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to make payment for any of the bidden object of auction Article 58. Right of appraisal Related parties shall pay attention to the changes, and the
within the stipulated time, all the deposits will not be Should the Company deem it necessary to verify the Company has the rights to not circulate any individual
refunded and the buyer shall bear the corresponding auction item, it may do so. Should the appraisal conclusion notification.
responsibilities in accordance with provisions of the rules; contradict the conditions of the auction item stated in an
2.The Company may offer part or all information of the auction contract, the Company has the right to demand a Article 69. Date of effectiveness
buyer to the third party in cooperation with the Company change or rescind the contract. The rules shall take effects since Sep. 1, 2011.
and entrust the party to claim part or all the arrearage;
3.The Company may charge interest at the rate of 0.03 Article 59. Copyright Article 70. Right of final interpretation
percent a day of the arrearage from the eighth day after The Company has the rights to take photos, charts, Beijing Wen Jin Ge International Auction Co., Ltd reserves
the auction conclusion date till the buyer pays in all the catalogues or making other forms of video or promotional the right of final interpretation of the rules.
payment except as otherwise agreed; products on any auction items entrusted by the seller for
4.The Company may sue the buyer and request for auction, and enjoys the copyright of aforesaid photos,
charts, catalogues or other forms of video products and
compensation of all losses of the Company due to default promotional products as specified in the laws.
of the buyer, including but not limited to the interest
losses due to late payment or non-payment; Article 60. Disclaimer statement
5.The Company may retain the object of auction or any The Company as the agent of the seller bears no
other objects of auction won by the buyer and any other responsibilities for the default behaviors of the sell or the
properties or ownership of the buyer in possession of buyer.
the Company. Any and all costs and/or risks during the
retaining period shall be borne by the buyer. In the event Article 61. Compensation responsi-bilities for
the buyer fails to fulfill the relevant duties in full within the
period specified by the Company, the Company has the invalid auction
right to dispose the retained item in accordance with the In the event that the auction becomes invalid due to
laws and regulations of China. In the event the disposal of reasons of related person, the person shall bear related
the retained item cannot compensate the Company for compensation responsibilities to make up all losses of the
the arrearage of the buyer, the Company has the right to Company. The compensation standards shall be subjected
make claim separately; to earnings of the Company in case that the auction is valid.
6.The Company may cancel the transaction of the auction Article 62. Notification
item or any other auction items to the same buyer and
reserve the right to claim losses generated by cancellation The bidder and the seller shall inform the Company their
of the transaction; fixed and valid postal addresses and contacts in form of
bidding registration form, the auction contract or other
7.With approval from the seller, the Company may re- methods accepted by the Company, and shall inform the
auction or sell the object in other forms in accordance Company in written form in case that there are any changes.
with the rules. The original buyer shall pay the margin If the notification is sent via mail delivery, it is deemed that
between the price of the object re-auctioned or sold in the Company has sent the notification on the date when it
other form and the original auction price in addition to delivered the notification to postal department and that the
the remuneration/commission and other charges that the recipients have received the notification in accordance with
buyer and the seller shall pay at the first auction and all the normal postal procedures. If the notification is sent via fax,
costs of re-auction or selling in other form. the date on which the fax is sent shall be deemed as the date
when the recipient receives such notification.
Article 55. Remediation of delayed ta-king of
auction item Article 63. Severability
In the event the buyer fails to take the purchased object If any provision or part of the provision of the Rule is
of auction within the time stipulated in Article 46, the found to be invalid, illegal, or unenforceable by a court
Company has the right to take any or several of the of competent jurisdiction, the remainder of the rules shall
following measures: continue in full force and effect, and shall be followed and
1.Store the object of auction in the Company or other place; performed by related parties.
any costs and/or risks consequently shall be borne by the
buyer. The buyer may take the object of auction only after Article 64. Dispute settlement
paying the price in full (the package and transport fees In case that any disputes raised when related parties attend
shall be borne by the buyer); the auction activities in accordance with the rules, they
2.The buyer shall be liable for any and all costs and risks shall file a lawsuit to the people's court of the region where
the Company is located. The dispute shall be settled in
after the expiration of the period stipulated by the accordance with the laws of the People's Republic of China.
Company in accordance with the rules. In the event the
buyer fails to take the object of auction within 30 days, Article 65. Language version
the Company has the right to auction or sell the object
with the proper modes and conditions decided by the The Chinese version of the rules is the standard one, while
Company. The incomes from the object disposal shall be the English version is only for reference. In the event of any
used for compensating the Company for the consequent conflict or inconsistency between the Chinese version and
losses and costs (package and transport costs, transport the English version, the former shall be followed.
premium, border exit appraisal fee, storage fee and
notarization fee etc.). The buyer may take the balance, if Article 66. Copyright of the rules
any, without interest. The Company which formulated and revised the rules owns
its copyrights correspondingly. Without the prior written
Chapter IV Others permit of the Company, nobody can get commercial
benefits with the Rule in any forms or methods, or
Article 56. Right of preemption of the state duplicate, deliver or store any part of the rules in the search
Where the related governmental departments exercise systems.
the right of preemption of the state on the auction item,
laws of the state and related decisions of the government Article 67. Singular and plural
shall be applied. Related parties shall accept such right of In provisions of the rules, the singular words in the context
preemption and give necessary coordination and shoulder shall include the plural words and vice versa.
their respective losses thereof.
Article 68. Right of revision
Article 57. Confidentiality responsib-ilities The Company has the rights to revise the rules from time to
The Company shall keep confidentiality for the seller, the time based on practical conditions, and the revised version
bidder and the buyer, and shall protect the legal rights and shall take effects automatically upon the date on which
interests of them and the Company from being infringed in revision is made. The Company will publicly release the
accordance with the laws of the People's Republic of China changes of the rules timely in the most suitable method as
and this Rule. deemed by the Company and in accordance with the laws.