the deposit for payment of the Purchase Price of the Auction Property.
Article 13 Discretion of the Company
The Company has the right, at its discretion, to refuse anyone from participating
in the auction held by the Company, entering the auction venue, or taking photos,
audio recordings or video recordings, etc. in the auction venue.
Article 14 Bidding as Principal
Unless a particular Bidder has presented written proof to the Company indicating
that he or she is the agent of a particular Bidder and the same has been approved
in writing by the Company, each Bidder shall be deemed to be the Bidder himself or
herself.
Article 15 Telephone Bids
The Bidder shall attend the auction in person. If he or she cannot attend in person
or by way of an agent, he or she may appoint the Company in writing using the
Telephone Bidding Form to bid on his or her behalf. The Company shall have the
discretion to decide whether or not to accept such an appointment.
If the Bidder wishes to appoint the Company to bid on his or her behalf, he or she
should have completed the appointment procedures of the bids by the prescribed
deadline (no later than 24 hours before the Auction Date), present a duly completed
and signed Telephone Bidding Form to the Company, and paid the bid deposit
pursuant to these Conditions.
If, having appointed the Company to bid on his or her behalf, the Bidder wishes to
cancel the appointment, he or she shall notify the Company in writing no later than
24 hours before the Auction Date.
Article 16 Outcome of Telephone Bid
If the Bidder has appointed the Company to bid on his or her behalf, the bid
outcome and relevant legal liabilities shall be borne by him or her.
The Bidder shall accurately provide the instant communication method (such as
mobile phone number) and keep such instant communication instrument in safe
custody. While the Company is appointed to bid on the behalf of the Bidder, the
Bidder shall personally use the instant communication instrument. In event of loss
of, or loss of the control of, the instant communication instrument in question, the
Bidder shall promptly revise by way of a written method approved by the Company
the instant communication method provided on the Telephone Bidding Form.
While the Company is appointed to bid on the Bidder’s behalf, it will (use timely
and appropriate effort) to contact the Bidder, and all of the bidding information
transmitted by the instant communication instrument (regardless of whether it
is transmitted by the Bidder himself or herself or the Bidder’s Agent) shall be
deemed as having been transmitted by the Bidder himself or herself, and the
Bidder shall be legally liable for the actions thereof, unless the Buyer has himself or
herself altered by way of a written method approved by the Company the instant
communication method provided on the Telephone Bidding Form. Nevertheless,
under no circumstance shall the Company be liable for any unsuccessful attempt
to make contact or for any errors or omissions in the bids made using the instant
communication instrument in question.
Article 17 Disclaimer of Liability for Telephone Bid
Given that telephone bidding is a free service provided by the Company to the
Bidder for the purpose of transmitting bidding information, neither the Company
nor its employees shall be liable for unsuccessful bids or any errors, omissions,
negligence, fault or inability to bid on the Bidder’s behalf arising in the course of the
bidding on the Bidder’s behalf.
Article 18 Discretion of the Auctioneer
The Auctioneer shall have the absolute right of discretion in respect of the following
matters:
1. to refuse or accept any bid;
2. to conduct the auction in the manner he or she decides;
3. to withdraw any Auction Property, divide it into separate lots for auction or
combine any two or more Auction Properties and auction them together;
4. where an error or dispute occurs, whether during or after the auction, to decide
the successful Bidder, whether or not to continue the auction, to cancel the
auction or to auction the disputed Auction Property anew;
5. to open and conduct the bidding at the level and at bid increments that he or
she deems appropriate, and to bid on behalf of the Seller up to the amount of
the Reserve, by making a bid, by making consecutive bids or by making bids in
response to the bids of other Bidders;
6. to take other actions that he or she reasonably deems appropriate.
Article 19 No Reserve
For those Auction Properties without a Reserve, unless there are bids, the
Auctioneer shall have the right, at his or her own discretion, to decide the starting
price. If there are no bids at such price, the Auctioneer will, at his or her own
discretion, lower the price and continue the auction until a Bidder starts to bid,
whereupon he will increase the price from there and continue the auction.
Article 20 Image Display Panel and Currency Conversion Display Panel
For the convenience of Bidders, the Company may use image projection or other
manner of display panel during the auction. The information shown thereon shall
be provided for reference only. Regardless of whether there may be errors in the
information, such as the amount, reference number of an Auction Property, the
picture of an Auction Property or reference foreign exchange amount, etc., shown
on the image projection or other manner of display panel, the Company shall not be
liable for any losses arising as a result thereof.
Article 21 Successful Sale
Upon the confi rmation of the highest bid by the striking of the hammer or otherwise
by the Auctioneer, such Bidder’s bid shall be the successful bid, indicating that he or
she has become the Buyer of the Auction Property, and that a binding sales contract
has been concluded between the Seller and the Buyer.
Article 22 Commission and Charges
Once the Bidder has made a successful bid, he or she becomes the Buyer of
the Auction Property. The Buyer shall pay to the Company a commission to be
calculated as follows: For each Auction Property, those part of Hammer Price which
is HKD5 million or below, the commission shall be equivalent to 20% of the Hammer
Price; for each Auction Property whose Hammer Price exceeds HKD5 million, the
commission applicable to those part of the Hammer Price between HKD5 million
to HKD20 million shall be equivalent to 17% thereof and the commission applicable
to those part of the Hammer Price above HKD20 million shall be equivalent to 14 %
thereof. The Buyer shall also pay to the Company other Buyer Charges, and accepts
that the Company may charge the Seller a commission and other Seller charges in
accordance with the Conditions of Business for Sellers.
Article 23 Taxes
All the monies paid to the Company by the Buyer shall be the net amount, exclusive
of any tax on goods, tax on services or other value added tax (whether levied by
Hong Kong or another region). If any taxes or levies are applicable to the Buyer, he
or she shall solely bear the same in accordance with the relevant laws currently in
force.
Article 24 Payment Deadline
Unless otherwise agreed in writing, after a sale, the Buyer shall pay the Purchase
Price in full to the Company and collect the Auction Property within seven days from
the Sale Date, regardless of any export, import or other permit regulations for the
Auction Property. All packing and handling charges, freight and insurance charges,
export related charges, etc. involved, if any, shall be paid by the Buyer together with
the foregoing.
Article 25 Payment Currency
All monies shall be paid in Hong Kong dollars. If the Buyer pays in a currency other
than the Hong Kong dollar, the same shall be converted at the exchange rate agreed
between the Buyer and the Company or at the exchange rate for the Hong Kong
dollar and the currency in question posted by The Hong Kong & Shanghai Banking
Corporation Ltd. one working day prior to the date of payment by the Buyer. All
bank service charges, commissions and other charges incurred by the Company in
converting the foreign currency paid by the Buyer into Hong Kong dollars shall be
borne by the Buyer.
Article 26 Transfer of Ownership
Even if the Auction Property has not been delivered to the Buyer by the Company,
the Buyer shall have secured ownership of the Auction Property but before he or
she has paid in full the Purchase Price and all amounts that he or she may owe the