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CONDITIONS OF BUSINESS Article 16 Insurance Period of the Conditions from eighth day after the ceasing of the contract. If the Seller does not collect the Lot
In case of sold of the Lot, the insurance period shall terminate on the earlier expiry of either thirty days
within ninety days after the ceasing of the consignment auction contract, the Company has right to deal
with according to Article 30 of the Conditions.
after Sale Date or the date when the Buyer collects the Lot. In case of unsold of the Lot, the insurance
period shall terminate upon the expiry of thirty days after the Seller has received the Company’s notice to Article 30 Risks and Losses
take back the Lot. The Seller shall take liability for any risk and/or loss that occurs after the period mentioned above in the
Article 17 Insurance by the Seller case of failed retrieval of the Lot within the designated period.
In the event that the Seller notifi es the Company not to apply insurance for the Lot in writing, it shall In the event that the Seller shall take back the Lot in accordance with the Conditions as a result of
Chapter I General Provisions interest of any third party, the auction of the Lot shall not violate any relevant laws and regulations; undertake all the risks and the following liabilities (unless otherwise judged by court or arbitration unauctionable Lot, withdrawal by the Seller, unsold Lot, cancellation of transaction by the Seller and
Article 1 Governing Law (2) the Seller has, to the best of its knowledge, made full and complete disclosure and description to the commission) : other circumstances, and the Seller fails to do so, the Company has right to public auction or sell the Lot
This Conditions of Business (hereinafter referred to as the “Conditions”) are made in accordance with the Company with respect to the origin and any flaw or defect of the Lot without any concealment and (1) to indemnify the Company from and against any claims or actions incurred or brought by any third by a proper way and conditions. The amount, which is arising from forgoing disposal by the Company
Auction Law of the People’s Republic of China, other relevant laws implemented in the People’s Republic fabrication; and party with respect to the losses or damages of the Lot; after deducting all loss, expense (Storage Fee, insurance premium, cartage and notarization fee)
of China, regulations of the People’s Republic of China and the Articles of Association of the Company (3) the Seller shall indemnify and hold the Company and/or the Buyer from and against any claims, (2) to hold the Company and/or any other parties from and against any losses and expenses in relation incurred, shall be collected by the Seller with no interests.
with reference to international general practices. losses and damages or actions incurred or brought by the actual owner or any third party who to the damages and/or losses of the Lot caused by any reason; and If the Seller requires the Company to assist in returning the Lot, whatever deferred collection of the Lot or
Article 2 Definitions and Interpretation claims to be the actual owner of the Lot as well as all expenses and costs incurred in connection (3) to notify the terms of indemnity hereunder to any insurer of the Lot. not, the Seller shall be liable for all risks and/or all losses and bear all expenses. Generally, the Company
The terms used in the Conditions shall have the following meanings: therewith, arising out of, or in any way attributable to any breach of the above warranties. Article 18 Uninsured are not responsible for arrangement of transportation insurance unless the Seller specifi cally instructs the
(1) “We/Us/Our/Company” means Zhong Hongxin Auctions Co., Ltd.. Article 9 Reserve The Company will not be liable for the damages or losses of the Lot caused by natural wear, inherent Company to do so and bears the insurance premium.
(2) “the Company’s domicile” means “8th Floor of Zhongfang Building, No. 6 Dongzhimen South Street, All Lots are offered subject to a Reserve, unless otherwise marked or explained by the Company. flaws, inherent or potential defects, inherent material changes, self-combustion, self-warming, Chapter III Conditions Concerning the Bidder and the Buyer
Dongcheng District, Beijing, China.” People’s Republic of China, and any other registered address The Reserve shall be determined by the Seller and the Company in writing and no modification or oxidation, rust, leakage, rat-bite, woodworm, changes in atmospheric (climate, temperature or humidity) Article 31 Catalogue of Lot
which may be changed subsequently. amendment of the Reserve shall be binding upon the parties unless subject to prior written consent of conditions, changes in normal water level, or other reasons of natural changes or caused by earthquake, At the auction, the Company will prepare a catalogue to introduce the status of the Lot with words
(3) “the Seller” means a natural person, legal person or any other organization who consigns the Lot to the other party. tsunami, war, actions similar to war, hostile actions, armed confl icts, terrorism, rebellion, coup, strike, and/or pictures for the convenience of Bidders and Sellers. The words, Reference Price, pictures in
the Company for auction in accordance with the Conditions. Under the Conditions, the Seller shall In no circumstances, shall the Company accept any liability for failure in sale due to bidding lower than riots, or nuclear fi ssion, nuclear fusion, nuclear weapon, nuclear material, nuclear radiation, or radioactive the catalogue and other images and public materials are only references for Bidders and are subject to
include any of its agents unless otherwise provided hereunder or in a particular context. the Reserve at the auction. pollution. The Company will also not take responsibility for any damages to or any losses of frames, revision before auction. The Company provides no guarantee for the authenticity, value, tone, quality or
(4) “the Bidder” means a natural person, legal person or any other organization that has full capacity of Article 10 The Company’s Discretion before Auction glass, drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories caused by for any fl aw or defect of any Lot.
civil rights to bid at auction according to provisions of the laws of People’s Republic of China and The Company may decide the followings at the Company’s absolute discretion: any reason. Article 32 Uncertainty of Catalogue
who has gone through the necessary registration and procedural formalities of the Company. The (1) explanation and appraisal of any Lot as produced in the catalogue and/or news media and/or in other Article 19 Insurance Indemnity In case that the tone, color, graduation and shape shown in catalogue and/or any other illustrations,
