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Conditions of sales

These Conditions of Sale have been translated and are deemed accurate. Nevertheless the sale is ruled by the French version of the Conditions of Sale and if a difference is to be found between the French and the English translation, the French version will prevail.

It is assumed that all buyers and vendors have read, understood and accepted these conditions of sale.
These conditions shall apply to all transactions performed by VENTES OSARUS.
These conditions are in compliance with the law of 10th July 2000 as well as the articles 2001-650, 651, 652 of the decree of 19th July 2001 pertaining to the voluntary sale of furniture by public auction, modified by law 2011-580 of 20th July 2011.
VENTES OSARUS, Voluntary public auction sales company, was approved by the voluntary public auction sales board (Conseil des Ventes Volontaires aux enchères publiques) on the 4th June 2008 under the n° 2008-660.
This is a public auction, therefore entry to the sales grounds is free and open to all, however because the showing of horses involves risk, all those who visit the sales grounds do so at their own risk and are obliged to respect the recommendations concerning behaviour, made by the management of the sales establishment.

 

 

Article 1. Sales by public auction.
In compliance with law, Public Auction Sales are conducted by licensed auctioneers appointed by VENTES OSARUS.
VENTES OSARUS will act on behalf of vendors, who agree to give responsibility for billing and collecting money to VENTES OSARUS.
These conditions of sale shall apply in every instance unless otherwise indicated by public announcement before the sale.
Under the terms of the law of 10th July 2000 any private sale of a horse which has been presented for sale by auction by VENTES OSARUS, bought back by the vendor and subject to a subsequent offer, will be considered as a sale by public auction in all instances where these conditions apply.
The liability of VENTES OSARUS towards buyers and vendors is limited to the cases defined in the present conditions of sale, and accepted contractually by buyers and vendors. In a general sense if a buyer or a third party fails to follow these conditions of sale VENTES OSARUS will accept no liability.

 

Article 2. Bidding.
Minimum bid: €2,000
Payment in full for any purchase is immediately due.
In compliance with the law, bids shall be accepted and displayed in Euros and all conversion in to a foreign currency is provided for information only.
VENTES OSARUS reserves the right to refuse the bids of anyone who does not offer proof of established solvency and in particular will refuse the bids of those who have not paid for previous purchases at VENTES OSARUS or other sales organisations.
VENTES OSARUS reserves the right to require from any bidder (whether a natural or a legal person) or its representative (whether a natural or a legal person) any payment guarantee (including, without limitation, personal and several surety, first demand bank guarantee…). Where VENTES OSARUS requires the bidder or its representative to provide a payment guarantee then such bidder or its representative hereby agrees not to make any bids at the Sales of VENTES OSARUS until such payment guarantee has been accepted in writing by VENTES OSARUS. VENTES OSARUS also reserves the right to request a payment of the purchase price by way of a bank cheque, partially or in totality.
All buyers commit to provide VENTES OSARUS with an identity card as well as a signed cheque immediately after the purchase of the first lot, and for each lot for which he is declared purchaser, to fill in the form of purchase.
If it is established that two or more people have made a bid of the same amount at the same time on a horse, either vocally or by sign, and at the moment the hammer drops they simultaneously claim the horse, then the horse shall immediately be reoffered for sale by auction starting at the price of the last bid and open to all those present. The horse will be sold to the highest bidder.

 

Article 3. Horses offered for sale.
All yearlings are under the vendor’s responsibility.

Article 4. Information to be supplied by the vendor.
The vendor must provide in writing any public announcements to be made at his responsibility before the sale.
VENTES OSARUS will pass on these statements accurately to the public but does not accept responsibility for the accuracy of the vendor’s statements particularly with reference to VAT, pedigree, date of birth, place of birth, race record, entries and earnings of horses, returnable vices or last service date, etc. Thus the vendor shall indicate in writing and before the sale, all errors or omissions in respect of the catalogue so that such errors or omissions can be notified to the public through an announcement from the rostrum, prior to the sale, and entered in the minutes.
Any vendor who fails to rectify in writing before the start of the sale the information supplied in the catalogue in respect of the horses he is selling shall be deemed to have accepted such information and therefore responsibility for its truthfulness shall be entirely his own.
VENTES OSARUS wishes to draw the attention of all buyers to the announcements made from the rostrum during the sale. These announcements can contain information which is not in the catalogue.


