which was established on the one hand:........ hereinafter Owner

on the other hand: Garzon Plaza Ltd.

Headquarters: 9024 Győr, Vasvári Pál utca 1.B building. Tax No.: 13995803-2-08, Cg.: 8-09-015113, registered at the Company Court of Győr General Court, represented by Károly Matusz Balázs, Managing Director with sole signing authority, hereinafter referred to as Auction House, collectively, the "Parties", on the following terms:

1.     The contract (hereinafter referred to as the Sthe subject of the contract)

• The Owner shall offer the following work(s) of art (hereinafter referred to as "Work of Art") for auction by commission at the auction organised by the Auction House as commercial intermediary:
• …………………….

• The Auction House undertakes to advertise and offer the Work of Art at auction on the following terms.

2.     Transfer and conservation of the work of art, liability for damage

• By signing this agreement, the Auction House acknowledges that it has taken delivery of the above-mentioned artwork on this date.
• The Auction House shall be liable for the safekeeping of and damage to the Work from the time of receipt until the auction is held or, if the Work is not sold at the auction, until its return. If the Owner fails to take back the Work on the date set for its return, the Auction House's liability for the retention of the Work and for damages shall cease on the date set for its return.
• The Auction House shall only be liable for damages if a direct causal link and gross negligence can be established. Consequential damages are excluded.  

3.     Expert examination and certificate of origin

• The Auction House undertakes to have the Object examined and valued by experts free of charge. On this basis, the Work will be put up for auction and advertised.
• If the examination reveals that the Artwork is a forgery or that the value estimated by the Auction House's expert is below the starting price, the Auction House is entitled to unilaterally withdraw from the contract without any legal consequences and return the Artwork to the Owner. In this case, the Owner may not make any claim against the Auction House.

4.            Conditions for recalling the Work

The Owner is entitled to recall the Work from the auction and reclaim it from the Auction House no later than 30 working days after the signing of the Contract prior to the start of the auction. In this case, he/she shall pay the Auction House a lump sum equal to the starting price 20%. Full payment of the penalty shall be a condition for the recall to take effect. Nor shall the recall take effect if the buyer has not credited the Auction House's account with the buyer's buyer's regret money no later than 30 working days prior to the auction.

5.            Settlement

• The Auction House will, after the successful auction and full payment of the hammer price of the Work, set the hammer price at 80% in 8 days inside shall be payable by the Owner by bank transfer to the account specified above. The strike price is 20%-a - as management costs - to the Auction House.
• If the auction or the subsequent secondary sale was successful, but the bidder still fails to pay the (knock-down) purchase price, the Auction House is obliged to return the Work of Art to the Owner at the physical location of the auction within 8 days after the legal situation has been clarified.

6.     The failure of the auction

• If the Work is not sold at auction, the Auction House agrees to advertise and sell the Work at the auction price for a further 2 weeks, unless the Owner agrees otherwise in writing. If the Work is not sold after that time, the Auction House shall return it to the Owner at the physical location of the auction within the time period specified herein at the time requested by the Owner during business hours on business days. The Owner shall have a maximum of 60 days after the expiry of the 2-week period to collect and remove the Work. In the event of an unsuccessful auction and a subsequent unsuccessful sale attempt, the the parties do not have any payment obligations towards each other.
• If the Owner fails to remove the Work from the Auction House after 60 days, the Auction House will charge a net daily fee of 1,000.- (i) the Auction House may charge a storage fee of HUF 1,000.00 per day and at the same time (ii) the Auction House shall have the right to purchase the Work against payment of the starting price 50%, which may include the storage fee and the costs of administration.

7.            Miscellaneous provisions

• The Parties accept the Auction House's Auction Rules as binding upon their legal relationship: https://ottevenyikastely.hu/arveresi-szabalyzat/, and other policies published on this website. The Owner declares that it has read these rules before signing the Contract and that the Auction House has given it the opportunity to discuss them.
• Hungarian law shall apply to matters not covered by the Contract and the regulations referred to in clause 7.1. The Parties submit to the jurisdiction of the competent court located in Győr, Hungary, for the settlement of any disputes.
• The Parties may amend the Contract by mutual agreement, which may only be made in writing.
• The Parties declare that they have read, understood and agree to the terms and conditions of the Contract.

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