Page 12 - 中国书画

CONDITIONS OF BUSINESS CONDITIONS OF BUSINESS

in other public manner, the Bidder with the highest bid succeeds in the 3. Subject to Seller’s consent, re-sell the Lot by public auction or any indirectly: should there be any breach of these Conditions or we believe that it
bid. The sale contract of the Lot between such Bidder or Buyer and the other means according to these Conditions. The original Buyer shall (a) variations in humidity and temperature; would be improper to include the Lot in the sale.

Seller is therefore concluded. The Buyer shall sign the Confirmation be liable to the Seller for the remuneration/commission and other (b) normal wear and tear, natural deterioration, or existing flaws and
Slip showing the successful bid after the highest bid is confirmed by expenses occurred at such auction as well as all expenses for re- defects; Article 23 Successful Bids

striking the auctioneer’s hammer or in other public manner. sale by public auctions or any other means. In addition, the original (c) war or warlike nuclear attack, contamination due to radioactivity, 1. After the sale, we shall ask the Buyer for full payment. Should
Buyer shall also be liable for the difference between the original and any terrorist attack. there be no disputes between the Buyer and us, we shall pay the
Article 11 Remuneration Purchase Price and the proceeds from such re-sale. Seller 35 days after Auction Date the Hammer Price less applicable
The Bidder will be deemed as the Buyer of the Lot after succeeding in Article 19 Commission and Expenses deductions.
bidding and shall pay us remuneration equal to: Article 15 Transfer of Ownership 1. Except as otherwise provided in an agreement between the Seller 2. If the Buyer pays late, we shall only make payment to the Seller
Hammer Price HK$1,000,000.00 or under 15% ; The Buyer will acquire ownership of the Lot after payment of the and Tsi Ku Chai Auctioneers, the Seller shall pay 10% of the within 7 days after receipt of payment from Buyer.
HK$1,000,001.00 or over 13% . Purchase Price in full. Hammer Price as commission. Insurance shall be calculated at 1% 3. The sale shall be deemed as cancelled should the Buyer fail to make
of the Hammer Price and illustrations special advertising. full payment within 60 days after Auction Date. We shall therefore
Article 12 Payments Article 16 Transfer of Risks 2. If the Lot fails to sell, the insurance premium payable by the Seller return the Lot to the Seller without any liabilities and obligations.
1. The Buyer shall make full payments in a lump sum and collect the After a successful bid, any Lot purchased shall be entirely at Buyer’s shall be equivalent to 1% of the Reserve. 4. Should we be obliged to take the Lot back from the Buyer on the
Lot (package and transportation at Buyer’s expense) within seven risk as soon as one of the following occurs: basis that it is a fake or forgery, the Seller shall refund to us in full
days after the Sale Date. Otherwise, the Buyer shall be liable for 1. the Buyer collects the Lot purchased; or Article 20 Sale Arrangements the proceeds of sale he/she so received.
breach of contract. 2. the Buyer pays us full Purchase Price for the Lot; or a lapse of seven 1. All Lots offered are subject to Reserve , unless otherwise agreed 5. Unless otherwise instructed by the Seller, we shall pay the Seller in
2. All payments shall be made in Hong Kong Dollars. If the Buyer days from the Sale Date. upon between the Seller and us. The Reserve shall be agreed by Hong Kong currency.
make payments in currency other than the designated one, the the Seller and us in writing and any subsequent modification or
currency shall be converted at the rate agreed upon by the Buyer Part 3 Conditions Applicable to Seller amendment thereof shall be subject to mutual consent. Article 24 Unsold Lots
and us or at the rate announced by Bank of China (Hong Kong) 2. We shall have absolute discretion regarding the manners the Lot is 1. If any Lot is unsold, or is excluded or withdrawn from the sale for
Limited one business day prior to the payment. We shall charge the Article 17 Consignment Procedures and Seller’s Warranty described and illustrated in the catalogue or any condition report, the any reasons, the Seller must collect the Lot from us within 7 days
Buyer for any conversion costs or bank charges incurred. For consignment, the Seller shall hold a valid identity card or other place and manner of sale, the decision as to whom should or should upon the issuance of our notice or within 30days after Auction Date
3. Payment proof of identity, and sign a consignment contract with us. If the not be admitted to the auction, which bids should be accepted, (whichever date is earlier). Any costs incidental to the collection
a. By Cash consignment is done through an agent, the agent must submit valid whether expert advice should be sought, and the combination or of the Lot shall be borne by the Seller. The Seller shall pay all the
b. By Cheque (Payable to “Tsi Ku Chai Auctioneers (China) Company authorization document, and sign a consignment contract with us. At division of Lots for sale. expenses in full before the Lot is released.
Limited.”) the same time, the Seller or his/her agent warrants as follows: 3. Any estimate given, orally or in writing, is a matter opinion only 2. If any such Lot is not collected within 60 days after the date of sale
c. Remit payment to the following account: 1. Seller is the sole owner of the Lot with unrestricted rights to transfer and is not an assurance of the price the Lot will eventually be sold. or the abovementioned date of notice (whichever date is earlier),
Account Name: Tsi Ku Chai Auctioneers (China) Company Limited. title to the Buyer without infringing upon the legal rights (including we shall have the right to dispose it by auction or any other means
Bank Name: Bank of China Queen’s Road Central Branch copyright) of any third party. Article 21 Conditions of Sale as we deem fit. The proceeds we so received, after deducting all
Account No.: 012-746-1-003365-0 2. Seller has, to the best of his/her knowledge, made full and complete 1. The Lot shall be offered for sale subject to the Reserve. We shall expenses incurred, shall be for Seller’s account and he/she shall

