Each item (hereinafter referred to as “Lot” or “Property”) offered for sale by ELMO-LEWIS INC. (hereinafter referred to as “ELMO-LEWIS”, “we”, “us” or “our”) is subject to the terms and conditions set forth below, as supplemented in writing or otherwise by us at any time prior to sale. By bidding at an auction, whether in person, by telephone or by other means, the buyer and all bidders (hereinafter referred to as “you”, “your”, “buyer” or “purchaser”) agree to be bound by the terms and conditions set forth below, as supplemented in the manner provided in this paragraph. It is your responsibility to read and understand them. If you do not agree to these terms and conditions, we ask that you do not participate in any ELMO-LEWIS auctions. You are also advised to read the Terms and Conditions of Consignment Sale, which are set forth separately, carefully prior to bidding.

1. Bidding at Auction/ Registration

1-1. ELMO-LEWIS
ELMO-LEWIS shall be conducted as an auction with registered bidders. Prices shall be shown, and payments shall be made, in Japanese Yen.

1-2. The auctioneer has the right, in his absolute discretion and authority, to facilitate the smooth conduct of sales, by means including, but not limited to, rejecting any bid offered, disapproving of any bidder’s registration, participating in bidding, withdrawing any Lot,, reoffering and reselling any Lot, and setting the initial bidding price and the bidding increments. In the event of any problem between a buyer and ELMO-LEWIS, the winning bidder shall be designated by the auctioneer in his absolute discretion and authority.
The auctioneer will hammer after the highest bidding price is confirmed. The sale shall be deemed concluded, and the sale agreement between the winning bidder and the Consignor shall be deemed final, immediately after the auctioneer hammers.
If an absentee bid is submitted inappropriately, we reserve the right to decline execution of the bid as requested. ELMO-LEWIS is not liable for any failures, omissions or inadvertent errors made in connection with the execution of any absentee bids.

1-3. Each bidder is required to register with ELMO-LEWIS and to establish an account prior to bidding. ELMO-LEWIS may require bidders to submit a driver’s license, health insurance card, passport or other government-issued identification as part of the registration process. We also utilize 3-D Secure to authenticate credit cards.

1-4. How to bid

1. Absentee/ Fax Bid
   You may submit a bid by faxing us a completed “Absentee Bid Form” twenty-four (24) hours prior to the time the auction in which you wish to participate is scheduled to begin. This is a strict deadline. If so instructed, we may execute written absentee bids at the lowest permissible price, against other bidders and the reserve, on a buyer’s behalf. ELMO-LEWIS is not liable for any errors, omissions or failures on or in connection with any Absentee Bid Form submitted, or which a buyer attempts to submit, including, but not limited to, hardware trouble, incorrect information provided on Absentee Bid Forms and computer time outs, which may cause ELMO-LEWIS to fail to execute a bid as requested.
2. Telephone Bids (Live Bidding)
   Telephone bids may be arranged by submitting an Absentee Bid Form by fax twenty-four (24) hours prior to the time the auction is scheduled to begin. This is a strict deadline. You may also place a bid with our staff over the telephone. We will not be liable for errors, omissions or failures in connection with the submission of telephone bids, including, but not limited to, line disconnection, hardware trouble, a bidder’s absence or a bidder’s late response, which may cause ELMO-LEWIS to fail to execute a bid as requested. (We will use reasonable efforts to enable the buyer to bid by telephone on the day of the sale.)
   As we have a limited number of telephone lines, we encourage you to arrange telephone bids early. Telephone bids are scheduled based upon the order in which we receive Absentee Bid Forms. Absentee Bid Forms will be numbered to reflect the order of receipt.
3. Online Bids
   A prospective buyer may bid by submitting a completed “Online Auction Bid Form” prior to the day of the sale. This deadline will be strictly enforced. Forms may be found on our website.
   In the event that identical bids are submitted by different persons via absentee bids, the earliest bidder shall have priority. Absentee bids will be numbered to reflect the order in which we receive the Absentee Bid Forms.
4. Bidding by Paddle (In Person)
   To attend an auction, you must obtain a bidder’s paddle prior to bidding by completing and submitting the “Registration Form” located on our website, or by registering at the venue of the auction (you may sign up at the Preview.). You may be required to provide a government-issued identification card such as a driver’s license, health insurance card or passport, or a valid credit card, to verify your identity.
5. eBay Live Auction
   As we have linked with eBay Live Auctions, you may bid by submitting an absentee bid or by participating in a live online auction. The commission for eBay Live Auctions is 22.5%. Online bids are accepted at the buyer’s risk; we will not be liable for any errors, omissions or failures relating to the execution of a bid. Registration is required at least forty-eight (48) hours prior to each sale.

