Page 328 - 中国当代书画

CONDITIONS OF BUSINESS

liable for any failure in bidding or any negligence or fault in the commission We may arrange packing and handling of the purchased Lot on behalf of the
bids. Bidders shall attend the auction in person to assure the success of bidding. Buyer as the case may be on its request and the Buyer shall be liable for any loss
arising from such arrangements. In no circumstances shall we take any liability
Article 43 Principle of Priority
for any damages or losses of glass, frames, drawer, bottom mat, trestle, mount-
In the event that two or more Bidders entrust us to bid on their behalf for the
ing, insert pages, roller or other similar accessories arising out of any reason.
same Lot and succeed in the same commission price, the Bidder whose authori-
In addition, we shall undertake no liability for any fault, omissions, damages or

zation certificate was first received by us shall be the Buyer of the Lot.

losses caused by the packers or carriers we recommend.
Article 44 Auctioneer’s Discretion

Article 55 Export of Lot
The auctioneer is entitled to represent us and to increase or decrease the bidding
The Buyer shall be responsible for applying for an export license in accordance
ladder, refuse any bidding, or restart auction in the case of any dispute arising.
with laws of the People’s Republic of China for the Lot permitted to be exported
Article 45 Screen of Video Images pursuant to the Protection Law of Cultural Relics of the People’s Republic of
At some auctions, there will be a video screen or other screens in operation for China and other relevant laws and regulations.
the convenience of Bidders, which is only for reference. However, there may be Article 56 Remedies for Non-payment
errors in amounts, numbers or pictures of the Lot, or in foreign exchange rate on
In the case that the Buyer fails to make full payment within the period provided
the screen. We shall not be liable for any losses and damages caused by such er-
in Article 49 herein, we shall be entitled to exercise one or more of the following
rors.
remedies:
Article 46 Successful Bid Ǻ If following a successful bid the Buyer fails to make payment within the

When the highest bidding is confirmed by striking the auctioneer’s hammer or stipulated period, the Buyer will lose the right to request us to refund the deposit
in other public manners, the Bidder with the highest bidding succeeds in the bid and we shall keep the deposit. Besides which, the Buyer shall also undertake any
and the sale contract of the Lot between the Buyer and the Seller is concluded. liability may occur in accordance with these Conditions;
ǻ If within seven days after a successful bid the Buyer fails to pay us the pur-
Article 47 Auction Record
chase price, we shall have the right to provide all or part of the data or informa-
We will prepare a written record with respect to the auction signed by the auc- tion about the Buyer to any third party in cooperation with us for purposes of
tioneer and the recorder. entrusting such third party to collect all or part of the default payment from the
At the auction, the Buyer shall sign the written record showing the successful Buyer;
bid after the highest bid is confirmed by striking the auctioneer’s hammer or in Ǽ charge the Buyer an interest at a rate of three ten-thousandths per day on the

another public manner. due and unpaid amount until such payment is made fully, to the extent it remains
Article 48 Remuneration and Expenses fully unpaid within seven days after Sale Date, unless otherwise agreed by the

Buyer and us;
The Bidder will be deemed as the Buyer of the Lot after succeeding in bidding
ǽ commence lawsuit proceedings against the Buyer for any damages caused by
and shall pay us a remuneration equal to 15% of Hammer Price and other Ex-
the Buyer’s breach of contract, including but not limited to the losses of interest
penses and acknowledge that we are entitled to charge commission and other
on deferred or unpaid payment by the Buyer;
costs payable by the Seller in accordance with Article 21 hereof.
Ǿ exercise a lien on the purchased Lot or other properties of the Buyer which
Article 49 Payment may be in our possession for any reason. The Buyer is responsible for all ex-
The Buyer shall make full payments in a lump sum to us and collect the Lot penses or risks that occurduring the period of lien. In case the Buyer fails to
(package and transportation at the Buyer’s expense) within seven days after the perform all relevant obligations herein within the period we designate, we shall
Sale Date; otherwise, the Buyer shall be liable for breach of contract. have the right to dispose of such property in accordance with relevant laws and
regulations. In the case the proceeds cannot cover the amount outstanding, we
Article 50 Currency
are entitled to claim the balance;
All payments shall be made in the currency designated by us. In the event that
ǿ in the event that the Buyer does not make full payment to us within 60 days
the Buyer makes payments in currency other than the designated one, the cur-
from the Sale Date, the Company is authorized to cancel or approve the Seller to
rency shall be converted at the rate agreed upon by the Buyer and us or at the
cancel the sale of the Lot and/or other Lots sold to the same Buyer at this auc-
rate announced by People’s Bank of China one Ǻ business day prior to the pay-
tion or any other auctions as applicable, and reserve the right to claim any losses
ment. The Buyer shall reimburse us for any bank charges, commission and other
caused by such cancellation;
expenses for converting the currency into RMB.
Ȁ carry out a re-sale of the Lot by public auction or other ways according to
Article 51 Passing of Title these Conditions subject to the consent of the Seller. The original Buyer shall
The Buyer will acquire ownership of the Lot after having paid the full Purchase be liable to the Seller for the remuneration/commission and other Expenses oc-
Price. curred at such auction as well as all Expenses for re-sale by public auctions or
other ways. In addition, the original Buyer shall also be liable for the difference,
Article 52 Transfer of Risks
if the Purchase Price actually received by the Seller for re-sale by public auc-
After a successful bid, any Lot purchased shall be entirely at the Buyer’s risk as tions or other ways of such Lot is lower than the original Purchase Price that
early as one of the following conditions is met: would have been receivable therein had the Buyer made the full payments.
Ǻ the Buyer collects the Lot purchased; or
Article 57 Remedies for Deferred Collection
ǻ the Buyer pays to us full Purchase Price for the Lot; or
Ǽ expiry of seven days after Sale Date. In case the Buyer fails to collect the purchased Lot within the period provided in
Article 49 herein, we shall be entitled to exercise one or more of the following
Article 53 Collection

remedies:
The Buyer shall collect the purchased Lot at our Company’s domicile or other Ǻ arrange storage of the Lot at our company or any other places at Buyer’s risk
place appointed by us no later than seven days after Sale Date. In case of failure and expense. The Buyer shall not collect the Lot unless the full Purchase Price is
to do so, the Buyer shall be solely responsible for all risks and losses of the Lot paid (package and transportation at the Buyer’s expense) ;
and bear all expenses for transportation, storage and insurance in connection ǻ exercise a lien on the purchased Lot. After 30 days from the delayed collec-
therewith due to delay. Nevertheless the Lot is still preserved by us or any other tion by the Buyer, we may, as the case may be, dispose of such Lot in accor-
agents, we and our employees or its agents shall not be liable for any losses and dance with relevant laws and regulations and apply the proceeds to compensate
damages of the Lot caused by any reason. for the amount outstanding owed to us including but not limited to fees of stor-
Article 54 Package and Transportation age, insurance, transportation, notarization and all expenses occurred in connec-