have the following information available:

 Dam’s name (system will use this information to automatically identify the foal’s sire, sex, colour, D.O.B.
and freeze brand as per the national registration database);

 Any futurity eligibilities for the horse (e.g. Breeders Crown, Bathurst, Vicbred, etc.)

 The names, addresses, mobile numbers and e-mails for all owners (please note that once you’ve entered
these details once, they will be saved for future horses and/or years)

 The ownership percentage for each vendor, as well as their GST status and ABN number (if applicable);

 The bank account details of each person that will be receiving sales proceeds, and the percentage of
sales proceeds to be paid to each vendor.

Important Note

It is only necessary to split the ownership of a horse between the various owners if sales proceeds are to be paid
to each owner based on their percentage share, or if some owners are GST registered and some are not.

For example, if John & Jane Smith (a husband and wife) own a horse in partnership, and both share the same GST
status, and they do not need individual statements for tax purposes, then it would be fine to enter the horse as
being 100% owned by “John & Jane Smith”.

However, if John was GST registered, while his wife was not, then it would be necessary to enter the horse as
being 50% owned by “John Smith” and 50% owned by “Jane Smith”. You would need to complete bank details
for each individual owner (it may be that you enter the same bank details for each owner, meaning that APG will
make two payments into the same bank account – one for each owner). Post sale, APG will issue individual
statements to each owner, and will ensure that GST is accounted for correctly between the various owners.

-12-

TERMS & CONDITIONS OF SALE – SERIES 31

All bids and offers to purchase shall be treated as offers made upon the thatthepurchaserimmediatelynotifiesAPGoftheirintentionto 8.5 AnyLotnotsold,orinrespectofwhichanySaleissubsequently

following Conditions of Sale and all persons attending the Sale or sustain, and provided that the sale takes place within 14 days of terminated, shall remain at or revert to the risk and expense in all

bidding at the Sale be deemed to have notice of such Conditions of the auction date when the lot was originally passed in. respects of the Vendor who shall arrange for the removal of the Lot

Sale. 5. NOMINATION/CATALOGUINGFEE:$385(non-refundable) immediately following the Sale.

1. CONDITIONSOFENTRY 6. UPSETPRICE:$4,000 9. INSPECTIONANDEXAMINATION

1.1 Nohorsewillbeacceptedforentryinthesalesorraceseriesunless 7. VENDOR'SOBLIGATIONS 9.1 AllLotsmaybeinspectedatreasonabletimespriortoSale.Priorto

suchhorseispacingbred,hasbeenfoaledinAustraliaandhasthe 7.1 TheVendorshallberesponsiblefortheaccuracyofanystatement, Sale, a prospective Purchaser may arrange for a veterinary

Freeze Brand of the Australian State of registration. description or particular relating to the horse contained in the Sale examination of a Lot with the Vendor. Such examination shall be

2. CONDUCTOFSALE Catalogue and shall notify the Selling Agent or Auctioneer of any error, carried out in the privacy of a stable and may not be carried out in the

2.1 APGmayappointapersonorpersonsasauctioneerstocarryonsales omission or inaccuracy prior to the Sale of the particular Lot. Sale Ring or within the public view. The cost of this examination shall be

underthesetermsandconditionsandthatpersonorpersonsmust 7.2 TheVendorshall,beforetheSale,provideeachhorsewithaproper paid by the prospective Purchaser, solely to whom the veterinarian

carry out the functions set out in these terms and conditions and holds and secure headstall which shall remain the property of the Vendor. should make his report. The Auctioneer or Vendor may refuse

the authority which is contained in this document. No horse shall be permitted to enter the Sale Ring unless equipped examination.

