Terms and Conditions

Buy-Now Marketplace Conditions of Business for Buyers

Digital Platform
BY PLACING AN ORDER FOR PRODUCTS ON THE DIGITAL PLATFORM (AS DEFINED BELOW), YOU ACCEPT AND AGREE TO BE BOUND BY THESE BUY-NOW MARKETPLACE CONDITIONS OF BUSINESS FOR BUYERS (“BUY-NOW BUYER TERMS”) AND YOU REPRESENT THAT (A) YOUR PURCHASE AND USE OF PRODUCTS MADE AVAILABLE ON THE DIGITAL PLATFORM WILL BE IN ACCORDANCE WITH THE PURCHASE TERMS AND ALL APPLICABLE LAWS, RULES AND REGULATIONS AND (B) YOU ARE OF LEGAL AGE TO ENTER INTO A BINDING CONTRACT. If you do not agree to the Purchase Terms, you may not purchase products on the Digital Platform.

Terms
The following Buy-Now Buyer Terms are entered into by and between you and PRINSEPS. (“we” or “us” or “our” or other similar pronouns) and, together with any documents incorporated herein by reference, govern your purchase and our offer and sale of products through the Prinseps Buy-Now Marketplace available at http://www.prinseps.com (the “Prinseps Website”), whether accessed through a desktop, mobile device, tablet, mobile application or other means (collectively, the “Digital Platform”). These Buy-Now Buyer Terms are an integral part of, and subject to, the Terms of Use that apply generally to the Prinseps Website. You should also carefully review all Purchase Terms before placing an order for products on the Digital Platform.

We may change these Buy-Now Buyer Terms from time to time in our sole discretion, at any time without notice to you, by posting such changes on the Prinseps Website. It is your responsibility to periodically check the Buy-Now Buyer Terms for changes by clicking the link “Buy-Now Marketplace Conditions of Business for Buyers” or the link that states “Read more here” under “Conditions of Business” on a Property’s listing page on the Digital Platform, including before placing an order for products. 

Sellers
You acknowledge that we customarily offer products for sale on behalf of third-party sellers, who may be unnamed, on a consignment basis. As a result, in offering certain products on the Digital Platform and accepting and fulfilling orders we are acting as the applicable seller’s agent and we may not take or transfer title to the product offered for sale on the Digital Platform. In some instances, the products we offer for sale through the Digital Platform are owned by Prinseps or an affiliate of Prinseps.

Endorsements
We do not produce, endorse, or recommend any of the products made available through the Digital Platform. With respect to products that are offered for sale on a consignment basis, we are not affiliated with, endorsed by, or otherwise associated with any consignor or seller, or the retailer, designer, manufacturer, artist, author or other creator of the products.

Authenticity
Certain items of Property sold on the Buy-Now Marketplace are sold with an Authenticity Guarantee. Any item of Property listed on the Buy-Now Marketplace that is sold with an Authenticity Guarantee includes on such Property’s listing page a badge with a star icon and states to the right of such icon: “Authenticity Guaranteed”. Any item sold on the Buy-Now Marketplace subject to the Authenticity Guarantee is referred to herein as a “Guaranteed Item”. 

EXCEPT AS SET FORTH IN THE AUTHENTICITY GUARANTEE, WE ASSUME NO OBLIGATION TO INDEPENDENTLY VERIFY OR INVESTIGATE ANY PRODUCT, THE RIGHTS OF ANY SELLER TO SELL ANY PRODUCT, OR THE QUALITY OR CONDITION OF ANY PRODUCT OFFERED FOR SALE THROUGH THE DIGITAL PLATFORM.

Availability
Products offered on the Digital Platform may be made available for purchase (a) on a traditional retail basis (using the “Buy Now” option) and/or (b) through our “Make an Offer” option, in which case multiple users of the Digital Platform may place a bid to purchase a product. 

