VIETNAM ARTS, ANTIQUES BY VIETNAMESE

Sales Terms Le Auction House is the entity that operates voluntary public auctions, regulated by the provisions of the Commercial Law No. 36/2005/QH11. In this capacity, Le Auction House acts as an intermediary for the seller to contract with the successful bidder. These sales conditions are subject to private agreements in the civil relationship between Le Auction House and bidders in public auctions and private sales organized by Le Auction House. The General Terms and Conditions may be amended by Le Auction House in writing or orally before the sale. These amendments will be noted in the sales record. I ITEMS FOR SALE Shipment description: Information provided in the catalogue is the responsibility of Le Auction House and its experts, following the regulations mentioned below. Only Vietnamese instructions are binding on Le Auction House, except for free translations. They may be modified un0074il the time of sale in writing or orally. These modifications will be recorded in the sales report, which serves as proof. Le Auction House does not provide any other warranties, noting that only the seller is bound by warranties regarding hidden defects and legal compliance. The authenticity certificate of the shipment will only be available if mentioned in the lot description. The dimensions, weight, and other information of the lot are for reference purposes with a reasonable margin of error. Restoration is carried out as a preventive measure, without altering the intrinsic characteristics and style, and no modifications to specific features of the shipment will be addressed in the description. Lack of instructions regarding restoration, accidents, or incidents in the inventory or status report does not imply that the batch has no current, past, or repaired defects. Conversely, mentioning some defects does not mean there are no other defects. Special notices in the inventory mean If there are any requests for documents outside the description provided by Le Auction House, customers must work with Le Auction House before the auction takes place; any complaints or objections regarding this will be considered invalid. Shipments can only be viewed by appointment. Shipment conditions shipments are sold as seen at the time of sale with their respective defects. As all lots are second-hand items, their conditions cannot be guaranteed. When purchasing, customers must carefully read and inspect the detailed description provided by Le Auction House. Referring to the condition of the batch in the inventory or status report (solely for informational purposes) cannot be considered a complete description of the batch's condition mentioned above. In any case, descriptions cannot replace individual inspection of the batch before sale under the conditions specified below. The status report will be sent upon request and is solely for informational purposes. Exhibition of shipments Potential bidders are required to personally inspect shipments and available documents before sale in a private meeting or public exhibition to verify the condition of the batch. Buyers should be accompanied by an expert in the relevant field of sale. Copy of goods All defects and imperfections of the batch cannot be seen in the photos of the batch in the catalogue, online, or on any media. The pictures may not provide a completely accurate representation of the actual condition of the batch and may differ from what direct observers can perceive (size, colour, etc.). Estimation Estimates are based on technical knowledge, quality of the batch, origin, condition, and market price on the estimation date. They are provided for reference purposes only and cannot be considered a guarantee that the batch will be sold at the estimated price. II SALES Registration for sale Important regular auction mode and priority must be present in the auction room to register for participation in the auction. As a service, there may be other modes that require pre-registration. Via phone Le Auction House agrees to only accept bidding applications via phone for bidders registered before the last working day before the auction. Potential bidders must receive a confirmation email beforehand from Le Auction House to be called. For bidding by order Any individual who has previously registered and wishes to place a bid will be able to request to place an order with Le Auction House. Orders must be notified in writing before the last working day before the auction and bidders must receive a confirmation email from Le Auction House. Unlimited orders will not be accepted. If Le Auction House receives multiple orders with the same bidding amount, the oldest order will be given priority. Online via Live platform The online bidding option is provided on platforms that allow remote electronic bidding participation, after pre-registration. Buyers through the Live platforms are informed that the only fees incurred will be those invoiced by these platforms. Participation in auctions via phone, internet, or by placing orders is at the bidder's risk. Le Auction House is not responsible in cases where the bidder does not participate in the auction for any reason, especially in cases of malfunction or non-performance (lack of response from the bidder, errors, interruptions, or deficiencies in receiving bids). Any malfunctions or interruptions in phone or direct services will not prevent the seller from continuing the auction at their discretion. Bidder