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6.3 In respect of each sale at the auction,
We
shall charge a
Buyer’s Premium
calculated at the rate of 12% of the
winning bid. A
GST
applicable on the
Buyer’s Premium
shall be payable by the winning bidder.
6.4 The winning bidder shall be invoiced based on details
provided at the time of registering for the auction. Winning
bidders located in India will be invoiced in INR and all
other winning bidders will be invoiced in USD. Payments
must be made in the currency on the invoice in any of the
following modes of payment.
For INR payments
1.
Cheque/Demand Draft
2.
RTGS/NEFT
3.
Credit card: up to INR equivalent of USD 5,000
For USD payments
1.
Cheque
2.
Direct wire transfer
3.
Credit card: up to USD 5,000
NOTE: Payments in excess of USD 5,000 must be made through
a wire transfer or cheque.
We
and
Our Affiliates
will not be
held responsible for any refusal or failure to accept modes of
payment not outlined above.
6.5 The winning bidder shall pay aminimumof 10%of the
Sale
Price
and
Buyer’s Premium (including the applicable
taxes and other charges, if any)
to
Us
within four (4) days
of the completion of the sale. The balance 90% of the
Sale
Price
and
Buyer’s Premium (including the applicable
taxes and other charges, if any)
shall be payable within
one (1) month of the auction, failing which the sale to the
winning bidder shall stand cancelled and the 10% deposit
shall be forfeited. No shipment or delivery of the
Lot
will
be made until the entire
Sale Price
and
Buyer’s Premium
(including the applicable taxes and other service charges, if
any) are received by
Us
and until all proper documentation
in connection with the sale of the
Lot
has been completed.
We
will not accept payments from any parties other than
the winning bidder as recorded on the invoice. Upon
receipt of the entire
Sale Price
and
Buyer’s Premium
by
Us
, the
Seller
shall issue: (i) a certificate setting out that
the auction is being conducted in accordance with the
Order
; and (ii) in respect of any vehicles sold by way of
this auction, prescribed forms and documents to enable
transfer of ownership of such vehicles under the Motor
Vehicles Act 1988, to the winning bidder.
We
undertake to
liaise with the
Seller
for procuring such certificate/forms/
documents and forwarding it to the winning bidder.
6.6 The winning bidder acknowledges that
We
will abide by
any export restrictions that may apply in the countries
from where specific
Lots
will be shipped. The winning
bidder shall also be responsible to ensure that the
Lot/s
is
freely importable into his country or to the country where
the destination for delivery (as specified by the winning
bidder) is located. If the winning bidder or
We
become
aware of any restrictions to such import subsequent to
the completion of the auction, the winning bidder shall
provide an alternate delivery destination to
Us
. All costs
associated with the process of delivery and storage (when
required) of the
Lot
shall be borne by the winning bidder.
The
Lot/
s shall be handed over to the winning bidder or
his nominee only upon full payment of all such costs.
6.7
Lots
marked with the symbol are subject to CITES
(Convention on International Trade in Endangered
Species) export/import restrictions and may require
export/import permits to ship the
Lot
outside India.
The winning bidder acknowledges that he/she is solely
responsible for obtaining and paying for the necessary
permits. The bidder may contact the Directorate General
of Foreign Trade, Government of India for further
information regarding export/import restrictions prior to
making such purchases.
6.8
Lots
marked as "Art Treasures" and/or "Antiquities" under
the
Antiquities Ac
t and
Rules
cannot be exported outside
India, notwithstanding that the payment in lieu of such
Lots
may be received from the winning bidder in USD. If
you are the successful bidder for any such
Lot
, you agree
not to export such
Lot
outside of India. Each winning
bidder is solely responsible for meeting the requirements
of the
Antiquities Act
and
Rules
, or any related state
legislation. Please note that the
Lots
are marked for your
convenience only, and
We
do not accept any liability for
errors or for failing to mark the
Lots
.
6.9 Non-payment: In case payments are not received in
accordance with the terms specified in Clause 6.5 above,
We
shall treat the same as a breach of contract of sale by
the winning bidder, and the
Seller
may, in such an event,
authorise
Us
to take any steps (including the institution
of legal proceedings), as it may deem to be appropriate
to enforce payment by the winning bidder. In addition,
the winning bidder will be charged demurrage at 1% of
the total value (winning bid plus
Buyer’s Premium
) or
INR 10,000 per month, whichever is higher, till the date of
actual payment.