When making a purchase through our “Buy Now” option, you agree that the purchase is binding upon you, such that you are committed to purchasing the items listed in your order. When you submit an offer using the “Make an Offer” option, your order is not finalized until (a) your offer is accepted by the seller and (b) you complete the checkout and payment process.

For certain orders some buyers residing in the EU or the UK may be eligible for enhanced cancellation options. 

Order Fulfillment
All orders are subject to our acceptance, and we will not be obligated to fulfill any order unless and until we accept it. Orders are subject to product availability, and we may, in our sole discretion, choose to limit, cancel, refrain from processing, or prohibit an order for any reason. This may occur, for example, if the product ordered is out of stock (including if another purchaser places an order for a particular product before you do) or has been mispriced, if we suspect the order is fraudulent, if the relevant seller declines your offer for a product, or in other circumstances we deem appropriate in our sole discretion. We also reserve the right to take steps to verify your identity before accepting or processing your order or after your order is accepted or processed.

Confirmation
If we accept your order, we will send you a confirmation email with your order number, a summary of the items ordered, and shipping and pricing details (“Order Confirmation”). Our acceptance of your order and the formation of a contract of sale between you and us with respect to the relevant product(s) will not take place unless and until you have received your Order Confirmation email and your method of payment is charged. If your order cannot be completed for any reason, we will notify you using the information you provide when placing your order, and in such case we may cancel the contract of sale between you and us. We also reserve the right to cancel the contract of sale between you and us in our sole discretion after the Order Confirmation in the event you fail to satisfy any of our “know your client” requirements.

We reserve the right to modify, suspend or discontinue, temporarily or permanently, the offering of any products through the Digital Platform at any time, in our sole discretion.

A REFERENCE TO A PRODUCT ON THE DIGITAL PLATFORM DOES NOT IMPLY OR GUARANTEE THAT IT IS OR WILL BE AVAILABLE AT THE TIME OF YOUR ORDER.

Descriptions
We attempt to provide accurate descriptions and images of products offered through the Digital Platform. We do not warrant that the product descriptions, condition reports, images or other information provided are accurate, complete, precise, reliable, current or error-free. 

Prices
All prices posted on the Digital Platform are subject to change without notice.

We attempt to provide accurate pricing information regarding the products available on the Digital Platform, but cannot offer guarantees against pricing errors and are not responsible for typographical, or other pricing errors. If an error occurs, we will inform you using the information you provide when placing your order and you may either confirm your order (at the corrected product pricing) or cancel the order. We reserve the right to cancel any order arising from a pricing error.

Prices on the Digital Platform are shown in INR (Indian Rupees) unless otherwise indicated. For international orders, duties and taxes may be included in the price depending on the destination country.

From time to time, we may offer special promotional offers and/or discounts that may apply to purchases through the Digital Platform. You agree to be bound by any additional terms and conditions that apply with respect to any such special promotional offers or discounts. Promotional offers and discounts may be offered on a time-limited basis. Some products may be excluded from promotional offers or discounts. Such exclusions may be noted on the applicable product detail page and will be detailed in the terms and conditions of the relevant promotional offer or discount.

You agree to pay in full the prices for any purchases you make by payment means acceptable to PRINSEPS. We may process payments through third-party service providers, which may post operating rules related to payment on their respective websites and change such rules from time to time.

Payments
Whether you make a purchase via “Buy Now” or “Make an Offer,” your payment method will be charged when you complete the checkout and payment process. By placing an order, you authorize us, and our third-party service providers, to immediately charge your selected payment method for all amounts presented to you in the checkout and purchase process. You represent and warrant that: (a) the payment information (including any credit or debit card information) you supply to us is true, correct, and complete; (b) you are duly authorized to use such payment method for the purchase; (c) charges incurred by you will be honored by your credit or debit card company (if applicable); and (d) you will pay charges incurred by you at the posted prices, including all applicable taxes. If payment is not received by us from your credit or debit card issuer or its agents, you agree to pay all amounts due promptly upon our first demand.

