Section 1 Jurisdiction
These Conditions of Business (hereinafter referred to as the "Conditions") are formulated in accordance with the relevant laws, decrees, rules and regulations of the Hong Kong Special Administrative Region of the People’s Republic of China and the provisions of the Auction Articles of Marchance Auctioneers Limited (hereinafter referred to as "Marchance") and in light of international practice.
All parties participating in any auctions organized by the Company, including the Seller, the Bidder, the Buyer and all other related parties (including but not limited to the agents of the Seller, the Bidder and the Buyer) shall be deemed to accept in full and be bound by these Conditions of Business, and shall comply with them in such auctions, enjoy the rights and perform the obligations provided herein.
Any Bidder who bids in an auction organized by the Company, whether in person or by authorizing an agent to bid on his/her/its behalf, whether by raising the paddle, by absentee bids, by phone or by any other means, shall be deemed to have accepted these Conditions of Business in full.
Any dispute among the parties to auctions organized by the Company shall be settled in accordance with these Conditions of Business.
Section 2 Declaration
1. Unless as otherwise stated, we act as the Seller’s agent. The closing agreement for sale of a Lot shall be a contract between the Seller and the Buyer. These Conditions of Business and all other terms, conditions and notices contained in the catalogue, announced by the Auctioneer from time to time or provided at the saleroom shall constitute the provisions agreed among the Seller, the Buyer and/or the Company as auction agent.
2. The Company may amend these Conditions of Business for a particular auction by posting announcements at the auction site or making an announcement at such auction through an Auctioneer.
3. Bidders and Buyers participating in any auctions organized by the Company shall carefully read and be abided by these Conditions of Business; Bidders and Buyers shall read the provisions limiting the Company’s liabilities and disclaimers contained in these Conditions of Business carefully. Bidders and/or their agents have the responsibilities to review the original Lot in person, and bear legal liabilities for their acts of bidding the Lot.
4. Upon the Auctioneer confirms the Bidder’s bid by striking his/her hammer or in any other manner publicly indicating confirmation of the purchase in any auctions organized by the Company, the contract for sale regarding the Lot shall immediately enter into force and the Bidder shall become the Buyer of the Lot. The Company, the Seller and the Buyer shall acknowledge the sale of the Lot and its closing, enjoy the rights and assume the obligations provided by applicable laws and/or these Conditions of Business. Any party that fails to perform obligations shall bear his/her/its corresponding legal liabilities.
5. We, acting as agent of the Seller, shall assume no liability for any breach of contract or violation of these Conditions of Business by the Buyer or the Seller.
In case of the breach of contract by the Seller or the Buyer, the Company shall have the right to decide to disclose the other party’s name and address to the Seller or the Buyer at its own discretion so that the aggrieved party may claim for compensation for loss and damages arising from the breach of the other party through legal proceedings or otherwise. However, prior to the Company’s disclosure of such materials to the Seller or the Buyer, the Company shall take the reasonable steps to notify the party whose materials are to be disclosed.
6. If any abnormal or unforeseen event occurs at the auction site, the Company has the right to take emergency actions. If any dispute arises at the auction site, the Company has right to mediate and settle it.
Section 3 Definitions and Interpretation
The terms used in these conditions shall have following meanings:
1. "We/Us/Company" means Marchance Auctioneers Limited;
2. "Auction Date" means, in an auction held by the Company, the date on which the auctioneer concludes a contract for sale between a Seller and a Buyer by way of hammer striking or any other customary manner publicly confirming the sale;
3. “Auctioneer” means any person designated by the Company to moderate a particular auction;
4. “Bidder” means any person, company, body corporate or other organization who or which has duly completed the necessary registration formalities with our Company and acquired the right to bid; In these Conditions of Business, a Bidder shall include any of its agents unless as otherwise specified herein or required in a particular context;
5. “Buyer” means the Bidder whose bid or offer for a Lot is recognized by an Auctioneer as the highest bid for that Lot in an auction held by the Company, including the principal on behalf of which such Bidder acts;
6. “Seller” means any person, company, body corporate or other or organization that consigns (a) Lot(s) within the scope of these Conditions of Business to the Company for auction. In these Conditions of Business, a Seller shall include any of its agents unless as otherwise specified herein or required in a particular context;
7. “Lot” means any item consigned by a Seller to the Company for auction and so auctioned in any auction, in particular, any item numbered in any catalogue with certain description;
8. “Estimate” means the estimated selling price of a Lot written in the catalogue or other descriptive materials, excluding the Buyer’s Commission;
9. “Reserve” means the confidential minimum selling price for the Lot that the Seller has confirmed with the Company;
10. “Hammer Price” means the price for a Lot at which the Auctioneer decides to sell the Lot by striking the hammer or the agreed sale price in the post-auction sale;
11. “Proceeds of Sale” means the net amount due to the Seller, being the Hammer Price less the Buyer’s Commission, all expenses and other amounts payable to the Company by the Seller;
12. “Buyer’s Commission” means any commission that a Buyer shall pay to the Company calculated at the rate specified herein of the Hammer Price for the Lot that such Buyer purchases;
13. “Purchase Price” means the total amount payable by the Buyer for his/her/its purchase for each Lot, including the Hammer Price, the Buyer’s Commission, other Buyer’s Expenses and all Buyer’s Expenses arising from his/her/its failure to perform his/her/its obligations;
14. “Buyer’s Expenses” means costs and expenses in relation to sale of Lot paid by the Company, including but not limited to insurance policies, packaging, moving, storage, custody for the Lot, any expenses of testing, investigation, queries or authentication related to the Lot at the request of the Buyer or any additional costs and legal expenses to bring claims against a defaulting Buyer;
15. “Storage Fee” means the storage fee payable by the Buyer to the Company according to these Conditions of Business.
16. In these Conditions of Business, where the context requires, words denoting the singular shall include the plural and vice versa.