The auctions of artworks, etc. conducted by Mallet Japan Inc.
(hereinafter referred to as the "Company") under the name of
Mallet Auction or otherwise shall be in compliance with these
Rules. Any and all persons consigning property for sale, persons
desiring to purchase properties, persons concluding sales agreements
with the Company, and any other persons involved shall accept
and obey these terms described below; provided, however, that
if any other separate agreement exists between the Company
and any such person, such agreement shall prevail.
1. Properties Auctioned
The Company shall host auctions for the
sale of artworks consigned for sale (hereinafter referred to as the "Property"
or "Properties") by way of auction.
2. Condition of the Properties
As the Properties are inherently old, they shall be sold "as is" and the Company
shall not be liable for any spots, blemishes, or any other defects or damages
caused due to the aging of the Properties.
3. Pre-Auction Viewing
(1)The Company will hold a pre-auction viewing for every
Property to be auctioned.
(2)Persons who desire to purchase any Property shall,
at their own decision and responsibility, inspect the auctioned works at
the pre-auction viewing and place their bids.
(3)When a person desires admission to the pre-auction viewing,
the Company may ask the person to present his/her identification and may
refuse admission or ask the person to leave the pre-auction viewing.
(4)In case any person admitted to the pre-auction viewing
causes any blemish or any other damage to a Property, the Company may demand
compensation for such damage from such person.
(5)Schedules for the pre-auction viewing shall generally
be announced in advance or described in the catalogue, subject to any change
made by the Company at its own discretion. The Company shall not be liable
for any damage incidental to such change in the schedule of the pre-auction
viewing.
4. Catalogue
(1)When auctioning a Property, the Company shall prepare
and distribute for a fee a catalogue describing the Property as a reference
for the prospective buyers.
(2)Images and other representations in a catalogue are
inserted only for the purposes of reference and identification of the featured
Property. In no event shall they be construed to convey the colors, color
tones, forms, defect, condition, quality, etc. of the featured Property with
complete accuracy.
(3)Any descriptions and explanations included in a catalogue,
attached documents, errata, or prior reference information communicated orally
or otherwise shall be provided only for the reference of prospective buyers,
and in no event shall the Company be held liable for any error in such descriptions
or any discrepancy between such descriptions and an actual Property. Prospective
buyers shall inspect and examine the actual Property at the pre-auction viewing
and bid for the Property at their own judgment and responsibility.
(4)The estimate described in a catalogue shall be presented
only for the reference of the prospective buyers. Accordingly, the Hammer
Price at which the Property is actually traded through auction may fall below
the lower limit or exceed the upper limit of the estimate; provided, however,
that the Company shall in principle refrain from selling a Property at a
price below the Reserve (The reserve price is unrelated to the lower limit
of the estimate and shall be kept confidential).
(5)The descriptions and explanations given in a catalogue
may be changed without notice. Such changes shall be announced in writing
or orally at the auction site. Prospective buyers shall confirm the details
of such prior change at their own responsibility. In the case of such change,
the Property shall be deemed to be auctioned subject to such change.
(6)The Company shall not accept the cancellation of a sales
agreement arising from claims of any discrepancy between the information
described in a catalogue and the quality or condition of an actual Property.
(7)Reproduction and diversion of the catalogue without
permission of the Company shall be prohibited (including graphics and articles).
5. Registration and Participation
(1)Any person desiring to participate in the auction may
participate in the auction by registering his/her address, name, and other
necessary matters in advance or at the auction desk on the date of the auction
and paying the fees for the catalogue and the registrations prescribed by
the Company. Auctions shall be conducted the methods of "paddle display,"
"telephone bidding," and "absentee bidding in written form."
(2)When a person desires registration, the Company may
ask to inspect his/her identification and may refuse the registration at
its own discretion.
(3)Any person who desires to participate in an auction
and has registered in advance must be confirmed at the auction desk on the
date of the auction.
6. Bidding Paddle
(1)The Company shall lend a bidding paddle to each registered
participant at the auction desk on the day of the auction.
