Terms of Service
Article 1 Purpose
assumption that the Hammer Price is the average Estimate Price. In addition, if a loss is caused by auctions conducted and held by SeasonS Corp.(the "Company") and rights and obligations of parties involved in such an auction.
Article 2 Definition
① "Consignor" is a person who desires to sell his or her product(s) through the means of the auction of the Company.
② "Bidder" is a person who participates in the Company’s auction and desires to make a winning bid for a digital asset by participating in the Company’s auction.
③ "Winner" is a person who participates in the Company’s auction and has a winning bid on a digital asset.
④ "Opening Price" is the starting bidding price.
⑤ "Hammer Price" is the price of the highest bid, finalized by the fall of hammer and being called out his or her paddle number by the auctioneer.
⑥ "Purchasing Price" is the sum of hammer price, a buyer’s premium, and value added tax (VAT).
⑦ "Estimate Price" is the conjectured value of the articles sold by auction by the Company.
⑧ "Member" is a person who provides personal information to register as a member of the Company. Types of memberships are categorized into a regular (membership) and an associate (membership). "User" is a Consignor, a Bidder, a Winning Bidder, or a Member that either participates in the Company’s auction, or receives with the Company’s services.
⑨ The term of this Agreement includes non-business days except when specified. Non-business days shall be based on the business days of financial institutions.
Article 3 Members
① By paying a designated amount of registering membership fee with the Company, a person may be eligible to become a regular Member. The register fees shall be refunded whenever Member requests the cancellation.
② Plus Members shall be provided with catalogues and various information online, and shall be qualified to make a bid in an auction operated by the Company.
③ Associate Members shall be free Members, who shall be provided with all various information online and catalogues based on the frequency of the usage of the Company’s service, provided however, such associate Members shall not be qualified to make a bid in an auction.
④ In the event that a Member falls under one of the following circumstances, the Company may restrict or suspend such Member’s membership:
1. Entry of false information in the Membership application
2. When a Member fails to carry out an obligation, such as the payment for a winning bid, and other matters relating to an auction
3. When a Member interferes in the participation of others, spreads false information, leases his/her membership, and disturbs the order of an auction
4. When a Member engages in an act that violates the law relating to the auction, this Agreement and/or acts in a way that is against the social order.
Article 4 Consignment of Digital Assets and the Settlement of the Net Sale Proceeds
① A Consignor may consign a product (his/her properties) by paying the consignment processing fee, provided however, under each of the following circumstances the Company may restrict the registration:
1. When a dispute over the authenticity of an digital asset may be raised;
2. When an digital asset does not meet the characteristics of the auction, or when it is not an appropriate item for sale at the auction
3. When a Consignor and the Company fail to agree on a Digital Asset Reserve Price
② At the time of consigning a digital asset a Consignor shall make an advanced payment to the Company in the amount of ten US dollar (10USD) per each digital asset for consignment processing fee, which shall fall under basic expenses (catalogue registration fee, general estimation fee, etc.) related to the consignment in an auction. When it is determined that a special appraisal is necessary, a Consignor shall pay for the special appraisal consignment processing fee in accordance with the Company’s policy (Rules on the Special Appraisal Fee). Even when an item fails to be sold at an auction, the consignment processing fee for a digital asset shall not be refunded to a Consignor.
③ A Consignor shall have responsibilities and obligations for each of the following statements:
1. A Consignor shall have the authority to dispose of the digital assets being consigned by such Consignor.
2. A Consignor shall warrant that a third party has no right of a lien, the right of pledge, and other rights in any way regarding the consigned digital assets.
3. Concurrently with a winning bid, a Consignor shall be obligated to guarantee the transfer of ownership of the consigned item to a purchaser.
4. When the Company decides not to sell a consigned item(s) at auction, the Company shall notify the Consignor, and the Consignor shall pick up the consigned item(s) within 5 days of the notice. A Consignor shall not claim to the Company any damages and loss of the digital assets occurred during the delay of such pick-up. After 7 days, a storage charge shall apply under the Company’s policy.
5. A Consignor shall warrant that the consigned item(s) do not infringe on the Act on Cultural Properties Protection. When consigned item(s) turns out to be a cultural asset, illegally excavated article, a stolen asset, and/or any other unlawful article(s), the Consignor shall take the civil and criminal responsibilities, and he/she shall return the entire net sale proceeds immediately together with the compensation for the Company's loss that has been caused as a result.
④ Once a contract of consignment has been entered into, a Consignor may not withdraw the consignment. In case the withdrawal becomes unavoidable, a Consignor shall pay the Company the sum of a seller’s commission and a buyer’s premium as a penalty within 10 days of a notice of withdrawal(The commission shall be determined Article 9 of this Agreement based on the assumption that the Hammer Price is the average Estimate Price).
⑤ A Consignor shall collect unsold item(s) within 15 days from the date of an auction. The Company shall not be responsible for any damage caused after 15 days and a Consignor shall pay a storage fee according to the Company’s policy.
