Important Chinese Ceramics and Works of art

ARTICLE 1 PURPOSE 1.1 These terms and conditions of auction (these "Auction Terms") and the Important Notices (the "Important Notices") contained in the relevant Auction Catalogue (defined below) contain all the terms and conditions on which: 1.1.1 Daboseong Gallery ("Daboseong") shall conduct an Auction (defined below); 1.1.2 prospective Bidders shall register and/or apply to place, and Bidders shall place, bids in such Auction; and 1.1.3 Daboseong and the Seller shall contract with the Buyer in connection with the sale of any lot in such Auction. ARTICLE 2 DEFINITION 2.1 "Auction" means an auction conducted by Daboseong time to time in accordance with these Auction Terms and the Important Notices. 2.2 "Auction Catalogue" means, in relation to an Auction, the catalogue published by Daboseong containing descriptions and information on the lots scheduled to be sold at such Auction. 2.3 "Auction Date" means, in respect of any lot, the date on which such lot is scheduled to be sold at an Auction. 2.4 "Auction Period" means, in relation to an Auction, the date(s) on which such Auction is held. 2.5 "Bidder" means, in relation to an Auction, any person who has registered and/or applied to Daboseong to place bids in such Auction and, if applicable, has received written confirmation of such registration and/or application from Daboseong in accordance with these Auction Terms and the Important Notices. 2.6 "Business Day" means a calendar day which is not a Saturday, a Sunday or a public holiday in Korea. 2.7 "Buyer" means, in respect of any lot, the Bidder who is declared by the auctioneer to be the Bidder who has made the highest bid for such lot in accordance with these Auction Terms. 2.8 "Buyer Withdrawal Fee" means, in respect of any lot, an amount equal to 30% of the Hammer Price of such lot. 2.9 "Buyer's Expenses" means, in respect of any lot, any taxes, costs, charges or expenses including, but not limited to, any currency conversion costs, storage charges, packaging, delivery and transit insurance costs, incurred by any of Daboseong , its directors, officers, employees and/ or agents in connection with the sale of such lot pursuant to these Auction Terms and/or the Important Notices and payable by the Buyer to Daboseong. 2.10 "Buyer's Premium" means, in respect of any lot, the premium payable by the Buyer to Daboseong in accordance with these Auction Terms in connection with the sale and purchase of such lot. 2.11 "Consignor" means, in respect of any lot, the person who has consigned such lot to Daboseong to be sold at an Auction by entering into a consignment agreement with Daboseong prior to the start date of such Auction. 2.12 "Estimate Price" means, in respect of any lot, the estimated value of such lot as determined by Daboseong in its sole and absolute discretion. 2.13 "Hammer Price" means, in respect of any lot, the sale price of such lot, being the amount equal to the highest bid accepted by the auctioneer by striking his/her hammer and calling the paddle number of the relevant Bidder in accordance with these Auction Terms. 2.14 "Purchase Price" means, in respect of any lot, an amount equal to the sum of the Hammer Price and the Buyer's Premium of such lot. 2.15 "Reserve Price" means, in respect of any lot, the minimum selling price of such lot agreed in writing between the Seller and Daboseong (if the Consignor is the Seller), or determined by Daboseong (if Daboseong is the Seller), as the case may be, prior to the sale of such lot. 2.16 "Seller" means, in respect of any lot, the counterparty to the contract of sale of such lot, which shall be Daboseong if a lot is marked with the symbol "?" next to its lot number in the relevant Auction Catalogue, or the Consignor if a lot is not marked with such symbol in the relevant Auction Catalogue. 3 DABOSEONG AS AGENT OR AS THE SELLER Except in respect of any lot of which Daboseong is the Seller, Daboseong shall act as agent of the Consignor (being the Seller) in selling the Consignor's lot in an Auction. The contract for the sale of a lot shall be made between the Seller and the Buyer. * * ARTICLE 4 PREVIEWS 4.1 Daboseong will hold preview(s) of lots scheduled to be sold at an Auction which will be open to the public and free of charge, provided however, that Daboseong may, in its sole and absolute discretion, require proof of identity satisfactory to it before admitting any person to any preview and/or refuse admission of any person to any preview. 