Conditions of Sale
INTRODUCTION
Founded in 1996 and located in the center of Lisbon, Portugal, CABRAL MONCADA LEIL?ES performs its auction activity subject to Decree-Law 155/2015, which establishes the legal framework regarding the auction activity, the Business Conditions available in all our catalogues and at our website www.cml.pt.
CABRAL MONCADA LEIL?ES specialises in antiques, works of art, modern and contemporary art and operates in two major areas - AUCTIONS and VALUATIONS - and two complementary ones - EXPERT APPRAISALS and CONSULTANCY.
BUSINESS CONDITIONS
Sociedade Comercial de Leil?es "O Preg?o, Lda.", hereinafter "Cabral Moncada Leil?es", performs its auction activity subject to Decreto Lei n? 155/2015, which has established the legal framework for auction activity, to the Business Conditions below, and to any other conditions expressed in a proper place. The reference, in epigraphs, to business conditions regarding the buyers and the sellers is meant to simplify and facilitate the understanding of the document, which shall be deemed as one and shall be understood as such.
B. CONDITIONS REGARDING THE BUYERS
B.1. REGISTERING
ART. 1 - In order to be able to place a bid, the potential buyer should be of age, previously register and have a bidding number. Such register must include the name, address, telephone number, taxpayer number and the signature of the prospective buyer or his empowered representative's signature, in which he acknowledges and accepts this Business Conditions.
ART. 2 - "Cabral Moncada Leil?es" reserves the right, upon registration or at a later date, to request the prospective buyer the submission of a valid and in force original identification document.
ART. 3 - "Cabral Moncada Leil?es" also reserves the right, upon registration or at a later date, to demand any potential buyer a guarantee "Cabral Moncada Leil?es", according to its commercial and credit policies and to the potential buyer's background, deems reasonable, regarding both the form and the amount.
ART. 4 - "Cabral Moncada Leil?es" also reserves the right to refuse registration or ignore a bid to anyone who has not fulfilled the respective obligations punctually, including payment and withdrawal of one or more items in previous auctions.
ART. 5 - "Cabral Moncada Leil?es" considers that whoever submits its registration as a potential buyer acts on its own behalf and can only act on behalf of a third party by delivering legally valid power of attorney for the purpose, up to two (2) working days before the sale of the item. In case the power attorney is validly challenged by the alleged granter, the alleged representative and bidder will be deemed as buyer.
B.2. BIDDING AND PURCHASE
ART. 6 - Whenever a potential buyer wishes to ensure the actual bidding of one or more items, such prospective buyer shall attend and bid in person at the respective auction, as "Cabral Moncada Leil?es" considers the presence of the potential buyer is, in any case, the most adequate way to safeguard his interests.
a) notwithstanding the previous articles, "Cabral Moncada Leil?es" can bid on behalf of potential buyers who expressly request such bid through the appropriate written form and under the conditions contained therein, provided that such document is received three hours before the start of the respective session;
b) upon request of potential buyers, received at least three hours before the start of the session, "Cabral Moncada Leil?es" is also available to make reasonable efforts to contact them by telephone, in order to allow their participation, by such means, at the bidding of one or more predetermined items;
c) the execution of purchase orders and telephone bidding services referred to in the preceding paragraphs are provided as a courtesy to potential buyers who cannot be present and is confidential and free of charge; "Cabral Moncada Leil?es" will conduct all reasonable efforts within its power to its proper and timely execution; however neither "Cabral Moncada Leil?es" nor its officers, employees or associates may in any event be liable for any errors or omissions, even if negligent, that may eventually occur in the execution of such services.
ART. 7 - It is up to the auctioneer to decide, with total discretion, the amount in which the bids evolve in the bidding of each item. However, the auctioneer should never exceed 10% of the previous bid, and no bid shall be less than € 10.
ART. 8 - "Cabral Moncada Leil?es" will deem to be the buyer the one that, personally or through a third party duly empowered for the act, bids and wins the bidding of an item for the highest price, notwithstanding the possibility of exercise of the right of first refusal or option by official entities, in accordance with applicable law. It is up to the auctioneer to decide, with full discretionary power, any doubt that may arise, including the withdrawal of the item from the auction or the reposition of the item in auction, at the price it had when the doubt arose.
