Common use of Transfer of risk Clause in Contracts

Transfer of risk. 9.1 A purchased lot is entirely at the risk of the Buyer starting on the earliest of the following: (i) the date the Buyer receives the lot purchased, or (ii) the date the Buyer pays the Amount Due for the lot; if none of these events takes place, the transfer of risk will in any case have effect after the ten (10) day-period of the sale has elapsed. The transfer of risk to the Buyer expressly exonerates Il Ponte from any liability regarding the fate of the adjudicated lot as well as in the event of damages, theft, fire, destruction of loss of the lot itself (partial or total). 9.2 The Buyer will be compensated for any loss of or damage to the lot that occurs after the adjudication but before the transfer of risk, but the compensation may not exceed the Hammer Price of the lot plus the buyer’s premium received by Il Ponte. In no event will Il Ponte be responsible for the loss or damage of glass/frames containing or covering prints, paintings or other works unless the frame and/or the glass is part of the auctioned lot. 9.3 In no event will Il Ponte be liable for any loss or damage (partial or total) of the adju- dicated lot: (i) that occurs as a result of any action (including restoration or cleaning of the work or the frame) carried out by third parties appointed by anyone; (ii) arising, directly or indirectly, from: (a) changes in humidity or temperature; (b) normal wear and tear or gradual deterioration resulting from interventions on the object and/or other events (in- cluding woodworms and wood parasites); (c) errors in treatment; (d) war, nuclear fission, radioactive contamination, chemical, biochemical or electromagnetic weapons; (e) acts of terrorism; (f) in case of lockdowns or similar situations, Authority regulations and any other reason of force majeure outside the control of Il Ponte.

Transfer of risk. 9.1 A purchased lot is entirely at the risk of the Buyer starting on the earliest of the following: (i) the date the Buyer receives the lot purchased, or (ii) the date the Buyer pays the Amount Due for the lot; if none of these events takes place, the transfer of risk will in any case have effect after the ten (10) day-period of the sale has elapsed. The transfer of risk to the Buyer expressly exonerates Il Ponte from any liability regarding the fate of the adjudicated lot as well as in the event of damages, theft, fire, destruction of loss of the lot itself (partial or total). 9.2 The Buyer will be compensated for any loss of or damage to the lot that occurs after the adjudication but before the transfer of risk, but the compensation may not exceed the Hammer Price of the lot plus the buyer’s 's premium received by Il Ponte. In no event will Il Ponte be responsible for the loss or damage of glass/frames containing or covering prints, paintings or other works unless the frame and/or the glass is part of the auctioned lot. 9.3 In no event will Il Ponte be liable for any loss or damage (partial or total) of the adju- dicated adjudicated lot: (i) that occurs as a result of any action (including restoration or cleaning of the work or the frame) carried out by third parties appointed by anyone; (ii) arising, directly or indirectly, from: action (a) changes in humidity or temperature; (b) normal wear and tear or gradual deterioration resulting from interventions on the object and/or other events (in- cluding including woodworms and wood parasites); (c) errors in treatment; (d) war, nuclear fission, radioactive contamination, chemical, biochemical or electromagnetic weapons; (e) acts of terrorism; (f) in case of lockdowns or similar situations, Authority regulations and any other reason of force majeure outside the control of Il Ponte.