JSL Auction

JSL International Art Auctions Co., Ltd. Service Rules of Network Bidding 1. JSL International Art Auctions (JSL Auctions) provides the real-time network bidding services for the convenience of prospective buyers. JSL Auctions reserves the permit of network bidding registration and the rights of deactivation of network bidding in the auction period. JSL Auctions will not responsible for any mistake or failure to execute network bid in the auction period, including the error or missing that is resulted from the disconnection of network bidding of either party or software failure of auction system. 2. Before the auction, JSL Auctions will announce the relevant precaution items which concerning the auction. And, please the prospective buyers of network bidding services log-in before the auctions in order to assure the prospective buyers to be completely informed about the relevant notifications that are made JSL Auctions prior to the auctions. 3. It will be deemed as delivered the competitive bid when the prospective buyer pressed the button of ‘Bidding’. If have the successful bidding to JSLAuctions that is made by computer transmission, it is meant that you have already read in details and accepted the service rules of the company network bidding and the company business rules as well as confirmed to submit in this way as the final bid and will not allow to make any change or to withdraw the bidding, as well as you agreed to pay the entire dealt price which included the hammer price that should be paid by the prospective buyer, commission of buyer, as well as all the applicable taxes, expenses, and other relevant fees. For those successful winners through the network bidding, they should be charged for 3% of the hammer price as the outside-business service fee in addition to the commission of buyer that should be paid according to the Article 8, Section2 of the company business rules. 4. The ‘Anti-competition of price’ that is displayed on computer screen include those bided prices that were made by the bidding in the auction field, telephone bidding, written bidding, and those biddings made by the auctioneer on behalf of the commission party. If the network bid is made at the same as that is made by the ‘Anti-competition of price’, the ‘Anti-competition of price’ generally will be superior to the network bid. The auctioneer has the determination rights of successful winner or the rights of making re-bidding. 5. The computer screen will display the incrementing amount of bidding. The auctioneer has the rights to change the bidding incrementing amount in the auction field telephone bidding; however, the prospective buyer of network bidding should bid by full bidding increment. And, those network bidders will not see the screen of currency rates that is displayed in the auction field. 6. The network biddings will be listed into the records. If have any controversy or any difference between the online record and the auction record, the final decision will be made according to the auction record that is kept by the auction field. 7. The successful winners will obtain the notifications after the auctions. For those regulations of buyer payments and receptions of auction objects, please read the business rules. Conditions of Business Part I. General Provisions Article 1. Ching Shiun International Auctions Co., Ltd.(hereafter referred to as “the Company” ) carries on business on the following terms and conditions and on such other terms conditions and notices as may be set out of any relevant catalogue in every auction. Article 2. Any dollar amount referred to in these provisions is denominated in New Taiwan Dollars. The sale will finally be settled in New Taiwan Dollar. If any sale is settled in other currencies, it will be calculated in the exchange rate of the day of sale.In auction, the exchange rate shown on the screen is only for referral. The exchange rate of currency is calculated on the day before the auction day. However, the bidding is still conducted by New Taiwan Dollar. The inaccuracy of the exchange rate which shown on the screen can’t be controlled by JSL Auction. We will not take any responsibilities for any error or failure due to the screen information. Article 3. Definitions (1) Every bidder shall be deemed to act as a principal unless there is in force a written acknowledgement by the company that he acts as an agent on behalf of a named principal. (2) The auctioneer must start the bid with the price lower than the reserve price and has rights to bid successively for the seller or respond the other bidders in order to reach the reserve price. However, the auctioneer doesn’t need to indicate that in the auction. Under any circumstances, the auctioneer will not offer the same price or the price higher than the reserve. (3) Bidding The auctioneer accepts bids from those present in the saleroom, from telephone bidders, or in advance of the auction. The Company offers all telephone and absentee bidding services as a convenience to our clients, the Company will do the best to serve our clients but will not be responsible for errors or failures to execute bids. • Telephone bids Prospective buyers may bid by telephone during the course of the auction. Arrangements for this service must be confirmed with the Bid Department at least 24 hours prior to the auction. Telephone bids will be recorded. By bidding on the telephone, prospective purchasers consent to the recording of their conversation. The company will not be responsible for any failure telephone contact in cases of force majeure. • Absentee bids Absentee bids are written instructions from prospective buyers directing to bid on their behalf up to a maximum amount specified for each lot. If identical bids are received from two or more parties, the first bid received will take priority. • Bidder Registration Prospective buyers should register for a numbered bidding paddle at least 30 minutes before the auction. (4) No bidder can make a bid unless the registration form has been filled in by the very person and the identification there of has been verified by