Bidder shall satisfy all provisions with respect to conditions of sale or qualification of the Bidder. ways; Any damages or losses of the Lot caused by incidents or disasters covered by insurance the Company images and public materials diff ers from those of the original Lot due to print, photograph and other
Under the Conditions, the Bidder shall include any of its agents unless otherwise provided hereunder (2) adoption of expert’s opinion or not; purchased for the Lot shall be handled in accordance with Chinese laws and regulations regarding technical reasons, the original shall take precedence.
or in a particular context. (3) the arrangement of the order, location, and page size of illustration of the Lot in the Catalogue and insurance. The Company shall pay insurance indemnities after deducting all expenses incurred by the Any statement and appraisal in any way (including but not limited to the certifi cate, catalogue, status
(5) “the Buyer” means the person with the highest bid accepted by the auctioneer. relevant expenses incurred therefore; specific means of exhibition/display of the Lot and all relevant Company (except for commissions) to the Seller after the Company obtains such indemnities from the explanation, slide show and news media) of any Lot made by the Company and its employees or its
(6) “Lot” means any item(s) owned by the Seller or disposable according to the laws, and consigned to arrangement and expenses incurred therefore. insurance company. agents are only for reference and should not relied on as any guarantee for the Lot. The Company and
the Company for auction. (4) unless otherwise agreed by the Seller and the Company, the Company shall at its own discretion Article 20 Non-Bidding its employees or agents shall undertake no liability for any inaccuracy or omission in the statements and
(7) “Auction Date” means the published date on which the auction will formally begin. decide on whether the Lot is appropriate to be auctioned by the Company (i.e. whether to be The Seller shall not bid for the Lot consigned to the Company by himself/herself/itself, nor authorize any appraisals mentioned above.
(8) “Sale Date” means the date on which the auctioneer confirms the sale of any Lot in the auction by auctioned finally) , as well as the place of auction, the scene of auction, the date of auction, the other person to bid on his/her/its behalf. The Seller shall be liable for and indemnify the Company for any The publications quoted in any explanation of the Lot by the Company and its staff or its agent are only
dropping his hammer or in any other public manner. conditions of auction and the manner of auction. losses and damages caused by violation of this provision. reference for the Buyer. The Company shall not provide the original or copy of such publications and
(9) “Hammer Price” means the amount of the highest bid which shall indicate the conclusion of the (5) the Company will announce the condition and procedure to deal with the paddle affixed with number Article 21 Commission and Expenses other materials, and reserve the right to modify such quotation in explanation.
auction after being confirmed by the auctioneer dropping the hammer or in any other public manner by the Bidder before the Auction Date, including but not limited to require qualifications of the Bidder Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to Article 33 Inspection by Bidders
indicating the completion of a deal. for the paddle affixed with number, in accordance with different conditions and manners of auction. deduct 10% of the Hammer Price as commission and any other Expenses. The Company especially declares that the Company cannot guarantee the genuineness or fakery or
(10) “Proceeds of Sale” means the net amount owed to the Seller from the Hammer Prices after Article 11 Unauctionable Lot The Seller agrees that the Company is entitled to the Buyer’s commission equal to 15% of the Hammer the quality of the Lot, and the Company shall not bear the liability for guaranteeing the drawbacks. The
deducting commission pro rata, taxes and all expenses and other amounts owed to the Company After the Seller has signed the consignment auction contract with and delivered the Lot to the Company, Price and other Expenses payable by the Buyer in accordance with provisions in Article 46 of the Bidder and/or his/her/its agents shall inspect and investigate the actual status of the Lot and take liability
by the Seller. if for any reason the Company believes that the Lot is not suitable for auction, the Seller must collect the Conditions. for his/her/its bidding.
(11) “Purchase Price” means the total amount payable by Buyer for his/her/its bid, including Hammer Lot within thirty days from the date of the Company’s notice being dispatched (fees for the packaging Article 22 Service Fee for Unsold Lot The Company strongly advises the Bidders to personally inspect the original Lot on which they intend
Price, commission and other expenses payable by the Buyer. charge and cartage shall be paid by the Seller) , the consignment auction contract between the Seller In case of unsold of the Lot due to bidding lower than the Reserve, the Seller shall authorize the to bid before the Auction Date by identifi cation or other methods. Bidders shall judge the genuineness
(12) “Expenses” means charges and expenses including but not limited to expenses with respect to and the Company will cease on the date the Seller collects the Lot. If during the abovementioned period Company to charge the Seller a service fee for unsuccessful auctioning equal to 3% of the Reserve and or fakery or the quality of the Lot by themselves rather than relying on the Company’s catalogue, status
insurance, making catalogue and other public materials, packaging, transportation and storage, and the Seller fails to collect the Lot, the consignment auction contract will automatically cease. If within other expenses payable by the Seller. explanation and other images and public materials of the Lot.
any other expenses pursuant to relevant laws, regulations and provisions hereof. seven days after the ceasing of the consignment auction contract, the Seller does not collect the Lot, Article 23 Payment Proceeds of Sale Article 34 Registration of Bidders
(13) “Reserve” means the lowest selling price of Lot raised by the Seller and confirmed with the the Seller shall pay the Company Storage Fee according to the standard set forth in Article 2 (15) of the In the case that the Buyer makes full payment to the Company in accordance with provisions in Article The Bidder shall register, check-in and receive a paddle affi xed with number before the Auction Date, in