disclosure regarding the origin of the Lot, any flaw or defect therein under no circumstances be liable if bids are lower than the Reserve. collect same from us.
Article 13 Collection of Lots contained, without any concealment and fabrication. However, we shall be entitled to sell the Lot below the Reserve. 3. The Seller shall assume all the risks should he/she fail to collect any
1. The Buyer shall collect the purchased lot no later than seven days 3. The Seller shall indemnify us and/or the Buyer against any claims, If we do so, we shall pay the Seller the difference between the unsold Lots. If the Seller requires our assistance in arranging for
after the Sale Date. Otherwise, the Buyer shall be solely responsible losses and damages arising from any disputes over the ownership Hammer Price and the Reserve. the return of the Lots, he/she shall bear all the risks and expenses so
for all risks and losses of the lot concerned and bear all expenses for of the Lot, and be responsible for all expenses and costs incurred 2. The Seller shall neither bid for the Lot consigned to us by himself/ incurred. Unless the Seller requests, normally return Lots will not
transportation, storage and insurance, etc. resulting from such delay. by us and/or the Buyer as a result of the breach of any of the above herself, nor authorize any other person to bid on his/her behalf. be covered by insurance.
Even though the lot is still under our or any of our agent’s custody, warranties. The Seller shall be liable for the violation of this provision and
neither we nor our agents shall be liable for any losses or damages indemnify us for any consequential losses and damages incurred by Article 25 Copyright
incurred regardless of the reasons. Article 18 Insurance us. We shall be entitled to take photographs, make illustrations, catalogue
2. We may arrange packing and handling of the purchased Lot on 1. Unless the Seller instructed otherwise in writing, all the Lots will 3. If any Lot is bought in or otherwise unsold by auction, we are or other images relating to the Lot consigned to us for auction and
behalf of the Buyer upon his/her request and the Buyer shall be be covered by insurance arranged by Tsi Ku Chai Auctioneers upon authorized as the exclusive agent for the Seller for a period of up to shall have the copyright for the abovementioned photographs,
liable for any loss arising thereupon. In addition, we shall undertake signing of the consignment contract and delivering of the Lots to us. 30 days following the Auction Date to sell such Lot privately at a illustrations, catalogue or images.
no liability for any fault, omissions, damages and losses caused by The sum insured shall be based on the Reserve per the consignment price which will give the Seller a net proceed (i.e. after deduction of
the packers or carriers we recommended. contract. The sum insured is for insurance purposes only and by no all charges due from the Seller) at least equivalent to what the Seller Article 26 Law and Jurisdiction
3. Where purchases are not collected within seven calendar days from means our warranty for the value or the Hammer Price of the Lot. would have been entitled had the Lot been sold at the Reserve. Or, 1. The rights and obligations of the parties with respect to the
the Sale Date, whether or not payments have been made, we shall 2. Upon successful sale, the insurance shall terminate on the earlier subject to Seller’s consent, we can sell the Lot at a lesser amount. In Conditions, the conduct of the auction and any matters connected
be permitted to remove the property to a third party warehouse at of the expiry of seven days from Auction Date and the date when such cases, the Seller’s obligations to us with respect to such a Lot with any of the foregoing shall be governed by and interpreted in
Buyer’s expense, and only release the items after payment in full the Buyer collects the Lot. If the auction fails, the insurance shall are the same as if it had been sold at auction. accordance with the Hong Kong laws.
has been made for the removal, storage, handling, insurance and any terminate upon the expiry of 30 days after the Auction Date or the 4. We shall, in addition to the Hammer Price, collect from the Buyer a 2. By bidding at auction, whether in person or by agent, by absentee
other costs incurred, together with payment of all other amounts due date the Seller collects his/her Lot (whichever date is earlier). premium. We shall be entitled to retain this premium. bid, telephone or other means, the Buyer shall be deemed to have
to us. 3. Should the Seller notifies us in writing to waive the insurance accepted these Conditions and submitted, for the benefit of Tsi Ku

coverage, he/she shall be liable for all the risks and damages. Article 22 Withdrawal Chai Auctioneers to the exclusive jurisdiction of the courts of Hong
Article 14 Remedies for non-payment 4. Any insurance claims arising from damages or losses of the Lot 1. The Seller may not withdraw the Lot from sale without our consent. Kong.
If the Buyer fails to pay for the purchased Lot on time, Tsi Ku Chai shall be based upon policies and regulations of the insurance In the case that the catalogue or any other advertisements of the
Auctioneers shall have the right to take the following actions: company concerned. Upon due settlement of the claims, we Lot have begun printing upon the Seller’s withdrawal, the Seller Note: These Conditions of Business are written in Chinese and
1. To take legal action against the Buyer for all losers incurred due to shall pay the Seller all the insurance proceeds after deducting all shall pay an amount equal to 25% of Reserve of the Lot and other English. If there are any discrepancies between two versions,
breach of contract, including loss of interest due to delay payment expenses incurred (sales commission excepted). During the period expenses in connection therewith. In the case that the catalogue or the Chinese version prevails.
or failure in making payment. in which we assume the risks of the Lot, we shall be liable for any other advertisement has not been printed, the Seller shall pay an
2. To rescind or retain the purchased Lot or any other Lots sold to the loss thereupon for up to 100% of the Reserve only. amount equal to 10% of the Reserve and other related expenses.
Buyer at the same or any other auctions, until the Buyer fulfills all 5. We shall neither assume liability for the lost/damage of picture Our Company shall not be liable for any dispute or litigation arising

his/her obligations. All costs and expenses incurred in connection frames and glass panes, nor for the loss and damage of the Lot from such withdrawal.
therewith (including storage), shall be borne by the Buyer. caused by the following circumstances whether directly or 2. We reserve the right to withdraw the Lot from sale at any time