the Company. (5) If any disputes happen while bidding, bidders should follow the judgment and decision of the auctioneer. Article 4. Catalogue Illustration The copyright of all images, illustrated and written material relating to a lot is and shall remain at all times. Our property shall not be used by the buyer nor anyone else without our prior written consent. Illustrations in catalogues are for reference only. Buyers should satisfy themselves prior to the sales as to the condition of each lot and should exercise and rely on their own judgments as to whether the lot accords with its description. condition of each lot and should exercise and rely on their own judgments as to whether the lot accords with its description. Article 5. The definition of words and phrases with special meanings appear in Article 39. Part II. Conditions Concerning Buyers Article 6. The highest bidder at the "hammer price" in auction shall be the buyer. Article 7. Bidder Registration/Bid Bond Prospective buyers who have not previously bid or consigned with JSL should bring: (1a) Individuals: government-issued photo identification such (such as national ID card or passport) and, if not shown on the ID documents, the proof of current address, a document as utility bill or bank statement is acceptable. 257 (1b)A financial reference in the form of a recent bank statement or a reference from your bank. Persons who register to bid on behalf of someone who has not previously bid or consigned with JSL should bring identification documents not only for themselves but also for the party on whose behalf they are bidding for, together with a signed letter of authorization from that party. (2) Online Bids If the bidder cannot attend the auction, it may be possible to bid online via Live Auctioneers. Bidders using the Live Auctioneers service are subject to the additional terms and conditions for online bidding via Live Auctioneers and JSL conditions of business. Registered bidders are required to pay a bid bond of NTD 200,000 (or USD 8,000, RMB 60,000). If the estimate of Lot exceeds NTD3,000,000, the amount of bid bond shall expect a proportional increase. After becoming successful bidders, the bid bond will automatically be converted to parts of deposit for Lot which you bid. If bidder bid the work unsuccessfully, the bid bond will return to registered bidder within ten working days. Prospective buyers should register for a numbered bidding paddle at least 30 minutes before the auction. Any liability or fee accured holding the paddle goes to whose name the paddle is registered under. Article 8. The Company is entitled to charge premium from the buyer in accordance with the following terms: (1) The buyer’s premium payable by the buyer of each lot is at the rate of 18% on the first NT$ 20,000,000 of the hammer price (2) The buyer’s premium payable by the buyer of each lot is at the rate of 12% on the amount by which the hammer price exceeds NT$ 20,000,000. (3) The buyer agrees to pay the Commission and Expense prescribed in Article 20 and Article 21. Article 9. Payment: (1) The buyer shall immediately provide the Company with information of personal name, address and relevant bank. The buyer without and prior relation with the Company shall come to an agreement with the Company concerning Payment and Collection of Purchases prior to the auction date. (2) Unless agreed upon, the buyer shall pay of the total amount in 7 working days after the auction. If there is any other extra fees including bank charges and the difference of exchange rate by paying in other foreign currency, the buyer needs to be responsible for this. Article 10. The buyer may otherwise come into a payment agreement with the Company prior to the auction. Article 11 . Any payment by a buyer to the Company may be applied by the Company as any sum due from that buyer to the Company on any account without regard to any direction of the buyer or his agent. Article 12. Delivery of Lots The buyer shall not request for the delivery of the lots purchased unless the auction has concluded and the total price due has been paid in full. The buyer having entered into payment agreement with the Company pursuant lo Article 10, may take the possession of the lots after payment of the agreed partial amount as well as the completion and execution of all documents and forms as required to register the sale as conditional sale under the Chattel Secured Transactions Act of the Republic of China. The ownership of the lot purchased passes to the buyer after the full payment has been paid to the Company. Any fee required for the registration above mentioned shall be borne by the buyer. Article 13. Fees and Expenses of the Delivery of the Lots (1) The buyer shall at his own expense take the delivery of the lots purchased. (2) All sums payable by the buyer to JSL are exclusive of any goods or service tax or other value added tax (whether imposed by Hong Kong or otherwise). If any such tax applies, the buyer shall pay such tax at the rate and time as required by the relevant law. The buyer shall pay value added sales tax in the amount of 5% of the hammer price with respect to imported works of art collected by the buyer in Taiwan. The buyer shall not pay the value added sales tax if collected by the buyer abroad and the buyer shall contact the company within 3 days after the auction for the matter of delivery. (3) In case of payment made in accordance with Article 9, the buyer shall take the delivery of the lot no later than 7 working days after the auction, any removal, insurance, storage and custody fees and expenses attributed to the late delivery shall otherwise be borne by the buyer with no dissent. (4) Dispatch and transit insurance: Purchases will be dispatched as soon as possible upon receipt of full payment for the lots received in cleared funds and receipt of your written dispatch instructions and any export licenses or certificates that may be required. Dispatch will be arranged at the buyer’s expense. 