ECA's Terms and Conditions for sale through Auction

Role of ECA

1. Agent: The lawful owners (the "Seller") of all items (the "Property") to be put up for auction by ECA (the "Auction") have authorised ECA to sell their Properties on their behalf and have given a declaration to that effect to ECA. The role of ECA will be that of an agent of the Seller and at the Auctions, ECA will be selling the Properties as an agent of and on behalf of the Sellers. ECA will have also satisfied itself about the authenticity of the description of all the Properties being put up by it for Auction by getting them verified by its own panel of experts (the "Experts")and give a certificate to that effect to the successful purchaser (the "Buyer") which will enclose either a certificate from the Seller or by ECA.
   
   
   Pre Sale
   
   
2. Examination of Property: The nature of the condition of all Properties put up for Auction will be mentioned but the prospective purchasers (the "Bidders") should satisfy and will always be deemed to have satisfied themselves prior to participating in the Auction regarding the condition of the Property. ECA will not provide any guarantee in relation to the nature of the Property. Apart from the limited Warranty mentioned in Para1 & 15 all Properties will be sold on 'AS IS WHERE IS' basis. Estimates of price should not be construed as the price at which the Property will be sold at or its value for any other purpose. ECA is not responsible for any errors or omissions in the catalogue or any supplementary material. Any bidder  may ask ECA for a condition report on any painting listed in our catalogue.
   
   
3. Reserve Price: All Properties put up for auction will have a minimum price (the "Reserve Price"). If at the Auction the Reserve Price for any Property is not attained, the concerned Property will remain unsold. All estimates given and the Reserve Prices are in Indian Rupees. The Exchange Rate for Foreign Currency will be as applicable on the date of the Auction.
   
   
   Registration
   
   
4. For Registration all Bidders will be required to fill up the Registration Form giving complete particulars therein and complete invoicing details. Only (the "Registered Bidders") will be entitled to participate in the auction and to give bids for any property. ECA will not disclose the identity of any Registered Bidder or any of the particulars supplied by any of them. ECA reserves the rights to give bidding access to the intending Bidders and may set limits (the "Bidding Limits") on the Bidders and /or require payment guarantees or deposits prior to giving bidding access. Bidders will be informed of their Bidding Limits, if any, and will not be allowed to bid further if their Bidding Limit is exhausted across all lots in the Auction.
   
   
5. Bidding Process: Bids may be given in person or through an authorised agent, as an absentee bidder (the "Absentee Bidder"), on the web site or telephonically in accordance with rules laid down by ECA..
   
   Out of the Registered Bidders, those desiring to bid on line will be allotted a user name and password and a bidding paddle will be allotted to those bidding in person. Those bidding on phone will be allotted a user name and password.
   
   ECA may allow telephonic bid service as a convenience to a Bidder (the "Telephonic Bidder") not comfortable at placing bids online. While Registering, such Bidder will have to specifically mention the desire to be Telephonic Bidder. Any telephonic bid received by ECA and confirmed by using the user name or password shall be deemed to be a bid received from the Telephonic Bidder and such bid shall be binding upon such a Bidder but ECA will not be responsible for errors or failures to execute bids by this method. ECA will allow a Telephonic Bidder to bid up to the amount stated or lower depending on the bids on each Property. By opting to be a Telephonic Bidder while registering, a Telephonic Bidder will be deemed to have authorised ECA to bid in accordance with the instructions regarding price and agree to purchase the Property or the Lot, as the case may be, should any bid placed by ECA on behalf of the Telephonic Bidder be the successful bid.
   
   
   At the Auction
   
   
6. Discretions of ECA: ECA, at its sole discretion, may refuse admission to the premises or participation on line or through telephone to any Registered Bidder in any auction. ECA may put up the Properties singly or combine two or more of them in a lot (the "Lots") for bidding in an Auction. ECA will also have the right to refuse any bid, advance bidding, withdraw or divide any Lot or combine any two or more Lots. The decision of ECA in case of any inadvertent error, dispute or determination of the successful Bidder will be final and binding on all the other Bidders. The striking of the hammer will mark the acceptance of the highest bid by ECA.
   
