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Conditions of Business of Beijing Cuppar International Auctions Co., Ltd.

Chapter I General Provisions Article 5 Special Notice
The Seller, the Bidder, the Buyer and other concerned parties participating in the auction shall
Article 1 Governing Law carefully read the Conditions and conform to the provisions hereof. All parties shall be liable for
These conditions of Business (hereinafter referred to as the "Conditions") are made in accordance their own actions at auction and any loss caused by failure to read the Conditions carefully. Due
with the Auction Law of the People's Republic of China, other relevant laws, regulations and to weather or other reasons, the Company reserves the right to postpone or cancel a scheduled
the Articles of Association of Beijing Cuppar International Auctions Co., Ltd. with reference to sale in its sole discretion without any indemnity to the Trustee, Bidder, Buyer and other relevant
international general practices. parties.. During the auction, when the auctioneer confirms the highest bid by striking the hammer
or in other public manners, the Bidder with the highest bid shall be the Buyer of the Lot, and the
Article 2 Definitions and Explanations sales contract regarding the Lot between the Seller and the Buyer shall legally enter into effect. The
Company, the Seller and the Buyer shall acknowledge the sale and transaction of the Lot, enjoy the
The terms used in the Conditions shall have the mea7nings assigned to them below: rights and assume the obligations under laws and the Conditions.
1. "Company" means Beijing Cuppar International Auctions Co., Ltd.;
2. "Company's Domicile" means 20C, Block A, Jiacheng Plaza, No.18 Xiaguangli, Chaoyang
District, Beijing, China, and this address is subject to possible change in the future; Chapter II Conditions Concerning The Seller
3. "Bidder" means any natural person, legal person or any other organization that has full capacity
of civil rights to bid in the auction held by the Company according to provisions of Chinese
laws and has gone through the necessary registration and procedural formalities. In case there Article 6 Consignment Procedures
is any provision with respect to conditions of sale or qualifications of Bidder, the Bidder shall When arranging for consignment,
satisfy these requirements. In the Conditions, unless otherwise stated or specifically required (1) in the case of the Seller being a natural person, the Seller shall hold a valid identity card,
by the context, the Bidder herein shall include any of its agents; passport or other certificates approved by the government of the People's Republic of China,
4. "Buyer" means the Bidder with the highest bid or offer accepted by the auctioneer in the auction and sign a consignment auction contract with the Company;
held by the Company; (2) in the case of the Seller being a legal entity or other organization, a valid certificate of
5. "Seller" means any natural person, legal person or any other organization that consigns Lot registration, ID of legal representative or other legal authorization documents is required to
to the Company for auction in accordance with the Conditions. In the Conditions, unless sign a consignment auction contract with the Company;
otherwise stated or specifically required by the context, the Seller herein shall include any of its (3) when the Seller signs a consignment auction contract with the Company, the Company shall
agents; be automatically authorized to exhibit, display, make pictures, illustrations, catalogue, or other
6. "Lot" means any item(s) consigned by the Seller to the Company for sale in the auction and, in video images or publicity materials of the Lot.
particular, the item(s) specified against any number in any catalogue;
7. "Auction Date" means, for a particular auction, the date announced by the Company on which Article 7 The Seller's Agent
the auction will officially commence. In case of any discrepancy between the announced date When arranging for consignment, the Seller's agent shall submit to the Company a relevant
and the actual date of the auction, the actual date of the auction shall prevail; authorization letter, including:
8. "Sale Date" means the date on which the transaction of a Lot is confirmed by the striking of the
hammer by the auctioneer or in other public manners; (1) in the case of a natural person, the Seller's agent shall hold a valid identity card, passport or
9. "Hammer Price" means the price at which the auctioneer strikes the hammer, deciding the sale other certificates approved by the government of the People's Republic of China;
of the Lot to the Buyer; (2) in the case of a legal entity or other organization, a valid certificate of registration, ID of legal
representative or other legal authorization documents is required;
10. "Sale Proceeds" means the net amount owed to the Seller from the Hammer Price after (3) an authorization letter made through legal procedures.
deducting commission pro rata, all expenses and other amounts owed to the Company by the
Seller; The company reserves the right to examine the above arrangement in any manner the Company
11. "Purchase Price" means the total amount payable by the Buyer for his or her purchase of a Lot, considers reasonable.