Company in the consignment auction contract. Conditions from eighth day after the ceasing of the consignment auction contract. If the Seller does not 47 herein, the Company shall pay the Proceeds of Sale to the Seller in RMB currency after thirty-fi ve accordance with the condition and procedure for the paddle affi xed with number as announced by the

(14)“Reference Price” means the price of the Lot provided in the catalogue or other descriptive materials collect the Lot within ninety days after the ceasing of the consignment auction contract, the Company days from the Sale Date. Company, with a valid identity card, or passport or other certifi cates approved by the People’s Republic
and estimated prior to the auction. The Reference Price is subject to possible changes and cannot has right to deal with according to Article 30 of the Conditions. Article 24 Deferred Payment of China and other materials required by the Company in the case of a natural person, or with a valid
be deemed as the fixed sale price, and no legal binding force. Article 12 Suspension of Auction In the case that the Company do not receive the full payment from the Buyer upon the expiry of the certifi cate of registration, ID of legal representative or other legal authorization certifi cates and other
(15)“Storage Fee” means the fee payable by the Buyer or the Seller under the Conditions relating The Company may suspend any auction at any time under any one of the following situations: payment period under Article 47 herein, the Company will pay the Sale Proceeds to the Seller within materials required by the Company in the case of a legal entity or other organization.
to storage of the Lot, and the current standard of Storage Fee is equal to 0.3‰ of Reserve (if no (1) the Company has the objection to the ownership and authenticity of the Lot; seven working days (meanwhile such payment should be made after thirty-fi ve days of Sale Date as well) Article 35 Paddle Affixed With Number

Reserve, the agreed insurance amount shall be applied) per day. (2) any third party has the objection to the ownership and authenticity of the Lot with undertakings after receipt of full payment from the Buyer. The Company will announce the condition and procedure to deal with the paddle affi xed with number by

Article 3 Application Scope to provide relevant evidence accepted by the Company, make security in writing pursuant to the Article 25 Cancellation the Bidder before the Auction Date, including but not limited to require qualifi cations of the Bidder for the
The Company organizes auctions pursuant to Chinese laws, regulations and policies. The Conditions Company’s provisions and take all legal responsibilities for all legal repercussions and losses due to In the event that the Buyer does not make full payment to the Company within ninety days of the Sale paddle affi xed with number, in accordance with diff erent conditions and manners of auction.

