44. Leitz Photographica Auction

Terms and Conditions of Auction for Bidders of Truth in Focus Auction by Leica Camera Inc. benefitting the Committee to Protect Photojournalists (hereinafter referred to as ?TIF Auction?). 1) By submitting a written or telephone purchase order, an online bid or by participating in person as a bidder in the auction room, each bidder at the TIF Auction explicitly recognizes the following Terms and Conditions of Auction. The Terms and Conditions of Auction also apply to subsequent purchases described in Section 12 hereof. Except as otherwise set forth herein, bids and personal data of the bidders and consignors will be treated as strictly confidential by Leica Camera Inc. and the Leitz Photographica Auction and not forwarded to third parties. If, however, a claim to a consigned item should be filed by a third party, and it is not possible to clarify the ownership of the item otherwise, the auction house is entitled to disclose the name and address of the bidder. In addition, personal data of winning bidders of the TIF Auction will be shared among Leica Camera Classics GmbH, Leitz Photographica Auction and Leica Camera Inc. for the purpose of effectuating the sale. 2) The auction is public and voluntary and will be carried out pursuant to the provisions of Section 158 of the Trade Code (Austria) and according to these Terms and Conditions of Auction. The auction is done in Leica?s name for third-party account (commission transaction). Unless this conflicts with mandatory national or European provisions, the parties agree that Vienna, Austria shall be the place of performance and place of jurisdiction. With respect to foreign bidders who do not have their place of residence in Austria but instead in another Member State of the European Union, Austrian law shall apply unless this conflicts with mandatory national or European provisions. 3) The estimate of value and specialist determination of the items will be done by experts of Leitz Photographica Auction who shall strive to describe the condition of the lots in the catalogue as accurately and appropriately as possible. Any errors or defects in the items for auction may be indicated and all lots shall be evaluated according to the internationally recognized categories (A,B, etc.). The meanings of these categories are explained in detail in the catalogue. Leitz Photographica Auction, however, explicitly points out that the items are offered as collectors? items (showcase pieces) and the sale is therefore done without any guarantee or liability whatsoever for open or hidden defects. Leica Camera Inc. and Leitz Photographica Auction each reserve the right to make corrections due to mistakes and printing errors. Leitz Photographica Auction also reserves the right to make corrections to the description up until the auction. 4) Prospective bidders may inspect the items for auction within the period of time indicated in the catalogue. If, however, a bidder is unable to inspect items on site, TIF Auction may, in its sole discretion and at the request of the bidder, provide a more precise description of the relevant items? technical and visual condition. TIF Auction may provide any such information both over the phone as well as in writing or by e-mail. Additional photos of the items, however, may only be sent by e-mail. During the inspection and the auction, each visitor is liable for damage he or she causes to the lots and will indemnify TIF Auction in full against any claims by the consignor of such items. 5) Before the start of the auction, bids can be submitted in writing (by letter, fax or e-mail) or online via the homepage of Leitz Photographica Auction (www.leitz-auction.com). Written purchase orders must be presented to Leitz Photographica Auction no later than 24 hours prior to the start of the auction in an easily legible form. In order to be taken into consideration, such purchase orders must include the precise address of the bidder, a copy or scan of a valid ID document and the highest bid in USD. The prices named in a purchase order are deemed to be highest prices for a bid. Leitz Photographica Auction executes written bids conscientiously, whereby the written highest bid is only selected if other written or verbal bids in the auction room necessitate this. Bidding by telephone is only permitted for lot value(s) of USD 500 upwards. Bidders wishing to bid by telephone must register at https://www.leitz-auction.com/auction/en/buy no later than 24 hours prior to the auction, giving notification of the bidder?s personal details along with corresponding proof of identity. Each bidder shall only bid in his/her own name and for his/her own account. Telephone bidders will be contacted by Leitz Photographica Auction before the requested lots are called up. However, no guarantee is given that the telephone connection will be successful. Before the start of the auction, bidders in the auction room will be given a bidder number as soon as they have proven their identity with a valid ID document and have deposited the credit card details of a valid credit card in their name. The bidders hereby acknowledge that it is impossible for Leitz Photographica Auction to perform credit checks on bidders prior to the auction. For this reason, the bidder is required to deposit a security amounting to 20% of the lower estimate of the lot in EURO to the account of the Leica Camera Classics GmbH, IBAN AT49 3200 0000 1355 4563, SWIFT RLNWATWWXXX, if and when the lower estimate of the lot as shown in the auction catalogue exceeds USD 50,000. The security deposit must be credited to the mentioned account free of charges and deductions no later than 24 hours prior the auction. If such security deposit is not received, the bid cannot be considered. Room bidders may credit the security deposit to the mentioned account no later than one hour prior to the beginning of the auction. Leitz Photographica Auction reserves the right to ask for a higher security amount for certain lots, which higher security amount will be shown in the auction catalogue. If the bidder's bid wins, the security deposit will be credited against the hammer price and the buyer's premium. If the bidder?s bid does not win, Leica Camera Classics GmbH will refund the security deposit to the bidder within two banking days free of charges and deductions. 