2.2 Allauctionsshallbeconductedsubjecttothefollowingconditions: with such headstall and a rearing bit. 9.2 SubjecttoCondition19,thePurchaserassumesallconsequencesand

a) Subjecttoanyreserveprice,thehighestbiddershallbethe 7.3 UpondeliveryofthehorsetothebuyertheSellingAgentshall,atthe risk arising from failure to carry out an inspection or to seek an

purchaser; cost of the Vendor, provide the horse with a suitable headstall which examination of a Lot.

b) Vendorsmustgivewritteninstructiontotheauctioneerspecifying shall remain the property of the buyer. 9.3 TheDirectorsofAPGhavetherighttorefuseentrytoanyyearling

thereservepricepriortocommencementoftheauction. Inthe 7.4 TheVendorguaranteesthatanyhorseofferedforsale: deemed to be inadequately prepared for sale

absenceofsuchinstructions,theauctioneermaysellwithoutany (a) willnotbeinfoalunlesssostatedintheSaleCatalogueorbythe 9.4 TheDirectorsofAPGhavetherighttorefuseentrytotheSaleRingany

reservepriceormaywithdrawthehorsefromsale; Auctioneer prior to the Auction of that particular lot; person parading a yearling who is deemed to be unprofessionally or

c) Thevendorshallhavetherighttobidpersonallyorthroughan (b) iscorrectlysexed;and inadequately attired. In such circumstance APG will provide a person to

agent during the sale of each respective lot. (c) thehorse'sidentityisgenuine. parade the yearling and pass the cost on to the Vendor.

d) Thevendorshallnotenterabideitherpersonally,orthroughan 7.5 EachhorseshallbeattheVendor'sriskastodamageorinjurywhether 10. PURCHASEANDPAYMENT

agent/associate, at a price equal to or above the vendor’s bydisease,accidentorotherwisefromthetimeofdeliverytothe 10.1 OnthefallofthehammerthePurchasershallgivehisBidder

nominated reserve (unless the vendor is only a part-owner of Selling Agent until the horse has been sold when the risk shall pass to Registration Number, name and address and the name and address of

the horse and is bidding with the sole intention of buying out the the buyer. the principal for whom he bids (if applicable) to the Auctioneer and

other owner(s)). 7.6 TheVendorwarrantsthat: shall immediately complete, sign and hand to the Auctioneer an

e) Theauctioneershallhavetherighttobidasagentofthevendor (a) Thehorseisnotbrokentogait(pacer)andisgenerallyonly acknowledgement of his purchase in such form as shall be required by

on any lot on which a reserve price has been placed up to that educated to be handled; the Auctioneer and provide to the Auctioneer any such other

reserve price; (b) Thehorsehasnoknownbonefractures,chipsorotherboneor information in respect of the purchase as the Auctioneer may

f) Theauctioneermaydetermineanupsetpriceforeachlot,andif joint abnormalities potentially affecting racing soundness; reasonably require.

no bid at or above the upset price is received within 30 seconds (c) Intheeventthatthehorsehasundergoneinvasivejointsurgery 10.2 ThePurchasershallsignonthefallofthehammertheirintentto

of the lot entering the sales ring, the auctioneer may pass in the or surgical intervention of the upper respiratory tract or has sustain the horse in the APG Race Series.

lot; undergoneabdominalsurgeryofanytype,thevendorwillmake 10.3 SubjecttoCondition11,thefullpurchasepriceshallbedueand

g) Theoptionofthelastbiddertobuyapassedinlotatthereserve fullandcompletedisclosuretotheAuctioneer,inwriting,nolater payabletotheAuctioneerinAustraliancurrencywithinonehourof

price must be exercised before the lot leaves the sales ring; than 72hours prior to the relevant Sale (and the vendor is solely purchase or within such other period of time as the Auctioneer in its

h) Ifabidisdisputed,orthereisanyotherprobleminrelationto responsible for ensuring the complete accuracy of the disclosure absolute discretion may agree, time being of the essence,

the Sale, the auctioneer will be the sole arbiter of the dispute, to the Auctioneer, including providing the Auctioneer with any notwithstanding that delivery may not have been made.

and may settle the dispute or problem on whatever terms the relevant veterinary reports); 10.4 TheAuctioneermayinitsabsolutediscretionrejectpayment

auctioneerseesfit. Theauctioneer’sdecisionshallbefinaland (d) thehorseisnotsufferingfromfounder;and otherwise than in cash.

binding on all parties. (e) thehorsehasneverbeende-nerved. 10.5 ThePurchasershallpaytotheAuctioneerondemandallcollection

i) TheAuctioneershallhavetherightandabsolutediscretionto: 7.7 Intheeventofabreachbythevendorofanyofthewarrantiesin costs and expenses (including legal costs) incurred in recovering any

(i) determinewhoisthePurchaser; condition 7.6, the purchaser may elect to cancel the sale by notice in payment from the Purchaser.

