Osian's Auction Catalogue Creative India Series 1 Bengal | December 2011

Creative India BENGAL | Terms & Conditions 329 328 iv. On specific instructions of local Purchasers, “KKT” shall undertake packing, handling insurance and post auction services. All costs towards the same as determined by “KKT” shall be borne fully and paid by the Purchaser to “KKT”. In no event will Osian’s be liable for any damage, regardless of cause and in any way be responsible for their (“KKT”) errors, omissions or negligence whatsoever. In case of inter-state sale or export sale, the costs and expenses towards insurance, packing, octroi, handling and transportation etc. may also be undertaken by “KKT” at the specific instruction of the Purchaser, which shall be paid / reimbursed by the Purchasers to “KKT” at a price determined by “KKT” or as mutually agreed upon by them. 18. 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 nor its 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 “KKT”. 19. 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, should any person with regard to that Lot initiate any proceedings. Further, if any false claim, verbal or written, is made by any party regarding the lack of authenticity or a doubtful title or ownership status of the work which is intended to be sold by Osian’s in auction, without clear proof, evidence and documentation held by themselves, then Osian’s will enforce the strictest legal action against those parties immediately, at any point in time, prior or post the auction. 20. 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 Purchaser considers the Lot to be counterfeit along with a bonafide expert’s report clearly specifying reasons for such claim. Osian’s shall not be liable to any claims after completion of the period of one (1) year. ii. that the Purchaser is able to transfer good title to Osian’s free from any third party claims arising after the date of sale to him/her. iii. that the Purchaser returns the Lot to Osian’s in the same condition in all respects as at the date of sale by Osian’s. On receipt of the claim, Osian’s shall have the right to request the Purchaser to obtain at the Purchaser’s cost, the reports of two (2) independent experts in the field, mutually acceptable to the Purchaser and Osian’s, setting out the reasons in full as to why the Lot in question is considered to be counterfeit. Osian’s agrees that it will give due consideration to any such expert reports. However, Osian’s reserves the right to seek additional independent advice/report and/or submit such Lot to Osian’s 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 Osian’s accepts the claim of the Purchaser that the Lot is counterfeit, Osian’s shall refund to the Purchaser the Hammer Price and Buyer’s Premium as paid by the Purchaser to Osian’s at the time of purchase excluding taxes, duties and levies paid/payable to any Government or Municipal Authority by Osian’s 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. Osian’s 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; however condition reports may be made available on request. Osian’s 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. Osian’s 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 Osian’s in full or if any Lot is not collected by its Purchaser in accordance with Clause 12, Osian’s shall be entitled to handover the physical possession of the lot to “KKT” and – i. charge 1% of the Purchase Price or pro rata thereof as demurrage charges per month (Ref Clause 17(iii)); ii. dispose of the Lot as Osian’s deems appropriate, without giving any notice to the Purchaser and forfeit all amounts paid by the Purchaser in respect of such Lot; Terms and Conditions contd...