Chapter I General Provisions
Article 1 Governing Law
This Conditions of Business (hereinafter referred to as the "Conditions") are made in accordance with the Auction Law of People's Republic of China, other relevant laws, regulations and the Articles of Beijing Council International Auctions Co., Ltd. with reference to international general practices.
Article 2 Definitions and Explanation
The terms used in these conditions shall have the following meanings:
(1) "the Company" means Beijing Council International Auctions Co., Ltd..
(2) "the Bidder" means a natural person, legal person or any other organization that has full capacity of civil rights to bid at auction according to provisions of Chinese laws and has gone through necessary formalities. In case there is any provision with respect to conditions of sale or qualification of Bidder, the Bidder shall satisfy these requirements. In this Conditions, the Bidder shall include any of its agents unless otherwise provided there under or in a particular context.
(3) "the Buyer" means the person with the highest bid accepted by the auctioneer.
(4) "the Seller" means a natural person, legal person or any other organization who consigns Lot to auctioneer for auction in accordance with this Conditions. In this Conditions, the Seller shall include any of its agents unless otherwise provided hereunder or in a particular context.
(5) "Lot" means any item(s) deposited with auctioneer for sale at auction and, in particular, the item or items described against any lot number in any catalogue.
(6) "Auction Date" means the published date on which the auction will formally begin. In the case of any discrepancy between the actual date of auction and the published date, the actual date of auction shall prevail.
(7) "Sale Date" means the date on which the auctioneer confirms the sale of any Lot in the auction by striking his hammer or in any other public manners.
(8) "Hammer Price" means the amount of the highest bid accepted by the auctioneer in relation to a Lot.
(9) "Proceeds of Sale" means the net amount owed to the Seller of Hammer Prices less commission prorata, all expenses and other amount owed to the Company by the Seller.
(10) "Purchase Price" means the total amount payable by Buyer for its bid, including Hammer Price, commissions and other expenses payable by Buyer as well as the charges caused by Buyer's defaults.
(11) "Expenses" means charges and expenses including but not limited to expenses with respect to Lot insurance, catalogue and other advertise-ment, package, transportation and storage and any other expenses pursuant to relevant laws, regulations and provisions hereof.
(12) "Reserve" means the price below, which the Company agree with the Seller in writing contract that the Lot cannot be sold.
(13) "Reference Price" means the price of the Lot provided in the catalogue or other descriptive materials and estimated prior to the Auction. Subject to possible changes from time to time, the Reference Price can not be deemed as the fixed sale price.
Article 3 Enurement
The company organize auction pursuant to Chinese laws, regulations and policies. This Conditions shall enure to the benefit of and be binding upon the Seller, Bidder, Buyer and any other concerned parties participating in our auction in relation to arts, crafts and other cultural relics.
Article 4 Exclusion of Liability
The Company shall undertake no guarantee for the authenticity and/or quality of any Lot. The Bidder and/or its agent shall bear the responsibility of carrying out its own inspection and investigations as to the nature of the Lot and shall be liable for its bid.
Article 5 Special Notice
The Company generally represents the Seller during the auction. When the auctioneer confirms the highest bid by striking his hammer or in any other public manners, the Bidder with the highest bid shall be the Buyer of the Lot and the sale contract concerning the Lot between the Seller and the Buyer shall come into effect immediately. Any legal effect accrued thereupon shall be born by the Seller and the Buyer respectively. These conditions are the terms on which the Company contract, as the Auctioneer, with the Seller and with the Buyer as well as the terms on which the Seller and the Buyer conclude a contract concerning the Lot. Therefore, any Seller, Bidder, Buyer and other concerned parties participating in the auction should read the Conditions carefully and conform to the provisions hereof. All parties shall be liable for its own actions at auction and any loss caused by failure to read the Conditions carefully.
Chapter Conditions Mainly Concerning the Seller
Article 6 Consignment Procedures
When arranging for consignment, in the case of the Seller being a natural person, the Seller shall hold a valid identity card or passport or other certificates approved by the Chinese government. In the case of the Seller being a legal entity or other organization, a valid certificate of registration, ID of legal representative or other legal authorization documents is required and signs a consignment contract with the Company.
When the Seller arranges for consignment, the Company shall be automatically authorized to make pictures, illustrations, catalogue, or other video images of the Lot.
Article 7 The Seller's Agent
When arranging for consignment, the Seller's Agent shall submit to the Company a relevant authorization letter and hold a valid identity card or passport or other certificates approved by the Chinese government in the case of a natural person. A valid certificate of registration, ID of legal representative or other legal authorization documents is required in the case of a legal person or other organization.