(ii) settleanydisputeinsuchmannerasitthinksfit; writingtotheAuctioneerwithin28daysofthedateofthesaleandwill 10.6 NorebateshallbeallowedtoanyBloodstockAgentacceptingan

(iii) withdrawanyLotbeforeorduringtheSalewithoutbeing be entitled to the return in full of the purchase price if paid and invoice on behalf of a buyer.

required to provide a reason for the withdrawal; acknowledgesthatitshallhavenootherclaimsagainsttheAuctioneer 11. CREDITARRANGEMENTS

(iv) advancethebiddingasitthinksfit; or vendor. 11.1 PurchaserswhorequirecreditaretomakeapplicationtoAPGnolater

(v) excludeanypersonfromtheSalevenue;or 7.8 InthecaseofareturnofthehorsetotheVendor,asinthepreceding than seven (7) days before the Sale.

(vi) refusetoacknowledgeanybidwithoutgivinganyreason condition,theVendorshallberesponsibleforandshallpayallproper 11.2 PurchaserswhoenterintocreditarrangementswithAPGwillbe

therefore, and the Auctioneer's decision shall be final and expenses incurred by the Selling Agent and the buyer for the care, charged interest at a rate of 15% from the due date of payment if they

binding upon all persons; feeding and transport of the horse from the fall of the hammer until its default on said credit arrangement.

(vii) bidasanAgentonbehalfofaprincipal. return to the Vendor. 11.3 Foranypurchaserthatdefaultsontheircreditarrangements,APG

j) AllsalesaremadeatthefinalbidacceptedbytheAuctioneerin 7.9 TransferFormsforeachhorsemustbefurnishedtotheSellingAgent reserves the right to take all or any action for enforcement thereof

Australian currency dollars. (Any other bids displayed on the by the Vendor fully executed for transfer before the commencement available to it, including an Unpaid Forfeits listing with the appropriate

indicator board are displayed as a guide only). of each individual sale. The Selling Agent will withhold from the Vendor Harness Racing Authority, if applicable.

3. COMMISSION settlementoftheproceedsofSaleuntiltheTransferFormhasbeenso 12. DELIVERY

3.1 ThecommissionpayablebytheVendortotheAuctioneerinrespectof delivered to the Selling Agent. 12.1 TheAuctioneerneednotdeliveranyLottothePurchaseruntil:

thesalepriceofeachyearlingsoldwillbe10%plusGST,whetherby 7.10 TheVendorshallcloselycliptheareaofthehorse'sfreezebrandto (a) theAuctioneershallhavereceivedfromthePurchaserfull

auctionorprivatelywithin14daysaftertheSaleisheldoradvertisedto enablethehorse'sbrandtobeeasilyreadbytheInspectingOfficialor payment of all monies payable by the Purchaser to the

be held (subject to a minimum Commission payment of $440). any other person. Auctioneer pursuant to these Conditions (including the purchase

3.2 Withrespecttopassedinlots: 8. RISKANDEXPENSE price for the Lot, unless the Auctioneer is satisfied that a prior

a) IntheeventthattheVendordoeswishtosustainthelottokeep 8.1 UponthefallofthehammereachLotshallbeattheriskandexpense credit or terms agreement in writing has been made with the

it eligible for APG’s Race Series and Gold Bonus Scheme, an in all respects of the Purchaser and the Purchaser shall indemnify the Auctioneer or Vendor)or any other agreement, oral or written,

offering fee of 10% of the reserve price (plus GST) will be payable Auctioneer in respect of and pay to the Auctioneer on demand all entered into between the Auctioneer or Vendor and the

on the lot (subject to a minimum Commission payment of losses, damages, costs and expenses incurred or suffered by the Purchaser, and until all bills or exchange tendered in payment

$440). Inaddition,thevendorwillalsobeliableforpaymentof Auctioneer in respect of the Lot while the Lot is at the Purchaser's risk have been honoured;

either the sales day sustaining payment or the series payment and expense. In particular, the Purchaser will be liable for livery, (b) thePurchasershallhavecompletedsignedanddeliveredtothe