Article 5 Proceeding of an Auction
① The Company shall hold an exhibition preview for Bidders to examine auction items
② The Company may withdraw the scheduled auction items without a prior notice, and may divide any lot into several items at auction, or may put several items in one collection at auction.
③ Prior to the operation of auction, the Company and a Consignor shall decide on Reserve Price, which shall be the minimum Hammer Price of items to be sold. However, with an agreement with a Consignor, Reserve Price may be earmarked as an Opening Price.
④ In order to keep the Reserve Price agreed with a Consignor, the auctioneer may place a bid or series of bids until the Reserve Price is reached. At this time, the bidding by the auctioneer may proceed without indication and whether or not other Bidders are present. If a bid does not reach a Reserve Price, the bid is not valid.
⑤ The price asked for shall be entirely at the discretion of the auctioneer and the auctioneer shall present the bidding increments in advance during the auction. A Bidder may verbally call for an arbitrary price, which an auctioneer may refuse to accept at his/her discretion. The Opening Price may not be restricted by Reserve Price and may be either settled on an amount lower or higher than Reserve Price.
⑥ A Winner and Hammer Price shall be decided by calling the highest bidding price at least once, a fall of the auctioneer’s hammer and a call on the paddle number of the highest Bidder.
⑦ The auctioneer may decide on a valid Bidder or re-offer and resell at auction the disputed item when there is a dispute among Bidders, or when a validity of a bid is questionable. When a Winner is declared and an auctioneer begins on the auction of the next item, no one may make an objection to the previous auction.
Article 6 Bid and Winning Bid
① In the auction, a Member or a person who has been entrusted by the Company’s Member may make a bid.
② According to a set form of the Company, a Member may participate in the bidding proceeded by Twitter. When the progress of the Company’s auction is broadcasted live on Twitter, a Member may bid on the website. However, it is necessary to state his/her intention of using those methods of bidding when a Member decides to sign up for the service webpage.
③ In case there is a Bidder who has suggested a price which is higher than Reserve Price, the winning bid goes to a Bidder who has suggested the highest bid among the Bidders.
④ A Winning Bidder may not export or take out abroad the items knocked down if it is a cultural asset or remain. (Please be aware that it is a violation of the Act on Cultural Properties Protection.)
⑤ A Consignor may not bid on the items that he/she has consigned.
Article 7 Limitations on Rights and Responsibilities of the Company
① Under unavoidable circumstances, the Company may make changes to the previously notified auction date, time and place.
② The Company may check on the name and identity of the person who wishes to participate in a preview and may request proof of identity. The Company has the authority to refuse admission to a preview of the person who wishes to enter.
③ For the printed materials and the Company’s website, the Company may use the items which have arrived at consignment agreements for the purpose of the Company.
④ If there is a dispute over the authenticity and illegal transaction of the articles, and other related happenings occur, the Company may withdraw the consigned items, and may cancel the bid after it has been sold in the auction. In such an event, the Company shall not be responsible to the Consignor and the Winning Bidder for any damages except for restoration to the original state.
Article 8 Bidder’s Obligations
① Name of the artists, title of digital assets, medium, size, provenance, etc. described on the catalogue are merely the Company’s suggestion, not an absolute fact.
② The Company exhibits the items to be sold "as it is." A Bidder shall do thorough research on the desired item(s) before auction. The Company does not provide any warranty and responsibility for the items. the Company except as provided under Article 13. A Bidder shall check whether there is any damage or restoration, mistakes and omission on the catalogue description, and discrepancy between the image and the real work, and shall participate in the auction under his/her own judgment and responsibility. The Company progresses on the auction under the premise that the Bidders have carried out this obligation faithfully.
Article 9 Commission
① (Seller’s Commission) 10% (tax excluded)
② (Transfer Tax) There must be a transfer tax imposed on a profit for the digital assets and following components. This transfer tax will be applied for the pieces’ sale prices more than 60 million won, except for the ones by living ko artists when the transfer happens. The tax rate is 20% of the margin from transfer, and if the purchasing price has not been clearly marked, 80% of sale prices (in case of the piece has been possessed more than 10 years, 90%) will be approved as for the necessary expenses. This transfer tax will be objected to for the calligraphies, paintings and antiques which are referred below. The calligraphies, paintings and antiques relevant to those clauses. Paintings, drawings and pastel pieces (only for the hands drawn pieces, exclude the designs and decorative works), collage pieces and similar decorated plates Original prints, pressed pictures and lithography Antique (created more than 100 years ago) Other than those related to the first clause, the calligraphies, paintings and antique which has an equal historical and artistic value and after consultation by the minister of the Ministry of Strategy and Finance and the minister of Culture, Sports and Tourism then determined through the Ministry of Strategy and Finance ordinance
③ (Buying Commission) 15% of hammer price (tax excluded)
Article 10 Payments of the Purchasing Price and Delivery of Digital assets
① A Winning Bidder shall make full payments, including the amount of the Hammer Price, buyer’s premium and any applicable taxes within 7 days after the sale (within 21 days if the Hammer Price is higher than or equal to KRW 300,000,000), provided however, when the Hammer Price is higher than or equal to KRW 300,000,000, the purchaser shall prepay 30% of its total Purchasing Price within 7 days. If the payment date is a non-business day, the following day shall be a due date for the payment.
