HK/NTB/MAIN/5.2023
any monies we receive from you will be applied firstly pro-rata
to pay the Purchase Price of each Lot and secondly pro-rata
to pay all amounts due to Bonhams.
4 COLLECTION OF THE LOT
4.1 Subject to any power of the Seller or us to refuse to release
the Lot to you, once you have paid to us, in cleared funds,
everything due to the Seller and to us, we will release the Lot
to you or as you may direct us in writing. The Lot will only be
released on production of a stamped, paid invoice, obtained
from our cashier’s office.
4.2 You must collect and remove the Lot at your own expense by
the date and time specified in the Notice to Bidders, or if no
date is specified by 4.30pm on the seventh day after the Sale.
4.3 For the period referred to in paragraph 4.2, the Lot can be
collected from the address referred to in the Notice to Bidders
for collection on the days and times specified in the Notice
to Bidders.Thereafter, the Lot may be removed elsewhere for
storage and you must enquire from us as to when and where
you can collect it, although this information will usually be set
out in the Notice to Bidders.
4.4 If you have not collected the Lot by the date specified in the
Notice to Bidders, you authorise us, acting as your agent
and on your behalf, to enter into a contract (the “Storage
Contract”) with the Storage Contractor for the storage of the
Lot on the then current standard terms and conditions agreed
between Bonhams and the Storage Contractor (copies of
which are available on request). If the Lot is stored at our
premises storage fees at our current daily rates (currently a
minimum of HK$50 plus Tax per Lot per day) will be payable
from the expiry of the period referred to in paragraph 4.2.
These storage fees form part of our Expenses.
4.5 Until you have paid the Purchase Price and any Expenses in
full the Lot will either be held by us as agent on behalf of the
Seller or held by the Storage Contractor as agent on behalf
of the Seller and ourselves on the terms contained in the
Storage Contract.
4.6 You undertake to comply with the terms of any Storage
Contract and in particular to pay the charges (and all costs
of moving the Lot into storage) due under any Storage
Contract. You acknowledge and agree that you will not be
able to collect the Lot from the Storage Contractor’s premises
until you have paid the Purchase Price, any Expenses and all
charges due under the Storage Contract.
4.7 You will be wholly responsible for packing, handling and
transport of the Lot on collection and for complying with all
import or export regulations in connection with the Lot.
4.8 You will be wholly responsible for any removal, storage,
or other charges for any Lot not removed in accordance
with paragraph 4.2, payable at our current rates, and any
Expenses we incur (including any charges due under the
Storage Contract), all of which must be paid by you on
demand and in any event before any collection of the Lot by
you or on your behalf.
5 STORING THE LOT
We agree to store the Lot until the earlier of your removal
of the Lot or until the time and date set out in the Notice to
Bidders (or if no date is specified, by 4.30pm on the seventh
day after the Sale) and, subject to paragraphs 6 and 10, to
be responsible as bailee to you for damage to or the loss
or destruction of the Lot (notwithstanding that it is not your
property before payment of the Purchase Price). If you do
not collect the Lot before the time and date set out in the
Notice to Bidders (or if no date is specified, by 4.30pm on
the seventh day after the Sale) we may remove the Lot to
another location, the details of which will usually be set out
in the Notice to Bidders. If you have not paid for the Lot in
accordance with paragraph 3, and the Lot is moved to any
third party’s premises, the Lot will be held by such third party
strictly to Bonhams’ order and we will retain our lien over
the Lot until we have been paid in full in accordance with
paragraph 3.
6 RESPONSIBILITY FOR THE LOT
6.1 Only on the payment of the Purchase Price to us will title in
the Lot pass to you. However under the Contract for Sale, the
risk in the Lot passed to you when it was knocked down to
you.
6.2 You are advised to obtain insurance in respect of the Lot as
soon as possible after the Sale.