(refer clause 3.2 of APG’s Terms & Conditions of Race Series). agistment and transport charges of Lots not removed on the day of Auctioneer a delivery slip in the form required by the Auctioneer;

However, APG will waive the sales day sustaining fee on any the Sale and they may be moved to alternate stables or agistment at (c) thePurchasershallhavecompliedtothesatisfactionofthe

passed in lots where the reserve price was $10,000 or less; the Auctioneer's discretion. Payment of Lots shall not be regarded as Auctioneer, with all his other obligations in respect of insurance

b) IntheeventthattheVendordoesnotwishtosustainthelotto made until such charges have been paid. of the Lot pursuant to Condition 14;

keepiteligibleforAPG’sRaceSeriesandGoldBonusScheme,an 8.2 PriortothefallofthehammereachLotshallbeattheriskandexpense (d) wherethePurchaserrequirestheLottobedeliveredtohis

offering fee of 5% of the reserve price (plus GST) will be payable in all respects of the Vendor, and the Vendor shall indemnify the agent, the Auctioneer has received a written direction from the

on the lot (subject to minimum Commission payment of $220). Auctioneer in respect of and pay to the Auctioneer on demand all Purchaser directing the Auctioneer to deliver the Lot to such

4. OUTSIDESALES losses, damages, costs and expenses incurred or suffered by the Agent providing that nothing in this Condition shall oblige the

4.1 Alotenteredforsaleattheauctionmaybesoldoutsidetheauction Auctioneer in respect of the Lot while the Lot is at the Vendor's risk and Auctioneer to obtain such written authority from an Agent prior

only in accordance with the following provisions: expense. to delivering any Lot to such Agent; and

a) Nolotshallbesoldprivatelypriortoauctionwithouttheprior 8.3 Notwithstandinganyotherprovisionshereof,theAuctioneershallnot (e) thePurchasershallremovehisLotfromtheSalevenuewithin

writtenconsentofAPG. Anylotssoldpriortoauctionare be liable for any damage, loss or injury occurring to any Lot or to any twenty-four (24) hours of the Purchaser receiving delivery of the

ineligibletosustainforAPG’sRaceSeries orGoldBonusScheme; personorpropertycausedbyanyLot,whethercausedbydisease, Lot. The Purchaser shall ensure that the Auctioneer has checked

b) Intheeventofanypriorsale,APGshallbeentitledtoa accident, the negligence of the Auctioneer or otherwise and whether and confirmed the identity of the Lot prior to its removal.

commission as if the lot were sold under the hammer, and the theLotshallbeinthecustody,controlorpossessionoftheAuctioneer 13. INSURANCE

vendor shall provide APG with full details of any such sale; or otherwise. 13.1 WheretheAuctioneeragreestodeliveranyLottothePurchaserprior

c) Anylotpassedinatauctionshall,unlessAPGwaivesthis 8.4 TheAuctioneermayuponreceiptofwritteninstructiontodoso,or to the Auctioneer receiving from the Purchaser the full purchase price

condition, remain on sale at the reserve price for a period of 14 where the Auctioneer in its absolute discretion considers it desirable to for the Lot, or on the basis of any credit or terms agreement made

days. APGshallbeentitledtocommissiononanysalesas do so, make arrangements on the Purchaser's or Vendor's behalf of between the Auctioneer and the Purchaser or the Vendor and the

thoughthelotwassoldunderthehammer. Anypersonwishing the stabling, feeding, transportation or general attendance to Lots Purchaser whether before or after the Sale, the Purchaser shall effect

to make an offer on a passed in lot should contact APG who will while at the Sale's venue, provided that the Auctioneer accepts no and maintain until such time as the Auctioneer shall have received all

thenmaketheoffertothevendor. Ifanofferisacceptedbythe responsibilityforanyactoromissionwhethernegligentorotherwisein moniespayableinrespectoftheLotorrepayablebythePurchaser

vendor, the purchaser shall also have the option of sustaining the respect of the stabling, feeding, transportation or general attendance pursuant to any credit agreement entered into in respect of the

lot for the APG Race Series and Gold Bonus Scheme, provided of the Lot. purchase of the Lot, at the Purchaser's cost and expense, insurance

