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

iii. proceed against the Purchaser for damages for breach of contract; iv. rescind the Sale of that or any other Lot or Lots sold to the defaulting Purchaser at the Auction; v. resell the Lot or cause it to be resold by public auction or private sale and the defaulting Purchaser shall pay to Osian’s any resulting deficiency in the purchase price (after deduction of any part payment and addition of resale costs and charges) and any surplus shall belong to Osian’s; 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. All images, illustrations and written material printed in this catalogue are the sole property of Osian’s and should not be used by anybody including the buyer without prior permission. Copyright and all other rights are not transferred to the buyer during the sale of an artwork. All trademarks, logos are registered trademarks of Osian’s. Any rights not expressly granted herein are reserved. 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. In connection with the operation of our auction business, we will need to seek personal information from you or obtain information about you from third parties (eg. credit checks from banks). Such information will be processed and kept by us in confidence, but may also be shared with our affiliates to assist us in providing you with a complete range of services, for customer analysis and to help us to tailor our services to buyer requirements. Some of your personal data may also need to be shared with third party service providers (eg. shipping or storage companies) for your benefit. By participating in our auction, you agree to all previously stated disclosure.” 28. Honorarium for Living Artists Osian’s shall, at its discretion, pay an honorarium of one percent (1%) 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. Terms and Conditions contd...