Antiques, Modern & Contemporary Art

Conditions of Sale TERMS AND CONDITIONS OF SALE PALÁCIO DO CORREIO VELHO - LEILÕES E ANTIGUIDADES, S.A. (hereinafter called PALÁCIO DO CORREIO VELHO) will conduct its business activity in accordance with these Terms and Conditions of Sale and any other terms and conditions that are individually specified. I - GENERAL SECTION Article 1 (Object) The present Terms and Conditions of Sale regulate the business activity of the company, PALÁCIO DO CORREIO VELHO, and govern any contractual relations established with it. Article 2 (Definitions) In these Terms and Conditions of Sale, the following definitions apply: a) Catalogue - All and any of PALÁCIO DO CORREIO VELHO's advertising, brochures, price lists or other publications, regardless of their nature. b) Buyer's Commission - The commission charged on a purchase, calculated as a percentage of the Hammer Price, including VAT at the prevailing legal rate, and paid by the Buyer at the Applicable Rate. c) Sales Commission - The commission charged on a sale, to be deducted from the Hammer Price, including VAT at the prevailing legal rate, and borne by the Seller at the Applicable Rate. d) Buyer - The person who has presented the highest bid at the time of the Hammer Price, represented directly or via a third party, in accordance with these Terms and Conditions of Sale. e) Expenses - The costs incurred by PALÁCIO DO CORREIO VELHO in relation to the sale of any lot, associated to illustrations, publications, advertising, restoration, insurance, packaging and transport, of the lots, plus VAT applicable to such Expenses. f) Deliberate Fake - An imitation produced with the intent of deceiving others concerning the authorship, origin, date, age, period, culture, source or any other essential detail, whenever a divergence exists in relation to the description provided in the catalogue and when, at the date of the sale, the imitation has a lower material value than that which it would have had if the description provided in the catalogue work were true. g) Total Amount Due - The Hammer Price of a sold lot, plus the Buyer's Commission and any eventual additional charges and expenses due from the Buyer in the event of non-compliance, in accordance with the provisions established in Article 11. h) Original Work of Art - Corresponds, under the terms of article 54, no. 2, of the Authors' Rights and Ancillary Rights Code, to works of graphic or plastic art, such as pictures, collages, paintings, drawings, engravings, prints, lithographs, sculptures, tapestries, ceramics, glassware and photographs, provided they are made by the artist himself or are copies considered to be original works of art, and should be numbered, signed or in any other manner authorised by him. i) Hammer Price - The price for which a lot has been adjudicated by the auctioneer to the corresponding Buyer. j) Amount Due - The net amount owed to the Seller, i.e. the Hammer Price of the sold lot, minus the Sales Commission at the Applicable Rate and the Expenses and any other amounts that the Seller owes to PALÁCIO DO CORREIO VELHO on any basis, always subject to the addition of VAT at the applicable rate. k) Applicable Rate - The rates that apply to the Sales Commission and Buyer's Commission, which are practised and duly publicised or specified by PALÁCIO DO CORREIO VELHO. l) Seller - the person or entity that signs an auction sales contract with PALÁCIO DO CORREIO VELHO. II - BUYERS' TERMS AND CONDITIONS Article 3 (The Buyer) 1 - The bidder with the highest bid at the time of the Hammer Price will be the Buyer - wherein the auctioneer is responsible for resolving, at his complete discretion, any doubt or conflict that may arise in this regard. 2 - PALÁCIO DO CORREIO VELHO considers that all bidders act on their own behalf and will only consider bidders acting in the name of another person, if presented with a validly granted power of attorney to this effect, up until 2 (days) days before the auction. Article 4 (Minimum Increase) The auctioneer is entitled to refuse any new bid that is less than 5% higher than the previous bid or any other percentage set by the auctioneer, at his discretion. Article 5 (Buyer's Commission) The Buyer will pay a Buyer's Commission to PALÁCIO DO CORREIO VELHO at the Applicable Rate, which includes VAT at the prevailing legal rate: Antiques and Modern and Contemporary Art Auctions - 17.30% Books, Wines e Collectors' Auctions - 24.60%. Online Auctions and Buy Now - 24.60% Article 6 (Payment) 1 - Without prejudice to the provisions established in Article 7 or any other provision of these Terms and Conditions of Sale, the Buyer shall pay the Total Amount Due to PALÁCIO DO CORREIO VELHO within a maximum of 5 (five) working days counted from the auction date, and also supply his name, address, telephone contact, taxpayer number and, if requested, his Identity Card number, together with its date and place of issue. 