EXHIBITION - Contemporary & Period Silverware (Sep 25-Oct 05, 2012) : CONDITIONS FOR SALE

1. Definitions

"Affiliates" means Saffron Art Private Limited, Planet Saffron Inc., Planet Saffron Management Co., LLC and their holding or subsidiary companies as on the date of the Exhibition.

"Exhibition" means an Exhibition of Property/Lot to be conducted by Saffronart on the Website on the date indicated in the Exhibition Catalogue.

"Exhibition Catalogue" shall refer to the catalogue published by Saffronart, whether in print, on the Mobile Application or on the Website and shall include the Print Exhibition Catalogue, the MobileApp Exhibition Catalogue the Online Exhibition Catalogue and the eCatalogue in respect of an Exhibition, containing details of the Exhibition along with the Description, price and other details of Properties to be offered for sale at such Exhibition. In case of any discrepancy between the Print Exhibition Catalogue, the MobileApp Exhibition Catalogue, the Online Exhibition Catalogue and/or the eCatalogue, the Online Exhibition Catalogue, as modified by Saffronart from time to time, shall take precedence.

"Buyer" means the Bidder making the Winning Bid in respect of a Property(ies) and who has agreed to pay/ has paid both the Sale Price and the Buyers' Premium payable in respect of such Property(ies).

"Closing Date" means the date on which the Exhibition closes.

"Conditions for Sale" means these Terms and Conditions published in any of the Exhibition Catalogues which shall be applicable to every Bid and every sale of Property made through an Exhibition. In case of a conflict between the Terms and Conditions published in the Online Exhibition Catalogue and in the Print Exhibition Catalogue or eCatalogue, the Online Exhibition Catalogue version, as modified by Saffronart from time to time, shall take precedence.

"Description" means all the details of a Property as set out in the Exhibition Catalogue and may include, without limitation, the name of the artist, designer or manufacturer, the title of the Property, and any other features or characteristics of the Property mentioned in the Exhibition Catalogue.

Prospective Buyers using the Mobile Application are advised to refer to the Online Exhibition Catalogue, the Print Exhibition Catalogue or the eCatalogue for the complete Description as all details may not be made available/accessible through the MobileApp Exhibition Catalogue.

"eCatalogue" refers to an electronic reproduction of the Print Exhibition Catalogue that may be made available on the Website for certain Exhibitions.

"Mobile Application" means Saffronart's proprietary software application, as updated from time to time, and available for download from the Website for the purpose of viewing the MobileApp Exhibition Catalogue, placing Bids, viewing Exhibition results, and accessing other information related to Saffronart and the Exhibition.

"MobileApp Exhibition Catalogue" refers to the screens within the Mobile Application relating to the Exhibition, as may be amended from time to time.

"Notices" refers to information included in the Exhibition Catalogue by Saffronart whether in print or online or on the Mobile Application - to correct errors and omissions in the Exhibition Catalogue. These are provided for the bidders' convenience however the, the Online Exhibition Catalogue as modified by Saffronart from time to time, shall take precedence in all cases of discrepancy.

"Online Exhibition Catalogue" shall refer to the web pages on the Website relating to the Exhibition, as may be amended from time to time and shall include web pages accessible via the link "Exhibition Catalogue" (including all pages providing details related to the Properties) as well as additional pages containing details of the Exhibition such as "Sale Guide", "About the Exhibition", "Conditions for Sale", "Notices", etc.

"Precious Objects" means silver, jewelry, watches, loose precious stones and any other objects offered for sale within the context of an Exhibition comprising jewellery as the majority of Lots.

"Print Exhibition Catalogue" refers to the printed version of the Exhibition Catalogue.

"Property/Lot" means the artwork, Precious Objects and any other objects offered by Saffronart for sale either individually or collectively (as a single unit) through the Exhibition.

"Saffronart" means Saffronart Management Corporation acting either on its own behalf or as a representative of any of its Affiliates.

"Saffronart Server" means the computer(s) that provides other computers with access to resources shared on computer networks including Saffronart data, application files and printers.

"Seller" means the party consigning the Property to Saffronart as its agent for sale through Exhibition.

"Technical Downtime" means the time period during which the Saffronart Server or the Website is not in operation due to a malfunction.

"Terms of Business" means the terms of business executed between Saffronart and the Seller.

"Website" means the collection of HTML and/or internet data and media located at the URL www.saffronart.com and/or any other URL linked to the Website.

