PEDRO CABRITA REIS (B.1956) - 'Series II #5'

Conditions of Sale

1. Registration

1.1 In order to be allowed to bid prospective buyers must complete and sign a registration form and provide valid identification. Registration must include the following elements: name, address, telephone number, VAT number and credit card. Registration is advisable to be effected up to 12 hours prior to auction.

1.2 Marques dos Santos reserves the right to request prospective buyers upon registration or afterwards, to provide a guarantee or bank deposit considered by Marques dos Santos as appropriate and reasonable.

1.3 Marques dos Santos has the right at our complete discretion to refuse admission to the premises or participation in any auction and to reject any bid. Bidding on any item indicates full acceptance of the Conditions of Sale these terms and all other terms announced at the time of sale whether bidding in person, through a representative, by phone, by Internet, or other absentee bid.

2. Auctioneer's Discretion

The highest bidder as determined by the auctioneer shall be the purchaser. In the case of a disputed bid, the auctioneer shall have sole discretion in determining the purchaser and may also, at his or her election, withdraw the lot or reoffer the lot for sale. The auctioneer shall have sole discretion to refuse any bid, or refuse to acknowledge any bidder.

3. Payment and Collection

3.1 For property purchased on Auctions, a premium equal to 24,5% of the final bid price will be applied to each lot sold, to be paid by the purchaser as part of the purchase price. Bidding on any item indicates acceptance of these terms and all other terms announced at the time of sale whether bidding in person, through a representative, by phone, by Internet, or other absentee bid.

3.2 The purchaser is liable to pay in full the amount mentioned in 3.1, deducted of the eventual amount already paid according to point 1.2 , and to collect the good within 3 (three) working from date of purchase. Upon payment deadline, owed amount may be accrued of interest and storage charges. Cash, bank wire transfer or credit card are acceptable for payment.

3.3 Collection of any good will only be allowed after payment of the full sale amount. Collection and shipping is the responsibility of the purchaser. Upon request, our staff will provide a list of shippers who deliver to Portugal and destinations overseas. It is considered as a courtesy any help rendered by Marques dos Santos, their representatives, workers or co-workers in the course of the activities described above and no responsibility will be assigned to those persons. Likewise, Marques dos Santos, their representatives, workers or co-workers are not responsible for any company or person eventually indicated to provide that help.

3.4 Some property that is sold at auction can be subject to laws governing export from Portugal, such as items that include material from some endangered species. Import restrictions from foreign countries are subject to these same governing laws. Granting of licensing for import or export of goods from local authorities is the sole responsibility of the purchaser. Denial or delay of licensing will not constitute cancellation or delay in payment for the total purchase price of these lots.

4. Breach

If the purchaser breaches any of its obligations under these Conditions of Sale, including its obligation to pay in full the purchase price of all items for which it was the highest successful bidder, Marques dos Santos may exercise all of its rights and remedies under the law including, without limitation, (a) canceling the sale and applying any payments made by the purchaser to the damages caused by the buyers breach, and/or (b) offering at public auction, without reserve, any lot or item for which the purchaser has failed to pay in full the purchase price, holding the purchaser liable for any deficiency plus all costs of sale.

5. Tax Provisions

All purchases are subject to the VAT sales tax unless the purchaser presents valid VAT registration identification and qualifies for exemption. VAT is charged over buyer's premium amount.

6. Liability

6.1 All property is sold as is, and neither the auctioneer nor any consignor makes any warranties or representation of any kind or nature with respect to the property, and in no event shall they be responsible for the correctness, nor deemed to have made any representation or warranty, of description, genuineness, authorship, attribution, provenance, period, culture, source, origin, or condition of the property and no statement made at the sale, or in the bill of sale, or invoice or elsewhere shall be deemed such a warranty of representation or an assumption of liability. Prospective buyers are strongly advised to personally examine any property in which they are interested before the auction takes place. Condition reports are available on request.

6.2 In no event will the liability of Marques dos Santos to any purchaser with respect to any item exceed the purchase price actually paid by such purchaser for such item.

7. Final Provisions

These Conditions of Dale shall be governed by Portuguese Law. The buyer/bidder agrees that any suit for the enforcement of this agreement may be brought, and any action against Marques dos Santos in connection with the transactions contemplated by this agreement shall be brought, in the courts Porto, Portugal with express renounce to any other venue.

Shipping Terms

Auction House will help arrange shipment, at buyer's expense

Indirizzo: Rua Santos Pousada 1281 | 4000-490 Porto

Tel: +351 225026308

e-mail: [email protected]

www.mdsleiloes.com