Terms of Business

"Platform" means the WatchTradeSale dealer-to-dealer price-discovery service, including its website, auction software, and all related services.

"Member" means a registered professional watch dealer who has been accepted onto the Platform and has agreed to these Terms.

"Selling Dealer" means a Member who lists a watch on the Platform.

"Buying Dealer" means a Member who submits a bid during a price discovery window.

"Transaction" means the private sale of a watch agreed between a Selling Dealer and a Buying Dealer following a price discovery window.

"WatchTradeSale" means the operator of the Platform.

WatchTradeSale is a trade-only price discovery platform connecting professional watch dealers. WatchTradeSale does not purchase, sell, take ownership of or physically hold watches. The final transaction takes place directly between the buyer and seller at the buying dealer's premises.

WatchTradeSale facilitates price discovery between professional watch dealers by operating a daily price discovery window. WatchTradeSale is not a party to any Transaction, does not hold title to any watch, does not handle funds, and does not provide escrow, storage, or insurance services.

All Transactions are concluded directly between the Selling Dealer and the Buying Dealer as independent principals. WatchTradeSale accepts no liability whatsoever for the outcome of any Transaction, including but not limited to disputes over authenticity, provenance, condition, title, or payment.

The Selling Dealer retains the absolute right to accept or decline any bid. A bid does not constitute a binding offer until the Selling Dealer has confirmed acceptance in writing.

Membership of the Platform is open to professional watch dealers only. By registering, you confirm that you are acting in the course of a business and not as a private individual or consumer.

Membership entitles the Member to an unlimited number of listings and an unlimited number of bids or transactions. There are no per-listing or per-transaction fees.

Membership is non-transferable. Accounts may not be shared between individuals or businesses.

Membership of the Platform is conditional upon successful completion of WatchTradeSale's dealer verification process. WatchTradeSale uses the term WatchTradeSale Verified Dealer to indicate that a dealer has completed our prescribed onboarding and verification checks. This designation does not constitute a warranty or certification that the dealer is free from risk.

Unverified dealers may browse the Platform but may not list watches, submit bids, or arrange transactions. This is a hard technical restriction.

WatchTradeSale reserves the right to suspend or revoke verified status at any time, including where a dealer's circumstances change materially, where verification documents expire, or where trading behaviour gives rise to concern.

Each dealer remains solely responsible for its own legal, AML, sanctions, provenance, tax and transaction obligations. WatchTradeSale's verification process does not discharge or reduce those obligations.

The daily price discovery window operates between 4:00 PM and 4:30 PM UK time. During this window, verified buying dealers may submit prices on listed watches. The process establishes a current market indication only.

The highest bid at the close of the window does not automatically create a binding sale. The transaction flow is as follows:

1. 1.Listed — watch is live on the platform
2. 2.Price Discovery Open — window is active, bids may be submitted
3. 3.Price Discovery Closed — window has ended, highest bid established
4. 4.Seller Accepted — selling dealer confirms acceptance in writing
5. 5.Visit Arranged — buying dealer books inspection at their premises
6. 6.Inspection — physical inspection at buying dealer's premises
7. 7.Trade Completed — both parties confirm the transaction

A selling dealer who does not wish to proceed may decline the highest bid. This status is recorded as Seller Declined.

The Buying Dealer bears sole and exclusive responsibility for all due diligence in connection with any Transaction. This includes, without limitation:

• Authentication. Verifying that the watch is genuine and as described. All physical inspection and authentication must be conducted by the Buying Dealer at the Buying Dealer's premises prior to or at the point of completing the Transaction.
• Provenance. Satisfying itself as to the full ownership history of the watch, including checking the watch against the Art Loss Register and any other relevant stolen-goods databases.
• Know Your Customer (KYC). Conducting full KYC checks on the Selling Dealer in accordance with applicable law and the Buying Dealer's own compliance policies.
• Source of Funds. Verifying the source of the Buying Dealer's own funds used to complete the Transaction, and satisfying itself that those funds are not derived from criminal activity.
• Anti-Money Laundering (AML). Complying with all obligations under the Proceeds of Crime Act 2002, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and any successor legislation, including filing Suspicious Activity Reports where required.

WatchTradeSale does not carry out KYC, AML, or provenance checks on behalf of any Member and makes no representations as to the authenticity, title, or provenance of any watch listed on the Platform.

Members acknowledge that dealing in high-value goods, including luxury watches, may engage obligations under the Proceeds of Crime Act 2002 ("POCA") and related legislation. Each Member warrants that:

• (a) it will not use the Platform to list, bid on, or acquire any watch that it knows or suspects to represent the proceeds of crime;
• (b) it has in place, and will maintain, adequate AML policies and procedures appropriate to its business;
• (c) it will promptly file a Suspicious Activity Report with the National Crime Agency where it has knowledge or suspicion that a Transaction involves criminal property; and
• (d) it will cooperate fully with any law enforcement investigation relating to a Transaction conducted through the Platform.

WatchTradeSale reserves the right to suspend or terminate any Member's account immediately and without notice where it has reasonable grounds to suspect involvement in money laundering, terrorist financing, or any other criminal activity.

WatchTradeSale may disclose Member information to law enforcement authorities without prior notice to the Member where required or permitted by law.

All Transactions must be completed in person at the Buying Dealer's premises. The Buying Dealer is responsible for arranging and bearing the cost of any transit insurance, secure courier, or other logistics required to bring the watch to its premises for inspection and completion.

All transactions are settled directly between the participating dealers. WatchTradeSale does not receive, hold or transfer purchase funds.

Payment must be made by bank transfer only. Cash payments are not permitted through WatchTradeSale. The Buying Dealer must retain records of all payments in accordance with applicable AML legislation.

WatchTradeSale is not responsible for any loss, damage, or theft of a watch in transit or at any stage of the Transaction.

The Selling Dealer warrants that:

• (a) it has good and unencumbered title to any watch it lists, or is authorised to sell on behalf of the title-holder;
• (b) all information provided in a listing is accurate and not misleading;
• (c) the watch is not stolen, subject to any finance agreement, or otherwise encumbered; and
• (d) it will provide the Buying Dealer with all available documentation (box, papers, service records) as described in the listing.

To the fullest extent permitted by law, WatchTradeSale's total aggregate liability to any Member arising out of or in connection with these Terms or the use of the Platform shall not exceed the total subscription fees paid by that Member in the three months immediately preceding the event giving rise to the claim.

WatchTradeSale shall not be liable for any indirect, consequential, special, or punitive loss, including loss of profit, loss of business, or loss of reputation, whether arising in contract, tort, or otherwise.

Nothing in these Terms limits liability for death or personal injury caused by negligence, fraud, or any other liability that cannot be excluded by law.

WatchTradeSale may suspend or terminate a Member's account immediately and without refund where the Member:

• (a) breaches any provision of these Terms;
• (b) is suspected of involvement in money laundering, fraud, or any criminal activity;
• (c) provides false or misleading information in a listing or in their registration details; or
• (d) acts in a manner that WatchTradeSale reasonably considers to be detrimental to the Platform or its Members.

A Member may terminate their subscription by providing not less than 30 days' written notice prior to the end of the then-current six-month term. No refunds are given for unused subscription periods.

These Terms are governed by and construed in accordance with the laws of England and Wales. Each Member irrevocably submits to the exclusive jurisdiction of the courts of England and Wales in respect of any dispute arising out of or in connection with these Terms or the Platform.

WatchTradeSale reserves the right to amend these Terms at any time. Members will be notified of material changes by email not less than 14 days before the changes take effect. Continued use of the Platform after the effective date constitutes acceptance of the revised Terms.