4.2 Daboseong will give notice of the place, date, time and duration of any preview on its website and/or in the relevant Auction Catalogue. Daboseong may, in its sole and absolute discretion, cancel, or change the place, date, time and/or duration of, any preview without prior notice. Daboseong may, in its sole and absolute discretion, determine not to sell any lot exhibited at a preview in the relevant Auction or any Auction at all. * ARTICLE 5 BIDDER REGISTRATION Unless otherwise agreed in writing with Daboseong prior to the start date of the relevant Auction Period, prospective Bidders, including first-time prospective Bidders, shall register and/or apply to place bids in an Auction by completing and sending to Daboseong the relevant registration form and any supplementary document specified in such registration form and/or requested by Daboseong in accordance with the Important Notices. Registration of prospective Bidders and application to place bids in writing or by telephone will be conducted as prescribed in the relevant Important Notices. Daboseong shall use reasonable endeavours to process any registration and/or any application to place bids, provided however, that Daboseong shall not be responsible for any failure to do so or delay in doing so, or for any error and/or omission by Daboseong, its directors, officers, employees and/or agents in processing such registration and/or application, howsoever caused. * ARTICLE 6 ESTIMATE PRICES 6.1 Daboseong will provide a lower Estimate Price and a higher Estimate Price for each lot in Hong Kong Dollars, US Dollars and Korean Won in the relevant Auction Catalogue, in its advertisements and other publications and/or during the relevant Auction Period. Daboseong may, in its sole and absolute discretion, change at any time before and up to the time of the sale of any lot the Estimate Prices of such lot without prior notice. Estimate Prices will not include the Buyer's Premium and/or any Buyer's Expenses payable by the Buyer to Daboseong. Estimate Prices provided by Daboseong will be for reference only and shall not be an indication of the value or the Hammer Price of the relevant lot. Daboseong shall not be responsible for any Estimate Price being quoted in the public. 6.2 Except as otherwise expressly provided in these Auction Terms and/or the Important Notices, the Estimate Prices shown in US Dollars and Korean Won, Chinese Yuan in any Auction Catalogue or elsewhere will be for reference only and all bids and payment shall be in US Dollars. In respect of Estimate Prices provided in an Auction Catalogue, the relevant Important Notices will contain the rates of exchange used for converting the Estimate Prices expressed in US Dollars into Hong Kong Dollars and Korean Won, Chinese Yuan in such Auction Catalogue. Such rates of exchange will be obtained at the latest practicable date prior to the printing of the relevant Auction Catalogue and may change at any time thereafter. No representation is made that any of the Hong Kong Dollars or the Korean Won, Chinese Yuan amounts shown in any Auction Catalogue and/or elsewhere could have been or could be converted into US Dollars (or vice versa) at the specified rates, at any particular rates or at all. Daboseong shall not be responsible for any error or omission, however caused, arising from, or in connection with, conversion of Estimate Prices expressed in US Dollars into Hong Kong Dollars and Korean Won, Chinese Yuan 7 CONDUCT OF AUCTION AND CONCLUSION OF THE SALE OF A LOT 7.1 Daboseong will give notice of the scheduled date, time, duration and place of an Auction on its website and/or in the relevant Auction Catalogue, provided however, that Daboseong may, in its sole and absolute discretion, cancel, or change the date, time, duration and/or place of, any Auction at any time before the scheduled start date of such Auction without prior notice. 7.2 Each of Daboseong and the auctioneer may, in its sole and absolute discretion, refuse admission of any person to any Auction and/or reject any bid (whether made in person, in writing or by telephone) placed in any Auction. 7.3 Each lot shall be sold subject to the Reserve Price of such lot and the auctioneer shall not accept any bid below such Reserve Price. The auctioneer shall keep the Reserve Price confidential. The Reserve Price of any lot shall not exceed the lower Estimate Price of such lot as at the date of the sale. The auctioneer may place bids on behalf of the Seller below the Reserve Price by either placing consecutive bids or entering bids in response to bids placed in person, in writing or by telephone (as the case may be). The auctioneer may, in its sole and absolute discretion, start the bidding of any lot below the Reserve Price of such lot. The auctioneer shall not place any bid on behalf of the Seller at or above the Reserve Price. The auctioneer shall not be obliged to specifically identify bids placed on behalf of the Seller. 7.4 A Bidder may place bids in person, in writing or by telephone, subject to, and in accordance with, these Auction Terms and the Important Notices. Bids placed by telephone may be recorded and Bidders shall be deemed to have consented to the recording of their conversations by placing bids by telephone. 7.5 Subject to Clauses 7.6 and 7.7: 7.5.1 in the case of bids placed in person, the Bidder shall place his/her bid by raising his/her paddle after the auctioneer's call in the auction hall; 7.5.2 in the case of written bids, the auctioneer will call out such bids in the auction hall before commencing to receive bids placed in person or by telephone; and/or 7.5.3 in the case of bids placed by telephone, Daboseong's staff will place bids on behalf of the Bidder in the auction hall. 7.6 In respect of a lot, Daboseong shall use reasonable endeavours to receive any written bid or telephone bid, provided however, that Daboseong shall not be responsible for any failure to do so or delay in doing so, or for any error and/or omission by Daboseong, its directors, officers, employees and/or agents in receiving such bid, howsoever caused. 