Osian's Auction Catalogue The Masterpieces and Museum Quality Series | October 2004

THE MASTERPIECES & MUSEUM-QUALITY SERIES 199 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. Right to share information Osian’s reserves the right, if required, to share all information related to the sale, the seller, sales value and the buyer if requisitioned/demanded by any Government authority/ies. 28. 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. 29. 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. 30. 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. 31. 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. 32. 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 New Delhi 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 New Delhi. The arbitration proceedings shall be conducted in English language. 33. Headings Headings in the Terms and Conditions do not form part of the terms and conditions and are for convenience only.