Important Chinese Works of Art

CONDITIONS OF BUSINESS 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 ownership or authenticity of a lot must be raised 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 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 registration form 24 hours before the auction starts, and pay the deposit. Once the lot is successfully bought, The Buyer 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. Lots and Catalogue Illustrations Article 9 The Buyer should examine carefully the auction lot they intend to buy, prior to the date of the auction, and should be solely legally responsible for their bids made to buy certain piece of lot. Our Company does not provide guarantee the correctness on the description of the lot or any accompanying documents. Article 10 Condition reports may be available to help you evaluate the condition of a lot. Condition reports are provided for guidance only. They may not include all faults, inherent defects. Article 11 Our Company has the right to hold exhibitions, auctions and make announcements, catalogues and other forms of publications to introduce the auctions lots. Article 12 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. Article 13 Any reference to condition in a catalogue entry or in a condition report will not amount to a full description of condition, and images may not show a lot clearly. Colors and shades may look different in print or on screen to how they look on physical inspection. Our Company shall not be held responsible for these differences. Article 14 Our Company owns the intellectual property rights (including but not limited to copyright or patent) of all images, illustrations and written material produced by or for The Company relating to a lot. They can not be used without obtaining prior written permission from Our Company. Deposits Article 15 All buyers bidding in person, via telephone, written or online bids, must complete the registration at least one day before the auction date and put down a deposit of TWD 200,000 (if paying by check please allow at least three days for check to clear.) Article 16 Yu Jen Imperial Seal Card holders do not need to pay the deposit. Article 17 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. Buyer?s Premium Article 18 Once the Buyer successfully bid the auction lot, the final Purchase Price that the Buyer shall pay in full are the sum of hammer price and buyer?s premium to Our Company. The buyer?s premium is charged as follows: For the portion of hammer price under TWD 10 million, buyer?s premium will be 23%; for the portion over (and including) TWD 10 million, buyer?s premium will be 20%; for the portion over (and including) TWD 20 million, buyer?s premium will be 17%. Payment and Collection of Lots Article 19 Once the Buyer has successfully bid the auction lot, the Buyer may collect the lot once the aforementioned Purchase Price (include hammer price and buyer?s premium) is paid in full. Our Company reserves the right to ask for a thirty percent (30%) of the full Purchase Price as a deposit on the same day after the auction and the remaining balance must be paid in full within ten (10) days after the auction. 229 Article 20 Payment can be made in cash, by bank transfer, check or credit card. Credit card (including China Union Pay card) payment is limited to total amount of one million Taiwanese dollars or less. Checks must be cleared before lot collection. Bank transfers can be made to our bank accounts in Taiwan or Hong Kong. If payment is made in USD or HKD to our Hong Kong account, the exchange rate published during the auction and on our invoice will be used. 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 21 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. Article 22 The full amount of the Purchase Price that Buyer shall pay Our Company, does not include any commodity tax or services 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 23 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 lot during or as the result of packaging. Article 24 The Buyer shall collect the lot personally once the Purchase Price is paid in full. If the Buyer wishes to assign another person to collect the lot, 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 lot during transit. The Liabilities to an Auction after Sale Article 25 After the Buyer has paid the full amount of the Purchase Price to Our Company, the Buyer shall be responsible for the lot purchased. Even if the lot 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 26 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 27 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 28 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 29 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 30 Storage fees will be incurred at the rate of TWD 1,000 per lot per day if the item, even if paid in full, is not collected within 30 days after the auction date. Our Company is not responsible for any loss or damage during the storage. The Main Stipulations for the Seller Article 31 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 32 Our Company shall have absolute discretion to settle any dispute during or after the auction. Article 33 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 34 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 Ministry of Culture, Taiwan, and is qualified under the regulations for tax relief on business tax. Every sales revenue and buyer?s premium resulted from the auction shall be relieved of the 5 % business tax.