Terms and Conditions
Auction Information
Bidders should refer to the Conditions of Business which govern the relationship between a Buyer, the Seller and Hong Kong Auctions Limited in respect of all matters incidental to the Auction. Bidders should also refer to the Online Information in respect of each Lot.
Payment
Full payment of the Purchase Price plus the Buyer's Premium in Hong Kong dollars must be received within five (5) working days from the end date of the Auction. Please note that no purchased item will be released until full payment is received and cleared into the bank account of Hong Kong Auctions Limited.
Credit Card through PayPal system: (Visa, Mastercard, American Express)
Buyers should check the available limit of their credit card to ensure payment can be processed.
Buyer's Premium - 20% of the Purchase Price
The Buyer will be liable to pay a Buyer's Premium at 20% of the Purchase Price to Invaluable, LLC for using their services at the website www.invaluable.com, which will be added to each successful bid and collected by Hong Kong Auctions Limited.
Collection and Delivery of Lots
Purchased items will be released by the Seller to Hong Kong Auctions Limited three (3) days after full payment is received and cleared but please note that delivery time may vary. The seller will arrange for collection, property packing, storage and shipping at the Buyer's expense. The expense of transportation, delivery, storage, packing, insurance coverage and collection etc. shall be borne solely by the Buyer. Buyer should complete and submit his/her contact and other information at www.invaluable.com.
No insurance cover is provided for sold items. The Lot will be entirely at the Buyer's risk after full payment for the Lot is received or upon release of the Lot by the Seller (whichever is earlier). Hong Kong Auctions Limited and the Seller shall not be responsible for any loss or damage to the purchased items howsoever arising (including but not limited to losses due to the delay in delivery or damage to the items during delivery) after full payment is received and the items are released by the Seller. All risks associated with the purchase of the items will pass to the Buyer following receipt of full payment by Hong Kong Auctions Limited.
Conditions of Business
These Conditions of Business and any additional notices and terms in the Online Information set out the terms governing the purchase of property at the Auction.
Bidders, as prospective purchasers, should pay particular attention to these Conditions of Business.
1. Introduction
A sales contract is concluded between the Seller and the Buyer when the highest bid is accepted by the Auctioneer.
2. Common Terms
In these Conditions of Business:
• "HKA" means Hong Kong Auctions Limited.
• "Auction" means the auction which will be conducted online at the Auction Website commencing at 2:00 p.m. on 11 December 2016 and ending after last lot sold on the 11th December 2016 or at such other time and place as HKA and the Seller may in their absolute discretion decide.
• "Auctioneer" means HKA or its employees, associates or agents assisting in and conducting the Auction.
• "Auction Website" means www.invaluable.com or such other online platform as HKA and the Seller may agree prior to the Auction.
• "Bidder" means any person considering, making or attempting to make a bid, by whatever means, and includes Buyers.
• "Buyer" means any person that makes the highest bid or the winning bid in respect of any Lot as accepted by the Auctioneer.
• "Buyer's Premium" means the commission payable by the Buyer on the Purchase Price at the rate set out in the Auction Information.
• "Lot" means any lot offered for sale at the Auction as agreed between HKA and the Seller.
• "Online Information" means any notices and terms relating to the Auction and the Lots appearing on the Auction Website.
• "Purchase Price" means the highest bid in respect of any Lot accepted by the Auctioneer.
• "Reserve" means the (confidential) minimum Purchase Price which has been agreed between the Seller and HKA to sell a Lot.
3. Duties of Bidders and the Seller in respect of Lots for sale
a) Each Lot offered for sale may be viewed on the Auction Website during the Auction. It is the responsibility of the Bidders to satisfy themselves regarding the condition of the Lots and the matters referred to in the Online Information concerning the Lots.
b) Illustrations on the Auction Website are for identification purposes only and will not convey full information as to the actual condition of the Lots.
c) Information provided to Bidders in respect of any Lot by the Seller or the Auctioneer, whether written or oral, including any information on the Auction Website, any estimate, condition, report, commentary or valuation, is not a representation of fact but rather is a statement of opinion only. Any information provided may not be relied on as a prediction of the selling price or value of the Lot, and may in the Seller's or Auctioneer's absolute discretion be revised from time to time.
d) All Lots are sold on an 'as is' basis and apart from the warranty set out above, neither HKA nor the Seller gives any guarantee or warranty or representations concerning the nature or condition of the Lots.
e) The cost of any transportation, delivery, storage, unpacking, insurance coverage or collection etc. shall be borne solely by the Buyer.