7.7 If, in respect of a lot, any written bid or telephone bid is received by Daboseong in accordance with these Auction Terms and the Important Notices, Daboseong shall use reasonable endeavours to place such bid, provided however, that Daboseong shall not be responsible for any failure to do so or delay in doing so, or for any error and/or omission by Daboseong, its directors, officers, employees and/or agents in placing such bid, howsoever caused. 7.8 In respect of a lot, if a written bid and a bid in person, or a written bid and a bid by telephone, have the same bid price, the Bidder who placed the written bid will be declared to be the Buyer subject to, and in accordance with, these Auction Terms. If two written bids for a lot have the same bid price, the Bidder of the written bid first received by Daboseong will be declared the Buyer subject to, and in accordance with, these Auction Terms. 7.9 Daboseong may, in its sole and absolute discretion, (i) withdraw any lot at any time before the scheduled time of sale of such lot without prior notice; (ii) combine any two or more lots without prior notice; (iii) re-commence during the relevant Auction Period, the auction of any lot which was previously put up for sale during such Auction Period but not sold without prior notice; (iv) in the event of any error arising in relation to, or any dispute among the Bidders over the validity of, bids placed in respect of a lot, determine the Buyer of, continue the bidding process of, cancel the sale of, and/or put up for resale, such lot; and/or (v) in the event that any dispute over the authenticity of any lot, or the validity of the sale of any lot, has arisen or may, in Daboseong's sole opinion, arise, refuse to place such lot in an Auction, discontinue the bidding process and/or cancel the sale. In the event that the bidding process or the sale of a lot is discontinued or cancelled in accordance with this Clause 7.9, the Buyer's sole and exclusive remedy against Daboseong and/or the Seller, as the case may be, shall be the refund of the Purchase Price paid by the Buyer for such lot (if any). Neither Daboseong nor the Seller shall be liable for any special, indirect or consequential loss including, but not limited to, loss of profits or loss of interest. For the avoidance of doubt, Daboseong shall not be liable to pay any interest or indemnify any loss incurred as a result of any foreign exchange rate fluctuation or otherwise. 7.10 Without prejudice to Clause 7.2, the sale of any lot between the Seller and the Buyer shall occur immediately upon the auctioneer accepting the highest bid by striking his/her hammer and calling out the paddle number of the relevant Bidder. The Buyer shall sign a Successful Bidding Confirmation confirming the purchase by him/her of a lot on the date of the sale of such lot (where the Buyer made his/her bid in person and is present in the auction hall on the date of the sale) or as soon as practicable (where the Buyer did not make his/her bid in person or is not present in the auction hall on the date of the sale) 7.11 Risk associated with, and responsibility for, a lot will pass to the Buyer from the earlier of (i) the expiration of seven calendar days from, but not including, the date of the sale of such lot, and (ii) the date of collection of such lot by the Buyer or its authorised representative. Title to the lot, however, will not pass to the Buyer until all amounts payable by the Buyer to Daboseong (for itself and/or on behalf of the Consignor) under these Auction Terms and/or the Important Notices have been received by Daboseong in good cleared funds. 7.12 Except as expressly provided in Clause 7.3, a Seller shall not, directly or indirectly, place bids on his/her lots in an Auction. 1Article 8 Marketing materials The copyright in all images, illustrations and/or written material produced by or for Daboseong relating to any lot, including the contents of any Auction Catalogue, shall be and shall remain at all times the property of Daboseong and shall not be used by the Buyer, nor by any other person, at any time without Daboseong's prior written consent. Neither Daboseong nor the Seller makes any representation or warranty that the Buyer of a lot will acquire any copyright or other reproduction rights in it. 1Article 9 Buyer's Premium 9.1 In respect of any lot, the Buyer's Premium shall be: 9.1.1 if the Hammer Price is less than or equal to USD 50,000, 21% of the Hammer Price; or 9.1.2 if the Hammer Price is more than USD 50,000, 18% of the Hammer Price: 9.2 The Buyer's Premium shall be exclusive of any Buyer's Expenses payable by the Buyer to Daboseong. 