2 - At the time of the public sale, PALÁCIO DO CORREIO VELHO may require the Buyer to provide a deposit of at least 30% of the Total Amount Due. Article 7 (Credit Terms) Prior to the auction, PALÁCIO DO CORREIO VELHO may choose, at its own discretion, to negotiate and agree special credit terms, to be granted to the Buyer, which will enable the Buyer to take possession of the purchased lots, up to a specific value, before paying the Total Amount Due, wherein the latter payment should be made on a date agreed with PALÁCIO DO CORREIO VELHO. Article 8 (Transfer of Ownership of the Lots) Ownership of the auctioned lot(s) will not be transferred to the Buyer until full payment of the Total Amount Due. Article 9 (Withdrawal of the Purchased lots) 1 - Without prejudice to any special conditions agreed under the terms of Article 7, the Buyer shall, at its own expense, withdraw the purchased lot(s) within a maximum of 15 (fifteen) days counted from the auction date, but never before full payment of the Total Amount Due to PALÁCIO DO CORREIO VELHO. 2 - If the purchased lot is not withdrawn within the deadline stipulated in the previous number, the Buyer will be responsible, from this date onwards, for all expenses related to transport, storage and insurance of the lots, under the terms of the prevailing price list. 3 - Packaging and handling of purchased lots by PALÁCIO DO CORREIO VELHO's staff will only occur as an act of professional courtesy by PALÁCIO DO CORREIO VELHO in relation to its clients and will only occur if PALÁCIO DO CORREIO VELHO deems this to be appropriate, in the event that perishable goods are involved. 4 - Under no circumstances will PALÁCIO DO CORREIO VELHO be held responsible for damages caused to glass objects, mirrors, picture frames or pottery items, regardless of the respective cause of such damages. 5 - PALÁCIO DO CORREIO VELHO may recommend, at the Buyer's request, packaging companies, transporters, restoration firms or other entities requested by the Buyer, but under no circumstances does this imply that it will be responsible for the behaviour of such companies. Article 10 (Buyer's responsibility for the Purchased lots) 1 - After withdrawal of the lots, or after expiry of the deadline specified in Article 9, no. 1, whichever occurs first, the Buyer will be responsible for losses or damages of the lots that he has purchased. 2 - After the deadlines specified in the previous point, PALÁCIO DO CORREIO VELHO and its representatives, workers or employees cannot be held responsible for any losses or damages of any nature, even if they are caused by negligence or any other cause. Article 11 (Non-Payment or Non-Withdrawal of the Purchased lots) If any lot has not been paid for in full and withdrawn under the deadlines and in accordance with the terms and conditions established in Articles 6 and 9 or if there is non-compliance with either or both of the aforementioned provisions, PALÁCIO DO CORREIO VELHO, in its capacity at the Seller's representative, may, without prejudice to any other rights to which it is entitled, adopt one or more of the following courses of action: a) Initiate legal proceedings against the Buyer in order to be compensated for losses deriving from non-compliance with the contract. b) Charge late payment interest at the prevailing legal rate on the Total Amount Due until full receipt thereof. c) Dissolve any contract whose object is the lot(s) that has/have been sold to the non-complying Buyer, in the auction in question or any other auction, if full payment of the Total Amount Due and/or withdrawal of the lots fails to occur within an 8 (eight)-day additional deadline, which is expressly granted herein by PALÁCIO DO CORREIO VELHO as a final opportunity for compliance. This