Important Chinese Arts

Auction Terms and Conditions Of Leaderbon Arts Gallery Article 1 Formulation of Rules These Auction Rules are formulated in accordance with the Ontario Law and other relevant laws and regulations with reference to China and general international practices. Article 2 Definitions of Terms The terms in the articles hereof are defined as follows: (1) The 'Company' refers to Leaderbon Arts Gallery.; (2) The 'Bidder' means a natural person, legal person or any other organization that has full civil capacity according to the provisions of the laws of Ontario and has gone through the registration and necessary formalities in the auction hold by the Company to bid for the Lot. The Bidder shall satisfy all provisions of laws and regulations with respect to conditions of sale of the Lot or qualifications of the Bidder. In these Rules, the Bidder shall include any of its agents unless as otherwise specified herein or required in a particular context; (3) The 'Buyer' means the Bidder that acquires the Lot with the highest bid in the auction hold by the Company; (4) The 'Seller' means a natural person, legal person or any other organization that consigns the Lot within the scope of these Rules to the Company for auction. In these Rules, the Seller shall include any of its agents unless as otherwise specified herein or required in a particular context; (5) The 'Lot' means any item(s) consigned by the Seller to the Company for auction, especially the items numbered in any catalogue with descriptive materials; (6) The 'Auction Date' means the date on which auction will formally begin announced in the notice of the Company in a certain auction. In case of any discrepancy between the actual date of auction and the announced date, the actual date of auction shall apply; (7) The 'Sale Date' means the date on which the auctioneer confirms the sale of any Lot in the auction held by the Company by dropping his/her hammer or in any other manner of publicly confirming the purchase; (8) The 'Hammer Price' means the price at which the auctioneer decides to drop the hammer and sell the Lot to the Buyer; (9) The 'Proceeds of Sale' means the net amount paid to the Seller from the Hammer Price after deducting pro rata commission, all Expenses and other amounts payable to the Company by the Seller; (10) The 'Purchase Price' means the total amount payable by the Buyer for his/her/its purchase of the Lot, including Hammer Price, commission, other Expenses payable by the Buyer as well as all the expenses payable by the Buyer as a result of the failure to perform obligations; (11) The 'Expenses' means the Company's expenses of insuring the Lot, making the catalogue of the Lot and other public materials, packaging, transportation and storage, and other expenses collected pursuant to relevant laws, regulations or the provisions hereof; (12) The 'Reserve' means the lowest selling price of the Lot put forward by the Seller and confirmed in writing after consultation with the Company; (13) The 'Reference Price' means the estimated price of the Lot provided in the catalogue of the Lot or other descriptive materials instead of the actual sale price. Article 3 Scope of Application of the Rules The Company organizes auctions within the scope permitted by the laws and policies of Canada, the Seller, the Bidder, the Buyer and other parties concerned (including but not limited to the agents of the Seller, the Bidder and the Buyer) participating in the auction organized by the Company shall be deemed to completely accept the provisions of the articles hereof and be bound by these Rules. In the auction organized by the Company, they shall observe the provisions hereof, enjoy the rights provided herein and perform the obligations provided herein. The Bidder that attends an auction organized by the Company personally or authorizes an agent to bid on his/her/its behalf by raising the card, in writing, by phone or by any other means shall be deemed to have fully accepted these Rules. Any dispute among the parties to the auction organized by the Company shall be settled in accordance with these Rules. Article 4 Guarantee for Flaws The Company shall not bear the guarantee liability for the flaws in respect of the genuineness and/or quality of the Lot. Any description, explanation or opinion on the Lot shall be only for reference of the Bidder and/or his/her/its agent and shall by no means constitute a warranty or guarantee on the genuineness and/or quality of the Lot. All the Lots are sold on an 'as is' basis at the time of auction. Therefore, the Bidder and/or his/her/its agent shall carry out inspection of the original Lot personally or authorize an expert to conduct the same and shall be legally liable for his/her/its bid for a certain Lot. The Bidder that participates in the bidding at the auction organized by the Company shall be deemed to have conducted a comprehensive inspection and appraisal of the genuineness and quality of the Lot that the Bidder prepares to bid for and to be satisfied with such