Management Rules|Auction of Violins, Violas, Cellos and Bows Sunrise Auction

Japan

Sunrise Auction

Management Rules

The SUNRISE AUCTION (hereinafter the "Sunrise Auction") shall be managed and administered in accordance with the following rules, which apply to all people who wish to participate in the Sunrise Auction and purchase property. The Sunrise Auction shall be conducted in accordance with the procedures Sunrise Auction Inc. (hereinafter the "Company") determines and shows.

Article 1 Membership System
(1) The Sunrise Auction operates under a membership system.
(2) Any person who has registered as a member by submitting the prescribed form with the required documents can participate in the Sunrise Auction.
(3) The Company's acceptance is required for registration as a member. The Company is entitled to deny any registration application or continuation of registration at the Company's sole discretion and without any notification of reasons.
(4) No registration fee is required. However, any person who wishes to participate in bidding must pay a participation fee, as described in Article 2 (1).
(5) Persons eligible to register as members are those who fall under any of the following four (4) categories:

(a) individual or judicial person engaged in the making, sale, lending or repair of any type of musical instrument;
(b) educational institution related to music, including university, college, high school, special school or training school, or judicial person related to music, including corporation, foundation or incorporated association;
(c) musician or his/her parent; and
(d) collector of musical instruments.


Article 2 Bidding
(1) Any person who wishes to participate in an auction is required to submit a proposal for participation in said auction in advance and pay a participation fee by credit card. The participation fee is 100 yen (without consumption tax) for each auction and is not refundable for any reason.
(2) A photograph of each item to be exhibited in an auction ("Lot") shall be posted on the Internet, and the condition of any damage to it and of any repair which can be distinguished outwardly shall be described. The above-mentioned photograph would not accurately show the color and/or tone of color nor any defect of the Lot. The photograph and any description of the Lot merely provide a standard for judgment, and the Company assumes no responsibility whatsoever for such photographs or descriptions.
(3) Each Lot shall be exhibited at an exhibition place designated by the Company for a stated term until the day immediately prior to the day of the auction.
(4) Each participant in an auction is required to confirm the condition of the Lot by examining the Lot in advance.
(5) Any participant can test-play a Lot by making a reservation under the Company's instruction and within the time stated by the Company with respect to the Lot for which such a trial is allowed.
(6) Bidding shall be conducted in Japanese yen within the designated term and time and by each Lot.

Article 3 Successful Bid
(1) The bidder with the highest bid shall be the successful bidder for the relevant Lot.
(2) In the case that there are multiple bidders with the highest bid, the Company is entitled to select the successful bidder.
(3) Once the successful bidder is determined, a purchase agreement shall be made and entered into between the seller, whose agent is the Company, and the successful bidder (hereinafter the "Purchaser").

Article 4 Purchase Price and Premium
(1) The purchase price shall be the total sum of the amount of the successful bidding price (hereinafter the "Hammer Price") and the amount of consumption tax applied to said Hammer Price. In the case of tax-free property, the Company shall give notice of such in advance.
(2) The Purchaser must pay to the Company the premium fee stated in Article 5 in addition to the purchase price stated in the previous clause (1).

Article 5 Premium
(1) The Purchaser must pay to the Company, as a premium, either (i) seventeen percent (17%) of the Hammer Price when the Hammer Price is equal to or less than 1,000,000 yen, (ii) seventeen percent (17%) of 1,000,000 yen plus fifteen percent (15%) of the amount exceeding 1,000,000 yen when the Hammer Price exceeds 1,000,000 yen and is equal to or less than 10,000,000 yen or (iii) seventeen percent (17%) of 1,000,000 yen plus fifteen percent (15%) of 9,000,000 yen plus ten percent (10%) of the amount exceeding 10,000,000 yen when the Hammer Price exceeds 10,000,000 yen.
(2) Consumption tax shall be added to the premium stated in the previous clause (1).

Article 6 Payment and Risk of Loss
(1) Payment of the purchase price and premium (including consumption tax) shall be made in Japanese yen by the method agreed upon between the Purchaser and the Company.
(2) If the Purchaser so wishes, the Company shall arrange to ship the Lot to a place in Japan designated by the Purchaser and at the Purchaser's burden of all necessary expenses, including packing expenses, entire transporting expenses and insurance premium.
(3) The Purchaser must pay the purchase price and premium (including consumption tax) within fourteen (14) days after the day when the successful bidder has been determined or selected. If the Purchaser resides outside Japan, the Company can extend the payment period by a certain period.
(4) The ownership of the Lot shall be transferred to the purchaser when the total amount of the money prescribed in clause (1) and (2) of this Article ("Total Amount") is paid.
(5) Any and all risks to the Lot shall pass to the Purchaser when the Total Amount is paid.