Article 5. Veterinary examination.
VENTES OSARUS shall commission a veterinary surgeon to proceed with verifying the identity of the horses. In case of doubt, the vendor undertakes to carry out at his expense any tests required to establish the true identity of the horse.
Any buyer who wishes to consult a veterinary surgeon, at their own expense, in order to examine a veterinary file before the sale should contact VENTES OSARUS for the veterinary surgeon’s contact numbers.
The vendors must ensure that all the horses presented at the sale undergo the statutory vaccinations required under the French Horse-Racing Acts together with a negative Coggins test less than a month old. In the absence of this document, the horse shall not be offered for sale.
In case of accident caused by a horse or injury to a horse examined by the potential purchaser or by his veterinarian, the latter will be solely responsible and will have to bear all the direct or indirect consequences, vendors and purchasers commit themselves not to hold VENTES OSARUS responsible, under any circumstances, and to renounce to any legal recourse against the organiser.


Article 6. Drug Testing.

Once the lot is sold, the Purchaser will be entirely responsible for the lot once the result of the blood sample has been cleared by VENTES OSARUS and no appeal will be receivable if the entire purchase price of the lot has not been paid.

If the Purchaser wishes to, he may instruct VENTES OSARUS to take a blood sample to detect the presence of anti-inflammatory drugs immediately after purchase . The purchaser must indicate this immediately to VENTES OSARUS on the acknowledgement of purchase form, and must go to the VENTES OSARUS office to sign an acceptance form for the above mentioned drug test. VENTES OSARUS will not accept any other form of request.

The purchaser (or his representative) and the vendor (or his representative) shall be required to go to the stables where a blood sample will be taken by the sales veterinary surgeon.

The result of the blood test will be communicated to both parties in the greatest secrecy.

a) If the blood sample proves positive to banned drugs, the Purchaser may cancel the sale and return the horse to the Vendor provided that he notifies VENTES OSARUS, by recorded signed for letter, within seven days after the results were communicated to the purchaser by VENTES OSARUS. In the absence of such notification, the Purchaser shall be obliged to retain the lot and become liable for the entire purchase price.

As soon as VENTES OSARUS has acknowledged the purchasers notification, VENTES OSARUS will notify both the Buyer and the Vendor if the sale has been cancelled. The vendor must, at his own cost, undertake to recover the lot directly from the purchaser.

If a result proves to be positive, whatever the decision concerning the horse may be, the Vendor will pay VENTES OSARUS any expenses incurred upon presentation of invoices.

b) If the results of the blood sample prove to be negative, the Purchaser will become liable for the costs relating to the blood sample.

All notifications relating to terms in this article must be sent in writing and by registered signed for post or by fax to the Vendor or the Purchaser at the address figuring on the sale order or on the purchase form, or at the main office of either the Vendor or Purchaser. The date of the notification will be governed by the date the notification has been issued to the recipient.


Article 7. Required documents.

The horses entered by the vendor shall be accompanied by due documents: passport, registration card or any other identification documents, a negative Coggins test less than a month old as well as a covering certificate for mares in foal, irrespective of the nature of the siring contact.

The documents shall be submitted before the sale by the vendor to VENTES OSARUS.

Liability may be claimed against the vendor in the event such documents have not been submitted in due time, without prejudice to VENTES OSARUS’ right to refuse the presentation of the horse at the sale.

However, should the sale of the animal proceed, under no circumstances can VENTES OSARUS be held responsible for the absence of the said documents.


Article 8. Vendor’s guarantees.
Horses sold at public auction are subject to ordinary legal warranties.

No claims, even in case of latent defect, shall be accepted if the buyer has not paid the full price of his purchase.

a) Guarantee concerning latent defects.

The vendor shall guarantee the buyer against the vices specified in L213-1 and following and R213-1 and following of the French rural code (Code Rural) which have not been declared before the sale.

Stable vices, that is to say weaving, crib biting, wind sucking or habitual box-walking, should be announced from the rostrum before the sale, if they are not declared the buyer has the right to request the cancellation of the sale.

