Osian's Auction Catalogue The Masterpieces Series | March 2010

186 iv. within fourteen days from the date of the Auction, pay to Osian’s the balance of the Purchase Price along with Sales Tax/ VAT, if applicable. The payment should be made in favour of “Osian’s- Connoisseurs of Art Private Limited” either by way of cheque or demand draft payable at par in Mumbai or by credit card. v. The closing exchange rates (as notified by RBI) as on the date of auction, in case the day being holiday, the rate of the last working day, shall be considered for foreign currency transactions, however, it is in the interest of the clients to recheck and confirm from Osian’s. 13. Foreign Purchasers Any Purchaser who is a foreign national or entity, a non-resident Indian (whether or not an Indian citizen) (NRI) or Overseas Corporate Body (OCB) shall make such payment in convertible foreign currency or in Indian Rupees from NRO accounts in accordance with the Foreign Exchange Management Act, 1999 unless exempted by the Government of India. 14. exportable items All relevant export documents for exportable Lots shall have to be procured by the Purchasers. Osian’s shall in no way be responsible for procurement of the same. However, Osian’s will endeavour to assist the Purchaser in facilitating the process of procurement of export documents. 15. non-exportable items All ‘Non-Exportable Lots’ have ‘Non-Exportable Lot’ written below the Lot’s caption details. These items cannot be exported or taken out of India by the buyer/s or their agents, if any. Osian’s shall in no way be responsible in case of any loss, damage or legal consequences incurred by any other person or entity due to export of such non-exportable items, after sale by Osian’s. 16. Ownership of Lots The ownership of the Lots will be transferred to the Purchaser immediately on execution of the purchase contract as stated at point 12 of the Terms & Conditions and the risk & reward associated with the Lot will also be transferred to the Purchaser simultaneously. However, Osian’s reserves the right to exercise lien on such Lots for which the payment from the Purchaser is outstanding. Physical delivery of the Lots will be allowed only after the Purchaser makes the full payment against the Lots purchased including applicable taxes. The ownership of the Lot to the Purchaser shall not result in transfer of intellectual property rights & copy right in the Lot in favour of the Purchaser. 17. Transfer of the Lots purchased to Warehouse The Lots purchased will be transferred to a warehouse by Osian’s after 14 days from the date of the auction on behalf of the Purchaser and the Purchaser will be solely responsible for the Lots in the warehouse as stated at Point 19 of the Terms & Conditions. 18. Collection of Purchases i. The Purchaser shall at his/her own expense take delivery of the Lot purchased not later than 14 days after the date of the Auction, but not before payment of the Purchase Price plus taxes as required by Osian’s. ii. The Purchaser shall solely be responsible for packing, insurance, and forwarding of the Lot(s) purchased by him/her. iii. The Purchaser shall be liable to pay Osian’s all removal, storage and insurance charges imposed by Osian’s on the Lot not collected by the Purchaser within 14 days after the date of the Auction. Storage & handling charges will be levied @ 1 percent of the purchase Price per month or pro rata thereof from the fifteenth day after the date of the Auction. iv. On specific instructions of local Purchasers, Osian’s may undertake packing, handling and insurance. All costs towards the same as determined by Osian’s shall be borne fully and paid by the Purchaser. This service is being given solely as a courtesy to local Purchasers, and will be undertaken at Osian’s discretion. In no event will Osian’s be liable for damage, regardless of cause. While Osian’s may recommend packers and shippers, Osian’s shall not in any way be responsible for their errors, omissions or negligence whatsoever. However, in case of inter-state sale or export sale, the costs and expenses towards insurance, packing, octroi, handling and transportation shall be undertaken by Osian’s, which shall be reimbursed by the Purchasers at a price determined by Osian’s. 19. Purchaser’s Responsibilities for Lots Purchased The Purchasers shall be solely responsible for loss or damage to Lots purchased after the period specified in Clause 17 (i), and neither Osian’s or it’s employees or agents shall thereafter be responsible for any loss or damage of any kind, whether caused by negligence or otherwise, while any Lot is in the custody or under control of Osian’s. 20. Provenance All intending Purchasers are hereby advised that the Seller shall provide Osian’s for each Lot, a guarantee letter that such Lot is created/owned by such Seller. Due care and diligence has been taken by Osian’s to verify the Provenance/Declaration authenticity and origin of each Lot. In the event of any person raising objection to the Lot to be counterfeit, fake, forgery, stolen or smuggled during the process of the same being auctioned, Osian’s shall at its discretion withdraw the work from the auction and shall not be responsible for any criminal or civil proceedings being initiated. Osian’s shall retain the custody of the Lot for a period of six weeks so as to assist the investigating agency, if any person with regard to that Lot initiates any proceedings. 21. Guarantee in respect of Counterfeit Lot If, after sale by Osian’s, any Lot is proved to be counterfeit or fake, Osian’s undertakes to set aside the sale and refund to the Purchaser the amount paid by him in connection with the Lot subject to the following conditions: i. that within one (1) year of the date of the sale, the Purchaser shall notify Osian’s in writing of the number of the Lot, the date of the Auction at which it was purchased and the reasons as to why the