Osian's Auction Catalogue Select Masterpieces of Indian Modern and Contemporary Art | June 2009

129 vi. charge interest at a rate not exceeding two percent per month on the Purchase Price to the extent the Purchase Price or any part thereof remains unpaid for more than fourteen 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 Osian’s possession for any purpose. 23. Right to Refuse Admission Osian’s shall have the right, at its discretion, to refuse admission or attendance to any person at the place of auction. 24. Undertaking of Seller Osian’s shall handle each Lot, and the Purchaser shall purchase such Lot on the basis of the Seller’s 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 Osian’s 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 Osian’s 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 Osian’s and keep Osian’s indemnified from time to time against any such claim for compensation or damages. 25. Discretion of Osian’s Osian’s 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 Osian’s 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 Osian’s 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 Osian’s 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 Osian’s and Osian’s 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 discontinued and the rest of the terms and conditions shall continue to be binding and enforceable to full extent permissible by law. 30. Default by a Party Osian’s 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 Osian’s 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 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 Osian’s 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 Osian’s 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 Osian’s will not be held liable for the fulfillment 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 Maharashtra & Delhi.