Article 1?Governing Law This Conditions of Business (hereinafter referred to as the “Conditions”) are made in accordance with the Auction Law of the People’s Republic of China, other relevant laws implemented in the People Republic of China, regulations of the People’s Republic of China and the Articles of Association of this Company with reference to international general practices.
Article 2?Definitions and Interpretation The terms used in these conditions shall have the following meanings: ① “We/Us/Our/Company” means Beijing Baoruiying International Auction Co., Ltd. ② “the Company’s domicile” means CBD International Mansion, Room 2005-2008, No. 16 Yonganli East Street, Chaoyang District, Beijing, China. ③ “the Bidder” means a natural person, legal person or any other organization that has full capacity of civil rights to bid at auction according to provisions of the laws of People’s Republic of China and who has gone through the necessary registration and procedural formalities of this company. The Bidder shall satisfy all provisions with respect to conditions of sale or qualification of the Bidder. Under these Conditions, the Bidder shall include any of its agents unless otherwise provided thereunder or in a particular context. ④ “the Buyer” means the person with the highest bid accepted by the auctioneer. ⑤ “the Seller” means a natural person, legal person or any other organization who consigns the Lot to us for auction in accordance with these Conditions. Under these Conditions, the Seller shall include any of its agents unless otherwise provided thereunder or in a particular context. However, under no circumstances shall China Guardian Auctions Co., Ltd be considered as the Seller. ⑥ “Lot” means any item(s) deposited with us for sale at auction and, in particular, the item or items assigned a lot number and described in a catalogue. ⑦ “Auction Date” means the published date on which the auction will formally begin. In the case of any discrepancy between the actual date of auction and the published date, the actual date of auction shall prevail. ⑧ “Sale Date” means the date on which the auctioneer confirms the sale of any lot in the auction by striking his hammer or in any other public manner. ⑨ “Hammer Price” means the amount of the highest bid accepted by the auctioneer in relation to a Lot. ⑩ “Proceeds of Sale” means the net amount owed to the Seller from the Hammer Prices less commission pro rata and all expenses and other amounts owed to us by the Seller. ? “Purchase Price” means the total amount payable by Buyer for its bid, including Hammer Price, commission and other expenses payable by the Buyer as well as the charges caused by the Buyer’s defaults. ? “Expenses” means charges and expenses including but not limited to expenses with respect to Lot insurance, catalogue and other advertisement, packaging, transportation and storage, and any other expenses pursuant to relevant laws, regulations and provisions hereof. ? “Reserve” means the price below which we agree with the Seller in writing that the Lot cannot be sold. ? “Reference Price” means the price of the Lot provided in the catalogue or other descriptive materials and estimated prior to the Auction. The Reference Price is subject to possible changes and cannot be deemed as the fixed sale price.
Article 3?Enurement We organize auctions pursuant to Chinese laws, regulations and policies. These Conditions shall enure to the benefit of and be binding upon the Seller, Bidder, Buyer and any other concerned parties participating in our auction in relation to the artworks, crafts and other cultural relics presented by the auction activities of this company.
Article 4?Special Notice We generally represent the Seller during the auction. When the auctioneer confirms the highest bid by striking his hammer or in any other public manner, the Bidder with the highest bid shall be the Buyer of the Lot and the sale contract concerning the Lot between the Seller and the Buyer shall come into effect immediately. Any legal effect accrued thereupon shall be born by the Seller and the Buyer respectively. These conditions are the terms by which we contract, as the Auctioneer, with the Seller and with the Buyer as well as the terms by which the Seller and the Buyer conclude a contract concerning the Lot. Therefore, any Seller, Bidder, Buyer and other concerned parties participating in the auction should read the Conditions carefully and conform to the provisions hereof. All parties shall be liable for their own actions at auction and any loss caused by failure to read the Conditions carefully.
Article 5?Exclusion of Liability We shall undertake no guarantee for the authenticity and/or quality of any Lot. The Bidder and/or its agent shall bear the responsibility of carrying out its own inspection and investigations as to the nature of the Lot and shall be liable for its bid.