7 FAILURE TO PAY OR TO REMOVE THE LOT AND PART
PAYMENTS
7.1 If all sums payable to us are not so paid in full at the time they
are due and/or the Lot is not removed in accordance with this
agreement, we will without further notice to you be entitled to
exercise one or more of the following rights (without prejudice
to any rights we may exercise on behalf of the Seller):
7.1.1 to terminate this agreement immediately for your breach of
contract;
7.1.2 to retain possession of the Lot;
7.1.3 to remove, and/or store the Lot at your expense;
7.1.4 to take legal proceedings against you for payment of any
sums payable to us by you (including the Purchase Price)
and/or damages for breach of contract;
7.1.5 to be paid interest on any monies due to us (after as well as
before judgement or order) at the annual rate of 5% per annum
above the base lending rate of Standard Chartered Bank (Hong
Kong) Limited from time to time to be calculated on a daily basis
from the date upon which such monies become payable until
the date of actual payment;
7.1.6 to repossess the Lot (or any part thereof) which has not
become your property, and for this purpose you hereby
grant an irrevocable licence to us, by ourselves, our servants
or agents, to enter upon all or any of your premises (with
or without vehicles) during normal business hours to take
possession of any Lot or part thereof;
7.1.7 to sell the Lot Without Reserve by auction, private treaty or
any other means on giving you three months written notice of
our intention to do so;
7.1.8 to retain possession of any of your other property in our
possession for any purpose (including, without limitation,
other goods sold to you or with us for sale) until all sums due
to us have been paid in full;
7.1.9 to apply any monies received from you for any purpose
whether at the time of your default or at any time there after in
payment or part payment of any sums due to us by you under
this agreement;
7.1.10 on three months’ written notice to sell, Without Reserve, any
of your other property in our possession or under our control
for any purpose (including other goods sold to you or with
us for sale) and to apply any monies due to you as a result of
such sale in payment or part payment of any amounts owed
to us;
7.1.11 refuse to allow you to register for a future Sale or to reject
a bid from you at any future Sale or to require you to pay
a deposit before any bid is accepted by us at any future
Sale in which case we will be entitled to apply such deposit
in payment or part payment, as the case may be, of the
Purchase Price of any Lot of which you are the Buyer.
7.2 You agree to indemnify us against all legal and other costs,
all losses and all other expenses (whether or not court
proceedings will have been issued) incurred by us as a result
of our taking steps under this paragraph 7 on a full indemnity
basis together with interest thereon (after as well as before
judgement or order) at the rate specified in paragraph 7.1.5
from the date upon which we become liable to pay the same
until payment by you.
7.3 If you pay us only part of the sums due to us such payment
shall be applied firstly to the Purchase Price of the Lot (or
where you have purchased more than one Lot pro-rata
towards the Purchase Price of each Lot) and secondly to the
Buyer’s Premium (or where you have purchased more than
one Lot pro-rata to the Buyer’s Premium on each Lot) and
thirdly to any other sums due to us.
7.4 We will account to you in respect of any balance we hold
remaining from any monies received by us in respect of any
sale of the Lot under our rights under this paragraph 7 after the
payment of all sums due to us and/or the Seller within 28 days
of receipt by us of all such sums paid to us.
8 CLAIMS BY OTHER PERSONS IN RESPECT OF THE
LOT
8.1 Whenever it becomes apparent to us that the Lot is the
subject of a claim by someone other than you and other than
the Seller (or that such a claim can reasonably be expected
to be made), we may, at our absolute discretion, deal with
the Lot in any manner which appears to us to recognise
the legitimate interests of ourselves and the other parties
involved and lawfully to protect our position and our legitimate
interests. Without prejudice to the generality of the discretion
and by way of example, we may:
8.1.1 retain the Lot to investigate any question raised or reasonably
expected by us to be raised in relation to the Lot; and/or
8.1.2 deliver the Lot to a person other than you; and/or
8.1.3 commence interpleader proceedings or seek any other order
of any court, mediator, arbitrator or government body; and/or
8.1.4 require an indemnity and/or security from you in return for
pursuing a course of action agreed to by you.
8.2 The discretion referred to in paragraph 8.1:
8.2.1 may be exercised at any time during which we have actual or
constructive possession of the Lot, or at any time after such
possession, where the cessation of such possession has occurred
by reason of any decision, order or ruling of any court, mediator,
arbitrator or government body; and
8.2.2 will not be exercised unless we believe that there exists a
serious prospect of a good arguable case in favour of the
claim.
9 FORGERIES
9.1 We undertake a personal responsibility for any Forgery in
accordance with the terms of this paragraph 9.