1Article 10 Payments of the Purchase Price and Delivery of lots 10.1 Daboseong will provide to the Buyer an invoice or invoices of the amounts due from the Buyer to Daboseong (for itself and/or on behalf of the Consignor) under these Auction Terms and/or the Important Notices listing the lot(s) purchased by the Buyer in an Auction, the Hammer Price, the Buyer's Premium and/or any Buyer's Expenses: (i) in person within 24 hours of the sale of the lot(s) (where the Buyer made his/her bid in person and is present in the auction hall on the date of the sale); or (ii) by fax or by post to the billing address provided by the Buyer in his/her registration form within two Business Days from, but not including, the date of the sale of the lot(s) (where the Buyer did not make his/her bid in person or is not present in the auction hall on the date of the sale). 10.2 In respect of lot(s) purchased by the Buyer, the Buyer shall pay to Daboseong (for itself and/ or on behalf of the Consignor) in accordance with these Auction Terms and the Important Notices: 10.2.1 the full invoiced amount; and 10.2.2 any other Buyer's Expenses incurred after the invoice(s) has/have been sent to the Buyer, within seven calendar days (or within 21 calendar days if the Hammer Price is higher than or equal to HKD2,500,000, provided however, that the Buyer shall pay to Daboseong 30% of the Purchase Price within seven calendar days) from, but not including, the date of the sale of the lot(s). Daboseong and a Buyer may, prior to the sale of the relevant lot, agree in writing for the Purchase Price of such lot to be paid in instalments. 10.3 Unless otherwise agreed in writing between the Buyer and Daboseong: (i) the Buyer shall be personally liable to pay to Daboseong (for itself and/or on behalf of the Consignor) in accordance with these Auction Terms and the Important Notices the Purchase Price and/or any Buyer's Expenses payable by the Buyer in respect of any lot; and (ii) Daboseong will not accept any payment due to it (for itself and/or on behalf of the Consignor) from any other party other than the relevant Buyer. 10.4 If, in respect of any lot, Daboseong (for itself and/or on behalf of the Consignor) does not receive the full amounts payable by the Buyer under this Clause 10 within seven calendar days from, but not including, the date of the sale of such lot, Daboseong may, in its sole and absolute discretion, and unless agreed in writing between the Buyer and Daboseong: 10.4.1 cancel the sale of such lot and charge the Buyer the Buyer Withdrawal Fee which shall be due and payable by the Buyer on demand; 10.4.2 put up for resale such lot in another Auction; 10.4.3 disclose any personal information on the Buyer to the relevant Consignor to the extent necessary for that Consignor to claim against the Buyer; and/or 10.4.4 take such other action as Daboseong deems necessary or appropriate, without prejudice to any other rights or remedies available to Daboseong by law. 10.5 The Buyer may cancel his/her purchase of any lot by: 10.5.1 giving written notice of cancellation to Daboseong; and 10.5.2 paying to Daboseong the Buyer Withdrawal Fee, within seven calendar days from, but not including, the date of the sale of such lot. The sale will be cancelled immediately upon receipt by Daboseong of such written notice and the Buyer Withdrawal Fee. 10.6 Unless otherwise agreed in writing between Daboseong and the Buyer, Daboseong will only release the lot(s) purchased by the Buyer to the Buyer or its authorised representative in accordance with this Clause 10.6. The Buyer shall collect, or procure the collection of, the lot(s) purchased by him/her at his/her risk and expense within seven calendar days from, but not including, the date of the sale of the lot(s), provided however, that Daboseong shall not be obliged to release any lot: 10.6.1 until full payment of all amounts payable by the Buyer to Daboseong (for itself and/or on behalf of the Consignor) pursuant to this Clause 10 is duly received by Seoul; and 10.6.2 without being provided with proof of identity of the collector and (in the case of an authorised representative) proof of authorisation, satisfactory to Daboseong. 10.7 If agreed in writing between the Buyer and Daboseong, Daboseong will arrange packaging, delivery and transit insurance of the lot(s) purchased by the Buyer at the Buyer's expense and risk. Daboseong shall not be responsible for any damage to, or the loss of, such lot during packaging and/or the transit period of such lot, howsoever caused. 10.8 Daboseong will keep the lot(s) sold in an Auction at the auction hall or at Daboseong's offices at no charge until the expiry of seven calendar days from, but not including, the date of the sale of such lot(s), after which the lot(s) will be stored at Daboseong's warehouse at the Buyer's risk. If the Buyer fails to collect any lot within such time period regardless of whether such failure is caused by Daboseong's refusal to release such lot due to not having received from the Buyer the full amounts due from the Buyer to Daboseong (for itself and/or on behalf of the Consignor) in respect of such lot or not having received proof of identity and/ or authorisation pursuant to Clause 10.6, the Buyer shall pay to Daboseong a daily storage charge of HKD50 per lot. 10.9 If any lot is not collected by the Buyer or its authorised representative within 21 calendar days from, but not including, the date of the sale of such lot for whatever reason, Daboseong shall not be liable for any damage to, or the loss of, such lot(s), howsoever caused. 