shall ensure to be binding upon the Seller, the Bidder, the Buyer and any other concerned parties suspension of auction; Date, the Seller has right to cancel the transaction after giving the Company a notice in writing and The Company seriously notices that the paddle affi xed with number is the only evidence of the Bidder’s

participating in the Company’s auction in relation to the artworks, crafts and other cultural relics (3) the Company has the objection to the explanation of the Seller or the accuracy regarding the Seller’s receiving prior approval from the Company. A cancellation notice is to be dispatched to the Buyer participation in bid. Each Bidder shall take good care of his or her paddle affi xed with number and may

presented by the auction activities of the Company. warranty provided in Article 8; within seven working days after such decision approving the cancellation as made by the Company. In not lend it to any third person. In case of losing such paddle, the Bidder shall go through the procedure
Article 4 Special Notice (4) the Company has any evidence to prove the Seller has already violated or is to violate any term of the the event that the Buyer makes full payment and/or fi nishes collection procedure before the service of for report of losing in the form of writing agreed by the Company.
When the auctioneer confirms the highest bid by dropping his hammer or in any other public manner, Conditions; and the cancellation notice of the Seller to the Company, such notice should be deemed to be terminated The person holding the paddle is deemed to be the registered owner of the paddle, whatever he/or she
the Bidder with the highest bid shall be the Buyer of the Lot. (5) any other reasonable causes. automatically, and the transaction is to be carried out in accordance with regulations stipulated in is entrusted by the Bidder or not. The Bidder shall be liable for using his or her paddle bid in the auction
The Seller, the Bidder, the Buyer and other concerned parties participating in the auction should read the Article 13 Withdrawal of Lots by the Seller Article 24, under which the Seller should cooperate with the Company and under no circumstance process, unless the Bidder goes through the procedure for report of losing in the form of writing agreed
Conditions carefully and conform to the provisions hereof. All parties shall be liable for their own actions The Seller may withdraw the Lot at any time prior to the Auction Date subject to a written notice stating raise objection. In the event that the Seller cancels the transaction, the Seller must collect the Lot within by the Company and such paddle affi xed number has been cancelled by the auctioneer’s announcement

at auction and any loss caused by failure to read the Conditions carefully. the reasons. In the case that the catalogue or any other public materials of the Lot have begun printing thirty days from the date of the Company’s notice being dispatched (fees for the packaging charge and in the auction process.
Article 5 Exclusion of Liability upon the Seller’s withdrawal, the Seller shall pay an amount equal to 20% of the insurance amount of the cartage shall be paid by the Seller) . In the event the Lot has not been collected within the above period, Article 36 Guarantee Money
The Company especially declares that the Company cannot guarantee the genuineness or fakery or the Lot and other Expenses in connection therewith. In the case that the catalogue or other public materials the Seller shall pay the Company Storage Fee according to the standard set forth in Article 2 (15) of the The Company will charge a guarantee money before the Bidder receives paddle affi xed with number.

