Company, its divisions, affi liates, subsidiaries or parent company, or China Guardian,
its divisions, affiliates, subsidiaries or parent company, the Company and/or the
Seller reserve the right of possession /lien or any other lawful relieves.
Article 27 Transfer of Risks
Once a successful bid has been made, the risks attaching to the Auction Property
shall be solely borne by the Buyer once any of the following circumstances (whichever
is earlier) arises:
1. the Buyer collects the Auction Property; or
2. the Buyer pays all of the Purchase Price for the Auction Property to the
Company; or
3. the lapse of seven days after the Sale Date.
Article 28 Collection of the Auction Property
The Buyer must, within seven days from the Sale Date, proceed to the Company’s
address or other location designated by the Company to collect the Auction
Property he or she purchased. The Buyer shall be solely responsible for purchasing
insurance for the Auction Property he or she purchased once the risks pass to him
or her. If the Buyer fails to collect the Auction Property within seven days from the
Sale Date, he or she shall bear all of the relevant costs for storing, handling, insuring,
etc. the Auction Property in question, and he or she shall bear all of the liability
for the Auction Property he or she purchased. Furthermore, notwithstanding the
Auction Property remaining in the custody of the Company or another agent, none
of the Company, its employees or agents shall be liable for damage to or loss of the
Auction Property, regardless of the reason the same arises.
Article 29 Packing and Shipping
The packing and processing by the employees of the Company of the purchased
Auction Property as required by the Buyer shall solely be deemed as a service
provided by the Company to the Buyer, and the Company may decide at its own
discretion whether to provide such service. If any losses arise therefrom, they
shall solely be borne by the Buyer. Under no circumstance shall the Company be
liable for damage to glass or frame, box, backing sheet, stand, mounting, inserts,
rolling rod or other similar auxiliary object arising for any reason. Furthermore, the
Company shall not be liable for any errors, omissions, damage or loss caused by
the packing company or removal company recommended by the Company to the
Buyer.
Article 30 Import/Export and Permits
The Buyer shall himself or herself be responsible for securing any relevant import
and export, endangered species or other permit for the Auction Property. A failure
or delay in obtaining any required permit shall not be deemed as grounds for
cancelling the purchase or delaying payment of the Purchase Price by the Buyer.
The Company shall not bear any liability for the failure to duly complete or submit the
required import or export waybill, list or documents.
If the Buyer requests that the Company apply for an export permit on his or her
behalf, the Company shall have the right to charge him or her a separate service
fee for such service. However, the Company does not warrant that such export
permit will be issued. Neither the Company nor the Seller gives any representations
or warranties as to whether or not any Auction Property is subject to import/export
restrictions or any embargo.
Article 31 Remedies for Non-Payment and Specifi c Performance
If the Buyer fails to make payment in full pursuant to these Conditions or any
payment arrangement agreed with the Company, the Company shall have the right
to take one or more of the following measures:
1. If the Buyer fails to pay all of the Purchase Price in full to the Company within
7 days from the Sale Date, the Company shall have the right to engage a third
party organization to collect all or part of the outstanding Purchase Price from
the Buyer;
2. If the Buyer fails to pay the Purchase Price in full within 7 days from the Sale
Date, the Company shall have the right to charge interest at the rate 0.03% per
day on the Buyer’s outstanding amount starting from the 8th day after the Sale
Date until the date on which the Buyer pays the entire amount in full, unless the
Buyer and the Company agree otherwise;
3. All risks and charges relating to insurance coverage taken out on the Auction
Property, removal thereof, or storage thereof, at or from the Company or
elsewhere shall be borne by the Buyer;
4. To institute a legal action against the Buyer, demanding that he or she
compensate it for all the losses incurred as a result of his or her breach of
contract, including the interest losses arising due to delay in payment or refusal
to pay by the Buyer;
5. To exercise a lien on the Auction Property in question and any other Auction
Property of the Buyer purchased under the auspices of the Company, and any
other property or property rights of the Buyer that may be in the Company’s
possession for any reason, and all expenses and/or risks arising during the
duration of the lien shall be borne by the Buyer. If the Buyer fails to perform all
of his or her relevant obligations by the deadline designated by the Company,
the Company shall have the right to dispose of the subject matter of the lien
after issuing notice to the Buyer that it is exercising its lien rights and if the
Buyer fails to discharge all outstanding amounts within 30 days after issuance
of such notice. If the proceeds from the disposal of the subject matter of
the lien are insufficient to offset all the monies payable by the Buyer to the
Company, the Company shall have the right to separately recover the same;
6. If the Buyer still has not paid all of the Purchase Price in full to the Company
within 90 days from the Sale Date, the Company shall have the right (but shall
not be obliged) to decide, at its absolute discretion, to cancel the transaction
or agree to cancellation of the transaction by the Seller, and reserves the right
to recover all of the losses suff ered by the Company due to cancellation of the
transaction;
7. To offset any amount related to the Auction Property owed by the Buyer to
the Company against any amount owed from any other transaction by the
Company, its divisions, affi liates, subsidiaries or parent, or China Guardian, its
divisions, affi liates, subsidiaries or parent to the Buyer;
8. To decide at its discretion to use any monies paid by the Buyer to discharge the
amount owed by the Buyer to the Company, its divisions, affi liates, subsidiaries
or parent, or China Guardian, its divisions, affi liates, subsidiaries or parent in
connection with the Auction Property or other transaction;
9. To refuse any future bids made by the Buyer or his or her agent, or to charge
him or her a bid deposit before accepting his or her bids;
The Company is aware that the Auction Property is unique and irreplaceable, if either
the Seller or the Buyer defaults, the payment of damages by one party to another
shall not be a suffi cient remedy to the observant party. Accordingly, the Company,
the Buyer and the Seller agree that any such breach, the observant party may apply
to the court to order specifi c performance, requiring the defaulting party to perform
his/her obligations under these Conditions or their ancillary documents.
Article 32 Remedies for Delay in Collecting the Auction Property
If the Buyer fails to collect the purchased Auction Property within seven days from
the Sale Date, the Company shall have the right to take one or more of the following
measures:
1. To take out insurance coverage for the Auction Property and/or store the same
on Company premises or elsewhere, with all of the costs (including but not
limited to charging the Storage Fee specifi ed on the Bidder Registration Form
from the 31st day following the Sale Date) and/or risks arising therefrom borne
by the Buyer. In such a case, the Buyer may collect the Auction Property
(packing and handling charges, freight and insurance charges, export related
charges at the sole expense of the Buyer) only after he or she has paid all of the
Purchase Price in full;
2. If the Buyer fails to collect the relevant Auction Property by the deadline
prescribed herein, he or she shall solely be liable for all the risks and expenses
arising after the expiration of such deadline.
Article 33 Limited Warranties
1. The general warranties provided to the Buyer by the Company are as set forth
below:
If it is discovered after an Auction Property is sold by the Company that the
same is a forgery, the Company will, in accordance herewith, cancel the
transaction and refund to the Buyer in the original currency the Hammer price
together with the Buyer’s Commission paid by the Buyer to the Company in
respect of the Auction Property.
For the purposes of the foregoing, a forgery, based on the reasonable opinion of
the Company, means such things as a forged work or intentional concealment
or a fraudulent claim in respect of the source, place of origin, date, production
year, age, culture or origin, etc. of a work, and a correct description of the
foregoing is not included in the catalogue (considering any terms of art). Any