1Article 11 Export and/or import licences The Buyer shall be responsible for obtaining any relevant export/import licences and/or permits (the "Licences") required for the export/import of the purchased lot(s). Daboseong may, at the written request of the Buyer, introduce to Buyer a shipper to assist in obtaining the necessary Licences at the Buyer's expense and risk. Daboseong does not accept any responsibility whatsoever in respect of such introduction. Denial of the Licences and/or delay in obtaining the Licences in respect of any lot shall not be a ground for the Buyer to cancel the sale of such lot or refuse or delay payment of the full amounts payable by the Buyer to Daboseong (for itself and/or on behalf of the Consignor) pursuant to Clause 10. 1Article 12 Sale after the Auction 12.1 If any lot (an "After Sale Lot") is not sold in an Auction because no bid matched or exceeded the Reserve Price at such Auction, Daboseong may, during the period commencing after the end date of the relevant Auction Period and ending 7 Business Days after the end date of such Auction Period: 12.1.1 receive bids in writing for such After Sale Lot subject to the relevant Reserve Price; and 12.1.2 accept the highest bid placed in accordance with this Clause 12, provided however, that Daboseong shall not be obliged to accept any bid if it deems, in its sole and absolute discretion, that the relevant Bidder has not provided all documents as may be required by Daboseong pursuant to Clause 12.2 to its satisfaction. 12.2 A Bidder shall, when placing bids for any After Sale Lot, send to Daboseong any supplementary document as may be requested by Seoul Action in written notice from time to time within the time specified by Daboseong in such notice. 12.3 The sale of any After Sale Lot shall occur on the date of the invoice from Daboseong to the Bidder notifying Daboseong's acceptance of his/her bid. The invoice will list the lot(s) purchased by the Buyer, the Hammer Price, the Buyer's Premium and/or any Buyer's Expenses, due from the Buyer to Daboseong (for itself and/or on behalf of the Consignor). 12.4 Clauses 1, 2, 3, 6, 7.2, 7.3, 7.6 to 7.9, 7.11, 7.12, 8, 9, 10.2 to 10.9, 11, 13 to 19 of these Auction Terms and the relevant provisions in the Important Notices shall apply in respect of the sale of any After Sale Lot in accordance with this Clause 12 as applicable and with the necessary amendments. 1Article 13 No representations, warranties and liabilities 13.1 A Bidder agrees and acknowledges that all statements in respect of any lot including, but not limited to, statements on authorship, title, medium and/or size, contained in any Auction Catalogue and/or elsewhere in writing or made orally by any of Daboseong, its directors, officers, employees and/or agents and/or the Seller at any time, are statements of opinion and not statements of fact. So far as is permitted by law and except as otherwise expressly provided in this Clause 13, Clause 14 and/or Clause 15, all representations, warranties, conditions, guarantees and stipulations, express or implied, statutory, customary or otherwise in respect of any lot are and shall be expressly excluded (including, but without limitation, warranties, conditions as to title, rights to dispose, quiet possession, freedom from encumbrances, merchantable or satisfactory quality, fitness for purpose, description, size, quality, attribution, authenticity, medium, provenance or whether such lot is subject to copyright and/or whether the Buyer acquires copyright in such lot). 13.2 So far as is permitted by law, the lots shall be sold on an "as is" basis as at the time of sale of the lots (whether or not the Buyers are in attendance in person at the Auction). Descriptions in the Auction Catalogues may on occasion make reference to particular defects or deficiencies of a lot but the absence of any such description in respect of any lot shall not mean that such lot is without defects or deficiencies. The Bidder shall be responsible for conducting his/her own research and satisfying himself/herself of the condition of the lots, including, but not limited to, damage and/or restoration of the lots and in respect of any entries provided in the Auction Catalogue or elsewhere. Daboseong will only accept a bid from a Bidder in respect of a lot on the assumption that the Bidder has satisfied himself/herself of the condition of such lot and in respect of any entries provided in the Auction Catalogue or elsewhere. 13.3 So far as is permitted by law and except as otherwise expressly provided in these Auction Terms and/or the Important Notices, neither Daboseong nor the Seller shall be liable to any Bidder or Buyer for: 13.3.1 errors or omissions in information, whether oral or written, provided by any of Daboseong, its directors, officers, employees and/or agents and/or the Seller, howsoever caused; 13.3.2 acts or omissions by any of Daboseong, its directors, officers, employees and/or agents and/or the Seller in relation to the conduct of any Auction and/or for any matter relating to the sale of any lot, howsoever caused. 