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