6) The net purchase price consists of hammer price plus US Sales tax. 7) The auction of items is conducted in the sequence of the catalogue numbering. The catalogue text of the printed English version of the auction catalogue is decisive, but the auctioneer is entitled to summarize, separate, remove or change the order of catalogue numbers in the auction. The auctioneer can reject offers and rescind a successful bid already made in order to auction the respective item further. 8) Bidding increases by approx. 10% of the calling price. The calling price is usually the starting price listed in the catalogue unless there are several higher written bids. In this case, the auctioneer calls out in favor of the highest bidder at the amount that is 10% above the second-highest written bid. If there are several written highest bids of the same amount, a decision is taken in favor of the bid first submitted. The successful bid is the hammer price. 9) Ownership of the auctioned goods is not transferred to the buyer until full payment has been made. All payments from the buyer shall be accepted by Leica Camera Inc. and donated (net of taxes, fees or other costs described in these Auction Terms and Conditions) to the Committee to Protect Journalists within [30]1 days of receipt of payment. In the event of a successful bid, the buyer shall accept and pay for the lot acquired by him/her in the auction. The buyer is only entitled to handover when the purchase price has been paid in full. The entire liability for the auctioned item is transferred immediately to the buyer upon such handover to the buyer or delivery to a third party at the buyer?s request. Liability for the auctioned item(s) also passes to the buyer if, at the buyer?s request, the item is sent to a location other than the place of performance (Vienna, Austria). In this case, the risk is transferred to the buyer as soon as TIF Auction has delivered the item to the forwarding agent, the freight carrier or another person or institution designated for execution of the shipment. However, the auctioned lot will not be handed over to the buyer or a transport company or other third party until full payment of the invoice sent to the buyer is received. 1 Note to Client: Confirm timeframe. If it is agreed that the item will be handed over before complete payment, the auctioned item remains the property of Leica Camera Inc. until full settlement of the claim. 10) As a general rule, TIF Auction cannot assume any liability for any damage in the delivery, interim storage or during the inspection, unless the damage is due to willful or grossly negligent conduct on the part of TIF Auction. In order to prevent any problems, consigned goods are insured as an obligatory measure for 1.5% (incl. VAT) of the lower estimate. If permissible by law, the amount of liability of TIF Auction is limited to the lower estimate. 11) If no other agreements have been made between a bidder and TIF Auction, such bidder in the auction room can pay for and collect the auctioned items, including the customary taxes in the country, directly after the auction has ended. The invoices for the items auctioned in writing or by telephone will be sent to the respective highest bidders after the auction has ended. The invoiced amount, plus any taxes, fees and costs to be added thereto pursuant to these Terms and Conditions of Auction, are to be paid to Leica Camera Inc. within 8 days after the bidder?s receipt of such invoice, without deductions or setoff of any kind. In the case of arrears in payment, arrears interest in the amount of 5% above the basic interest rate of the Austrian National Bank per month is due. The buyer is responsible for any costs or expenses related to its chosen method of payment (e.g., costs relating to bank transfers). In addition, costs for packaging, transport and transport insurance are not included in the purchase price of items and will be separately charged to the buyer. All storage and packaging to and from handover to the transport company is solely at the buyer?s risk. For auctioned items that have not been collected within 30 business days from the date of invoice, the auction house is entitled to charge to buyer a storage fee of 1 USD ? 10 USD (depending on size and value) per day and item, in its sole discretion. 12) In the event the buyer refuses acceptance of an item or fails to pay any amount due within the time frame specified herein, the buyer is liable for all resulting damage and consequential costs. In such cases, TIF Auction can either demand fulfilment of the purchase contract or compensation due to non-fulfilment of the purchase contract pursuant to the statutory provisions. The auctioned goods can be auctioned again at the buyer?s expense. In this case, the buyer is liable for the difference between the buyer?s purchase price for the item and any reduced purchase price received for the item at a subsequent auction. The buyer is not entitled to any additional proceeds generated. 13) As a general rule, auctioned items will not be taken back by TIF Auction. If, however, an item description is materially inaccurate (other than technical defects described in Section 3), and the buyer informs TIF Auction of such inaccuracy in writing within 14 days of the auction date, and TIF Auction recognizes the validity of the complaint, the buyer shall be entitled to reimbursement of the purchase price (including, for the avoidance of doubt, the applicable buyer?s premium) and shall return the auctioned item to TIF Auction simultaneously with such reimbursement. In the event of such reimbursement, no further claims can be filed by the buyer and the buyer waives all claims it may have in respect of the inaccurate description. 14) These Terms and Conditions of Auction include all agreements between the bidder and TIF Auction. Verbal side agreements are invalid. All amendments must be made in writing to be valid. 15) If a provision should be invalid in part or in its entirety, this will not affect the validity of the remaining provisions. 16) THE LIABILITY OF LEICA CAMERA INC. AND LEICA CAMERA CLASSICS GMBH SHALL UNDER NO CIRCUMSTANCES EXCEED THE ACTUAL AMOUNT PAID BY A BIDDER FOR AN ITEM AT THE TIF AUCTION, NOR WILL LEICA CAMERA INC. OR LEICA CAMERA CLASSICS GMBH UNDER ANY CIRCUMSTANCES BE LIABLE FOR ANY LOSS OF PRODUCTION, WORK, DATA, USE, BUSINESS, GOODWILL, REPUTATION, REVENUE OR PROFIT, ANY DIMINUTION IN VALUE, COSTS OF REPLACEMENT GOODS OR SERVICES, OR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES OR LOSSES, WHETHER DIRECT OR INDIRECT.