Privacy
PRINSEPS will hold and process your personal information and may share it with another PRINSEPS’ affiliate or subsidiary company for use as described in, and in line with, PRINSEPS Privacy Policy published on the PRINSEPS website at www.prinseps.com.

Indemnify
You agree to defend, indemnify on demand and keep PRINSEPS and our affiliates, parents, subsidiaries and each of our and their respective officers, employees, agents, partners, content providers, service providers, suppliers and licensors (collectively, the “Released Parties”) indemnified, and hold the Released Parties harmless from any and all claims, liabilities, costs, losses (including without limitation consequential and indirect losses) and expenses, including reasonable attorneys' fees, arising in any way from (a) your purchase or use of any products made available through the Digital Platform, or any related services or information, or (b) your fraudulent or deceptive acts or omissions, or breach or violation of the law (including infringement of any intellectual property or other right of any person or entity) or of the Buy-Now Buyer Terms. We will provide notice to you promptly of any such claim, suit, or proceeding. We reserve the right, at our own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, and in such case, you agree to assist and cooperate with our defense of such claim. In any event, you shall not settle any such claim without our prior written approval.

KYC
You will provide to us, upon our request, verification of identity and any additional information required to comply with our Know Your Client requirements or to evidence your authority to agree to the Purchase Terms. If you are an agent acting on behalf of a principal, you shall disclose to us the identity of the principal. If you do not satisfy these requirements, we may cancel our agreement with you.

The Purchase Terms, the Order Confirmation, and any other terms incorporated herein or therein by reference constitute the sole and entire agreement between you, the seller and PRINSEPS with respect to your purchase of products through the Digital Platform, and supersede all prior or contemporaneous written, oral or implied understandings, representations or agreements relating to the subject matter thereof. If any part of the Purchase Terms is deemed invalid or unenforceable, such invalidity or unenforceability will not affect the remaining provisions of the Purchase Terms, which will remain in full force and effect. No provision of the Purchase Terms may be amended or waived unless you and we agree in writing (including by email) to do so

Arbitration
Any dispute or difference arising out of touching or concerning this contract including its construction, scope, implication, performance, effect, validity, breach thereof or for determining any claim, right or liability of the parties hereunder shall be referred to arbitration in accordance with its Rules of Arbitration and subject to the provisions of Arbitration & Conciliation Act, 1996 or any statutory amendment thereof from time to time in force

Auction Conditions of Business for Bidders

Buyer’s Premium
We charge 25% (twenty-five percent) Buyer’s premium in our auctions up to a hammer price of 5 crores, and incrementally 20% (twenty percent) for amounts over 5 crores. 

Conditions to Buy at the Auction
The conditions provided in this section and any notices that we may issue from time to time provide the terms on which PRINSEPS (“we”, “us”, “our”) offers the Lot(s) illustrated in the Catalogue for Sale. If you are the eventual Buyer of any one or more Lot(s), the terms and conditions set out herein will form a binding contract for sale of each such Lot between you and PRINSEPS We, therefore, strongly recommend you to read the terms below.

Catalogue Description
The Catalogue sets out an entry in relation to each Lot. Such entry, inter-alia, includes identification of the relevant Lot with a unique number, description of such a Lot and a pictorial/photographic illustration of the same. We shall not be liable for any error or omission made in the Catalogue or otherwise with respect to any description of the Lot(s) set out therein.

Where applicable, the Lot description will also include the provenance. However, the identity of the Consignor or previous owners may not be disclosed for a variety of reasons, such as request for confidentiality by the Consignor or if the identity of the previous owner is unknown.

We may, at our sole discretion, also set out estimates beside each Lot. Please note that the estimates shall be indicative of our opinion of the range within which the hammer is likely to fall and, in no event, should it be construed as an estimate of the value of the relevant Lot. Descriptions and/or estimates may be amended at our sole discretion by notice, either oral or written, provided either prior to or at the Sale. Online Bidders have the responsibility for checking the Catalogue updates for sale room notices and announcements. We recommend that online Bidders login well in advance of the Auction to check for these notifications.