258 Any interest and loss of the lots purchased shall be borne by the buyer upon the delivery with no exception of the condition when the Company packs or handles with the lots at the request of the buyer. The interest and loss of the lots not delivered 7 days after the auction date shall be borne by the buyer likewise. Article 15. Default or Breach of the Conditions Any violation of the Conditions in Part II happens, the Company, as auctioneer or authorized agent of the seller, shall be entitled to exercise one or more of the following rights and remedies: (1) To proceed against the buyer for damages for breach of the conditions. (2) To rescind the sale of that or any other lots sold to the defaulting buyer at the same or any other auction. (3) To sell the lot by public auction or private sale and the defaulting buyer shall pay to the Company any resulting deficiency in the "total amount due" (after deduction of any partial payment and addition of resale costs) and any surplus shall belong to the seller. (4) Remove, store and insure the lot discretionarily prior to the resale at the expense of the defaulting buyer. (5) To charge interest at a rate of 2% per month on the total amount due to be paid 7 working days after the auction date. (6) To retain that or any other lots sold to the same buyer at the same or any other auction and release it only after payment of the total amount due. (7) To reject any bids made by or on behalf of the defaulting buyer at any future auction or obtain a deposit before accepting any such bid in the future. (8) To apply any proceeds of the sale then due or at any time thereafter becoming due to the defaulting buyer towards the settlement of the total amount due and to exercise a lien on any property of the defaulting buyer which is in the Company's possession for any purpose. (9) To proceed against the buyer, charging the buyer 30% amount of hammer price and all damages caused by breach of the conditions. Article 16. If the buyer fails to pay to the Company the total amount due 21 days after the auction, the buyer and the seller agree that the ownership of the lot shall pass to the Company upon the Company's payment of the sale proceeds to the seller at the Company' discretion. Article 17. Prior to the remittance of the sale proceeds to the seller by the Company the buyer may make a written notice of the forgery of the lot to the Company 21 days after the auction and return to the Company the lot in the same condition as it was at the time of the auction 14 days after the notice. The buyer may rescind the deal after the lot is proved to be a forgery by the Company and any amount paid in respect of the lot will be refunded unconditionally to the buyer accordingly. The buyer is not entitled to make any other claim than the amount paid in the respect of the lot. Article 18. Notice to Buyers According to the law of Taiwan (R.O.C.), artistic works that determined as over-100-year historical works are forbidden for export. Part III. The Seller Article 19. Warranty of Title (1) The seller must warrant that the lot is free from any right enforceable by the third parties against the buyer. (2) The seller must warrant that immediate delivery of the lot upon the request of the buyer if it is not in the custody of the Company. (3) If the seller fails to perform the liabilities prescribed in the proceeding two paragraphs, the Company may demand compensation for the nonperformance of the entire obligation. Article 20. The seller shall pay to the Company all the fees, expenses and commission accrued (both for the seller's and the buyer's sides), if the deal is rescinded by the buyer under the condition of Article 17. Article 21. Commission and Expenses (1) If the auction fails, the commission and expenses shall be 2% of the reserve price, which is the minimum hammer price. (2) If the auction succeeds or a private deal is done, the Company shall deduct from the "hammer price" at a "regulated rate" as the commission and expenses. (3) The Company, although as the agent of the seller, may charge commission and expenses from the buyer in accordance with Article 8. Article 14. Risk of Loss 259 Article 22. Insurance (1) Unless otherwise negotiated, the Company will insure any property consigned to it or put under its custody for any other purpose. (2) The insurance will be at the expense of the seller or the consignor and the amount of which will be decided in accordance with the Company's estimation of the value of the lot. The estimated value cannot be deemed as an insured "hammer price" however. (3) The insurance period subsists to the delivery of the lot to the buyer, the last day the buyer should pay (whenever comes first) or the day before which the seller or consignor should take back the lot due to failure of the auction. (4) If the insurance is to be collected, the full amount of the insurance compensation after deduction of related commission and expenses shall be given to the owner of the lot. (5) The seller or the consignor is liable for the loss or damage of the lots without insurance under special negotiation in accordance with the proceeding paragraph(l) unless the loss or damage is caused by the Company, its employee or agent. Any loss or damages of the Company therefore shall also be borne by the seller or the consignor. Article 23. Rescission of the Consignation (I) (1) Unless consented by the Company, the seller shall not rescind the consignation. (2) Upon rescinding of the consignation, the consigner shall pay 20% of the reserve (which is the minimum hammer price) as the related expenses to the Company. Article 24. Rescission of the Consignation (II) (1) The Company may rescind the consignation under the following conditions: (a) The ownership or the authenticity of the lot is questionable; (b) The description or insurance of the lot by the seller is questionable; (c) The seller violates the Business Conditions; (d) Other reasonable reason occurs. (2) The seller shall pay 20% of the reserve (which is the minimum "hammer price") to the Company as related commission and expenses, if the consignation is rescinded in accordance with the preceding b.c. paragraphs. Article 25. Payment of Sale Proceeds (1) Unless otherwise