Chapter II Conditions Concerning the Seller
Article 6?Consignment Procedures When arranging for consignment, the Seller shall hold a valid identity card or passport or other certificates approved by the competent government of the People’s Republic of China in the case of the seller being a natural person, who must also sign a contract with us. A valid certificate of registration, ID of legal representative or other legal authorization document is required in the case of the seller being a legal entity or other organization, which must also sign a consignment contract with us. When the Seller arranges for consignment, we shall be automatically authorized to make pictures, illustrations, catalogue, or other video images of the Lot.
Article 7?The Seller’s Agent When arranging for consignment, the Seller’s Agent shall submit to us a relevant authorization letter and hold a valid identity card or passport or other certificates approved by the competent government of the People’s Republic of China in the case of a natural person. A valid certificate of registration, ID of legal representative or other legal authorization documents is required in the case of a legal person or other organization. We are reserve the right to examine and amend the above arrangement in any manner we consider reasonable.
Article 8?The Seller’s Warranties The Seller hereby makes irrevocable warranties to us and the Buyer with respect to the consigned Lot as follows: ① the Seller has exclusive and absolute ownership and legal right to dispose of the Lot. Without prejudice to any legal interest (including copyright) of any third party, the auction of the Lot shall not violate any relevant law and regulation; ② the Seller has, to the best of its knowledge, made full and complete disclosure and description to us with respect to the origin and any flaw or defect of the Lot without any concealment and fabrication; and ③ the Seller shall indemnify and hold us and/or the Buyer from and against any claims, losses and damages or actions incurred or brought by the actual owner or any third party who claims to be the actual owner of the Lot as well as all expenses and costs incurred in connection therewith, arising out of, or in any way attributable to any breach of the above warranties.
Article 9?Reserve All Lots are offered subject to a Reserve, unless otherwise agreed by the Seller and us. The Reserve shall be determined by the Seller and us in writing and no modification or amendment of the Reserve shall be binding upon the parties unless subject to prior written consent of the other party. In no circumstances, shall we accept any liability for failure in sale due to bidding lower than the Reserve at the auction.
Article 10?Our Discretion We may decide the followings at our absolute discretion: ① explanation and appraisal of any Lot as produced in the catalogue and/or news media and/or in other ways; ② adoption of expert’s opinion; ③ the arrangement of the order, location, and page size of illustration of the Lot in the Catalogue and relevant expenses incurred therefore; specific means of exhibition/display of the Lot and all relevant arrangement and expenses incurred therefore; ④ Unless otherwise agreed by the Seller and us, we shall at our own discretion decide on whether the Lot is appropriate to be auctioned by us, as well as the place of auction, the date of auction, the conditions of auction and the manner of auction.
Article 11?Unauctionable Lot After the Seller has signed the sales contract with and delivered the Lot to us, if for any reason we believe that the Lot is not suitable for auction, the seller must collect the Lot within 30 days from the date of our notice being dispatched (fees for the packaging and handling shall be paid by the seller), the contract between the seller and us will cease on the date the seller collects the Lot. If during the abovementioned period the seller fails to collect the Lot, the contract will be automatically ended. If within seven days after the ceasing of the contract, the seller does not collect the Lot, the Company reserves the right to sale the Lot by means of public auction or in other ways and conditions we consider proper. If we succeed in selling the Lot, the sales proceeds will be paid to the seller, less reasonable handling expenses.
Article 12?Suspension of Auction We may suspend any auction at any time under any one of the following situations: ① we have objection to the ownership and authenticity of the Lot; ② any third party has objection to the ownership and authenticity of the Lot with undertakings to provide relevant evidence, make security pursuant to our provisions and take all legal responsibilities for all legal repercussions and losses due to suspension of auction; ③ we have objection to the explanation of the Seller or the accuracy regarding the Seller’s warranty provided in Article 8; ④ we have any evidence to prove the Seller has already violated or is to violate any term of these Conditions; and ⑤ any other reasonable causes.