You shall have the opportunity of pre-viewing and inspecting the Lot(s) or having the Lot(s) inspected by your professional advisors on dates and time set out in the Catalogue. There shall be no charge for such pre-viewing and inspection opportunity and we strongly advise all potential Bidders to undertake such inspection, examination prior to Bidding.

Condition of the Lot(s)
Any reference to the condition of the Lot(s), either in the Catalogue or otherwise, shall not amount to be a full or contractual description of such Lot(s). They merely state our opinion and will not cover all details, faults, latent defects, alterations, etc., pertaining to the relevant Lot. We may, if so requested by the Bidders, provide condition reports in respect of the Lot(s) to the said Bidder. Such a report shall set out our bona fide description of the condition of the Lot(s) prepared by our specialists prior to any Auction and neither we nor the consignors shall be responsible to the Bidders in respect of the content of such condition report. We, therefore, strongly encourage all Bidders to seek advice from their own professional advisors regarding the condition of each of the Lot(s) that they may be interested in.

We also advise all Bidders to rely on their own judgement or on that of their professional advisors as to whether any Lot matches the description set out beside it and not merely rely on any photographic or pictorial representation of the same as may be provided in the Catalogue.

In light of the foregoing, all Lot(s) offered for Sale hereunder are on an “as is” basis, without any express or implied warranties of any nature whatsoever. We do not make any representations or warranties, or assume any liability of any kind, with regard to the merchantability, fitness for a specific purpose, description, condition, rarity, exhibition history, literary or historical relevance of any of the Lot(s) and no statement issued by us anywhere, whether oral or written, will be deemed to constitute such a representation, warranty, or assumption of liability.

Bidder Registration for the Auction
Prospective Bidders will be required to register for each Auction and complete the registration process. By completing the registration process, you agree to be bound by the provisions set out in the Conditions to Buy at the Auction.”

No Consignor shall be allowed to Bid in respect of Lot(s) sources from such Consignors.

Our Employees as on the date of each Sale shall not be allowed to participate as Bidders on any Sale. Such Employees may, however, submit an absentee/proxy bid for an amount which may be equal to or above the lower estimate of a Lot before the Sale commences. Once the Sale has started, they may not increase their bid or alter it in any way. Our Employees may also bid in charity Sale(s) that are held by us.

Every Bidder is required to register their particulars with us no later than 24 (twenty four) hours prior to commencement of the relevant Sale by completing the registration process on our website. All Bidders submitting physical registration form must ensure that the same, duly filled up and executed, is delivered to us no later than 24 (twenty four) hours prior to commencement of the Sale. Registrations received less than 24 (twenty four) hours prior to the commencement of the Sale may be processed at our sole discretion.

You may be asked to participate in our verification process. As part of the same, you may be requested to provide certain information/documents including (a) in case of individuals, proof of identity with photo along with proof of residential address; (b) in case of body corporate, certificate of incorporation/registration along with proof of registered office address; (c) in case of trusts, partnerships, offshore companies and other entities, similar documents as stated above in order for us to determine your identity, status and residential address. We may also, at our sole discretion, seek financial reference or deposit of certain amount as a pre-condition to allow you to Bid. All such deposits shall not bear any interest of whatsoever nature. In case of a returning Bidder, the extant verification process may be repeated at our sole discretion. In other cases, the returning Bidder may be asked to confirm and/or update their previously verified details.

Any prospective Bidder who refuses to provide the requested documents may, at our sole discretion, be refused permission to Bid.

At the time of registration, each Bidder is required to provide us with accurate invoicing details based on which invoices shall be raised to such Bidder pursuant to a successful Bid.

We reserve the right, at our absolute discretion, to (i) revoke or refuse your registration or permission to Bid at any time before, during or after a Sale; or (ii) revoke or refuse to accept any Bid made by you at any time during a Sale; or (iii) set bidding limitations for any Bidder.