   
7. Bid Increment: During the auction from the starting bid, bids will be increased by the auctioneer as per slabs given bellow
   1. Up to 4,99,999/- Bid increment is Rs.25,000/- 
   2. From 5,00,000/- Bid increment is Rs.50,000/- 
   3. From 25,00,000/- Bid increment is Rs.1,00,000/- 
   4. From 50,00,000/- Bid increment is Rs.5,00,000/- 
   5. From 1,00,00,000/- Bid increment is Rs. 10,00,000/-
      
      
      
8. Contract: By making a winning bid of any Property and by the striking of the hammer, the concerned Bidder (the "Successful Bidder") will be construed to have irrevocably accepted the offer of sale by ECA and result in an enforceable contract of sale between the Successful Bidder and ECA acting solely as an agent of the Seller.
   
   
9. Bid Sheet: If the Successful Bidder is personally present or is bidding through a representative, such a person or representative, as the case may be, will be required to sign on the bid sheet mentioning the amount of the accepted bid unless dispensed with by ECA.
   
   
   Buyer's Premium
   
   
10. A Successful Bidder will be required to pay to ECA a bidder's premium on the bid amount as also all applicable taxes payable as on the date of the sale. The bidder's premium amount will be as follows:
    
    
    a) 20% of the bid amount where the amount is less than Rs.5 Lac.
    b) 15% of the bid amount where the amount is more than Rs.5 Lac but less than
    Rs.1Crore.
    c) 10% of the bid amount where the amount is more than Rs.1Crore.
    
    
    Post Auction
    
    
11. Payments: The successful Bidders after the sale will be required to pay the Sale Price, Buyers Premium and applicable Taxes (the "Aggregate Payable Amount") within ten days (10) from closing of the Auction. Any Deposits paid during Registration will be adjusted against the Aggregate Payable Amount. In the event of failure to pay within the above stipulated time ECA will be entitled to cancel the sale, forfeit any deposit paid on Registration and to initiate legal proceedings for realisation of its dues.
    
    
    
12. Delivery: ECA will not make any delivery until the entire Payment is received and all papers and documentation in connection with the sale of any Property and/or Lot are completed. The successful Bidders will be required to take delivery of their respective Properties and/or Lot simultaneously with the Payment from the place of the auction or such other place as ECA may decide. Thereafter, all risk in the Property or the Lot will be of the successful Bidder, any damage, if any, caused thereto shall be for and to the account and ECA, under no circumstances, will be liable for any Property or Lot of which delivery has not been taken by its successful Bidder even after full Payment.
    
    
13. Shipment: Without prejudice to the above, ECA, at its sole discretion, may arrange at the cost and expense of a successful Bidder for shipment and delivery of any Property and/or Lot for which such Bidder shall also bear and pay the cost of insurance for storage and transit of any Property or Lot which the Buyers will have to do at their own cost and responsibility. However, upon special request by any Buyer, ECA at its sole discretion, may take such responsibility provided all costs towards packing, transportation and insurance is paid in advance to ECA or directly to the Courier Service. Even in such case, ECA will not be held responsible for any loss or damage to any Property or Lot in transit or otherwise. 
    
    
    
14. Export: If any Property or Lot, as per applicable law, can be and is to be exported out of India, it will be the responsibility of the successful Bidder to obtain all necessary approval, permissions and documents for such export.
    
    
    
15. Discrepancy: Although the Bidders will be deemed to have satisfied themselves about the authenticity of the Properties they would be bidding, yet if a Buyer is able to prove to the satisfaction of the Experts of ECA that the Property does not match the description as mentioned in the catalogue, ECA will refund the sale price to such a buyer provided such buyer brings to the notice of ECA within 15 days from the date of delivery of the Property in question of the discrepancy.
    
     
16. Governing Laws: Every Auctions and matters connected therewith, including these Terms, shall be governed by and construed solely in accordance with Indian law.
    
    
17. Jurisdiction: In case of any dispute arising between the Buyer/ Seller and ECA in respect of these Terms, the seller and ECA agree to submit such dispute to the exclusive jurisdiction of the courts at Kolkata.