deadline will be counted from the last day of the deadline set in art. 6, no. 1 of these Terms and Conditions of Sale. d) Resell the lot in question or initiate proceedings for it to be resold, in an auction or via a privately negotiated sale, in which case the non-complying Buyer should pay PALÁCIO DO CORREIO VELHO any outstanding amount in relation to the Total Amount Due (after deduction of any partial payment that has occurred and addition of any supplementary cost arising from the respective sale), wherein any remaining amount, if it exists, shall pertain to the non-complying Buyer. e) Remove, store and insure the lot(s) at the non-complying Buyer's expense, wherein PALÁCIO DO CORREIO VELHO shall decide whether or not the storage should occur in its own warehouses or in other warehouses chosen by it. f) Withhold the lot in question or another lot that has been sold to the non-complying Buyer in the auction in question or in another auction, and only release it after full payment of the Total Amount Due. g) Reject or ignore any bid presented by the non-complying Buyer or by another person acting in his name in any subsequent auction or request and obtain a deposit by the non-complying Buyer before accepting or considering any bid presented in the future. h) Take all and any steps that are deemed to be appropriate, at any time, in order to receive full payment of the Total Amount Due from the non-complying Buyer, and also achieve compensation for the existing debit from the sales price of any item owned by the non-complying Buyer that at any time is held by PALÁCIO DO CORREIO VELHO, on any basis. Article 12 (Rights to Photographs and Publications after the Sale) The Buyer grants to PALÁCIO DO CORREIO VELHO the right to use texts, photographs, illustrations or other items referred to in article 23 of these Terms and Conditions of Sale, at its own initiative, at any time after the auction is held. Article 13 (State and Authenticity of the Lots) 1 - Considering that the items sold in an auction normally have a significant age, all items are sold in the state in which they are found - with defects, imperfections and any descriptive errors or omissions. 2 - Any illustrations or representations in catalogues are solely intended for identification of the items put up for sale. 3 - Buyers accept and will be satisfied with the lots, in the state in which they were found prior to the auction, and will freely judge whether or not the lots correspond to the description that has been supplied. 4 - Neither PALÁCIO DO CORREIO VELHO, nor its representatives, workers or employees may be held responsible for any errors related to the description, genuineness or authenticity of any lot, given that no guarantee is provided by PALÁCIO DO CORREIO VELHO, or by its representatives, workers or employees in this regard. 5 - In the event that any lot is demonstrated to constitute a Deliberate Fake, the Buyer may return this lot to PALÁCIO DO CORREIO VELHO within a maximum of 5 (five) years counted from the auction date, wherein it should be returned in the same state in which the lot was found at the auction date, accompanied by a report, certified by an entity of recognized prestige and credibility, specifying the defects and falsifications of the lot, its number and the date of the auction in which it was purchased. 6 - If PALÁCIO DO CORREIO VELHO considers that a lot constitutes a Deliberate Fake and the Buyer is still the owner of the purchased item, the sale and purchase will be considered to be null and without any effect and the amount of the price will be returned, without the Seller being entitled to present any opposition thereof. 7 - The provisions established in the previous points will not however apply if: a) The description in the catalogue at the time of sale stood in accordance with the generalised opinion of experts or informed persons on this matter or if the description referred to the existence of divergence of opinions between these experts or informed persons. b) The only method of determining, at the date of publication of the catalogue, that the item constitutes a Deliberate Fake, consists of unproven scientific procedures or procedures that are only accepted after publication of the catalogue or that involve an impractical procedure. 