The Company are reserve the right to examine and amend the above arrangement in any manner the Company considers reasonable.
Article 8 The Seller's Warranties
The Seller hereby makes irrevocable warranties as follows to us and the Buyer with respect to the consigned Lot:
(1) the Seller has exclusive and absolute ownership and legal right to dispose of the Lot. Without prejudice to any legal interest (including copyright) of any third party, the auction of the Lot shall not violate any relevant law and regulation;
(2) the Seller has, to the best of its knowledge, made full and complete disclosure and described to the Company with respect to the origin and any flaw or defect of the Lot without any concealment and fabrication;
(3) the Seller shall indemnify and hold the Company and/or the Buyer from and against any claims, losses and damages or actions incurred or brought by the actual owner or any third party who claims to be the actual owner of the Lot and all expenses and costs incurred in connection there with arising out of or in any way attributable to any breach of above warranties.
Article 9 Reserve
All Lots are offered subject to a Reserve, unless otherwise agreed by the Seller and the Company. The Reserve shall be determined by the Seller and the Company in writing and no modification or amendment of the Reserve shall be binding upon the parties unless subject to prior consent of the other party.
In no circumstances, shall the Company accept any liability for failure in sale due to bidding lower than the Reserve at the auction.
Article 10 The Company's Discretion
The Company may decide the followings at our absolute discretion:
(1) explanation and appraisal of any Lot made by the catalogue of Lot and/or news media and/or in other ways;
(2) adoption of expert's opinion;
(3) the arrangement for illustrations in catalogue, exhibitions and other advertising activities in connection with Seller's Lot and expenses accrued thereupon.
Unless otherwise agreed by the Seller and the Company, the Company will decide on whether the Lot is appropriate to be auctioned and the place of auction, the date of auction, the conditions of auction and the way of auction.
Article 11 Unauctionable Lot
After the Seller has signed the sales contract with and delivered the Lot to the Company, if for any reason The Company believe that the Lot is not suitable for auction, the seller must collect the Lot within 30 days from the date of the Company notice being dispatched (fees for the packaging and handling shall be paid by the seller), the contract between the Seller and the Company will cease on the date the Seller collects the Lot. If during the above mentioned period the Seller fails to collect the Lot, the contract will be automatically ended. If within seven days after the ceasing of the contract, the Seller does not collect the Lot, the Company reserve the right to handle the Lot according to our discretion. If the Company succeeds in selling the Lot, the sales proceeds will be paid to the Seller, less reasonable handling expenses.
Article 12 Suspension of Auction
The Company may suspend any auction at any time under any one of the following situations:
(1) The Company have objection to the ownership or authenticity of the Lot;
(2) Any third party has objection to the ownership and authenticity of the Lot with undertakings to provide relevant evidence, make security pursuant to our provisions and take liability for all legal repercussions and losses due to suspension of auction;
(3) The Company have objection to the explanation of the Seller or the accuracy regarding the Sellers warranty provided in Article 8;
(4) The Company has any evidence to prove the Seller has already violated or is to violate any term of this Conditions; and any other reasonable causes.
Article 13 Withdrawal of Lots by Seller
The Seller may withdraw the Lot at any time prior to the Auction Date subject to the Company's consent and a written notice stating the reasons. In the case that the catalogue or any other advertisements of the Lot have begun to print upon the Seller's withdrawal, the Seller shall pay an amount equal to 20% of the insured value of the Lot and other Expenses in connection therewith. In the case that the catalogue or other advertisement has not been printed, the Seller shall pay an amount equal to 10% of the insured value and other related Expenses.
No dispute or claim arising out of the Seller's withdrawal shall be born by the Company.
Article 14 Insured Automatically
Unless otherwise instructed by the Seller in writing, all the Lots will be automatically covered under the insurance of the Company as soon as the Seller signs the consignment contract with the Company and delivers the Lot to the Company. The insured value shall be based on the Reserve agreed by the Seller and the company in the consignment contract (if no Reserve, the insured value is the one agreed by both parties; if the Reserve is adjusted, the insured value shall be the original Reserve). The insured value is only subject to insurance and claim other than our warranty or security for the value of the Lot and the Hammer Price of the Lot.
Article 15 Insurance Premium
Unless otherwise agreed by the Seller and the Company, the Seller shall pay the insurance premium equal to 1% of the Hammer Price of the Lot after sale. In the case that the Lot fails to sell, the insurance fee payable by the Seller shall be 1% of the Reserve.