"Sale Price" means the price in respect of a Property as mentioned in the Exhibition Catalogue.

2. General Terms

By participating in this Exhibition, you acknowledge that you are bound by the Conditions for Sale as listed below and on the Website.

1. 2.1. Saffronart's role as the agent of the Seller: Saffronart undertakes to sell the Properties through the Exhibition as the agent for and on behalf of the Seller. Saffronart has no ownership interest in any Property

2. 2.3. Saffronart is authorised by the Seller to exercise its complete discretion in: (i) determining the form and content of the Descriptions in the Exhibition Catalogue, (ii) granting bidding access to a Buyer.

3. 2.7. Saffronart reserves the right to withdraw any Property before, during or after the Exhibition, if it has reason to believe that the authenticity of the Property or the accuracy of the Description is in doubt, or if there is a breach of the Terms of Business, or if Saffronart otherwise believes, in its sole discretion, that it would be improper to include the Property in the Exhibition.

4. 2.9. Saffronart will raise invoices on the Buyer for the Sale Price and applicable taxes on sale of Properties and other additional charges that may be incurred by Saffronart, if any, including shipping and handling of the Property and additional levies.

5. 2.10. a. The title to the Property shall pass from the Seller to Saffronart outside the territory of United States of America.

b. The title to the Properties purchased shall pass to the Buyer at the Closing Time for those Properties and such Buyer assumes full risk and responsibilities for the Properties thereafter. Notwithstanding the foregoing, the Properties purchased will not be released or shipped out to the Buyer or his representative until the Buyer has fulfilled his payment and other obligations as described in these Conditions for Sale. Saffronart may exercise a lien on the Properties under the conditions described in clause 2.17.

6. 2.12. The foreign currency exchange rate used is constant during the Exhibition, and has currently been set at 1:52.5 (USD:INR). Prior to the start of the Exhibition, Saffronart may at its discretion change the exchange rate used, based on fluctuations in market exchange rates. Please refer to the Conditions for Sale for this Exhibition posted in the Online Exhibition Catalogue for the most current exchange rate. The estimates for individual Properties have been 'rounded off' for ease of reference and may not reflect the exact exchange rate used for Bid calculations.

7. 2.13. All Buyers are required to provide complete and accurate invoicing details to Saffronart at the time of registration for the Exhibition and invoicing details once registered will not be changed. The Buyer shall be invoiced based on details provided at the time for registering for the Exhibition.

2.14. The Buyer shall pay the Sale Price (including the applicable taxes and other charges, if any) within seven business days from the Closing Date. No shipment or delivery of the Property will be made to the Buyer if the Sale Price (including the applicable taxes and other service charges, if any) are not received by Saffronart and until all proper documentation in connection with the sale of the Property has been completed. Payments will not be accepted from any parties other than the Winning Bidder as recorded on the invoice.

8. The Properties that are being offered for sale can be, on demand, reproduced according to the specifications of the Buyer, including those Properties that have been sold. For ‘repeat orders’ , the Buyer will have to pay 50% of the list price as advance and the balance 50% once the Property is manufactured. The manufacturing time would be between 4 -6 weeks.

9. 2.15. Non payment: The Buyer shall ensure that invoices raised by Saffronart are paid in full and all remittance of amounts due under the invoice is made within seven business days from the date of the invoice. In case payments are not received within such period, this shall be treated as a breach of contract of sale by the Buyer and the Seller may, in such an event, authorize Saffronart to take any steps (including the institution of legal proceedings), as it may deem to be appropriate to enforce payment by the Buyer. In addition, the Buyer will be charged demurrage @ 1% of the total value (Winning Bid plus Buyers' Premium) per month till the date of actual payment.

10. 2.16. Failure to collect: If the Buyer informs Saffronart that he wishes to collect the Property from Saffronart in person and such Property is not collected by the Buyer within 30 days of the payment formalities being completed, Saffronart shall arrange for storage of the Property at the Buyer's expense, and shall only release the Property after payment has been made, in full, of the Sale Price including demurrage @ 1% of the total per month (if applicable) and the charges for storage of the Property, if any.

11. 2.17. Saffronart shall be entitled to exercise a lien on the Property for payment of any sums due to it from the Buyer, including the Sale Price, or costs relating to storage and insurance where they are to be borne by the Buyer, in relation to any Property purchased by the Buyer.