B.3. PAYMENT AND WITHDRAWAL
ART. 9 - b) Should the purchase be executed through "Invaluable" international online platform, the buyer agrees to pay "Cabral Moncada Leil?es" the total amount due for the sale of the item, i.e., the amount of the winning bid plus a commission, which includes VAT, of 24,60%.
c) In the exceptional cases indicated in the catalogue, VAT may be due on the amount of the bidding.
ART. 10 - The buyer agrees to make the payment referred to in the previous article and withdraw the item within the ten (10) business days following the date of purchase and may be required, at the time of auction, to make a deposit of 30% of its value not covered by guarantee. After the said period of ten (10), "Cabral Moncada Leil?es" reserves the right to charge interest at the legal rate for commercial operations.
ART. 11 - The ownership of the item will only be transferred to the buyer after "Cabral Moncada Leil?es" has been paid the total amount of the sale in cash, certified check or wire transfer. In case payment is made by check which is not certified, the item will only be considered to have been paid after good collection of such check, regardless of the item being already in possession of the buyer.
Until transfer of title, in accordance with the preceding paragraph, the item remains the property of the seller.
ART. 12 - The withdrawal of any item will only be authorized after the total amount of the sale has been paid.
ART. 13 - The withdrawal and transportation of items is the sole responsibility of the buyer, and any assistance provided by "Cabral Moncada Leil?es", its officers, employees or associates is a matter of courtesy, and cannot have as an effect liability of any kind. The indication of any company or person to do so also excludes any responsibility of "Cabral Moncada Leil?es", its officers, employees or associates.
ART. 14 - Once the item has been withdrawn, or the deadline of ten (10) days is met without the withdrawal of the item by the buyer, the buyer will be liable for any loss or damage, including theft or robbery, which may occur regarding the item. The buyer is also liable for any expenses related to the removal, storage and/or insurance that may occur.
ART. 15 - Any loss or damage, including theft or robbery, of an item auctioned and not collected, that occurs within the ten (10) days deadline referred to in Article 11, only grants the buyer the right to receive an amount equal to the one paid at the time for the item, and does not entitle him to any compensation, damages or interest.
ART. 16 - If the buyer fails to pay the full amount of the sale within fifteen (15) days from the date of the item auction, "Cabral Moncada Leil?es" may, at any time, for itself and on behalf of the seller and without any possibility of the buyer to demand any compensation or reparation for this fact:
a) file a lawsuit to recover the full amount of the sale;
b) notify the buyer of the cancellation of the sale, subject to the right of "Cabral Moncada Leil?es" to receive the commission owed by the buyer and the consequent possibility of legal action being brought for the collection of such debt.
The alternatives prior shall be understood without prejudice to any other rights that "Cabral Moncada Leil?es" may be entitled to, including the right to claim payment of interest and costs of removal, storage and / or insurance of the item that may occur. Similarly, in case "Cabral Moncada Leil?es" chooses initially the hypothesis a), such choice shall be without prejudice to the right to terminate such action at any time and annul the sale pursuant to b).
B.4. LIABILITY OF "CABRAL MONCADA LEIL?ES"
ART. 17 - "Cabral Moncada Leil?es" is responsible for the accuracy of descriptions (which should be understood as references to time, style, author, materials and condition) of items in its catalogs, without prejudice of the possibility of such descriptions being publicly and verbally corrected until the moment of the sale.
ART. 18 - All items are sold in their current condition, and it is up to potential buyers to personally confirm, by prior examination of the item, the accuracy of the description in the catalog, particularly with regard to possible restoration, faults or defects mentioned therein.
a) in case of items that include mechanisms, such as clocks and music boxes, when the description of the catalog does not explicitly mention any "need to repair the mechanism" or equivalent, the item's mechanisms will be deemed to be functioning;
b) in the cases referred to in the preceding paragraph, the liability of "Cabral Moncada Leil?es" is restricted to the mere operation of the mechanism, and not to its perfect functioning, and ceases, in any case, at the time of withdrawal of the item by the buyer.
c) The mention of signatures, initials, names, brands or existing acronyms in an item and its mere factual transcription in its description does not imply the assignment of authorship by "Cabral Moncada Leil?es" except in the cases where this authorship is specifically assumed at the beginning of the description.
ART. 19 - Once a relevant discrepancy is verified (i.e., involving a significant change in the value of the item) between the description and the reality of the item at the time of the auction, the buyer, and only him, may, for a period of three years from the date of auction, request the reimbursement of the full amount of the sale through the return of the item, in the condition it was at the time of the auction. However, the buyer will not be entitled to any compensation, damages or interest.