Article 16 Insurance Period
In the case that the auction of the Lot succeeds, the insurance period shall terminate on the earlier of expiry of seven days after Sale Date and the date when the Buyer collects the Lot. In the case that the auction fails, the insurance period shall terminate upon the expiry of seven days after the Seller has received the Company's notice to take back the Lot.
Article 17 Insurance by Seller
In the event that the Seller notifies the Company not to arrange insurance for the Lot in writing, it shall undertake to bear all the risks and the following liabilities (unless otherwise judged by court or
(1) to indemnify the Company from and against any claims or actions incurred or brought by any third party with respect to the losses or damages of the Lot;
(2) to hold the Company and/or any other parties from and against any losses and expenses in relation to the damages of the Lot caused by any reason;
(3) to notify the terms of indemnity hereunder to any insurer of the Lot.
Article 18 Uninsured
The Company will not be liable for the damages or losses of the Lot caused by natural wear, inherent flaws, inherent or potential defects, inherent material changes, self-combustion, self-warming, oxidation, rust, leakage, rat-bite, woodworm, changes in atmospheric (climate, temperature or humidity) conditions, changes in normal water level, or other reasons of natural changes and caused by earthquake, tsunami, war, actions similar to war, hostile actions, armed conflicts, terrorism, rebellion, coup, strike, riots, or nuclear fission, nuclear fusion, nuclear weapon, nuclear radiation, or radioactive pollution. The Company will also not take responsibility for any damages to or any losses of frames, glass, drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories caused by any reason.
Article 19 Insurance Indemnity
Any damages or losses of the Lot caused by incidents or disasters covered by insurance the Company purchased for the Lot shall be handled in accordance with Chinese laws and regulations regarding insurance. The Company shall pay insurance indemnities less all expenses incurred by it(except commissions) to the Seller after the Company obtains such indemnities from insurance company.
Article 20 Non-Bidding
The Seller shall not bid for the Lot consigned to the Company by itself, nor authorize any other person to bid on its behalf. The Seller shall be liable for and indemnify the Company for any losses and damages caused by violation of this provision.
Article 21 Commission and Expenses
Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10% of the Hammer Price as commission and any other Expenses from the Hammer Price.
Nevertheless the Company act as the agent of the Seller, the Seller agree that the Company may be entitled to the Buyer's remuneration and other Expenses payable by the Buyer in accordance with provisions in Article 47 hereof.
Article 22 Service Fee for Unsold Lot
In the case that the auction of the Lot fails due to bidding lower than the Reserve, the Seller shall authorize the Company to charge the Seller a service fee of unsuccessful auction equal to 3% of the Reserve and other expenses payable by the Seller.
Article 23 Payment Proceeds of Sale
In the case that the Buyer makes full payment to the Company in accordance with provisions in Article 48 hereof, the Company shall pay the Proceeds of Sale to the Seller in RMB after 35 days since the Sale Date.
Article 24 Deferred Payment
In case the Company do not receive the full payment from the Buyer upon the expiry of payment period under Article 48 hereof, the Company will pay the Sale Proceeds to the Seller within seven business days after receipt of such full payment from the Buyer.
Article 25 Taxes
The Seller shall be solely responsible for paying any tax imposed on its Sale Proceeds in accordance with the relevant law.
Article 26 Assistance in Collecting Deferred Payments
In the event the Buyer fails to make full payment to us within seven days of the Sale Date, the Company are entitled to recover the remuneration and other Expenses payable by the Buyer in accordance with provisions in Article 55 hereof and to take necessary measures to assist the Seller in collecting deferred payments upon the Seller's request as soon as practicable. However, the Company shall have no obligation to sue the Buyer on behalf of the Seller in any circumstances.
Article 27 The Company's Discretion
The Company may determine the following matters, as the case maybe, upon authorization of the Seller (at the Seller's expense):
(1) to agree special terms on how to make the payment of Purchase Price;
(2) to remove, store and arrange insurance for sold Lot;
(3) to settle claims brought by the Buyer or the Seller in accordance with relevant terms and conditions hereof;
(4) take other necessary steps to collect the deferred payment by the Buyer to the Seller.
Article 28 Unsold Lot
In the case that the Lot is not sold, the Seller shall take back the Lot within one month after receipt of the Company's notice (packing and shipping at the Seller's own expense) and pay the company unsold fee and other expenses. If the Seller fails to the Company consider appropriate and pay to the Seller the Sale Proceeds, after having deducted the unsold fee and other expenses occurred in the first auction and all costs occurred in the resale of the Lot.