12. 2.19. The Buyer acknowledges that Saffronart will abide by any export restrictions that may apply in the countries from where specific Properties will be shipped. The Buyer shall also be responsible to ensure that the Property(s) is freely importable into his country or to the country where the destination for delivery (as specified by the Buyer) is located. In the event of the Buyer or Saffronart becoming aware of any restrictions to such import subsequent to the completion of the Exhibition the Buyer may provide an alternate delivery destination to Saffronart. All costs associated with the process of delivery and storage (when required) of the Property shall be borne by the Buyer. The Property(s) shall be handed over to the Buyer or his nominee only upon full payment of all such costs.

3. Catalogue Descriptions And Condition of Property

3.1. Saffronart offers all Properties for sale at the Exhibition "as is", meaning that Property is sold with all existing faults and imperfections. Saffronart encourages all potential Buyers to inspect each item carefully before bidding.

3.2. Any statements made by Saffronart about any Property, whether orally or in writing concerning attribution to, for example, any school of art or craftsmanship, country or origin, history or provenance, are only expressions of our opinion or belief. Such opinions or beliefs have been formed honestly in accordance with the standard of care expected of an Exhibition house, having due regard to the estimate value of the Property. However, Saffronart does not in anyway represent that it has carried out exhaustive research or analysis, and it is therefore recommended, especially in cases of Properties of high value, that potential Buyers seek advice on such matters from their own professional advisors.

3.3. The Buyer undertakes to:

i. to inspect and satisfy himself prior to the Exhibition as to the condition and description of the Property;

ii. to rely on his own judgment as to whether the Property matches its description; and

iii. to not rely on an illustration of any Property given in the Catalogue

3.4. Neither Saffronart nor any of its affiliates, agents, representatives, employees or directors shall be liable for errors or omissions in any of the representations made in the Exhibition Catalogue or otherwise with respect to authenticity, description, or condition of any Property for sale through the Exhibition.

4. Authenticity Guarantee

4.1. Guarantee of Properties (other than Precious Objects): With respect to artworks (not including Precious Objects) Saffronart guarantees the authenticity of the Property for a period of one year, and will provide a Saffronart authenticity certificate in relation to this guarantee (please note Saffronart does not provide authenticity certificates from artists). Authenticity in relation to artworks shall mean compliance of the artwork with Description provided in the Exhibition Catalogue, particularly with reference to the name of the Artist, title (if any) of the artwork itself, date, the school of art (if mentioned), dimensions, medium, etc.

In the unlikely event that within one year from the sale of the Property through Exhibition, it is proved by the Buyer, to the reasonable satisfaction of Saffron that the Property was not authentic and if, in Saffronart's opinion, Bidders being aware of such error or omission would have bid significantly less than the actual Sale Price Saffronart shall be entitled to rescind the sale and the Seller will be liable to refund to the Buyer the Sale Price paid for the Property. The Buyer shall return the Property to Saffronart and Saffronart shall hand over the Property to the Seller upon refund of the Sale Price paid to him for the Property. Once Saffron obtains the refunded amount from the Seller, it shall forward the same along with the amount charged by Saffron as the Buyer's Premium to the Buyer.

All such claims will be handled on a case-by-case basis, and in the case of an authenticity claim will require that examinable proof, which clearly demonstrates that the Property is not authentic, is provided by an established and acknowledged authority. The decision of Saffronart in respect of such claims shall be final and binding. The authenticity guarantee under this clause 4.1 does not apply to jewellery, watches or precious stones.

4.2. The above guarantee given in clause 4.1 shall be subject to the following conditions:

i. The claim is made by the Buyer as registered with Saffronart (the benefit of the claim is not assignable to any subsequent owners or others who may acquire or have an interest in any of the Properties)

ii. The Property is returned in the same condition that it was in at the time of delivery of the Property to the Buyer.

iii. The Property was indisputably purchased through the Exhibition.