② In case the Winning Bidder fails to make full payments of Purchasing Price within 7 days after the sale (within 21 days if the Hammer Price is higher than or equal to KRW 300,000,000), the Company may levy a certain amount of indemnities for the days of delay according to the Company policy.
③ A Winning Bidder may not withdraw the winning bid and when a withdrawal is unavoidable, he/she shall report the intention of withdrawal in writing within 7 days after the sale, and pay 30% of the Hammer Price as a penalty within 7 days after the sale. In addition, the stipulation above does not affect the claim of both the Company and the Consignor for compensation of damages.
④ If a Winning Bidder does not make a declaration of intention within 12 hours after the sale, the Company will consider it as not having the intention to purchase the auction items and may carry out the following measures:
1. In case a Winning Bidder fails to make a payment, the Company may cancel the sale and resell the property publicly or privately. In this case, the Winning Bidder shall pay 30% of Hammer Price as a penalty for breach of promise under Article 10 (3). The penalty above does not affect the right to claim by both the Company and the Consignor for compensation of damages.
2. The Company may expose personal information on a Winning Bidder to a Consignor to the extent necessary for a Consignor to file a lawsuit for compensation of damages.
⑤ The payment of the Purchasing Price may be made by PayPal transfer
⑥ With an agreement with the Company prior to bidding, a Winning Bidder may make payments in installments for the purchased items.
Article 11 Shipping and Insurance
① (Shipping) At the responsibilities and expenses of a Consignor or a buyer, the Company may make arrangement of shipping of items and insurance subscription in case a Consignor or a buyer wishes for such delivery of properties.
② (Insurance) A Consignor shall present an insurance policy satisfactory to the Company effective from the delivery of auction items, either until the Company discontinues the custody/management of the item or within 50 days from the scheduled auction date. At the responsibility and expense of the Consignor, the Company may subscribe to insurance on the Consignor’s behalf if the consigner wishes
Article 12 Warranty and Restoration to the Original State
① With respect to the auction items, the Company, as an intermediary, only warrants the boldly printed headlines in the first line of the catalogue. Other supplemental explanations or estimated prices printed in the catalogue and other contents verbally expressed or in writing by staff of the Company shall be solely reference materials, not contents of warranty.
② The Company shall issue a letter of warranty within the limits of the warranty mentioned in the above paragraph at purchaser’s request.
③ As an intermediary, the warranty period of the Company shall be 1 years from the date of the sale. When the warranty shall be proved wrong during this term, the Company shall cancel the sale and shall refund the Hammer Price and buyer’s premium paid for the lot, provided however, this shall occur when the buyer strictly satisfies the following conditions:
1. Shall a buyer raise a question on the contents of the warranty by the Company; he/she shall present the auction sale date(s) and lot number(s) of the corresponding item(s), and the convincing ground for such a question in writing when making a claim.
2. The buyer shall give written notice of claim to the Company within 3 months from the initial doubt.
3. The buyer shall return the corresponding item(s) to the Company in the same conditions as at the time of the sale.
④ In case the Company becomes responsible under the warranty; the Consignor of the corresponding item(s) also has the obligation to restore the item(s) to the original state.
⑤ (Disapproval of Transfer) On the list of warranty, the contents under the warranty shall not be transferred to a third party. Namely, the contents under the warranty shall apply only to the original buyer of the lot. However, if the corresponding item(s) has been inherited because the original buyer died within 3 years, details under the warranty are transferred to the inheritor.
⑥ (Limitations on the Responsibility of Warranty) The Company’s responsibility of a warranty does not exceed the amount that a buyer paid in actuality to the Company. Namely, the Company does not pay for the interest or loss occurred as a result of the change of currency value.
Article 13 Others Including Amendment to this Agreement
① The Company shall post this Agreement on its website and shall insert it in catalogues, official documents of pick-up and delivery, and consignment agreements in a place where Users can easily find.
② The Company shall explain important parts of this Agreement when necessary in order to prevent Users from misunderstanding the contents of these provisions.
③ To the extent permitted under the Act on Standardized Contracts and relevant laws, the Company may amend the provisions of this Agreement.
④ In case the Company makes an amendment, it shall post on the certain page of the Company’s website a notification to compare and clearly state the previous conditions and the revised conditions from 7 days prior to the effective date until one day prior to the effective date of the amendment.
Article 14 Jurisdiction and Governing Law
① The Seoul Central District Court shall have jurisdiction to hear any dispute arising from the commercial transaction between the Company and a User.
② The laws of the Republic of Korea shall be the applicable law for any suit relating to commercial transaction between the Company and a User.