satisfactorytotheAuctioneerinrespectofthedamage,injuryordeath 16.4 IftheAuctioneeraccountstotheVendorforthepurchasepriceorthe (a) laryngealhemiplegia(Grosslydeficientabductorfunctionofone

of the Lot from any cause whatsoever and shall ensure that the policy balance of the purchase price owed to the Vendor less any monies or both Arytenoid cartilages – Grades 4 and 5, Lane – Bain Fallon

of insurance bears an endorsement as may, in the opinion of the owed by the Vendor to the Auctioneer, before the purchase price and Proceedings 1993);

Auctioneer, be necessary to transfer to the Auctioneer and/or the other amounts payable by the Purchaser have been paid, title to the (b) rostraldisplacementofthepalatopharyngealarch;

Vendor all the Purchaser's interest under such insurance absolutely. Lot shall thereupon pass to the Auctioneer, and the Auctioneer shall (c) epiglotticentrapment;

13.2 IntheeventthatthePurchaserfailstoproduceevidencetothe have the right and remedies under these Conditions as if it were the (d) permanentdorsaldisplacementofthesoftpalate;

Auctioneer within one hour of purchase that he has met his insurance Vendor. (e) Severearytenoidchondritisorchondroma;or

obligationspursuanttoClause13.1,thePurchaserauthorisesthe 16.5 ThedescriptionofallLotshasbeenprovidedbytheVendors,andthe (f) subepiglotticcyst(s)

Auctioneer to enter into such a policy of insurance on the Purchaser’s Auctioneer shall not be liable or responsible for any error whatsoever and this/these condition(s) have not been announced prior to the

behalf and the Purchaser shall indemnify the Auctioneer in respect of in the description of the Lot. horse being offered for Sale, then the Purchaser may cancel the Sale by

and pay to the Auctioneer on demand all costs incurred by the 16.6 TherightsandremediesoftheAuctioneerundertheseConditions notice in writing to the Auctioneer within twenty-four (24) hours of the

Auctioneer in respect of the policy of insurance. Payment of Lots shall shall not be affected by reason of the selling commission and charges fall of the hammer.

not be regarded as made until such charges have been paid. oftheAuctioneerhavingbeendeductedbytheAuctioneerfromany 19.3 AnyPurchaserwhowishestohaveapostSaleupperrespiratory

13.3 NothinginClause13.2seekstoimposeanobligationonthe payment made by the Auctioneer to the Vendor. As between the laryngoscopic evaluation, as above, is advised that this examination

Auctioneertoobtainapolicyofinsuranceonthevendor’sbehalf. Any Purchaser and the Auctioneer, the Purchaser waives all rights of set off, must be conducted by the veterinary surgeon, so approved, prior to

decision to obtain such a policy of insurance will be at the discretion of if any, the Purchaser may have against the Vendors between the the horse being removed from the Auctioneer's complex.

the Auctioneer, and the Purchaser acknowledges that the Auctioneer Purchaser and the Vendor. 19.4 TheAuctioneerreservestherighttoobtainaconfirmatoryopinionby

hasnoliabilitywhatsoeverintheeventthattheAuctioneerdoesnot 16.7 TheAuctioneeroritsservantsmaysigntheSaleBookorany a panel of not more than three (3) veterinary surgeons appointed by

obtain a policy of insurance in respect to a particular Lot. Memorandum of Sale on behalf of either the Vendor or the Purchaser the Auctioneer at the Purchaser's expense, before a notice of

14. TITLEOFLOTS or both. cancellation of Sale is accepted by the Auctioneer.

14.1 Notwithstandinganyexpressorimpliedprovisionshereoftothe 16.8 TheAuctioneerreservesallrightstouseorpublishdetailsofbiddings, 20. ANABOLICANDROGENICSTEROIDS

contrary and notwithstanding that delivery of any Lot may have been theidentityoftheVendorandthePurchaserandallmattersrelatedto 20.1 AllyearlingsnominatedfortheAPGsalesmaybesubjecttodrug

or possession obtained, title in a Lot shall not pass to the Purchaser the sale of any Lot as it thinks fit. testingcarriedoutbytherelevantHarnessRacingAuthorities. Such

untilallmoniespayablebythePurchasertotheAuctioneerpursuant 16.9 TheSellingAgentshallpaytotheVendorthenetproceedsofSale testing may be carried out at any time from birth through to sales day.

