Chapter III Conditions Concerning the Bidder and the Buyer
Article 31 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 in the catalogue and other images and public materials are only references for Bidders and are subject to revision before auction. The Company provides no guarantee for the authenticity, value, tone, quality or against any flaw or defect of the Lot.
Article 32 Uncertainty of Catalogue
In case that the tone, color, graduation and shape shown in catalogue and/or any other illustrations, images and public materials differs from those of the original Lot due to print, photograph and other technical reasons, the original shall take precedence.
Any statement and appraisal made orally or in writing (including but not limited to the certificate, catalogue, status explanation, slide show and news media) of any Lot made by the Company and its employees or its agents are only for reference and should not be relied on as any guarantee or undertaking for the Lot. The Company and its employees or agents shall undertake no liability for any inaccuracy or omission in the statements and appraisals mentioned above.
The publications quoted in any explanation of the Lot by the Company and its employees or its agents are only reference for the Buyer. The Company shall not provide the original or copy of such publications and other materials, and reserve the right to modify such quotation in explanation.
Article 33 Inspection by Bidders
The Company especially declares that the Company cannot guarantee the genuineness, quality and value of the Lot, and the Company shall not bear any liability of guarantee against flaws. The Bidder and/or his/her/its agents shall inspect and investigate the actual status of the Lot on his/her/its own and take legal responsibility for his/her/its bidding for the Lot.
The Company strongly advises the Bidders to personally inspect the original Lot for which they intend to bid before the Auction Date by way of identification or other methods. And the Bidders shall judge the genuineness, quality and value of the Lot by themselves rather than making decisions by relying on the Company’s catalogue, status explanation and verbal or written expression in other forms of the Lot.
Article 34 Registration of Bidders
The Bidder shall register, check-in and receive a bidding paddle before the Auction Date, in accordance with the condition and procedure for the bidding paddle as announced by the Company, with a valid identity card, or passport or other certificates approved by the PRC and other materials required by the Company in the case of a natural person, or with a valid certificate of registration, ID of legal representative or other legal authorization certificates and other materials required by the Company in the case of a legal entity or other organization.This Company has the right to require the Bidders to provide the proof of financial conditions, guarantee, proof of deposit and/or other guarantees as required for the Lot for which the Bidders intend to bid.
Article 35 Bidding Paddle
The Company will announce the conditions and procedures to acquire the bidding paddle by the Bidder before the Auction Date, including but not limited to setting out qualifications of the Bidder for the bidding paddle, in accordance with different conditions and forms of auction.
The Company seriously notices that the bidding paddle is the only evidence of the Bidder’s participation in on-site bidding. Each Bidder shall take good care of his or her bidding paddle and may not lend it to any third person. In case of losing such paddle, the Bidder shall go through the procedure to report the loss in writing in the form approved by the Company.
The bidding act of the person holding the bidding paddle is deemed to be bidding act of the registered owner of the paddle, regardless of whether he/ she is entrusted by the Bidder or not. The registered person of the bidding paddle shall be liable for the act of the person holding the bidding paddle, unless the registered person of the bidding paddle goes through the procedure to report the loss in writing in the form approved by the Company and such bidding paddle has been declared void by the auctioneer during the on-site auction process.
Article 36 Bidding Deposit
When participating in the Company’s auction, the Bidder shall pay bidding deposit before the Bidder receives bidding paddle. The amount of the bidding deposit will be announced by the Company before the Auction Date. The Company has the right to waive or reduce the bidding deposit. In case that the Bidder succeeds in buying the Lot, then such deposit shall automatically be converted into the earnest money of purchase price for the Lot; in case that the Bidder fails to buy the Lot or there is remaining sum after the converting part of the bidding deposit into earnest money, and the Bidder does not own any money to the Company, or its parent company, subsidiaries, branches, offices (liaison offices) and affiliates. The Company will refund the bidding deposit without any interest to the Bidder within five working days after the completion of the auction. The Company has the right to use the bidding deposit paid by the Bidder to pay off any money owing to the Company, or its parent company, subsidiaries, branches, offices (liaison offices) and affiliates. In case that the Bidder purchases several Lots simultaneously with the same bidding paddle, this Company has the right to decide the way of allocation following the conversion of bidding deposit into earnest money.