Any action taken by the buyer in respect of the said latent defects shall be taken in compliance with the provisions of section 213-1 and seq. And R213-1 and seq. of the French Rural Code, i.e. within 10 days from the sale (as witnessed by the post mark) not counting the day of the sale, except for periodical inflammation and infectious anaemia for which such period shall be 30 days not including the day of the sale. All deadlines shall expire on the last day at 12.00 pm. Should a deadline expire on a weekend or a Bank Holiday, it shall be extended to the following working day. Within the stated period of time, failing which his application would be turned down, the vendor shall submit to the Judge of the Court relevant to the horse’s location a request seeking the appointment of experts commissioned to draw up a report on the examination of the animal.

Within the same period of time, the buyer shall inform the vendor (via registered mail) and VENTES OSARUS of the submission of his application to the Judge, enclosing a veterinary certificate detailing the vice concerned.

Any purchaser who, by himself or through the intermediary of his veterinary surgeon mandated for this purpose, will have had or might have had access to the information available to the sales office will be presumed to have known their contents and will not be able to take advantage of this on account of latent defects to obtain the annulment of the sale.

If the buyer did not have access to this information and if within the month that follows the sale, the buyer feels that the horse is affected by a latent defect, he may, with the vendor’s consent, request expert opinion on an amicable basis so as to assess grounds for such application. This examination shall be performed by an expert veterinary surgeon agreed upon by both parties. The length of the examination cannot be invoked by the vendor as a reason to challenge the admissibility of further legal action. Barring technicality, both parties may undertake to accept the findings of the said expert.

In all circumstances, the action seeking the annulment of the sale lodged by the buyer shall be taken directly against the vendor whose name shall be imparted by VENTES OSARUS at his request. Under no circumstances can such action be directed against VENTES OSARUS.

b) Sale of a stallion or a broodmare.

Any vendor of broodmares shall specify in the catalogue: — the mare’s production, year by year since her arrival at the stud farm and, regarding the dead progeny the mentions; - still born, dead at birth or accidental death; the date she was last covered; the assumed pregnancy stage, abortions, twin births.

The vendor shall be responsible for the accuracy of this information. Any action taken by the buyer in respect of an error or omission shall be against the vendor only. In the event an important piece of information entered in the catalogue or announced from the rostrum at the request of the vendor proves incomplete or inaccurate, the sale may be cancelled at the request of the buyer within one month from the sale.

The vendor may have the stage of pregnancy announced from the rostrum and produce in evidence a certificate issued by a veterinary surgeon within the 10 days preceding the sale. The buyer shall retain the right to have the broodmare examined by a veterinary surgeon agreed upon by the vendor within 24 hours from the sale before the mare has left the premises of the sales establishment. If the findings of the veterinary surgeon contradict the statements made by the vendor, the sale shall be nullified by right.

Any broodmare sold “empty”, after indication that she has been covered, which turns out to be “full”, shall be returned to the vendor. The latter shall, of course, refund the buyer the price of the purchase plus an interest of 12% interest per annum, the selling costs, the cost of the upkeep at current rate, within 15 days from the registered mail sent by the buyer informing him that the mare has been confirmed full. However, the buyer shall retain the possibility, if he so wishes, to keep the broodmare by offering the vendor a simple refund of the price of the covering with no extra costs. In the event the buyer has allowed the broodmare to give birth he shall be deemed to have agreed to pay the price of the siring whether the offspring is born viable or not.

The potential buyer of a mare having just out of training shall have a right prior to the sale, to seek the vendor’s permission to have the mare examined by a veterinary surgeon agreed upon by the vendor so as to ensure that the mare is fit for reproduction in particular as regards her genitals.

Any vendor of a stallion or of a horse which may become a sire shall undertake, in respect of the buyer and, in particular the French National Stallion Farms Services, to accept at the buyer’s request, the annulment of the sale of the animal in the event the horse has not complied with the customary fecundity tests by the 30th day from the sale and in respect of the French Farms Services, with the statutory tests.

c) Showing of horses.

The vendor shall ensure that each horse presented actually bears the number assigned to it in the catalogue. In the event of an error or confusion, the vendor shall bear sole responsibility and such responsibility shall not befall on VENTES OSARUS.

d) Entry and statutory vaccinations of horses.

See article 5. – Veterinary examination.

e) Horses sold under juridical decision.

Horses sold under juridical decision are sold as they stand, without any guarantee, under cover of the article 1649 of the civil code.


Article 9. Miscellaneous obligations for vendors.

The horses offered for sale shall arrive on the sales grounds by 9 am at the latest on the morning of the sale, with the compulsory halter and a lunge so as to allow the buyers to examine them.

The halter shall become the buyer’s property.

