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By consigning any coin(s), banknote(s), medal(s), token(s), stamp(s), antiquity(ies), artwork(s), jewellery, collectible(s), manuscript(s), or any other article(s) (collectively referred to as the "Property") to JAIN AUCTION HOUSE for sale by auction, whether by physical delivery, courier, online submission, or any other mode, the Vendor (Consignor) irrevocably acknowledges that they have read, understood, and agreed to be legally bound by the following Terms & Conditions.
The Vendor hereby appoints JAIN AUCTION HOUSE as its non-exclusive agent for the purpose of offering the Property for sale by public auction, private treaty, online auction, timed auction, or any other mode of sale determined by JAIN AUCTION HOUSE.
The Vendor represents and warrants that:
The Vendor shall indemnify and keep indemnified JAIN AUCTION HOUSE against any claim arising out of breach of this warranty.
The Vendor warrants that all information supplied regarding the Property, including its authenticity, provenance, attribution, ownership history, condition, and any supporting documents, is true and correct to the best of their knowledge. JAIN AUCTION HOUSE reserves the absolute right to examine, authenticate, obtain expert opinions, alter catalogue descriptions, or reject any Property without assigning any reason.
Acceptance of the Property by JAIN AUCTION HOUSE shall not constitute any guarantee that the Property will be offered for sale or sold. JAIN AUCTION HOUSE reserves the unrestricted right to refuse, withdraw, postpone, combine, separate, or otherwise deal with any lot at its sole discretion.
The description, grading, attribution, estimate, photography, lot numbering, classification, and presentation of the Property shall be prepared solely by JAIN AUCTION HOUSE. Such descriptions constitute opinions only and shall not amount to warranties or guarantees.
Where agreed in writing, the Property shall not be sold below the confidential reserve price. In the absence of a written reserve, JAIN AUCTION HOUSE shall have complete discretion to determine the opening bid and selling price.
The Vendor shall become entitled to payment only after JAIN AUCTION HOUSE has received the full purchase price from the successful purchaser and such payment has been finally realized.
If the successful purchaser fails to make full payment within 365 (Three Hundred Sixty-Five) days from the date of the auction, the sale shall automatically stand cancelled without any liability on the part of JAIN AUCTION HOUSE. In such event, the Vendor shall not be entitled to any payment in respect of that lot, and the Property shall be returned to the Vendor upon request, subject to payment of any applicable storage, transportation, insurance, handling, or other outstanding charges.
The Vendor agrees to pay the commission, catalogue charges, photography charges, insurance charges, storage charges, taxes, and all other applicable fees as notified by JAIN AUCTION HOUSE from time to time. Such amounts shall be deducted from the sale proceeds before settlement.
Property remaining unsold may, at the sole discretion of JAIN AUCTION HOUSE:
Where the Vendor fails to collect the Property within sixty (60) days of notification, JAIN AUCTION HOUSE may levy storage charges or take such action as it deems appropriate.
No Property accepted for auction may be withdrawn by the Vendor except with the prior written consent of JAIN AUCTION HOUSE. Withdrawal may attract withdrawal fees, catalogue costs, photography charges, and any other expenses already incurred.
JAIN AUCTION HOUSE shall exercise reasonable care while the Property remains in its custody. However, except in cases of gross negligence or willful misconduct, JAIN AUCTION HOUSE shall not be liable for any loss, theft, accidental damage, deterioration, delay, fire, flood, natural disaster, civil disturbance, or any event beyond its reasonable control.
Unless specifically agreed in writing, the Property shall not be insured by JAIN AUCTION HOUSE. The Vendor is solely responsible for arranging insurance for the Property before, during, and after transportation.
The Vendor shall indemnify, defend, and hold harmless JAIN AUCTION HOUSE, its proprietors, partners, directors, employees, consultants, agents, and representatives against all claims, proceedings, liabilities, losses, damages, penalties, expenses, and legal costs arising from:
The Vendor confirms that the Property has been lawfully acquired and that its possession, transportation, and sale comply with all applicable laws of India and any other relevant jurisdiction. Where required, the Vendor shall provide documentary proof of ownership or provenance.
The Vendor shall remain solely responsible for payment of all taxes, duties, levies, and statutory liabilities arising out of the sale unless otherwise required by law.
JAIN AUCTION HOUSE shall not be liable for failure or delay in performing any obligation where such failure results from acts of God, natural disasters, epidemics, pandemics, governmental actions, strikes, war, civil unrest, transportation disruptions, cyber-attacks, or any circumstance beyond its reasonable control.
Under no circumstances shall the total liability of JAIN AUCTION HOUSE exceed the amount of the Vendor's net sale proceeds actually received for the relevant Property. JAIN AUCTION HOUSE shall not be liable for any indirect, consequential, incidental, punitive, or special damages.
Any notice may be served by hand, courier, registered post, electronic mail, WhatsApp, or any other electronic communication last provided by the Vendor. Electronic communication shall constitute valid service.
These Terms & Conditions shall be governed by and construed in accordance with the laws of India. All disputes shall be subject to the exclusive jurisdiction of the competent courts at Kolkata, West Bengal.
These Terms & Conditions constitute the entire agreement between the Vendor and JAIN AUCTION HOUSE and supersede all prior oral or written understandings relating to the consignment. Any amendment shall be valid only if made in writing by JAIN AUCTION HOUSE.
The delivery, shipment, or submission of any Property to JAIN AUCTION HOUSE for auction shall constitute the Vendor's unconditional acceptance of these Terms & Conditions, whether or not a separate consignment agreement has been executed.
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