Conditions of Business
Article 1 For the following Conditions, "We/Us/Our/Company" mean Majestic Auctions.
Article 2 Definitions and Interpretation
The terms used in the conditions shall have the following meanings:
1) "The Seller" means a natural person, legal person or any other organization who consigns the Lot to the Company for auction in accordance with the Conditions.
2) "The Bidder" means a natural person, legal person or any other organization that has full capacity of civil rights to bid at auction according to provisions of the laws of People's Republic of China and who has gone through the necessary registration and procedural formalities of the Company. The Bidder shall satisfy all provisions with respect to conditions of sale or qualification of the Bidder.
3) "The Buyer" means the person with the highest bid accepted by the auctioneer.
4) "Lot " means any item(s) owned by the Seller or disposable according to the laws, and consigned to the Company for auction.
Article 3 Special Notice
The Seller, the Bidder, the Buyer and other concerned parties participating in the auction should read the Conditions carefully and conform to the provisions hereof. All parties shall be liable for their own actions at auction and any loss caused by failure to read the Conditions carefully.
Article 4 Exclusion of Liability
The Company especially declares that the Company cannot guarantee the genuineness or fakery or the quality of the Lot, and the Company shall not bear the liability for guaranteeing the drawbacks.
The Bidder and/or his/her/its agent shall bear the responsibility of carrying out his/her/its own inspection and investigations as to the nature of the Lot and shall be liable for his/her/its bid.
Article 5 The Seller's Warranties
The Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the consigned Lot as follows:
1) The Seller has complete ownership and legal right to dispose of the Lot, Without prejudice to any legal interest of any third party, the auction of the Lot shall not violate any relevant laws and regulations;
2) The Seller has the best knowledge, made full and complete discloser and description to the company with respect to the origin and any flaw or defect of the Lot without and concealment and fabrication.
3) The Seller shall indemnify and hold the Company and/or Buyer from and against any claims, losses and damages or actions incurred or brought by the actual owner or any third party who claims to be the actual owner of the Lot as well as all expenses and costs incurred in connection therewith, arising out of, or in any way attributable to any breach of the above warranties.
After the Seller has signed the consignment auction contract with the delivered the Lot to the Company, the Company reserve the right whether to auction individual item, or several items together, separate or group items. If for any reason the Company believes that the Lot is not suitable for auction, the Seller is responsible to collect the Lot (fees for the packaging charge and cartage shall be paid by the Seller), the consignment auction contract between the Seller and the Company will cease on the date the Seller collects the lot.
The Seller may withdraw the Lot at any time prior to the Auction Date subject to a written notice stating the reasons. In the case that the catalogue or any other public materials of the Lot have begun printing upon the Seller's withdrawal, the Seller shall pay an amount equal to 10% of the asking price of the Lot to the Company. If the asking price of the Lot is below 30 dollars, then the Seller should pay 30 dollar for each Lot.
The Seller authorized the Company that the Company shall take photographs, make illustrations, catalogues or other images and public materials relating to the Lot consigned to the Company for auction and shall have the copyright for such photographs, illustrations, catalogue or other images and public materials mentioned above.
At the auction, the Company will prepare a catalogue to introduce the status of the Lot with words and/or pictures for the convenience of Bidders and Sellers. The words, Reference Price, pictures in the catalogue and other images and public materials are only references for Bidders and are subject to revision before auction. The company provides no guarantee for the authenticity, value, tone, quality or for any flaw or defect of any Lot.
Article 6
The Company may forbid anyone from participating in auction, admission to the premises, taking a picture, making a sound recording or making a video recording during auction, as the case maybe.
Article 7 Insurance
Unless otherwise instructed by the seller in writing, all Lots will be automatically covered under the insurance applied by the Company as soon as the Seller signs the consignment auction contract with the Company and delivers the Lot to the Company. The insurance amount shall be based on the Reserve agreed by the Seller and the company in the consignment auction contract (is no Reserve, the insurance amount shall be the one agreed by both parties if the Reserve is adjusted, the insurance amount shall be adjusted Reserve).
The insurance amount is only subject to apply for insurance and claim for compensation after the insurance accident occurrence other than the Company's warranty or security for the value of the lot, and does not mean that the Seller can be paid such amount equal to the insurance amount by auction held by the Company.
If the Seller wishes not to have the Lot insured by the Company, a written notification from the Seller is needed. And the Seller is solely responsible for any damages or loss of the Lot.
Article 8 Auctioneer's Discretion
The auctioneer is entitled to represent the Company and to increase or decrease the bidding ladder, refuse any bidding, or restart auction in case of any dispute arising.
Article 9 Payment
The Buyer shall make full payments in a lump sum to the Company within seven days after the Sale Date and take the Lot back. The Buyer shall also undertake packaging charges, cartage, transportation insurance premium and export appraisal fee (if any).
The buyer fails to pay the full prescribed time auction proceeds, the bidder shall not be refunded, and the closing date of the auction begins on the eighth day shall be charged late fees on a daily ten thousandths, the Company holds the right to lien auction until full payment. Buyer should inform themselves about the relevant national immigration regulations and apply themselves to obtain the necessary permits and other pieces. Any other relevant certificates due to immigration and was delayed, may be invoked as grounds to cancel pay auction fee.
The consent of the client, the auction house may then auctioned off or otherwise dispose of unpaid amounts auction. In addition to the original buyer shall pay the first auction and the principal shall pay a buyer's commission and other charges to get rich, we must also bear another auction and otherwise dispose of the auction the auction price is less than the difference between the original part.
Article 10 Remuneration and Other Expenses
The Seller shall pay the Company a remuneration equal to 15% of Hammer Price, 1% of insurance costs, 10 dollar per item for catalogue administration fees and other Expenses.
The Bidder will be deemed as the Buyer of the Lot after succeeding in bidding and shall pay the Company a remuneration equal to 20% of Hammer Price and other Expenses.(International Buyers can avoid paying 13% tax expenses.)
Each item that is under $50,000(include$50,000), the Buyer shall pay a remuneration equal to 20% of Hammer Price to the Company.
Each item that is over $50,000 and under $100,000 (include $100,000), the Buyer shall pay a remuneration equal to 15% of Hammer Price to the Company.
Each item that is over $100,000, the Buyer shall pay a remuneration equal to 10% of Hammer Price to the Company.
Article 11 Package and Transportation
The Company may arrange packing and handling of the purchased Lot on behalf of the Buyer as the case may e on its request and the Buyer shall be liable for any loss arising from such arrangements. In no circumstances shall the Company take any liability for any damages or losses of the Lot arising out of any reason.
The Company shall undertake no liability for any fault, omissions, damages or losses caused by the packers or carriers recommended by the Company.
Article 12
All listed prices and payments shall be made in the currency of Canadian dollars.
Article 13 Right to alternation
The company reserves the right to make any alternation to the Conditions at its sole discretion at any time the Company considers proper. The altered version is valid and becomes automatically effective on the date it is altered and is to be published in the way the Company considers proper. Any party involved must pay attention to any such alternations of the Conditions.
Article 14
The Conditions are made with the Chinese version and the English version. In case of any discrepancy between the Chinese version and English version, the Chinese version shall prevail.
Article 15
The Company has the right to interpret the Conditions at the Company's own discretion.