(2)Every auction participant shall always remain aware
of the bid number of his/her own paddle and listen attentively to the bid
numbers called out by the auctioneer. If the auctioneer instructs any participant
to raise his/her paddle for the purpose of visibility, the person so instructed
shall immediately do so.
(3)When any auction participant loses his/her paddle, he/she
shall immediately notify a staff member of the Company at the auction site.
All auction participants shall return their paddles to the Company immediately
upon the end of an auction or when exiting in the middle of an auction.
(4)Every auction participant shall treat his/her paddle
with due care and responsibility and shall not lend his/her paddle to a third
party. Participants shall bear full responsibility for any damages arising
from the loss, theft, or borrowing and lending of their paddles. In no event
shall the Company bear any liability for such damages whatsoever.
7. Method of Auction
(1)An auctioneer appointed by the Company shall preside
over and conduct every auction. Every auction shall be conducted by the bidding-up
system, and the starting price and increments of bidding shall be decided
at the discretion of the auctioneer. The price so bid up shall not include
the Buyer's Premium, consumption tax thereon, and any other costs and expenses.
Every auction participant agrees in advance to pay the Company the full amount
of the Buyer's Premium, consumption tax thereon, and all other costs and
expenses in case his/her bid is successful.
(2)Every auction participant must be approved by the Company
and registered with the Company. Unless otherwise agreed in advance with
the consignor, the Company shall not announce the name of such consignor
or the Reserve even if the Reserve has been set.
(3)The auctioneer may participate in the auction himself/herself
at his/her own discretion until the price reaches the Reserve.
(4)In case any dispute arises between auction participants
or between the auctioneer and any auction participant, the final winning
bidder shall be decided through either re-auction or the judgment of the
auctioneer. In such case, any and all parties involved in such auction must
obey the final decision reached. Moreover, the auctioneer may refuse any
purchase offer at his/her own discretion.
(5)Every auction participant shall be deemed to participate
in the auction as a principal unless he/she has notified the Company in writing
of his/her desire to participate in the auction as an agent or a representative
of another person in advance and the Company has consented thereto; provided
that more than one person may not bid for a Property under a joint name.
(6)A bidder shall express his/her intention to place a
bid by raising his/her paddle so that the auctioneer can see it, or with
gestures or in any other manner recognizable by the auctioneer. When a bidder
judges that the auctioneer has failed to recognize the bidder's intention
to place a bid, the bidder must immediately take actions to draw the attention
of the auctioneer.
(7)A bidder shall be bound by the price of his current
bid until any other bidder places a bid at a higher price. Any bid shall
become void when any other bidder places a bid at a higher price and the
auctioneer recognizes such higher price.
(8)The winning bid shall be finally decided when the auctioneer
calls out the highest price bid multiple times and brings down the hammer.
The person who has bid the highest bidding price before the auctioneer brings
down the hammer shall be the winning bidder; provided, however, that if the
auctioneer judges that the auction needs to be continued, he/she may resume
the auction again at his/her own discretion. When the auctioneer brings down
the hammer, the winning bidder and the Company shall enter a sales agreement
under which the bidding price for the relevant Property shall be the sales
price, and the winning bidder shall be obligated to pay the amount of the
Hammer Price plus the prescribed Buyer's Premium, consumption tax thereon,
and any other costs and expenses.
(9)Nobody may protest the decision of the winning bidder
of an auction after the auctioneer starts the bidding for the auction of
the next Property.
8. Absentee Bids or Telephone Bids
(1)Persons registered with the Company who desire to participate
in an auction may participate by written bids or telephone bids, as well
as by direct participation at the auction site.
(2)Any person who desires to participate in an auction
by written bids shall fill in the Absentee Bids Form attached to the pertinent
catalogue, send the form to the Company to apply for participation, obtain
the approval of the Company, and follow the instructions of the Company;
provided, however, that if such Absentee Bids Form fails to arrive or arrives
after the application deadline due to erratic delivery or otherwise, or if
the Company cannot recognize such request for written bid, the Company shall
deem that such application is not made and the Company shall assume no responsibility;
provided further that the Company may refuse the application of any person
desiring to participate in any auction by written bids at its own discretion.
