Page 178 - 古董珍玩专场一

CONDITIONS OF BUSINESS

the parties unless subject to prior written consent of the other party. and claim other than our warranty or security for the value of the Lot and the
In no circumstances, shall we accept any liability for failure in sale due to Hammer Price of the Lot.
bidding lower than the Reserve at the auction.
Article 15 Insurance Premium
Article 10 Our Discretion Unless otherwise agreed by the Seller and us, the Seller shall pay an insur-
We may decide the followings at our absolute discretion: ance premium equal to 1% of the Hammer Price of the Lot after sale. In the
ᶃ explanation and appraisal of any Lot as produced in the catalogue and/or case that the Lot fails to sell, the insurance fee payable by the Seller shall be
news media and/or in other ways; 1% of the Reserve.
ᶄ adoption of expert’s opinion;
ᶅ the arrangement of the order, location, and page size of illustration of Article 16 Insurance Period
the Lot in the Catalogue and relevant expenses incurred therefore; specific In the case that the auction of the Lot succeeds, the insurance period shall
means of exhibition/display of the Lot and all relevant arrangement and ex- terminate on the earlier expiry of either seven days after Sale Date or the
penses incurred therefore; date when the Buyer collects the Lot. In the case that the auction fails, the in-
ᶆ Unless otherwise agreed by the Seller and us, we shall at our own discre- surance period shall terminate upon the expiry of seven days after the Seller
tion decide on whether the Lot is appropriate to be auctioned by us, as well has received our notice to take back the Lot.
as the place of auction, the date of auction, the conditions of auction and the
manner of auction. Article 17 Insurance by Seller
In the event that the Seller notifies us not to arrange insurance for the Lot in
Article 11 Unauctionable Lot writing, it shall undertake to bear all the risks and the following liabilities (unless
After the Seller has signed the sales contract with and delivered the Lot to otherwise judged by court or arbitration commission) :
us, if for any reason we believe that the Lot is not suitable for auction, the ᶃ to indemnify us from and against any claims or actions incurred or brought
seller must collect the Lot within 30 days from the date of our notice being by any third party with respect to the losses or damages of the Lot;
dispatched (fees for the packaging and handling shall be paid by the seller), ᶄ to hold us and/or any other parties from and against any losses and ex-
the contract between the seller and us will cease on the date the seller col- penses in relation to the damages and/or losses of the Lot caused by any
lects the Lot. If during the abovementioned period the seller fails to collect reason; and
the Lot, the contract will be automatically ended. If within seven days after ᶅ to notify the terms of indemnity hereunder to any insurer of the Lot.
the ceasing of the contract, the seller does not collect the Lot, the Company
reserves the right to sale the Lot by means of public auction or in other ways Article 18 Uninsured
and conditions we consider proper. If we succeed in selling the Lot, the We will not be liable for the damages or losses of the Lot caused by natural
sales proceeds will be paid to the seller, less reasonable handling expenses. wear, inherent flaws, inherent or potential defects, inherent material changes,
self-combustion, self-warming, oxidation, rust, leakage, rat-bite, woodworm,
Article 12 Suspension of Auction changes in atmospheric (climate, temperature or humidity) conditions,
We may suspend any auction at any time under any one of the following situ- changes in normal water level, or other reasons of natural changes or caused
ations: by earthquake, tsunami, war, actions similar to war, hostile actions, armed
ᶃ we have objection to the ownership and authenticity of the Lot; conflicts, terrorism, rebellion, coup, strike, riots, or nuclear fission, nuclear fu-
ᶄ any third party has objection to the ownership and authenticity of the Lot sion, nuclear weapon, nuclear radiation, or radioactive pollution. We will also
with undertakings to provide relevant evidence, make security pursuant to not take responsibility for any damages to or any losses of frames, glass,
our provisions and take all legal responsibilities for all legal repercussions drawer, bottom mat, trestle, mounting, insert pages, roller or other similar ac-
and losses due to suspension of auction; cessories caused by any reason.
ᶅ we have objection to the explanation of the Seller or the accuracy regard-
ing the Seller’s warranty provided in Article 8; Article 19 Insurance Indemnity
ᶆ we have any evidence to prove the Seller has already violated or is to vio- Any damages or losses of the Lot caused by incidents or disasters covered
late any term of these Conditions; and by insurance we purchased for the Lot shall be handled in accordance with
ᶇ any other reasonable causes. Chinese laws and regulations regarding insurance. We shall pay insurance
indemnities less all expenses incurred by us (except commissions) to the
Article 13 Withdrawal of Lots by Seller Seller after we obtain such indemnities from the insurance company.
The Seller may withdraw the Lot at any time prior to the Auction Date subject
to our consent and a written notice stating the reasons. In the case that the Article 20 Non-Bidding
catalogue or any other advertisements of the Lot have begun printing upon The Seller shall not bid for the Lot consigned to us by itself, nor authorize any
the Seller’s withdrawal, the Seller shall pay an amount equal to 20% of the other person to bid on its behalf. The Seller shall be liable for and indemnify
insured value of the Lot and other Expenses in connection therewith. In the us for any losses and damages caused by violation of this provision.
case that the catalogue or other advertisement has not been printed, the
Seller shall pay an amount equal to 10% of the insured value and other re- Article 21 Commission and Expenses
lated Expenses. Unless otherwise agreed upon by the Seller and us, the Seller shall authorize
No dispute or claim arising out of the Seller’s withdrawal shall be born by us to deduct 10% of the Hammer Price as commission, with any other Ex-
auctioneer. penses also calculated from the Hammer Price.
Although we act as the agent of the Seller, the Seller agrees that we are en-
Article 14 Automatic Insurance titled to the Buyer’s remuneration and other Expenses payable by the Buyer
Unless otherwise instructed by the Seller in writing, all the Lots will be au- in accordance with provisions in Article 48 of these Conditions.
tomatically covered under the insurance of our company as soon as the
Seller signs the consignment contract with us and delivers the Lot to us. The Article 22 Service Fee for Unsold Lot
insured value shall be based on the Reserve agreed by the Seller and us in In the case that the auction of the Lot fails due to bidding lower than the
the consignment contract (if no Reserve, the insured value is the one agreed Reserve, the Seller shall authorize us to charge the Seller a service fee for
by both parties; if the Reserve is adjusted, the insured value shall be taken unsuccessful auctioning equal to 3% of the Reserve and other expenses
from the original Reserve) . The insured value is only subject to insurance payable by the Seller.