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21. The Buyer shall collect the purchased lot within 7 days after he/her full payment, which includes the Hammer Price, the Buyer’s commission, and other relevant
expenses. Any results from the Buyer’s overdue payment, including the loss or damage of the purchased lot, as well as the extra expenses for its transportation and
storage, shall be borne by the Buyer.
22. The sale is conducted in MOP. Foreign currencies shall be converted according to the Bank-of-China exchange rate of the day of the sale. If the day of the sale is a
statutory holiday or weekend, the exchange rate shall be sought the day before the sale. In that case, the loss and the bank’s commission incurred by the conversion shall
be borne by the Buyer himself/herself.
23. The Buyer is entitled to rescind his/her purchase and ask for refund of his/her payment only when he/she meets the following conditions:
a.Within 14 days after the collection of the lot, the Buyer submits to the Auctioneer a suspicion in writing that the lot is a counterfeit, together with the written opinions
from three specialists in the field who are members of National Authentication Commission of Cultural Heritage;
b.The Buyer’s suspicion is confirmed and accepted by the Auctioneer after its thorough inspection of the lot;
c.The returned lot is confirmed the same property in the original sale by Auctioneer; the Buyer is the unquestionable owner of this lot; and the lot is kept the same
condition as its being sold.
24. The refund to the Buyer shall be made after the Seller refunds in full to the Auctioneer. The maximum refund by the Auctioneer to the Buyer consists of the Hammer
Price and the Buyer’s commission.
D. The Auctioneer
25. The Auctioneer will not make any judgment on and appraisal of the lot, including its provenance that the Seller provides, and its faults and imperfections. Therefore,
the Auctioneer bears no liability of the said provenance and conditions of the lot, except for those with the Auctioneer’s written authentication.
26. The Auctioneer is entitled to have absolute discretion in the following items, including whether the lot fits the sale, the sale time and venue, conditions of sale, how
the sale conducted, and his/her statement of the lot.
27. The Auctioneer has the right at his/her absolute discretion to withdraw or combine any two or more lots at sale.
28. The oral or written description of the lot by the Auctioneer concerning the artist, period, sizes, material, mounting, provenance, authenticity, conditions, and estimates,
in any of its pre-sale exhibitions, publications (such as catalogue) and statements, shall be only taken for reference by the Bidder. The statements made by the Auctioneer
in advance of the sale do not constitute a warranty of authenticity or quality of the lot; therefore, the Auctioneer will has no liability for the faults and imperfections of the
lot.
References in the catalogue entry are for guidance only. The absence of such a reference does not imply that an item is free from defects or restoration, nor does a
reference to particular defects imply the absence of any others. Estimates should not be relied on as a statement that this is the reserve, or the price at which the item will
sell or its value for any other purpose. The Bidder shall understand that differences of color and appearance might exist between the catalogue images and the actual item
because of photography and printing, and the final decision shall be made after the Bidder’s personal inspection of the original item.
29. If any loss or damage should occur to the property whilst the risk in it is borne by the Auctioneer, the Auctioneer shall be liable to compensate the Seller or the Buyer
for the loss or damage accordingly (see Appendix 1), plus refunding deposit, waiving commission and any other relevant expenses. The Auctioneer, however, will not be
liable for loss or damage caused by Force Majeure or any other unforeseen accidents such as insect bites.
30. The Auctioneer reserves the right to seek specialists’ opinion about authenticity of the lot. If the expert report doesn’t match the description recorded in the Contract
of Sale, the Auctioneer has the right to revise or cancel the Contract.
31. The Auctioneer has the right at his/her absolute and sole discretion to refuse any Bidder who is deemed unsuitable for the sale to enter the saleroom.
32. The Auctioneer has the liability to keep in strict privacy the information of the Seller and the Buyer, so that rights of neither party will be infringed.
33. The Auctioneer as the agent of either the Seller or the Bidder, is liable to provide service for the said parties. However, the Auctioneer is excluded from any liability
incurred by the breach of contract or lawbreaking of the said parties.
E. Supplementary Conditions
34. Definition of certain terms used in the Conditions of Business
a. “Jurisdiction” means that, in accordance with the current laws, codes, and statutes in Macao, courts of Macao SAR have the exclusive jurisdiction for any proceeding
submitted by any of the parties mentioned in the Conditions of Business.
b. “Seller” refers to any citizen, or juridical person or organization who/which has consigned the Auctioneer to sell his/her/its property.
c. “Bidder” refers to the person who obtains the bidding right after having proceeded with all necessary procedures requested by the Company.
d.“Buyer” refers to the person who makes the highest bid accepted by the Auctioneer.
e.“Auctioneer” or “Company” refers to Macau Chung Shun In’l Auctions Co.Ltd.
f.“Reserve” is the confidential minimum price the Seller determines in writing after communication to the Auctioneer.
g.“Estimate” refers to a price given by the Auctioneer just for the Bidder’s reference, which shall not be deemed a set price and is subject to revision.
h.“Hammer Price” means the highest price at which a lot is knocked down by the Auctioneer to the Bidder.
i.“Commission” means the commission payable to the Company by a Seller or a Buyer at the agreed rates of the Hammer Price.
35. The Conditions of Business takes effect as of June 2005.

Appendix 1:
Contract of Storage and Compensation
A reliable storage and a monitoring system are installed in the Company to keep the Seller’s property. However, the Seller himself/herself shall arrange an insurance
covering the risk of loss or damage for the pre-sale exhibition, the sale and any other purposes.
In the circumstances that Seller doesn’t arrange the insurance for the lot, the Company shall be excluded from any liability incurred by the following causes and will not
compensate the Seller:
a.Force Majeure, such as fire, earthquake and war;
b.Unforeseen criminal cases, such as theft, robbery, and damage. As the co-victim of such cases, the Company will call the police at first time.
If the lot is damaged or lost (such as scratch, stain, broken or lose) because of the inadvertence by the Company’s staff, the Company will compensate the Seller
according to the acknowledged damage extent. Such compensation, however, will not exceed MOP100,000.