Osian's Auction Catalogue Masterpieces and Museum-Quality III | March 2004

241 TERMS & CONDITIONS Terms and Conditions The Terms and Conditions set out below are the terms and conditions applicable to the Auction and are binding on the Purchasers, intending Purchasers, Sellers and Osian’s – Connoisseurs Of Art Private Limited (Osians). These Terms and Conditions and all other contents in the Auction Publication are subject to amendment by Osians from time to time by the posting of notices or by oral announcements made during the Auction. By participating in the Auction, in person or otherwise, intending Purchasers, Purchasers and Sellers agree to be bound by these Terms and Conditions. 1. Definitions Auction: Auction shall mean the private Auction of Lots held by Osians wherein each Lot is sold to a Purchaser at the Hammer Price along with the Buyer’s Premium and taxes as applicable. Auction Publication: Auction Publication shall mean this publication and shall include any advertisement, brochure, textual, pictorial and educational information, estimates or price list published by Osians in respect of the Auction. Lot: Lot shall mean any item(s), being one or more paintings, photographs, etchings, engravings, lithographs, oleographs, lobby cards, posters, books or works of art being offered for sale at the Auction and, in particular, the item(s) described against any lot number in the Auction Publication. Auctioneer: Auctioneer shall mean any person(s) who is/are nominated by Osians to be the Auctioneer(s) at the Auction. Hammer Price: Hammer Price shall mean the amount of the highest Bid accepted by the Auctioneer in relation to a Lot excluding the Buyer’s Premium and any taxes applicable. Purchase Price: Purchase Price shall mean the Hammer Price in respect of a Lot sold at the Auction together with Buyer’s Premium, Sales Tax payable if any, and additional costs, charges, expenses and payments due from the Purchaser of such Lot. Seller: Seller shall mean any person, being an individual, artist, collector, organisation or art gallery, including Osians, owning a Lot and depositing such Lot with Osians for Sale at the Auction. Bid: Bid shall mean an offer made to Osians by an intending Purchaser to purchase a Lot, either in person at the Auction, or by a Written Bid Form received by Osians on or before 3.00 p.m. Indian Standard Time on the day of the Auction, on the telephone during the Auction or through an authorised representative at the Auction. Purchaser: Purchaser shall mean the person with the highest bid accepted by the Auctioneer for a Lot, who agrees to purchase such Lot at the Purchase Price and immediately pays to Osians, at least 20% of the Purchase Price as advance payment for the Lot to be purchased. Buyer’s Premium: Buyer’s Premium shall mean the commission paid by the Purchaser to Osain’s towards facilitation services rendered. 2. Role of Osians Sale of Lots at the Auction are undertaken by Osians as an agent for the Seller except when it wholly or partially owns any lot as principal or has made a financial commitment in respect of, and puts it for sale as a Seller. 3. The Sale Sale of Lots shall be by auction at the Hammer Price along with the Buyer’s Premium. Sales Tax and other taxes, levies and duties shall be charged separately, if applicable. The taxes shall be collected and paid by Osians on behalf of the Seller. In the event of the Purchaser being a foreign national or entity, a non-resident Indian or Overseas Corporate Body making payments in convertible foreign currency and the Lot is dispatched outside India by Osians, no Sales Tax will be charged to such Purchaser. Local Sales Tax in Maharashtra is charged @ 13% plus Surcharge @ 10% of the Sales Tax plus Turnover Tax @ 1% totaling 15.3% of the Hammer Price. Purchasers from outside Maharashtra will be charged Central Sales Tax @ 4% against Form ‘C’. In the event of the Purchaser not giving Form ‘C’, Central Sales Tax will be charged @ 13% plus Surcharge @ 10% of the Sales Tax plus Turnover Tax @ 1% totaling 15.3% of the Hammer Price. Lots on which Local Sales Tax has already been paid in Maharashtra and are purchased by a Purchaser based inMaharashtra will be sold on the basis of Second Sale and Sales Tax will be charged @ 0.5% on such Lots. 4. The Purchaser The person making the highest Bid accepted by the Auctioneer for a Lot and immediately paying to Osians, at least 20% of the Purchase Price as advance payment for the Lot proposed to be purchased will be the Purchaser of such Lot at the Purchase Price. Every intending Purchaser shall be deemed to act as principal unless there is in force a written acknowledgement by Osians that such intending Purchaser is an authorised representative acting as agent on behalf of a named principal. Subject to the Auctioneer’s discretion, the striking of his hammer marks the acceptance of the highest Bid as the Hammer Price. Once the bid is accepted, no rejection claim will be entertained and accepted for any reason whatsoever. Any dispute during the Auction will be settled at the Auctioneer’s absolute discretion. The conclusion of the contract for sale between the Seller, Purchaser and Osians will be on receipt of full payment and despatch of Lot(s) by Osians. 5. The Bidding Before the Auction, Osians will accept written Bids for each Lot from intending Purchasers. If at the Auction, no Bids higher than the starting Bid are offered, that Bid shall become the Hammer Price, subject to such Bid being higher than the minimum reserve price for such Lot. The minimum reserve price shall be determined and fixed jointly by Osians and the Seller. In the event of higher Bids being offered, the Auction will continue by means of Paddle Bidding explained in Clause 7. 6. Absentee Bidding i. If instructed and where possible, Osians will, for the convenience of intending Purchasers provide the service of executing Bids and advising intending Purchasers. This service shall be free. The intending Purchaser shall mention the maximum amount till which he/she is authorising Osians to Bid as the Hammer Price for every Lot on his behalf. Lots will be bought as cheaply as is allowed by such other bids and the minimum reserve. In the event of identical bids, the earliest will take precedence. Buy or unlimited bids shall not be accepted by Osians. Intending Purchasers are requested to use the bidding slips provided, to check Lot numbers and descriptions and to bid as early as possible. The Bid Price mentioned on the bidding slip shall be the amount upto which the intending Purchaser would bid if the intending Purchaser were to attend the Auction. ii. Bids, when placed by telephone, shall be accepted at the sender’s risk and only if confirmed by the Written Bid Form reaching Osians before the scheduled time as mentioned in Clause 1. Osians is not responsible for the failure of any telephone bid for any reason whatsoever. Osians reserves the right to record on tape conversations of telephone bids. iii. Alternative bids should be indicated by using the word OR between lot numbers. Then if the intending Purchaser’s bid on an early Lot is successful, Osians will not continue to bid on other lots for the intending Purchaser. Or, if the early bids are unsuccessful, Osians will continue to execute bids for alternative lots until a bid is successful. Bids must always be placed in the same order as the lot numbers in the Auction Publication. Purchasers will be notified with invoice of Purchase and Purchase Price within 10 days after the Auction and the Purchaser will within next seven days make full payment to Osians. For overseas and outstation bidders, whether present or absent at the Auction venue, the Lots will be dispatched by Osians at the Purchaser’s risk. Osians liability will cease as soon as the Lots are handed over to the carriers for onward despatch to the Purchaser. 7. Paddle Bidding i. To assist the progress of the Auction, all intending Purchasers are required to register for a bidding paddle before the commencement of the Auction. All intending purchasers should bring with them some means of identification to the satisfaction of Osians. ii. All intending Purchasers should provide a credit reference through their Bankers and details on name and address of bank and account number. Intending Purchasers are also expected to provide a reference