Article 29 Risks and Losses
The Seller shall take liability for any risk and/or loss occurred after the period mentioned above in case of failure in taking back the Lot in such period. The Buyer will pay for the overdue fee equals to 0.03% per day of the reserve price, which is agreed on the Sales contract. In the case that the Seller requires us to assist in returning the Lot, the Seller shall be liable for all risks and/or losses, bear all the expenses. Generally, the Company is not responsible for arrangement of transportation insurance unless the Seller specifically instructs us to do so and bears the insurance premium.
Chapter III Conditions Concerning the Bidder and the Buyer
Article 30 Catalogue of Lot
At the auction, the Company will prepare a catalogue to introduce the status of the Lot with words and/or pictures for the convenience of Bidders and Sellers. The words, Reference Price, pictures of the catalogue and other images and advertisements are only reference for Bidders and are subject to revision before auction. The Company do not guarantee for the authenticity, value, tone, quality and flaw or defect of any Lot.
Article 31 Uncertainty of Catalogue
In case that the tone, color, graduation and shape shown in catalogue and/or any other illustrations, images and advertisements differ from those of the original of the Lot due to print, photograph and other technical reasons, the original shall apply. Any statement and appraisal in any ways (including but not limited to the certificate, catalogue, slide show, news media) of any Lot made by us and our employees or their agents are only for reference and should not relied on as any guarantee for the Lot. The Company and its employees or its agents shall undertake no liability for any inaccuracy and omission in the statements and appraisal mentioned above.
Article 32 Inspection by Bidders
The Company shall undertake no guarantee for the authenticity and/or quality of the Lot. Bidder and/or its agents shall inspect and investigate the actual status regarding the Lot and take liability for its bidding.
The Company strongly advice the Bidders to inspect personally the original Lot they intend to bid by identification or other methods before Auction Date. Bidders shall judge whether the Lot according with its description by themselves other than relying on our catalogue and other images and advertisements of the Lot. Article 33 Registration of Bidders
The Bidder shall register and receive bidding number before the Auction Date with a valid identity card, or passport or other certificates approved by the People's Republic of China in the case of a natural person, or a valid certificate of registration, ID of legal representative or other legal authorization certificates in the case of a legal entity or other organization, otherwise it will not be deemed as a legal Bidder.
Article 34 Deposit
The Company will charge a deposit before the Bidder receives bidding number. The amount of deposit will be announced before Auction Date. The Company will refund all the deposit mentioned above with no interest to the Bidder within five business days after auction in case it fails in auction. In the event that the Bidder succeeds at auction, the deposit will be taken as part of Purchase Price payable by the Buyer and the balance (if any) will be refunded at collection.
Article 35 The Company's Option
The Company may forbid any one from participating in auction, admission to the premises or taking a picture or making a video recording during auction, as the case maybe.
Article 36 Abnormal Events
In case of any abnormal events, the Company may take necessary actions as the case maybe. In the case that any dispute arises at auction, the Company may have rights to mediate and settle.
Article 37 Bidding as Principal
Any person who bids shall be deemed as principal, unless the Bidder represents to the Company a written certificate showing that it is the agent of a principal and subject to our approval in written before Auction Date. The Buyer will be deemed as a co-buyer if the company can prove that the buyer is the agent of a principal or corporates with a principal during the auctions. Therefore, the Buyer will be liable for all legal repercussions, losses and payments.
Article 38 Commission Bids
The Bidder shall attend the auction personally; otherwise it may give the Company a commission in writing to bid on its behalf. The Company shall have the right to but no obligation to accept such commission.
Article 39 Procedures of Commission Bids
The Bidder who intends to give the Company a commission to bid on its behalf shall present the company with a written authorization certificate and hand in a deposit in accordance with the provisions in Article 34 hereof within certain period (not later than 24 hours before Auction Date).
Article 40 Cancellation of Commission Bids
The Bidder who entrusted the Company to bid on its behalf shall inform the cancellation in writing not later than 24 hours before Auction Date.
Article 41 Non-Liability of Commission Bids
Since the Company charge no fee for bidding on behalf of the Bidder in the case that the Bidder can not attend the auction personally, the Company shall not be liable for any failure in bidding or any negligence or fault in the commission bids. Bidders shall attend the auction in person to assure the success of bidding.
