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NOVEMBER 2016 | THE TIES THAT BIND
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may place. Proxy Bids are accepted from bidders
once they have been given bidding access for the
auction and may be entered prior to auction start
and up until the auction closes.
4.11a Once a bid is registered in
Our
system, whether
placed by an active bidder or by proxy, it is
immediately and automatically displayed for all
registered users to see.
4.12 Bidders are advised to keep their login ID and
password secure at all times.
We
will hold the
bidder responsible for all bids placed using their
login ID and password, whether via the
Website
or
through the
MobileApp
. Bidders choosing to bid
via telephone are advised to re-set their passwords
at the close of the auction.
4.13
Our
employees may not bid in the auction once
the auction has started. They may, however, submit
an absentee/proxy bid for an amount which may
be equal to or above the lower estimate of a
Lot
before the auction commences. Once the auction
has started, they may not increase their bid or alter
it in any way.
Our
employees may also bid in charity
auctions that are held on the
Auction Platform
.
4.14
Our
auction platform does not allow any bids to be
placed by
Us
on behalf of a seller. All bids recorded
are from registered bidders.
4.15
We
have the right to exercise reasonable discretion
in setting bid increments, refusing any bid,
advancing the bidding, withdrawing or dividing
any
Lot
, combining any two or more
Lots
, and
in the case of error or dispute, during or after the
sale, determining the successful bidder, continuing
the bidding, cancelling the sale or reoffering and
reselling the item in dispute. If any dispute arises
after the sale, then, in the absence of any evidence
to the contrary, the sale record maintained by
Us
will be conclusive.
4.16
We
reserve the right not to award the winning bid
to the bidder with the highest bid at the closing
date if
We
deem it necessary to do so.
4.17
We
shall retain the right to display the results of the
sale and
Lot
details sold by
Us
, including catalogue
descriptions and prices on the
Website
at all times,
including after the completion of the sale.
We
regret that
We
cannot agree to requests to remove
these details from the
Website
.
4.18 At
Our
discretion, proxy bids submitted on “no
reserve”
Lots
will be executed at a minimum of 10%
of the lower estimate of the relevant
Lot
if there
is no competing bid, and provided that the proxy
bid amount is greater than such minimum value.
Notwithstanding the above, in the event that there
is a bid lower than such minimum value and there
is no competing higher bid, then
We
may, at
Our
discretion, execute the
Lot
at such lower value.
4.19 The closing bid is considered a winning bid, only
if the bid equals or exceeds the
Reserve Price
.
If the closing bid on a particular lot is below the
Reserve Price
, it will not be considered a winning
bid and the lot will be deemed unsold. However,
if the closing bid belongs to a proxy bidder and is
below the
Reserve Price
, but the proxy bidder’s
maximum bid price exceeds or equals the
Reserve
Price
, then the lot will be sold to the proxy bidder
at the
Reserve Price
.
5.
Completing the Purchase
5.1
We
will raise invoices on the winning bidder for the
sale price and
Buyer’s Premium
, applicable taxes
on sale of
Lots
and other additional charges that
may be incurred by
Us
, if any, including shipping
and handling of the
Lot
and additional levies.
5.2 The title to the
Lot
shall pass from the seller to
Us
outside the territory of the United States of
America.
The title to the
Lots
purchased shall pass to the
winning bidder at the time that bidding is closed for
each
Lot
and such winning bidder shall thereafter
assume full risk and responsibility for such
Lot
. In
any event, the
Lots
purchased will not be released
or shipped out to the winning bidder or his/her
representative until the winning bidder has fulfilled
his payment and other obligations as described in
these conditions for sale.
5.3 In respect of each sale at the auction,
We
shall
charge a
Buyer’s Premium
calculated at the rate
of (i) 20% of the winning bid value of up to and
including USD 1,000,000 (ii) 15% of the winning bid
value in excess of USD 1,000,000 up to and including
USD 1,600,000 and (iii) 12% of the winning bid
value in excess of USD 1,600,000.
For
Lots
being shipped from India, a service tax on
the
Buyer’s Premium
shall be to the account of
the winning bidder. This is applicable for deliveries
within India as well as overseas.
5.4 Irrespective of the currency in which the bidders
have placed their bids, 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 (or its INR
equivalent) 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.
5.5 The winning bidder shall pay the sale price and
Buyer’s Premium
in full (including applicable
taxes and other charges, if any) within 7 business
days from the closing date of the auction. No
shipment or delivery of the
Lots
will be made to
the winning bidder if the sale price and
Buyer’s
Premium
(including applicable taxes and other
service charges, if any) are not received by
Us
and
until all proper documentation in connection
with the sale of the
Lot
has been completed.
Payments will not be accepted from any parties
other than the winning bidder as recorded on the
invoice.
5.6 The winning bidder acknowledges that
We
will
abideby any export restrictions thatmay apply in the
countries from where specific
Lots
will be shipped.
The winning bidder shall also be responsible to
ensure that the concerned
Lot
is freely importable
into his/her 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.
5.7
Lots
marked as “Art Treasures” under the Antiquities
and Art Treasures Act of 1972 cannot be exported
outside India. If you are the successful bidder for any
such
Lot
, you agree not to export such
Lot
outside
India. Each winning bidder is solely responsible
for meeting the requirements of the Antiquities
and Art Treasures Act of 1972 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
.
5.8 Non payment: In case payments are not received
within 7 business days of each invoice,
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.
5.9 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