Common use of Rights and Obligations of Supplier Clause in Contracts

Rights and Obligations of Supplier. a. Supplier warrants that as of the date of the Sale: i. It has complete and lawful right, title and interest in the Merchandise and has full rights to sell the Merchandise. To the extent that any Merchandise offered for Sale are not owned by Supplier, Supplier warrants that it is duly authorized to sell such Merchandise on behalf of its rightful owner. ii. The products are being fairly and honestly offered for sale. iii. There will not be any willful misrepresentation of Merchandise for sale. iv. No treated, synthetic, laser drilled, or simulated diamonds and/or jewelry will be knowingly included in any Supplier Merchandise. v. No glass, cubic zirconium (“CZ”) or other non-diamond products shall be knowingly offered as diamonds. b. Full disclosure shall be made by Supplier if the Supplier knows that the Merchandise contains any treated, synthetic, laser drilled, or simulated diamonds and, if this be the case, Supplier must indicate at the time of submission of the goods whether it is uncertain if any Merchandise contains any glass, CZ or other non-diamond products. c. Supplier acknowledges that in the event that Supplier’s Merchandise is found to contain undisclosed treated, synthetic, laser drilled or simulated diamonds in breach or violation of the Supplier warranty given above in Section C.3.(a) then Rapaport will be obligated to report any such fraudulent activity to the relevant authorities. d. Supplier shall notify the auctioneer, his or her agents, principals, employees, employers or assignees in the event of any defect in title. e. Supplier will not sell or offer for sale any of the Merchandise submitted to Rapaport from the date of submission until the Sale is closed. f. Supplier may remove Merchandise from a Sale once submitted provided (a) that the Supplier reimburses Rapaport of any costs that arise from such withdrawal, and (b) if Supplier has elected to receive a Supplier Advance, any such Supplier Advance shall have been paid in full.

Rights and Obligations of Supplier. a. Supplier warrants that as of the date of the Sale: i. It has complete and lawful right, title and interest in the Merchandise and has full rights to sell the Merchandise. To the extent that any Merchandise offered for Sale are not owned by Supplier, Supplier warrants that it is duly authorized to sell such Merchandise on behalf of its rightful owner. ii. The products are being fairly and honestly offered for sale. iii. There will not be any willful misrepresentation of Merchandise for sale. iv. No treated, synthetic, laser drilled, or simulated diamonds and/or jewelry will be knowingly included in any Supplier Merchandise. v. No glass, cubic zirconium (“CZ”) or other non-diamond products shall be knowingly offered as diamonds. b. Full disclosure shall be made by Supplier if the Supplier knows that the Merchandise contains any treated, synthetic, laser drilled, or simulated diamonds and, if this be the case, Supplier must indicate at the time of submission of the goods whether it is uncertain if any Merchandise contains any glass, CZ or other non-diamond products. c. Supplier acknowledges that in the event that Supplier’s Merchandise is found to contain undisclosed treated, synthetic, laser drilled or simulated diamonds in breach or violation of the Supplier warranty given above in Section C.3.(a3(a) then Rapaport will be obligated to report any such fraudulent activity to the relevant authorities. d. Supplier shall notify the auctioneer, his or her agents, principals, employees, employers or assignees in the event of any defect in title. e. Supplier will not sell or offer for sale any of the Merchandise submitted to Rapaport from the date of submission until the Sale is closed. f. Supplier may remove Merchandise from a Sale once submitted provided (a) that the Supplier reimburses Rapaport of any costs that arise from such withdrawal, and (b) if Supplier has elected to receive a Supplier Advance, as described in Section 4(d) below, any such Supplier Advance shall have been paid in full.