to these Conditions of Sale in respect of all Lots purchased by the upontheexpirationoftwenty-eight(28)daysfollowingthedateof 20.2 IntheeventthatAPGbecomesawarethatayearlinghastested

Purchaser shall have been received by the Auctioneer and all bills of Sale, provided always that payment shall not be made until:- positive to an anabolic androgenic steroid prior to the APG Sales, the

exchange tendered in payment of such monies have been honoured. (a) paymentofthepurchasepriceandsustainingpaymenthave horse will be withdrawn from the APG Sales.

14.2 WheredeliveryofanyLotismadetothePurchaserpriortotitleinthe been made by the Purchaser in full; 20.3 IntheeventthatAPGbecomesawarepostsalethatayearlinghas

Lot passing to the Purchaser pursuant to these Conditions of Sale, the (b) deliveryofthehorsehasbeentakenbythePurchaser; tested positive to anabolic androgenic steroids as a result of a test

Purchaser shall hold the Lot as bail only and shall not deal with the Lot (c) allregistrationdocumentshavebeencompleted,signedand carried out by the relevant Harness Racing Authority either prior to the

in any manner inconsistent with the reasonable directions which may delivered to APG; and APG Sales or at the APG Sales, the Purchaser may terminate his

be given from time to time by the Vendor and/or the Auctioneer. (d) transferofownershiphasbeenfullyeffected. purchase of the Lot by giving the Auctioneer written notice of

14.3 UntiltitleofthehorsehaspassedtothePurchaser,thePurchasershall 17. CONDITIONSANDWARRANTIES termination within seven (7) days of receiving written notification that

not exercise or purport to exercise any rights of ownership or 17.1 Otherthanforanyexpressconditions,warrantiesorrepresentations the horse has tested positive for an anabolic androgenic steroid.

possession including, without limitation, registering or racing the horse. includedherein,orasmaybeimpliedbyFederalorStatelegislation 20.4 IntheeventthatthePurchaserelectstoterminatehispurchase,the

15. DEFAULTBYPURCHASER (including the Trade Practices Act 1974 {Cwth}) and which may be Purchaser shall upon termination at his own cost and expense, return

15.1 IntheeventthatthePurchaserbreachesanyoftheseconditionsand excluded by agreement: the Lot to the address of the Vendor specified in the Sales catalogue.

fails to remedy such breach within reasonable time after receiving (a) allconditions,warrantiesandrepresentationsinrespectofaLot 20.5 WherethePurchaserterminateshispurchaseandreturnstheLotto

written notice from the Vendor or Auctioneer requiring such breach to or a Sale are hereby excluded; the Vendor pursuant to Condition 20.3, he shall be entitled to a refund

be remedied, or all monies payable by the Purchaser to the Auctioneer (b) nocondition,warrantyorrepresentationisgivenorimpliedor from the Vendor of all purchase monies paid in respect of the Lot and

pursuant to these Conditions shall not have been paid and liquidated any be inferred from any affirmation made at or before the Sale upon receiving same shall have no further claim against the

by the due date for payment thereof, or where the Auctioneer has, in or any of the circumstances of the Sale; and Auctioneer or Vendor.

its discretion, agreed to an extension of the date for payment (in which (c) thePurchaseracknowledgesthat,inmakinganypurchase,heis 21. OCCUPATIONALHEALTHANDSAFETY

event time shall be of the essence in respect of such extended date) relyingsolelyonhisownenquiriesandinspection,andthathe 21.1 Totheextentthatavendororapurchaserortheiremployeesor

and the same shall not have been paid and liquidated by such has not relied or been induced by any statement or agents may conduct any activities on the premises of the Sale Venue

extended date, the Auctioneer or the Vendor may at any time without representation made by the Vendor or the Auctioneer or by any then that vendor or purchaser shall be responsible, to the exclusion of

prejudice to any other rights or remedies which the Auctioneer or person purporting to act on their behalf. the auctioneer, for establishing and observing appropriate

Vendor may have at law or in equity and without notice to the 18. WINDSUCKERS,WOBBLERS,IMPAIREDVISION,CRYPTORCHID(RIG) occupational health and safety procedures, and for complying with

Purchaser:- 18.1 ForthepurposeofthisCondition:"Windsucker"shallmeanaLot any relevant legislation provisions, in relation to those activities.