(3)The Company shall accept written bids delivered directly
in person at the pre-auction viewing or delivered by facsimile or mail not
later than one (1) business day prior to the date of the auction; provided
that the amount indicated by the bidder shall not include the amount of the
prescribed Buyer's Premium, the consumption tax thereon, and any other costs
and expenses.
(4)If the prices indicated by more than one bidder participating
in an auction by written bids are the same, the written bid which arrives
before the other written bid(s) in the same amount shall prevail; provided,
however, that if such bids arrive at the same time, the winner will be chosen
by drawing lots.
(5)When the Company finds any instruction by a participant
by written bid to be incomplete or inadequate, it may decide not to follow
such written instruction, and in such case the Company shall not be responsible
in any respect.
(6)The Company shall assume no responsibility for any failures
which may occur in the course of processing the instructions of a participant
included in a written bid, regardless of the reason.
(7)If any description or explanation described in a catalogue
is changed, the announcement about such change at the auction site shall
be deemed to be a notice of such change and instruction by any written bid
shall be deemed to be made subject to such changed description and explanation.
Although the Company shall make the best efforts to notify bidders of all
changes in descriptions and explanations, it shall assume no responsibility
whatsoever if a bidder of written bids fails to receive such notification
for any reason.
(8)If the price instructed by any bidder of a written bid
and the price bid up by any participant at the auction site are the same,
the auctioneer may decide the final winning bidder at his/her own discretion.
(9)Any person who desires to participate in an auction
by telephone shall fill in the Absentee Bids Form attached to the pertinent
catalogue, send the form to the Company to apply for participation, obtain
the approval of the Company, and follow the instructions of the Company.
(10)If the number of participants desiring to participate
in an auction by telephone simultaneously exceeds the number of phone lines
available, the Company shall accept bids on a first-come-first-served-basis;
provided that the Company may, at its own discretion, refuse to accept any
bid placed by any participant by telephone.
(11)The Company shall not be responsible for any failures
with respect to the instructions made by participants by telephone due to
miscommunication, trouble with telephone lines, or any other reasons.
 
9. Purchase Price
(1)In addition to paying the relevant Hammer Price, the
successful bidder shall pay the Company the total amount of the Buyer's Premium
and consumption tax thereon. The buyer's premium on each lot is 15.75 percent
of the Hammer Price (including consumption tax) up to and including 1,000,000
Yen, plus 10.50 percent of any amount exceeding 1,000,000 Yen (including
consumption tax) (the total amount of the Hammer Price, the Buyer's Premium
incidental thereto, and the consumption tax imposed on the Buyer's Premium
shall hereinafter be referred to as the "Purchase Price").
(2)When the Property is a consignment from abroad, the
successful bidder shall pay the Company the consumption tax on the Hammer
Price.
(3)The successful bidder shall pay the Company the total
amount of the Purchase Price in Japanese Yen within ten (10) days after the
date of the auction (if the final day of such period falls on a non business
day of the Company, the due date shall fall on the following business day
instead) in cash, by a bank casher's check of any bank or credit association
provided for in the Bank Law, or by a bank remittance to the bank account
described below (such remittance shall be required to be completed by the
due date).
Mizuho Bank, Ltd. (Swift: MHBKJPJT)
Yaesuguchi Branch (Branch number: 026) Ordinary account
Account number: 1012974 Account name: Mallet Japan Inc.
10.Delivery of Purchased Property
(1)After the successful bidder completes payment of the
Purchase Price, the Company shall hand over the relevant purchased property;
provided, however, that if such successful bidder has any obligations due
and payable to the Company other than the Purchase Price, the Company shall
not hand over the purchased property until the bidder fulfills all of such
obligations as well as the Purchase Price (the Purchase Price and any and
all obligations due and payable to the Company shall hereinafter be referred
to as the "Purchase Price, etc.").
(2)The successful bidder shall, after paying off the Purchase
Price, etc., pick up the purchased property within the payment period at
the premises of the Company or in such other place designated by the Company.