verification procedures Le Auction House reserves the right to request any potential bidder to verify their identity, with a valid document such as: ID card or Passport and complete contact information including phone number and email. In case of non-compliance with the verification procedures, Le Auction House reserves the right to reject the bidding registration. All sold lots will be recorded under the name and address of the ordering party. No further modifications can be made. The bidder is considered to act on their own behalf and will be fully responsible for the bid unless there is prior information about the agent capacity of that person under the conditions outlined below. Any incorrect sign will entail the legal responsibility of the successful bidder. Third-party authorisation The contractor with authorisation must inform Le Auction House of the authorized person's presence during identification and registration, simultaneously submitting a copy of the authorisation and all other documents required by Le Auction House. In this case, the bidder and the principal will be jointly and severally responsible. Auction guidelines The seller conducts the auction at their discretion, ensuring freedom and equality among bidders, while respecting the professional standards established. The seller monitors the sales, allowing them to reject bids or withdraw without justification. Successful auction The highest bidder and the last bidder will be the successful bidder, accepting all methods (in-person, online, phone, etc.). Winning the bid is confirmed when the phrase "Successful auction" is announced, establishing a sales contract between the seller and the successful bidder. The buyer will receive a certificate from Le Auction House for that auction session. Each shipment is identified by a corresponding number assigned to it in the sales catalogues. Sellers are prohibited from bidding directly on lots they own. In the case of a "double auction" simultaneously recognised by the seller as valid, the shipment will be resold, and all present bidders can participate in this second round. Withdrawal (cancelling a bid) After each successful auction and the final bid is placed and binding on the bidder, the successful bidder cannot withdraw their bid whether in person, by phone, online, or by order. Transfer of risk and ownership The transfer of ownership and risk between the seller and the winning bidder occurs when the seller at auction declares "Successful auction". Le Auction House disclaims any responsibility for losses and damages that the lot may encounter during the auction, the successful bidder must ensure the lot acquired from the auction. Completion of transaction The successful bidder must pay, in addition to the hammer price, for each lot, a buyer's fee calculated as follows: Note: The 20% buyer's fee does not include current taxes + VAT. The VAT is agreed upon between the seller and the buyer who are responsible according to local laws. Le Auction House is not obligated to handle tax procedures for this transaction. VAT requirements The request for documents related to VAT must be agreed upon before the auction session takes place, shipments with full VAT invoices will need to be coordinated with Le Auction House before the auction session. Note In addition to the hammer price and the 20% buyer's fee, the successful bidder must cover all administrative, processing, and storage costs if payment is delayed beyond 15 days after the end of the auction. Payment of the due amount must be made by the successful bidder "in cash or by transferring funds to a personal account in VND, USD, or EURO" after winning the bid. Any bank fees are not deductible from the due amount. Moreover, if the approved payment for the shipment includes VAT, the transfer will be made to the account number of the Le Auction House Art Auction Company. Payment Terms Legal payment methods accepted by Le Auction House accounting (payment by credit card or bank transfer is encouraged): Visa, Mastercard bank cards: bank fees, usually ranging from 1% to 3% depending on the card type, are to be covered by the buyer; American Express card: 2.95% fee. Le Auction House only accepts transfers from the buyer's account and clearly states the invoice number: Company account number: Name: Le Auction House Art Auction Company Limited Bank: Vietcombank Ba Dinh, Hanoi, Vietnam. Company account number: 33203999 Personal account numbers: Account holder: Le Khac Quang Bank: Vietcombank Ba Dinh, Hanoi, Vietnam. VND account number: 2979868686 USD account number: 1044189088 EURO account number: 1044189205 Cash: Payment can be made in cash. By cheque (last resort): Prior arrangements must be made for each shipment before payment by cheque can be accepted, only when both parties agree from the beginning will Le Auction House accept cheque payments. Delivery can only be arranged twenty days after payment. Foreign cheques are not accepted. Le Auction House reserves the right to reject any payments not from the registered bidder. In all cases, if a third party makes the payment, the bidding party must provide evidence of the relationship with the third party, and the payment must be approved beforehand. Buyer Violation: In cases where the buyer fails to pay in cash, the property may be resold through a re-auction at the seller's request. If the seller fails to comply with this request within three months from the auction, the transaction will be automatically