Common use of Default Clause in Contracts

Default. In cases in which the purchase price has not been paid within one (1) week of the invoice having been received, the buyer will be conside- red to be defaulting on the payment. Upon the occurrence of such default, the purchase price will accrue interest at 1% per month, notwithstanding any other claims to compensation of damages that may exist. Two (2) months after the buyer has defaulted on the purchase price, Grisebach will be entitled – and will be under obligation to do so upon the Consignor’s corresponding demand – to provide to the Consignor the buyer’s name and address. If the buyer has defaulted on the purchase price, then Grisebach may rescind the agreement after having set a period of grace of two (2) weeks. Once Grisebach has so rescinded the agree- ment, all rights of the buyer to the work of art acquired at auction will expire. Upon having declared its rescission of the agreement, Grise- bach will be entitled to demand that the buyer compensate it for its damages. Such compensation of damages comprises in particular the remuneration that Grisebach has lost (commission to be paid by the Consignor and buyer’s premium), as well as the costs of the illus- trations for the Presentation and the costs of shipping, storing, and insuring the work of art until it is returned or until it is once again of- fered for sale at an online auction. Where the work of art is sold to a bidder who has submitted a lower bid, or where it is sold at the next auction or the auction after that, the original buyer moreover will be held liable for any amount by which the proceeds achieved at that subsequent auction are lower than the price it had bid originally. Grisebach has the right to block the defaulting buyer from fu- ture online auctions and to forward the name and address of that buyer to other auction houses so as to enable them to disqualify that buyer from their auctions as well. Acceptance of the work of art purchased at auction

Default. In cases in which the purchase price has not been paid within one two (12) week weeks of the invoice having been received, the buyer will shall be conside- red deemed to be defaulting on the payment. Upon the occurrence of such default, the purchase price will shall accrue interest at 11 % per month, notwithstanding any other claims to compensation of damages that may exist. Two (2) months after the buyer has defaulted on the purchase price, Grisebach will shall be entitled – and will shall be under obligation to do so upon the Consignor’s corresponding demand – to provide to the Consignor the buyer’s name and address. If Where the buyer has defaulted on the purchase price, then Grisebach may rescind the agreement after having set a period of grace of two (2) weeks. Once Grisebach has so rescinded the agree- mentagreement, all rights of the buyer to the work of art acquired at auction will shall expire. Upon having declared its rescission of the agreement, Grise- bach will Grisebach shall be entitled to demand that the buyer compensate it for its damages. Such compensation of damages comprises shall comprise in particular the remuneration that Grisebach has lost (commission to be paid by the Consignor and buyer’s premium), as well as the costs of picturing the illus- trations for work of art in the Presentation catalogue and the costs of shippingship- ping, storing, storing and insuring the work of art until it is returned or until it is once again of- fered offered for sale at an online auction. Where the work of art is sold to a bidder who has submitted a lower bid, or where it is sold at the next auction or the auction after that, the original buyer moreover will shall be held liable for any amount by which the proceeds achieved at that subsequent auction are lower than the price it had bid originally. Grisebach has the right to block exclude the defaulting buyer from fu- ture online future auctions and to forward the name and address of that buyer to other auction houses so as to enable them to disqualify that buyer exclude him from their auctions as well. Acceptance Post Auction Sale In the course of a two-month period following the auction, works of art that have gone unsold at the auction may be acquired through post auction sales. The post auction sale will be deemed to be part of the auction. The party interested in acquiring the work of art purchased is to submit a bid either in person, by telephone, in writing or via the internet, citing a specific amount, and is to acknowledge the Condi- tions of Sale as being binding upon it. The sale and purchase agree- ment shall come about if Grisebach accepts the bid in writing within three weeks of its having been received. The provisions regarding the purchase price, payment, default, pick-up and liability for works of art acquired at auctionauction shall apply mutatis mutandis. Acceptance of the Work of Art Purchased at Auction

Default. In cases in which the purchase price has not been paid within one two (12) week weeks of the invoice having been received, the buyer will shall be conside- red deemed to be defaulting on the payment. Upon the occurrence of such default, the purchase price will shall accrue interest at 11 % per month, notwithstanding any other claims to compensation of damages that may exist. Two (2) months after the buyer has defaulted on the purchase price, Grisebach will shall be entitled – and will shall be under obligation to do so upon the Consignor’s corresponding demand – to provide to the Consignor the buyer’s name and address. If Where the buyer has defaulted on the purchase price, then Grisebach may rescind the agreement after having set a period of grace of two (2) weeks. Once Grisebach has so rescinded the agree- mentagreement, all rights of the buyer to the work of art acquired at auction will shall expire. Upon having declared its rescission of the agreement, Grise- bach will Grisebach shall be entitled to demand that the buyer compensate it for its damages. Such compensation of damages comprises shall comprise in particular the remuneration that Grisebach has lost (commission to be paid by the Consignor and buyer’s premium), as well as the costs of picturing the illus- trations for work of art in the Presentation catalogue and the costs of shipping, storing, storing and insuring the work of art until it is returned or until it is once again of- fered offered for sale at an online auction. Where the work of art is sold to a bidder who has submitted a lower bid, or where it is sold at the next auction or the auction after that, the original buyer moreover will shall be held liable for any amount by which the proceeds achieved at that subsequent auction are lower than the price it had bid originally. Grisebach has the right to block exclude the defaulting buyer from fu- ture online future auctions and to forward the name and address of that buyer to other auction houses so as to enable them to disqualify that buyer exclude him from their auctions as well. Acceptance In the course of a two-month period following the auction, works of art that have gone unsold at the auction may be acquired through post auction sales. The post auction sale will be deemed to be part of the auction. The party interested in acquiring the work of art purchased is to submit a bid either in person, by telephone, in writing or via the internet, citing a specific amount, and is to acknowledge the Conditions of Sale as being binding upon it. The sale and purchase agreement shall come about if Grisebach accepts the bid in writing within three weeks of its having been received. The provisions regarding the purchase price, payment, default, pick-up and liability for works of art acquired at auctionauction shall apply mutatis mutandis.