1Article 14 Limited Warranty 14.1 In respect of any lot, Daboseong warrants that the headline printed in BOLD BLACK in respect of such lot on the first line in the Auction Catalogue (the "Headline") (as may be amended by any sale room notice displayed in the auction hall during the relevant Auction Period) is true and accurate as at the date of the sale of such lot (the "Limited Warranty"). 14.2 Daboseong shall not be liable for breach of the Limited Warranty in respect of any lot unless a Claim Letter (defined below) in respect of such lot is given by the Buyer to Daboseong in accordance with this Clause 14 before the expiry of three years from, but not including, the date of the sale of such lot (the "Warranty Period"). 14.3 Subject to Clause 14.2, any Buyer wishing to claim under the Limited Warranty in respect of any lot shall (i) send to Daboseong a letter (the "Claim Letter") stipulating the date of the sale of such lot, the lot number and the grounds for his/her claim under the Limited Warranty within three months from, but not including, the date on which he/she became aware of a possible/actual breach of the Limited Warranty; and (ii) return to Daboseong the relevant lot in the same condition as at the time of the sale of such lot. 14.4 In the event that there is a dispute between the Buyer and Daboseong in respect of the grounds of the Buyer's claim under the Limited Warranty, Daboseong may require the Buyer to obtain, at the Buyer's expense, written opinions of two experts in the field mutually acceptable to Daboseong and the Buyer. Daboseong shall not be bound by such written opinions provided by the Buyer and may seek additional advice from other experts in the field at its own cost. 14.5 The Buyer shall not be entitled to claim under the Limited Warranty in respect of any lot if: 14.5.1 the relevant Headline corresponded to the generally accepted opinion of scholars or experts at the time of the sale of such lot; 14.5.2 the catalogue description or sale room notice indicated that there were possibilities of dissenting opinion(s) from scholar(s) or a group of experts on the relevant Headline; or 14.5.3 the breach of the Limited Warranty can be proved only by means of either a scientific process not generally accepted for use until after publication of the relevant Auction Catalogue or a process which at the date of publication of the relevant Auction Catalogue was unreasonably expensive or impractical or likely to have caused damage to the lot. 14.6 In the case of a breach of the Limited Warranty in respect of a lot, Daboseong shall cancel the sale of such lot and refund to the Buyer the Purchase Price paid by the Buyer in relation to the lot. 14.7 In the event of a breach of the Limited Warranty in respect of a lot, the Buyer's sole and exclusive remedy against Daboseong and/or the Seller shall be the cancellation of the sale and refund of the Purchase Price paid by the Buyer for such lot. Neither Daboseong nor the Seller shall be liable for any special, indirect, consequential loss including, but not limited to, loss of profits or loss of interest. For the avoidance of doubt, Daboseong shall not be liable to pay any interest or indemnify any loss incurred as a result of any foreign exchange rate fluctuation or otherwise. 14.8 The Buyer shall not assign or transfer the benefits of the Limited Warranty. Unless agreed in writing between Daboseong and the Buyer, only the Buyer of the relevant lot as shown on the invoice issued by Daboseong or his/her successor shall be eligible to claim under the Limited Warranty, provided that such Buyer or successor must have remained the owner of the lot without disposing of any interest in it to any third party. 1Article 15 Limited Liability 15.1 Without prejudice to Clauses 13 and/or 14 above, a Bidder's or Buyer's sole and exclusive remedy to any claim made by it against Daboseong and/or the Seller arising out of, or in connections with these Auction Terms and/or the Important Notices in respect of any lot shall be damages up to the Purchase Price of such lot. Neither Daboseong nor the Seller shall be liable for any special, indirect, consequential loss including, but not limited to, loss of profits or loss of interest. For the avoidance of doubt, Daboseong shall not be liable to pay any interest or indemnify any loss incurred as a result of any foreign exchange rate fluctuation or otherwise. 15.2 Nothing under these Auction Terms shall exclude or limit Daboseong's liability in respect of any fraud, death or personal injury arising out of, or in connection with, any action or inaction by any of Daboseong, its officers, employees and/or agents in relation to the conduct of any Auction and/or sale of lots. 1Article 16 Amendment to these Auction Terms and the Auction Catalogue 16.1 Daboseong may, at any time, and in its sole and absolute discretion, amend the provisions of these Auction Terms and any such amendments shall be posted on the first page of Daboseong's website for a period commencing seven calendar days prior to, and ending one calendar day prior to, the effective date of such amendments. 