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The client must carefully read and abide by the rules of the auction and be responsible for his participation in the auction activities of the company. When the principal entrusts the company to auction its articles, if he is a natural person, he must hold a valid identity card or passport or other valid identity documents approved by the Chinese government and sign a contract of entrusted auction with the company. If it is a legal person or other organization, it shall sign the entrusted auction contract with the company on the basis of the valid registration certificate, the identity certificate of the legal representative or the legal authorization certificate.
The principal assures the Company and the buyer of its irrevocable ownership or legal right of disposal of the auction item which it has entrusted to the Company for auction. The auction of the auction item will not infringe the legitimate rights and interests of any third party(including copyright rights and interests), nor will it violate the provisions of relevant laws and regulations. To the best of its knowledge, it has made a full and detailed disclosure and explanation to the Company of the origin and defects of the auction item, without any concealment or fiction. Except for the auction items agreed by the company and the client without reservation price, all auction items have reservation price. The reservation price shall be determined in writing through consultation between the Company and the principal. Once the number of reservations has been determined by both parties, the modification shall be subject to prior written consent of the other party.
The Company shall have full authority over the date, place, venue, conditions, method of auction and any description of any item in any auction by means of a catalogue, news media or other carrier.
Unless otherwise agreed between the principal and the company, the principal authorizes the company to deduct 5 % of the value of the hammer and deduct all other expenses at the same time.(The price of the hammer is less than one million yuan at a 7 % commission). If the bid price of an auction item is lower than the reserve price and can not be closed, the principal authorizes the company to charge the company for the outstanding handling fees and other fees. After the auction is concluded, the principal shall pay the insurance premium equivalent to 1 % of the hammer price. If the principal and the Company agree otherwise, the premium of 1 % of the retention price may be waived
If the buyer has paid the purchase price in full to the buyer in accordance with the provisions of Article 48 of the Rules of Auction, the buyer shall pay the principal the proceeds of the sale in Renminbi after 35 days from the date of the auction.
If the auction item fails to be sold, the principal shall, within one month from the date of receipt of the notice, retrieve the auction item(the cost of packaging, handling, etc.) and pay the unsold handling fee and other expenses to the company. (All contents are subject to the company's auction rules)
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