otherwise agreed, regardless of any stipulations of the
export, import or other permits of the Lot, the Buyer shall
fully pay the Purchase Price within 7 days aft er the Sale Date
(including the Sale Date), and collect the Lot. If packing,
moving costs, and insurance expenses, expenses related to
export are involved, the Buyer shall pay them altogether.
ARTICLE 52 PAYMENT CURRENCY
All monies shall be paid in Hong Kong dollars. If the Buyer
pays in another currency other than Hong Kong dollars, it
shall convert it at the exchange rate agreed between the
Buyer and the Company or at the exchange rate of Hong
Kong dollars and that currency type on the previous working
day announced by such bank as selected by the Company.
All bank handling fees, commission and charges incurred by
the Company for converting the foreign currency paid by the
Buyer into Hong Kong dollars shall be borne by the Buyer.
ARTICLE 53 TRANSFER OF OWNERSHIP
? e ownership shall be passed onto the Buyer only when the
Buyer has fully paid the Purchase Price and all monies that
the Buyer owes the Company.
ARTICLE 54 TRANSFER OF RISKS
Aft er the bidding has succeeded, the risks oft he Lot shall be
borne by the Buyer itself aft er the occurrence of one of the
following events (whichever earlier):
1. ? e Buyer has collected the Lot; or
2. ? e Buyer has fully paid the Purchase Price for the Lot to
the Company; or
3. ? e expiry of seven days aft er the Sale Date (including the
Sale Date).
ARTICLE 55 COLLECTION OF THE LOT
Risk and responsibility for the lot passes to the Buyer at the
expiration of thirty calendar days from the Sale Date (including
the Sale Date). or on collection by the Buyer, if earlier. After
thirty calendar days, all expenses incurred, including but not
limited to storage, moving, insurance will be for the account of
the Buyer. Although the Company shall use reasonable eff orts
to take care of purchased Lot and suggest handlers, packers or
carriers, the company is not responsibleto any person to whom
we have made are commendation for the acts or omissions of
the third party concerned.
ARTICLE 56 PACKING, HANDLING AND MOVING
If the employees of the Company pack and handle the Lot
bought on behalf of the Buyer according to the latter's
requirements, this is considered as a service provided by the
Company to the Buyer and the Company has the discretion
to decide whether to provide this service, if any losses
arise therefrom, the Buyer shall bear them itself. Under no
circumstances shall the Company be responsible for any
damage of the glass or picture frame, box, backing sheet,
frame case, mounting, inserts, rolling rod or similar auxiliary
objects caused by any reasons.
Where the Buyer requests the Company to assist it in
collecting the purchased Lot (the packaging, mailing and
transportation expenses shall be paid by the Buyer) by
means of post, express delivery or transportation, the
Company shall be deemed to have delivered the Lot and the
Buyer shall be deemed to have collected such Lot according
to the normal procedure upon the Company's delivery of the
Lot to the post, express delivery and transportation entities,
companies or their employees/branch offices. The risks
arising from this process shall be borne by the Buyer. Unless
Buyer gives a clear indication and pays insurance premium,
no insurance is provided in the process of mailing, express
delivery or transportation generally.
The Company shall undertake no liability for any error,
omission, damage or destruction caused by the packaging
company and post, express delivery and transportation
entities or companies designated by the Buyer or
recommended by the Company to the Buyer.
ARTICLE 57 IMPORT, EXPORT LICENSES AND
PERMIT
? e Buyer shall be responsible for obtaining any import and
export licenses, permit for endangered animals or other
aspects related to the Lot. Failure or delay in obtaining
any permits required shall not be deemed as a reason for
cancelling the purchase or delaying in paying the Purchase
Price. The Company shall not bear any responsibilities for
the failure to properly fi ll in or submit the required import or
export documents.
If the Buyer requests the Company to apply for the import
and export licenses on its behalf, the Company has the
right to charge service fees for this service. However, the
Company does not warrant that the import or export license
will be issued. The Company and the Seller has not made
declaration or warranty in respect of whether or not any Lot
is subject to import and export restrictions or any embargo.