Article 42 Principle of Priority
In the event that two or more Bidders entrust the Company to bid on their behalf for the same Lot and succeed in the same commission price, the Bidder whose authorization certificate was first received by the Company shall be the Buyer of the Lot.
Article 43 Auctioneer's Discretion
The auctioneer is entitled to represent the Company to increase or decrease the bidding ladder, refuse any bidding, or restart auction in case any dispute arises.
Article 44 Screen of Video Images
At some auctions, there will be a video screen or other screens in operation for the convenience of Bidders, which is only for reference. However, there are maybe errors on the screen. The Company shall not be liable for any losses and damages caused by such errors in amounts, numbers or pictures of the Lot, or foreign exchange rate.
Article 45 Successful Bid
When the highest bidding is confirmed by striking the auctioneer's hammer or in other public manners, the Bidder with the highest bidding succeeds in the bid. The sale contract of the Lot between the Buyer and the Seller is hereby concluded and will sign on a purchase confirmation.
Article 46 Auction Record
The Company will prepare a written record with respect to the auction signed by the auctioneer and the recorder.
At the auction, the Buyer shall sign the written record showing the successful bid after the highest bid is confirmed by striking the auctioneer's hammer or in other public manner.
If the Buyer, or any person authorized by the Buyer in written document, fails to sign on the resord, the Company is entitled to do so for the Buyer and the written record will be deemed as a legitimate document and completely accepted by the Buyer.
Article 47 Remuneration and Expenses
The Bidder will be deemed as the Buyer of the Lot after succeeding in bidding and shall pay the Company a remuneration equal to 12% of Hammer Price and other Expenses and acknowledge that the Company are entitled to charge commission and other costs payable by the Seller in accordance with Article 21 hereof.
Article 48 Payment
The Buyer shall make full payments in a lump sum and collect the Lot (package and transportation at the Buyer's expense) within seven days after the Sale Date; otherwise, the Buyer shall be liable for breach of contract.
If the Buyer fails to collect and pay for the Lot, the company may withdraw the Lot to the Seller and terminate the Sales contract with the Buyer. The Buyer will be liable for the fine equals to 2% of the hammer price for breach of the contract. Moreover, the Company reserves the right to claim the indemnity for commissions, overdue fees, storage fees and any other relevant responsibilities according to the law and the conditions hereby.
Article 49 Currency
All payments shall be made in the currency designated by the Company. In the event that the Buyer make payments in currency other than the designated one, the currency shall be converted at the rate agreed upon by the Buyer and the Company or at the rate announced by People's Bank of China one (1) business day prior to the payment. The Buyer shall reimburse the Company for any bank charges, commission and other expenses for converting the currency into RMB.
Article 50 Passing of Title
The Buyer will acquire ownership of the Lot after having paid full Purchase Price.
Article 51 Transfer of Risks
After a successful bid, any Lot purchased shall be entirely at Buyer's risk as early as one of the following appears:
(1) the Buyer collects the Lot purchased; or
(2) the Buyer pays to the Company full Purchase Price for the Lot; or
(3) expiry of seven days after Sale Date.
Article 52 Collection
The Buyer shall collect the purchased Lot no later than seven days after Sale Date. In case of failure to do so, the Buyer shall be solely responsible for all risks and losses of the Lot and bear all expenses for transportation, storage and insurance in connection therewith due to delay. Nevertheless the Lot is still preserved by the Company or any other agents, the Company and its employees or its agents shall not be liable for any losses and damages of the Lot caused by any reason.
Article 53 Package and Transportation
The Company may arrange packing and handling of the purchased Lot on behalf of the Buyer as the case maybe on its request and the Buyer shall be liable for any loss arising thereupon. In no circumstances shall the Company take any liability for any damages or losses of glass, frames, drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories arising out of any reason. In addition, the Company shall undertake no liability for any fault, omissions, damages and losses caused by the packers or carriers the Company recommended.
Article 54 Export of Lot
The Company will make explanation in the catalogue or at the auction to the Lot prohibited to be exported pursuant to the Protection Law of Cultural Relic of the People's Republic of China and other relevant laws and regulations.
The Buyer shall be responsible for applying for export license in accordance with Chinese laws for the Lot permitted to be exported pursuant to the Protection Law of Cultural Relic of the People's Republic of China and other relevant laws and regulations.