16.2 Daboseong may, at any time, and in its sole and absolute discretion, amend any information in an Auction Catalogue including, but not limited to, the Important Notices and any such amendments shall be posted in a sale room notice during the relevant Auction Period. 1Article 17 Data Protection 17.1 Prospective Bidders, Bidders and/or Buyers may be required to supply personal data in connection with placing bids for, and purchasing of, lots an the Auction. All personal data may be used for the following purposes: (i) all matters connected to the management and operation of Daboseong's business and the marketing and supply of Daboseong's services; (ii) the transfer of such data to any place in and outside of Hong Kong; and/or (iii) any purpose relating to or in connection with compliance with any law, regulation, court order or order of a regulatory body. 17.2 All personal data will be kept confidential but, subject to the provision of any applicable law, may be disclosed to or used by any of the following companies or persons, whether in or outside of Hong Kong: (i) Daboseong and/or any of its branches, subsidiaries, holding company, associated companies or affiliates of, or companies controlled by, or under common control with, Daboseong (each an "Affiliate") (together the "Group"); (ii) any director, officer or employee of the Group, but only when carrying out the business of the Group; (iii) any agent, contractor, third party service provider or other person authorised by the Group to provide administrative, telecommunications, computer or insurance, shipping, or any other services to the Group in connection with the operation of its business; (iv) credit reference agencies and, in the event of default, debt collection agencies; (v) any other person under a duty of confidentiality to the Group; and/or (vi) any person to whom the Group is under an obligation to make disclosure under the requirements of any law, regulation, court order or order of a regulatory body. 17.3 In general, and subject to certain exemptions, prospective Bidders, Bidders and/or Buyers shall be entitled to: (i) request access to his/her personal data, which shall be provided within 40 days; (ii) request the correction of his/her personal data, which shall be made within 40 days; and/or (iii) be given reasons if a request for access or correction is refused or unable to be complied with within 40 days. 17.4 Any request for access to and/or correction of prospective Bidders, Bidders and/or Buyers' personal data, or for information regarding Daboseong's data protection policies and practices and the kinds of personal data Daboseong hold, shall be sent to Daboseong in accordance with Clause 18.6. Daboseong will have the right to charge a reasonable fee for the processing of any data access request. 17.5 If a prospective Bidder, Bidder or Buyer is a corporate entity, Daboseong shall not use the personal data of such entity's data subjects for any purpose other than the purposes for which such entity notified its data subjects at the time of the collection of the data by such entity or a purpose directly related to that purpose (except where Daboseong has obtained the written consent of the data subject). The corporate prospective Bidder, Bidder or Buyer by signing the relevant registration form, confirms that (i) it has notified its data subjects that their personal data may be used for the purposes specified in Clause 17.1 and (ii) it agrees to indemnify Daboseong in relation to any loss or damage suffered by Daboseong as a result of its failure to notify its data subjects as set out in (i) above. 1Article 18 Miscellaneous 18.1 In the case of any failure by the Buyer to pay to Daboseong any amount due to it (for itself or on behalf of the Consignor) by the relevant due date, an interest of up to 2% per month (as determined from time to time by Daboseong in its sole and absolute discretion) shall accrue to the default amount on a daily basis from, but excluding, the date such payment is due to, and including, the date of actual payment of the default amount and any interest accrued. 18.2 Any and all payments due under these Auction Terms and/or the Important Notices shall be payable in Hong Kong Dollars. If the Buyer and Daboseong agrees in writing for the Buyer to pay any amount due to Daboseong (for itself and/or on behalf of the Consignor), or for Daboseong to pay any amount due to it, in any currency other than Hong Kong Dollars, the Buyer shall be liable to pay any currency costs including, but not limited to, bank commissions and/or charges incurred by Daboseong in converting the Hong Kong Dollar amounts into such other currency. Any currency conversion shall be made using the rate for Hong Kong Dollars quoted to Daboseong by The Hongkong Shanghai Banking Corporation Limited on the date of payment and Daboseong's certificate as to such rate will be conclusive. For the avoidance of doubt, Daboseong shall not be liable to indemnify any loss incurred as a result of any foreign exchange rate fluctuation or otherwise. 