The Bidders acknowledge and understand that a Bid is a legally binding commitment to purchase the relevant Lot and Bidders undertake to complete the transaction of sale and purchase of relevant Lot(s) if their Bid is accepted by the Auctioneer as the winning Bid.

Bidding
At any Sale, the Auctioneer may accept Bids from (i) telephone Bidders; (ii) online Bidders; and (iii) advance Bids submitted to us by a Bidder before the Sale. The Auctioneer has absolute discretion to accept and give precedence to Bids made vide any of the above-stated modes. It is clarified that a Bidder may choose any one of the above mentioned modes for Bidding at any particular Sale.

All Bids shall be made either in INR (Indian National Rupee)

Bidding in the Auction room: All approved and registered Bidders shall be provided with a paddle (an identification name or username) setting out the designated number for identification of the Bidder.

Online Bidding: We do not guarantee the successful placing of Bid via online mechanism and shall not accept any liability in the event an online Bid is not executed or improperly executed or in the event of any technical glitch (e.g. time-lag in streaming, etc.) resulting in inter alia loss of opportunity to place a Bid. Such online Bid may be recorded at our sole discretion and by participating in a Sale via internet, you agree and acknowledge that (i) your real-time video feed including your Bids may be recorded by us; and (ii) you are bound by the terms and conditions mentioned herein as well as the “terms of use” as available on our website. We reserve the right to disable Bidding access while the Auction is in process.

Advance Bids: Bidders may also fill up an absentee bid form and submit the same to us no later than 1 (one) hour prior to commencement of the relevant Sale. The Auctioneer, at his/her sole discretion, may attempt to execute a written Bid at the lowest price taking into account the Reserve Price, if any. In the event we receive 2 (two) written Bids for the same Lot and if such Bids are the highest at the relevant Sale, the written Bid received by us first in time shall be considered as the successful Bid. By participating in a Sale via written Bids, you agree and acknowledge that you are bound by the terms and conditions mentioned herein.

Please note that all Bids are final once placed and may not be cancelled or modified by you, except with our express written consent under circumstances that we consider appropriate at our sole discretion.

All modes of bidding, other than Bids placed in the Auction room, shall be provided at our sole discretion for the sake of convenience and we do not guarantee that such services will be uninterrupted and error-free or that Bids will be received by the Auctioneer or information regarding current price will be transmitted during a Sale in a timely manner. The decision to accept any Bid as the winning Bid lies solely with the Auctioneer. In the event of any dispute between Bidders, or in the event of doubt as to the validity of any Bid, the Auctioneer will have the final discretion to either (i) determine the successful Bidder; (ii) cancel the sale of relevant Lot; or (iii) reoffer and re-sell the Lot in dispute.

The acceptance of any Bid by the Auctioneer shall be subject to Reserve Price, if any, pertaining to the relevant Lot.

The Auctioneer may, at his/her sole discretion, (i) refuse any Bid; (ii) give precedence to Bids made via any of the acceptable modes set out herein; (iii) reopen Bidding in respect of a Lot; (iv) withdraw a Lot; (v) divide or combine any 2 (two) or more Lot(s) for the purpose of Bidding; (vi) in case of dispute, cancel the Bid or Sale of any Lot and offer the same for re-Sale. In case any dispute arises during or after a Sale, the Auctioneer’s decision pertaining to such dispute shall be final and binding on all parties.

Unless the Auctioneer uses his/her discretion as set out above, a Bid becomes successful when the lot closes for bidding, thus giving rise to a contract of sale between the successful Bidder and PRINSEPS. and qualifying the said Bidder as a Buyer of the relevant Lot(s) at the Purchase Price for the relevant Lot.

Payment
We shall raise a pro forma invoice for the Purchase Price on the winning Bidder, being the Buyer, immediately upon closing of the Sale, using the details furnished by such Bidder at the time of registration. Payment shall be due and payable by the Buyer within 15 (fifteen) days from the receipt of pro forma invoice by the Buyer. Payment must be made either via (i) cheque, demand draft; (ii) RTGS/NEFT or direct wire transfer; (iii) credit card, (iv) Paypal, or (v) Online Payment Link .