9.2 Paragraph 9 applies only if:
9.2.1 your name appears as the named person to whom the
original invoice was made out by us in respect of the Lot and
that invoice has been paid; and
9.2.2 you notify us in writing as soon as reasonably practicable after
you have become aware that the Lot is or may be a Forgery,
and in any event within one year after the Sale, that the Lot is
a Forgery; and
9.2.3 within one month after such notification has been given, you
return the Lot to us in the same condition as it was at the time
of the Sale, accompanied by written evidence that the Lot is
a Forgery and details of the Sale and Lot number sufficient to
identify the Lot.
9.3 Paragraph 9 will not apply in respect of a Forgery if:
9.3.1 the Entry in relation to the Lot contained in the Catalogue
reflected the then accepted general opinion of scholars and
experts or fairly indicated that there was a conflict of such
opinion or reflected the then current opinion of an expert
acknowledged to be a leading expert in the relevant field; or
9.3.2 it can be established that the Lot is a Forgery only by means
of a process not generally accepted for use until after the
date on which the Catalogue was published or by means of
a process which it was unreasonable in all the circumstances
for us to have employed.
9.4 You authorise us to carry out such processes and tests on
the Lot as we in our absolute discretion consider necessary
to satisfy ourselves that the Lot is or is not a Forgery.
9.5 If we are satisfied that a Lot is a Forgery we will (as principal)
purchase the Lot from you and you will transfer the title to
the Lot in question to us, with full title guarantee, free from
any liens, charges, encumbrances and adverse claims, in
accordance with the provisions of Sections 14(1) (a) and 14(1)
(b) of the Sale of Goods Ordinance (Chapter 26 of the Laws
of Hong Kong) and we will pay to you an amount equal to
the sum of the Purchase Price, Buyer’s Premium, Tax and
Expenses paid by you in respect of the Lot.
9.6 The benefit of paragraph 9 is personal to, and incapable of
assignment by, you.
9.7 If you sell or otherwise dispose of your interest in the Lot, all
rights and benefits under this paragraph will cease.
9.8 Paragraph 9 does not apply to a Lot made up of or including
a Chinese painting or Chinese paintings, a motor vehicle or
motor vehicles, a Stamp or Stamps or a Book or Books.
10 OUR LIABILITY
10.1 We will not be liable whether in negligence, other tort, breach
of contract or statutory duty or in restitution or under the
Misrepresentation Ordinance (Chapter 284 of the Laws of
Hong Kong) or in any other way for lack of conformity with
or any inaccuracy, error, misdescription or omission in any
Description of the Lot or any Entry or Estimate in respect of
it, made by us or on our behalf or by or on behalf of the Seller
(whether made in writing, including in the Catalogue, or on
the Bonhams’ Website, or orally, or by conduct or otherwise)
and whether made before or after this agreement or prior to
or during the Sale.
10.2 Our duty to you while the Lot is at your risk and/or your
property and in our custody and/or control is to exercise
reasonable care in relation to it, but we will not be responsible
for damage to the Lot or to other persons or things caused
by:
10.2.1 handling the Lot if it was affected at the time of sale to you by
woodworm and any damage is caused as a result of it being
affected by woodworm; or
10.2.2 changes in atmospheric pressure; nor will we be liable for:
10.2.3 damage to tension stringed musical instruments; or
10.2.4 damage to gilded picture frames, plaster picture frames or
picture frame glass; and if the Lot is or becomes dangerous,
we may dispose of it without notice to you in advance in any
manner we think fit and we will be under no liability to you for
doing so.
10.3 We will not be liable to you for any loss of Business, Business
profits, revenue or income or for loss of Business reputation
or for disruption to Business or wasted time on the part of the
Buyer’s management or staff or, if you are buying the Lot in the
course of a Business, for any indirect losses or consequential
damages of any kind, irrespective in any case of the nature,
volume or source of the loss or damage alleged to be suffered,
and irrespective of whether the said loss or damage is caused
by or claimed in respect of any negligence, other tort, breach of
contract, statutory duty, bailee’s duty, a restitutionary claim or
otherwise.