agreed upon, the Company shall remit the sale proceeds to the seller during the 35th days after the auction. If by that date, the Company has not received the total amount due from the buyer, the Company will remit the sale proceeds within 5 working days after the date on which the total amount due is received from the buyer. (2) Late remittance caused by the Company, an interest of 2% per month shall be paid to the seller by the Company. Article 26. Unsold Lots (1) Where any lot fails to sell, the Company shall notify the seller accordingly. The seller shall make arrangements either to re-offer the lot or to collect the lot within two days after receiving of the notification. The collection of the lot shall be completed within 5 days after arrival of the notice. Any fees and expenses, risk, and interest accrued between the arrival of the notice and the collection of the lot shall be borne by the seller. (2) Unless otherwise agreed upon, the Company shall not insure the lot re-offered for sale. (3) The seller shall make a new resignation contract with the Company for re-sale of the lot. (4) If the seller has not contacted with the Company three days after the arrival of the notice or has not collected the lot 5 days after the arrival, the Company shall have the right to sell the lot at public auction or private sale without reserve and to deduct from the sale proceeds any sum owing to the Company before remitting the balance to the seller or, if the seller cannot be traced, placing it in bank account in the name of the Company for the seller. (5) Any lot fails to sell, not included in auction or rescinded for any reasons, the seller shall collect the lot within 35 days after receiving the notice from the Company. If not, seller will be charged NT$ 2,000 per lot for each overdue day without the extra charge of insurance. Seller can collect the lot after the all payment done. 260 Part IV. General Conditions Article 27. Unless the lot is proclaimed as owned by the Company prior to the auction, the Company acts as the agent for the seller. The Company is not liable for any default by the seller or the buyer. Article 28. The Company shall have the right at its absolute discretion to refuse admission to its premises or attendance at its auctions by any person. rticle 29. The Company shall negotiate with the seller for every lot and place for it a reserve, being the minimum "hammer price" at which the lot may be treated as sold, in written form. Once being placed, the reserve shall not be changed unless agreed upon by the Company. Article 30. The Company may make a bid for the seller upon request, but the Company, its employee or agent shall not be responsible for any mistake or miss of the bid by negligence. If more than one consigner make the same highest bid, from whom the consignation letter first arrives the Company shall be the buyer. Article 31. Any illustration, images, authorship, origin, provenance, age, size, material, damage or repair condition and other related statement of the lots in the Company's catalogue is for reference only. They are not under the warranty of the Company. Article 32. (1) All lots shall be sold in their present state, and the Company does not expressly or impliedly warrant that the type and quality of the lot sold are free from any defect which may impair or destroy its value. (2) Any illustration or written statement of the lots made by the Company and its employee, agent shall not be regarded as the guaranty or warranty. Article 33. The Company does not guarantee the obtainment of the copyright of the lot sold by the buyer. Article 34. The auctioneer may refuse any bid lower than 5% (or any rate decided by the auctioneer) above the previous bid. Article 35. The Company may, at its absolute discretion, represent its employees or agent for claims of the rights resulting from any sale in the auction. Article 36. Any notice made by the Company in accordance with the Business Conditions shall be in written form. Any notice by post shall be deemed as having been received by the addressee one week after dispatch. If received earlier than seven days after dispatch, the actual receiving day shall be the arrival day of the notice. Article 37. The Company shall be entitled to make photos of every lot and use the photos or images freely during and not limited in the auction. The Company has the same said right fro photos or images provided by the seller. Article 38. Sellers of nationality other than Republic of China are also subject to the Republic of China income tax and are required by the Republic of China law to file income tax with respect to sales proceeds from the auction. Article 39. Definition of the Terms (1) "Catalogue" includes any advertisement brochure, display videos, price estimation, tagged price, and other illustration of the lots. (2) "Hammer price" means the highest price at which a lot is knocked down by the auctioneer to the buyer. (3) "Total amount due" includes the hammer price in respect of the lot sold together with the commission, any related fees and expense plus rights and remedies in accordance with Article 14. (4) "Sale proceeds" means the balance of the "hammer price" less the total amount of the commission at the "stated rates" and any other related fees and expenses due to be paid by the seller to the Company. (5) "Stated rates" shall be proclaimed posterior to every auction. Article 40. Definition of any other special terms not covered in the Business Conditions shall be defined in the sale catalogue of every auction. Article 41. The effectiveness, interpretation, performance and any other related matter of this Business Conditions shall be governed by the laws and regulations of the Republic of China. For all litigations arising or derived from the Business Conditions, except for those between the seller and the buyer without any involvement of the Company, the Taichung District Court shall have jurisdiction in the first instance. Article 42. Any discrepancy between the Chinese version and any other language version of this Business Conditions, the Chinese version shall prevail.