Furthermore at the risk of being barred from the sale they shall be fitted with a bit.

In the event that the overall health of a horse is obviously not satisfactory, VENTES OSARUS has the right to refuse to present the horse at the Sale with no charge attached for VENTES OSARUS. No penalty will be charged to the Vendor either.

The vendors shall ensure that a stable hand chosen by them and in their pay is present and remains under their responsibility for up to three horses presented. This stable hand will be guardian of the said horses from their arrival on the sales grounds, at the latest on the eve of the sale, until the buyer takes possession of them or until the departure of the horses which are unsold. An extra hand shall be supplied by them for each extra three horses.

The vendor shall be present or represented at the time of the sale of his horses so as to make any decisions required and, in particular, in the event of an irresponsible bid.


Article 10. Liability in respect of damages caused by the animal or to the animal.

In case of accident caused by a horse or injury to a horse examined by the potential purchaser or by his veterinarian, see article 5. – Veterinary examination.

Until the sale has been pronounced, the horses or the lots to be sold shall remain under the guardianship and responsibility of the vendor, VENTES OSARUS may not be held liable for the accidents or diseases or damage sustained by the animals or caused by them to third parties either inside or outside the establishment. It is specified that the owner vendor, or his agents, will insure the guardianship of the horses, during the time that they are present on the sales grounds (unloading, accompaniment to the stables, presence in the stable night and day, for feeding and watering, walking, presentation to buyers, loading if the horse is unsold, etc.). OSARUS SALES will supply a stable for each horse as well as hay and water.

Fire risks, loss and damage shall also be fully charged to the vendor.

Loading and unloading operations as well as transport to and from the location of the sale and all other similar operations shall be performed for the account to the vendor and at his own cost and risk.

Immediately after the sale, the buyer shall substitute for the vendor as regards these responsibilities.

In the event VENTES OSARUS agrees to its employees performing on behalf of the owner (vendor or buyer) loading, unloading or shipping operations such acceptance shall not constitute any change to the conditions stated above. Moreover, the buyers and vendors shall always remain free to take charge of loading or unloading operations themselves.


Article 11. Unreserved sale.

As the sale is voluntary the vendor or his agent can still buy back the horse he has presented if he deems that the bids are not high enough on condition that he declares so himself or through his agent holding due power of attorney in writing. Such declaration shall be made to the auctioneer as soon as the horse is bought back. The vendor shall then bear the costs of the buy back fees as indicated on the entry form.


Article 12. Dissolution of Partnerships.

When a sale is required in order to dissolve a partnership between shareholders no reserve can be accepted on the total value of the horse offered for sale, therefore a shareholder can never buy back or withdraw the share he owns in the horse. On the other hand any one of the shareholders may place a bid on the whole horse and have it knocked down to him. In such a case, the purchasing costs will apply exclusively to the part which did not belong to him and the repurchasing costs will apply to the part which belonged to him.


Article 13. Payment Procedures

Payment is due immediately for all sales at public auction. Only the Vendor shall be entitled to authorise the successful bidder, via a written agreement, payment terms.

VENTES OSARUS must be notified of the existence of this written agreement.

In the event that the vendor has agreed to postpone payment, the horse shall be delivered as soon as full payment of the purchase price has been received. In this case, the purchaser authorizes VENTES OSARUS to place the horse either with the vendor or at a stud farm at the purchaser’s own risk and charge.

The delivery of the horse before total payment of the purchase price will only be possible with written agreement from the vendor.

Only the vendor can authorise the purchaser, in writing, to settle the purchase price following receipt of the invoice and can authorise the horse to leave the sales before the payment is made to VENTES OSARUS.


Article 14. Vendor’s payment.

The vendor will receive payment of the amount due to him upon receipt of the funds by VENTES OSARUS, except :

- if the vendor is debtor of any amount toward VENTES OSARUS,

- in the event of “Folle enchère” (irresponsible bid),

- in the event where the purchaser does not pay the purchase price, VENTES OSARUS proposes to the vendor, within 12 days following the sale, to request the resale of the lot for “folle enchère” (irresponsible bid), but that the vendor refuses the resale for irresponsible bid and refuses the cancellation of the sale (article 15).

- if a conflict exists between the vendor and purchaser or any other third party (notably, nullity request or cancellation of sale, seizure, opposition to payment, etc.).

