1. General

1. In these Conditions:
   "Auctioneer" means such auctioneer appointed by HKJC to conduct the Sale.
   "Authorised Agent" means such person appointed by the Purchaser to bid on his behalf at the 2016 Hong Kong International Sale (March).
   "HKJC" means The Hong Kong Jockey Club.
   "Lot" means a horse put up for auction at the Sale subject to these Conditions.
   "Purchaser" means the highest bidder of a Lot, subject to the fall of the hammer.
   "Sale" means the 2016 Hong Kong International Sale (March) organised by HKJC.
2. No Lot will be sold privately, prior to the Sale and there is no reserve price for any Lot.
3. HKJC reserves the right to amend or modify these Conditions at any time prior to the Sale. All bidders and Purchasers are deemed to have agreed to accept and be bound by these Conditions and all amendments thereto from time to time.
4. In the event of any inconsistencies between the English and Chinese language versions of these Conditions of Sale, the English version shall prevail.

2. HKJC AND THE AUCTIONEER

1. The Auctioneer may refuse to accept any bid without assigning any reason therefor.
2. HKJC may withdraw any Lot from the Sale without giving any reason therefor.
3. HKJC shall be entitled in its absolute discretion to engage a veterinary surgeon to inspect and/or treat any Lot.
4. HKJC shall be entitled to deduct from any moneys held or received from the Purchaser or otherwise held or received on behalf of the Purchaser such amounts as may be necessary to satisfy and discharge all debts, including without limitation any unsettled purchase price of a Lot purchased by the Purchaser at the Sale, commission, charges, fees, taxes, interest and other moneys owed by the Purchaser to HKJC and/or the Auctioneer.
5. HKJC may recover from the Purchaser and/or his Authorised Agent any unsettled purchase price of a Lot purchased by or on behalf of the Purchaser at the Sale and/or any debt referred to in paragraph 2d above, together with interest thereon at the rate of 2% per month from the date on which the price or debt is due up to and including the date of payment.

3. REGISTRATIONS AND BIDDING

1. All bidders at the Sale shall pre-register with HKJC by completing the appropriate International Sale Purchaser Registration Form and sending the same by hand, by mail or by fax to the following address before 6:00 p.m. (Hong Kong Time) at least one (1) working days before the date of the Sale. Address – The Hong Kong Jockey Club, International Sale Office, 12/F Jockey Club Headquarters, One Sports Road, Happy Valley, Hong Kong (Fax: (852) 2966-7022 or 2966-7000). All pre-registrations shall be subject to confirmation by HKJC.
2. Any bidder wishing to appoint an Authorised Agent shall complete the appropriate Agent Authorisation Form and follow the same procedure described in paragraph 3a above. All appointments of Authorised Agents shall likewise be subject to confirmation by HKJC.
3. All bids shall be in Hong Kong Dollars, with equivalents expressed in appropriate foreign currencies for information only.
4. If a Purchaser who has purchased a Lot through an Authorised Agent shall default in paying the purchase price of the Lot and/or any debt referred to in paragraph 2d above, the responsibility shall remain with the Authorised Agent or the person who purchased the Lot at the sale ring.

4. PURCHASES AND PAYMENT

1. In respect of each Lot, the Auctioneer will signify acceptance of the highest bid by the fall of the hammer. Upon fall of the hammer:
   1. the Purchaser and/or his Authorised Agent shall give his name, HKJC Membership number (if appropriate), address and telephone number (together with any such other information as may be required by HKJC and/or the Auctioneer) to the authorised personnel of HKJC and/or the Auctioneer at the Sale, and shall duly execute an 'Acknowledgement of Purchase' and/or such other purchase agreement as may be required by HKJC and/or the Auctioneer. If the Purchaser and/or his Authorised Agent shall fail to comply with these requirements, the purchase may be cancelled and the Lot re-sold. If upon such re-sale a lower price is obtained for the Lot, the difference in price together with the costs and expenses of and incidental to the re-sale shall be a debt due and payable by the original Purchaser and/or his Authorised Agent to HKJC;
   2. the purchase price of the Lot purchased by the Purchaser and/or his Authorised Agent shall become due and payable to HKJC within a period of seven (7) calendar days from the date of the Sale; and
   3. the purchase price shall be paid to HKJC in cash, certified cheque, traveller's cheque or acceptable cashier order in Hong Kong Dollars only and the Purchaser and/or his Authorised Agent must notify the means of payment to the Cashier in the Sale venue within thirty (30) minutes of the close of auction for the last Lot.
2. The Purchaser shall take the Lot on an "as-is" basis and subject to all defects, faults, imperfections and the like, if any, whether latent or patent, other than those described in paragraph 6 below. No Lot shall be returnable and no purchase price shall be refundable other than in accordance with paragraph 6 below.
3. Each lot has been subject to detailed veterinary examination on more than one occasion over the past six weeks. These examinations are likely to have revealed imperfections of a minor nature that are considered unlikely to represent a measurable risk to the horse training or racing in the future. All findings from every examination are made freely available for every potential purchaser. Purchasers are encouraged to review these data and to discuss their significance with Club veterinary surgeons if they wish to do so.
4. The Purchaser acknowledges that he has made the purchase relying on his own and/or his Authorised Agent's expertise and inspection, and that he has not relied on or been induced in any way by any statement or representation made by HKJC, the Auctioneer or any party purporting to act on their behalf.
5. The Purchaser shall not take delivery of the Lot until payment of the full purchase price and all debts and other moneys due in respect of the Lot shall have been paid to HKJC. Notwithstanding delivery of a Lot to the Purchaser, title to it shall not pass until the full purchase price and all debts and moneys as aforesaid shall have been paid to HKJC.
6. If the Purchaser and/or his Authorised Agent shall default in the observance or performance of any obligation on his/their part by virtue of these Conditions, any moneys paid by him or held or received on his behalf may be forfeited to HKJC, who shall be entitled to cancel the Purchaser's purchase and sue the Purchaser and/or his Authorised Agent for breach or re-sell the Lot and recover the deficiency (if any) arising on such re-sale or attempted re-sale (including all commission on re-sale, stabling and yard dues, veterinary fees, advertising and promotional costs) from the Purchaser and/or his Authorised Agent.