In the event the Buyer fails to make full and final payment or collect the Lot within the timelines stipulated herein, we may, at our sole discretion, (i) extend the date of making payment by the Buyer along with interest payable at the rate of 15% on the Hammer Price; (ii) cancel the Sale of such Lot; (iii) re-sell the Lot, whether privately or by way of another Auction, after providing 3 (three) days’ notice to the Buyer of the our intention to sell; (iv) initiate legal proceedings against the Buyer for payment of Purchase Price to us and/or damages for breach of contract.

The Buyer agrees to indemnify and hold PRINSEPS harmless against all legal and other costs of enforcement incurred (including any additional charges payable) arising on account of delay on the part of the Buyer to make full and final payment in accordance with the terms hereof.

Risk and Title
The risk and the title in the relevant Lot(s) shall pass on to the relevant Buyer upon payment of the Purchase Price by the Buyer to us in accordance with the terms hereof and the same being received in cleared funds by us.

Our Liability
We do not make any representation or warranty as to the acquisition of any copyright or other intellectual property rights by the Buyer including, but not limited to, reproduction rights in any of the Lot(s).

We shall not be liable to any Bidder or Buyer for any reason whatsoever in relation to any Bid or purchase made pursuant to any Sale. We provide no warranty whatsoever to any Bidder other than the following limited “authenticity guarantee” described hereunder.

We provide the following limited guarantee to the Buyer for a period of 1 (one) year with respect to the authenticity of Lot(s) sold to such Buyer:

(a) The guarantee with respect to authorship of any Lot is limited to the name of the artist, any qualifications/reservations mentioned thereto and such factual information being set out in BOLD AND CAPITALISED FORM in the Catalogue. For the sake of clarity, the term “authentic” or “authenticity” connotes a genuine work. Any factual description or condition pertaining to the Lot which is not in BOLD AND CAPITALISED FORM shall not be considered as the contractual description of the Lot and any error, mistake, inadequate information thereto shall not diminish the “authenticity” of the said Lot.

(b) Our liability or the liability of the Consignor shall not exceed the original Purchase Price actually paid by the Buyer in respect of each Lot whose authenticity is in question.

(c) The benefits of this guarantee shall be available only (i) to the Buyer as per our records and shall not be extended to or assignable to any third party or subsequent buyers; (ii) if the Lot in question is indisputably the same as was purchased by the Buyer through a Sale.

(d) In case of a valid and undisputed claim under this clause, we shall be liable to make payment to the Buyer only after we obtain the refunded Purchase Price from the Consignor and in no other case. We shall not be accountable to the Buyer for any taxes, shipping, handling or any other charges that may have been applicable at any time from the Sale of the Lot till the claim being made.

(e) All claims relating to authenticity shall be handled by us on a case to case basis and we reserve the right to consult, at the cost of the Buyer, with experts to examine the Lot under question prior to rescinding the Sale. The opinion of the experts shall not be binding on us. We will require verifiable proof from the Buyer demonstrating that the Lot in question is not authentic. Our decision on this matter shall be final and binding.

(f) For Lot(s) not owned by PRINSEPS, in the event the Consignor does not refund the Purchase Price pursuant to this clause, the Buyer may authorise us as its agents to take all necessary steps, at the sole cost of the Buyer, against the Consignor.

We shall not be responsible to any Bidder or Buyer for any reason resulting in loss of profits or business, loss of opportunity or value, expected savings or interest, costs, damages or expenses.

Intellectual Property Rights
We own the copyright in or are duly authorised to use all images, illustrations and writings as set out in the Catalogue or other media produced by or for us in relation to each Lot.

Confidentiality
Any personal information relating to the Bidders shall, at all times, be kept confidential by us and we undertake to not disclose the same to any third party unless otherwise required under applicable laws or pursuant to order of any court, tribunal or governmental authority.

Assignability
You may not assign or transfer your rights, obligations and responsibilities pursuant to these terms and conditions to any third party unless we have given our written permission.