10.4 In any circumstances where we are liable to you in respect
of a Lot, or any act, omission, statement, representation in
respect of it, or this agreement or its performance, and whether
damages, for an indemnity or contribution or for a restitutionary
remedy or in any way whatsoever, our liability will be limited to
payment of a sum which will not exceed by way of maximum
the amount of the Purchase Price of the Lot plus Buyer’s
Premium (less any sum you maybe entitled to recover from
the Seller) irrespective in any case of the nature, volume or
source of any loss or damage alleged to be suffered or sum
claimed as due, and irrespective of whether the liability arises
from negligence, other tort, breach of contract, statutory duty,
bailee’s duty, a restitutionary claim or otherwise.
You may wish to protect yourself against loss by obtaining
insurance.
10.5 Nothing set out above will be construed as excluding or
restricting (whether directly or indirectly) any person’s liability
or excluding restricting any person’s rights or remedies in
respect of (i) fraud, or (ii) death or personal injury caused by
our negligence (or any person under our control or for whom
we are legally responsible), or (iii) acts or omissions for which
we are liable under the Occupiers Liability Ordinance (Chapter
314 of the Laws of Hong Kong) , or (iv) any other liability to the
extent the same may not be excluded or restricted as a matter
of law, or (v) under our undertaking in paragraph 9 of these
conditions.
11 MISCELLANEOUS
11.1 You may not assign either the benefit or burden of this
agreement.
11.2 Our failure or delay in enforcing or exercising any power or right
under this agreement will not operate or be deemed to operate
as a waiver of our rights under it except to the extent of any
express waiver given to you in writing. Any such waiver will not
affect our ability subsequently to enforce any right arising under
this agreement.
11.3 If either party to this agreement is prevented from performing
that party’s respective obligations under this agreement by
circumstances beyond its reasonable control or if performance
of its obligations would by reason of such circumstances give
rise to a significantly increased financial cost to it, that party will
not, for so long as such circumstances prevail, be required to
perform such obligations. This paragraph does not apply to the
obligations imposed on you by paragraph 3.
11.4 Any notice or other communication to be given under this
agreement must be in writing and may be delivered by hand
or sent by registered post or air mail or fax transmission (if to
Bonhams marked for the attention of the Company Secretary),
to the address or fax number of the relevant party given in the
Contract Form (unless notice of any change of address is given
PAGE 5
HK/NTB/MAIN/5.2023
in writing). It is the responsibility of the sender of the notice or
communication to ensure that it is received in a legible form
within any applicable time period.
11.5 If any term or any part of any term of this agreement is held to
be unenforceable or invalid, such unenforceability or invalidity
will not affect the enforceability and validity of the remaining
terms or the remainder of the relevant term.
11.6 References in this agreement to Bonhams will, where
appropriate, include reference to Bonhams’ officers, employees
and agents.
11.7 The headings used in this agreement are for convenience only
and will not affect its interpretation.
11.8 In this agreement “including” means “including, without
limitation”.
11.9 References to the singular will include reference to the plural
(and vice versa) and reference to any one gender will include
reference to the other genders.
11.10 Reference to a numbered paragraph is to a paragraph of this
agreement.
11.11 Save as expressly provided in paragraph 11.12 nothing in this
agreement confers (or purports to confer) on any person who
is not a party to this agreement any benefit conferred by, or the
right to enforce any term of, this agreement.
11.12 Where this agreement confers an immunity from, and/or an
exclusion or restriction of, the responsibility and/or liability of
Bonhams, it will also operate in favour and for the benefit of
Bonhams’ holding company and the subsidiaries of such holding
company and the successors and assigns of Bonhams and
of such companies and of any officer, employee and agent of
Bonhams and such companies, each of whom will be entitled to
avail itself of the same relevant right at law.
12 GOVERNING LAW
12.1 Law
All transactions to which this agreement applies and all
connected matters will be governed by and construed in
accordance with the laws of Hong Kong. Bonhams has a
disputes procedure in place.
12.2 Language
The Buyer’s Agreement is published in both Chinese and
English. If there is any dispute in its interpretation, the English
version will prevail.
DATA PROTECTION - USE OF YOUR INFORMATION
As a result of the services provided by us, we obtain personal data
about you (which expression for the purposes of this paragraph only
includes your employees and officers, if relevant). You agree to our use
of it as follows.