Article 13?Withdrawal of Lots by Seller The Seller may withdraw the Lot at any time prior to the Auction Date subject to our consent and a written notice stating the reasons. In the case that the catalogue or any other advertisements of the Lot have begun printing upon the Seller’s withdrawal, the Seller shall pay an amount equal to 20% of the insured value of the Lot and other Expenses in connection therewith. In the case that the catalogue or other advertisement has not been printed, the Seller shall pay an amount equal to 10% of the insured value and other related Expenses. No dispute or claim arising out of the Seller’s withdrawal shall be born by auctioneer.
Article 14?Automatic Insurance Unless otherwise instructed by the Seller in writing, all the Lots will be automatically covered under the insurance of our company as soon as the Seller signs the consignment contract with us and delivers the Lot to us. The insured value shall be based on the Reserve agreed by the Seller and us in the consignment contract (if no Reserve, the insured value is the one agreed by both parties; if the Reserve is adjusted, the insured value shall be taken from the original Reserve) . The insured value is only subject to insurance and claim other than our warranty or security for the value of the Lot and the Hammer Price of the Lot.
Article 15?Insurance Premium Unless otherwise agreed by the Seller and us, the Seller shall pay an insurance premium equal to 1% of the Hammer Price of the Lot after sale. In the case that the Lot fails to sell, the insurance fee payable by the Seller shall be 1% of the Reserve.
Article 16?Insurance Period In the case that the auction of the Lot succeeds, the insurance period shall terminate on the earlier expiry of either seven days after Sale Date or the date when the Buyer collects the Lot. In the case that the auction fails, the insurance period shall terminate upon the expiry of seven days after the Seller has received our notice to take back the Lot.
Article 17?Insurance by Seller In the event that the Seller notifies us not to arrange insurance for the Lot in writing, it shall undertake to bear all the risks and the following liabilities (unless otherwise judged by court or arbitration commission) : ① to indemnify us from and against any claims or actions incurred or brought by any third party with respect to the losses or damages of the Lot; ② to hold us and/or any other parties from and against any losses and expenses in relation to the damages and/or losses of the Lot caused by any reason; and ③ to notify the terms of indemnity hereunder to any insurer of the Lot.
Article 18?Uninsured We will not be liable for the damages or losses of the Lot caused by natural wear, inherent flaws, inherent or potential defects, inherent material changes, self-combustion, self-warming, oxidation, rust, leakage, rat-bite, woodworm, changes in atmospheric (climate, temperature or humidity) conditions, changes in normal water level, or other reasons of natural changes or caused by earthquake, tsunami, war, actions similar to war, hostile actions, armed conflicts, terrorism, rebellion, coup, strike, riots, or nuclear fission, nuclear fusion, nuclear weapon, nuclear radiation, or radioactive pollution. We will also not take responsibility for any damages to or any losses of frames, glass, drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories caused by any reason.
Article 19?Insurance Indemnity Any damages or losses of the Lot caused by incidents or disasters covered by insurance we purchased for the Lot shall be handled in accordance with Chinese laws and regulations regarding insurance. We shall pay insurance indemnities less all expenses incurred by us (except commissions) to the Seller after we obtain such indemnities from the insurance company.
Article 20?Non-Bidding The Seller shall not bid for the Lot consigned to us by itself, nor authorize any other person to bid on its behalf. The Seller shall be liable for and indemnify us for any losses and damages caused by violation of this provision.
Article 21?Commission and Expenses Unless otherwise agreed upon by the Seller and us, the Seller shall authorize us to deduct 10% of the Hammer Price as commission, with any other Expenses also calculated from the Hammer Price. Although we act as the agent of the Seller, the Seller agrees that we are entitled to the Buyer’s remuneration and other Expenses payable by the Buyer in accordance with provisions in Article 48 of these Conditions.
Article 22?Service Fee for Unsold Lot In the case that the auction of the Lot fails due to bidding lower than the Reserve, the Seller shall authorize us to charge the Seller a service fee for unsuccessful auctioning equal to 3% of the Reserve and other expenses payable by the Seller.
Article 23?Payment Proceeds of Sale In the case that the Buyer makes full payment to us in accordance with provisions in Article 48 herein, we shall pay the Proceeds of Sale (after having paid the taxes described in Article 26 of these Conditions) to the Seller in RMB currency after 35 days from the Sale Date.
