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Purchaser’s full settlement of the Hammer Price, 7. The Company may refuse the Purchaser events, the Company shall deem the Purchaser
the Purchaser’s Commission and Purchaser’s from participating in future auctions held incapable of performing the transaction under
Payables. by the Company or to collect a deposit the contract of sale and shall have absolute

（15.2）Regardless of whether the Purchaser has in future auctions which the Company discretion to cancel the related sale without
fully settled the above amounts, if the Purchaser considers appropriate; and/or compensating the Purchaser:
fails to collect the Auction Article punctually, the 8. The company will take corresponding 1. The Purchaser has been involved in any
risk of the Auction Article shall be borne by the measures when the buyer owes the liquidation, bankruptcy or similar legal
Purchaser on the expiration of 7 days following payment, that is, notif y the buyer in proceedings;
the Date of Sale. accordance with reasonable steps and 2. The Purchaser or any of his major assets
have the right to disclose the buyer's has been involved in any economic, civil,
name and address to the seller, so that the criminal, administrative proceedings or
16. PURCHASER’S FAILURE IN MAKING seller can initiate legal proceedings against any arbitration proceedings which the
PAYMENTS OR COLLECTING THE the buyer to recover the arrears, or claim Company reasonably considers to have
damages and legal fees for the buyer’s
AUCTION ARTICLE PUNCTUALLY breach of contract; already constituted material adverse
effect on the Purchaser’s ability to
9. The Company may take any other action settle the Hammer Price, Purchaser’s
that it seems necessary or appropriate. Commission or Purchaser’s Payables or
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（16.1）f the Purchaser fails to make payments for may constitute the same;
the Auction Article, the Company shall have the
right to exercise one or more of the following (16.2) If the Purchaser owes money to the 3. Any of the Purchaser’s major assets has
remedies: Company, any of its branches, subsidiaries been involved in any enforcement or
1. The Company may charge the Purchaser or parent companies, in additional to the execution, seizure, freezing, detention,
lien, regulatory or similar measures;
interest on the amounts due and unpaid Company’s rights under Clause 16.1, the
at the rate of 10% per annum; Company may: 4. There has been material loss, damage
2. (If the Purchaser fails to fully settle the 1. use any amount the Purchaser pays, caused to or other events of similar
nature inflicted on any of the Purchaser’s
aforesaid amounts for the Auction Article including any deposit or other part- major assets;
upon the expiration of 60 days following payment the Purchaser has made to the
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the Date of Sale) the Company is entitled Company, or which the Company owes to 5. f there is any specific time limits on the
to cancel the sale and to charge the the Purchaser, to pay off any amount the performance of an obligation in the
Purchaser an amount as liquidated Purchaser owe to the Company, any of its Bidders Registration Form, Absentee Bids
damages being 30% of the Hammer Price. branches, subsidiaries or parent companies Registration Form, Telephone Bidding
The Company may then sell the Auction for any transaction; and/or Registration Form or these Conditions and
Article again, publically or privately on 2. use or deal with any of the Purchaser’s the relevant Party fails to perform such
such terms the Company shall think properties that the Company or any of its obligation in time; or
necessary or appropriate, in which case branches, subsidiaries or parent companies 6. The occurrence of any event which
the Purchaser must pay the Company holds in any way that the Company is the Company considers will materially
any shortfall between (i) the Hammer allowed to by law. The Company will only affect the Purchaser’s performance of his
Price, the Purchaser’s Commission and release such properties to the Purchaser obligations under the Bidders Registration
Purchaser’s Payable; and (ii) the proceeds after the Purchaser pays the Company or Form, Absentee Bids Registration Form,
from the resale. The Purchaser must also the relevant branch, subsidiary or parent Telephone Bidding Registration Form and
pay all costs, expenses, losses, damages company in full for what it owes, provided these Conditions.
and legal fees the Company have to pay that the Company may, at its discretion, sell
or may suffer and any shortfall in the any of such Purchaser’s properties in any
Seller’s commission on the resale; way as the Company thinks appropriate, 18. LIMITED WARRANTY
3. The Company may pay the Seller an and use the proceeds of such sale against
amount up to the net proceeds payable any amount so owed by the Purchaser to

in respect of the amount bid by the the Company and/or the relevant branch, （18.1）Unless otherwise stipulated in these
Purchaser in which case the Purchaser subsidiary or parent company. Any Conditions, if, within 2 years after the Date of
acknowledges and understands that the balance of such proceeds will be refunded Sale, the Purchaser satisfies the Company that
Company will have all of the rights of the to the Purchaser. If there is any shortfall, his Auction Article is a forged item, subject to
Seller to pursue the Purchaser for such the Purchaser shall pay to the Company the terms below, the Company shall cancel
amounts; any difference between the amount the the sale and refund to the Purchaser the
Company receives from the sale and the Hammer Price and Purchaser’ s Commission
4. The Company may hold the Purchaser amount so owed by the Purchaser to the (without interest) paid by the Purchaser to the
legally responsible for the Hammer Company and/or the relevant branch, Company in relation to such Auction Article
Price, the Purchaser’s Commission and subsidiary or parent company. with the original currency and original amount
Purchaser’s Payable and may begin legal
proceedings to recover them together (16.3) If the Purchaser fails to collect the paid (without interest). For the purpose of this
Clause, a forged item shall mean an imitation
with other losses, interest, legal fees and Auction Article by end of the 7th day item deceptively described for its place of
costs as far as the Company is allowed by after the Auction Day, the Company shall origin, artist, authorship, manufacturer, year
law; have the right to exercise one or more of of production, era, period, culture and source,
5. The Company may take what the the following remedies, unless otherwise and there are material errors or omissions
agreed in writing:
Purchaser owes to the Company from on the above aspects in the descriptions
any amounts which the Company, any 1. the Company may charge the Purchaser contained in the Catalogue. Any damage on the
of its branches, subsidiaries or parent for storage costs at HK$80 per day in Auction Article, and/or any restoration, and/or
companies may owe the Purchaser respect of each Auction Article; and/or modification of the Auction Article (including
(including any deposit or other part- 2. The Company may charge the purchaser repainting or painting on the surface) shall not
payment which the Purchaser has paid to for insurance fee at 0.2% of hammer price be deemed to be a forgery.
the Company); per month in respect of each auction （18.2）The limited warranty under Clause 18.1 is

6. The Company may exercise all the rights article; and /or a limited warranty and shall not apply under the
and remedies of a person holding security 3. the Company may sell the Auction Article following circumstances:
over any property in the Company’ in any commercially reasonable way the 1. The limited warranty will only be
s possession owned by the Purchaser, Company thinks appropriate. applicable for a period of 2 years from
whether by way of pledge, security the Date of Sale. After such time, the
interest or in any other way as permitted
by the law of the place where such 17. CIRCUMSTANCES ALLOWING THE Company will not be obligated to
property is located. The Purchaser will be honour the limited warranty under any
circumstances;
deemed to have granted such security COMPANY’S CANCELLATION OF THE
to the Company and the Company may SALE 2. The content of the Catalogue conforms
retain such property as collateral security with generally accepted opinion of
for the Purchaser’s obligations to the experts as at the Date of Sale, or it has
Company; and/or （17.1）Upon occurrence of any of the following been specified in the Catalogue that

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