8 - The Buyer's rights foreseen in this clause are restricted to the amount of the price paid, and the Buyer cannot claim any loss, injury or damage suffered or expense incurred. 9 - The beneficiary of the regime foreseen in this clause will be exclusively the original Buyer i.e. the person who acquired the item in the auction, identified by the invoice issued by PALÁCIO DO CORREIO VELHO, in respect to the sold item, lot(s). III - SELLERS' TERMS AND CONDITIONS Article 14 (Guarantee of Ownership and Availability of the Iem) 1 - The items sold in an auction are put up for sale under the terms of a contract signed between the Seller and PALÁCIO DO CORREIO VELHO. 2 - The Seller undertakes to inform PALÁCIO DO CORREIO VELHO concerning the respective ownership of the item, in particular on what basis it was acquired and the respective source. 3 - The Seller guarantees to PALÁCIO DO CORREIO VELHO and to the Buyer that it is the legitimate owner of the item or is legally authorised by the owner to sell the item in question. 4 - The Seller of an item which is not held by PALÁCIO DO CORREIO VELHO or lies under its control, assumes, before PALÁCIO DO CORREIO VELHO and the Buyer, the obligation to place the item at the Buyer's disposal as soon as the latter so requests. 5 - The Seller assumes the obligation to indemnify PALÁCIO DO CORREIO VELHO, its representatives, workers or employees, and also the Buyer for any damages or losses that they incur as a result of non-compliance with any of the provisions specified in the previous points. Article 15 (Reserve prices) 1 - On the date of signature of the contract with PALÁCIO DO CORREIO VELHO, the Seller is entitled to agree a reserve price, setting the minimum Hammer Price below which the lot in question may not be sold. In the event that the Seller accepts to put the lot up for auction without a reserve price, this implies that it may be sold below the minimum estimate, for the best price offered. 2 - After contracting the reserve price of the lot, there may be no alteration to the terms and conditions of the reserve price without PALÁCIO DO CORREIO VELHO's consent. 3 - The Seller undertakes not to withdraw the items put up for auction after the date of their consignation for sale. 4 - Even if the reserve price has been agreed, if PALÁCIO DO CORREIO VELHO so decides, it may sell the item at a Hammer Price below this reserve price, but in this case the Seller will be entitled to receive an amount identical to that which would have been paid if the lot had been sold for the reserve price. Article 16 (Deduction of Sales Commissions and Expenses) The Seller authorises PALÁCIO DO CORREIO VELHO to deduct from the Hammer Price the amount of the Sales Commission owed to the latter, at the Applicable Rate, together with the Expenses amount. Article 17 (Insurance) 1 - PALÁCIO DO CORREIO VELHO will insure the items that are held in its possession for sale. 2 - The Seller will bear the costs related to the insurance premium, regardless of the nature of the item in question, unless there is a negotiated agreement to the contrary and authorises PALÁCIO DO CORREIO VELHO to deduct from the Hammer Price the amount of the insurance premium. 3 - All items that are insured by PALÁCIO DO CORREIO VELHO have a deductible of €1,000 (one thousand euros) per contingent event, and the aforementioned deductible will be applied to any indemnity payments made. 4 - If the Seller or the owner of the item intends to insure it, he should do so for the value that PALÁCIO DO CORREIO VELHO considers, at each moment in time, that the item may be sold for in an auction, and the insurance coverage shall remain in force until ownership of the items ceases to pertain to the Seller or until the item is withdrawn by the latter or by the owner of the item. 5 - In the aforementioned case and in other cases in which PALÁCIO DO CORREIO VELHO does not take out insurance for the items, due to the express wishes of the Seller or the owner of the item, the Seller or the owner of the item will be the only entity responsible for the items and neither PALÁCIO DO CORREIO VELHO nor any of its representatives, workers or employees, may be held responsible for any loss or damages, even when resulting from negligence or any other cause. 