Waiver
The Consignor’s or our failure to or delay in enforcing any right or exercising any power set out herein shall not constitute a waiver of such rights and/or power except when a specific waiver is granted to you hereunder in writing.

Notice
We may validly send a notice to any Bidder either by way of an email to the email address provided to us or by courier sent at the physical address provided to us. Such notice shall be said to be properly served (i) in case of an email, on the date of transmission; (ii) in case of courier, within 5 (five) business days from the date of dispatch. For the purpose hereof, our address is as follows:

Severability
If any part of these conditions is found by any court of law to be invalid, illegal or unenforceable, that part may be discounted and the rest of the conditions shall be enforceable to the fullest extent permissible by law.

Governing Law and Jurisdiction
Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in accordance with the Arbitration Rules of the Mumbai Centre for International Arbitration (“MCIA Rules”), which rules are deemed to be incorporated by reference in this clause or by arbitrators appointed by the courts in Mumbai, India.

Indemnification
You agree to defend, indemnify on demand and keep PRINSEPS and our affiliates, parents, subsidiaries and each of our and their respective officers, employees, agents, partners, content providers, service providers, suppliers and licensors (collectively, the “Released Parties”) indemnified, and hold the Released Parties harmless from any and all claims, liabilities, costs, losses (including without limitation consequential and indirect losses) and expenses, including reasonable attorneys' fees, arising in any way from (a) your purchase or use of any products made available through the Digital Platform, or any related services or information, or (b) your fraudulent or deceptive acts or omissions, or breach or violation of the law (including infringement of any intellectual property or other right of any person or entity) or of the Buy-Now Buyer Terms. We will provide notice to you promptly of any such claim, suit, or proceeding. We reserve the right, at our own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, and in such case, you agree to assist and cooperate with our defense of such claim. In any event, you shall not settle any such claim without our prior written approval.

Arbitration
Any dispute or difference arising out of touching or concerning this contract including its construction, scope, implication, performance, effect, validity, breach thereof or for determining any claim, right or liability of the parties hereunder shall be referred to arbitration in accordance with its Rules of Arbitration and subject to the provisions of Arbitration & Conciliation Act, 1996 or any statutory amendment thereof from time to time in force

Glossary of Terms
Capitalized words used herein have a special meaning attributed to them, details of which can be referred to by you in this part. Please refer to the terms below while reading the ‘Conditions to Buy at the Auction’.

"Auctioneer” shall mean the online platform Prinseps.com and the value-discovery process facilitated by the bidding process;

“Bid” shall mean the offer made by the Bidder for purchase of one or more Lot(s) at any Sale;

“Bidder” shall mean such registered and approved person who makes a Bid at any Sale;

“Buyer” shall mean such Bidder who has made the highest Bid in respect of any Lot and whose Bid has been accepted by the Auctioneer, at his/her sole discretion;

“Catalogue” shall mean the catalogue published by us, whether in print or any electronic form, setting out details of a Sale including, without limitation, description, price and other details pertaining to Lot(s);

"Consignor" shall mean the individual from whom the art work has been sourced for sale by the seller - PRINSEPS

“Employee” shall mean an employee on our rolls;

“Hammer Price” shall mean the highest price pertaining to each Lot at a Sale, which price is accepted by the Auctioneer, indicated by the fall of the hammer;

“Lot(s)” shall mean such item which has been offered for Sale and more particularly described in the Catalogue;

“Purchase Price” shall mean the aggregate of the Hammer Price and applicable charges, duties and taxes, if any, thereon;

“Reserve Price” shall mean the minimum price, as may be indicated by the Consignor in confidence to us, at which a Lot may be sold;

“Sale” or “Auction” shall mean the auction process at which Lot(s) are offered for sale by us to Bidders; and

“Seller” shall mean PRINSEPS

“Start Price” shall mean the opening bid at which the bidding on Lot(s) begins. Opening Bid is at times lower than the lower estimate.