Heritage and Pledged Property Auction

1. The term "Commission" as mentioned in these Terms refers to the auction service remuneration that the Consignor and the Successful Bidder (collectively referred to as the "Payer" hereinafter) shall pay to the Auctioneer in accordance with the agreed rate after the auction is concluded. The calculation base of the Commission is the final transaction price of the auction item (excluding taxes, transportation fees, storage fees and other additional expenses). 2. Commission Rate and Undertaking Method: Both parties confirm that the commission rate for the auction item in this auction is 28.5%, and the specific undertaking method shall be implemented in accordance with the following agreements (choose one, and tick as per the actual situation): ◦ □ Undertaken by the Consignor: The Consignor shall pay the full Commission to the Auctioneer at the amount of (transaction price × 28.5%) within [7] working days from the date of signing the Auction Conclusion Confirmation; ◦ □ Undertaken by the Successful Bidder: The Successful Bidder shall, within [7] working days from the date of signing the Auction Conclusion Confirmation, pay the full Commission to the Auctioneer at the amount of (transaction price × 28.5%) while paying the transaction price. 3. Commission Payment Method: The Payer shall pay the Commission by way of bank transfer (designated account of the Auctioneer: Issuing Bank [XXX Bank XXX Branch], Account Name [XXX Auction Co., Ltd.], Account Number [XXX]). The Auctioneer shall issue a legally valid commission invoice to the Payer within 3 working days after the payment is completed. 4. Liability for Overdue Payment: If the Payer fails to pay the Commission in full and on time in accordance with the provisions of these Terms, it shall pay liquidated damages to the Auctioneer at [0.05%] of the unpaid Commission amount for each overdue day; if the overdue period exceeds [15] days, the Auctioneer shall have the right to unilaterally terminate the Auction Conclusion Confirmation, and the deposit already paid by the Payer shall not be refunded. Meanwhile, the Payer shall still make up for all unpaid Commission and liquidated damages. 5. Agreement on Special Circumstances: If the auction item is unsold, the auction cannot be completed due to force majeure, or the auction conclusion is invalid due to the Successful Bidder’s breach of contract, the Consignor shall not be required to pay the 28.5% Commission as agreed in these Terms. However, the deposit already paid by the Successful Bidder shall be used as liquidated damages, which shall first be used to compensate for the reasonable costs already incurred by the Auctioneer (such as promotion fees, venue fees, etc.), and the remaining part shall belong to the Auctioneer.