- if the drug tests stipulated in Article 6 of the present conditions of sale, or any other test requested by the purchaser and accepted by the vendor, show to be positive.

Under all circumstances, no payment shall be made to the vendor until the results of drug tests stipulated in Article 6 or requested by the purchaser and accepted by the vendor following the sale.

Furthermore, no payment shall be made to the vendor until the expiry of the 30 day period after the day of sale during which a lot can be returned in accordance with the terms of article 8 of the present conditions of sale. VENTES OSARUS reserves the right to offset receivables and debts in respect of the same customer at the time of the sale.

The vendor shall have sole responsibility for the statutory declarations to the relevant tax authorities for VAT if applicable.


Article 15. « Folle Enchère » (Irresponsible bid)

Irresponsible bid on the day of the sale:

VENTES OSARUS reserve expressly the right to proceed to the resale on “folle enchère”, the same day, and following the last lot of the day, any animal whose Purchaser fails to make settlement for his purchase or to sign the purchase form. The vendor may not claim the difference in price from VENTES OSARUS.

In the event that VENTES OSARUS considers that the Purchaser does not offer sufficient guarantees for the payment of his purchase, VENTES OSARUS will be entitled, should immediate payment not be made, to re-sell the Lot during the same Sales session under the procedure known as ‘folle enchère’, during the same sales session (or the following day), without process of law at the sole risk of the defaulting Purchaser. The defaulting Purchaser will become financially liable towards the vendor for the fees from the first sale as well as the resale. He will be liable to pay the difference between the purchase price from the first sale and the resale price, and will not be able to claim the potential excess. Such an excess shall go to the Vendor.

In the same conditions, if immediately after the fall of the hammer, the Purchaser is not found to sign the purchase form, the horse will be re-sold during the same sales session. In this case, VENTES OSARUS will accept no liability towards the vendor or the defaulting Bidder.

VENTES OSARUS has the sole responsibility for determining when it is necessary to re offer an unpaid horse on “folle enchère”.

Irresponsible bid after the sale:

In the event that the Purchaser is in default by failing to pay monies due or if he does not present sufficient guarantees for the payment of his purchase, VENTES OSARUS will inform the Vendor.

The defaulting purchaser will receive a formal payment request letter from VENTES OSARUS demanding payment of the purchase price.

Should this payment request remain unsuccessful, the horse will be offered for resale on “folle enchère” during the next VENTES OSARUS sale or in another specialized sales company.

The defaulting purchaser will be obliged to pay the difference between the initial purchase price (plus related fees) and the resale price, without prejudice to any compensation.

If the Vendor does not wish to proceed with the resale of the horse following an irresponsible bid, he will officially inform VENTES OSARUS. Upon the Vendor’s request, the sale shall be cancelled in compliance with the Article L321-14 of the French trading laws (Code du Commerce). The horse will be returned to the vendor by the defaulting purchaser, without prejudice to any compensation that the defaulting purchaser may become liable for.


Article 16. Payment by the buyer. - Collection of documents.

A. In case of non-payment, VENTES OSARUS will inform the successful bidder by signed for / registered mail:

- 1. That he has eight clear days to settle his debt ;

- 2. That after this time delay interest of 1% per month as of the first day of the Sale, shall be due retrospectively on the total invoice.

- 3. That VENTES OSARUS reserves the right to hand the file over to its lawyer who will undertake collection.

- 4. That all fees and charges involved in the collection by VENTES OSARUS have to be paid by the debitor, they will never be inferior to 10% of the amount to be collected.

B. In case of hidden defects, or cancellation of the sale, the money shall be held by VENTES OSARUS.

C. Any person who bids shall be considered to be bidding for themselves unless he can provide a written power of attorney from the person for which he has bid.

Any person who bids shall be considered to be bidding for themselves and the successful bidder, whose name will be announced in the records, is personally responsible for his purchase. If the successful bidder declares to be acting on behalf of a third party he must produce a written power of attorney explicitly stating that the successful bidder is together with the third party jointly responsible for the full amount of the purchase.

The successful bidder whose name shall be mentioned in the minutes, shall be personally responsible for his purchase in the event of his principal’s defaulting.

In the event the successful bidder does not hold explicit power to act, he will be joint-debtor with the one who turns out to be, in one way or another, the principal of the successful bidder.

No levy, under any circumstances, may be effected on the invoices issued by VENTES OSARUS. The buyers or their agents shall therefore, pay these invoices in full.