6 - Under no circumstances may PALÁCIO DO CORREIO VELHO be held responsible for damages to glass objects, mirrors, picture frames or pottery items. Article 18 (Dissolution of the Contract by the Buyer) If, before PALÁCIO DO CORREIO VELHO settles the Amount Due to the Seller, the Buyer formalises its intention to dissolve the contract under the terms and in accordance with Article 13 and if PALÁCIO DO CORREIO VELHO considers that the Buyer has justified grounds for such a decision, it may dissolve the sale and purchase contract and return to the Buyer the amounts that have been paid to PALÁCIO DO CORREIO VELHO in relation to the lot(s) in question. Article 19 (Payment of the Amount Due) 1 - PALÁCIO DO CORREIO VELHO will settle the Amount Due to the Seller 30 (thirty) days after the date on which the last auction session was held. 2 - If PALÁCIO DO CORREIO VELHO has not received the Total Amount Due from the Buyer up until the date mentioned in the previous point, PALÁCIO DO CORREIO VELHO will settle the Amount Due within a maximum of 5 (five) working days counted from the date on which it receives the Total Amount Due from the Buyer. 3 - As an alternative to the provisions stipulated in the previous points, PALÁCIO DO CORREIO VELHO may choose to settle the Amount Due to the Seller even if the Buyer has not paid the Total Amount Due within the deadline specified in point 1 above, in which case ownership of the lot will be transferred to PALÁCIO DO CORREIO VELHO. 4 - If PALÁCIO DO CORREIO VELHO has agreed credit terms with the Buyer, PALÁCIO DO CORREIO VELHO will settle the Amount Due to the Seller within a maximum of 30 (thirty) days as referred to in point 1 above. Article 20 (Non-Payment of the Total Amount Due) 1 - If the Buyer fails to pay the Total Amount Due to PALÁCIO DO CORREIO VELHO within a maximum of 30 (thirty) days counted from the date on which the auction was held, PALÁCIO DO CORREIO VELHO will ponder and decide, in conjunction with the Seller, the most appropriate conduct to be pursued, under the terms of Article 11, in order to obtain payment of the Total Amount Due. 2 - If the inherent circumstances of the respective case do not enable PALÁCIO DO CORREIO VELHO to obtain instructions from the Seller in relation to the appropriate conduct to be adopted in the case foreseen in the previous point, the Seller hereby expressly authorises PALÁCIO DO CORREIO VELHO to agree special payment conditions for the Total Amount Due, remove, store or insure the sold lot, resolve any retentions formulated by or against the Buyer, under the terms and conditions that PALÁCIO DO CORREIO VELHO, at its own discretion, deems to be correct and appropriate in order to collect the sums due from the Buyer to the Seller and, if necessary, dissolve the contract, returning the cash paid to the Buyer or adopting any of the forms of conduct specified in Article 11. Article 21 (Deduction of Other Debts) The Seller expressly authorises PALÁCIO DO CORREIO VELHO to deduct from the net amount owed to it by virtue of the Amount Due, any amounts that are owed by the Seller as the Buyer of other items, whereby there may be compensation between any credits that exist. Article 22 (Charges Related to Withdrawn Lots) If a Seller decides to cancel a Sales contract, PALÁCIO DO CORREIO VELHO reserves the right to charge a commission corresponding to 10% of the last estimate or average estimate of the auction price, on the item that has been withdrawn at the time of cancellation, plus VAT at the prevailing legal rate and any Expenses that have been incurred and may be imputed to the item in question. Article 23 (Rights on Photographs and Publications) The Seller grants to PALÁCIO DO CORREIO VELHO the right to photograph and publish texts, photographs or illustrations of any kind, and in any form, in relation to any lot held by PALÁCIO DO CORREIO VELHO for the purposes of sale, and also use these texts, photographs or illustrations of any kind, together with any others that are supplied by the Seller, at its own initiative, at any time, whether or not connected to organisation of the auction. Article 24 (Unsold Lots) 1 - If it has not been possible to sell any specific lot, PALÁCIO DO CORREIO VELHO will communicate this fact to the Seller as soon as possible. 