ARTICLE 58 REMEDIES FOR NON-PAYMENT
If the Buyer fails to make full payment according to the
provisions of the Conditions of Business or any payment
arrangements agreed with the Company, the Company has
the right to adopt one or more of the following measures:
1. Aft er the Lot is sold, if the Buyer fails to pay the Purchase
Price within 7 days from the Sale Date (including the Sale
Date), the auction deposit paid at the time of bidding
registration shall not be refunded, and it shall at the same
time bear the relevant responsibilities according the
provisions of the Conditions of Business; if the Buyer has
bought a few Lots with the same paddle, aft er the Lots are
sold, if the Buyer has not paid the Purchase Price of any of
the Lots within the time stipulated, then the entire auction
deposit shall not be refunded, and it shall at the same time
bear the relevant responsibilities according the provisions of
the Conditions of Business;
2. If the Buyer fails to pay the Purchase Prices in full to
the Company within 7 days from the Sale Date (including
the Sale Date), the Company has the right to appoint a
third party organization to collect the entire or part of the
Purchase Prices that the Buyer owes;
3. If the Buyer fails to pay the Purchase Price in full within
7 days from the Sale Date (including the Sale Date), the
Company has the right to charge interest at 0.03% per day
on the unpaid portion starting from the 8th day after the
Sale Date until the day on which the Buyer has fully paid the
monies, with the exception that the Buyer has otherwise
agreed with the Company;
4. The Buyer shall bear the risks and expenses of taking
out an insurance policy, moving and storing the Lot in the
Company or other places;
5. To sue the Buyer or apply to Arbitration Agency for
mediation, demand for compensation for all the losses due
to the breach of contract by the Buyer including but not
limited to economic loss, legal expenses, default penalty and
pass due interest caused by the delay in payment or refusal
to make payments by the Buyer;
6. To retain that or any other Lot that the same Buyer has
bought via the Company, and any other properties or rights
to property of the Buyer that the Company holds for any
reasons, all the expenses and/or risks incurred during the
retention period shall be borne by the Buyer. If the Buyer fails
to perform all its duties concerned within the period specifi ed
by the Company, the Company has the right to issue a lien
notice tothe Buyer and dispose of the items under lien if the
Buyer has not yet fully paid all outstanding amounts within
30 days aft er the issue of that notice. if the items under lien
are insuffi cient to off set all the monies payable by the Buyer
to the Company, the Company has the right to claim them;
7. The Company has sole discretion to cancel the sale or
agree that the Consignor can cancel the deal, and reserve
the right to claim all the losses suff ered by the Company due
to the cancellation of that deal;
8. ? e Company can place the Lot for auction again or sell it
by other means according to the provisions of the Conditions
of Business with the consent of the Seller, and the Company
reserves the right to decide the Estimate and Reserve. ? e
original Buyer shall pay the commission and other Buyer's
Expenses and the Seller in the first auction, and it shall
bear all the costs of the second auction or the sale of the
Lotby other means. If the price obtained from the second
auction or the sale of the Lot by other means is lower than
the original auction sum, the original Buyer shall pay the
shortfall;
9. To offset any monies related to the Lot that the Buyer
owes the Company by any sums that the Company owes the
Buyer in any other transactions;
10. ? e Company can decide to use any monies paid by the
Buyer to repay any sums that the Buyer owes the Company
in any other transactions;
11. To reject any bids made by the Buyer or its agent
at future auctions, or to obtain auction deposit before
accepting any bids;
12. To disclose the information of the Buyer to the Seller, so
that the Seller can start a law suit to recover the outstanding
amount, or claim damages and claim legal fees for breach of
contract by the Buyer.
ARTICLE 59 REMEDIES FOR DELAY IN COLLECTING
THE LOT
If the Buyer fails to collect the purchased Lot 7 days aft er the
Sale Date (including the Sale Date), the Company has the
right to adopt one or more of the measures below:
1. All costs (including but not limited to the storage fee
calculated and charged according to the provisions of the
Bidder Registration Order starting from the 31st day from
the Sale Date (including the Sale Date) and/or risks for the
taking out of an insurance policy and/or storing the Lot in the
Company or other places shall be borne by the Buyer. Only
aft er the Buyer has paid the full amount of the Purchase Price,
it can collect the Lot (packing and moving costs, insurance
expenses, expenses related to export shall be at the Buyer's
expense);
2. ? e Buyer shall bear all the risks and expenses incurred
aft er the deadline as stated in the Conditions of Business if it
cannot collect the Lot concerned within that deadline. If the
Buyer has not yet collected the Lot within 30 days from the
Sale Date (including the Sale Date), aft er notifying the Buyer,
the Company has the right to sell that Lot in a public auction
or by a method and with methods and conditions that it
considers suitable. Any proceeds aft er the deduction of all
the losses, expenses (packing & moving costs, insurance
costs, expenses related to export, Storage Fee, and notarial
expenses etc.) incurred by the Company from the disposal
shall be taken back by the Buyer; such balance is noninterest-bearing. If the Buyer fails to take the proceeds back
two years aft er the Sale Date, the balance shall be deposited
to a Hong Kong court by the Company after deducting the
relevant expenses (including legal fees).
ARTICLE 60 LIMITED WARRANTY
1.The Company provides general warranty to the Buyer: If the
Lot sold by the Company is later found to be a counterfeit, the
Company will cancel that deal according to the terms of the
Conditions of Business, and will return to the Buyer in the currency
of the original deal the Hammer Price together with the Buyer's
Commission that the Buyer has paid to the Company for the Lot.
In this regard, based on the reasonable opinion of the Company,
counterfeits refer to frauds in various aspects such as the source,
producer, place of origin, date, production year, duration, type,
culture or sources etc. of the article, and the correct description
of the above points have not been recorded in the contents of the
catalogue (any special terminologies are taken into consideration).
Any damage and/or any type of restored item and/or repaired
items (including repainting or painting on top of it) of the Lot shall
not be considered as counterfeit. Please pay attention that if
any of the following situations happens, this warranty shall not
apply; The contents of the catalogue are based on generally
accepted opinion of academics and specialists on the selling date,
or contradictions in opinions are shown in the contents of the
catalogue; or On the selling date, the only method of proving the
Lot is a counterfeit is not a method which can be used in general;
which is recognized; which is extremely high price; the usage of
such method is impractical; or this method may have caused
damage to the Lot or may (according to the reasonable opinion of
the Company) have already caused the Lot to lose value; or If the
Lot has not lost any material value from the description of the Lot.
2.Unless otherwise provided in this article, the time limit of this
warranty is 5 years from the Sale Date concerned. ? is limited
warranty is exclusively enjoyed by the Buyer, and shall not be
transferred to any third party. In order to make claims based on
this warranty, the Buyer shall:-(1) notify the Company in writing
within one month after the receipt of any information which
leads the Buyer to doubt the authenticity or attributes of the Lot,
specifying the reference number of the Lot, the Sale Date and
reasons for which it is considered as counterfeit. For the Lots
of alcohol and tea, notifi cation should be sent to the Company
within one week; (2) return the Lot to the Company in the
same conditions as it was on the date of sale, and the proper
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