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H. ROESINGER & PARTNER LTD

Terms and Conditions of Auction
1. The auction is performed on behalf and on account of the ordering party.

2. All objects offered for sale are in used condition, partly showing considerable signs of previous usage. The objects can be inspected by experts. The objects are sold as is and in their current state which was inspected or could have been inspected, also by consultation of experts. The seller is not obliged to provide the objects in a defect-free condition. A certain condition is not agreed upon. The seller does not give any warranty, nor is he liable for defects of any kind; excluded are cases of misrepresentation intended to deceive. The rights according §§ 437 and following of the German Civil Code (BGB) are not granted to the buyer; excluded are cases of misrepresentation intended to deceive.

3. All catalogue details, like e.g. technical specifications, dimensions, years of manufacture, or quantities, are not binding. The seller is not liable for the correctness of the information detailed in the catalogue.

4. The highest bidder obtains the knockdown, unless a higher bid is received after the third call out. If two or more persons make the same bid simultaneously and the request for higher bids is not successful, the item is awarded by drawing a lot. Required minimum bids are announced by the auctioneer, if necessary.

5. The auctioneer reserves the right to change the order specified in the auction catalogue, to combine, break down, or withdraw items, to knockdown the award with reserve or reject insufficient bids. Conditional auction awards do not automatically comprise the right to purchase the object. The bidder remains bound to his bid for 48 hours or for a mutually determined period counting from the time of the call.

6. Any doubts with regard to the validity of the highest bid and especially in those cases where the highest bidder wants to invalidate his bid or if there are doubts about the knockdown, the decision of the auctioneer is binding for all participating parties of the auction. The auctioneer can - under certain circumstances - abandon the knockdown and re-auction the object.

7. The award represents the obligation to accept and pay the purchase price to the auctioneer. By granting the award, the ownership and risk is transferred to the buyer immediately. The property is transferred upon receipt of the full purchase price.

8. A bidder, who performs purchasing transactions on behalf of a third party, is also held liable as debtor besides the third party.

9. The party awarded the knockdown has to pay a surcharge of 10 % of the highest bid plus the legal VAT. VAT will be charged on the bid price as well as on the buyers premium. The due payment, plus commission and legal VAT, is to be made on the day of the knockdown. The payment is to be made in cash or by bank-guaranteed cheque (upon agreement, payment by collection-only cheque is possible). In case of cheque-payment it is possible to block demounting and transportation off site until the date on which the bank account entry of the cheque amount becomes effective. In case of presentation of a cheque confirmation with renunciation for common bank clauses, the right for collection is granted immediately. Should a buyer from abroad not be able to make the full payment on the spot, advance payments of at least 20% are accepted by way of exception. The final payment is to be transferred immediately.

10. Buyers from non-EU countries must pay the VAT to the auctioneer as a security deposit. The VAT is refunded upon presentation of the properly stamped master certificates of export. Sales to buyers from EU countries can only be performed without VAT if the interested party presents an officially certified VAT ID.

11. Invoices issued on the day of auction and in the course of the after sales are subject to the qualification of a special re-examination and correction, if necessary. Errors and omissions excepted.

12. If the buyer refuses acceptance of purchased objects or payment or if he defaults to timely pay the purchase price, an interest of 8 % higher than the base interest rate is charged for the purchase price claim, starting with the day of refusal receipt respectively the first day of default. This applies also if cheques have been issued or received. In any case, the auctioneer can either claim fulfillment of the purchase contract or compensation for damage due to non-fulfillment. He is also entitled to demount and to warehouse awarded objects on account and at the risk of the buyer.

13. If the buyer does not fulfill his obligation to pay, the purchased item can be reauctioned. The first buyer is not permitted to make any further bids; he remains liable for the loss and he is not entitled to claim an achieved gain. Gross ups are excluded.

14. Transportation off site and demounting of awarded items is performed on account and at the risk of the party awarded the knockdown. The party awarded the knockdown shall be liable for damages arising to the selling party's property due to demounting or transportation off site. The auctioneer reserves the right to request security deposits for objects if demounting may cause damage to real estate and/or property of a third party.

15. Access to the site of the selling party for the purpose of inspection or auction participation on the day of auction is granted at own risk.

16. The auctioneer shall only be liable in cases of intentional misbehaviour and gross negligence, regardless of the legal reason.

17. The liability of the auctioneer is not excluded or limited in case of damages to live, persons or health.

18. The above terms also apply to all offered sales objects which are purchased without prior inspection, after the auction or on free sale.

19. The agreed place of performance and place of jurisdiction is the city of Huningue.

H. ROESINGER & PARTNER LTD
6, RUE DE L'HOTEL DE VILLE
F-68330 HUNINGUE