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audio recordings or video recordings, etc. in the auction venue. Article 20 Image Display Panel and Currency Conversion Display Panel
Article 14 Bidding as Principal For the convenience of Bidders, the Company may use image projection or other
Unless a particular Bidder has presented written proof to the Company indicating manner of display panel during the auction. The information shown thereon shall
that he or she is the agent of a particular Bidder and the same has been approved be provided for reference only. Regardless of whether there may be errors in the
in writing by the Company, each Bidder shall be deemed to be the Bidder himself or information, such as the amount, reference number of an Auction Property, the
herself. picture of an Auction Property or reference foreign exchange amount, etc., shown
Article 15 Telephone Bids on the image projection or other manner of display panel, the Company shall not be
The Bidder shall attend the auction in person. If he or she cannot attend in person liable for any losses arising as a result thereof.
or by way of an agent, he or she may appoint the Company in writing using the Article 21 Successful Sale
Telephone Bidding Form to bid on his or her behalf. The Company shall have the Upon the confi rmation of the highest bid by the striking of the hammer or otherwise
discretion to decide whether or not to accept such an appointment. by the Auctioneer, such Bidder’s bid shall be the successful bid, indicating that he or
If the Bidder wishes to appoint the Company to bid on his or her behalf, he or she she has become the Buyer of the Auction Property, and that a binding sales contract
should have completed the appointment procedures of the bids by the prescribed has been concluded between the Seller and the Buyer.
deadline (no later than 24 hours before the Auction Date), present a duly completed Article 22 Commission and Charges
and signed Telephone Bidding Form to the Company, and paid the bid deposit Once the Bidder has made a successful bid, he or she becomes the Buyer of
pursuant to these Conditions. the Auction Property. The Buyer shall pay to the Company a commission to be
If, having appointed the Company to bid on his or her behalf, the Bidder wishes to calculated as follows: For each Auction Property, those part of Hammer Price which
cancel the appointment, he or she shall notify the Company in writing no later than is HKD5 million or below, the commission shall be equivalent to 20% of the Hammer
24 hours before the Auction Date. Price; for each Auction Property whose Hammer Price exceeds HKD5 million, the
Article 16 Outcome of Telephone Bid commission applicable to those part of the Hammer Price between HKD5 million
If the Bidder has appointed the Company to bid on his or her behalf, the bid to HKD20 million shall be equivalent to 17% thereof and the commission applicable
outcome and relevant legal liabilities shall be borne by him or her. to those part of the Hammer Price above HKD20 million shall be equivalent to 14%
The Bidder shall accurately provide the instant communication method (such as thereof. The Buyer shall also pay to the Company other Buyer Charges, and accepts
mobile phone number) and keep such instant communication instrument in safe that the Company may charge the Seller a commission and other Seller charges in
custody. While the Company is appointed to bid on the behalf of the Bidder, the accordance with the Conditions of Business for Sellers.
Bidder shall personally use the instant communication instrument. In event of loss Article 23 Taxes
of, or loss of the control of, the instant communication instrument in question, the All the monies paid to the Company by the Buyer shall be the net amount, exclusive
Bidder shall promptly revise by way of a written method approved by the Company of any tax on goods, tax on services or other value added tax (whether levied by
the instant communication method provided on the Telephone Bidding Form. Hong Kong or another region). If any taxes or levies are applicable to the Buyer, he
While the Company is appointed to bid on the Bidder’s behalf, it will (use timely or she shall solely bear the same in accordance with the relevant laws currently in
and appropriate effort) to contact the Bidder, and all of the bidding information force.
transmitted by the instant communication instrument (regardless of whether it Article 24 Payment Deadline
is transmitted by the Bidder himself or herself or the Bidder’s Agent) shall be Unless otherwise agreed in writing, after a sale, the Buyer shall pay the Purchase
deemed as having been transmitted by the Bidder himself or herself, and the Price in full to the Company and collect the Auction Property within seven days from
Bidder shall be legally liable for the actions thereof, unless the Buyer has himself or the Sale Date, regardless of any export, import or other permit regulations for the
herself altered by way of a written method approved by the Company the instant Auction Property. All packing and handling charges, freight and insurance charges,
communication method provided on the Telephone Bidding Form. Nevertheless, export related charges, etc. involved, if any, shall be paid by the Buyer together with
under no circumstance shall the Company be liable for any unsuccessful attempt the foregoing.
to make contact or for any errors or omissions in the bids made using the instant Article 25 Payment Currency
communication instrument in question. All monies shall be paid in Hong Kong dollars. If the Buyer pays in a currency other
Article 17 Disclaimer of Liability for Telephone Bid than the Hong Kong dollar, the same shall be converted at the exchange rate agreed
Given that telephone bidding is a free service provided by the Company to the between the Buyer and the Company or at the exchange rate for the Hong Kong
Bidder for the purpose of transmitting bidding information, neither the Company dollar and the currency in question posted by The Hong Kong & Shanghai Banking
nor its employees shall be liable for unsuccessful bids or any errors, omissions, Corporation Ltd. one working day prior to the date of payment by the Buyer. All
negligence, fault or inability to bid on the Bidder’s behalf arising in the course of the bank service charges, commissions and other charges incurred by the Company in
bidding on the Bidder’s behalf. converting the foreign currency paid by the Buyer into Hong Kong dollars shall be
Article 18 Discretion of the Auctioneer borne by the Buyer.
The Auctioneer shall have the absolute right of discretion in respect of the following Article 26 Transfer of Ownership
matters: The Buyer shall own the ownership of the Auction Property only after he or she
1.to refuse or accept any bid; has paid in full the Purchase Price and all amounts that he or she may owe the
2.to conduct the auction in the manner he or she decides; Company, its divisions, affi liates, subsidiaries or parent company, or China Guardian,

3.to withdraw any Auction Property, divide it into separate lots for auction or its divisions, affi liates, subsidiaries or parent company, even if the Auction Property

combine any two or more Auction Properties and auction them together; has been delivered to the Buyer by the Company. For the avoidance of doubt,
4.where an error or dispute occurs, whether during or after the auction, to decide before the transfer of the ownership of the Auction Property, the Company and/or
the successful Bidder, whether or not to continue the auction, to cancel the auction the Seller reserve the right of possession /lien or any other lawful relieves.
or to auction the disputed Auction Property anew; Article 27 Transfer of Risks
5.to open and conduct the bidding at the level and at bid increments that he or Once a successful bid has been made, the risks attaching to the Auction Property
she deems appropriate, and to bid on behalf of the Seller up to the amount of shall be solely borne by the Buyer once any of the following circumstances (whichever
the Reserve, by making a bid, by making consecutive bids or by making bids in is earlier) arises:
response to the bids of other Bidders; 1.the Buyer collects the Auction Property; or
6.to take other actions that he or she reasonably deems appropriate. 2.the Buyer pays all of the Purchase Price for the Auction Property to the Company;
Article 19 No Reserve or
For those Auction Properties without a Reserve, unless there are bids, the 3.the lapse of seven days after the Sale Date.
Auctioneer shall have the right, at his or her own discretion, to decide the starting Article 28 Collection of the Auction Property
price. If there are no bids at such price, the Auctioneer will, at his or her own The Buyer must, within seven days from the Sale Date, proceed to the Company’s
discretion, lower the price and continue the auction until a Bidder starts to bid, address or other location designated by the Company to collect the Auction
whereupon he will increase the price from there and continue the auction. Property he or she purchased. The Buyer shall be solely responsible for purchasing