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Conditions of Business

A. General Conditions
1. The Conditions of Business set out below shall be governed by and interpreted and construed in accordance with Macau laws, codes, and statutes, as well as the
ordinance of Macau Chung Shun In’l Auctions Co.Ltd. (hereafter referred to as the Auctioneer or the Company).
2. The Conditions of Business apply to all parties involved in the sale, purchase or holding of property in the auctions of the Company. Therefore, the Seller, the Bidder
and the Buyer shall read them carefully before abiding by them.
3. Should any unforeseen circumstances and questions arise which are not specifically mentioned in the Conditions of Business, the Company has the interpretation right.
4. All parties involved in the auction agree that the Macau Courts are to have exclusive jurisdiction to settle any dispute that cannot be solved by negotiation in
accordance with pertinent codes and statutes, and the ordinance of the Company.
B. The Seller
5. The Seller shall present his/her own valid identification, fill out the commitment form and sign the commitment contract in order to consign the Auctioneer to sell his/
her property. The Seller will be severely bound for all obligations arising from the sale.
6. The Seller shall warrant to the Auctioneer and the Buyer in writing that he/she is the true owner of the property, and that the property is free from any third party rights
or claims or potential claims.
7. Unless otherwise agreed or stipulated, the Reserve shall be determined in writing by the Seller upon communication to the Auctioneer. Without the written consent
from one party, the other party shall not revise the Reserve.
8. Unless otherwise consigned, all the properties of the Seller shall be deemed in care of the Auctioneer who will bear the risk of loss or damage, from the start of their
delivery to the Auctioneer (see Appendix 1: Contract of Storage and Compensation). The risk of the Auctioneer ends the stipulated day the Buyer collects the purchased
lot or the unsold lot is returned to the Seller.
The storage fee shall be paid to the Auctioneer by the Seller at the rate of 1% of the Hammer Price for sold lots and 1% of the Reserve for unsold lots.
9. Unless otherwise stipulated with the Auctioneer, the Seller is liable to pay the Auctioneer commission at 3% of the Hammer and 0.5% of the government tax, plus other
relevant expenses. For unsold lots, the Seller shall pay all the agreed expenses less the storage fee.
10. The other relevant expenses include, but not limited to, catalogue, storage, custom duties, package, and transportation. Such expenses may also cover those special
services to the lot at the Seller’s request, such as restoration, framing, mounting, and etc.
11. Within 14 days upon the Buyer’s full payment of the purchased lot to the Auctioneer, the Auctioneer shall send the Seller the net sale proceeds (the Hammer Price less
the Seller’s commission and any other relevant expenses). However, the net sale proceeds will not be sent to the Seller in the circumstances such as the Buyer’s breach of
contract or his/her dissent from the purchased lot.
12. If the property has been printed in the publications such as the catalogue but withdrawn by the Seller before the sale, the Seller shall pay the Auctioneer a withdrawal
fee at the rate of 20% of the Reserve together with any other relevant expenses. If the property has not been printed in the publications such as the catalogue, the Seller
shall pay the Auctioneer a withdrawal fee at the rate of 10% of the Reserve together with any other relevant expenses.
13. For an unsold lot, the Seller shall pay the Auctioneer all relevant expenses covering catalogue, storage and etc., within 15 days upon sale, before he/she is allowed to
collect the lot from the Auctioneer.
If the Seller fails to collect the unsold lot within the said period, he/she can re-consign the lots and determine a second price in writing after communication to the
Auctioneer. If such re-consigned lots are sold, the Auctioneer shall send the Seller the net sale proceeds (the Hammer Price less the seller’s commission and any other
relevant expenses). Besides, the Seller shall pay the Auctioneer extra expenses incurred by transporting and keeping the unsold lots due to his/her delay of collection and
bear the risk of loss or damage incurred by accidents.
If the sale is rescinded as described in Condition 23 of this Conditions of Business, the Seller shall return to the Auctioneer any net sale proceeds previously paid by the
Auctioneer to him/her within 15 days of receipt of the rescission notice.
14. All net sale proceeds shall be paid to the Seller in MOP.
C. Bidder and Buyer
15. The Bidder must complete a registration form, present his/her valid identification and submit a deposit to the Auctioneer before obtaining a numbered bidding paddle.
The sum of deposit shall be notified by the Auctioneer in advance of each sale.
16. The Bidder may consign an agent to act on his behalf. The agent, however, shall present a letter of proxy issued by the Bidder and proceeds with all relevant bidding
affairs on behalf of the Bidder, including the acknowledgement of his/her consignment, registration and submitting a deposit before sale. If the Bidder bids by telephone,
he/she shall proceeds with telephone bidding procedures, such as the confirmation of telephone bids, registration and submitting a deposit (20% of the estimate of the
targeted lots) before the sale. If the deposit is paid by checks, such checks should be cleared at least one day before the actual sale; otherwise the telephone bid is not
accepted. If the bid succeeds, the deposit can be used for its payment; if the bid does not succeed, the Bidder is entitled to collect his/her deposit immediately after the
sale.
17. The Bidder is entitled to inspect the lot before sale. He/she may also find out relevant information of the lot by himself/herself to get a specific knowledge of its
conditions, such as faults and imperfections. Once the Bidder decides to bid for the lot, he/she is deemed totally accepting all the conditions of the lot, including faults
and imperfections.
18. Raising a numbered bidding paddle by the Bidder marks his/her acceptance of the bidding increment. Unless the Auctioneer changes the increment at his/her own
discretion, no Bidder is allowed to place a bid lower than the bidding increment.
19. The Bidder shall assume the responsibility of any of his/her own bids. The striking of the Auctioneer’s hammer marks the acceptance of the highest bid at the hammer
price by the Bidder, who shall sign the Contract of Sale on the spot. Otherwise, the Bidder shall be deprived of bidding right and driven out of the saleroom, with no
deposit refund. The Company retains the right to bring proceedings to this Bidder.
20. The Buyer shall pay the Hammer Price and 3% commission, and other relevant expenses to the Company. If the Buyer wants to make multiple payments for the
purchased lot, he/she should deposit at least 30% of the Hammer Price to the Company on the spot, with the rest amount due within 21 days after sale. The deposit shall
not be refunded if the Buyer makes overdue payments; in this case, the deposit less the said commission and all relevant expenses, will be divided into halves for both the
Auctioneer and the Seller.