Company may have rights to mediate and settle.
Article 38 Bidding as Principal
Any person who bids shall be deemed as principal,
unless the Bidder presents to the Company a written
certificate showing that it is the agent of a principal and
subject to the Company's approval in writing before
Auction Date.When arranging for bidding, the Bidder's
agent shall present to the Company the original power
of attorney and a copy of the valid identity certificate
of the Bidder and its agent each while the Company
will examine the original of such identity certificate.The
power of attorney issued by a Bidder shall indicate the
name of the agent, authorized items, acting authority
and Period.
Article 39 Commission Bids
The Bidder shall in principle attend the auction
personally; otherwise it may give the Company a
commission in writing or in any other way approved
by the Company to bid on its behalf. The Company
shall have the right but no obligation to accept such
commission.
Article 40 Procedures of Commission Bids
The Bidder who intends to give the Company a
commission to bid on its behalf shall present the
Company with a written authorization certificate and
hand in a deposit in accordance with provisions in
Article 35 hereof within the specified Period (not Later
than 24 hours before Auction Date). Otherwise, the
Company has the right to reject the commission.
Article 41 Cancellation of Commission Bids
The Bidder who entrusts the Company to bid on its
behalf shall inform the Company of cancellation in
writing not Later than 24 hours before Auction Date.
Article 42 Non-liability of Commission Bids
Since the Company charges no fee for bidding on
behalf of the Bidder in the case that the Bidder can not
attend the auction personally, the Company shall not
be liable for any failure in bidding or any negligence or
fault in the commission bids.
Article 43 Principle of Priority
In the event that two or more Bidders entrust the
Company to bid on their behalf for the same Lot and
succeed with the same commission price, the Bidder
whose authorization certificate was first received by the
Company shall be the Buyer of the Lot.
Article 44 Auctioneer's Discretion
The auctioneer is entitled to represent the Company to
increase or decrease the bidding ladder, refuse any
bid, or restart auction in case any dispute arises.
Article 45 Screen of Video Images
At some auctions, there will be a video screen or other
screens in operation for the convenience of Bidders,
which are only for reference. However, there might be
errors on the screen. The Company shall not be liable
for any losses and damages caused by such errors
in amounts, serial number or pictures of the Lot, or
foreign exchange rate.
Article 46 Successful Bid
When the highest bid is confirmed by the auctioneer's
hammer striking or in any other public manner, the
Bidder offering the highest bid shall succeed in the
auction and the sale contract concerning the Lot shall
come into effect immediately. The said highest Bidder
of the lot will be the Buyer of the Lot.
Article 47 Auction Record
The Company will prepare a written record with
respect to the auction signed by the auctioneer and
the recorder.At the auction, for the convenience of
the Buyers' payment and so on, the Buyer shall sign
the purchase confirmation showing the successful bid
after the highest bid is confirmed by the auctioneer's
hammer striking or in any other public manner. Signing
the purchase confirmation is one of the proofs that the
sale contract concerning the Lot has come into effect.
Article 48 Remuneration and Expenses
The Buyer shall pay the Company a remuneration
equal to 15% of Hammer Price and other Expenses
payable by the Buyer hereunder and acknowledge
that the Company is entitled to charge commission
and other costs payable by the Seller under Article 22
hereof.
Article 49 Payment
The Buyer shall make full payments in a lump sum
and collect the Lot (packaging and handling at the
Buyer's expense) within 30 days following the Sale
Date; otherwise the Buyer shall be liable for breach of
contract.
Article 50 Currency
All payments shall be made in the currency designated
by the Company. In the event that the Buyer makes
payments in a currency other than the designated
one, the currency shall be converted at the rate
agreed upon by the Buyer and the Company or at
the rate announced by the People's Bank of China
one(1) business day prior to the payment. The Buyer
shall reimburse the Company for any bank charges,
commission and other Expenses for converting the
currency into RMB.
Article 51 Passing of Title
The Buyer will acquire ownership of the Lot after having
paid Purchase Price in full according to the Agreement
by the Seller and Buyer and picking up the Lot.
Article 52 Transfer of Risks
After a successful bid, any Lot purchased shall
become at the Buyer's sole risk when, whichever is
earlier:
the Buyer collects the Lot purchased; or
the Buyer pays to the Company full Purchase Price for
the Lot; or
it is 4 p.m. of the 30th day after Sale Date (counting
from that day).
Article 53 Collection
The Buyer shall, at the site the Company at its sole
discretion considers appropriate, collect the purchased
Lot no Later than 4 p.m. of the 30th day after Sale
Date (counting from that day) after having made full
payments. In case of failure to do so, the Buyer shall
be solely liable for all risks and losses of the Lot and
bear all Expenses for transportation, storage and
insurance in connection therewith due to delayed
collection. Nevertheless the Lot is still preserved by the
Company or any other agents on behalf of the Buyer,
the Company and its employees or agents shall not be
liable for any losses and damages of the Lot caused
for any reason.
Article 54 Package and Transportation
The Company reserves the right to decide whether
to accept the Buyer's request to arrange packing
and handling service. The Company may arrange
packing and handling of the purchased Lot on behalf
of the Buyer as non-profit services upon its request
at the sole risk and loss of the Buyer. Under no
circumstances shall the Company 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
the case that the Buyer requires the Company to assist
in sending the purchased Lot by mailing, express
delivery or any other shipping way (with packing,
mailing and transportation at the cost of the Buyer),
once the Company does so in that way, the Lot shall
be considered as having been received by the Buyer
in normal procedure. The Buyer shall be liable for all
risks during the foregoing process. The Company is
not responsible for arrangement of shipping insurance,
unless the Buyer specifically instructs the Company to
do so and bears the insurance premium. In addition,
the Company shall undertake no liability for any
fault, omissions, damages and losses caused by the
packers or carriers the Company recommended or the
Buyer designated.
Article 55 Export of Lot
The Company will, to the best of its knowledge,
identify in catalogue or at auction any Lot prohibited
to be exported under the Law of the People's
Republic of China on Protection of Cultural Relics
and other relevant laws and regulations. The Buyer
shall be responsible for applying for export license in
accordance with Chinese laws for the Lot permitted
to be exported pursuant to the Law of the People's
Republic of China on Protection of Cultural Relics and
other relevant laws and regulations.
Article 56 Remedies for Non-payment
In the case that the Buyer fails to make full payment
within the Period provided in Article 48 hereof, the
Company shall be entitled to exercise one or more of
the following remedies:
Commence lawsuit, arbitration or other dispute
resolution proceedings against the Buyer to request for
payment obligations;
Cancel the sale contract and pursue the corresponding
legal liability of the Buyer in accordance with the
provisions of relevant laws and regulations and these
Conditions;
Withhold the deposit and hold the Buyer liable in
accordance with these Conditions;
Charge the Buyer an interest at a rate of three tenthousandths per day on the due and unpaid amount
or the Storage Fee of three hundands RMB per day for
each Lot until such payment is made fully, (the higher
price will be applied) to the extent it remains unpaid
fully for more than 30 days after Sale Date, unless
otherwise agreed by the Buyer and the Company;
Commence lawsuit, arbitration or other dispute
resolution 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 and the
attorney fee;
Exercise a lien on the purchased Lot or other
properties of the Buyer which may be in the Company's
CONDITIONS OF BUSINESS