including Hammer Price plus the Buyer's commission, and other expenses payable by the
Buyer as well as the expenses caused by the Buyer's breach of contract; Article 8 The Seller's Warranties
12. "Expenses" means the charges and expenses relating to the sale of a Lot by the Company, The Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the
including but not limited to the charges for insurance, catalogue and other publicity materials, consigned Lot as follows:
packaging, transportation, storage and any other expenses pursuant to relevant laws, (1) the Seller has exclusive and absolute ownership and legal right to dispose of the Lot. The
regulations and provisions hereof; auction of the Lot shall not infringe upon any legal interest of any third party, and shall not
13. "Reserve Price" means the minimum selling price for a Lot determined by the Seller and the violate any relevant laws and regulations;
Company in a written contract or authorized by the Seller to be determined by the Company; (2) the Seller has, to the best of its knowledge, made full and complete discourse and described
14. "Reference Price" means the estimated sales price of a Lot indicated in the catalogue or after to the Company with respect to the origin and any flaw or defect of the Lot without any
other descriptive text. The Reference Price is subject to possible changes and cannot be concealment and fabrication;
deemed as the fixed sales price; (3) the Seller shall hold harmless and indemnify the Company and/or the Buyer from and against
15. "Storage Fee" means the charge for storage payable by the Seller and the Buyer to the Company any claims, losses and damages or actions incurred or brought by the actual owner or any third
in accordance with the Conditions. The current standard of Storage Fee is equal to 0.03% of party who claims to be the actual owner of the Lot as well as all expenses and costs incurred
the Reserve Price (if no Reserve Price, the agreed insurance amount shall be applied) per day; in connection therewith, arising out of, or in any way attributable to any breach of the above
16. "Bidding Platform" means any online bidding platform over which the Company holds warranties.
auctions and provides bidding services, including but not limited to the Company's website
WWW.CUPPAR.COM.CN and apps. The auctioneer can preside over live auctions or Article 9 Reserve Price
operate through the preset program, text, language or animation on the Bidding Platform;
17. "Online Account" means the independent online account of the Bidder created according All Lots are offered subject to a Reserve Price, unless otherwise agreed by the Seller and the
to the username and password set by the Bidder after registering on the Company's Bidding Company. The Reserve Price shall be determined by the Seller and the Company in writing and
Platform; no modification or amendment of the Reserve Price shall be binding upon the parties unless
18. "Laws" means the laws, administrative regulations, departmental regulations and normative subject to prior consent of the other party. When the authorized Lot has failed in the auction, the
documents enacted and amended from time to time by competent authorities of the People's Company has the right to sell the Lot at Reserve Price after the auction, and the Seller shall pay
Republic of China. The relevant laws of Hong Kong, Macao and Taiwan are excluded. the commission to the Company. In no circumstances shall the Company accept any liability for
failure in sale due to bidding lower than the Reserve Price at the auction.
Article 3 Application Scope
Article 10 The Company's Discretion Before Auction
The company organizes and carries out auctions pursuant to the laws, regulations and policies of
the People's Republic of China. The Conditions shall ensure to be binding upon the Seller, the The Company may decide the followings at the Company's absolute discretion:
Bidder, the Buyer and any other concerned parties participating in the auction. (1) modification of the name and other information (including notes of inscription, attribution)
Any bidder participating in an auction organized by the Company to bid in person or by proxy, of the Lot in the consignment auction contract; explanation and appraisal of any Lot made in
by way of raising the card, a written bid, a phone bid or any other means shall be deemed to have the catalogue and/or news media and/or in other ways;
fully accepted the Conditions. (2) adoption of expert's opinion or not;
Any dispute among the parties to the auction organized by the Company shall be settled in (3) the arrangement of the order, location, and page size of illustration of the Lot in the catalogue
accordance with stipulations of the Conditions. and relevant expenses incurred therefore; specific means of exhibition/display of the Lot and
all relevant arrangement and expenses incurred therefore;
(4) unless otherwise agreed by the Seller and the Company, the Company shall at its own
Article 4 Exclusion of Liability
discretion decide on whether the Lot is appropriate to be auctioned by the Company, as well
The Company shall undertake no guarantee for the authenticity and/or quality of any Lot, shall as the date of auction, the place of auction, the conditions of auction, the manner of auction
not carry out exhaustive due diligence on each Lot. The Bidder acknowledges this fact, and and the manner of bidding.
the Bidder and/or its agent shall bear the responsibility of carrying out its own inspection and
investigations as to the nature of the Lot and shall be liable for its bid. Article 11 Unauctionable Lot
All Lots are offered for sale in the condition they are at the time of the auction. If the Bidder
participates in the bidding in the auction organized by the Company, it shall be deemed as After the Seller has signed the sales contract with and delivered the Lot to the Company, if for any
carrying out overall inspection and evaluation on the authenticity and/or quality and other reason the Company believes that the Lot is not suitable for auction, the Seller must collect the Lot
conditions of the Lot prior to bidding, shall be satisfied with current situation and value of the Lot. within 30 days from the date of the Company's notice being dispatched (packaging and cartage at
If the Bidder participates in the bidding, it shows that he/she would like to bear various kinds of the Seller's expense); the consignment auction contract between the Company and the Seller will
possible risks, and has waived the right to raise an objection to the authenticity and/or quality of cease on the date the Seller collects the Lot. If during the abovementioned period the Seller fails to
the Lot. collect the Lot, the consignment auction contract will be automatically ended.