Article 24?Deferred Payment In the case that we do not receive the full payment from the Buyer upon the expiry of the payment period under Article 49 herein, we will pay the Sale Proceeds (after having paid the taxes described in Article 26 of these Conditions) to the Seller within seven business days (meanwhile such payment should be made after 35 days of Sale Date as well) after receipt of full payment from the Buyer.
Article 25?Cancellation In the event that the Buyer does not make full payment to us within 60 days of the Sale Date, the Seller is authorized to cancel the transaction after giving us a notice in writing and receiving prior approval from us. A cancellation notice is to be dispatched to the Buyer within 7 working days after such decision approving the cancellation as made by the Company. In the event that the Buyer make full payment and/or finishes collection procedure before the service of the cancellation notice of the Seller to the Company, such notice should be deemed to be terminated automatically, and the transaction is to be carried out in accordance with regulations stipulated in Article 24, under which the Seller should cooperate with the Company and under no circumstance raise objection. In the event that the Seller cancels the transaction, the Seller must collect the Lot within 30 days from the date of our notice being dispatched (fees for the packaging and handling shall be paid by the seller) . In the event the Lot has not been collected within the above period, the Company is authorized to sell the Lot by means of auction or in other ways under conditions the Company considers appropriate. The Seller holds responsibility to collect the net amount of expenses incurred by the Company.
Article 26?Taxes In the case the Seller has a duty to pay a tax to the government of People’s Republic of China, the Auctioneer should withhold and pay the tax to the competent authority in accordance with the relevant laws or administrative regulations of the People’s Republic of China, and the Auctioneer should deliver receipt notice of tax payment to the Seller after the Auctioneer has paid the tax.
Article 27?Assistance in Collecting Deferred Payments In the event the Buyer fails to make full payment to us within seven days of the Sale Date, we are entitled to recover the remuneration and other Expenses payable by the Buyer in accordance with provisions in Article 56 herein and to take necessary measures to assist the Seller in collecting deferred payments upon the Seller’s request as soon as practicable. However, we shall have no obligation to sue the Buyer on behalf of the Seller in any circumstances.
Article 28?Our Discretion We may determine the following matters, as the case may be, upon authorization of the Seller (at the Seller’s expense) ① to agree to special terms on how to make the payment of the Purchase Price; ② to remove, store and arrange insurance for sold Lot; ③ to settle claims brought by the Buyer or the Seller in accordance with relevant terms and conditions herein; ④ to take other necessary steps to collect the deferred payment by the Buyer to the Seller.
Article 29?Unsold Lot In the event that the Lot is not sold in its first offering, the Seller shall take back the Lot within 30 days after receipt of our notice (packing and shipping at the Seller’s own expense) and pay us fees for failed auction and all other expenses. If the Seller fails to do so, we reserve the right to resell the Lot by public auction or in other ways under the conditions we consider appropriate and pay to the Seller the Sale Proceeds, after having deducted all agreed upon fees and other expenses accrued in the first auction and all costs incurred in the resale of the Lot.
Article 30?Risks and Losses The Seller shall take liability for any risk and/or loss that occurs after the period mentioned above in the case of failed retrieval of the Lot within the designated period. In the case that the Seller requires us to assist in returning the Lot, the Seller shall be liable for all risks and/or all losses and bear all expenses. Generally, we are not responsible for arrangement of transportation insurance unless the Seller specifically instructs us to do so and bears the insurance premium.
Chapter III Conditions Concerning the Bidder and the Buyer
Article 31?Catalogue of Lot At the auction, we will prepare a catalogue to introduce the status of the Lot with words and/or pictures for the convenience of Bidders and Sellers. The words, Reference Price, pictures in the catalogue and other images and advertisements are only references for Bidders and are subject to revision before auction. We provide no guarantee for the authenticity, value, tone, quality or for any flaw or defect of any Lot.
Article 32?Uncertainty of Catalogue In case that the tone, color, graduation and shape shown in catalogue and/or any other illustrations, images and advertisements differs from those of the original Lot due to print, photograph and other technical reasons, the original shall take precedence. Any statement and appraisal in any way (including but not limited to the certificate, catalogue, slide show and news media) of any Lot made by us and our employees or their agents are only for reference and should not relied on as any guarantee for the Lot. We and our employees or agents shall undertake no liability for any inaccuracy or omission in the statements and appraisals mentioned above.
