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CONDITIONS OF BUSINESS


         Chapter I  General Provisions                         We generally represent the Seller during the auction. When the auctioneer
                                                               confirms the highest bid by striking his hammer or in any other public man-
         Article 1  Governing Law                              ner, the Bidder with the highest bid shall be the Buyer of the Lot and the sale
         This Conditions of Business (hereinafter referred to as the “Conditions”) are   contract concerning the Lot between the Seller and the Buyer shall come into
         made in accordance with the Auction Law of the People’s Republic of China,   effect immediately. Any legal effect accrued thereupon shall be born by the
         other relevant laws implemented in the People Republic of China, regulations   Seller and the Buyer respectively.
         of the People’s Republic of China and the Articles of Association of this Com-  These conditions are the terms by which we contract, as the Auctioneer, with
         pany with reference to international general practices.  the Seller and with the Buyer as well as the terms by which the Seller and the
                                                               Buyer conclude a contract concerning the Lot. Therefore, any Seller, Bidder,
         Article 2  Definitions and Interpretation             Buyer and other concerned parties participating in the auction should read
         The terms used in these conditions shall have the following meanings:  the Conditions carefully and conform to the provisions hereof. All parties shall
         ᶃ “We/Us/Our/Company” means Beijing Baoruiying International Auction Co.,   be liable for their own actions at auction and any loss caused by failure to
         Ltd.                                                  read the Conditions carefully.
         ᶄ “the Company’s domicile” means CBD International Mansion, Room 2005-
         2008, No. 16 Yonganli East Street, Chaoyang District, Beijing, China.  Article 5  Exclusion of Liability
         ᶅ “the Bidder” means a natural person, legal person or any other organiza-  We shall undertake no guarantee for the authenticity and/or quality of any
         tion that has full capacity of civil rights to bid at auction according to provi-  Lot.
         sions of the laws of People’s Republic of China and who has gone through   The Bidder and/or its agent shall bear the responsibility of carrying out its
         the necessary registration and procedural formalities of this company. The   own inspection and investigations as to the nature of the Lot and shall be li-
         Bidder shall satisfy all provisions with respect to conditions of sale or qualifi-  able for its bid.
         cation of the Bidder. Under these Conditions, the Bidder shall include any of
         its agents unless otherwise provided thereunder or in a particular context.  Chapter II    Conditions Concerning the Seller
         ᶆ “the Buyer” means the person with the highest bid accepted by the auc-
         tioneer.                                              Article 6  Consignment Procedures
         ᶇ “the Seller” means a natural person, legal person or any other organization   When arranging for consignment, the Seller shall hold a valid identity card or
         who consigns the Lot to us for auction in accordance with these Conditions.   passport or other certificates approved by the competent government of the
         Under these Conditions, the Seller shall include any of its agents unless   People’s Republic of China in the case of the seller being a natural person,
         otherwise provided thereunder or in a particular context. However, under no   who must also sign a contract with us. A valid certificate of registration, ID of
         circumstances shall China Guardian Auctions Co., Ltd be considered as the   legal representative or other legal authorization document is required in the
         Seller.                                               case of the seller being a legal entity or other organization, which must also
         ᶈ “Lot” means any item(s)  deposited with us for sale at auction and, in   sign a consignment contract with us.
         particular, the item or items assigned a lot number and described in a cata-  When the Seller arranges for consignment, we shall be automatically autho-
         logue.                                                rized to make pictures, illustrations, catalogue, or other video images of the
         ᶉ “Auction Date” means the published date on which the auction will formal-  Lot.
         ly begin. In the case of any discrepancy between the actual date of auction
         and the published date, the actual date of auction shall prevail.   Article 7  The Seller’s Agent
         ᶊ “Sale Date” means the date on which the auctioneer confirms the sale of   When arranging for consignment, the Seller’s Agent shall submit to us a rel-
         any lot in the auction by striking his hammer or in any other public manner.  evant authorization letter and hold a valid identity card or passport or other
         ᶋ “Hammer Price” means the amount of the highest bid accepted by the   certificates approved by the competent government of the People’s Republic
         auctioneer in relation to a Lot.                      of China in the case of a natural person.  A valid certificate of registration, ID
         ᶌ “Proceeds of Sale” means the net amount owed to the Seller from the   of legal representative or other legal authorization documents is required in
         Hammer Prices less commission pro rata and all expenses and other   the case of a legal person or other organization.
         amounts owed to us by the Seller.                     We are reserve the right to examine and amend the above arrangement in
         ᶍ “Purchase Price” means the total amount payable by Buyer for its bid,   any manner we consider reasonable.
         including Hammer Price, commission and other expenses payable by the
         Buyer as well as the charges caused by the Buyer’s defaults.  Article 8  The Seller’s Warranties
         ᶎ “Expenses” means charges and expenses including but not limited to   The Seller hereby makes irrevocable warranties to us and the Buyer with re-
         expenses with respect to Lot insurance, catalogue and other advertisement,   spect to the consigned Lot as follows:
         packaging, transportation and storage, and any other expenses pursuant to   ᶃ the Seller has exclusive and absolute ownership and legal right to dispose
         relevant laws, regulations and provisions hereof.     of the  Lot. Without prejudice to any legal interest (including copyright)  of
         ᶏ “Reserve” means the price below which we agree with the Seller in writing   any third party, the auction of the Lot shall not violate any relevant law and
         that the Lot cannot be sold.                          regulation;
         ᶐ “Reference Price” means the price of the Lot provided in the catalogue or   ᶄ the Seller has, to the best of its knowledge, made full and complete dis-
         other descriptive materials and estimated prior to the Auction. The Reference   closure and description to us with respect to the origin and any flaw or defect
         Price is subject to possible changes and cannot be deemed as the fixed sale   of the Lot without any concealment and fabrication; and
         price.                                                ᶅ the Seller shall indemnify and hold us and/or the Buyer from and against
                                                               any claims, losses and damages or actions incurred or brought by the actual
         Article 3  Enurement                                  owner or any third party who claims to be the actual owner of the Lot as well
         We organize auctions pursuant to Chinese laws, regulations and policies.   as all expenses and costs incurred in connection therewith, arising out of, or
         These Conditions shall enure to the benefit of and be binding upon the Seller,   in any way attributable to any breach of the above warranties.
         Bidder, Buyer and any other concerned parties participating in our auction in
         relation to the artworks, crafts and other cultural relics presented by the auc-  Article 9  Reserve
         tion activities of this company.                      All Lots are offered subject to a Reserve, unless otherwise agreed by the
                                                               Seller and us. The Reserve shall be determined by the Seller and us in writ-
         Article 4  Special Notice                             ing and no modification or amendment of the Reserve shall be binding upon
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