Lot's status quo and value. The Bidder's participation in the bidding shows his/her/its willingness to assume the risks that might be encountered as a result and his/her/its waiver of the right to raise objections to the genuineness and/or quality of the Lot. Article 5 Special Notice When the auctioneer confirms the Bidder's bid by dropping his/her hammer or in any other manner of publicly confirming the purchase in the auction organized by the Company, the sales contract regarding the Lot shall legally enter into force and the Bidder shall be the Buyer of the Lot. Leaderbon, the Seller and the Buyer shall acknowledge the sale and transaction of the Lot, enjoy the rights under laws and these Rules, and assume the obligations under laws and these Rules. Any party that fails to perform obligations shall bear the corresponding legal liability. The Seller, the Bidder, the Buyer and other parties concerned participating in the auction organized by the Company shall carefully read and obey these Rules, and shall be liable for their act of participating in the auction organized by the Company and any loss or liability caused by failure to read these Rules carefully. The Company may amend these Rules by posting an announcement at an auction site or making an announcement at an auction through an auctioneer. Chapter I The Bidder and the Buyer Article 6 Special Notice All properties sold as is. All sales are final with no refund, no exchange, and no credit. We do our best to describe each lot correctly, correctness on the physical conditions, size, material, importance authenticity, attribution, provenance, exhibitors, literature, historical relevant of any lots and any statement are not warranted. While the auctioneer has endeavoured not to mislead in the description issued, such descriptions of statements are solely opinions and no warranty of the correctness of such description is made. No sale will be set aside on account of any imperfections and conditions not noted. Opportunity to inspect the item is available prior to auction begins or on preview date. It is the responsibility of the buyer to inspect the article prior to purchase and it is encouraged to do so. Article 7 Catalogue of Lot The Company is to prepare a catalogue of the Lot to briefly introduce the conditions of the Lot with words and/or pictures to facilitate the Bidders and Seller to participate in the auction held by the Company. The words and Reference Price in the catalogue of the Lot, pictures, other images as well as public materials are only references for the Bidders and may be revised before auction. The Company provides no guarantee for the authenticity, value, tone, quality or flawlessness of the Lot. Article 7 Uncertainty of Catalogue In case that the tone, color, graduation and shape of the Lot shown in the catalogue and/or any other illustrations, images and public materials differ from those of the original Lot due to printing, photography or other technical reasons, the original Lot shall take precedence. Any introduction and appraisal of any Lot made by the Company and its employees or its agents in any way (including the certificate, catalogue, slide show and news media) are only opinions for reference and do not constitute any guarantee for the Lot. The Company and its employees or its agents shall undertake no liability for any inaccuracy or omission in the aforesaid introduction or appraisal. Article 8 Bidders' Inspection Responsibility The Company shall not bear the guarantee liability for the flaws in respect of the genuineness and/or quality of the Lot. The Bidder and/or his/her/its agents shall have the responsibility to learn about the actual conditions of the Lot and shall be legally liable for his/her/its bid for a certain Lot. The Company strongly advises the Bidders to personally inspect the original Lot they intend to bid for before the Auction Date by authentication or other means. Bidders shall judge by themselves whether Lot complies with the descriptions in the Company's catalogue of the Lot and other images and public materials, rather than relying on the catalogue, images and public materials to make decisions. Article 9 Registration of Bidders If the Bidder is a natural person, he/she shall fill and sign registration documents with an effective identity certificate before the Auction Date; if the Bidder is a legal person or any other organization, it shall fill and sign registration documents with a valid certificate of registration, the identity certificate of the legal representative or legal authorization certificates before the Auction Date, and collect a bidding number card. Otherwise, he/she/it shall not be deemed as an official Bidder. Article 10 Guarantee Money The Bidder shall pay guarantee money before collecting the bidding number card to participate in the Company's auction. The specific amount of guarantee money will be announced by the Company before the Auction Date. The Company will refund all the aforesaid guarantee money with no interest to the Bidder within five