2 - After receiving the notice referred to in the previous point, the Seller should decide, within a maximum of 7 (seven) days, whether to re-offer the lot for sale or withdraw it, subject to payment of any Expenses due. 3 - If the Seller fails to communicate any of the decisions specified within the previous point to PALÁCIO DO CORREIO VELHO within the deadline stipulated in the previous point, the Seller will be responsible for any removal, storage or insurance expenses of the lot. 4 - If the Seller fails to communicate any of the decisions specified in point 2 above to PALÁCIO DO CORREIO VELHO within a maximum of 3 (three) months counted from reception of the notice specified in point 1 above, PALÁCIO DO CORREIO VELHO is recognized to have the right to sell the lot in an auction, without any Reserve price and deduct from the Hammer Price any outstanding amount owed to it, including, and without any limitation, any removal, storage or insurance expenses, together with any other Expenses owed, as well as the Sales Commission at the Applicable Rate, and any other reasonable expenses, before delivering the remaining amount to the Seller, or, if the latter cannot be located, to deposit this amount in a bank account held in the name of PALÁCIO DO CORREIO VELHO, but whose amount is intended for the Seller. Article 25 (Sale of Original Works of Art) 1 - If the item sold in an auction is an Original Work of Art, other than a work of architecture or applied arts, the author of the work, if it is not the Seller, will be entitled, under the terms of art. 54, no. 1, of the Authors' Rights Code, to a share of the price obtained in the sale, on a tax-free basis. 2 - Under the terms of art. 54, no. 7 of the Authors' Rights Code, the Seller of the Original Work of Art is responsible for payment of the share specified in this clause, and therefore the Seller undertakes to deliver the respective amount to the author of the work. 3 - In the event that the author of the Original Work of Art contacts PALÁCIO DO CORREIO VELHO in order to receive payment of the share specified in this clause, PALÁCIO DO CORREIO VELHO will inform the author of the Seller's identification and respective contact details and the terms under which the sale was carried out, in order to enable the author to exercise his legal right in relation to the Seller. 4 - The share referred to in nº 1 above, is set, under the terms of art. 54, no. 4 of Authors' Rights Code, in the following manner, and may not exceed €12,500: a) 4% of the price of a sale between €3,000 and €50,000; b) 3% of the price of a sale between €50,000.01 and €200,000 c) 1% of the price of a sale between €200,000.01 and €350,000 d) 0,5% of the price of a sale between €350,000.01 and €500,000 e) 0,25% of the price of a sale higher than €500,000.01 IV - FINAL AND GENERAL PROVISIONS Article 26 (Intervention of PALÁCIO DO CORREIO VELHO) PALÁCIO DO CORREIO VELHO will intervene in the sale in its capacity as the Seller's representative, and cannot therefore be held responsible by the Seller or Buyer for any fault or omission. Article 27 (Images reproduced in the catalogue) Visualisation of the images in the catalogues does not dispense with the need for direct observation of the represented items, in order to check that the reproduced image stands in conformity with the original and its respective specific details. Article 28 (Opinions of PALÁCIO DO CORREIO VELHO) 1 - Any representation or declaration made by PALÁCIO DO CORREIO VELHO, in any catalogue, in relation to the authorship, attribution, genuineness, origin, date, age, source, state or sales price estimate, should be understood as a mere statement of opinion. 2 - Any interested person should solely act in accordance with his own valuation appraisals, in relation to the aforementioned matters and neither PALÁCIO DO CORREIO VELHO nor its, workers or employees, are responsible for the correctness of such valuation appraisals. Article 29 (Bid placed by PALÁCIO DO CORREIO VELHO) Although it is understood that Buyers' best interests will be served by their direct presence in the auction, PALÁCIO DO CORREIO VELHO may present bids in the name of such interested Buyers, if it receives instructions to this effect from them, however neither PALÁCIO DO CORREIO VELHO nor its representatives, workers or employees, may be held responsible for any negligence or fault in the execution of such tasks or any omission thereof. Article 30 (Telephone Bids) Presentation of a telephone bid implies that the potential