1.Hong Kong Philatelic & Numismatic Company Limited (HKPNC) is acting as agent for the respective sellers of the lots in the auction. All lots are offered subject to a starting price, bids lower then starting price will not be accepted.

2.Estimates (starting price) have been given for all lots in this auction. They are meant to reflect our idea of the current market value of the item given its scarcity and condition.

3.The highest bidder acknowledged by HKPNC shall be the buyer . A buyer's premium of 10% shall be added to the hammer price of each lot.

4.Postal Bid Forms should be sent or faxed to be received by our office before 24:00 auction day. No 'UNLIMITED' or 'BUY BID' or 'AT BEST' 'HIGHEST' will be accepted. Local & oversea Clients may bid by fax ,email, HKPNC's mobile APPS.

5.All lots will be sold to the highest bidder. Successful bidder will be awarded the lot only at a nominal advance over the next highest bid. Extension on lots should be noted on bid forms. For lots that requested extension, HKPNC will submit the item to a mutually-acceptable expertiser, providing that: 1) The lot will be paid for in full plus all charges for expertizing, including postage, mail registration, insurance and handling at the time of purchase, and 2) The expertiser can provide a written opinion within 30 days of the auction date. All costs and charges for expertization are the sole responsibility and liability of the buyers.

6.The lots offered in the auction catalogue can be inspected by potential bidders prior to the auction at public viewing as set forth in the auction catalogue. Viewers will be responsible for any damage caused by them in the viewing.

7.The buyer agrees to pay all shipping and handling costs. It is solely the buyer's responsibility to notify HKPNC of any special shipping instructions. In the case of tie bids or any other disputes arising, HKPNC's decision will be final.

8.All invoices are payable in Hong Kong dollars. Payment in any other currencies will not be accepted unless prior arrangements have been made, with such payment to include all additional bank charges. All foreign currency personal cheques and Euro cheques will not be accepted. A standard HK$250 shipping/handling fee per shipment of purchase will be charged, there will be additional charges for carton lot shipments. Overseas buyers must furnish their own insurance during shipment.

9.Payment of lots is due within 10 days from the auction date, except in the case of postal or other bids that HKPNC executes on behalf of bidders not present at the auction, such payment is due on presentation of HKPNC's invoice for the lots. Lots will not be given or sent to buyers until payment in full.

10.All invoices that are not paid within 30 days after the auction shall be subject to a 5% late fee and shall also bear interest at the rate of 1% per month from the date of the auction. If lots are not paid for in full within 30 days after the auction, HKPNC shall have the right to exercise one or more of the following rights and remedies: (a) to cancel the sale, (b) to resell the lots at public or private sale, with the defaulting buyer to be responsible for any loss from the resale and all costs and expenses in connection therewith, (c) to apply any amounts received from the buyer or owing to the buyer from HKPNC Auctions against the amounts owing to HKPNC Auctions, or (d) to sue the buyer for breach of contract. The buyer shall be responsible for all costs and expenses, including legal fees and collection costs, incurred by HKPNC in collecting on defaulted invoices and delinquent accounts.

11.All floor bidders will not be granted any return privileges. It is presumed that all floor bidders have inspected the lots prior to bidding. Therefore, lots purchased by floor bidders are sold "AS IS" and may not be returned. All lots containing more than two items may not be returned under any circumstances.

12.The bidder is responsible for any lots returned until received by HKPNC.

13.HKPNC's shall not be liable for any errors or omissions in executing instructions made by the bidder or seller. The bidder who bidding in the auction, agrees to accept and abide by all the foregoing terms and conditions of sale and personally guarantees payment in full.

14.The respective rights and obligations of the parties shall be governed and construed by Laws of Hong Kong