Strauss & co - 30 June 2014, Johannesburg

225 deductionof the seller’s commissionandexpenses incurredby them.   3.6.4 In theevent the seller instructs Strauss&Conot to insure a lot or property submitted for sale, it shall at all times remainat the riskof the seller. In suchanevent, the seller undertakes to: 3.6.4.1 indemnifyStrauss&Coagainst all claimsmadeor proceedingsbrought against them in respect of damage or loss to the lot ofwhatsoever natureandhowsoever arisingand inall circumstances, evenwhennegligence is allegedor proved; 3.6.4.2 reimburseStrauss&Coondemand for all costs, payments or expensesmadeor incurred in connectionherewith. All paymentmadebyStrauss&Co in connectionwith such loss, damage, payments, costsor expenses shall be bindingon the seller as conclusiveevidence thereof that Strauss&Cowas liable tomake suchpayment; 3.6.4.3notifyany insurer of theexistenceof the indemnity containedherein. 3.7Payments for theproceedsof sale   3.7.1Strauss&Co shall onlybe liable to remit the saleproceeds of a lot to the seller thereof on the later of thirtydays after thedateof the saleof that lot or sevendays after thedate onwhich the full purchaseprice for that lot hasbeen receivedbyStrauss&Co in cleared funds.   3.7.2 If thebuyer of a lot fails topay the total amount due to Strauss&Cowithin twentyeight days after thedateof sale of that lot, Strauss&Co shall givenoticeof this to the seller of that lot and shall request the seller’swritten instructions as to theappropriate courseof action tobe followed. ShouldStrauss&Codeem it soappropriate, Strauss&Co will assist the seller to recover the total amount due from thebuyer. Shouldnowritten instructionsbe forthcoming from the sellerwithin sevendays after request, the seller herebyauthorises Strauss&Co, at Strauss&Co’s absolute discretionbut at the seller’s expense: 3.7.2.1 toagree terms forpaymentof the total outstandingamount; 3.7.2.2 to remove, storeand insure the lot sold; 3.7.2.3 to settleany claimbyor against thebuyer on such terms as Strauss&Co in their absolutediscretiondeemfit; 3.7.2.4 to take such steps as Strauss&Co in their absolute discretion consider necessary to collectmoniesdue to the seller from thebuyer; 3.7.2.5 if necessary, to rescind the saleand refundanymonies to thebuyer.   3.7.3ShouldStrauss&Copayanamount equal to the sale proceeds to the seller beforehaving received full payment of thepurchaseprice from thebuyer, ownershipof the lot shall pass toStrauss&Co.   3.7.4 If the saleof any lot is rescinded, set asideor cancelledby anactionof thebuyer, andStrauss&Cohas accounted to the seller for the saleproceeds, the seller shall immediately refund the full saleproceeds toStrauss&Co,whowill in turn refund thepurchaseprice to thebuyer andmake the lot available to the seller for collection. Anyannulment, rescission, cancellationor nullificationof the sale shall not affect the seller’sobligation topay the commission to Strauss&Coand/or to reimburseanyexpenses incurred byStrauss&Co. 3.8Withdrawal fees   3.8.1A sellermayonlywithdrawa lot frombeingoffered for sale bywrittennotification toStrauss&Cowhich is received byStrauss&Coat least twenty four hoursprior to the commencement of theauctionatwhich the lot is tobe offered for sale.   3.8.2Upon receipt of proper notificationofwithdrawal as envisagedabove, Strauss&Co reserves the right to charge the full seller’s commissionandbuyerspremium to the seller as awithdrawal fee, both calculatedon the latestmiddleestimateof the sellingpriceof theproperty withdrawn, togetherwithVATandall expenses incurred in relation to theproperty.   3.8.3 If a lot iswithdrawn, the seller shall arrange for the collectionand removal of the lot at the seller’s expense within threedays after dateof thewithdrawal, provided the seller haspaid the recoverableexpenses and applicablewithdrawal fee toStrauss&Co 3.9Photographyand illustration Strauss&Co shall have the full andabsolute right to illustrate, photographor otherwise reproduce imagesof any lot submitted by the seller for sale,whether or not in conjunctionwith the sale, and touse suchphotographs and illustrations at any time and in their soleandabsolutediscretion. The copyright of all photographs takenand illustrationsmadeof any lot byStrauss &Co shall be the soleandabsolutepropertyof Strauss&Coand Strauss&Coundertakes toabidebyall copyright applicable to anyandall lots submitted for sale. 3.10Unsold lots 3.10.1Strauss&Coareauthorised to retainanyobjectsnot sold onauction for aperiodof sevendays after theauction andmayproceed to sell any suchunsold lot during this period, be it bywayof private treatyor otherwise,without any further instructionor notification to the seller in terms of 3.1. 