Article 33?Inspection by Bidders We shall undertake no guarantee for the authenticity and/or quality of the Lot. The Bidder and/or its agents shall inspect and investigate the actual status of the Lot and take liability for its bidding. We strongly advise the Bidders to personally inspect the original Lot on which they intend to bid before the Auction Date by identification or other methods. Bidders shall judge whether the Lot is in accord with its description by themselves rather than relying on our catalogue and other images and advertisements of the Lot.
Article 34?Registration of Bidders The Bidder shall register and receive a bidding number before the Auction Date with a valid identity card, or passport or other certificates approved by the People’s Republic of China in the case of a natural person, or with a valid certificate of registration, ID of legal representative or other legal authorization certificates in the case of a legal entity or other organization, otherwise it will not be deemed as a legal Bidder.
Article 35?Deposit We will charge a deposit before the Bidder receives bidding number. The amount of deposit will be announced before Auction Date. We will refund all the deposit mentioned above with no interest to the Bidder within five business days after auction in case the Bidder fails in auction. In the event that the Bidder succeeds at auction, the deposit will be taken as part of the Purchase Price payable by the Buyer and the balance (if any) will be refunded at collection.
Article 36?Our Option We may forbid anyone from participating in auction, admission to the premises, taking a picture , making a sound recording or making a video recording during auction, as the case maybe.
Article 37?Abnormal Events In case of any abnormal events, we have the right to take necessary actions as the case may be. In the case that any dispute arises at auction, we have rights to mediate and settle.
Article 38?Bidding as Principal Any person who bids shall be deemed as principal, unless the Bidder represents to us a written certificate showing that it is the agent of a principal and is also subject to our approval in written form before Auction Date.
Article 39?Telephone Commission Bids The Bidder shall attend the auction personally; otherwise it may give us a telephone commission in writing to bid on its behalf. We shall have the right to but no obligation to accept such commission.
Article 40?Procedures of Telephone Commission Bids The Bidder who intends to give us a telephone commission to bid on its behalf shall present us with a written authorization certificate and hand in a deposit in accordance with the provisions in Article 35 herein within certain period (not later than 24 hours before Auction Date) .
Article 41?Non-liability of Telephone Commission Bids Since we charge no fee for bidding on behalf of the Bidder, in the case that the Bidder cannot attend the auction personally, we and our employees shall not be liable for any failure in bidding or any negligence or fault in the telephone commission bids. Bidders shall attend the auction in person to assure the success of bidding.
Article 42?Auctioneer’s Discretion The auctioneer is entitled to represent us and to increase or decrease the bidding ladder, refuse any bidding, or restart auction in the case of any dispute arising.
Article 43?Screen of Video Images At some auctions, there will be a video screen or other screens in operation for the convenience of Bidders, which is only for reference. However, there may be errors in amounts, numbers or pictures of the Lot, or in foreign exchange rate on the screen. We shall not be liable for any losses and damages caused by such errors.
Article 44?Successful Bid When the highest bidding is confirmed by striking the auctioneer’s hammer or in other public manners, the Bidder with the highest bidding succeeds in the bid and the sale contract of the Lot between the Buyer and the Seller is concluded.
Article 45?Auction Record We will prepare a written record with respect to the auction signed by the auctioneer and the recorder. At the auction, the Buyer shall sign the written record showing the successful bid after the highest bid is confirmed by striking the auctioneer’s hammer or in another public manner.
Article 46?Remuneration and Expenses The Bidder will be deemed as the Buyer of the Lot after succeeding in bidding and shall pay us a remuneration equal to 15% of Hammer Price and other Expenses and acknowledge that we are entitled to charge commission and other costs payable by the Seller in accordance with Article 21 hereof.
Article 47?Payment The Buyer shall make full payments in a lump sum to us and collect the Lot (package and transportation at the Buyer’s expense) within seven days after the Sale Date; otherwise, the Buyer shall be liable for breach of contract.
