Page 326 - 中国当代书画

CONDITIONS OF BUSINESS

Ǽ the arrangement of the order, location, and page size of illustration of the Lot Article 17 Insurance by Seller
in the Catalogue and relevant expenses incurred therefore; specific means of In the event that the Seller notifies us not to arrange insurance for the Lot in

exhibition/display of the Lot and all relevant arrangement and expenses incurred writing, it shall undertake to bear all the risks and the following liabilities (unless
therefore; otherwise judged by court or arbitration commission) :
ǽ Unless otherwise agreed by the Seller and us, we shall at our own discretion Ǻ to indemnify us from and against any claims or actions incurred or brought
decide on whether the Lot is appropriate to be auctioned by us, as well as the by any third party with respect to the losses or damages of the Lot;
place of auction, the date of auction, the conditions of auction and the manner of ǻ to hold us and/or any other parties from and against any losses and expenses
auction. in relation to the damages and/or losses of the Lot caused by any reason; and
Article 11 Unauctionable Lot Ǽ to notify the terms of indemnity hereunder to any insurer of the Lot.
After the Seller has signed the sales contract with and delivered the Lot to us, if Article 18 Uninsured

for any reason we believe that the Lot is not suitable for auction, the seller must We will not be liable for the damages or losses of the Lot caused by natural
collect the Lot within 30 days from the date of our notice being dispatched (fees wear, inherent flaws, inherent or potential defects, inherent material changes,

for the packaging and handling shall be paid by the seller) , the contract between self-combustion, self-warming, oxidation, rust, leakage, rat-bite, woodworm,
the seller and us will cease on the date the seller collects the Lot. If during the changes in atmospheric (climate, temperature or humidity) conditions, changes
abovementioned period the seller fails to collect the Lot, the contract will be in normal water level, or other reasons of natural changes or caused by earth-
automatically ended. If within seven days after the ceasing of the contract, the quake, tsunami, war, actions similar to war, hostile actions, armed conflicts,
seller does not collect the Lot, the Company reserves the right to sale the Lot by terrorism, rebellion, coup, strike, riots, or nuclear fission, nuclear fusion, nuclear

means of public auction or in other ways and conditions we consider proper. If weapon, nuclear radiation, or radioactive pollution. We will also not take re-
we succeed in selling the Lot, the sales proceeds will be paid to the seller, less sponsibility for any damages to or any losses of frames, glass, drawer, bottom
reasonable handling expenses. mat, trestle, mounting, insert pages, roller or other similar accessories caused by
Article 12 Suspension of Auction any reason.
We may suspend any auction at any time under any one of the following situa- Article 19 Insurance Indemnity
tions: Any damages or losses of the Lot caused by incidents or disasters covered by
Ǻ we have objection to the ownership and authenticity of the Lot; insurance we purchased for the Lot shall be handled in accordance with Chinese
ǻ any third party has objection to the ownership and authenticity of the Lot laws and regulations regarding insurance. We shall pay insurance indemnities
with undertakings to provide relevant evidence, make security pursuant to our less all expenses incurred by us (except commissions) to the Seller after we ob-
provisions and take all legal responsibilities for all legal repercussions and losses tain such indemnities from the insurance company.
due to suspension of auction;
Article 20 Non-Bidding
Ǽ we have objection to the explanation of the Seller or the accuracy regarding
the Seller’s warranty provided in Article 8; The Seller shall not bid for the Lot consigned to us by itself, nor authorize any
ǽ we have any evidence to prove the Seller has already violated or is to violate other person to bid on its behalf. The Seller shall be liable for and indemnify us
any term of these Conditions; and for any losses and damages caused by violation of this provision.
Ǿ any other reasonable causes. Article 21 Commission and Expenses
Article 13 Withdrawal of Lots by Seller Unless otherwise agreed upon by the Seller and us, the Seller shall authorize us
The Seller may withdraw the Lot at any time prior to the Auction Date sub- to deduct 10% of the Hammer Price as commission, with any other Expenses
ject to our consent and a written notice stating the reasons. In the case that the also calculated from the Hammer Price.
catalogue or any other advertisements of the Lot have begun printing upon the Although we act as the agent of the Seller, the Seller agrees that we are entitled
Seller’s withdrawal, the Seller shall pay an amount equal to 20% of the insured to the Buyer’s remuneration and other Expenses payable by the Buyer in accor-
value of the Lot and other Expenses in connection therewith. In the case that the dance with provisions in Article 48 of these Conditions.
catalogue or other advertisement has not been printed, the Seller shall pay an Article 22 Service Fee for Unsold Lot

amount equal to 10% of the insured value and other related Expenses.
In the case that the auction of the Lot fails due to bidding lower than the Re-
No dispute or claim arising out of the Seller’s withdrawal shall be born by auc-
serve, the Seller shall authorize us to charge the Seller a service fee for unsuc-
tioneer.
cessful auctioning equal to 3% of the Reserve and other expenses payable by the

Article 14 Automatic Insurance Seller.
Unless otherwise instructed by the Seller in writing, all the Lots will be auto- Article 23 Payment Proceeds of Sale

matically covered under the insurance of our company as soon as the Seller signs
In the case that the Buyer makes full payment to us in accordance with provi-
the consignment contract with us and delivers the Lot to us. The insured value
sions in Article 48 herein, we shall pay the Proceeds of Sale (after having paid
shall be based on the Reserve agreed by the Seller and us in the consignment
the taxes described in Article 26 of these Conditions) to the Seller in RMB cur-
contract (if no Reserve, the insured value is the one agreed by both parties; if the
rency after 35 days from the Sale Date.
Reserve is adjusted, the insured value shall be taken from the original Reserve) .
The insured value is only subject to insurance and claim other than our warranty Article 24 Deferred Payment
or security for the value of the Lot and the Hammer Price of the Lot. In the case that we do not receive the full payment from the Buyer upon the
expiry of the payment period under Article 49 herein, we will pay the Sale Pro-

Article 15 Insurance Premium
ceeds (after having paid the taxes described in Article 26 of these Conditions) to
Unless otherwise agreed by the Seller and us, the Seller shall pay an insurance
the Seller within seven business days (meanwhile such payment should be made
premium equal to 1% of the Hammer Price of the Lot after sale. In the case that
after 35 days of Sale Date as well) after receipt of full payment from the Buyer.
the Lot fails to sell, the insurance fee payable by the Seller shall be 1% of the

Reserve. Article 25 Cancellation
In the event that the Buyer does not make full payment to us within 60 days of
Article 16 Insurance Period
the Sale Date, the Seller is authorized to cancel the transaction after giving us a
In the case that the auction of the Lot succeeds, the insurance period shall termi-
notice in writing and receiving prior approval from us. A cancellation notice is to
nate on the earlier expiry of either seven days after Sale Date or the date when
be dispatched to the Buyer within 7 working days after such decision approving
the Buyer collects the Lot. In the case that the auction fails, the insurance period
the cancellation as made by the Company. In the event that the Buyer make full
shall terminate upon the expiry of seven days after the Seller has received our

payment and/or finishes collection procedure before the service of the cancel-
notice to take back the Lot.