If the successful bidder cannot pick up the Property by himself/herself,
he/she may entrust an agent, a representative, or a carrier with the pickup
or transportation at the expense and responsibility of the successful bidder.
(3)Costs and expenses for such pickup or transportation
of a purchased property shall be born by the successful bidder, and the Company
shall not be liable for any accident involving the purchased property after
the time of handover (when the Company passes the purchased property over
to the successful bidder or its agent, its representative, or the carrier).
When the successful bidder requests the Company to make shipping arrangements,
the Company shall do so only for the benefit of the successful bidder. In
such case, the successful bidder shall take all reasonable measures against
risk to the purchased property through the purchase of insurance, etc., and
the Company shall assume no responsibility for any damage (disappearance,
loss, theft, deterioration, defacement) occurring after the handover, even
if the carrier appointed by the Company has proven unreliable or has caused
such damage to the purchased property. The successful bidder must, at its
judgment, responsibility and burden, pack the purchased property in the manner
which the successful bidder considers appropriate. Although the Company may
pack the purchased property in a manner it deems appropriate for shipment
and delivery, the Company shall bear no responsibility for such packing.
(4)The successful bidder may inspect the purchased property
when picking it up. After the handover of the purchased property from the
Company to the successful bidder (including its agent, representative or
carrier), however, the successful bidder may not raise any claim regarding
any mistake, deterioration or defacement with respect to the purchased property,
terminate the agreement on the grounds of any mistake, deterioration or defacement
with respect to the purchased property, or make any other complaint to the
Company, unless such mistake, deterioration or defacement with respect to
the purchased property can be reasonably attributed to the willful acts or
gross negligence of the Company, regardless of whether the successful bidder
has inspected the purchased property at the pickup; provided, however, that
if the Company hands over any Property different from the purchased property
by mistake, it may request the successful bidder to return the Property and
the successful bidder shall grant such request.
(5)When the successful bidder picks up the purchased property,
he/she shall present to the Company a prescribed invoice issued by the Company.
If the Company passes the purchased property over to any person other than
the successful bidder who appears with the prescribed invoice issued by the
Company and thereafter the successful bidder fails to receive the purchased
property, the Company shall not be responsible therefor.
11. Transfer of Title and Burden of Risk
(1)The successful bidder shall burden risks of the purchased
property on and after the time of conclusion of the sales agreement with
respect to the purchased property. (Any disappearance, loss, theft, deterioration,
or defacement caused for any reason not attributable to the Company shall
be burdened by the successful bidder and the successful bidder shall not
be exempted from payment of the Purchase Price.)
(2)The title to the purchased property shall not be transferred
to the successful bidder until the successful bidder completes payment of
the Purchase Price, etc. and the Company hands over the purchased property
to the successful bidder. The title to the purchased property shall be transferred
to the successful bidder upon completion of payment of the Purchase Price,
etc. by the successful bidder and the handover of the purchased property
by the Company.
12. Extension of Payment
(1)If the successful bidder asks for an extension of the
payment due date for the Purchased Price, etc. in writing, the Company may
extend the payment due date by giving a written notice setting a grace period
to the successful bidder; provided, however, that the successful bidder shall
have no right to request such extension of the payment due date and the Company
may, at its own discretion, decide not to grant such extension.
(2)The successful bidder shall pay the interest on the
Purchase Price, etc. incurred during the grace period (at the rate set from
time to time and notified in writing by the Company).
(3)If a provisional attachment with respect to other obligations
of the successful bidder or compulsory execution is filed, or an application
or a petition is filed for commencement of a bankruptcy procedure, civil
rehabilitation procedure, corporate reorganization procedure, company arrangement
or special liquidation of the successful bidder, or any draft or check drawn
by the successful bidder is dishonored, or the performance of any part of
the obligations payable to the Company is delayed, the Purchase Price, etc.
shall immediately become due without notice from the Company and the successful
bidder shall pay the Purchase Price, etc. forthwith.
13. Expenses Necessary for Storage and Insurance (Charges)
(1)The successful bidder shall not be required to pay the
expenses for the storage and insurance of the purchased property during the
payment period. If the successful bidder fails to pick up the purchased property
during the payment period, he/she must pay expenses for the storage and insurance
of the purchased property incurred from the first day after the end of the
payment period up to the day of the actual pickup; provided, however, that
the Company shall not be obliged to take such insurance.