We may use your data to notify you about changes to our services
and to provide you with information about products or services that
you request from us or which we feel may be of interest to you. Data
about you may be analysed to identify your potential preferences for
these purposes. We may disclose your data to any member of our
group (which means our subsidiaries, our ultimate holding company
and its subsidiaries as defined in section 1159 and schedule 6 of the
Companies Act 2006, including any overseas subsidiary). Subject to
this, we will not disclose your data to any third party but we may from
time to time provide you with information about goods and services
provided by third parties which we feel may be of interest to you. Any
member of our group may use your data for similar purposes.
We will keep your data for a period of five years from the date of your
last contact with us so as to simplify any future registration. The data
may be transferred to and stored outside Hong Kong and you agree to
this transfer.
You have the right to request us not to use your information for these
purposes by contacting Bonhams (Hong Kong) Limited at Montpelier
Galleries, Montpelier Street, London, SW7 1HH, United Kingdom (which
for the purpose of the Personal Data (Privacy) Ordinance (Chapter
486 of the Laws of Hong Kong) is the data user) or by e-mail at client.
services@ bonhams.com.
APPENDIX 3
DEFINITIONS and GLOSSARY
Where these Definitions and Glossary are incorporated, the following
words and phrases used have (unless the context otherwise requires)
the meanings given to them below. The Glossary is to assist you to
understand words and phrases which have a specific legal meaning
with which you may not be familiar.
LIST OF DEFINITIONS
“Additional Premium” a premium, calculated in accordance with
the Notice to Bidders, to cover Bonhams’ expenses relating to the
payment of royalties under the Artists Resale Right Regulations
2006 which is payable by the Buyer to Bonhams on any Lot marked
[
AR] which sells for a Hammer Price which together with the Buyer’s
Premium (but excluding any VAT) equals or exceeds 1000 euros
(converted into the currency of the Sale using the European Central
Bank Reference rate prevailing on the date of the Sale).
“Auctioneer” the representative of Bonhams conducting the Sale.
“Bidder” a person who has completed a Bidding Form.
“Bidding Form” our Bidder Registration Form, our Absentee and
Telephone Bidding Form.
“Bonhams” Bonhams (Hong Kong) Limited or its successors or
assigns. Bonhams is also referred to in the Buyer’s Agreement, the
Conditions of Business and the Notice to Bidders by the words “we”,
“us” and “our”.
“Book” a printed book offered for sale at a specialist book sale.
“Business” includes any trade, business and profession.
“Buyer” the person to whom a Lot is knocked down by the
Auctioneer. The Buyer is also referred to in the Contract of Sale and
the Buyer’s Agreement by the words “you” and “your”.
“Buyer’s Agreement” the contract entered into by Bonhams with
the Buyer (see Appendix 2 in the Catalogue).
“Buyer’s Premium” the sum calculated on the Hammer Price at the
rates stated in the Notice to Bidders.
“Catalogue” the catalogue relating to the relevant Sale, including
any representation of the catalogue published on our Website.
“Commission” the commission payable by the Seller to Bonhams
calculated at the rates stated in the Contract Form.
“Condition Report” a report on the physical condition of a Lot
provided to a Bidder or potential Bidder by Bonhams on behalf of the
Seller.
“Consignment Fee” a fee payable to Bonhams by the Seller
calculated at rates set out in the Conditions of Business.
“Contract Form” the contract form, or vehicle entry form, as
applicable, signed by or on behalf of the Seller listing the Lots to be
offered for sale by Bonhams.
“Contract for Sale” the sale contract entered into by the Seller with
the Buyer (see Appendix 1 in the Catalogue).
“Contractual Description” the only description of the Lot (being
that part of the Entry about the Lot in the Catalogue which is in bold
letters, any photograph (except for the colour) and the contents of
any Condition Report) to which the Seller undertakes in the Contract
of Sale the Lot corresponds.
“Description” any statement or representation in any way descriptive
of the Lot, including any statement or representation relating to its
authorship, attribution, condition, provenance, authenticity, style,
period, age, suitability, quality, origin, value, estimated selling price
(including the Hammer Price).
“Entry” a written statement in the Catalogue identifying the Lot and
its lot number which may contain a description and illustration(s)
relating to the Lot.
