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

243 TERMS & CONDITIONS Osians agrees that it will give due consideration to any such expert reports. However, Osians reserves the right to seek additional independent advice/ report and/or submit such Lot to Osians’ Authentication Committee for reconsideration, before making its final determination as to whether the Lot is counterfeit or genuine and shall not be bound by any expert report submitted by the Purchaser. If Osians agrees with the Purchaser that the Lot is counterfeit, Osians shall refund to the Purchaser the Hammer Price and Buyer’s Premium as paid by the Purchaser to Osians at the time of purchase excluding taxes, duties and levies paid/payable to any Government or Municipal Authority by Osians provided always that the benefit of the guarantee and the refund amount is not capable of being transferred and is solely for the benefit of the purchaser. Osians shall in no way be responsible for any loss, damage or any other liability incurred by any third party due to genuineness, origin, attribution, condition, ownership, provenance, age or estimated price of any Lot. 21. Condition of Lots All Lots are auctioned as shown, with all faults, imperfections and errors of description. Osians shall not be in any way responsible for errors of description or for genuineness or authenticity of any Lot, or for any fault or defect in it. Intending Purchasers should inspect a Lot before bidding to determine its condition, size, or whether or not it has been repaired, restored or damaged. Osians has referred to restoration in works where it has been brought to its knowledge. The absence of reference to damage and/or restoration does not imply that the Lot is free from defects. Any representation in the Auction Publication pertaining to authorship, origin, date, age, size, medium, attribution, provenance, condition, or estimated price is a statement of opinion only. 22. Non-payment or Failure to Collect Purchases If the Purchase Price for any Lot is not received by Osians in full or if any Lot is not collected by its Purchaser in accordance with Clause 12, Osians shall be entitled to - i charge 2% of the Hammer Price as storage charges for every subsequent week thereafter; ii dispose of the Lot as Osians deems appropriate, without giving any notice to the Purchaser and forfeit all amounts paid by the Purchaser in respect of such Lot; iii proceed against the Purchaser for damages for breach of contract; iv rescind the Sale of that or any other Lot or Lots sold to the defaulting Purchaser at the Auction; v resell the Lot or cause it to be resold by public auction or private sale and the defaulting Purchaser shall pay to Osians any resulting deficiency in the purchase price (after deduction of any part payment and addition of resale costs and charges) and any surplus shall belong to Osians. vi charge interest at a rate not exceeding two percent on the Purchase Price to the extent the Purchase Price or any part thereof remains unpaid for more than ten days after the date of the auction; vii retain that or any other Lot sold to the same Purchaser and release such Lot or any other Lot only after receiving payment of the Purchase Price in respect of each Lot purchased by the Purchaser; viii reject or ignore any bids made by or on behalf of the defaulting Purchaser at any future auction or sale or obtain a deposit from the Purchaser before accepting any bids in future; and ix to apply any proceeds of sale then or at any other time becoming due to the defaulting Purchaser towards settlement of the Purchase Price and to exercise lien on any property of the defaulting Purchaser which is in Osians possession for any purpose. 23. Rights to Refuse Admission Osians shall have the right, at its discretion, to refuse admission or attendance of any person at the place of auction. 24. Undertaking of Seller Osians shall handle each Lot, and the Purchaser shall purchase such Lot on the basis of the Sellers undertaking that: a. the Seller is the sole owner of the Lot with an unrestricted right to transfer title to the Purchaser free from all third party rights or claims; b. the Seller has complied with all requirements legal or otherwise relating to any export or import of the Lot and has notified Osians in writing that there is no failure by any third party to comply with such a requirement in the past; and c. the Seller has notified Osians in writing of any material alterations to the Lot and of any concerns, expressions or claims made by third parties in relation to the ownership, additions or attributions of the Lot. In case any of the a, b, c is incorrect, and due to the incorrect information provided by the Seller, any third party institutes any claim or institutes any proceedings for compensation for damages then the Seller undertakes to indemnify Osians and keep Osians indemnified from time to time against any such claim for compensation or damages. 25. Discretion of Osians Osians has absolute discretion without giving any reason, to refuse any Bid, to combine any two or more Lots, to withdraw any Lot from the Auction, and in case of dispute to put up any Lot for auction again. 26. Copyright No warranties or representations are made by either the Seller or Osians as to any Lot is subject to copyright, nor as to whether the Purchaser acquires any copyright in any Lot sold. 27. Honorarium for Living Artists Osians shall, at its discretion, pay an honorarium of one half percent (0.5%) of the Hammer Price to all living artists for works created by them but consigned for sale by other owners. The honorarium shall be payable from the commission or income generated by Osians through sale of the Lot. The honorarium is void in the event of the Lot being bought in or remaining unsold. The honorarium is at the discretion of Osians and Osians shall not be held liable for any delay in payment or, for any reason whatsoever, non-payment of this honorarium. This honorarium is only for living artists and heirs of deceased artists shall not be eligible to receive this honorarium. 28. Waiver If part of these terms and conditions is found by any Court to be invalid, illegal or unenforceable, that part may be discounted and the rest of the terms and conditions shall continue to be binding and enforceable to the fullest extent permissible by law. 29. Default by a Party Osians shall not be responsible for any default of these terms and conditions or otherwise by any of the Sellers, intending Purchasers or the Purchasers. 30. Notice Any notice by Osians to a Seller, intending Purchaser or the Purchaser may be served by mail or by facsimile with confirmation of receipt and if served by mail shall be deemed to have been duly received by the addressee forty-eight hours after mailing. 31. Governing Law These terms and conditions shall be governed and construed in accordance with Indian law. All transactions to which these terms and conditions apply and all matters connected with shall also be governed by Indian law and subject to Bombay Jurisdiction. All disputes arising out of these terms and conditions or any disputes arising out of any transaction between Osians and/or the Seller, and/or the Purchaser, and/or the Intending Purchaser shall be referred to an arbitration panel comprising of three arbitrators, one appointed by each party and the third umpire appointed by the arbitrators and the arbitration proceedings shall be governed by Arbitration and Conciliation Act, 1996. The place of arbitration shall be Mumbai. The arbitration proceedings shall be conducted in English language. 32. Headings Headings in the Terms and Conditions do not form part of the terms and conditions and are for convenience only.