General Conditions of Sale
Nusantara Auction is a public auction of collectable world’s coin & paper money. By bidding and purchasing in our auctions you agree to the terms & conditions as outlined in this document.
To bid in our auctions each user has to be registered and over 18 years of age at the time of the auction. To become a registered user we may ask you to provide personal details, such as your name, address, ID number, and other info that we use to identify you. In some instances we may ask you to provide further references and/or credit card verification may be required.
Items pictured are the actual items available for sale, unless otherwise mentioned in the item description. Items are guaranteed genuine. Nusantara Auction offers no guarantee regarding the correctness of information in the item description such as rarity, prior sales figures and population reports. Nusantara Auction reserves the right to withdraw any item prior to the auction date for any reason and no bidder shall have right to damages as the result of a withdrawn lot.
The majority of items offered by Nusantara Auction are graded by third-party grading companies (such as PMG or PCGS). Bidder agrees that grading is subjective and can differ between grader and grading companies. Nusantara Auction makes no warrantee or representation regarding the grades assigned by third-party grading companies. In the case of items graded by Nusantara Auction bidder acknowledges that currency grading is subjective. Nusantara Auction does not warrant the accuracy of such grading or descriptions nor do they form the basis for a bid.
Bids can be placed prior to the auction (“absentee bid”) or during the live auction. In the case of equal bids preference is given to the first bid received at the discretion of Nusantara Auction. Bidding follows set bidding increments and bids that do not follow bid increments are automatically rounded up to the next full increment. Bids cannot be lowered or deleted after having been placed.
All auctions are subject to a buyer’s premium of 10% with a minimum of $10. This buyer’s premium is charged per lot. In addition, each purchase is subject to shipping, which is charged per weekly auction. This shipping fee is $5 to $15 for orders within Indonesia and $35 for all orders outside of Indonesia. Additional fees may be charged for large or overweight shipments. Nusantara Auction reserves the right, at its sole discretion, to select the shipping method and speed. For customs purposes full value will be declared and Nusantara Auction is not responsible for any additional customs fees or import charges levied to buyer. Insurance is included on all packages with a $50 deductible. Bidder agrees that in the case of loss or damage any insurance settlement by insurance carrier completely satisfies all obligations of Nusantara Auction to bidder according to these terms & conditions.
Payment is due within 2 (two) days after each auction in order to guarantee quick settlement with our consignors. Payments can be made by credit card (subject to 3% administration fee), or bank transfer. If payment has not been received by the payment due date (as listed on the invoice) Nusantara Auction reserves the right to charge the card on file for the full invoice amount in order to satisfactorily complete the transaction. If buyer fails to satisfactorily make payment we reserve the right to impose an interest charge of 5% per month until payment has been received in full or the maximum permitted by law, whichever is higher. Buyer also agrees to pay for any reasonable attorney, interest and collection charges incurred by Nusantara Auction to collect past due invoices. If payment is not received within 7 days Nusantara Auction reserves the right to cancel the transaction. We also reserve the right to no longer accept bids from bidder until payment for previous purchases has been made in full.
If payment is returned for any reason (such as a chargeback on a credit card, or a “not sufficient funds” check or transfer), Nusantara Auction reserves the right to charge buyer any applicable fees, with a minimum of $35 per transaction.
Buyer agrees to pay any applicable sales tax unless a valid resale certificate is on file with Nusantara Auction prior to the auction as required by the delivery address provided by buyer.
All items are sold “as-is”. NO LOT MAY BE RETURNED FOR ANY REASON, unless there is a material error in the auction description. In that case, please contact us within 3 (three) days after receiving the item and we will provide you with instructions how to return the item. All returned items must be in the original undamaged and untampered holder. Nusantara Auction reserves the right to refuse any return request if our instructions are not followed.
If a dispute arises concerning ownership of a lot that has been bid upon, Nusantara Auction reserves the right to commence a statutory inter-pleader 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 attorney’s fees and costs. Nusantara Auction reserve the right to postpone any auction for any reason. In such case, no bidder shall have any claim as a result thereof, including incidental or consequential damages.
If a dispute arises from or relates to this contract or the breach thereof, and if the dispute cannot be settled through direct discussions, the parties agree to endeavor first to settle the dispute by mediation administered by the Indonesian Arbitration (BANI) under its Commercial Mediation Procedures before resorting to arbitration. The parties further agree that any unresolved controversy or claim arising out of or relating to this contract, or breach thereof, shall be settled by arbitration administered by the Indonesian Arbitration (BANI) in accordance with its Commercial Arbitration Rules and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The place of arbitration shall be East Java, Indonesia. . The arbitration shall be governed by the laws of Indonesia. Hearings will take place pursuant to the standard procedures of the Commercial Arbitration Rules that contemplate in person hearings. Arbitrator(s) shall agree to these limits prior to accepting appointment. The arbitrators will have no authority to award punitive or other damages not measured by the prevailing party’s actual damages, except as may be required by statute. Each party shall bear its own costs and expenses and an equal share of the arbitrators’ and administrative fees of arbitration. Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties.
TERMS & CONDITIONS FOR CONSIGNMENT
By submitting paper money to Nusantara Auction for listing in a future auction consignor agrees to all terms & conditions specified herein.
Consignor confirms that:
a) he/she has full legal ownership to any item(s) submitted
b) all consigned paper money is genuine and c) all third-party holders are genuine and untampered with.
Nusantara Auction has the exclusive right to list item(s) in a future auction as it deems best at its sole discretion and reserves the right to decline or remove any item(s) from a future or ongoing auction to protect the integrity of its auctions. We may combine multiple items in a single lot if we deem this to be in the best interest of the consignor. Consignor may not withdraw any item(s) for any reason after item(s) have been received by Nusantara Auction.
In very rare instances, buyers may fail to satisfactorily complete a transaction. If this occurs Nusantara Auction reserves the right to deem the sale null and void and relist the item(s) in a future auction.
By submitting paper money to Nusantara Auction consignor understands that no guarantee is given regarding selling price or terms of sale for any item(s). Consignor agrees to hold Nusantara Auction harmless for any economic loss from the sale of submitted item(s) to Nusantara Auction for consignment.
If consignor submits ungraded (“raw”) paper money or item(s) not certified by PMG or PCGS Nusantara Auction will submit the item(s) for certification at a leading third-party grading company as deemed best fit at the sole discretion of Nusantara Auction. Consignor agrees to pay any associated fees, including grading and shipping costs, related to certification of paper money at a third-party company.
Nusantara Auction shall, within 45 days of the final sale of items submitted, remit net proceeds to consignor. Net proceeds are the remainder after selling fees, grading fees, cash advances, interest and monies owed to Nusantara Auction by consignor are deducted from the hammer price. Consignor understands that not all items may be listed in a single auction, and that settlement may be delayed as a result.
Items that are on the premises of Nusantara Auction are insured against loss or damage subject to certain terms and conditions. Consignor agrees in case of loss or damage, to accept any insurance settlement based on fair market value of the item(s), less any seller’s fees, and further, that payment by insurance carrier to consignor for such item(s) completely satisfies all obligations of Nusantara Auction to consignor according to these terms & conditions.
By submitting items to Nusantara Auction consignor agrees to indemnify Nusantara Auction against any and all loss, damage, expense or liability (including without limitation court costs and attorney fees) arising out of or related to consignor’s submission to Nusantara Auction.
If a dispute arises from or relates to this contract or the breach thereof, and if the dispute cannot be settled through direct discussions, the parties agree to endeavor first to settle the dispute by mediation administered by the Indonesian Arbitration (BANI) under its Commercial Mediation Procedures before resorting to arbitration. The parties further agree that any unresolved controversy or claim arising out of or relating to this contract, or breach thereof, shall be settled by arbitration administered by the Indonesian Arbitration (BANI) in accordance with its Commercial Arbitration Rules and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The place of arbitration shall be East Java, Indonesia. The arbitrators will have no authority to award punitive or other damages not measured by the prevailing party’s actual damages, except as may be required by statute. Each party shall bear its own costs and expenses and an equal share of the arbitrators’ and administrative fees of arbitration. Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties.