AUGUST ART & COLLECTIBLES-SECTION 2

These Terms of Sale are made by and between Errefajat Art Gallery LLC ("Errefajat," "Auction House," "We," "Our" or "Us") and Bidder ("Purchaser," Buyer" or "Agent"). The Terms of Sale and all contents of the catalog are subject to amendment by Errefajat Art Gallery LLC either by the posting of notices or announcements made by the auctioneer. By participating in any sale, Bidder with this acknowledges being bound by these terms and conditions. The following Conditions of Sale are the complete and only terms and conditions on which all property is offered for sale. BEFORE THE AUCTION 1. Please make sure you can read and understand our Terms & Conditions before you bid, as they will be binding. 2. Your bidding in this auction means that you know and accept our Terms & Conditions. 3. Our sales have bidding limitations and restrictions applied. REGISTRATION Buyer must complete and sign a registration form and provide identification before bidding. We may require a bank or other financial references. A photo ID and Credit Card will be copied for a record. A tax document is provided for tax-free. Errefajat Art Gallery LLC has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid. For the first time bidders or bidders with bad credit and history records, we will ask a $500 deposit holding from their registered credit card to get approval for bidding with us. If the Bidder is successful in winning a Lot, the deposit will be applied toward the purchase price. If the Bidder is unsuccessful in winning a Lot, the deposit will be returned to the unsuccessful Bidder within 5 business days. It is strongly advised that you try to settle your existing dispute(s) before registering to bid in our Sale. TERMS AND CONDITIONS OF SALE 1.Unless otherwise indicated all Property will be offered by Errefajat Art Gallery LLC as agent for Consignor.2. Errefajat Art Gallery LLC reserves the right to vary the terms of sale, and any such changes shall become part of these Conditions of Sale. 3. Errefajat Art Gallery LLC shall conduct the auction per lot as numbered in the catalog. It reserves the right to withdraw any lot prior to sale and shall have no liability whatsoever for such withdrawal. We expressly reserve the right to reproduce any image of the lots sold in the catalog. 4.In the unlikely event we lose our internet connection Errefajat Art Gallery LLC reserves the right in its sole and absolute discretion to cancel the remainder of the auction.5. The successful bidder is the highest bidder acknowledged by the auctioneer. In the event of any dispute between bidders, the auctioneer will have the final discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, the Errefajat Art Gallery LLC sale record is conclusive. 6. If the auctioneer determines that any opening or later bid or any advance bid is not commensurate with the value of the Property offered, he may reject the same and withdraw the Property from sale. 7. The bidder assumes responsibility for ensuring that the condition of the item(s) meets with their satisfaction prior to bidding. ALL PROPERTIES ARE SOLD AS IS, WHERE IS. Neither Errefajat Art Gallery LLC nor the consignor makes any warranties or representations of any kind or nature with respect to property or its value, and in no event, shall be responsible for the correctness of description, genuineness, attribution, provenance, authenticity, authorship, completeness, condition of property or estimate of value. We do not guarantee authorship, signatures, or markings. No statement (oral or written) in this catalog, at the sale, or elsewhere shall be deemed such a warranty or representation, or any assumption of responsibility. All measurements are approximate. a. All items are available for your examination prior to bidding. Written and oral descriptions are our opinions and should in no way be construed as a guarantee of any kind as to authenticity, age, condition, materials or any other feature of items being sold by. b. Errefajat Art Gallery LLC will assert the best effort to catalog every lot correctly and will attempt to point out any defects, but will not be responsible or liable for the correctness of the catalog or other descriptions of the lot. c. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. d. We recommend the prospective bidders examine all items in which they have an interest. By placing a bid, either in person, by phone, absentee or via the Internet, the bidders signify that they have examined the items as fully as possible, or that they have chosen not to examine the items. e. Without limiting the foregoing, Errefajat Art Gallery LLC, nor any of Errefajat Art Gallery LLC officers, employees or agents, are responsible for the correctness of any statement, of whatever kind, concerning any lot, whether written or oral nor for any other errors or omissions in description or for any faults or defects in any Lot. f. A range of estimates is given on each lot with a low and a high estimate. Estimates should not be relied on as a prediction of the actual selling or resale price. g. All sales to highest bidder are final with NO DISCOUNT, REFUND, EXCHANGE, OR RETURN, AND MUST BE PAID IN A TIMELY MATTER. 8. ABSENTEE BIDS As a service to those wishing to place bids, we will accept such bids, in advance of the sale, on bidding forms available from us. In the event identical bids are submitted, the earliest will take precedence. Absentee bids shall be executed in competition with other absentee bids, any applicable reserve, bids from the audience and bids live on-line. If we receive written bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid. 9. TELEPHONE BIDS On lots with a low estimate of $300 and above and if a bidder makes arrangements with us prior to the commencement of the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone and we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding. 10. AFTER THE SALE Errefajat Art Gallery LLC A buyer's premium will be added to the successful bid price and is payable by the purchaser as part of the total purchase price. The buyer's premium is 25% of the successful bid price up to and including $50,000, 23% between $50,001 and $500,000, and 21% on any amount in excess of $500,000. ALL ITEMS SOLD IN OUR GALLERY IS TAX EXCEPTION BECAUSE OF SALE TAX-FREE IN DELAWARE STATE. a. PAYMENT ALL PAYMENT MUST BE RECEIVED IN SEVEN BUSINESS DAYS AFTER THE SALE. We accept personal or company checks, cashier's checks, money orders, Visa, MasterCard, and Discover payments. For items purchased online, buyer will be emailed an invoice within 24 hours after the auction. This email provides instructions on how to make your payment. It is the buyer's responsibility to contact us at (302-884-7598) or email us ( info@errefajatartgallery.com ). If paying by check, money order, or cashier's check, Errefajat Art Gallery LLC reserves the right to hold all purchases until the check has cleared to the satisfaction of Errefajat Art Gallery LLC and its bank. Check, money order or Cashier's Check should be made payable the name listed on the invoice. The buyer agrees to pay Errefajat Art Gallery LLC a handling charge of $50 for any check dishonored by the drawee. Visa, MasterCard, or Discover Card for the amount no greater than $5,000 with 3% Credit Card Transaction Fee; all orders of more than $5,000 must be paid for by Certified Check or Money Transfer. PLEASE NOTE: Bank-to-Bank wire payments sometimes take several days to appear in our account, so, at the very minimum, you must submit to us, within the five (5) business days time period, an email with a scanned copy of the order for your Bank Wire Payment, along with the contact name of your banking representative, their email address and the direct contact telephone number for your banker. All bank wire transfer fees, including the receiving bank wire fees charged to Errefajat Art Gallery LLC for this convenience, are at the expense of, and are to be paid by the Buyer and those fees will be included in the invoice we send to you. If we are prevented by fire, theft, or any other reason whatsoever from delivering any property to the purchaser, our liability shall be limited to the sum actually paid, by the purchaser for such property. b. RELEASE FOR SHIPPING Collecting Purchases Once Errefajat Art Gallery LLC has received all funds due to us, the buyer shall collect purchased lots within seven (7) business days from the date of the sale. Packing and Shipping If your bid is successful, we can provide you with a list of shippers. We will not be responsible for the acts or omissions of carriers or packers whether or not recommended by us. The property will not be released to the shipper without the buyer's written consent and until payment has been made in full. Packing and handling of purchased lots by us are at the entire risk of the purchaser, and Errefajat Art Gallery LLC will have no liability of any loss or damage to such items. If we do not receive payment in full, in good cleared funds, within seven (7) business days following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any additional actions available to us by law: a.) to impose a late charge of one and a half percent (1.5%) per thirty (30) days of the total purchase price b.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law c.) to cancel the sale d.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser's obligations to us, any property in our possession owned by such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or in the case of bank or cashier's checks, we have confirmed their authenticity. e.) to offset against any amount owed. f.) to not allow any bids at any upcoming auction by or on behalf of the buyer. g.) also, for lack of payment on time (On-Time Payment) we will file a Dispute against your Bidder account for such none or slow payment and the sale may be canceled without any further recourse to you. h.) to take other action as we find necessary or appropriate Failure to Collect Purchases. If a property is not picked up within seven (7) business days following the sale, whether or not payment has been made, Errefajat Art Gallery LLC reserves the right to charge $5 per lot per day or to deliver said property to a public warehouse for storage at the purchaser's expense. Errefajat Art Gallery LLC shall have no liability for any damage to property left on its premises for more than seven (7) business days following the sale. In addition, we reserve the right to impose a late charge of one and a half percent (1.5%) per month of the total purchase price if payment is not made in accordance with the conditions set forth herein. For property that is not picked up after thirty (30) calendar days, an additional administration fee of $80 will be charged. The property which is paid for but left on our premises for any reason in excess of sixty (60) calendar days is subject to sale by us with the balance of any funds recovered in excess of storage charges and any other fees being remitted to you. 11. INTERNATIONAL BIDDERS YOU ARE RESPONSIBLE TO MEET ALL CUSTOMS AND IMPORT-EXPORT REGULATIONS. WE WILL ASSIST BUT CANNOT BE HELD LIABLE FOR INTERNATIONAL LAWS AFFECTING THE DELIVERY OF YOUR ITEMS. BID INCREMENTS Price Bid Increment $0.00 $10.00 $100.00 $25.00 $500.00 $50.00 $1,000.00 $100.00 $5,000.00 $500.00 $10,000.00 $1,000.00 $30,000.00 $2,500.00 $50,000.00 $5,000.00 $100,000.00 $10,000.00