Mandarin Auction

Terms and Conditions In order to uphold consignors?, bidders?, and buyers? rights, all the participants must kindly read the following instruction in detail and fully comply. Chapter One: General Regulations and Numbering Article I The regulations are made in accordance with the auction events held by Mandarin Auction Co. Ltd. (Mandarin hereafter). Consignors, bidders, and buyers must carefully read following regulations and articles and comply all of them to attend all the auction events of Mandarin?s to be in charge of their behaviors. Mandarin does not bear any responsibilities for any actions that are against the regulations. If any losses or obligations caused result from not careful reading the regulations, behaviors must bear all the consequences. Article II Consignors are meant to those natural persons, juridical personsor other organizations with legally effective identification or registered certificates with the auction contract signed by Mandarin. In the regulations, unless there are other extra instruction or special demands according the context, consignors include the agents of the consignors. Articles III Bidders mean those who possess effective identification or registered certificates to complete all the necessary procedures, including signing up for auctions, paying the security deposits, and obtaining bidding paddles to participate Mandarin?s auction events. Bidders must be the capable natural persons, juridical persons or other organizations in accordance with the civil laws. Article IV Buyers are defined those bidders who participate in Mandarin?s auction events and are publicly recognized by the auctioneers with the hammer price. Mandarin can immediately requestbuyers to sign deal confirmation at the auction venue. Article V Price Instruction: Estimate means the reference price listed in the cataloguing, other publications published by Mandarin and information before the auction events as the reference for the bidders. Reserve Price means both sides confirm the reserve price for the lot and sign on the entrusted contract after negotiation. Closing Price means the price which auctioneers knock down the gavel at the auction event venue and publicly offer the price of the lot to the buyers. Service Charge represents both consignors and buyers must pay the service fees to Mandarin in accordance with the closing price by ratio at Mandarin?s public auction events. Article VI Mandarin sign the entrusting auction contract with consignors and accept consignors? trust to be their agents. Besides other specific regulations, the legal and effective sale relationship between consignors or represented by Mandarin and buyers exists after the auctioneers knock down the gavel at Mandarin?sauction events. Consignors and buyers must not regret for the sale relationship. Both consignors and buyers must undertake the legal responsibilities respectively. Article VII Paddles Paddles are the only certificate for bidders to participate in the live auction events. Bidders must keep the paddles carefully. Once lost, bidders should immediately proceed to the loss reporting procedures in the written form regulated by Mandarin. All the bidding actions would be considered as the behaviors made by the paddles? registrants. Unless all the loss reporting procedures are completed before the auction date, bidders must take the legal responsibilities for the paddles holders. Article VIII Bidders Security Deposits Bidders who participate in Mandarin?s auction events should submit payment for security deposits before obtaining paddles. The amount of security deposits would be announced by Mandarin before the auction date. If bidders are not able to purchase any bidding lot, the security deposits will be returned to the bidders in ten working days without interests. If bidders turn to buyers, the security deposits will automatically transit as an initial payment to pay for the closing price of the lot. Article IX Cataloguing In the auction events held by Mandarin, for the convenience of the bidders and consignors to attend the auctions, Mandarin would publish cataloguing for lots which are briefly described with words and photos for their conditions. Words, estimates, photos, and other forms of videos and propagandas which can be revised before auctions are only for the reference and information for bidders. Mandarin does not take any responsibilities for the actuality, value, color, texture and deficiency of the lots. In case of discrepancy between the cataloguing and the real lot, the real lot shall prevail. Mandarin and its staff or agents do not guarantee for bidding lots regardless of introduction and comments through the form of certificate, cataloguing, condition description, projection, news piece, Internet media, etc. The quotes for the instruction of the bidding lots from publications are only for the reference of the bidders. Mandarin would not offer the original copies of the publication and reserve the rights to revise or amend the description. Mandarin and its staff or agents shall not be in charge of any omissions or mistakes in the description of the introduction and comments. Article X Review Responsibility of the Bidders Mandarin specifically announces that it shall neither take any obligations for the authenticity or quality of the bidding lots nor the deficiency of the lots. Mandarin solemnly suggests bidders should review the originals of the bidding lots in person before the auction date and judge the authenticity and quality of the bidding lots by themselves as well as bear the legal responsibility for their own behaviors. Article XI Absentee Bid Bidders shall be presence at the auction events. If not, bidders can entrust Mandarin for bidding in the written form. Mandarin has the rights to determine in receiving above trust. Those who would like to entrust Mandarin to bid shall submit their entrusting procedures forty-eight hours prior to the auctions and present the entrusting bidding authorization to Mandarin in written form. Bidders who entrust Mandarin to bid must take all the