(a) terminatetheSaleoftheLot;and/or whichsuffersfromtheviceofnoisilydrawinginandswallowingair 21.2 Avendororpurchaserconductinganyactivitiesonthepremisesofthe

(b) immediatelyretakepossessionoftheLotandforthatpurpose through its mouth; "Wobbler" shall mean a Lot which stands or moves Sale Venue does so at his own risk in all respects and must indemnify

the Purchaser hereby irrevocably grants to the Auctioneer unsteadily or with uncertain direction; "Impaired Vision" refers to the auctioneer in respect of any claims for personal injury or damage

and/or Vendor full leave and licence to enter into or upon any impairedsightinoneorbotheyes."Cryptorchid(Rig)"shallmeanacolt topropertywhichmaybemadeagainsttheauctioneerarisingoutof

premises controlled by the Purchaser upon which the Lot may inwhichoneorbothtesteshavenotdescendedintothescrotumfrom anysuchactivities

be or may reasonably be believed to be situated and to use any the abdomen. 22. ATTORNEY

reasonable force as may be necessary for the purpose of 18.2 ShouldanyLotbeaWindsucker,WobblerorCryptorchid(Rig)ortothe 22.1 TheVendorandthePurchaserforthepurposeofenablingthe

repossessing the Lot, or as agent of the Purchaser to enter upon knowledge of the Vendor have shown any symptoms of being so, the AuctioneertogivefullforceandeffecttotheseConditions,each

any other premises upon which the Vendor may enter for the Vendor shall disclose such fact to the Auctioneer to enable the irrevocablyappointtheAuctioneerhistrueandlawfulattorney,withfull

purpose or repossessing the Lot, without notice to the Purchaser Auctioneer to disclose such fact to prospective bidders. Any horse that powerinhisnameorinthenameoftheAuctioneertodoallsuchthings,

and without liability to the Purchaser or any person claiming has impaired vision will NOT knowingly be offered for Sale. totakeallsuchaction,tosignandexecuteallsuchdocuments,andtogive

under the Purchaser; and/or 18.3 IntheeventthatanyLotproveswithinseven(7)daysaftertheSaleto suchinstructionsforthepurposeoftheseConditionsasmaybenecessary

(c) reselltheLotbyauctionorprivateSaleattheriskandexpenseof be a Windsucker, Wobbler or Cryptorchid (Rig) or to have been sold orintheAuctioneer'sopiniondesirable,andherebyagreestoratifyand

the Purchaser and if upon such resale a lower price is obtained with impaired vision: affirmanythingdonebytheAuctioneerassuchattorney.

than that for which the Purchaser had agreed to buy the Lot, the (a) thePurchaserproducestotheAuctioneerorVendorprior 23. INTERPRETATION

Auctioneer or Vendor may recover the difference from the writtencertificationobtainedatthecostofthePurchaserthat 23.1 IntheseConditions:"Auctioneer"means(thesellingAgentateachSale)

Purchaser as a debt due on demand together with interest from the Lot is a Windsucker, Wobbler or Cryptorchid (Rig) or has andincludesitsofficersandagents."Purchaser"meansthepersonor

the date of Sale to the date of payment; and/or impaired vision, as the case may be, signed by an independent corporationtowhomanyLotissoldasreferredtoinCondition2.