buyer undertakes to pay at least the value of the minimum estimate. In the event of an impediment in making a telephone connection, Palácio do Correio Velho will, in the name of the potential buyer, present the value of the minimum estimate. Telephone bids are constrained by the availability of Palácio do Correio Velho's telephone lines. Access to the telephone bidding service implies completion, signature and delivery of the respective slip up until 4 hours before the start of the auction. Neither Palácio do Correio Velho nor any of its employees may be held responsible for errors or faults in execution of this bidding service, either due to deficiencies in telephone connections, or difficulties in reception of bids or their transmission to the auctioneer. Article 31 (Auction Refusals) 1 - PALÁCIO DO CORREIO VELHO may, at its own discretion, refuse the admission or presence of any person in any of its auctions. 2 - PALÁCIO DO CORREIO VELHO may also, at its own discretion, refuse any bid, divide any lot, combine two or more lots, withdraw any lot from the auction or, in the event of litigation or doubt, re-auction any lot. Article 32 (Communications) PALÁCIO DO CORREIO VELHO's communications addressed to Sellers, owners, eventual bidders or Buyers will be made by fax, e-mail, telephone and, if sent by registered post will be considered to have been received up to 48 hours after dispatch. Article 33 (Personal data) 1 - The Buyer or Seller grants their informed consent for processing of their personal data, under the terms of Law 67/98, of 26 October, wherein such processing will be carried out within the framework of the exemption authorisation no. 1/99. 2 - The Buyer's or Seller's personal data will be collected and processed for the purposes of processing the contract obligations of Palácio do Correio Velho - Leilões e Antiguidades S.A., together with sending information concerning auctions and/or other events organised by Palácio do Correio Velho - Leilões e Antiguidades S.A. and for sending the latter's promotional information. 3 - The Buyer or Seller will be entitled to access their personal data. 4 - In order to gain access to their personal data and request any alteration, rectification or elimination thereof, the Buyer or Seller may do so by sending a letter to Calçada do Combro, 38 A - 1º - 1200-114 Lisbon, or a fax to nº 213426536 or an e-mail to mail@pcv.pt. Article 34 (Online Auctions) The aforementioned conditions shall be, however, adjusted and adapted for online auctions as follows: 1 - Picture of the lots Pictures of the lots may not clearly show their conditions. Viewing the images on the PALÁCIO DO CORREIO VELHO website does not release the parties from physically observing the represented lots in order to check that the pictured piece complies with its original and all its characteristics. 2 - Communications All communications from PALÁCIO DO CORREIO VELHO to its Buyers, Sellers or eventual bidders, shall take place by e-mail, telephone or post. Communications sent by registered letter shall be deemed as received within 48 hours after they have been sent. Buyer's Terms and Conditions 3 - Online Registration In order to bid, the Buyer must be an adult and registered on the PALÁCIO DO CORREIO VELHO website (www.pcv.pt) having filled in their name, address, taxpayer number, telephone number, and e-mail. The registration shall only be completed after having sent an ID and accepted the Contractual Terms & Conditions. 4 - Buyer a) PALÁCIO DO CORREIO VELHO considers the Buyer to be the person who has presented the highest bid at the time of the hammer price without loss for the right of first offer or first refusal by official bodies pursuant to the legislation in force. b) PALÁCIO DO CORREIO VELHO considers that all bidders act on their own behalf and will only consider bidders acting in the name of another person, if presented with a validly granted power of attorney to this effect. c) PALÁCIO DO CORREIO VELHO reserves the right to ask the Buyer for the original or a copy of a valid ID, during or after registration. d) PALÁCIO DO CORREIO VELHO reserves the right to reject or ignore any registration or bid presented by a non-complying Buyer or by another person acting in his name regarding the payment or withdrawal of one or more lots from previous auctions. 