4.3. Guarantee in relation to Precious Objects: In the case of Properties which have been categorised by Saffronart as Precious Objects, Saffronart guarantees that the Property shall comply with characteristics or features mentioned in all capital letters in the heading of the Description of the Property in the Exhibition Catalogue (with the exception however that in the case of the MobileApp Exhibition Catalogue, the characteristics or features mentioned in all capital letters may be displayed in a position other than the heading) till such time that the Property is in the possession of Saffronart. It is therefore advisable for Buyers or potential Buyers of such Properties, to inspect the Property prior to or prior to shipment or Buyer pickup from Saffronart. In the unlikely event that during such inspection, the Buyer is able to prove to the reasonable satisfaction of Saffronart that the Property does not match the details give in the (capitalised) heading to the Description, and if, in Saffronart's opinion, Bidders being aware of such error or omission would have bid significantly less than the actual Sale Price Saffronart shall be entitled to rescind the sale and the Seller will be liable to refund to the Buyer the Sale Price paid for the Property. The Buyer shall return the Property to Saffronart and Saffronart shall hand over the Property to the Seller upon refund of the Sale Price paid to him for the Property. Once Saffronart obtains the refunded amount from the Seller, it shall forward the same along with the amount charged by Saffronart as the Buyer's Premium to the Buyer. This guarantee will not be applicable where the Property is being shipped to the Buyer by Saffronart.

4.4. In all cases Saffronart retains the right to consult with, at the expense of the Buyer, two recognized experts in the field, (such experts being mutually acceptable to Saffronart and the Buyer), to examine the Property under question before deciding to rescind the sale and offer the refund under the above guarantee. The opinion of the experts shall not be binding on Saffronart.

4.5. In the event of the Seller's failure to refund the proceeds as stated in this clause, the Buyer shall return the Property to Saffronart and authorize Saffronart as its agent to initiate legal proceedings against the Seller. Any such steps taken or legal proceedings instituted by Saffronart against the Seller shall be to the cost of the Buyer.

5. Extent of Saffronart's Liability

5.1. Saffronart has an obligation to refund the Sale Price to the Buyer only in the circumstances described in Clause 4 above (Authenticity Guarantee). Damages, losses or loss in value if any to the artwork (excluding frames) incurred during shipping and transit are covered as per the insurance policy taken by Saffronart. In case the Buyer opts out of insurance coverage arranged for by Saffronart, Saffronart shall not entertain any claims for damage or loss during shipping and transit. Subject to the authenticity guarantee above, neither Saffronart's suppliers nor Saffronart, nor any of Saffronart's employees or agents, shall be responsible, either for the correctness of any statements as to the authorship, origin, date, age, attributes or genuineness of any Property in the sale, or for any mistakes in the Description, or for any faults or defects in the Properties, or for any other act or omission, whatsoever. Saffronart offers no guarantee or warranty other than the limited assurance contained in the authenticity guarantee above.

5.2. It is stated and agreed that the rescission of the sale and the refund of the total Sale Price paid by the Buyer is the sole remedy that may be sought by a Buyer, and such remedy is exclusive and in lieu of any other remedy which may otherwise be available under law. Saffronart shall not be liable for any incidental or consequential damages incurred or claimed.

6. Copyright

All content of the Print Exhibition Catalogue, eCatalogue and on the Website and Mobile Application are copyright protected in favour of Saffronart. All trademarks, names, brand names, etc. used in the Print Exhibition Catalogue and on the Website and Mobile Application are either trademarks or registered trademarks of Saffronart. Any rights not expressly granted herein are reserved. No image, illustration or written material maybe used or required without the prior written permission of Saffronart. Saffronart and the Seller(s) make no representation or warranty that the Buyer of a Property will acquire any copyright or other reproduction rights in it.

7. Legal Notices

7.1. Saffronart may validly serve the Buyer with legal notice, if required, under these Conditions of sale by:

i. Sending an email to the email address disclosed by the Buyer to Saffronart; or

ii. Sending a courier to the address disclosed by the Buyer to Saffronart.

7.2. Such legal notice shall be deemed to have been properly served:

i. In the case of email transmission - on the date of the transmission; or

ii. In case of transmission by courier - 2 business days after the dispatch of the notice by courier.

8. Severability

If any part of the Conditions for Sale between the Buyer and Saffronart is found by any court of law to be invalid, illegal or unenforceable, that part may be discounted and the rest of the conditions shall be enforceable to the fullest extent permissible by law.

9. Law and Jurisdiction

The Conditions for Sale are subject to the laws of:

i. India, in the event that the Seller is located in India; and

ii. The United States of America, in the event that the Seller is located in any jurisdiction other than in India, and such laws shall apply to the construction of the Conditions for Sale and to the effect of the provisions thereof.

All parties are subject to the exclusive jurisdiction of courts at:

i. Mumbai, Maharashtra, India, in the event that the Seller is located in India; and

ii. New York, USA, in the event that the Seller is located in any jurisdiction other than in India.