Osian's Auction Catalogue ABC Series III | March 2007

ABC Series III 167 27. Right to share information Osians 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 income generated by Osians through sale of the Lot. The honorarium is void in the event of the Lot being brought 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 conrmation 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 Laws, jurisdiction and arbitration 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 of courts at Mumbai. 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. 33. Headings Headings in the Terms and Conditions do not form part of the terms and conditions and are for convenience only. 34. Antiquities It is a statutory requirement that all antiquities consigned to Osians for public auction by it should be such as have been registered with the Archeological Survey of India (ASI) by the Owners/Consigners thereof. While Osians will not be held liable for the fulllment of this requirement, it will endeavour to facilitate the process where able to do so and upon request from the Owners/Consigners. Osian’s-Connisseurs of Art Private Limited is licenced by the A.S.I. to sell Antiquities in the state of Delhi.