Article 48?Currency All payments shall be made in the currency designated by us. In the event that the Buyer makes payments in currency other than the designated one, the currency shall be converted at the rate agreed upon by the Buyer and us or at the rate announced by People’s Bank of China one ① business day prior to the payment. The Buyer shall reimburse us for any bank charges, commission and other expenses for converting the currency into RMB.
Article 49?Passing of Title The Buyer will acquire ownership of the Lot after having paid the full Purchase Price.
Article 50?Transfer of Risks After a successful bid, any Lot purchased shall be entirely at the Buyer’s risk as early as one of the following conditions is met: ① the Buyer collects the Lot purchased; or ② the Buyer pays to us full Purchase Price for the Lot; or ③ expiry of seven days after Sale Date.
Article 51?Collection The Buyer shall collect the purchased Lot at our Company’s domicile or other place appointed by us no later than seven days after Sale Date. In case of failure to do so, the Buyer shall be solely responsible for all risks and losses of the Lot and bear all expenses for transportation, storage and insurance in connection therewith due to delay. Nevertheless the Lot is still preserved by us or any other agents, we and our employees or its agents shall not be liable for any losses and damages of the Lot caused by any reason.
Article 52?Package and Transportation We may arrange packing and handling of the purchased Lot on behalf of the Buyer as the case may be on its request and the Buyer shall be liable for any loss arising from such arrangements. In no circumstances shall we take any liability for any damages or losses of glass, frames, drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories arising out of any reason. In addition, we shall undertake no liability for any fault, omissions, damages or losses caused by the packers or carriers we recommend.
Article 53?Export of Lot We will explain in the catalogue or at the auction those Lots which are prohibited to be exported pursuant to the Protection Law of Cultural Relics of the People’s Republic of China and other relevant laws and regulations. The Buyer shall be responsible for applying for an export license in accordance with laws of the People’s Republic of China for the Lot permitted to be exported pursuant to the Protection Law of Cultural Relics of the People’s Republic of China and other relevant laws and regulations.
Article 54?Remedies for Non-payment In the case that the Buyer fails to make full payment within the period provided in Article 47 herein, we shall be entitled to exercise one or more of the following remedies: ① If following a successful bid the Buyer fails to make payment within the stipulated period, the Buyer will lose the right to request us to refund the deposit and we shall keep the deposit. Besides which, the Buyer shall also undertake any liability may occur in accordance with these Conditions; ② If within seven days after a successful bid the Buyer fails to pay us the purchase price, we shall have the right to provide all or part of the data or information about the Buyer to any third party in cooperation with us for purposes of entrusting such third party to collect all or part of the default payment from the Buyer; ③ charge the Buyer an interest at a rate of three ten-thousandths per day on the due and unpaid amount until such payment is made fully, to the extent it remains fully unpaid within seven days after Sale Date, unless otherwise agreed by the Buyer and us; ④ commence lawsuit proceedings against the Buyer for any damages caused by the Buyer’s breach of contract, including but not limited to the losses of interest on deferred or unpaid payment by the Buyer; ⑤ exercise a lien on the purchased Lot or other properties of the Buyer which may be in our possession for any reason. The Buyer is responsible for all expenses or risks that occurduring the period of lien. In case the Buyer fails to perform all relevant obligations herein within the period we designate, we shall have the right to dispose of such property in accordance with relevant laws and regulations. In the case the proceeds cannot cover the amount outstanding, we are entitled to claim the balance; ⑥ in the event that the Buyer does not make full payment to us within 60 days from the Sale Date, the Company is authorized to cancel or approve the Seller to cancel the sale of the Lot and/or other Lots sold to the same Buyer at this auction or any other auctions as applicable, and reserve the right to claim any losses caused by such cancellation; ⑦ carry out a re-sale of the Lot by public auction or other ways according to these Conditions subject to the consent of the Seller. The original Buyer shall be liable to the Seller for the remuneration/commission and other Expenses occurred at such auction as well as all Expenses for re-sale by public auctions or other ways. In addition, the original Buyer shall also be liable for the difference, if the Purchase Price actually received by the Seller for re-sale by public auctions or other ways of such Lot is lower than the original Purchase Price that would have been receivable therein had the Buyer made the full payments.
