Article 51 Collection
The Buyer shall collect the purchased Lot at the Company’s domicile or other place appointed by the Company within thirty days after the Sale Date. If the Buyer fails to collect the Lot within the thirty day time limit, the Buyer shall be solely responsible for all risks and losses of the Lot and bear all expenses for storage, transportation fee and insurance in connection with the Lot after the expiration of the thirty day period. Even if the Lot is still kept by the Company or any other agents on behalf of the Buyer, the Company and its employees or its agents shall not be liable for any losses and damages of the Lot caused by any reason. If the Buyer does not make full payment to the Company, or its parent company, subsidiaries, branches, offices (liaison offices) and affiliates, the Buyer shall not collect any Lot before the above payment is paid in full.
Article 52 Package and Transportation
The Company may arrange packing and handling of the purchased Lot on behalf of the Buyer as the case may be on its request. Such arrangement is an assistance provided by the Company and the Company can decide whether or not to provide such assistance. The Buyer shall be liable for any loss arising from such arrangements. Under 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 or losses caused by the packaging company or carriers recommended by the Company.
Article 53 Export and Import of Lot
The Company will explain in the catalogue or at the auction for those Lots which are prohibited to be exported pursuant to the Protection Law of Cultural Relics of the PRC and other Laws. The Buyer shall handle export procedures on its own and bear the relevant taxes and fees in accordance with Laws of the PRC, if the Lot is permitted to be exported pursuant to the Protection Law of Cultural Relics of the PRC and other Laws.
For the Lot under the supervision of Customs of the PRC or within the Bonded Zones, when the Lot is successfully sold in the auction, the Buyer shall handle import procedures on its own and bear the relevant taxes and fees by itself.
Article 54 Remedies for Non-payment
This Company has no obligation to investigate the Bidder’s and the Buyer’s ability for payment. In the case that the Buyer fails to make full payment within the period provided in Article 47 herein, the Company shall be entitled to adopt one or more of the following remedies:
(1) If following a successful bid the Buyer fails to make payment within the stipulated period under the Conditions, the bidding deposit (earnest money) shall not be refunded and the Buyer shall also undertake all corresponding liabilities according to the Conditions; In the event that the Buyer fails to pay the full Purchase Price of any Lot within the stipulated period under the Conditions after successful bidding on several Lots with the same bidding paddle, the Buyer shall be deemed to constitute the material breach of contract and all of bidding deposit(earnest money) shall not be refunded and the Buyer shall undertaker relevant responsibilities in accordance with the Conditions. The above non-refundable auction deposit (earnest money) shall take priority over the commission and Expenses incurred by the Company and the remaining sum shall be preserved for compensating the Sellers suffered losses; in case of there are several Sellers suffered losses, the Company has the discretion to decide the way of allocation of the remaining deposit (earnest money);
(2) If within thirty days after a successful bid the Buyer fails to pay the Company the Purchase Price, the Company shall have the right (but not the obligation) to entrusting third party to collect all or part of the default payment from the Buyer;
(3) If the Buyer fails to pay the Purchase Price in full within 30 days from the Sale Date, the Company has the right charge the Buyer an interest at a rate of 0.3‰ per day on the due and unpaid amount from thirty-first day after Sale Date until such payment is made fully, until the day on which the Buyer has fully paid the amount, unless otherwise agreed by the Buyer and the Company. The Company has the right to keep such interest;
(4) The Company can initiate legal proceedings against the Buyer for any damages caused by the Buyer’s breach of contract, including but not limited to the losses of interest on deferred or unpaid payment by the Buyer, reasonable expenses arising out of litigation (including but not limited to legal costs, lawyer’s fees and travel expenses) and Expenses;
(5) To exercise a lien on the purchased Lot or other properties of the Buyer which may be in the Company’s possession for any reason. The Buyer is responsible for all expenses or risks that occur during the period of lien. In case the Buyer fails to perform all relevant obligations herein within the period the Company designates, the Company shall have the right to dispose of such property in accordance with relevant laws and regulations. In the case the proceeds cannot cover the amount outstanding, the Company is entitled to claim the balance;
(6) In the event that the Buyer fails to make full payment to the Company within ninety days from the Sale Date, the Company can at its own discretion to cancel or approve the Seller to cancel the sale of the Lot and/or other Lots sold to the same Buyer at this auction or any other auctions as applicable, and reserve the right to claim any losses caused by such cancellation as of the ninety-first day from the Sale Date;
(7) Carry out a re-sale of the Lot by public auction or other ways according to the Conditions subject to the consent of the Seller. The original Buyer shall be liable to the Seller for the remuneration/commission and 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 from the re-sale or other ways of such Lot is lower than the original Purchase Price that would have been receivable therein had the Buyer made the full payments;
(8) To offset any money in relation to the Lot that the Buyer owes the Company against any sums that the Company or its parent company, subsidiaries, branches, offices (liaison offices) and affiliates owe the Buyer in any other transactions; The Company can decide to use any money paid by the Buyer to repay any sums that the Buyer owes the Company, or its parent company, subsidiaries, branches, offices (liaison offices) and affiliates, no matter whether the Buyer has given any instructions to repay such sums.
Article 55 Remedies for Delay in Collecting the Lot
In case the Buyer fails to collect the purchased Lot within the period provided in Article 47 herein, the Company shall be entitled to adopt one or more of the following remedies:
(1) Arrange storage of the Lot at the Company or any other places and all cost (including but not limited to the Storage Fee according to the standard set forth in Article 2 Clause (15) of the Conditions calculating from thirty-first day after the Sale Date) and/or all risks shall be borne by the Buyer. The Buyer shall not collect the Lot unless the full Purchase Price is paid. The Buyer is responsible for the packaging charges, transportation fee, transportation insurance premium and other Expenses;
(2) The Seller shall bear all risks and/or expenses that occurs after the expiration of the thirty day period mentioned above. If the Seller fails to collect the Lot within ninety days after Sale Date, the Company has right to public auction or sell the Lot in ways and conditions that the Company deems appropriate. The Seller shall collect the remaining amount, which is proceeds obtained from forgoing disposal by the Company deducts all loss, expense (packaging charges, transportation fee, transportation insurance premium, Storage Fee and notarization fee) incurred, without any interests.