18.3 Any and all payments under these Auction Terms and/or Important Notices shall be made in cash or equivalent, including electronic remittance, cashier cheques and/or bank money orders in good cleared funds and in accordance with the these Auction Terms and the Important Notices. In respect of any payment under these Auction Terms and/or the Important Notices, if the payment due date is not a Business Day, then the immediately following Business Day will be deemed to be the payment due date. 18.4 All sums payable by the Buyer to Daboseong are exclusive of any goods or service tax or other value added tax (whether imposed in Hong Kong or otherwise). The Buyer shall be responsible for paying such tax at the rate and time as required by the relevant law. 18.5 If any part of these Auction Terms and/or the Important Notices is found by any court to be invalid, illegal or unenforceable, that part may be discounted and the rest of these Auction Terms and/or the Important Notices shall continue to be valid and enforceable to the fullest extent permitted by law. 18.6 All notices, requests, claims, demands and other communications to Daboseong under these Auction Terms and/or the Important Notices shall be in English and in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service), by email with receipt confirmed by a reply email from Daboseong (followed by delivery of an original via overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to Daboseong at the following address: 1~4th floor Sueun Assembly House Bldg., Gyeongun-dong, Jongno-gu, Seoul, Korea Tel +82 2 730 7566 Fax +82 2 722 1024 Email: Daboseong@gmail.com Notices to Bidders and Buyers shall be addressed to the address specified by them in the relevant registration form. 18.7 Time shall be of the essence of these Auction Terms and the Important Notices both as regards any dates, times and periods mentioned and as regards any dates, times and periods which may be substituted for them in accordance with these Auction Terms or by agreement in writing between the parties. 18.8 No waiver by or on behalf of Daboseong of any requirement of or any rights under these Auction Terms and/or the Important Notices shall release any other party(ies) from the full performance of its/their remaining obligations under these Auction Terms and/or the Important Notices. No single or partial exercise of or failure or delay in exercising, on the part of Daboseong, any right, power or remedy under these Auction Terms and/or the Important Notices or the granting of time by Daboseong shall prejudice, affect or restrict the rights, powers and remedies of Daboseong under these Auction Terms and/or the Important Notices, nor shall any waiver by Daboseong of any breach of these Auction Terms and/or the Important Notices operate as a waiver of or in relation to any subsequent or any continuing breach of these Auction Terms and/or the Important Notices. 18.9 These Auction Terms and the Important Notices as amended from time to time in accordance with these Auction Terms set out the entire agreement and understanding between the parties relating to the subject matter hereof to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in these Auction Terms and the Important Notices as amended from time to time in accordance with these Auction Terms (except in respect of the rights and obligations of the Consignor and Daboseong against each other in relation to the consignment of lots by the Consignor to Daboseong which shall be regulated by the relevant consignment agreement). It is agreed that no party has been induced to enter into these Auction Terms and the Important Notices by any representation, warranty or undertaking not expressly incorporated it. 18.10 In the case of any ambiguity or discrepancy between the English, Chinese and/or Korean version of these Auction Terms, the English version shall prevail. 1Article 19 Jurisdiction and governing law These Auction Terms shall be governed by the laws of Hong Kong. The courts of Hong Kong shall have exclusive jurisdiction to settle any disputes which may arise out of or in connection with these Auction Terms and/or the Important Notices and the parties to these Auction Terms (except Daboseong) irrevocably submits to the jurisdiction of such courts and waive any objection to proceedings in any such court on the ground of venue or on the ground that proceedings have been brought in an inconvenient forum. Daboseong shall have the right to bring proceedings in any court other than the Hong Kong courts. All Bidders and Buyers irrevocably consent to the service of process or any other documents in connection with proceedings in any court by facsimile transmission, personal service, delivery by mail or in any other manner permitted by Hong Kong law, at the law of the place of service or the law of jurisdiction where proceedings are instituted, at the last address of the Bidders or the Buyers known to Daboseong or any other usual address.