4. Exclusions and limitations of liability
a) Without prejudice to Clause 3 above and subject to Clause 4(c) below, the Seller:
I. are not liable for any errors or omissions in the information provided to the Bidder (including but not limited to the Online Information), whether orally or in writing, and whether negligent or otherwise;
II. do not give any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by law) other than the express warranties given by the Seller to the Buyer in Clause 3 above;
III. do not give any representation, warranty or guarantee or assume any liability of any kind in respect of any Lot regarding description, size, quality, condition, authenticity or rarity
IV. do not assume any responsibility to any Bidders in respect of acts or omissions (whether negligent or otherwise) by the Seller or by the Auctioneer in connection with the conduct of the Auction or for any matter relating to the sale of any Lot; and
V. do not assume any responsibility to any Bidders for the correctness of any oral or written statement of whatever kind concerning any Lot, nor for any other errors or omissions in description, nor for any faults or defects in any Lot.
b) Without prejudice to Clause 4(d) below, any claim against the Seller by a Bidder is limited to the Purchase Price with regard to that Lot. The Seller shall not under any circumstances be liable for any consequential losses which may howsoever arise in respect of the making of any bid or purchase of any Lots.
c) None of this Clause 4 shall exclude or limit the Seller's liability in respect of any fraudulent misrepresentation made by the Seller, or in respect of death or personal injury caused by the negligent acts or omissions of the Seller.
d) Neither the Seller nor HKA will be liable (whether in negligence or otherwise) for any loss howsoever arising including but not limited to loss or damage occurring in the course of any process undertaken by agents or contractors engaged by the Auctioneer with or without the Seller's consent (including delivery) or for loss or damage arising out of any lack of conformity with, or inaccuracy of any entry or estimate in relation to the Lot.
5. Bidding at the Auction
a) The Auctioneer and the Seller have absolute discretion to refuse bids. Bidders act as principal unless they have the Seller's prior written consent to bid as agent for another party. Bidders are personally liable for their bid and are jointly and severally liable with their principal if bidding as agent.
6. Conduct of the Auction
a) Unless otherwise specified, all Lots are offered subject to a Reserve.
b) The Auctioneer has discretion at any time to refuse any bid, withdraw any Lot, re-offer a Lot for sale (including after the close of the Auction) if he believes there may be error or dispute, and take such other action as he reasonably thinks fit.
c) Any post-auction sale of Lots offered at the Auction shall incorporate these Conditions of Business as if sold at the Auction (conducted online).
7. Payment and Collection
a) The Buyer's obligation to pay the Purchase Price and the Buyer's Premium to HKA arises when the highest bid is accepted by the Auctioneer and the Lot is sold.
b) Unless otherwise agreed in writing between the Buyer and the Seller, the Buyer must pay all sums due on the Lot to HKA in the currency in which the sale was conducted immediately upon winning the Lot. Buyers must ensure that the funds are cleared by the fifth working day after the Auction, failing which the bid will be deemed to have been withdrawn. Payment must be made to HKA by credit card unless otherwise agreed in writing.
c) All risks and responsibilities associated with the purchased Lots pass from the Seller to the Buyer following receipt of the Purchase Price and the Buyer's Premium in cleared funds by HKA. The Seller is not obliged to release a Lot to the Buyer until title and risk have passed. Any earlier release does not affect the passing of title or the Buyer's unconditional obligation to pay the Purchase Price and the Buyer's Premium.
d) The Seller will arrange for property packing, storage, shipping and delivery of the purchased Lot at the Buyer's expense. All incidental costs are solely borne by the Buyer and HKA shall not be responsible for any loss which may arise.