quality of the Lot, and the Company shall not bear the liability for guaranteeing the drawbacks. has not been printed, the Seller shall pay an amount equal to 10% of the insurance amount and other Conditions from eighth day after the ceasing of the contract. If the Seller does not collect the Lot within The amount of guarantee money will be announced before Auction Date. The Company will refund all
The Bidder and/or his/her/its agent shall bear the responsibility of carrying out his/her/its own inspection related Expenses. ninety days after the foregoing time limit, the Company has right to deal with according to Article 30 of the guarantee money mentioned above with no interest to the Bidder within fi ve working days after
and investigations as to the nature of the Lot and shall be liable for his/her/its bid. In case of withdrawal of the Lot, the Seller shall take the Lot back within thirty days after receiving the the Conditions. auction in case that the Bidder fails in auction. In the event that the Bidder becomes to be the Buyer,
Chapter II Conditions Concerning the Seller notice sent by the Company. If the Seller does not collect the Lot within the foregoing time limit, the Article 26 Claim on Behalf of the Seller the guarantee money will automatically turn to be deposit as part of the Purchase Price payable by the
Article 6 Consignment Procedures Seller shall pay the Company Storage Fee according to the standard set forth in Article 2 (15) of the If the Buyer does not fully pay the Purchase Price, and the Seller requires the Company to claim for the Buyer.
When arranging for consignment, the Seller shall hold a valid identity card or passport or other Conditions from eighth day after the ceasing of the contract. If the Seller does not collect the Lot within outstanding payment on behalf of the Seller to the Buyer, the Seller shall undertake reasonable expense Article 37 The Company’s Option
certificates approved by the competent government of the People’s Republic of China in the case of ninety days after the foregoing time limit, the Company has right to deal with according to Article 30 of arising from it (including but not limited to litigation costs and attorney fee) . The Company may forbid anyone from participating in auction, admission to the premises, taking a
the Seller being a natural person, who must also sign a contract with the Company. A valid certificate of the Conditions. Article 27 Taxes picture, making a sound recording or making a video recording during auction, as the case maybe.
registration, ID of legal representative or other legal authorization document is required in the case of the No dispute or claim arising out of the Seller’s withdrawal of the Lot shall be born by the Company. In the case that the Seller has a duty to pay a tax to the government of People’s Republic of China, the Article 38 Abnormal Events
Seller being a legal entity or other organization, which must also sign a consignment auction contract Article 14 Automatic Insurance auctioneer should withhold and pay the tax to the competent authority in accordance with the relevant In case of any abnormal events aff ecting the success of the auction process, the Company has the right
with the Company. Unless otherwise instructed by the Seller in writing, all Lots will be automatically covered under the laws or administrative regulations of the People’s Republic of China, and the auctioneer should deliver to take necessary actions as the case may be, even terminate the auction process. In the case that any
When the Seller consigns the Company for auction, the Company shall be automatically authorized to insurance applied by the Company as soon as the Seller signs the consignment auction contract receipt of tax payment to the Seller after payment of the tax. dispute arises at auction, the Company has right to mediate and settle.
exhibit, display, make pictures, illustrations, catalogue, or other video images or publicity materials of the with the Company and delivers the Lot to the Company. The insurance amount shall be based on the Article 28 The Company’s Discretion Article 39 Bidding as Principal
Lot. Reserve agreed by the Seller and the Company in the consignment auction contract (if no Reserve, The Company may determine the following matters: Any person who bids shall be deemed as principal, unless the Bidder represents to the Company a
Article 7 The Seller’s Agent the insurance amount shall be the one agreed by both parties; if the Reserve is adjusted, the insurance (1) to agree to special conditions of the payment of the Purchase Price; written certifi cate showing that it is the agent of a principal and is also subject to the Company’s approval
When arranging for consignment, the Seller’s agent shall submit to the Company a relevant authorization amount shall be adjusted Reserve) . (2) to remove, store and apply for insurance for sold Lot; in written form before Auction Date.
letter and the Seller and his/her/its agent’s legal identity certificate, and enter into a consignment auction The insurance amount is only subject to apply for insurance and claim for compensation after the (3) to settle claims brought by the Buyer or the Seller in accordance with relevant terms and conditions Article 40 Authorized Bids
contract with the Company. The Seller and his/her/its agent shall hold a valid identity card or passport insurance accident occurrence other than the Company’s warranty or security for the value of the Lot, herein; The Bidder shall attend the auction personally; otherwise it may give the Company an authorization in
or other certificates approved by the competent government of the People’s Republic of China in the and does not mean that the Seller can be paid such amount equal to the insurance amount by auction (4) to take other necessary measures to collect the outstanding payment by the Buyer to the Seller. writing to bid on his/her/its behalf. The Company shall have the right to but no obligation to accept such
case of a natural person. A valid certificate of registration, ID of legal representative or other legal held by the Company. Article 29 Unsold Lot authorization.
authorization documents is required in the case of a legal person or other organization. Article 15 Insurance Premium In the event that the Lot is not sold, the Seller shall take back the Lot within thirty days after receipt of The Bidder who intends to give the Company an authorization to bid on his/her/its behalf shall present
The Company reserves the right to examine and amend the above arrangement in any manner the Unless otherwise agreed by the Seller and the Company, the Seller shall pay an insurance premium the Company’s notice (packing charges and cartage at the Seller’s own expense) and pay the Company the Company with a written authorization letter and hand in guarantee money in accordance with the
Company considers reasonable. according to the following: fees for failed auction and all other expenses. The consignment auction contract between the Seller and provisions in Article 36 herein within certain period (not later than twenty-four hours before Auction Date) .
Article 8 The Seller’s Warranties (1) In case of unsold of the Lot, the insurance premium payable by the Seller shall be 1% of the Reserve (if the Company will cease on the date of collection of the Lot by the Seller. If during the abovementioned The Bidder who entrusts the Company to bid on his/her/its behalf shall inform the Company of bid
The Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the no Reserve, the agreed insurance amount shall be applied). period the Seller fails to collect the Lot, the consignment auction contract will automatically cease. If cancellation in writing not later than twenty-four hours before Auction Date.
consigned Lot as follows: (2) In case of sold of the Lot, the insurance premium payable by the Seller shall be 1% of the Hammer within seven days after the ceasing of the consignment auction contract, the Seller does not collect the In the event that the Bidder entrusts the Company to bid on his/her/its behalf, such biding outcome and
(1) the Seller has complete ownership and legal right to dispose of the Lot. Without prejudice to any legal Price. Lot, the Seller shall pay the Company Storage Fee according to the standard set forth in Article 2 (15) relevant liabilities shall be borne on the Bidder.