D. All payments shall be made through the agency of VENTES OSARUS and will be demanded in its entirety for the net amount stated on the invoice. Payment for subjects exported abroad shall be made through the Office des Changes (foreign exchange) by currency transfer made to VENTES OSARUS. Only when total payment of their invoices is made can the successful bidders be given their exit papers delivered by VENTES OSARUS.

Payment shall include the price of the auction and shall be increased by the costs of the said auction. These costs, as well as the price shall be payable immediately before the handing over of the documents, failing which, a sale on the basis of irresponsible bid shall be proceeded with.

Payment to the vendor shall be made only when VENTES OSARUS is in possession of all the documents in respect of the horses for sale.

Article 17. Ownership reserve clause.

The sales are subject to an ownership reserve clause to the benefit of the Vendor. In consequence, the Purchaser will not be able to resell, lend, hire out, give, pledge or provide the horse before total payment of the purchase price to VENTES OSARUS.

The purchaser will be obliged to inform all third parties of the existence of a reserve of ownership and to inform VENTES OSARUS of any event that may have an incidence on the ownership or the possession of the horse (collective procedure, liquidation, seizure, etc.).

As a consequence of the ownership reserve clause, the Vendor will remain owner of the horse until payment in total has been received by VENTES OSARUS. If the Purchaser has not paid the purchase price, the Vendor can recover possession of the horse wherever he may be, and may dispose of it, the sale being cancelled. The horse can be offered for sale at public auction and the defaulting purchaser will be liable for difference between the initial purchase price (plus purchaser’s fees) and the resale price achieved under the hammer, without prejudice to any compensation.

In application of Article 14, if VENTES OSARUS has paid the Vendor, it shall be substituted into all the rights and obligations of the Vendor and will benefit from the ownership reserve clause.

Notwithstanding the ownership reserve clause, all risks (death, accident, illness, disease, etc.) and all fees (boarding, any other fees, etc.) pertaining to the horse are transferred to the Purchaser at the fall of the hammer.

The successful bidder or its representative shall not let the purchased horse leave the metropolitan France before full payment of the purchase price to VENTES OSARUS.

Article 18. Legal Address.

VENTES OSARUS has the right to ask a foreign buyer to designate an address in France, care of either his trainer or agent or another representative, in the interests of both parties and to facilitate the exchange of information and documents.

Article 19. Release notes.

No horse either sold or unsold shall leave the establishment without a release note. The note shall be collected from the office of VENTES OSARUS.

Prior to collecting their horse, the buyers shall report to VENTES OSARUS office to pay the amount of their purchase so that they can be issued with the release note required for the collection.

Unless an explicit opposition on the part of the vendor is lodged with VENTES OSARUS within half an hour following the sale the latter shall release the lot sold at the request of the buyer or his agent this however shall not entail any responsibility on the part of VENTES OSARUS.

The horses shall have left the sales establishment at 12:00 pm at the latest, the day following their presentation. Should a horse not have been removed before then, either boarding fees of €30e(excl. tax) per day will be invoiced to the purchaser or the horse will be transported, at the purchaser’s expense, or the vendor’s expense if the horse is unsold, to a stud. The horse will not be allowed to leave this stud before full settlement of the purchase invoice and the price of the transport and guardianship of the horse.

Article 20. Vendor’s charges.

These costs are outlined on the entry form for each sale.

Buy backs must be notified on the day of sale, failing which vendors will be charged the usual commissions.

The vendor will be liable for any additional tax or due imposed by the Government or local district over or above what is currently applicable.

Any invoices sent to the vendor are due for immediate payment. If immediate payment is not forth coming VENTES OSARUS will send a reminder within 8 days, after which period interest at 0,75% per month will be added to the vendor’s account from the date of the reminder.

Article 21. Private sale of horses entered but not presented.

The Vendor undertakes not to propose or sell any horse whose entry has been accepted by VENTES OSARUS.

For any horse which does not pass through the ring but is sold privately during the two months before the sale for which it has been entered or the month following, even if the private sale is not completed at the sales ground the vendor is liable to pay €750, as well as 10% of the average price realised at the session for which the horse was entered.

Article 22. Purchaser’s charges.

For sale at auction or subsequent private sale in addition to the hammer price the following commissions are due for immediate payment, the buyer will have to pay sale’s charge.