e) All sums payable by the Buyer to HKA are exclusive of any goods or service tax or other value added tax (whether imposed by Hong Kong or otherwise). When any such tax applies, the Buyer shall pay such tax at the rate and time as required by the relevant law.
f) The Seller shall use reasonable efforts to take care when handling, packing and shipping a purchased Lot. However, the Seller assumes no responsibility for the acts or omissions of third parties who might be retained for these purposes. HKA may assist the Buyer to liaise with other handlers, packers or carriers upon request but HKA does not accept any responsibilities for the acts or omissions of such third parties.
8. Failure to pay for the Lot or to take delivery of the Lot
a) If the Purchase Price for a Lot is not paid to HKA for the benefit of the Seller in full in accordance with Clause 7 above or if the Lot is not successfully delivered to the Buyer within 60 days from the date of sale, the Seller will be entitled, without further notice to the Buyer, to exercise one or more of the following rights:
(1) To terminate immediately the contract for sale of the Lot between the Buyer and the Seller;
(2) To re-sell the Lot by auction, private treaty or any other means;
(3) To retain possession of the Lot;
(4) To remove and store the Lot at the Buyer's expense;
(5) To take legal proceedings against the Buyer for any sum due to the contract for sale and/or damages for the breach of contract; and
(6) To take such other actions as the Seller thinks fit.
b) The Buyer agrees to indemnify the Seller against all legal and other costs of enforcement, all losses and other expenses and costs (incurred by the Seller as a result of the Seller taking steps under this Clause 8 on a full indemnity basis together with interest thereon from the date upon which the Seller becomes liable to pay the same until payment by the Buyer).
9. Restrictions on the use of purchased Lots
a) The Buyer shall not do, or omit to do, or permit to be done at any time any act:
(1) (in connection with the Lot) that negatively impacts on the reputation of the Seller or which damages the reputation or goodwill associated with the Lot or the Seller.
b) The Buyer shall indemnify the Seller against all liabilities, costs, expenses, damages and losses (including any direct losses, indirect losses, consequential losses, loss of profit, loss of reputation and all interest, penalties and legal and other professional costs and expenses) suffered or incurred by the Seller arising out of or in connection with the use of the Lot by the Buyer or any third party or any breach by the Buyer of this Clause 12.
10. Collecting and Use of Personal Data
In connection with the services provided by the Auctioneer and the sales transaction between the Buyer and the Seller, it may be necessary to obtain the personal data of the Bidder and from time to time to transfer the Bidder's personal data to such place or places outside Hong Kong. Data held by the Auctioneer and the Seller relating to an individual will be kept confidential but such data may be provided to any agents, contractors, sub-contractors, service providers or associates of the Seller and the Auctioneer for the purposes incidental to these Conditions of Business (e.g. to delivery companies). By agreeing to these Conditions of Sale, Bidders agree to such disclosure.
11. Copyright
The Seller hold at all times retain the copyright in all images, illustrations and written material produced by or for the Seller relating to a Lot including the contents of the Online Information. Without the Seller's prior written consent, the copyrighted materials shall not be used by the Bidder or by anyone else. The Seller and the Auctioneer make no representation or warranty that the Buyer of a Lot will acquire any copyright or other reproduction rights in it.
12. General
a) Should any provision of these Conditions of Business be held unenforceable for any reason, the remaining provisions shall remain in full force and effect.
b) These Conditions of Business are not assignable by any Bidder without the Seller's prior written consent, but are binding on Bidders' successors, assigns and representatives. No act, omission or delay by the Seller shall be deemed a waiver or release of any of its rights.
13. Law and Jurisdiction
a) Governing Law
These Conditions of Business and all aspects of all matters, transactions or disputes to which they relate or apply shall be governed by and interpreted in accordance with the laws of the Hong Kong SAR.
b) Jurisdiction
All Bidders agree that the Courts of Hong Kong SAR are to have exclusive jurisdiction to settle all disputes arising in connection with all matters or transactions to which these Conditions of Business relate or apply.
