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 Definition of Terms |
Buyer
The person with highest bid acceptable to the auctioneer. |
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Hammer Price
The price at which a lot is knocked down by the auctioneer to the buyer. |
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Buyer’s Premium
The commission on the hammer price payable to Kayamanang Asya, Ink. by a buyer at the time of the sale. |
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Seller
The owner or the person in possession of the items consigned. |
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| Kayamanang Asya, Ink as Agent |
| Kayamanang Asya, Ink., acts as agents for the Seller and unless otherwise agreed sales of goods at our Auction result in contracts made between the Seller through our agency, with the buyer. |
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| Before the Sale |
Examination of Property
Prospective buyers are advised to examine personally any goods in which they are interested before the auction takes place. |
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Catalogue and Descriptions
Kayamanang Asya Ink., in statements made in the descriptive catalogue or made orally or in writing elsewhere regarding the authorship, origin, date, age, size, medium, attribution, authenticity, provenance, condition or estimated selling price of any lot are merely relating the provenance provided. Catalogue statements are for guidance only and should not be relied on either to determine the colour or tone of any item or reveal imperfections. |
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Buyer’s Responsibility
Buyers are responsible for satisfying themselves concerning the condition of the goods and the matters referred to in the catalogue descriptions. |
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| At the Sale |
Refusal of Admission
Kayamanang Asya Ink., has the right exercisable at our complete discretion, to refuse admission to the premises or attendance at the auction. |
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Registration and Bidding
Every prospective Buyer should complete and sign a registration form and provide identification before making a bid at Auction. At our discretion, we may require buyers to undergo a credit check. When making a bid prospective Buyers will be accepting personal liability for the purchase. |
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Absentee Bids
If prospective Buyers give us written instruction to bid on their behalf, we shall use reasonable efforts to do so, provided these instructions are received not later than 2 hours prior to the commencement of the auction. |
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Telephone Bids
We allow you to bid by telephone , but in such circumstances we will not be held liable for any errors and omission concerning telephone bidding. |
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Video and Digital Images
There will be video screen during the auction, both for the convenience of the buyer and seller. We will not accept responsibility for the errors that may occur in the quality of image to the original. |
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Reserve
The Seller of any lot(s) shall be entitled to place a reserve on such lot(s) by giving notice in writing to Kayamanang Asya Ink. prior to sale. |
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Auctioneer’s Discretion
The Auctioneer may, at his absolute discretion , refuse any bid, advance the bidding in such a manner as he may decide, divide, or withdraw any lots, vary the order in which lots are offered for sale, combine any two or more lots and, in the event of a dispute or error, re-commence the bidding for any lot. |
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Sale of A Lot
Subject to the Auctioneer’s absolute discretion, the striking of his hammer marks the acceptance of the highest bid and the conclusion of a contract of sale between Buyer and Seller.
No lot purchase shall be claimed or removed until the sale has been concluded or at the absolute discretion of officials of Kayamanang Asya, Ink. |
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Transfer of Risk
At the fall of hammer risk in the lot shall pass to the Buyer who shall be responsible for any loss or damage whether caused by negligence or otherwise but ownership of such lot shall not pass until payment in respect thereof, has been made. |
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| After the Sale |
Buyer’s Premium
In addition to the Hammer price (i.e. the amount of the highest bid accepted by the Auctioneer in relation to a lot), the Buyer must pay Kayamanang Asya Ink., the Buyer’s premium at a rate of 12% of the Hammer price. |
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Payment
The Buyer must pay the full amount due by 7:00pm 2 working days following the auction following the Auction. The Buyer shall not acquire title to the lot until all amounts due to Kayamanang Asya Ink. have been paid for, in the case of Buyers paying by cheque, until the settlement cheque has been cleared by our banks. |
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For non-payment
Kayamanang Asya Ink. reserves the right to charge interest on all amounts outstanding over three working days, together with storage and removal charges where applicable. |
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Collection of Purchases
Kayamanang Asya Ink reserve the right to retain items sold until total amount due to Buyer have been received in full. |
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Packing and Handling
We shall use reasonable effort in packing and handling the purchased lot but not be held liable for the oversight and error of the handler and packer. |
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