1-5. Bidding Intervals

Bidding Price	Increments
10,000 – 500,000 Yen	20,000 Yen
500,000 – 1,000,000 Yen	50,000 Yen
1,000,000 – 10,000,000 Yen	100,000 Yen
10,000,000 Yen -	500,000 Yen

1-6. Responsibility of Bidders
Bidders are responsible for satisfying themselves as to the condition or any other matter concerning the Property, and are therefore advised to personally examine the Property, and to review catalogues and other pertinent information to determine its value.

2. Payment for Purchases/ Fees

2-1. All payments must be made in advance by remittance only. Remittance shall be made according to the invoice we provide to the purchaser. (Transfer fees shall be borne by purchaser.)

2-2. Buyer’s Premium and Fees
Purchaser shall pay the amount of the successful bid price, plus a premium of 20% on the first 20,000,000 Yen of the successful bid price, and a premium of 12% on any portion of the price which exceeds 20,000,000 Yen, together with any applicable sales tax. (The sales tax will not be applied to purchasers outside of Japan.) In addition, the buyer shall pay storage fees, administrative fees and late payment charges when required.

2-3. Late Payment Charges
A late payment fee equal to 1.5% per month may be assessed on any amounts remaining unpaid fourteen (14) days following the date of a sale (including Saturdays, Sundays and National holidays). Additionally, sales tax will be charged on the total amount owed, including any late payment charges. (The sales tax will not be applied to purchasers outside of Japan.)

2-4. Storage Fees
Any Property not collected within thirty (30) days following the date of a sale will be subject to storage fees of not less than 1,000 Yen per day beginning on the first day following the expiration of the thirty-day period. The Property may be transferred to public storage at the buyer’s risk and expense. Sales tax will be charged on the total amount owed, including any late payment charges. (The sales tax will not be applied to purchasers outside of Japan.)

3. Collection of Purchased Property After Payment

3-1. We reserve the right to delay delivery of any Property until we receive full payment and, in any event, title to the Property shall not pass to the buyer until full payment has been made. When we confirm receipt of full payment, title to the Property shall pass to the buyer.

3-2. The buyer assumes all costs and risks associated with accommodation services, including any packing, handling, insurance, shipping or other services. We do not provide such services directly; however, we may refer the buyer to third parties who specialize in their provision. Under no circumstances will ELMO-LEWIS assume any responsibility in connection with the selection of, services provided by, inquiries regarding or acts or omissions by, shippers, packers, handlers or other such providers of accommodation services.
We may provide packing, insurance and shipping support to the shipper designated by the buyer. If the Property is not collected within thirty (30) days, the buyer will be liable for storage fees, as set forth herein.

3-3. Import and Export Regulations
Prior to bidding, buyers should familiarize themselves with relevant import and export regulations of the countries concerned, as buyers are responsible for complying with any and all requirements including, but not limited to, obtaining any necessary licenses.

4. Discretion and Authority Upon Buyer’s Breach

4-1. If a buyer fails to comply with any of its obligations, we shall be entitled, in our discretion, to exercise any remedies, including, but not limited to, the following:

1. cancellation of the sale of Property, including the sale of any other Property to the same buyer;
2. rejection of any bids by the buyer at future auctions;
3. setting off any amounts owed by us to the buyer in satisfaction of unpaid amounts; and
4. taking any other action we deem necessary or appropriate under the circumstances.

4-2. When we cancel the sale of a Lot upon a buyer’s breach, we may resell the Lot at a private or public sale, and exercise any remedies legally available to us.