3.10.2Whereany lot remainsunsold, Strauss&Co shall notify the seller accordinglyand the seller shall collect the lot at the seller’s expensewithin sevendays after despatchby Strauss&Coof anotice to theeffect that the lot hasnot been sold. 3.10.3 In these circumstances, the sellermustmakearrangements either to re-offer the lot for saleor to collect andpayall recoverableexpenses andother amounts forwhich the seller is liable. 3.10.4Should the seller fail to collect the lotwithin sevendaysof notification, the seller shall inadditionbe responsible for all removal, storageand insuranceexpenses. 3.10.5Should the seller fail to collect the lotwithin sixmonths of dateof thenotification referred toabove, Strauss&Co shall beauthorised to sell the lot byprivate treatyor public auction, on such terms and conditions as they thinkfit, without reserveand todeduct from thehammer priceall sumsowing toStrauss&Co, including (without limitation) storage, removal, insuranceexpenses, theexpensesof bothauctions, reduced commission in respect of the auctionaswell as commissionon the saleandall other reasonableexpenses, prior to remitting thebalance to the seller or, in theevent he cannot be located, placing it into abankaccount in thenameof Strauss&Co for andon behalf of the seller. 3.10.6Strauss&Co reserves the right to charge commission in accordancewith the current rateson thebought inprice andexpenses in respect of anyunsold lots. 4GENERAL PROVISIONS   4.1Strauss&Couse information suppliedbybiddersor sellers, or otherwise lawfullyobtained, for theprovisionof auction related services, client’s administration,marketingand otherwiseas requiredby law.   4.2Thebidder and seller agree to theprocessingof their personal informationand to thedisclosureof such information to thirdpartiesworldwide for thepurposes outlined in4.1above.   4.3Any representationor statement byStrauss&Co inany catalogueas toauthorship, genuiness, origin, date, providence, age, conditionor estimated sellingprice is a statement of opinion. Everyperson interested should rely onhisown judgement as to suchmatters andneither Strauss&Conor its agentsor servants are responsible for the correctnessof suchopinions, subject to2.3.1.   4.4Strauss&Cowill have the right, at its soleandabsolute discretion, to refuseentry to itspremisesor attendanceat its auctionbyanyperson.   4.5Thesegeneral conditionsof business, everyauctionand allmatters concerned therewithwill begovernedbyand construed inaccordancewith the lawsof SouthAfricaand thebuyer submits to thenon-exclusive jurisdictionof the SouthAfrican courts.   4.6 If anyof thesegeneral conditionsof business areheld tobe unenforceable, the remainingparts shall remain in force andeffect.   4.7Thenon-exerciseof or delay inexercisingany right or power of apartydoesnot operateas awaiver of that right or power, nor does any singleexerciseof a right or power precludeanyother or further exerciseof it or theexercise of anyother right or power. A right or powermayonly bewaived inwriting, signedby theparty tobeboundby thewaiver.   4.8Thesegeneral conditionsof business constitute theentire agreement of thepartieson the subjectmatter.   4.9Neither party shall be liable for any lossor damage, or be deemed tobe inbreachof these conditions, if its failure to performor failure to cureanyof its respectiveobligations hereunder results fromanyevent or circumstancebeyond its reasonable control. Theparty interferedwith shall, give theother partypromptwrittennoticeof any forcemajeure event. If notice isprovided, the time for performance or cure shall beextended for aperiodequivalent to the durationof the forcemajeureevent or circumstance described in suchnotice, except that any cause shall not excusepayment of any sumsowed toStrauss&Coprior to, duringor after such forcemajeureevent.  4.10AnynoticebyStrauss&Co toa seller, consigner, respective bidder or buyermaybe sent byStrauss&Co to the latest address asprovided toStrauss&Coby the seller consigner, respectivebidder or buyer.  4.11Anynotice tobeaddressed in termsof 4.10maybegiven byairmail or hand-mail or sent byprepaidpost, and if sogivenwill bedeemed tohavebeen receivedby the addressee sevendays after posting, or by facsimile, and if sogivenwill bedeemed tohavebeenduly receivedby theaddresseewithinoneworkingday from transmission or bye-mail, and if sogivenwill bedeemed tohavebeen duly receivedby theaddresseewithin twenty four hours from transmission. Any indemnityunder these conditions will extend toall proceedings, actions, costs, expenses, claims anddemandwhatever incurredor sufferedby the personentitled to thebenefitsof the indemnity. Strauss& Codeclares itself tobea trustee for its relevant agents and servantsof thebenefit of every indemnityunder these conditions to theextent that such indemnity is expressed tobe for thebenefit of its agents and servants.