“Estimate” a statement of our opinion of the range within which the
hammer is likely to fall.
“Expenses” charges and expenses paid or payable by Bonhams
in respect of the Lot including legal expenses, banking charges
and expenses incurred as a result of an electronic transfer of
money, charges and expenses for insurance, catalogue and other
reproductions and illustrations, any customs duties, advertising,
packing or shipping costs, reproductions rights’ fees, Taxes, levies,
costs of testing, searches or enquiries, preparation of the Lot for sale,
storage charges, removal charges or costs of collection from the
Seller as the Seller’s agents or from a defaulting Buyer, plus Tax.
“Forgery” an imitation intended by the maker or any other person to
deceive as to authorship, attribution, origin, authenticity, style, date,
age, period, provenance, culture, source or composition, which at
the date of the Sale had a value materially less than it would have
had if the Lot had not been such an imitation, and which is not stated
to be such an imitation in any description of the Lot. A Lot will not
be a Forgery by reason of any damage to, and/or restoration and/or
modification work (including repainting or over painting) having been
carried out on the Lot, where that damage, restoration or modification
work (as the case may be) does not substantially affect the identity of
the Lot as one conforming to the description of the Lot.
“Guarantee” the obligation undertaken personally by Bonhams to
the Buyer in respect of any Forgery and, in the case of specialist
Stamp Sales and/or specialist Book Sales, a Lot made up of a Stamp
or Stamps or a Book or Books as set out in the Buyer’s Agreement.
“Hammer Price” the price in the currency in which the Sale is
conducted at which a Lot is knocked down by the Auctioneer.
“Hong Kong” the Hong Kong Special Administrative Region of the
People’s Republic of China.
“Loss and Damage Warranty” means the warranty described in
paragraph 8.2.1 of the Conditions of Business.
“Loss and Damage Warranty Fee” means the fee described in
paragraph 8.2.3 of the Conditions of Business.
“Lot” any item consigned to Bonhams with a view to its sale at
auction or by private treaty (and reference to any Lot will include,
unless the context otherwise requires, reference to individual items
comprised in a group of two or more items offered for sale as one
lot).
“Motoring Catalogue Fee” a fee payable by the Seller to Bonhams
in consideration of the additional work undertaken by Bonhams in
respect of the cataloguing of motor vehicles and in respect of the
promotion of sales of motor vehicles.
“New Bond Street” means Bonhams’ saleroom at 101 New Bond
Street, London W1S 1SR.
“Notional Charges” the amount of Commission and Tax which
would have been payable if the Lot had been sold at the Notional
Price.
“Notional Fee” the sum on which the Consignment Fee payable to
Bonhams by the Seller is based and which is calculated according to
the formula set out in the Conditions of Business.
“Notional Price” the latest in time of the average of the high and
low estimates given by us to you or stated in the Catalogue or, if no
such estimates have been given or stated, the Reserve applicable to
the Lot.
“Notice to Bidders” the notice printed at the front of our
Catalogues.
“Purchase Price” the aggregate of the Hammer Price and Tax
on the Hammer Price. (where applicable) the Buyer’s Premium
and VAT on the Buyer’s Premium and any Expenses.
“Reserve” the minimum price at which a Lot may be sold (whether
at auction or by private treaty).
“Sale” the auction sale at which a Lot is to be offered for sale by
Bonhams.
“Sale Proceeds” the net amount due to the Seller from the sale
of a Lot, being the Hammer Price less the Commission, any Tax
chargeable thereon, Expenses and any other amount due to us in
whatever capacity and howsoever arising.
“Seller” the person who offers the Lot for sale named on the
Contract Form. Where the person so named identifies on the form
another person as acting as his agent, or where the person named
on the Contract Form acts as an agent for a principal (whether such
agency is disclosed to Bonhams or not), “Seller” includes both the
agent and the principal who shall be jointly and severally liable as
such. The Seller is also referred to in the Conditions of Business by
the words “you” and “your”.
“Specialist Examination” a visual examination of a Lot by a
specialist on the Lot.
“Stamp” means a postage stamp offered for sale at a Specialist
Stamp sale.