consequences and related legal responsibilities for the bidding results. If bidders would like to cancel their trust to Mandarin, they shall notify Mandarin twenty-four hours prior to the auctions in written form. Due to complimentary service offered by Mandarin to deliver bidding information to the bidders, Mandarin and its staff do not bear any responsibilities for any negligence, fault or inabilities to bid during the auction. Article XII Image Display and Money Exchange Display For the convenience of the bidders, Mandarin may use image projectors or other forms of displays during the auction. The content of the displays are only for reference. There may be errors on the displays for showing amounts, bidding numbers, auction photos or foreign exchange rates. Mandarin would not be in charge of any errors resulting in any losses. Article XIII Decision of the Auctioneers Auctioneers have the right to represent Mandarin to raise or lower the bidding brackets, to refuse any bidding, and reopen the bid if any controversy happens. Article XIV Abnormal Situation Handling When abnormal situation happens which may cause influence during auctions, Mandarin has the rights to make proper responses in accordance with the actual situation until the suspension of the auctions. If there is any controversy happening at the site of auctions, Mandarin shall reserve the rights to negotiation and mediate. Article XV Rights for Refusal Mandarin shall possess all the rights to refuse anyone to participate at Mandarin?s auction events or enter the auction sites. In addition, Mandarin can deny all activities such as photography, tape recording, and video recording. Article XVI Service Fees and Payment for Closing Price Buyers shall pay Mandarin for service fees for eighteen percent of the closing price. The payment which buyers shall pay includes closing price and service fees. If there is any taxation and other charges owing to the purchase, buyers should declare and bear the charges. After the deal is completed, buyers shall fulfill the payment to Mandarin for closing price in New Taiwan Dollars within ten days after the auctions. If buyers choose to pay in currencies other than New Taiwan Dollars and wire the amount to the designated account of Mandarin?s foreign currency accounts, Mandarin will adopt the exchange rate to New Taiwan Dollars on the auction date to pay for the closing price. The differences caused by the exchange rate changes from foreign currencies to New Taiwan Dollars must be undertaken by the buyers. Article XVII Ownership Transferring and Claim Bidding Lots After buyers complete payment for closing price, they can obtain the ownership of the lot. Buyers shall claim bidding lots at the designated venue by Mandarin thirty days after the auctions. All the overdue costs on preservation, transporting, and insurance fees must be taken by buyers. Buyers also need to take full responsibilities for the lots. Mandarin does not share any obligations for any losses, diminishes, and damages of the lots. Article XVIII Packing and Transporting If buyers request Mandarin and its staff for packing and handling the bidding lots, it will be considered as service offered by Mandarin to buyers. Mandarin can decide whether to provide this service or not. If any losses happen, buyers must bear the consequences. In addition, if any errors, omissions, and losses happen due to packing and transporting services recommended by Mandarin to buyers, Mandarin does not take any responsibilities. All the costs for shipping, transporting insurance fees, exit declaration, and appraisal charges must be paid by buyers. Article XIX Undischarged Payment Buyers who do not fulfill payment for closing price ten days after the auctions are consideredas breach of contract. Besides confiscating security deposits and paid amount, Mandarin can hold other bidding lots or payments in custody from the same buyers. Fourteen days after the extension notification given by Mandarin to buyers, if buyers cannot complete payments within the deadline, Mandarin can remain the rights to dissolve this deal and cope with the lots at its will. Chapter III Regarding to Consignors Article XX Promises of Consignors Consignors and its entrusting bidding lots irrevocably promise Mandarin and buyers as following: (1) The complete ownership or disposition of the bidding lots, the legal rights and interests of the bidding lots neither to damage any third party nor to run against the laws and regulations (2) the understanding of everything from consignors who must fully disclose the origin of the lots and deficiencies to Mandarin without any reservation, deception or fabrication, and (3) if consignors violate above promises and cause the real owner of the lots or any third person that has the legal claimant to demand reparation or file lawsuits, leading to the losses of Mandarin or buyers, the consignors must compensate all the costs and expenses, including legal consultation charges. Article XXI Agents of the Consignors If Consignors allows agents to entrust Mandarin to auction its lots, consignors shall present entrusting documents to Mandarin and offer consignors? and agents? legal identification to sign an auction contract with Mandarin. Mandarin has the rights to go through appropriate check-up for the above entrusting matters. Article XXII Reserve Price Reserve price is the lowest selling price for the bidding lots offered by the consignors to Mandarin and signed in the auction contract. If the reserve price does not appear in the written form, it will mean no reserve price. Under any circumstance, Mandarin will not take any responsibilities if a certain bidding lot does not reach the reserve price and cause no deal during Mandarin?s auctions. Article XXIII After consignors sign the entrusting auction contract with Mandarin, consignors would authorize Mandarin to have full rights of determination as following: (1) Photograph, picture-making, picture-recording for bidding lots or other forms of video-recording, promotion, and decision to arrange every approach of promotion. (2) Arrange