Leon Exchange Online Auction 7 - Session 1

The following are the Terms and Conditions that Leon Gallery has set for this auction. Kindly read carefully. Leon Gallery, all the participants of the event, processes, and transactions shall be guided accordingly by these rules. GENERAL: a. Each item (lot) in this catalogue is offered for sale dependent on the terms exhibited below. b. All lots are numbered according to the catalogue unless otherwise stated by the auctioneer. c. Transferring, selling, assigning of lots to anyone other than bidder that won prior to the removal of the lot from the Gallery is not allowed. Only the winning bidder has the authority to remove the lot from the Gallery. d. All items sold do not have any warranty. Leon Gallery is not and will not be liable for any unfortunate circumstances that can happen to the lot after it has been transferred to the winning bidder. e. All participants must agree to be bounded by the terms that have been set by Leon Gallery. BIDDING: a. Bidders are required to complete and sign registration forms. Participants shall be asked to present a valid government issued identification card (passport, driver?s license, etc.) upon registration. b. Before the auction proper, each buyer will be given an assigned Buyer?s number. The highest bidder of a specific lot shall be the buyer of the lot. c. The auctioneer shall announce the winning bid and the corresponding Buyer?s Number of the bidder. Failure of the winning bidder to object at the time of announcement shall be considered as an acknowledgment of the bid and purchase. The buyer is legally liable to purchase the lot or pay the difference if the host must re-offer and sell it for a reduced price. d. The purchaser?s Premium shall be 18% plus vat(12%) of the 18%. e. The Auctioneer shall be in charge of supervising the bidding and shall be the sole arbiter of any disputes. Leon Gallery reserves the right to withdraw property at any time before the sale and reject a bid from any bidder. f. Absentee bids are allowed in this auction. They are permitted to bid until fifteen minutes prior to the start of the auction for all items in the auction. Absentee bids for later lots may continue to be accepted according to announcements or signs posted on the office window. A deposit may be requested on absentee bids over 200,000 pesos or at the discretion of the auctioneer. The auctioneer will be responsible of bidding the absentee bid in opposition to the floor bidders. In case a tie occurs, the earlier bid wins the lot. Leon Gallery will not be liable for any failed Absentee bid. The Absentee bidders may contact the gallery, after the auction to know if they won the lot. PAYMENT: a. The balance of the invoice must be paid in full and merchandise picked up within three days of the date of sale. One week after the auction, left items may be moved to an off-site facility for pickup. A storage fee will be charged if merchandise is left longer than two weeks of 100 pesos per lot per day. If the property is left longer than four (4) weeks, it will be considered abandoned. We are not responsible for shipping, but if packing and handling of purchased lots is done by us, it is done at the entire risk of purchaser. A refundable deposit may be required. b. Cash, cashier?s check, wire transfer, personal check (items may be held until the check clears. If any legal action is commenced to enforce these Conditions of Sale, the prevailing party shall be entitled to recover its reasonable attorney?s fees and costs. Time is of the essence. Payments will be wired to: Account name: Leon Gallery Account number: 2166008845 Address G/F Corinthian Plaza, 121 Paseo de Roxas, Legazpi Village, Makati City, Philippines Swift code: MBTCPHMM LITIGATION: In case of litigation between Leon Gallery and the buyer, the parties must submit to the Law Courts of Makati.