Auction #03

Otzarot Auction House Terms of Service Otzarot public auction house operates as an agent of the sellers of the items offered for auction. Otzarot will produce a catalog for every auction, with the details on the items offered for sale, their lot numbers and opening prices. The details appearing in the catalog are for buyer information purposes only and Otzarot assumes no responsibility for any particular detail. The buyer bares the sole responsibility for examining the items during the pre-auction exhibition, whose dates will be published in the catalog or on the Otzarot website. The rights to the photos appearing in the catalog are reserved to Otzarot. The prices appearing in the list of items are the minimum prices and do not constitute a valuation. Sometimes we receive items whose owners have set a very low opening price. Otzarot, for its part, conducts a professional appraisal, and will list the opening price, asked by the owners, but will also list our estimate, which is often much higher than the opening price. Otzarot will appoint a person as manager of the sale, who will be responsible, among other things for the execution and management of the auction on behalf of Otzarot. The auction manager (?the auctioneer?) reserves the right to prevent participation in the auction of any person. The auctioneer reserves the right to determine the winner of each lot, to cancel the sale of any item (even after it is sold) or to offer an item for sale again, at his sole discretion. The auctioneer is not obligated to accept any offer whatsoever, including the highest bid, even if the buyer or his agent is physically present in the auction hall and personally participates in the auction. The auctioneer reserves the right to add or withdraw items from the sale, or to change the details concerning an item offered for sale, in accordance with information received after the publication of the catalog. Online sale participants shall be aware that Otzarot bears no responsibility for any technical impossibility for entering bids online, including errors caused by telecommunication problems or the crash of the website or any malfunction of the online bidding software or any other computer or telecommunication problem. A buyer who is approved for participation in the auction will be assigned a buyer number that he will use for entering bids on items he is interested in purchasing. When the auction is conducted, the buyer agrees and accepts upon himself that his bid is final and he has no right whatsoever to change or withdraw it, including the hammer price of the item, with the addition of the buyer?s commission as stated below, and all other costs entailed in the purchase, as indicated below. When bids are received during an auction other than online (by telephone or from the audience in the hall), these bids will be displayed on a computer screen as ?in-room bids.? When two identical bids are received, one online and the other in-room, the in-room bid will take precedence. Otzarot will represent buyers who are unable or not interested in participating in the auction. These buyers will be asked to fill in an offer form by the day of the sale, and to give the signed form to the auctioneer. The acceptance of the bids is conditional on the sole discretion of the auctioneer. The auction will be conducted in US dollars. The ?hammer price? for the purposes of the auction is the price stated in the buyer?s bid, by virtue of his bid being accepted in accordance with these terms. Immediately after the declaration of the sale of the item and the buyer?s number by the auctioneer, the buyer?s bid will be considered as having been accepted and the item presented for sale will be transferred to the ownership of the buyer, by virtue of his bid, and subject to the fulfillment of his obligations to pay in accordance with these terms. The buyer whose bid is accepted will pay Otzarot the hammer price plus a commission of 22% (plus VAT). Payment in NIS for an item whose price is stated in US dollars will be calculated based on the representative exchange rate (shaar yatzig) issued by the Bank of Israel on the day of the auction. Payment for purchases will be executed in one of the following ways: In cash, up to the sum of NIS 11,000 (subject to Israeli law) By bank transfer By check (subject to the clearing of the check by the bank) By credit card (foreign residents will be charged a credit card clearing fee of 2.5%) The above charges are not dependent on the billing date and are subject to a heter iska. The buyer is obligated to take ownership of the items he has purchased and complete the payment no later than one week from the date of the auction, an under all circumstances, no later than 14 days from the date of the auction. After 14 days Otzarot reserves the right to charge $4 a day storage fees. A foreign resident will be eligible for a VAT exemption only on the condition that the item purchased is sent abroad by Otzarot, with no responsibility and subject to the issuing of an export waybill by the customs authorities. The buyer is responsible for collecting the items he has purchased, directly from the offices of Otzarot, or via an agent or via an arrangement with a courier company on the buyer?s behalf. The buyer may request that Otzarot, while assuming no responsibility, package and send the items to the buyer, who will bear the full shipping costs. For shipping rates, please contact the Otzarot office. The cost of the shipping is dependent on the type of packaging, the courier company and the buyer?s shipping address. The buyer of any item, whether for himself or for another person, is obligated to pay for the item and take possession of it. The auctioneer has the authority to exercise any means he sees fit in order to ensure that the buyer fulfills his obligations, including cancelling the sale, selling the item to another person, charging the buyer for any expenses incurred by the auctioneer, filing a damages suit, delaying the release of the item and adding any expenses incurred. The buyer who wins the auction of an item has the right to appeal to Otzarot with respect to the originality and condition of the item, up to 30 days after the date of the sale. If the buyer proves to Otzarot that there was an error in the information provided regarding the item, Otzarot will refund the buyer?s money in exchange for the return of the item. Once Otzarot has done this, the buyer will have no further claim and/or demand against Otzarot. The transfer of the possession of the item will be executed only after the buyer fulfills all his monetary obligations to Otzarot. Otzarot reserves the right to notify perspective buyers either orally or in writing, up to the time of the auction, regarding additions or changes, if any, to the above terms. The rabbinical courts in Bnei Brak will have sole jurisdiction in any dispute between Otzarot and a buyer in matters stemming from and/or connected to the purchase and/or transfer of possession of an item. In case of discrepancies between the Hebrew and English version of these terms, the Hebrew version shall take precedence.