working days after auction if the Bidder fails to acquire the Lot. In the event that the Bidder acquires the Lot, the guarantee money will be part of the Purchase Price. The remaining sum (if any) will be refunded at the time of the Bidder's collection of the Lot. Article 11 The Company's Option The Company has the right to forbid anyone from participating in the auction organized by the Company or entering the auction site, or taking pictures or shooting videos at the auction site at its discretion. Article 12 Handling of Abnormal Events If any abnormal event occurs at the auction site, the Company has the right to take emergency actions. If any dispute arises at the auction site, the Company has right to mediate and settle it. Article 13 Confirmation of Buyer's Identity The Bidder must take good care of his/her/its bidding number card and be cautious not to lose it. The Bidder shall not lend his/her/its bidding number card to others, or the Bidder shall be assume all legal liability for others' act of bidding for the Lot using his/her/its bidding number card. Article 14 Authorized Bidding The Bidder shall as a rule attend the auction personally; otherwise he/she/it may authorize the Company in writing to bid on his/her/its behalf. The Company shall have the right to decide whether to accept such authorization. Article 15 Authorization Formalities The Bidder authorizing the Company to bid shall handle the authorization formalities within the prescribed period (no later than twenty-four hours before the Auction Date), issue a written power of attorney for bidding to the Company, and pay guarantee money in accordance with the provisions of Article 34 hereof. Article 16 Authorization Cancellation If the Bidder authorizing the Company to bid needs to cancel the authorization, he/she/it shall notify the Company in writing no later than twenty-four hours before the Auction Date. Article 17 Disclaimer of Authorized Bidding Since authorized bidding is a free service rendered by the Company to the Bidder that cannot participate in the on-the-spot bidding in person under special circumstances, the Company and its employees shall not be liable for unsuccessful bidding or the negligence, fault or failure to bid on the Bidder's behalf in the authorized bidding process. Article 18 Principle of Early Authorization In the event that two or more Bidders authorize the Company to bid for the same Lot with the same authorization price and succeed in the bidding, the Bidder whose power of attorney was first delivered to the Company shall be the Buyer of the Lot. Article 19 Auctioneer's Discretion The auctioneer shall have the right to increase or decrease the bidding increment on behalf of the Company, refuse any bid, or restart the auction of the Lot if any dispute arises. Article 20 Screen of Video Images and Screen of Foreign Exchange At the auction, the Company might use a video projector or other screens for the convenience of Bidders. The contents shown by them are only for reference. The Company shall not be liable for any losses caused by possible errors in amounts, numbers of Lots, pictures of Lots or foreign exchange rates for reference shown on the screen. Article 21 Successful Bid The fact that the auctioneer confirms the highest bid of a Bidder by dropping his/her hammer or in any other manner of publicly confirming the purchase shall indicate the conclusion of a sales contract for the Lot between the Bidder and the Seller. Article 22 Auction Minutes Auction minutes shall be made at the auction organized by the Company and shall be signed by the auctioneer and the recorder. At the auction held by the Company, after the auctioneer confirms the highest bid by dropping his/her hammer or in any other manner of publicly confirming the purchase, the Buyer shall sign the written sales confirmation. Article 23 Remuneration and Expenses The Bidder will become the Buyer of the Lot after succeeding in bidding. The Buyer shall pay the Company remuneration equal to 20% of the Hammer Price. Article 24 Time of Payment After succeeding in bidding, the Buyer shall effect full payment of the Purchase Price on a lump-sum basis within seven days after the Sale Date (including such date) and collect the Lot (fees for packaging and transportation shall be paid by the Buyer). Otherwise, it shall bear the liability for breach of contract. Article 25 Currency All payments shall be made in the currency designated by the Company. In the event that the Buyer effects payment in a currency other than the designated one, the amount shall be converted at such exchange rate as agreed upon by the Buyer and the Company or at such exchange rate as announced by the Canada Bank one working day prior to the date of payment by the Buyer. The Buyer shall reimburse the Company for all bank charges, commission or other expenses for converting the currency in which the Buyer makes payment into CAD or USD. Article 26Transfer of Ownership The Buyer will acquire ownership of the Lot after effecting full payment of the Purchase