Conditions of Sale

§ 1. Kopenhagen Fur hereafter called the "Company" - conducts as auctioneer at Kopenhagen Fur, sales of skins originating from various individuals and legal corporate entities. Sales are transacted in Danish crowns. Payment shall be made in such currency in which the Company has agreed to invoice.

§ 2. Any individual bidding at the auction hereby in every respect acknowledges the acceptance of the present conditions of sale. In the event that the individual bids on behalf of another individual or legal corporate entity, he/she accepts that the individual/legal corporate entity on behalf of whom the bid has been made, accepts these conditions of sale in every respect.

§ 3. The skins and lots, respectively, are sold as in their actual condition at the fall of the hammer. All information in the issued catalogue and all samples supplied as showbundles are provided without liability and intended to serve only as a guide in connection with the inspection of the skins, which the purchaser is advised to undertake prior to the auction. No warranties whatsoever, expressed or implied - are made concerning the composition of the lots, or the quality, condition or suitability of the skins or otherwise. Purchased lots must be accepted by the purchaser AS IS at the fall of the hammer, regardless of any faults or defects, which entails that the purchaser renounces his right to claim for any kind of defects.

§ 4. Every purchaser shall, upon request, prior to, during or after the auction, in a manner specified by the Company, pay such deposits or increases of deposits as shall be required by the Company.

§ 5. The skins are offered and sold in lots. Bids apply to the single skin, the purchase price for the lot being the bid multiplied by the number of skins in the lot. The Company may determine the minimum amount by which bids must be raised. The lot falls to the highest bidder. Should two or more persons make the highest bid or should a dispute arise concerning the bid, the auctioneer will invite further bids. If this does not lead to a definitive solution, the auctioneer is authorized to decide conclusively who is to be deemed the highest bidder.

The Company reserves the right to alter the order of lots to be bid on, to bid by itself and to withdraw lots before or during the auction. The Company may refuse to accept a bid from any purchaser and shall be under no obligation to indicate the reason for its refusal.

Any individual whose bid is accepted by the fall of the hammer is personally liable for payment of the skins thus purchased and has personal and joint liability for payment of the purchase price with the individual or legal corporate entity (identified by buyer's number) - the purchaser - on behalf of whom the bid has been made.

On the fall of the hammer the skins are held for the account of the purchaser and at his risk, but will not be delivered to the purchaser until the purchaser has fulfilled all his payment obligations. The Company shall not be liable for any loss of or damage to the skins while thus held except as provided for in § 14 below.

§ 6. Notification by a purchaser that an error has been made in bidding shall be made on the spot and at the latest before the 20 following catalogue numbers have been offered for sale. All later claims are not legally binding.

§ 7. The purchaser shall pay the purchase price plus auction fee. The purchaser is also to pay such interest and costs which may accrue on purchased skins subsequent to the fall of the hammer.
The skins are sold ex warehouse. Thus any charges relating to delivery i.e. export licenses, customs clearance, commissions and the like due on the purchase shall be paid by the purchaser.

Handling, packing, packing control and any other expenses in connection with the delivery shall also be paid by the purchaser.

§ 8. The due date (prompt day) for payment of the purchase price shall be the 21st day after the last day of the auction and all liabilities of the purchaser shall be fulfilled as of the close of business on due date.

§ 9. If the purchaser wishes to transfer the skins to a third party, the purchaser shall notify the Company accordingly and the Company shall determine whether to consent to the transfer. The transferee thereby assumes all rights and liabilities of the purchaser in accordance with the purchase, all in conformity with these sales conditions and other conditions agreed upon between the Company and the purchaser.

The purchaser shall remain liable for all these obligations until the skins in question have been paid in full and shall be obliged at the Company´s request, to fulfil such liabilities without prior notification as to any failure of performance on the part of the transferee or other factors relevant to the purchase of the skins in question. However, the purchaser is not liable if a 25% deposit has been paid before due date (prompt day), or if the Company has not informed the purchaser within four weeks following the due date (prompt day) of the transferee's failure to meet his obligations. The Company undertakes that it will not grant any extra time or other concession to the transferee without informing the purchaser.

The skins purchased may neither during the sale nor later be transferred from one buyer's number to another's.

 
§ 10. If the purchaser's liabilities are not fulfilled when payment is due, the purchaser shall be obliged to pay interest from due date (prompt day) at a rate which will be published prior to each auction. The rate may be changed at 21 days' notice to the purchaser.

Receipt of interest shall not imply that the Company has waived any of its conditions stated in § 11 and § 12.

§ 11. The Company shall have all property rights to the skins sold until all liabilities of the purchaser have been fulfilled.
In the event of a purchaser failing to fulfil his liabilities towards the Company when payment is due or in the event of a purchaser becoming insolvent or bankrupt or suspending payment or committing any act of insolvency or bankruptcy, then in any such event any deposit made or any payment made on account shall be forfeited. The Company shall be entitled to rescind the purchase and resell the skins without further notice and retain the proceeds thereof. The purchaser shall reimburse the Company any loss on such resale together with other expenses including interest.

§ 12. As security for all claims on the purchaser, the Company shall be entitled to retain and dispose of all the purchaser's skins over which the Company or its agents have control. The Company shall at all times have a lien upon all such skins for all indebtedness of the purchaser to the Company regardless of whether such debts concern the purchase price or have some other basis. The Company is fully authorized to dispose of said skins as decribed in § 11.

§ 13. Delivery of skins purchased is made from the Companys' warehouse (the place of delivery) where the skins shall be distributed in proper rotation as and from the day subsequent to the auction upon fulfilment of the purchaser's obligations.
If the Company is prevented from carrying out such delivery by reason of strike, disturbances, intervention by a public authority or other incident beyond the reasonable control of the Company, the purchaser shall not be entitled to rescind the purchase nor to claim compensation and the purchaser shall fulfil his obligations as soon as the hindrance to delivery has ceased.

§ 14. Skins still in the Company's warehouse shall be covered by insurance against fire and burglary at the Company's expense, but the Company assumes no other responsibility than to compensate the purchaser - contingent upon the purchaser's fulfilment of his liabilities - with the amount of money that is paid by the insurance company.

§ 15. These conditions of sale are binding. The conditions can only be deviated from if the Company - in each particular case - accepts such deviation in writing.

§ 16. Any dispute that may arise between the Company and the purchaser or the third party to whom the purchaser may have transferred his rights and liabilities or any other party liable for the purchase price shall be determined in accordance with Danish law . The case shall be tried by the Maritime & Commercial Court in Copenhagen (Sø- og Handelsretten) unless the Company prefers to permit the case to be tried by any other court or competent jurisdiction.

The Company is entitled to claim legal expenses (including court fees and reasonable attorney's fee) incurred in such litigation.

§ 17. All the rights established in these conditions of sale shall remain fully valid and applicable regardless of the Company's failure to exercise one or several of them.

§ 18. These conditions of sale enter into force as of October 1, 2004, until further notice.