Article 55?Remedies for Deferred Collection In case the Buyer fails to collect the purchased Lot within the period provided in Article 47 herein, we shall be entitled to exercise one or more of the following remedies: ① arrange storage of the Lot at our company or any other places at Buyer’s risk and expense. The Buyer shall not collect the Lot unless the full Purchase Price is paid (package and transportation at the Buyer’s expense) ; ② exercise a lien on the purchased Lot. After 30 days from the delayed collection by the Buyer, we may, as the case may be, dispose of such Lot in accordance with relevant laws and regulations and apply the proceeds to compensate for the amount outstanding owed to us including but not limited to fees of storage, insurance, transportation, notarization and all expenses occurred in connection to disposal of the Lot. The Seller should collect the balance (if any) at its own expenses.
Chapter IV Miscellaneous
Article 56?Confidentiality We shall be obligated to maintain the confidentiality of any information provided to us (except otherwise prescribed by laws of People’s Republic of China) , and indemnify all legal rights of Seller, Bidder, Buyer and our company against any damages according to the relevant laws and regulations of the People’s Republic of China.
Article 57?Identification We may identify the Lot if necessary and as the case may be, at our own discretion. In case of any discrepancy with respect to the status of such Lot between the identification and the consignment contract, we shall be entitled to modify or rescind the consignment contract.
Article 58?Copyright We shall be entitled to take photographs, make illustrations, catalogues or other images relating to the Lot consigned to us for auction and shall have the copyright for such photographs, illustrations, catalogue or other images mentioned above.
Article 59?Exemption We, acting as agent of the Seller, shall undertake no liability for any breach of contract by the Buyer or the Seller.
Article 60?Notice in Written Both the Bidder and Seller shall notify us of their valid and regular means of communication and address. No change in any of the particulars will be effective until it has been notified in writing as soon as possible. All notices referred in this agreement shall be in writing and shall be delivered by post or transmitted by fax. A notice sent by post shall be deemed to have been sent on the date we give it to the post office and received by the addressee via normal mail service. A notice sent by fax, shall be deemed to be received on the date when it is faxed.
Article 61?Severability If any provision or part of these Conditions is deemed invalid, unlawful or unenforceable by a competent agency, these Conditions shall be ineffective to the extent of such unlawfulness or unenforceability without invalidating or affecting the validity or enforceability of the remaining provisions of these Conditions.
Article 62?Settlement of Disputes If any dispute arises from or is related to participation in the auction pursuant to these Conditions, all concerned parties shall submit such dispute to a competent Chinese court of the place where our company has its domicile unless the Parties have agreed otherwise. Such dispute shall be governed by Chinese laws.
Article 63?Language This Conditions are written in Chinese and English. The English version is only for reference. In case of any discrepancy between the Chinese version and English version, the Chinese, as the official version, shall prevail.
Article 64?Copyright of these Conditions These Conditions are made and amended in accordance with Chinese laws and we shall have its copyright accordingly. Without our prior written consent, no party shall use these Conditions for commercial purpose in any way or manner and shall not copy, transmit, or store any part herein into a searchable system.
Article 65?Singular and Plural In the provisions of these Conditions, the singular includes the plural and vice versa where the context requires.
Article 66?Right to alternation The Company reserves the right to make any alternation to these Conditions at its sole discretion at any time the Company considers proper. The altered version is valid and becomes automatically effective on the date it is altered and is to be published in the way the Company considers proper. Any party involved must pay attention to any such alternations of these Conditions and the Company shall under no conditions be liable to any separate notice.
Article 67?Formatted text Unless otherwise agreed by the Company, the consignment auction contract mentioned in Article 6 of these Conditions and the cancellation notice mentioned in Article 25 should be in the forms provided by the Company. Such forms provided by the Company consist of the whole part together with this Condition.
Article 68?Date of Effectiveness These Conditions of Business take effect on June.1, 2008
Article 69?Right to Interpret We have the right to interpret these Conditions at our own discretion.
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