Price. Article 27 Transfer of Risks After successful bidding, the Lot shall be at the Buyer's risk at the earlier of the dates of occurrence of the following circumstances: (1) The Buyer collects the Lot purchased; (2) The Buyer fully pays to the Company the Purchase Price for the Lot; or (3) Expiry of seven days after the Sale Date (including the date). Article 28 Collection of the Lot The Buyer must collect the purchased Lot at the place designated by the Company within seven days after the Sale Date (including the date). In case of failure to do so within such time limit, the Buyer shall be responsible for the risks of the damage or destruction of the Lot purchased and all expenses for transportation, storage and Expenses of the Lot incurred due to delay. Even if the Lot is still kept by the Company or other agents, the Company and its employees or its agents shall not be liable for the damage or destruction of the Lot caused by any reason. All auction lots must be paid by applicable tax (13% HST) except the Canada residents buyer for resale purpose, or the buyer live in out of Canada and the third party(international buyer consigned) is a shipping company. Article 29 Packaging and Transportation The Company shall have the right to decide whether to accept the Buyer's request and provide packaging and processing service for the Buyer. Where the employees of the Company package and process the purchased Lot at the Buyer's request, the said packaging and processing shall only be deemed as service rendered by the Company to the Buyer. Therefore, the Buyer shall be liable for any risk and loss arising as a result. In no circumstance shall the Company be liable for the damage or destruction of frames, glass, drawers, bottom pads, trestles, mountings, insert pages, scroll heads or other similar accessories caused by any reason. Where the Buyer requests the Company to assist it in collecting the purchased Lot (the packaging, mailing and transportation expenses shall be paid by the Buyer) by means of post, express delivery or transportation, the Company shall be deemed to have delivered the Lot and the Buyer shall be deemed to have collected such Lot according to the normal procedure upon the Company's delivery of the Lot to the post, express delivery and transportation entities, companies or their employees/branch offices. The risks arising from this process shall be borne by the Buyer. Unless as Buyer gives a clear indication and pays insurance premium, no insurance is provided in the process of mailing, express delivery or transportation generally. The Company shall undertake no liability for any error, omission, damage or destruction caused by the packaging company and post, express delivery and transportation entities or companies designated by the Buyer or recommended by the Company to the Buyer. Article 30 Remedies for Non-Payment Where the Buyer fails to make full payment within the period provided in Article 48 hereof, the Company shall have the right to adopt one or more of the following measures: (1) If after acquiring the Lot the Buyer fails to pay the Purchase Price within the prescribed period, the guarantee money will not be refunded and the Buyer shall undertake the corresponding responsibilities according to the provisions of these Rules; (2) If the Buyer still does not fully pay the Purchase Price within seven days after the Sale Date (including the date), the Company will charge interest at a rate of 0.3% per day on the amount not paid by the Buyer from the eighth day after the Sale Date until the date of full payment unless as otherwise agreed by the Buyer and the Company; (3) To demand the Buyer to compensate the Company for all losses caused by the Buyer's breach of contract, including the losses of interest caused by the Buyer's deferred payment or refusal to make payment; (4) If the Lot or any other Lot auctioned by the Company to the same Buyer and any other property or property right of the Buyer possessed by the Company for any reason are retained, the Buyer shall be responsible for all expenses and/or risks that occur during the retention period. In case the Buyer fails to perform all its relevant obligations within the period designated by the Company, the Company shall have the right to dispose of the retained property in accordance with the provisions of the relevant laws and regulations of Ontario. Where the proceeds from the disposal of the retained property cannot cover the total amount payable by the Buyer to the Company, the Company is entitled to demand the balance otherwise; (5) To cancel the sale of the Lot or any other Lot sold to the same Buyer at the same auction or any other auction, and reserve the right to demand compensation for the losses caused by such cancellation; (6) The Company may auction the Lot again or sell it in other ways according to these Rules after obtaining the consent of the Seller. The original Buyer shall pay the remuneration/commission and other Expenses payable by the Buyer and Seller in the first auction as well