Guangdong Auction Service Co., Ltd. provides high quality services in accordance with the Auction law and the principles of openness, fairness, justice, and honesty.
Every Chinese as well as overseas citizen, legal person,
and other organization is sincerely welcome to be the buyer!

Conditions of Sale

I. Eligibility
Any Chinese as well as overseas citizen who is eighteen or over, legal person and other organization is eligible to bid. However, the Buyer must provide the following corresponding identifications or documents:
1. The Chinese enterprise legal person Buyer shall provide valid business license and the Certificate of Legal Person;
2. The Chinese sole proprietary Buyer shall provide valid business license and personal identifications;
3. The Chinese citizen Buyer shall provide personal identifications;
4. The foreign enterprise Buyer shall provide notarized government registration documents, bank credit verifications, as well as valid personal identifications such as resident card, entry permit, passport, and etc.;
5. The foreign citizen Buyer shall provide notarized valid personal identifications such as resident card, entry permit, passport, and etc.;
6. If the Buyer authorizes his/her procurator to bid, the procurator shall have the Certificate of Authorization, a copy of the Buyer's resident card, and the procurator's personal identifications. Overseas Certificate of Authorization and personal identification shall be notarized;
7. The Buyer for a special commodity, in addition to the above-mentioned conditions, shall provide permit for trading in that particular commodity.

II. Application
1. Presenting the above-mentioned documents and submitting copies, registering for the auction, and putting down a deposit.
The Buyer shall bring the above documents to Guangdong Auction Service Co. Ltd. (Hereafter referred as the Company) to register for the sale and pay the proper deposit in accordance with the Lot(s) which he/she intents to bid within the time period specified in the Company's advertisement. The deposit must be paid before the auction day and cash is not acceptable on the auction day. The Buyer shall receive the Receipt of Deposit issued by the Company when the payment is posted to its account. If the Buyer successfully bids the Lot(s), the deposit will be transferred accordingly into the down payment. Otherwise, the deposit shall be refunded completely.
2. Viewing the Lot.
The Lot is sold as it is. The Buyer shall obtain the catalogue and view the Lot within the time period and at the location specified in the Company's advertisement. The Buyer shall inspect the status of the Lot(s).
Usually the Lot or sample shall not be borrowed. However with proper reasons, the Buyer may borrow it with the permission of the Company and after putting down a deposit. The borrowed Lot shall be returned within the specified time period and without being damaged, otherwise, the deposit shall not be refunded and the Buyer shall pay for any loss incurred.
The Buyer shall bid at his/her own risk. The information or comments of the Company or its employees are for the Buyer's reference only. They shall not be used as the guarantee of the Lot.
3. Obtaining the Bidding Sign and the Price List
On the day of the Sale, the Buyer shall arrive at the site of the Sale in time and use the Receipt of Deposit to obtain the Bidding Sign and the Price List which has the starting price of the Lots. Each price is the unit price multiplying the quantity.
4. Returning the Bidding Sign
After the Sale, the Buyer shall return the Bidding Sign before he/she leaves.

III. Bidding and Purchase
1. When the Sale starts, the Auctioneer shall the Lots according to the order of the Price List. To accept the offer of the Auctioneer, the Buyer shall raise the Bidding Sign. The Buyer can also increase the bids orally and raise the Bidding Sign at the same time. Once the Buyer accepts the offer, he/she shall not go back on it. When there is a higher bid, his/her bid shall automatically lose effect.
2. When the Auctioneer offers another price higher than the previous one for three times and nobody accepts it, he/she shall sell the Lot at the previous highest bid by knocking down the hammer. The bid price has legal binding force. The Company and the Buyer shall sign the Purchase Certificate at the Sale; neither party shall go back on it.
3. After the Sale, The Buyer shall turn in the Purchase Certificate to the Company and sign the Purchase Confirmation with it at the site of the Sale. The Purchase Confirmation records the transaction on paper; neither party shall refuse to sign it. The deposit shall not be refunded to the Buyer who goes back on the purchase.

IV. Payment and Commission
1. If the Buyer successfully bids the Lot, his/her deposit shall be automatically transferred into the payment for the Lot. The rest of the payment can be cleared at the site of the Sale or within seven business days from the Sale.
2. The Buyer shall pay commission to the Company for a purchase. The rate of commission varies from one Sale to another. Commission = sale price x commission rate. It shall be cleared with the purchase payment.
3. If the Buyer exceeds the time limit, starting from the eighth day, the Company shall collect late charge, which is 3% of the purchase price. The Buyer shall be considered as breaking the contract. In accordance with the People's Republic of China Auction Act, Item 39, and with the permission of the Seller, the Company shall auction the Lot again. The original Buyer shall pay for his/her commission as well as that of the Seller for the first Sale. If the purchase price on the second Sale is lower than that on the first, the original Buyer shall pay for the difference of the two prices.
4. After the Company receives the full payment and commission, according to the contract, it shall help with any necessary license or certificate change as well as any property ownership transfer.

V. Delivery
1. If the Buyer makes full payment with cash, he/she can pick up the Lot right away.
2. If the Buyer pays with money order or check, he/she shall not pick up the Lot until all the payment is posted to the account of the company.
3. For movable property, the Buyer shall pick up the Lot within ten days starting from the day of Sale. If the Buyer exceeds the time limit, he/she shall be held responsible for any risk of the Lot. Under special circumstances, the Buyer cannot pick up the Lot in time; the Company shall store the Lot for him/her. However, starting from the eleventh day, the Company shall charge the Buyer storage fee, which is 5% of the purchase price.
4. The Buyer shall check the Lot carefully upon delivery.

VI. Shipping outside the borders and province
The Buyer can ship the confiscated goods from ShenZhen Special Economic Zone to other provinces or cities with the Company's Auction Invoice and ShenZhen Municipal Confiscated Goods Shipping Permit.

VII. The Company's bank and account numbers
Account Name : Guangdong Auction Service Co., Ltd.
Bank for RMB : Bank of China ShenZhen Binghe Branch
Account No : 0139010012348
Bank for Hong Kong Currency : Bank of China ShenZhen Bagualing Branch
Account No : 0137030004455

（In case of any disagreement in its interpretation, the Chinese version shall be the criterion）

　　　　　　　　　　　　　　　　　　　　　　　　GuangDong Auction Service Co., Ltd.