(2)When the Company grants an extension of the payment
due date to the successful bidder, the successful bidder shall pay expenses
for the storage and insurance of the purchased property incurred from the
day after the end of the payment period up to the complete payment of the
Purchase Price, etc. and the pickup of the purchased property.
14. Handling of Stolen or Lost Property
(1)If any person claiming to be the true owner of the purchased
property proves that the purchased property has been stolen or lost and demands
the return of the property before handover by the Company to the successful
bidder, or if the purchased property is identified as an item whose trade
or possession is prohibited by law, the Company may terminate the sales agreement
without notice to the successful bidder. If the Company has received any
payment of the Purchase Price from the successful bidder in such case, the
Company shall return it to the successful bidder free of interest and the
successful bidder may not make a claim for damage or any other claims to
the Company.
(2)In case any chief of police orders the Company to keep
hold of the purchased property pursuant to the provisions of Article 21 of
the Antique Dealing Law and such holding period exceeds ten (10) days from
the day following the date of the auction, the Company shall not hand over
the purchased property to the successful bidder until the holding period
expires, and the provisions of 9-(3) shall apply by changing the wordings
"within ten (10) days from the date of the auction" provided for therein
to "within three (3) days after the final day of the holding period of the
property by order of the chief of police," and the provisions of 10-(2),
13-(1) and (2) and 15 shall apply upon changing the wording "payment period"
provided for in the aforesaid three Articles correspondingly; provided that
if the handover of the purchased property is delayed on the grounds of such
storage, the Company shall not be responsible for the results caused due
to such delay.
15. Defaults by Successful Bidder
In the event the successful bidder fails to pay the Purchase Price, etc.
in full by the due date, he/she shall comply with the following provisions.
(1)The successful bidder shall pay a default interest
on the remaining amount of the Purchased Price, etc. at the rate of 14.6%
per annum incurred from the day following the due date up to the day of complete
payment of such total amount.
(2)The Company shall store the purchased property after
expiration of the payment period in any manner the Company deems appropriate
at its own discretion. Should the purchased property disappear or be lost,
stolen, deteriorated, or defaced, the Company shall not be responsible for
such damage unless such damage is caused by the willfulness or gross negligence
of the Company, and the successful bidder shall not be exempted from payment
of the Purchase Price, etc. The Company shall not be obliged to take insurance
for the purchased property during the storage period.
(3)In the event the successful bidder fails to pay the
Purchased Price, etc. as demanded by the Company, the Company may terminate
the sales agreement; provided, however, that if a notice of demand for payment
and termination of a sales agreement sent by the Company to the address of
the successful bidder registered with or notified to the Company is returned
because of absence or address unknown of the recipient, or if the successful
bidder refuses to receive such notice, the Company may terminate the sales
agreement when the due date specified in such notice becomes overdue even
though such notice has not been received by the successful bidder, and the
sales agreement shall be deemed to be terminated on the date when such notice
would normally have been received at the registered or notified address,
and the successful bidder shall agree with the same in advance.
(4)If the sales agreement is terminated pursuant to
the preceding paragraph, the Company may sell the purchased property to a
third party without setting the Reserve through an auction or private sale.
If the price at which such purchased property is sold to the third party
is below the Purchase Price of such purchased property, the successful bidder
shall pay the difference and a default interest thereon at the rate of 14.6%
per annum for the period from the date of the auction or the date of sales
to the third party by private sale up to the complete payment of the sales
price. If the sales price of such purchased property exceeds the Purchase
Price thereof, the successful bidder may not demand such difference from
the Company.
16. Guarantee of Authenticity
(1)If the name of an artist of a Property is definitively
specified in the catalogue of the Company without reservation and it is proven
at a later date that the artist of the Property may not be identified and
the Company acknowledges such fact, the Company may terminate the sales agreement
upon demand by the successful bidder and refund the Purchase Price in exchange
for the return of such Property, provided that the successful bidder fulfills
the conditions referred to in each of the following provisions; provided
further, however, that the Company shall assume no responsibility other than
refund of the Purchase Price and shall not pay any interest, damage, or compensation
to the successful bidder.