“Standard Examination” a visual examination of a Lot by a nonspecialist member of Bonhams’ staff.
“Storage Contract” means the contract described in paragraph
8.3.3 of the Conditions of Business or paragraph 4.4 of the Buyer’s
Agreement (as appropriate).
“Storage Contractor” means the company identified as such in the
Catalogue.
“Tax” means all taxes, charges, duties, imposts, fees, levies or other
assessments, and all estimated payments thereof, including without
limitation income, business profits, branch profits, excise, property,
sales, use, value added (VAT), environmental, franchise, customs,
import, payroll, transfer, gross receipts, withholding, social security,
unemployment taxes, as well as stamp duties and other costs,
imposed by the Hong Kong government applicable from time to time
and any interest and penalty relating to such taxes, charges, fees,
levies or other assessments.
“Terrorism” means any act or threatened act of terrorism, whether
any person is acting alone or on behalf of or in connection with any
organisation(s) and/or government(s), committed for political, religious
or ideological or similar purposes including, but not limited to, the
intention to influence any government and/or put the public or any
section of the public into fear.
“Trust Account” the bank account of Bonhams into which all relevant
sums received in respect of the Purchase Price of any Lot will be paid,
such account to be a distinct and separate account to Bonhams’
normal business bank account.
“Website” Bonhams website at www.bonhams.com.
“Withdrawal Notice” the Seller’s written notice to Bonhams
revoking Bonhams’ instructions to sell a Lot.
“Without Reserve” where there is no minimum price at which a Lot
may be sold (whether at auction or by private treaty).
GLOSSARY
The following expressions have specific legal meanings with which
you may not be familiar. The following glossary is intended to give
you an understanding of those expressions but is not intended to
limit their legal meanings:-
“artist’s resale right”: the right of the creator of a work of art to
receive a payment on sales of that work subsequent to the original
sale of that work by the creator of it as set out in the Artists Resale
Right Regulations 2006.
“bailee”: a person to whom goods are entrusted.
“indemnity”: an obligation to put the person who has the benefit
of the indemnity in the same position in which he would have been,
had the circumstances giving rise to the indemnity not arisen and the
expression “indemnify” is construed accordingly.
“interpleader proceedings”: proceedings in the Courts to
determine ownership or rights over a Lot.
“knocked down”: when a Lot is sold to a Bidder, indicated by the
fall of the hammer at the Sale.
“lien”: a right for the person who has possession of the Lot to retain
possession of it.
“risk”: the possibility that a Lot may be lost, damaged, destroyed,
stolen, or deteriorate in condition or value.
“title”: the legal and equitable right to the ownership of a Lot.
“tort”: a legal wrong done to someone to whom the wrong doer has
a duty of care.
SALE OF GOODS ORDINANCE (Chapter 26 of the Laws of
Hong Kong)
The following is an extract from the Sale of Goods Ordinance (Chapter
26 of the Laws of Hong Kong):
“Section 14 Implied undertaking as to title etc.
(1) In every contract of sale, other than one to which subsection
(2) applies, there is-
(a) an implied condition on the part of the seller that in the
case of the sale, he has a right to sell the goods, and in the
case of an agreement to sell, he will have a right to sell the
goods at the time when the property is to pass; and
(b) an implied warranty that the goods are free, and will remain
free until the time when the property is to pass, from any
charge or encumbrance not disclosed or known to the buyer
before the contract is made and that the buyer will enjoy quiet
possession of the goods except so far as it may be disturbed
by the owner or other person entitled to the benefit of any
charge or encumbrance so disclosed or known.
(2) In a contract of sale, in the case of which there appears from
the contract or is to be inferred from the circumstances of
the contract an intention that the seller should transfer only
such title as he or a third person may have, there is-
(a) an implied warranty that all charges or encumbrances
known to the seller and not known to the buyer have been
disclosed to the buyer before the contract is made; and
(b) an implied warranty that neither-
(i) the seller; nor
(ii) in a case where the parties to the contract intend that
the seller should transfer only such title as a third person
may have, that person; nor
(iii) anyone claiming through or under the seller or
that third person otherwise than under a charge or
encumbrance disclosed or known to the buyer before the
contract is made, will disturb the buyer’s quiet possession
of the goods.
PAGE 6
