Osian's Auction Catalogue Indian Antiquities and Modern and Contemporary Fine Arts | June 2015

178 28. Honorarium for Living Artists Osian’s shall, at its discretion, pay an honorarium of 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, non-payment of this honorarium for any reason whatsoever. This honorarium is only for living artists and the 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 the 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 exclusive (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 should 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 wherever able to do so and upon request from the Owners/Consigners. Osian’s - Connoisseurs of Art Private Limited is licensed by the A.S.I. to sell Antiquities in the states of Maharashtra (ASI License No.14 dated 08-06-2006 valid till 07-06-2016) & Delhi (ASI License No. DLI/Ant/ Lic./17 dated 11-08-2005 valid till 10-08-2015). 35. Merchanting Trade Auction Where the seller of the lot is resident in one foreign country and the purchaser of the lot is also resident in another foreign country, Osian’s, being the intermediary and facilitating auction will be resident in India. Once the deal is established, Osian’s will coordinate with the purchaser and the seller. Osian’s shall be receiving the payment from the overseas purchaser and making payment to the overseas seller through an authorised dealer of foreign exchange in India. Some times lots (goods) may be imported by a purchaser in India from a seller in one country and exported to a buyer in another country; such imports will be kept in Customs bond and then exported. It is also possible that repacking may be done under customs supervision and then exported. Such transactions known as Merchanting Trade as per the Indian Foreign Exchange Management Regulations forms part of Osian’s auction, shall have the following terms and conditions. Except as provided in this part below, all terms used herein and not defined shall have the meaning ascribed to them in the clauses 1-34 set forth above in the terms and conditions. The terms of this part shall be read in conjunction with the terms of the clauses 1-34 above. In case of any conflict between the terms of this part and as set out above, the terms of this part shall prevail over the terms of the clauses1-34 above, to the extent of such conflict. Except as modified hereinabove, all other terms and conditions in the clauses 1-34 shall continue to be in full force and effect. Definitions: “Auction”: Auction shall mean the private Auction of Lots held by Osian’s ,as an owner or consigned by the seller located in any foreign country, wherein each Lot is sold to a foreign Purchaser at the Purchase Price along with any taxes as applicable. “Lot”: Lot shall mean any item(s), being one or more paintings, photographs,etchings,engravings,lithographs,oleographs,film publicity material, lobby cards,posters,books or works of art being offered for sale at the Auction located in a foreign country and, in particular, the item(s) described against any lot number in the Auction Publication. “Seller”: Seller shall mean any person located in a foreign country, being an individual, artist, collector, organization or art gallery, including Osian’s,owning a Lot and depositing such Lot with Osian’s for Sale at the Auction, and confirming to the effect that the lot is readily available for sale and there is no restriction whatsoever on its export. “Purchaser”: Purchaser shall mean the person located in a foreign country, with the highest bid accepted by the Auctioneer for a Lot, who agrees to purchase such Lot at the Purchase Price and immediately pays to Osian’s, at least 20% of the Purchase Price as advance payment for the Lot to be purchased. The Seller: 1. shall through the interface provided by Osian’s on auction, provide the lot description, high resolution images, disclaimer, delivery time lines, price and such other details for the lot to be displayed and offered for sale/auction; 2. shall ensure not to provide any description/image/text/graphic that is unlawful, illegal, objectionable, obscene, and vulgar, opposed to public policy, prohibited or is in violation of intellectual property rights including but not limited to Trademark and copyright of any third party. Seller shall ensure to provide the lot description and image only for the lot which is offered for sale through auction and for which the said auction is being made; 3. shall provide full, correct, accurate and true description of the lot so as to enable the Purchaser to make an informed decision;