cancelled. In any circumstance, the violating buyer will be liable to pay Le Auction House for outstanding debts or delayed payments: All costs and expenses incurred by Le Auction House related to the recovery of unpaid invoices (including legal fees); Late payment fines calculated by applying the base interest rate of the year (interest rate calculated according to the European Central Bank (ECB), plus an additional 5 points on the total amount overdue; Damages to compensate for losses incurred by Le Auction House (costs, fees, purchase commissions, storage fees, etc.). Le Auction House has the right to: Exchange the name and contact information of the violating buyer with the seller so they can assert their rights; Enforce or request enforcement of all remedies and measures, especially the right of retention, concerning any property of the violating buyer under the supervision of Le Auction House; Prohibit the violating bidder from participating in the next auction organized by Le Auction House or conducting bidding there unless the previous reserve amount is paid; Proceed to register the violating buyer in the list of bad payers shared among member auction houses. Le Auction House, as a member of the auction community, aims to prevent sellers from auctioning goods without payment, ensuring payment incidents are documented. The right to access, rectify, and object for valid reasons must be exercised by buyers with delayed payments. Collecting and storing lots: Successfully auctioned shipments can only be delivered to the buyer after full payment of the purchase voucher, transferring money to the Le Auction House bank account. Shipments will be directly delivered to the buyer upon presenting any documents proving the identity of the person or to a third party designated by the buyer along with the original power of attorney and a copy of the person's identification document. Shipment retrieval is carried out at the cost and risk of the successful bidder. Shipments not collected on the same day after the auction ends will be collected by the buyer from the designated person for this purpose as stated at the beginning of the contact page. The delivery location will be specified in the email accompanying the invoice. Storage fees mentioned apply as detailed in the "special terms" below. Reselling paid and uncollected lots: In cases where one or more lots are allocated and paid for in the auction but remain uncollected by the buyer within the agreed timeframe in the "special terms" below, and the current storage, monitoring, and preservation costs exceed the hammer value of the shipment(s), Le Auction House reserves the right to sell them to reimburse all incurred costs. Privileges: Vietnam may be able to provide licensing for any assets that are art, antiques, or any property requiring certification. The licensing process in Vietnam may take between 1 to 3 months. Export Export procedures (requirement for cultural property certification, export license) for shipments falling under the responsibility of the buyer may be subject to a 6-month delay. Le Auction House is available to guide buyers through these procedures or forward requests to the Licensing Service for each shipment. Le Auction House is not responsible for delays. Le Auction House will not be liable for the refusal or postponement of administrative decisions. Under no circumstances can the refusal to issue certificates or licenses be justified by the buyer's lack of or delayed payment or cancellation of the purchase. Applicable Law and Jurisdiction These General Terms and Conditions as well as the rights and obligations arising from them shall be governed by the laws of Vietnam. All legal actions related to the sales activities of Le Auction House will be determined by the competent Tax Department in Vietnam in accordance with the Commercial Law No. 36/2005/QH11. Specifically, all legal actions related to successful bidders and/or bidders with merchant status will be decided by the People's Court at the competent level. Civil liability actions initiated in auctions and the voluntary sale and judicial enforcement at public auctions are limited to 5 years from the auction. For any difficulties, you may contact the local court in Tay Ho District, Hanoi City, Vietnam free of charge. Intellectual Property Rights Le Auction House owns all copies in its catalogue. Any copying is prohibited and constitutes an infringement. Selling multiple shipments does not imply the transfer of any intellectual property rights (representation and/or copying) to the works. SPECIAL PROVISIONS 1-Storage Fees The storage of goods that have been the subject of auction in the context of auctions or private sales that the buyer does not collect after the expiration of 15 days after the sale (including the sale day) will incur the following charges: Artwork or items valued under 10,000 dollar = 10 dollar/day storage fee Artwork or items valued higher than 10,001 dollar= 20 dollar/day storage fee Other lots lower than 1M3 = 3dollar /day Other lots higher than 1M3 = 5 dollar/day. If customers feel they have not received a satisfactory response, they should contact directly and preferably contact the relevant department manager. In the event of no response within the expected timeframe, customers can contact the customer service department at LeAuctionHouse@gmail.com ? Hotline: 0084.979868686 or 0084.912369999, this service is under the Customer Care Department of Le Auction House.