All horses are sold with VAT, but the hammer price never includes VAT: unless otherwise announced on the day of the sale, before the sale of a lot.

Each horse can be totally or partially exempt from VAT.

For horses that are exempt from VAT., it is specified that the name and contact details of the purchaser must be conveyed to the vendor.

Following the sale, the purchaser may inform VENTES OSARUS if he wishes his purchase to be subject to VAT, even if the vendor is not VAT registered.

1) Purchase costs:

Under the Hammer or by private sale : 6% before VAT

2) VAT: Calculation basis = hammer price + purchase costs.

VAT at a rate of 10% for mares having been covered, fillies out of training to be covered during the season, stallions and stallion shares.

VAT at a rate of invoicing VAT for all of horses of racing age, yearlings and foals.

a) The calculation of VAT distinguishes 5 cases:

• The buyer pays VAT in France: invoicing VAT (VAT can be reclaimed by the buyer).

• The buyer pays VAT in an EU member country other than France and supplies his EU identification number and the horse is delivered in an EU country: exemption from VAT (production of documentary evidence of delivery is compulsory).

• The buyer pays VAT in an EU member country other than France and supplies his EU identification number and the horse stays in France: reversal of liability for the payment of VAT (Art. 283.1 of the CGI).

• If the buyer is not registered for VAT in France or in another country: charged at invoicing VAT (VAT which aren’t retrievable by the Purchaser).

• If the horse is exported from the EU: exemption of VAT on presentation of customs

document confirming export, (the original DAU No 3), and giving VENTES OSARUS as the exporter.

b) Horses sold under the provisions of temporary importation regulations give rise to four possible outcomes:

• If the buyer is registered for VAT in an EU country other than France and provides their VAT number and the horse is exported from France to another EU country ; exemption from VAT on presentation of a document confirming arrival in EEC country.

• The buyer is registered for VAT in an EU country other than France and provides their VAT number and the horse remains in France; VAT charged at invoicing VAT.

• The buyer is not an EU resident and wishes to keep the horse in temporary importation; no VAT is charged but the buyer meets the costs of the transfer of the temporary importation.

• The horse is exported immediately; exemption from VAT on the condition that the document of temporary import is cleared by the buyer with the Customs Administration.

VENTES OSARUS disclaims all responsibility as regards the judicial or tax consequences resulting from a false declaration made by the buyer.

Article 23. Commission to Intermediaries.

Intermediaries (trainers or bloodstock agents) acting for themselves or on the account of an owner(s) in the purchase of a horse will receive, according to practice, ommission, on horses purchased for at least e5,000 :

This commission will be awarded to the intermediary after payment for the horse(s) has been received, on condition that VENTES OSARUS has received an invoice, within 30 days following the sale, for:

• 10% (inclusive of VAT) of the hammer price for yearlings and horses in training.

• 5% (inclusive of VAT) of the hammer price for breeding stock (foals, broodmares, mares out of training, stallions, stallion shares).

If these conditions are not met, no commission will be paid by VENTES OSARUS.

In the case of a dispute arising between Purchaser(s) and Vendor(s), the right of the trainer’s or bloodstock agent’s commission will be cancelled.

Article 24. Entries.

Vendors and buyers shall comply with Racing Societies regulations as regards everything concerning the entries and withdrawals of the horses put up for sale.

Article 25. Refusal to present.

VENTES OSARUS reserves the right to refuse to present a horse on the day of the sale and, in particular, wherever the model is insufficient.

Article 26. Cancellation of sale.

In case of cancellation of the sale for any reason, the Vendor shall be held liable to reimburse the Buyer for the full purchase price and Purchaser’s, commission as well as all expenses incurred by the Buyer on account of the horse while in France until time of cancellation of the sale. In the event of export of the horse, the costs incurred in transport of the horse outside France, maintaining the horse, and return transport to France shall be borne by the Buyer.

In any case, no action shall be brought against VENTES OSARUS who cannot be held responsible.

It is expressly understood that the Buyer has no right to make any claim except one based on redhibitory defects if any horse sold starts in a race.

No claim for cancellation of the sale may be made against the Vendor after the one-month warranty period, and only for the causes herein before set forth.

Article 27. Jurisdiction

All disputes regarding the interpretation or the performance of these conditions shall be referred to the competent courts of the VENTES OSARUS headquarters, in Lisieux (14100).