The fall of the Auctioneer’s hammer signifies a contract, and the successful bidder has at this moment entered into a contract to purchase the lot in question in accordance with the auction Conditions of Sale. The auction will have been recorded so that any disputes can be quickly resolved. The successful bidder must pay for and collect the lots purchased within the times stated in the Conditions of Sale. Failure to do so renders the successful bidder in breach of contract. Lots can only be released once the Auctioneer is in receipt of cleared funds – cash, bank draft, or CHAPS inter-bank transfer; payment can be made by cheque provided there is sufficient time for the cheque to be cleared through the banking system.