Article 37 The Company’s Option
The Company may at its own discretion forbid anyone from participating in auction, admission to the premises, taking a picture, making a sound recording or making a video recording during auction, as the case maybe.
Article 38 Abnormal Events
In case of any abnormal events affecting the normal process of the auction, the Company has the right to take necessary actions as the case may be, even up to terminating the auction process. In the case that any dispute arises at auction, the Company has right to mediate and settle.
Article 39 Bidding as Principal
Any person who bids shall be deemed as the Bidder himself/herself/itself, unless the Bidder presents the Company with a written certificate showing that it is the agent of a particular Bidder, which is subject to the Company’s approval in written form before Auction Date.
Article 40 Absentee Bids
The Bidder shall attend the auction personally. If the Bidder cannot attend the auction in person, the Bidder may give the Company an authorization in writing to bid on his/her/its behalf. The Company shall have the right to but no obligation to accept such authorization.The Bidder who intends to give the Company an authorization to bid on his/her/its behalf shall present the Company with a written authorization letter and hand in bidding deposit in accordance with the provisions in Article 36 herein the Conditions within specified period (not later than twenty-four hours before the Auction Date).
The Bidder should set out instant communication method(s) and tool(s) in the authorization letter. During the period of entrusted bidding, the bidding information (regardless of whether it is sent off by the Bidder itself or not) as transmitted via such instant communication tool(s) shall be deemed as the act of the Bidder who shall assume full legal responsibility. The Bidder shall make use of such instant communication tool in person; in case of losing it or being unable to control it, the Bidder shall inform the Company in writing in a way approved by the Company and change the instant communication method(s) as set out in the authorization letter. When the Bidder confirms the instant communication method(s) and tool(s) in writing, then it shall be deemed that the Bidder has recognized the safety of such instant communication method(s) and tool(s) and authenticity and objectivity of communication information, over which no dispute shall be raised afterwards.
If the Bidder who entrusts the Company to bid on his/her/its behalf intends to cancel entrustment shall inform the Company of cancellation in writing not later than twenty-four hours before the Auction Date.
In the event that the Bidder entrusts the Company to bid on his/her/its behalf, such biding outcome and relevant legal responsibility shall be borne on the Bidder.
Article 41 Non-liability of Absentee Bids
Given that absentee bids shall be the free service on transferring the bid message on behalf of the Bidder provided by the Company to the Bidder, the Company and its employees shall not be liable for any failure in bidding or for any negligence or fault in the authorized bids or being unable to undertake absentee bids during the process of absentee bids.
Article 42 Principle of Prior Appointment
In the event that two or more Bidders entrust the Company to bid on their behalf for the same Lot with the same authorized price, and the Lot is ultimately sold by dropping the hammer at such price in the auction, the Bidder whose authorization certificate was first delivered to the Company shall be the Buyer of the Lot.
Article 43 Auctioneer’s Discretion
The auctioneer has absolute discretion over the following matters:
(1) Refuse or accept any bid;
(2) In case of any error or dispute, the auctioneer has the right to decide who is the Buyer with the highest price, whether or not to continue the auction, or to cancel the auction or to re-auction the Lots under dispute, at the time of the auction of or after the auction of some Lot;
(3) Open and carry out the bidding at a level with bidding increments that he or she consider suitable and have the right to increase or decrease the level with bidding increments;
(4) For the Lots without Reserve, the auctioneer can at its own discretion decide the starting price, unless there is a bidding already;
(5) Take other actions he or she deems as appropriate at auction site.
Article 44 Screen of Video Images
At some auctions, there may be a video screen or other screens in operation for the convenience of Bidders, which is only for reference. However, there may be errors in amounts, numbers or pictures of the Lot, or in foreign exchange rate on the screen. The Company shall not be liable for any losses and damages caused by such errors.
Article 45 Successful Bid
When the highest bid of the Bidder is confirmed by dropping the auctioneer’s hammer or in other public manners, the Bidder with the highest bid shall succeed in the bid. Such confirmation means that the Bidder has no objection to the process of the auction and undertakes to be responsible for its bidding and the Bidder shall becomes the Buyer of the Lot. The Buyer shall sign the writing confirmation/auction minutes; Even if the buyer fails to sign up to the writing confirmation/auction minutes, it shall not prejudice the buyer’s liabilities herein. In case the buyer fails to pay any payable, this Company has the right to require the buyer to compensate it for all losses therefrom and to hold the Buyer legally responsible according to Article 54 hereof.
After the Bidder succeeds in bidding, in case a signer (including but not limited the person holding the bidding paddle) instead of the Buyer signs up to the writing confirmation /auction minutes, it is deemed that the Buyer appoints the signer to represent the Buyer to sign the writing confirmation /auction minutes no matter whether the signer has submitted to the Company a power of attorney or authorization letter confirmed by the Buyer or the name signed on the writing confirmation /auction minutes is the name of the Buyer. The legal consequence of the signing action or behavior of the signer shall be borne by the Buyer unless the Buyer raises an objection to the signing.
Article 46 Commission and Expenses
After the Bidder succeeds in bidding, the Bidder will be deemed as the Buyer of the Lot. The Buyer shall pay the Company a commission in the amount equal to 15% of Hammer Price and Expenses and acknowledge that the Company is entitled to charge commission and other costs payable by the Seller in accordance with Article 21 hereof.
Article 47 Payment
After the Lot is successfully sold in auction, the Buyer shall make full payments to the Company within thirty days after the Sale Date and collect the Lot. The Buyer shall also pay packaging charges, transportation fee and transportation insurance premium, if there is any. The Company reserves the right to refuse the payment from any third party other than the Buyer. If the Buyer purchases several Lots, while neither fully pay the Purchase Price, nor designate the specific Purchase Price of some Lot in writing when paying the Purchase Price, then the Company is entitle to decide at its own discretion the way of allocation in respect of their Purchase Price.
Article 48 Currency
All payments shall be made in the currency designated by the Company. In the event that the Buyer makes payments in currency other than the designated one, the currency shall be converted at the rate exchange agreed between the Buyer and the Company or at the exchange rate announced by People’s Bank of China one working day prior to the payment. All bank handling fees, commission and other relevant charges incurred by the Company for converting the foreign currency paid by the Buyer into RMB shall be borne by the Buyer.
Article 49 Passing of Title
The Buyer will acquire ownership of the Lot after having paid the full Purchase Price.
Article 50 Transfer of Risks
After a successful bid, the risk of the Lot shall be borne by the Buyer itself after the occurrence of one of the following events (whichever is earlier):
(1) The Buyer collects the Lot; or
(2) The Buyer pays to the Company the Purchase Price for the Lot in full; or
(3) Expiry of thirty days after the Sale Date.