1)Only if the successful bidder sends a written demand
to the Company indicating the date of the auction, the lot number of the
Property, and the Hammer Price, together with any evidence by which the Company
may be satisfied that such Property is not a work of the artist as described
in the catalogue, within three (3) years after the date of the auction. Persons
who may make such demand shall be limited to successful bidders, and the
rights of successful bidders to make such demand may not be assigned or offered
as security to third parties.
2)Only if the successful bidder has the complete ownership
of the purchased property and transfers the complete title to the purchased
property to the Company and delivers the purchased property to the Company
in a condition identical to that at the time of the auction.
(2)The Company shall only recognize the authentication
of a Property (designation of the authenticity or inauthenticity) under the
following conditions:
1)with respect to the work of a deceased artist: only
if authenticated by any authentication committee, any registration committee
of a professional arts association designated by the Company, any designated
appraiser, or any professional art researcher;
2)with respect to the work of a living artist: only if
authenticated by the artist in question, an agent of authentication approved
by the artist, or any relative designated by laws;
3)with respect to the prints of a deceased artist: only
if verified with the Catalogue Raisonne, the relevant book, or the relevant
exhibition catalogue; or
4)with respect to the prints of a living artist: only
if verified with the Catalogue Raisonne, the relevant book, or the exhibition
catalogue, or only if authenticated based on any opinion of the artist in
question, an agent of authentication approved by the artist, or any relative
designated by law.
In each of the paragraphs above, if any opinion of the
aforesaid authenticators with respect to the authenticity of a Property is
changed after the publication of the descriptions of the Property in the catalogue,
or if any opinion with respect to the authenticity of a Property is changed
as a result of any scientific inspection other than the inspections used for
the authentications referred to in the preceding paragraphs, or by any method
of examination or analysis which was not available at the time of the relevant
auction, the Property shall not be subject to the termination of the sales
agreement and the Company shall have no responsibility incidental to such change
in opinions. If it is deemed impossible to inspect or verify any print Property
with the Catalogue Raisonne (because the Catalogue Raisonne is not published,
the relevant Property is not illustrated therein or unclear, or data is incomplete
or has any misprints), the Company's opinion shall be deemed to be the final
judgment.
17.Consignments of Auction Sales
(1)Any person who intends to consign the sale of any Property
by way of auction under the name of the Company shall apply to the Company
for consignment of auction sale in accordance with these rules and the agreement
on consignment of sales separately provided by the Company.
(2)Any person requesting the consignment of sales shall
warrant to the Company that he/she has the complete ownership of the consigned
Property or the authority to consign the sale of such Property based on the
complete ownership of such Property.
(3)The Company shall not publish the name of the consignor
at the auction or in the catalogue without the consent of the consignor.
18. Reserves
(1)Any person who intends to consign the sale of any Property
to the Company may set the Reserve for the sale of the Property; provided
that such Reserve shall be denominated in Japanese Yen.
(2)If the Reserve is set, the Company shall not sell the
Property at a price lower than the Reserve without special reason.
(3)If the Company anticipates that no bidder will make
a successful bid at or above the Reserve of the Property, it may, at any
time, suggest a change in the Reserve to the consignor and change the Reserve
with the consent of the consignor.
(4)If the consignor does not set any Reserve, the Company
may sell the Property without setting the Reserve on the Property.
(5)The consignor may not change any Reserve that has been
set and agreed with the Company, without consent of the Company.
19. Commission Fee
The consignor shall pay the Company the commission
fee separately set by the Company regardless of whether the consigned Property
has been successfully sold or not.
20. Termination
(1)In the event the Company judges that the consigned Property
is inappropriate for auction and/or the consignor does not follow instructions
of the Company, the Company may refuse an application for a sales consignment
agreement or terminate a sales consignment agreement already in effect.