Article 7 Delivery, Shipment, Custody Fee
(1) The Purchaser is entitled to receive the Lot at the Company's storefront at any time within ten (10) days after the time when the Total Amount is paid.
(2) In case the Purchaser wishes to ship the Lot to a place in Japan, the Company shall arrange to ship the Lot to the place designated by the Purchaser within ten (10) days after the time when the Company confirms that the Total Amount has been paid.
(3) In case the Purchaser wishes to ship the Lot to a place outside Japan, the Company shall deliver the Lot to the Purchaser or the person designated by the Purchaser, at the Company's storefront at any time within ten (10) days after the time when the Company confirms that the Total Amount has been paid.
(4) In case the Purchaser receives the Lot after the ten (10) days prescribed in the previous clauses of this Article have passed, the Purchaser must pay the custody fee prescribed in Article 9.
(5) The Company shall be exempt from any and all responsibility after delivery or shipment prescribed in this Article, and the Company shall not bear any burden with respect to any accidents or damages to the Lot.

Article 8 Shipment to Location Outside Japan
(1) The Purchaser shall perform all procedures necessary for shipment outside Japan on the Purchaser's own responsibility. Any and all expenses for packaging, shipment and insurance shall be borne by the Purchaser.
(2) If the Purchaser wishes, the Company shall refer him/her to an exporter.


Article 9 Custody Fee
(1) If the Purchaser takes receipt of the Lot after the ten-day (10-day) period prescribed in Article 7 (1), the Purchaser shall pay in Japanese yen to the Company a per-diem custody fee calculated in the ratio of one-and-a-half percent (1.5%) of the purchase price per month.
(2) Consumption tax shall be added to the custody fee.

Article 10 No Cancellation, No Return
(1) The Purchaser cannot retract or cancel the purchase of the Lot.
(2) The Purchaser cannot return the Lot.

Article 11 No Warranty
(1) The Company shall not make any warranty to the Purchaser concerning any latent defect of the Lot, because most exhibits are used articles with deterioration, damage, repair or the like, and all bidding shall be deemed to have been made on the basis of the bidder's accountability and after the bidder's having checked the present condition of the Lot.
(2) The Company shall not warrant any explanation and/or comment with respect to the exhibits, and such explanation and/or comment shall be for reference only.

Article 12 Events of Default and Company's Rights
(1) If the Purchaser fails to perform his/her duty as prescribed in these Management Rules, the Company shall have the following rights toward the Purchaser:

(a) in the event of late payment of the Total Amount by the Purchaser, the Purchaser must add to the unpaid sum delinquent charges at the rate of fourteen percent (14%) a year for the period from the day immediately following the due date to the date of actual payment; and
(b) in the event the Company does not receive the Total Amount and the delinquent charges even after one month passes from the due date, the purchase agreement between the Purchaser and the Company shall be automatically canceled on the day immediately following the date when one month has passed from the due date, whether or not the Company's letter requesting payment of the unpaid sum has reached the Purchaser.

(2) In case the purchase agreement has been canceled, the Purchaser shall lose all rights concerning the Lot and the Company shall be entitled to re-auction the Lot, sell it to a third party or return it to the consignor.
(3) In case the purchase agreement has been canceled, the Purchaser shall pay the total sum of ten percent (10%) of the purchase price and fifty percent (50%) of the premium (including consumption tax) as penalty in addition to the damages prescribed in Clause (1) of this Article.

Article 13 Governing Law
The Auction shall be conducted in accordance with these Management Rules through its entire process and shall be governed by the laws of Japan, even if the Purchaser resides outside Japan.

Article 14 Settlement of Disputes
The Purchaser and the Company hereby irrevocably submit to the exclusive jurisdiction of Tokyo District Court for the settlement of disputes arising under or in connection with the Auction, even if the Purchaser resides outside Japan.

Article 15 Operation of Auction Site
The Company shall not make any warranty to any person concerning continuous and safe access to this Auction site.The Company shall not be responsible for any damages or losses suffered by any person due to any obstacles in accessing this Auction site caused by factors unforeseeable or uncontrollable by the Company.



To prospective sellers in the Sunrise Auction:

Any prospective seller who wishes to exhibit and sell a property must submit the "Valuation Request Form" prescribed by the Company and conclude, after consultation with the Company, an "Exhibit and Sale & Consignment Agreement" with the Company. Consultation with and assessment by the Company shall be provided free of charge before the conclusion of said agreement. Please contact the Company by either e-mail or facsimile.

Please note:
(1) this Auction shall be conducted in accordance with the procedure prescribed by the Company;
(2) Japanese law shall apply to the Auction and any matters related to the Auction, whether the exhibiter resides inside or outside Japan; and
(3) any disputes arising under or in connection with the Auction shall be settled exclusively in Tokyo District Court, whether the exhibiter resides inside or outside Japan.

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