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Corporate Service - China

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Q&A Regarding Auction Business (8)

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Q: What can the buyer do if they fail to obtain the auction item as agreed?
A: If the buyer fails to obtain the auction item as agreed, he has the right to demand that the auctioneer or the consignor bear the liability for breach of contract.

Q: What are the consequences if the buyer fails to accept the auction item as agreed?
A: If the buyer fails to take possession of the auctioned item as agreed, they shall pay the storage fees arising therefrom.

Q: What documents does the consignor need to provide when entrusting items for auction?
A: When a consignor entrusts the auction of items or property rights, they shall provide their identity proof and the ownership proof of the auction item as required by the auctioneer or the proof that the auction item can be disposed of in accordance with the law, as well as other materials.

Q: What does the auctioneer need to do regarding the materials provided by the consignor?
A: The auctioneer shall verify the relevant documents and materials provided by the consignor.

Q: Do the auctioneer and the consignor need to sign a contract?
A: Where an auctioneer accepts a commission, he or she shall enter into a written commission auction contract with the consignor.

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