Article 55 Remedies for Non-Payment
In the case that the Buyer fails to make full payment within the period provided in Article 48 hereof the Company shall be entitled to exercise one or more of the following remedies: (1) not to refund the deposit if the Buyer fails to make full payment within the stipulated period and the Buyer shall undertake any liability may occur in accordance with this Conditions;
(2) charge the Buyer an interest at a rate of three ten-thousandth per day on the due and unpaid amount unlit such payment is made fully, to the extent it remains unpaid fully for more than seven days after Sale Date, unless otherwise agreed by the Buyer and the Company;
(3) commence lawsuit proceedings against the Buyer for any damages caused by the Buyers breach of contract, including but not limited to the losses of interest on deferred or unpaid payment by the Buyer and the storage fee equals to 0.05% per day of the hammer price calculated from the eighth day after the Sale date.
(4) exercise a lien on the purchased Lot or other properties of the Buyer which maybe in the Company's possession for any reason. The Buyer is responsible for all expenses or risks occurred during the period of lien. In case the Buyer fails to perform all relevant obligations hereunder within the period designated, the Company shall have the right to dispose of such property in accordance with relevant laws and regulations. In case the proceeds cannot cover the amount outstanding, the Company is entitled to claim for the balance;
(5) cancel the sale of the Lot and other Lots sold to the same Buyer at this auction at any other auctions and reserve the right to claim for the losses caused by the cancellation;
(6) carry out a re-sale of the Lot by public auction or other ways according to this Conditions subject to the consent of the Seller. The original Buyer shall be liable to the Seller for the remuneration /commission and other Expenses occurred at such auction as well as all Expenses for re-sale by public auctions or other ways. In addition, the original Buyer shall also be liable for the difference, if the Purchase Price actually received by the Seller for re-sale by public auctions or other ways of such Lot is lower than the original Purchase Price that would have been receivable hereunder had the Buyer made the full payments.
Article 56 Remedies for Deferred Collection
In case the Buyer fails to collect the purchased Lot within the period provided in Article 48 hereof, the Company shall be entitled to exercise one or more of the following remedies:
(1) arrange storage of the Lot at the company or any other places at Buyer's risk and expense. The Buyer shall not collect the Lot unless the full Purchase Price is paid (package and transportation at the Buyer's expense);
(2) exercise a lien on the purchased Lot. After 30 days from the delayed collection by the Buyer, the Company may, as the case maybe, dispose of such Lot in accordance with relevant laws and regulations and apply the proceeds to compensate for the amount outstanding owed to the Company including but not limited to fees of storage insurance and transportation.
Chapter IV Miscellaneous
Article 57 Confidentiality
The Company shall be obligated to maintain the confidentiality of any information provided to it, and indemnify all legal rights of Seller, Bidder, Buyer and the Company against any damages according to the relevant laws and regulations of the People's Republic of China.
Article 58 Identification
The Company may identify the Lot if necessary, as the case maybe, at the Company's own discretion. In case of any discrepancy with respect to the status of such Lot between the identification and the consignment contract, the Company shall be entitled to modify or rescind the consignment contract.
Article 59 Copyright
The Company shall be entitled to take photographs, make illustrations, catalogues or other images relating to the Lot consigned to the Company for auction and shall have the copyright for such photographs, illustrations, catalogues or other images mentioned above.
Article 60 Exemption
The Company, acting as agent of the Seller, shall undertake no liability for any breach of contract by the Buyer or the Seller.
Article 61 Notice in Written
Both the Bidder and Seller shall notify the Company their valid and regular communications and address. No change in any of the particulars will be effective until it has been notified in writing as soon as possible. All notices referred in this agreement shall be in writing and shall be delivered by post or transmitted by fax. A notice sent by post shall be deemed to have been sent on the date the Company give it to post office and received by the addressee via normal mail service. A notice sent by fax, shall be deemed to be received on the date when it is faxed.
Article 62 Severability
If any provision or part of this Conditions is deemed invalid, unlawful or unenforceable by a competent agency, this Conditions shall be ineffective to the extent of such unlawfulness or unenforceability without invalidating or affecting the validity or enforceability of the remaining provisions of this Conditions.
Article 63 Settlement of Disputes
If any dispute arises from participation in the auction pursuant to this Conditions, including but not limited to the issues related to the consignments, purchases, payments and collections, all concerned parties shall submit such dispute to a local court which directly governs the Company unless the Parties can reach an agreement without going to a court.
Article 64 Language
This Conditions is written in Chinese and English. The English version is only for reference. In case of any discrepancy between the Chinese version and English version, the Chinese, as the official Article 65 Date of Effectiveness
This Conditions shall be effective as from Dec.1 2007.
Article 66 Right to Interpret
The Company has the right to interpret this Conditions at its own discretion.