(2)A consignor may not terminate a sales consignment agreement
after execution of such agreement with the Company; provided, however, that
if the Company consents to such termination and the consignor compensates
for damages in the amount separately determined by the Company, the consignor
may terminate the sales consignment agreement.
(3)If the Company has already received the consigned Property
upon termination of the sales consignment agreement, the Company may return
such consigned Property at the expense and risk of the consignor.
21. Notice of Sales
When the consigned Property is sold at an auction, the
Company shall notify the consignor to that effect without delay.
22. Payment
Unless otherwise agreed by both parties, the Company shall make payment to
the consignor in an amount calculated by subtracting the Commission Fee,
consumption tax thereon, catalogue illustration fee, insurance premium, and
any other expenses (such as costs for restoration and authentication) from
the Hammer Price twenty (20) days after the date of the auction; provided,
however, that if the payment of the Purchase Price, etc. from the successful
bidder to the Company is delayed, the Company may delay its payment to the
consignor until the Company confirms payment from the successful bidder.
In case of such delay in payment from the Company to the consignor, the consignor
shall not demand any interest or compensation for damage from the Company.
23. Amendment to Rules
The Company may amend any of these Conditions
of Sale without notice. Such amendment shall be made orally or in writing by
the auctioneer by the date of the auction, or by the posting of a notice of
amendment at the auction site or pre-auction viewing, and shall become effective
immediately.
24. Scope of Responsibilities
(1)If these terms described in the Conditions of Sale provide
that the Company assumes no responsibility, the Company shall not be obliged
to compensate for damage for any reason.
(2)The Company shall not be liable for compensation for
damages if such damages are caused due to any unexpected contingency such
as a natural disaster, act of providence, war, or civil war.
(3)If the Company is responsible for storage of the purchased
property for a successful bidder and the purchased property disappears or
is lost, stolen, damaged, deteriorated, defaced, or worn by the willfulness
or negligence of the Company and the provisions of the preceding paragraphs
do not apply, the Company shall comply with the following provisions in relation
with the successful bidder:
1)If any purchased property disappears or is lost, stolen,
damaged, materially deteriorated, defaced, or worn, the sales agreement between
the Company and the successful bidder shall be terminated and the successful
bidder shall be exempted from payment of the Purchase Price. If the Company
has already received payment of the Purchase Price in such case, the Company
shall return it to the successful bidder free of interest.
2)If the damage, deterioration, defacement, or wear of
the property is not deemed to be material, the Company shall subtract the
portion of the damage calculated as equivalent to such damage, deterioration,
defacement, or wear from the Purchase Price.
3)The successful bidder shall be responsible for verifying
whether or not any damage, deterioration, defacement or wear exists, the
degree thereof, and the calculated amount of the damage.
4)The Company shall not be responsible for any loss, damage,
disappearance, deterioration, defacement, wear, etc. of any accessories which
do not essentially relate to the evaluation of the relevant purchased property
(such as frames, mountings, glass, acrylic, and outer cases) unless such
damage is caused by the willfulness or gross negligence of the Company.
5)The amount of compensation for damages paid by the Company
pursuant to the provisions hereof shall be limited to the extent of insurance
money paid under the contract of insurance against the loss made between
the Company and any nonlife insurer.
(4)In cases other than those referred to in each of the preceding paragraphs, the Company shall not be liable for compensation for damages unless such damages are caused by the willfulness or gross negligence of the Company. Even if such damages are caused by the willfulness or gross negligence of the Company, the scope of compensation for damages shall be limited to ordinary damages and the scope predictable at the time of occurrence of such willfulness or gross negligence.
25. Prohibition of Assignment of Obligations
Successful bidders, consignors, and any other related parties may not transfer, assign, or offer as security their rights or positions with respect to the Company under these Conditions of Sale to a third party.
26. Governing Law
These Conditions of Sale shall be governed by and construed in accordance with the laws of Japan, and any matter not stipulated herein shall be settled in accordance with the laws of Japan.
27. Jurisdiction
With respect to any and all disputes arising out of these Conditions of Sale, the parties hereto shall submit to the exclusive jurisdiction of the Tokyo District Court or the Tokyo Summary Court of Japan.
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