4-3. Rescission of Sale by ELMO-LEWIS
If we become aware of an adverse claim by a third party relating to Property purchased by a buyer, we may, in our discretion, rescind the sale. Upon notice of our election to rescind a sale, the buyer must promptly return the Property to us, at which time we will refund to the buyer the hammer price and the premium paid to us by the buyer with respect to the Property.

5. Warranty

5-1. Authorship Warranty in Catalogue
ELMO-LEWIS warrants, for a period of five (5) years following the date of the sale, the authenticity of any work as set forth in a heading in BOLD CAPITAL type in the catalogue. (No warranty will be provided as to any supplementary comments.)

5-2. Disclaimer of Warranties Regarding Information in Catalogue
We do not make representations or warranties of any kind with respect to any of the following characteristics of the Property included in text or pictures in the catalogue: Image (color, tone), manufacturer, age, authenticity, genuineness, attribution, provenance, origin, location of manufacture, size (outer size), physical condition, quantity, rarity, value, historical reference or significance, importance, medium, quality, material, period, technique, culture or source of information.

5-3. Exclusions
Authorship Warranty [5-1] does not cover any of the following:

1. any description which states that there is a conflict of specialist opinion as to the authorship of the Property;
2. authorship which on the date of sale was consistent with the generally accepted opinion of specialists, scholars or other experts, despite the later discovery of new information;
3. descriptions or dating of the Property proved inaccurate by means of scientific methods or tests not generally accepted for use at the time the catalogue is published, or which were at such time deemed unreasonably expensive or impractical to use; and
4. any description in the catalogue, except the authorship described in a heading in BOLD CAPITAL type. We are not responsible for any errors or omissions in the text of the catalogue.

5-4. Condition of Property
Most of the Lots at ELMO-LEWIS are vintage; however, new products are designated “New”. Buyers are advised to personally examine any Property on which they intend to bid prior to the auction by reviewing the catalogue, any condition report and the Preview. We will make reasonable efforts to respond to inquiries concerning a Lot’s condition, including any damage or defect. As a courtesy, we prepare condition reports for the Lots, which you are advised to request prior to sale, but we assume no responsibility for errors and omissions contained in the catalogue or in any such condition report provided at the request of a buyer. Moreover, we assume no liability for spots, stains, tears, scratches, chips, dents, holes, breaks or any other defects in the Lots.

5-5. Returns

1. Under the warranty stated in 5-1.
   ELMO-LEWIS’s sole liability shall be the cancellation of the sale of the Property in question, and the refund of the purchase price originally paid by the buyer for the Property (not including any late fees, shipping or storage charges incurred by the buyer). In no event shall ELMO-LEWIS be liable to the buyer or any third party for any special or consequential damages including, without limitation, lost profits or interest. We will not respond to any claim concerning the condition of Property, or any request to return the Property, if the buyer has failed to request a condition report.
2. Except as stated under the warranty in 5-1.
   We will not accept any returns; however, the buyer may consign the Property at the next auction.

5-6. Right Holder for Returns
The warranty set forth in 5-1 covers only the original buyer of record from ELMO-LEWIS (that is, the registered bidder). ELMO-LEWIS’s warranty does not cover subsequent owners or assignees of the Property, such as purchasers from, or donees of, the original buyer, or any heirs, successors, beneficiaries or assigns.

5-7. Disclaimer of Warranties
Other than as set forth in 5-1, ELMO-LEWIS provides no warranty regarding any statements made in the catalogue or elsewhere, whether orally or in writing.

5-8. Electric Appliances (televisions, radios, record players, watches, clocks and similar items)
We will test electric appliances to determine whether they are operational. Neither any specialists in the devices nor the manufacturer will check the originality of each part.

6. Buyer's Breach on Payment

If a buyer fails to make payment by the due date (fourteen (14) business days after the sale date), we will send the buyer a reminder of the amount due. If we determine that the buyer has no intent or capacity to pay, we will cancel the contract of sale upon the buyer’s default. We will utilize any available means to collect from the buyer any costs incurred, but we shall bear no responsibility for payment to the Consignor for purchases on behalf of the buyer. If a Consignor initiates legal action against a buyer, we have absolute discretion to decide whether we will take action in the same way.