exhibition and display and all the arrangement during the display. (3) Unless Mandarin has another deal with consignors, Mandarin has the right to decide if the bidding lots are proper for auction by Mandarin which also can fully determine the venue, date, session, condition, method, and bidding condition for the entrusting lots. Article XXIV Copyright Consignors authorize Mandarin to photograph, picture-making, picture recording and other forms of video-recording and promotion. Thus, Mandarin has the copyrights and can access to these under the legal condition. Article XXV Termination of Bidding If any of the following condition happens, Mandarin has the rights to terminate the auction for the bidding lots before the auction date. (1) Mandarin has doubts on the ownership of the lots. (2) The third party has the ownership of the lots or the authenticity is questionable with proven evidences approved by Mandarin. (3) Mandarin has different thoughts on the description offered by the consignors or the reliability is doubtful in Article XX. (4) There is an evidence proving consignors have already violated or will violate any articles of the regulations. (5) Other existing reasons make Mandarin consider the bidding lots inappropriate for auction. Article XXVI Insurance Arrangement by the Consignors If consignors inform Mandarin not to insure for their bidding lots in written form, the risks shall be taken by consignors. Consignors shall bear following responsibilities: (1) For any other obligees demand reparation or file lawsuits against Mandarin due to losses and damages of the bidding lots and undertake all the responsibilities to all the losses, costs, and expenses. (2) For any other reasons causing the damages and losses of the bidding lots which lead to the losses of Mandarin or other obligees total losses and all the costs and expenses. (3) For any other insurers notifying listed compensation by this article. Article XXVII Disclaimer During the period that bidding lots preservation in Mandarin, if there is any losses and diminishes caused by its natural consumption, Mandarin will not bear any responsibilities. Article XXVIII Insurance Compensation If there is any damage leading to losses and diminishes of the bidding lots covered by insurance purchasing by Mandarin for bidding, it will be taken care of in accordance with the insurance laws and regulations of the Republic of China (Taiwan). Mandarin will return the insurance compensation after deducting its costs and expenses to the consignors after receiving compensation from the insurance company. Article XXIX Deliver Amount of Closing Price Mandarin will comply with the regulations of the entrusting contract to pay consignors in New Taiwan Dollars within thirty days after receiving buyers?full payment. The final amount paid to the consignors will be deducted from service fees, insurance fees, cataloguing fees, other regulatory fees and taxation in accordance with the closing price. Article XXX Deal Withdrawal If buyers cannot fulfill payment of the closing price sixty days after the auction, consignors can issue a notification in written form to withdraw the deal. If Mandarin confirms not to be able to receive full payment from buyers, Mandarin will have the right to cancel this deal and notify the consignors to get the lots back or to negotiate with Mandarin for future bids. Article XXXI Obtaining Bidding Lots If the bidding lots does not call for bidding, consignors withdraws bidding lots, bidding lots cannot fulfill or the deal is cancelled by Mandarin or consignors, consignors should come to the designated venue to pick up bidding lots by themselves thirty days after receiving Mandarin?s notification. All packing and transporting costs and expenses are at consignors? costs. Consignors also need to pay for unsuccessful deal?s service fees to Mandarin and other fees. If consignors do not get the bidding lots back within expiration date, the entrusting contract between Mandarin and consignors will be terminated on the expiration date. After the expiration date, all the risks and expenses will be at consignors? costs. Sixty days after the expiration date without claimant, Mandarin has the right to auction the lots publicly or sell the lots in an appropriate way which Mandarin recognizes. After the deduction of all losses and costs (preservation fees, insurance fees, transporting fees, and notarial fees), if there is any remaining amount, consignors can claim it back without any interests. If consignors request Mandarin to assist to return their bidding lots, regardless of postponement or expiration, the risks and fees for returning will be at the consignors? expenses. Unless consignors specifically request to pay for the insurance fees by themselves, Mandarin will not insure for the lots for returning transporting. Chapter IV Others Article XXXII If the third party has any doubts or questions to its legitimacy of the bidding lots and asks Mandarin to suspend bidding, the third party must present a written certificate issued by the judiciary forty-eight hours prior to the auctions. After the approval of Mandarin and submitting guarantee deposits according to Mandarin?s regulations, the third party must sign a written form to take the legal responsibilities for all the losses caused by the suspension of the auction. Article XXXIII Any disputes arising from this auction held by Mandarinmay be governed by applicable laws and regulations of the Republic of China (Taiwan). The parties hereby submit and consent to the non-exclusive jurisdiction of the Taiwan Taipei District Court. Article XXXIV Regulations Amendment and Date of Implementation Mandarin reserves the rights to amend or revise the regulations and immediately applies the latest version of the revision of the regulations. If the regulations are amended, Mandarin will announce them in time and in the proper manners considered by Mandarin. All parties shall pay attention to this. Mandarin has the rights not to inform all parties individually. The regulations are in effect starting from May 1, 2013.