Common use of Insurance/Loss or Damage Clause in Contracts

Insurance/Loss or Damage. The Gallery shall insure the work for percent of the retail price shown in the Record of Consignment. • The Gallery shall be responsible for the safekeeping of all consigned works. • The Gallery shall be strictly liable for loss of or damage to any consigned Artwork from the date of delivery to the Gallery until the work is returned to the Artist or delivered to a Purchaser. • In the event of damage that cannot be restored, the Artist shall receive the same amount as if the work had been sold at the retail price listed in the Record of Consignment. • If restoration is undertaken, the Artist shall have a veto power over the choice of restorer. Initialed by The Artist and Gallery. COPYRIGHT AND SECURITY INTEREST • The Gallery shall take all steps necessary to insure that the Artist’s copyright of the consigned works is protected, including but not limited to requiring copyright notices on all reproductions of the works used for any purpose whatsoever. • Title to and a security interest in any works consigned or proceeds of sale under this Agreement are reserved to the Artist. • In the event of any default by the Gallery, the Artist shall have all the right of a secured party under the Uniform Commercial Code and the works shall not be subject to claims by the Gallery’s creditors. • The Gallery agrees to execute and deliver to the Artist, in the form requested by the Artist, a financial statement and such other documents that the Artist may require to perfect its security interest in the works. • In the event of the purchase of any work by a party other than the Gallery, title shall pass directly from the Artist to the other party. • In the event of the purchase of any work by the Gallery, title shall pass only upon full payment to the Artist of all sums due hereunder. • The Gallery agrees not to pledge or encumber any works in its possession, not to incur any charge or obligation in connection herewith for which the Artist may be liable. Initialed by The Artist and Gallery.

Insurance/Loss or Damage. The Gallery shall insure the work for percent of the retail price shown in the Record of Consignment. • The Gallery shall be responsible for the safekeeping of all consigned works. • The Gallery shall be strictly liable for loss of or damage to any consigned Artwork artwork from the date of delivery to the Gallery until the work is returned to the Artist or delivered to a Purchaser. • In the event of damage that cannot be restored, the Artist shall receive the same amount as if the work had been sold at the retail price listed in the Record of Consignment. • If restoration is undertaken, the Artist shall have a veto power over the choice of restorer. Initialed by The Artist and Gallery. COPYRIGHT AND SECURITY INTEREST • Copyright and Security Interest The Gallery shall take all steps necessary to insure that the Artist’s copyright of the consigned works is protected, including but not limited to requiring copyright notices on all reproductions of the works used for any purpose whatsoever. • Title to and a security interest in any works consigned or proceeds of sale under this Agreement are reserved to the Artist. • In the event of any default by the Gallery, the Artist shall have all the right of a secured party under the Uniform Commercial Code and the works shall not be subject to claims by the Gallery’s creditors. • The Gallery agrees to execute and deliver to the Artist, in the form requested by the Artist, a financial statement and such other documents that the Artist may require to perfect protect its security interest in the works. • In the event of the purchase of any work by a party other than the Gallery, title shall pass directly from the Artist to the other party. • In the event of the purchase of any work by the Gallery, title shall pass only upon full payment to the Artist of all sums due hereunder. • The Gallery agrees not to pledge or encumber any works in its possession, not to incur any charge or obligation in connection herewith for which the Artist may be liable. Initialed by The Artist and Gallery.

Insurance/Loss or Damage. The Gallery shall insure the work for percent of the retail price shown in the Record of Consignment. • The Gallery shall be responsible for the safekeeping of all consigned works. • The Gallery shall be strictly liable for loss of or damage to any consigned Artwork artwork from the date of delivery to the Gallery until the work is returned to the Artist or delivered to a Purchaser. • In the event of damage that cannot be restored, the Artist shall receive the same amount as if the work had been sold at the retail price listed in the Record of Consignment. • If restoration is undertaken, the Artist shall have a veto power over the choice of restorer. Initialed by The Artist and Gallery. COPYRIGHT AND SECURITY INTEREST • Copyright and Security Interest The Gallery shall take all steps necessary to insure that the Artist’s copyright of the consigned works is protected, including but not limited to requiring copyright notices on all reproductions of the works used for any purpose whatsoever. • Title to and a security interest in any works consigned or proceeds of sale under this Agreement are reserved to the Artist. • In the event of any default by the Gallery, the Artist shall have all the right of a secured party under the Uniform Commercial Code and the works shall not be subject to claims by the Gallery’s creditors. • The Gallery agrees to execute and deliver to the Artist, in the form requested by the Artist, a financial statement and such other documents that the Artist may require to perfect protect its security interest in the works. • In the event of the purchase of any work by a party other than the Gallery, title shall pass directly from the Artist to the other party. • In the event of the purchase of any work by the Gallery, title shall pass only upon full payment to the Artist of all sums due hereunder. • The Gallery agrees not to pledge or encumber any works in its possession, not to incur any charge or obligation in connection herewith for which the Artist may be liable. Artist Gallery Contract/ Consignment/ Account, con’t Initialed by The Artist and Gallery.