7. Storage

Property will be stored at our warehouse from the time it is received by us until it is transferred to the shipper. (Property to be exported will be delivered to a facility that handles packing, shipping and customs.)
Neither ELMO-LEWIS nor its insurers shall be responsible for loss or damage resulting from causes customarily excluded by insurers, such as

1. damage by natural disaster (including, but not limited to, earthquake, typhoon, volcanic explosion, snow melting, flood, tidal wave or mudslide);
2. damage caused by war, terrorism or radioactive contamination;
3. damage incurred after title has been passed to purchaser; or
4. damage incurred outside of our warehouse (after the Property has been transferred to the shipper).

8. Replica (Copy, Reproduction)

If a buyer makes a claim for breach with respect to the description of a Lot identified in the catalogue on the ground that the Lot is a replica rather than an original, and we admit the Lot is a replica, the following action shall be taken:

1. When payment for purchase is not complete
   If the buyer has not paid for the Lot at the time it is determined to be a replica, we will cancel the Purchase and Sale Agreement and return the Lot to the Consignor.
2. When payment for purchase is complete
   If the buyer has paid for the Lot at the time it is determined to be a replica, we will request that the Consignor refund the amount paid in full. Any claim we make against the Consignor’s assets in the amount we paid to the Consignor shall have first priority as against any other claims.

9. Miscellaneous Provisions

9-1. Governing Law; Submission to Jurisdiction
The use of ELMO-LEWIS, and these Terms and Conditions of Sale shall be, unless otherwise stated, governed by and construed in accordance with the laws of Japan. All litigation in connection with the use of our website shall be, unless otherwise stated, under the jurisdiction of the Tokyo District Court or the Tokyo Summary Court for the first trial.

9-2. Severability
If any provision of these Terms and Conditions of Sale is held by any court to be invalid, illegal or unenforceable, such provision shall be disregarded and the remaining Terms and Conditions of Sale enforced in accordance with the original document and in accordance with applicable law.

9-3. Copyright Notice
All images and text contained in the catalogue or in any other publication by us, in whatever form, shall remain the property of ELMO-LEWIS, and the buyer shall have no right of use of any such material without our prior permission. The copyright shall be protected by the copyright act, Purchase and Sale Agreement, Consignment Agreement and all related law in any appropriate country or state. The buyer shall have no right of reproduction with regard to any such material, or right to assist with a third party’s reproduction.

9-4. Exemption from Liability
We disclaim any responsibility for inaccuracy or incompleteness of description in the catalogue or on our website, except as specifically stated in 5-1. Buyer agrees that we shall have no liability for indirect, special, incidental or consequential damages resulting from the use of information. The website may not be accurately displayed under different circumstances (depending on, for example, the monitor or browser used). In such case, we shall bear no responsibility for any damages caused.

9-5. Information Collection and Use
We will collect and retain information from you (such as your name, e-mail address, mailing address, telephone number, identification card, business history and account information) for purposes of providing auction-related services. The information we collect will be used on an as-needed basis with respect to the performance of specific functions relating to our auctions (such as identification, mailing and contact, shipping of catalogue and Property, billing, credit management, post-sale services and collection and analysis of marketing data.) We will utilize information and input we obtain from people who use our services to assess and improve the quality of those services. If we intend to utilize your information for any purpose beyond that stated herein, we will inform you prior to such use. We will, however, cease the using the information we collect from you upon your request. We will not provide your information to any third party without your consent except in the following situations:

1. if it is needed by one of our affiliate companies with whom we have a confidentiality agreement;
2. if we are required by law to disclose the information; or
3. if we are required by the judiciary or a governmental agency to disclose the information.

We will respond, as promptly as possible, to any request for reference, modification or deletion of the information.
We take precautions to protect the personal information we store in our database from unlawful computer access, loss, damage, falsification and accidental distribution to unauthorized persons.

9-6. Changes to These Terms and Conditions of Sale
ELMO-LEWIS reserves the absolute right to modify or change the Terms and Conditions of Sale with or without notification.

Supplementary Provision
These Terms and Conditions of Sale are effective as of March 3, 2008.