6.10 Failure to collect: If the winning bidder informs
Us
that
he/she wishes to collect the
Lot
from
Us
in person and
if such
Lot
is not collected by the winning bidder within
30 days of the payment formalities being completed,
We
shall arrange for storage of the
Lot
at the winning bidder’s
expense, and shall only release the
Lot
after payment has
been made, in full, of the
Sale Price
and
Buyer’s Premium
,
including storage and insurance at applicable rates.
6.11 With respect to
Lots
which are
Antiquities
, pursuant to
the ownership along with registration of the
Antiquity
being transferred to the winning bidder in accordance
with the provisions of the
Antiquities Act
and
Rules
, if the
winning bidder informs
Us
that the winning bidder wishes
to collect the
Antiquity
from
Us
in person and such
Antiquity
is not collected by the winning bidder within 30
days of the registration formalities being completed,
We
shall arrange for storage of the
Antiquity
at the winning
bidder's expense, and shall only release the
Antiquity
after payment has been made, in full, of the
Sale Price
and
Buyer’s Premium
, including storage and insurance at
applicable rates.
6.12
We
shall be entitled to exercise a lien on the property
for payment of any sums due to
Us
or the
Seller
, as the
case may be, from the winning bidder, including the
Sale
Price
,
Buyer’s Premium
or costs relating to storage and
insurance where they are to be borne by the winning
bidder, in relation to any
Lot
purchased by the winning
bidder.
7.
Authenticity Guarantee
7.1
We
provide a limited guarantee on the authenticity of the
Lots
for a period of one year from the date of the auction of
such
Lots
.
We
only guarantee, subject to the qualifications
below, the information mentioned in all capital letters in
the title heading of the
Lot
in the
Auction Catalogue
.
We
do not guarantee any other attribute of such
Lot
even if
such other attribute is in all capital letters.
(i) For properties characterised as "art work",
We
guarantee
only the authorship with reference to the name of the
artist till such time that the property is in
Our
possession.
We
do not guarantee any other attribute of such property;
and
(ii) For properties characterised as "precious objects (other
than artworks)",
We
guarantee characteristics or features
mentioned in all capital letters in the heading of the
"Description of the Property" in the
Auction Catalogue
(in the case of the
MobileApp Auction Catalogue
, the
characteristics or features mentioned in all capital letters
may be displayed in a position other than the heading)
till such time that the property is in
Our
possession.
We
do not guarantee any other attribute of such property.
Further, all coloured stones, unless certified, may or may
not be treated for enhancements.
7.2 The authenticity guarantee does not apply to title heading
or part of a title heading which is qualified. A title heading
is qualified when it is limited by a clarification or limitation
in all capital letters in the title heading of the
Lot
in the
Auction Catalogue
.
7.3 The authenticity guarantee does not apply if the title
heading of the
Lot
in the
Auction Catalogue
, as on the
date of auction or as amended by any saleroom notice,
either is in accordance with the generally accepted opinion
of experts, or indicates that there is a conflict of opinion of
such experts.
7.4 The authenticity guarantee does not apply if it is proved
that the title heading of the
Lot
in all capital letters in the
Auction Catalogue
, is not authentic only by scientific
means or processes which, on the date
We
published
the
Auction Catalogue
, was not generally available
or accepted, or which was unreasonably expensive or
impractical to use, or which was likely to have caused
damage to the
Lot
, or which was likely to have caused loss
of value to the
Lot
.
7.5 As stated in Clause 3 above, to the best of
Our
knowledge,
and as per the representations of the
Seller
, the
Lots
offered by us in the auction have good and marketable
title which can be transferred to the winning bidder. That
said,
We
do not guarantee good and marketable title in
the
Lots
and any loss incurred by the winning bidder on
account of any third-party claims do not form a part of
this guarantee.
7.6 In the unlikely event that within one year from the sale
of the
Lot
through auction, it is proved by the winning
bidder, to
Our
reasonable satisfaction, that the
Lot
was
not authentic or that the
Original Owner
did not have
proper title in the
Lot
so as to enable recovery of the
proceeds of the crime set out in the
Order
and if, in
Our
opinion, bidders being aware of such error or omission
would have bid significantly less than the actual
Sale Price
,
We
shall be entitled to rescind the sale. In such case the
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