5 - Online Bidding a) Online bids shall only be accepted through the website www.pcv.pt, where the bidder and potential Buyer must register under the terms of Article 34, number 3, in the present Business Terms & Conditions. b) PALÁCIO DO CORREIO VELHO, its board of directors or employees shall not be held responsible for any errors or failures which may occur in online bids. c) The bidder and potential Buyer accepts that their online bids on the PALÁCIO DO CORREIO VELHO website are final and may not in any way be annulled or repealed. PALÁCIO DO CORREIO VELHO shall not be held responsible for errors or mistakes made by the bidder or potential Buyer during online bids. d) PALÁCIO DO CORREIO VELHO reserves the right to start an auction or bidding of a lot when considered appropriate or reasonable to do so. 6 - Bidding Increments a) Bidding increments are established by PALÁCIO DO CORREIO VELHO based on the following table of increments: € 1,00 € 20,00 € 1,00 € 20,00 € 40,00 € 2,00 € 40,00 € 100,00 € 5,00 € 100,00 € 200,00 € 10,00 € 200,00 € 500,00 € 20,00 € 500,00 € 1 000,00 € 50,00 € 1 000,00 € 3 000,00 € 100,00 € 3 000,00 € 5 000,00 € 200,00 € 5 000,00 € 10 000,00 € 500,00 € 10 000,00 € 100 000,00 € 1 000,00 € 100 000,00 € 200 000,00 € 10 000,00 € 200 000,00 € 300 000,00 € 20 000,00 € 300 000,00 € 500 000,00 € 30 000,00 ; €50 000,00; €80 000,00(i.e.: €330 000,00; €350 000,00; €380 000,00) € 500 000,00 € 1 000 000,00 € 50 000,00 b) The implemented system on the PALÁCIO DO CORREIO VELHO website will under no circumstances automatically bid on behalf of the seller as high as the reserve price or higher. 7 - Maximum offers a) Maximum registered offers by bidders shall not be broadcast by PALÁCIO DO CORREIO VELHO. b) Maximum registered offers are managed by the PALÁCIO DO CORREIO VELHO website, which means that the value of the lot shall be automatically incremented as long as there is/are an/other bid/s placed at a later time. b) Bidders placing maximum offers shall be bidding the base value for bidding (if there are no other bids) or the value of the following designated bid for the lot, where the bidding value shall depend on an/other eventual maximum offer/s registered previously. 8 - Buyer's Commission As described in Article 5 of the Business Terms & Conditions. 9 - Payment In addition to Article 6 of the Business Terms & Conditions: a) The Buyer shall pay the total amount due to PALÁCIO DO CORREIO VELHO immediately following the end of the auction. b) If, within a maximum of five (5) workdays counting from the auction date, the aforementioned amount has not been paid, PALÁCIO DO CORREIO VELHO reserves the right to resell the lot/s in question, either in an auction or privately, without the non-complying Buyer contesting it or demanding compensation. c) Amounts may be paid with Cash, Debit Card, Bank Transfer, Cheque or PayPal. The lot/s in question shall only become available to the Buyer after payment clears. d) The lot/s shall remain property of the Seller until ownership has been transferred. 10 - Transfer of Ownership of the Lot/s a) Ownership of the auctioned lot/s will not be transferred to the Buyer until full payment of the total amount due. b) Any loss or damage - including robbery or theft - to the purchased lots shall only entitle the Buyer to a compensation that is equal to the amount already paid for this asset, with no right to other compensation, indemnity or interest. 11 - Withdrawal of the Lot/s In addition to Article 9 of the Business Terms & Conditions: a) If the Buyer does not choose immediate delivery after the amount due has been paid, according to the website, they have eight workdays from the date of the auction to withdraw the lot/s at the premises of PALÁCIO DO CORREIO VELHO. b) If the purchased lots are not withdrawn within the deadline stipulated in the previous paragraph, the Buyer will be responsible, from this date onwards, for all expenses related to packaging, storage, handling, transport, and insurance of the lots, under the terms of the prevailing price list. Article 35 (Jurisdiction) Lisbon District Court will be responsible for resolving all and any questions arising from the present terms and conditions, with express waiver or any other court. PALÁCIO DO CORREIO VELHO - LEILÕES E ANTIGUIDADES, S.A. Shipping Terms We will help to arrange shipment at buyers expense.