Yu Jen Taipei Chinese Art & Jadeite Auction

GENERAL PROVISIONS ARTICLE 1 As the agent of the Buyer and the Seller, Yu Jen International Art & Antique Co., LTD. (herein after refer as "Our Company") will provide services for both parties, and shall not be responsible for any default caused by either the Buyer or the Seller. ARTICLE 2 The conditions set herein shall apply to both the Buyer and the Seller. Buyer and Seller must read carefully the following detailed conditions and be responsible for their actions while carrying out these conditions. ARTICLE 3 Any objection to the articles' ownership or authenticity must be raised at least 48 hours before the auction starts accompanied by relevant legal documents. No late objection will be accepted. ARTICLE 4 All disputes arising from or in connection with these Conditions shall be settled according to the relevant laws of the Republic of China. The Main Stipulations for the Buyer BUYER ARTICLE 5 All bidders should register at the auction venue in person and obtain the paddle for entry. Bidders must provide true and accurate personal information and agree that Our Company may perform necessary credit checks with the bank. ARTICLE 6 Bidders who wish to entrust our company to bid on their behalf must sign the entrust form 24 hours before the auction starts, and deposit 30% of the highest estimated price of the article to Our Company (Exclude the deposit). Once the article is successfully bid, Bidders shall pay the rest of the payment within ten (10) days after the auction. ARTICLE 7 During the auction the bidder may not withdraw any bids he/she made. The highest bidder as determined by the auctioneer is the buyer. ARTICLE 8 Our Company reserves the right to refuse any person entering or participating in the auction without giving any reason. ILLUSTRATION ON CATALOGUE AND AUCTION ARTICLE ARTICLE 9 The Buyer should examine carefully the auction article they intend to buy, prior to the date of the auction, and should be solely legally responsible for their bid made to buy certain piece of article. ARTICLE 10 Our Company has the right to hold exhibitions, auctions and make announcements, catalogues and other forms of publications to introduce the auctions articles. ARTICLE 11 Any representation or statement given by Our Company in the catalogue or in other forms as to the authorship, origin, age, size, medium, mount, attribution, authenticity, provenance, condition and estimated price is just for the information and reference of the buyer only. Our Company shall not be held responsible for errors. Deposits ARTICLE 12 All buyers must complete the registration form at least one day before the auction date and put down a deposit of TWD 400,000 (USD 12,500, HKD 100,000 or RMB 90,000) If paying by check please allow at least three days for check to clear. ARTICLE 13 Yu Jen Imperial Seal Card holders do not need to pay the deposit. ARTICLE 14 The deposit will be used towards the payment of lots purchased, or refunded in full within 7 working days if no lots are purchased. The deposit will be forfeited if the buyer refuses to pay for the lots purchased within payment period. COMMISSION ARTICLE 15 Once the Buyer successfully bid the auction article, the final Purchase Price that the Buyer shall pay in full are the sum of hammer price and commission to Our Company.Commission is charged as follows: For the portion of hammer price under TWD 10 million, commission will be 23%; for the portion over (and including) TWD 10 million, commission will be 20%; for the portion over (and including) TWD 20 million, commission will be 17%. PAYMENT AND COLLECTION OF LOTS ARTICLE 16 Once the Buyer has successfully bid the auction article, the Buyer may collect the article once the aforementioned Purchase Price (include hammer price and commission) is paid in full. If the Buyer is unable to pay the full amount, the Buyer shall be required to sign a Confirmation and must pay at least thirty percent (30%) of the hammer price immediately as deposit. The Buyer shall settle the balance in one lump sum within ten (10) days and take away the article. ARTICLE 17 The full amount of the Purchase Price that Buyer shall pay Our Company, does not include any commodity tax or services tax or other value added tax (either by government of R.O.C. or any other government). If such tax(es) do occur in the transaction set herein, the Buyer shall settle the tax payment in accordance with relevant law and schedule. ARTICLE 18 For Buyer who is willing to pay the Purchase Price in the currency other than New Taiwanese Dollar (TWD, NT$), Our Company shall charge the Buyer any fees resulted from it. The fees include the service fee charge by the bank and the currency difference. The currency shall be determined by the currency posted on the day of auction (presented by the Bank of Taiwan) and certified by Our Company. ARTICLE 19 The final Purchase Price does not include the service of packaging. The packaging is a free service provided by Our Company to the Buyer. Our Company is not liable for the loss or damage to the article during or as the result of packaging. ARTICLE 20 The Buyer shall collect the article personally once the Purchase Price is paid in full. If the Buyer wishes to assign another person to collect the article, a Letter of Authorization must be presented. If delivery service or insurance are required, Our Company will not be liable or responsible for any loss or damage to the article during transit. THE LIABILITIES TO AN AUCTION AFTER SALE ARTICLE 21 After the Buyer has paid the full amount of the Purchase Price to Our Company, the Buyer shall be responsible for the article purchased. Even if the article is still in the keeping of Our Company the Buyer shall be liable for any loss or damage. THE MANAGEMENT OF ARREARS AND AUCTION ARTICLES LEFT BEHIND BY THE BUYER ARTICLE 22 Unless otherwise agreed with Our Company, if the full payment is not received within required date it is seen as a default, the deposit will not be refunded and the Buyer shall be responsible for any subsequent costs. ARTICLE 23 Any outstanding balance after ten days of the auction date will incur an interest at 5% AER of the full amount, until the balance is paid in full. ARTICLE 24 With discretion of the Seller, Our Company reserves the right to resell the unpaid item through auction or other means. If the final price is lower than the original full amount, the Buyer agrees to pay the difference in full. ARTICLE 25 Our Company may refuse the bid made by the default Buyer or its representative in the future. In such circumstance a higher deposit may be requested before any further bid is accepted. ARTICLE 26 Storage fees will be incurred if the item, even if paid in full, is not collected within one month after the auction date. Our Company is not responsible for any loss or damage during the storage. THE MAIN STIPULATIONS FOR THE SELLER ARTICLE 27 During the function of auction, the Company shall act as Seller designated representative. The detailed rule of the selling party is already set and regulated in the selling party contract. OTHER RIGHTS AND OBLIGATIONS OF YU JEN ARTICLE 28 Our Company shall have absolute discretion to settle any dispute during or after the auction. ARTICLE 29 Our Company shall be obliged to keep confidential for both the Buyer and the Seller and to protect the rights and interest of the Buyer and the Seller. ARTICLE 30 In order to maintain order in the auction, smoking is not permitted; children under ten years of age may not enter the auction. The document is printed in both Chinese and English. If there is any omission or error the Chinese version will take precedence The auction event held by Our Company has been approved by the Executive Yaun's Council for Culture Affairs, Taiwan, and is qualified under the regulations for tax relief on business tax. Every sales revenue and commission resulted from the auction shall be relieved of the 5 % business tax.