ART. 20 - It is up to the buyer to demonstrate the existence of the relevant discrepancy between the description and the reality of the item, under the terms and for the purpose of the preceding articles.
ART. 21 - "Cabral Moncada Leil?es" may require the plaintiff buyer to file a written statement with an attached expert opinion signed by a recognized expert in domestic or international markets, without prejudice to its right, in any case, and at all time, to oppose to the expert opinion presented with another of equivalent value.
ART. 22 - The photographs or representations of the items in the catalog are intended solely for identification of the items subject to sale.
ART. 23 - "Cabral Moncada Leil?es" is not liable before the buyer for an item that, for reasons attributable to the seller or a third party, is subject to claims or grievances and / or seized, provisionally or permanently, by the competent authorities, regardless of the date in which the complaint, claim or seizure has been determined or enforced, and the nature or amount of any loss or damage that may arise therefrom, which shall be claimed by the buyer directly to the seller or third party that caused them.
ART. 24 - "Cabral Moncada Leil?es" is also not liable before the buyer of an item that is prohibited from leaving the country or subject to any encumbrance, charge or restriction, related to its holding, use, enjoyment or transmissibility, including under legislation protecting cultural heritage, regardless of the date of its classification, inventory or enrollment and of the nature or amount of any loss or damage that may arise to the buyer from such restriction, which must be claimed by the buyer directly to the seller or third party who caused it. Similarly, it is the buyer's responsibility to find out about (and, if applicable, obtain) any (i) licenses and other formalities or restrictions on exports from Portugal to the country of intended destination by the purchaser, and (ii) licenses and other formalities or restrictions on importation into the country of intended destination by the purchaser - e.g., some countries place restrictions on the import of goods incorporating vegetable or animal elements.
ART. 25 - Except in case of willful misconduct, the liability of "Cabral Moncada Leil?es" before the buyer is, in any case, limited to the amount actually paid for the purchase of the item.
C. CONDITIONS REGARDING BOTH SELLERS AND BUYERS
ART. 1 - "Cabral Moncada Leil?es", respective partners or legal representatives, their spouses, ascendants or descendants do not act, under any circumstance, in its own name as sellers or buyers of the items placed at auction
ART 2. - The seller and the buyer expressly authorizes "Cabral Moncada Leil?es" to photograph, publish, publicize and use, in any form and at all times, for commercial, cultural, academic or other purposes, related or not to the auction, the image and description of all items that have been sold or acquired through it.
ART. 3 - For the resolution of any dispute between the parties concerning the interpretation or validity of the Contract, including the present business conditions, as well as its implementation and enforcement, the court of the district of Lisbon shall be exclusively competent.
NOTES:
LEGAL FRAMEWORK REGARDING JEWELLERY AND MARKING - LAW 98/2015, of 18 of August and Dec. Lei n? 44/2016 de 17.8.2016
Each and every one of the goods made of precious metals, put up on auction by Cabral Moncada Leil?es, is in compliance with the referred to Law and its respective regulation, being also duly marked.
CITES - CONVENTION ON INTERNATIONAL TRADE OF ENDANGERED SPECIES OF WILD FAUNA AND FLORA
Each and every one of the goods incorporating materials from endangered species of wild fauna and flora, put up on auction by Cabral Moncada Leil?es, were certified in advance pursuant to CITES's provisions. According to the law, the buyer should request the register in his own name near the competent authorities.
SOCIEDADE COMERCIAL DE LEIL?ES "O PREG?O", LDA.
Rua Miguel Lupi 12 A/D ? 1200-725 Lisboa ? Portugal ? Tel (+351) 21 395 47 81 ? Fax (+351) 21 395 51 15 ? info@cml.pt ? www.cml.pt
Pessoa colectiva 503 556 858 ? Matriculada na Conservatória do Registo Comercial sob o mesmo número ? Capital Social € 60.000,00
Autoriza??o DGAE para o exercício da actividade leiloeira de 23.11.2015 ? Apólice de seguro de responsabilidade civil Hiscox € 200.000 n? 2503667
Representantes legais: Miguel Cabral de Moncada - NIF 153528362 ? Pedro Maria de Alvim - NIF 180311336