(d) exercisesuchotherrightsandremediesastheVendoror Veterinarian nominated by the Auctioneer; and "Vendor"meansthepersonorcorporationonwhosebehalfanyLotis

Auctioneer may have against the Purchaser in respect of the (b) theAuctioneerorVendordidnotdiscloseattheSalethattheLot soldbytheAuctioneerandwheremorethanone,shallmeaneach

Purchaser’s default including, without limitation, recovering from was or showed symptoms of being a Windsucker, Wobbler or severallyandanytwoormorejointly."Promoter"meansathirdparty(if

the Purchaser all costs and expenses incurred in repossessing or Cryptorchid (Rig) or having impaired vision, as the case may be, any),identifiedintheSalecatalogueorotherdocumentationissuedin

attempting to repossess the Lot together with interest thereon the Purchaser may terminate his purchase of the Lot by giving the respectoftheSaleasthepromoterorsponsoroftheSaleorofaclosed

and recovering from the Purchaser any expense of Sale, re-Sale, Auctioneer written notice of termination within seven (7) days after raceseriesorincentiveraceseriesinassociationwithwhichtheSaleis

livery,agistmentandAuctioneercommissionsoincurred;and/or thedateofSaleprovidedthatthePurchasershalluponterminationat conducted."SeriesRace"meanstheclosedraceseriesorincentiverace

(e) retainanydepositorpartpaymenttotheextentoftwenty-five his own cost and expense, return the Lot to the address of the Vendor series(ifany)identifiedintheSalecatalogueorotherdocumentation

percent(25%)ofthepurchasepriceforthebenefitoftheVendor. specified in the Sales catalogue. The decision of the independent issuedinrespectoftheSale."Lot"or"horse"includesgelding,coltandfilly.

16. RIGHTSANDLIABILITIESOFAUCTIONEER Veterinarian nominated by the Auctioneer as to whether any Lot is a Theexpression"colt"includesrigorcryptorchid,namelymaleanimalsin

16.1 TheAuctioneerissellinganyLotattheSaleasagentfortheVendor Windsucker, Wobbler, Cryptorchid (Rig) or has impaired vision, shall be whichoneorbothtesteshavenotdescendedintothescrotumfromthe

whose name and address is disclosed in the Sales catalogue in respect final and binding on all parties. abdomen,however,itistheresponsibilityoftheVendortohavethe

of the Lot. Further, particulars of the Vendor of any Lot shall be Where the Purchaser terminates his purchase and returns the Lot to Auctioneerannouncethatthe"colt"isarigorcryptorchidifthatbeso.

furnished by the Auctioneer immediately upon request. Except, as theVendorpursuanttoCondition18.3,heshallbeentitledtoarefund 23.2 WherethePurchaserofanyLotcomprisesmorethanonepersonor

otherwise expressly provided to the contrary, the Auctioneer has no from the Vendor of all purchase monies paid in respect of the Lot and corporation, these Conditions shall bind each such person or

liability or rights as principal in the capacity of a Vendor. upon receiving same shall have no further claim against the corporation severally and any two or more of such persons or

16.2 Intheeventofanydisputeincludingwithoutlimitation,astodefectsin Auctioneer or Vendor. corporations jointly.

title,misdescription,pedigree,conditionorotherwise,thePurchaser 19. UPPERRESPIRATORYLARYNGOSCOPICEVALUATION 23.3 WhereanyLotispurchasedbyapersonasanagentforaprincipal,

andtheVendorshallsettlethematterbetweenthemselvesandthe 19.1 NotwithstandinganyotherprovisionoftheseConditionsofSaleand whether disclosed or undisclosed, such agent shall, without prejudice

Purchaser shall have no rights against nor return any Lot to the notwithstandinganypriorcustomandusageofthetrade,horseswhich to the principal's obligations pursuant to these Conditions, be

Auctioneer which acts in respect of the Sale merely as agent for the aresoldinthisSalemaybesubjecttoapostSaleupperrespiratory personally bound to purchase the Lot for the price accepted by the

disclosed Vendor. laryngoscopicevaluation(excludingthetrachea)byaveterinarysurgeon Auctioneer upon these Conditions and the term "Purchaser" shall be

16.3 NotwithstandinganyrepresentationoractionbytheAuctioneer approvedbytheAuctioneerobtainedatthePurchaser’sexpensewithin construed to mean each of the agent and the principal severally and

which may indicate the contrary, the Auctioneer shall be under no twentyfour(24)hoursofthefallofthehammer. both the agent and the principal jointly.

liabilitytotheVendorinrespectofthePurchaser'sfailuretocomplete 19.2 Ifaveterinarysurgeon,soapproved,isoftheopinionthatthehorse

his purchase in accordance with these Conditions of Sale. has any of the following conditions: