Settlement is a quiet part of the LANGTONS experience — and one we would always rather move through gracefully. If you anticipate any difficulty settling within the required timeframe, a brief conversation with our team, well before the 30-day mark, is almost always the easiest path. In most cases, an arrangement can be made.
When Buyer Default may apply
Buyer Default may apply where an invoice remains unpaid more than 30 calendar days after the close of an auction, or the date of purchase from the Wine Store or Client Services.
What may happen
Where Buyer Default occurs, LANGTONS may, in line with our Terms and Conditions:
- seek recovery of the amount owed, along with reasonable costs and interest
- rescind the sale of the affected lot
- re-sell the lot, with any shortfall in price — and reasonable resale costs — payable by the original Buyer
- charge interest at 2% above the 90-day Bank Bill Swap Rate (BBSW) on amounts unpaid beyond 30 days
- retain the lot, releasing it only once the total purchase price and any storage costs have been settled
- offset amounts owed against any other amounts due to the Buyer, and exercise a lien over Buyer property held in our care
Account access
Where Buyer Default has occurred, your account access — including the ability to bid — may be paused while the matter is resolved.
Recovery costs
Where we are reasonably required to take recovery action, you agree to cover our reasonable recovery costs, including legal costs on a party/party basis.
Worth knowing
Buyer Default is something we genuinely prefer to avoid — for everyone. A timely phone call to our Customer Experience team almost always opens a path to resolution.
Suggested articles
- Settling your purchase
- Settling your auction purchase
- If something isn't quite right
- Speaking with our team
A conversation is often the easiest place to begin.
Whether you are discovering a single bottle or building a cellar, our specialists are here to guide you. Share your enquiry through our Customer Experience contact form one of our specialists will be in touch shortly.
You are also welcome to speak with your Private Client Manager, or call us on 1300 946 347.