as all expenses of auctioning the Lot again or selling it in other ways. In addition, the original Buyer shall make up the difference, if the price actually received by auctioning the Lot again or selling it in other ways is lower than the original Purchase Price. Article 31 Remedies for Deferred Collection of Lot In the event of the Buyer's failure to collect the purchased Lot within the time limit stipulated in Article 48 hereof, the Company shall have the right to adopt one or more of the following measures: (1) To store the Lot at the Company or any other place at the Buyer's Expenses and/or risks. The Buyer shall not collect the Lot unless the full Purchase Price is paid (the Buyer shall pay the packaging and transportation expenses); (2) To exercise a lien upon the Lot. In the case of the Buyer's failure to collect the Lot after thirty days, the Company shall have the right to dispose of the Lot in accordance with Chinese laws and regulations as the case may be, and to use the proceeds from disposal to cover the storage fees, insurance premiums, transportation fees and the like advanced by the Company. Chapter II Miscellaneous Article 32Confidentiality The Company shall be obligated to keep confidentiality for the Seller, the Bidder and the Buyer and protect the legitimate rights of the Seller, the Bidder, the Buyer as well as the Company according to these Rules and the laws of Ontario and Canada. Article 33 Authentication Right The Company may authenticate the Lot if necessary. In case of any discrepancy between the authentication conclusion and the conditions of the Lot in the consignment auction contract, the Company shall have the right to request modification or rescission of the consignment auction contract. Article 34 Copyright The Company shall have the right to make pictures, illustrations, catalogues or other images of any item consigned by the Seller to the Company for auction at its own discretion, shall have the copyright of the pictures, illustrations, catalogue or other images mentioned above according to law, and shall have the right to use them according to the law. Article 35 Exemption from Liability Being an agent of the Seller, the Company shall assume no liability for any breach of contract by the Seller or the Buyer. In case of the breach of contract by the Seller or the Buyer, the Company shall have the right to decide to disclose the other party's name and address to the Seller or the Buyer at its own discretion so that the damaged party may receive compensation for damages through legal proceedings. However, prior to the Company's disclosure of such materials to the Seller or the Buyer, the Company shall take the reasonable steps to notify the party whose materials are to be disclosed. Article 36 Notice Both the Bidder and the Seller shall notify the Company of their valid and regular means of communication and contact. If there is any change, the Company shall be notified in writing immediately. All notices mentioned in these Rules only refer to written notices sent by post or transmitted by fax. A notice sent by post shall be deemed to have been sent by the Company on the date when the Company gives it to the post office and shall be deemed to have been received by the addressee according to the normal mail procedure at the same time. A notice sent by fax shall be deemed to be received by the addressee on the date when it is transmitted. Article 37 Severability The rights and obligations of the parties concerned participating in the auction organized by the Company shall be determined in accordance with the provisions hereof. If any article or part of these Rules is found to be invalid, unlawful or unenforceable, other articles or parts of the Rules shall still be effective and must be observed and implemented by the parties concerned. In case of discrepancy between these Rules and the current auction law and the relevant laws, these Rules shall prevail to the extent that the provisions herein do not violate the prohibitive provisions of the relevant laws. If there is no provision herein and there are provisions in current laws, the provisions of the relevant laws will apply; if there is no provision in these Rules and the relevant laws, international practices or domestic industrial practices shall apply. Article 38 Settlement of Disputes If any dispute arises from participation in the Company's auction according to these Rules, all concerned parties may refer such dispute to the Ontario Arbitration Commission for arbitration. Such dispute shall be governed by the laws of Ontario. Article 39 Language These Rules are written in English, and the Chinese version is only for reference. In case of any discrepancy between the Chinese version and English version, the English version shall prevail. Article 40 Date of Effectiveness These Rules shall take effect as of Jan 15, 2013. Article 41 Right of Interpretation The right of interpretation of these Rules shall belong to Leaderbon Arts Gallery.

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