5. WARRANTIES

1. HKJC warrants that it has the right to sell, and can give a good title for, each Lot.
2. Save for the circumstances described in paragraph 6 below, no other condition and/or warranty (whether express or implied) shall begiven by the HKJC in respect of any Lot.

6. DEFECTS AND IMPERFECTIONS

1. Should any Lot be proved a roarer or wobbler or rig (cryptorchid), or be found to habitually box-walk, weave or wind-suck or have been operated on for the correction of any of these conditions within seven (7) calendar days of the Sale, then subject to the Purchaser producing by 10:00 a.m. on the seventh (7th) day after the Sale at his expense written evidence signed by a veterinary surgeon approved by HKJC, certifying that the Lot has one of the abovementioned conditions, the matter will be considered by the Board of Stewards of HKJC, who may deem the purchase of the Lot by the Purchaser to have been cancelled and return all moneys received in respect thereof to the Purchaser.
2. b1. A 'roarer' is defined as a horse that manifests a significant inspiratory noise on exertion and which is found to be caused by a paralysis of one or both sides of the larynx on endoscopic examination.
   b2. A horse that makes an inspiratory noise at exercise and is graded III or above on endoscopic examination of the larynx, using the ‘Havemeyer’ Scale, will be classified as unfit for inclusion in the HKIS.
3. A 'wobbler' is defined as a horse that suffers from a neurological disease caused by compression of the spinal cord and resulting in lack of balance and co-ordination.
4. A 'rig' or 'cryptorchid' is defined as an uncastrated male horse that has one or both testes not palpable in the scrotum.
5. A 'box-walker' is defined as a horse that habitually walks either backwards or forwards or round and round the box repeatedly in an aimless manner.
6. A 'weaver' is defined as a horse that habitually swings its head and neck to and from and transfers weight from one forelimb to the other alternately.
7. A 'wind-sucker' is defined as a horse that habitually swallows air whether in association with grasping fixed objects with incisor teeth or not.
8. A crib-biter is not subject to the aforementioned conditions, unless the crib-biting is associated with 'wind-sucking'.
9. All Lots sold will be tested for prohibited substances after the Sale and prior to their release to the respective nominated trainers. Without prejudice to paragraph 6a above, if a Lot is tested positive for an undeclared prohibited substance, the Purchaser concerned may apply for return of the Lot to HKJC. If, however, a Lot is tested negative for undeclared prohibited substances or is tested positive only for declared substances, the Purchaser concerned shall not have any right to return the Lot and HKJC shall have no further liability with regards to future tests for prohibited substances.

For the purpose of this paragraph, "declared substance" shall mean any medication or substance advised and used by a veterinary surgeon approved by HKJC for short-term treatment of a Lot and declared and documented by HKJC for the Purchaser's information; and "undeclared prohibited substance" shall mean any medication or substance which is not so advised, used, declared and documented.

7. DISPUTES

1. In the event of any dispute or difference arising at the Sale (including any dispute or difference concerning bidding), the Auctioneer shall be the sole arbitrator of any such dispute or difference and its decision shall be final and binding on all parties.
2. In the event of any dispute or difference arising after the Sale (including any dispute or difference concerning bidding or purchase), HKJC shall be the sole arbitrator of any such dispute or difference and its decision shall be final and binding on all parties.

8. RISK AND RESPONSIBILITY

1. Upon the fall of the hammer, the sole risk and responsibility for a Lot shall be borne by the Purchaser, who shall thereafter be responsible for all loss, injury, damage or expenses incurred in respect of the Lot. Without limiting the generality of the foregoing, the risk and responsibility of a Lot shall include any death, injury or loss of use of the Lot howsoever caused.
2. Any person on HKJC premises before, during or after the Sale shall be deemed to be there at his own risk and shall have no claim against HKJC in respect of any loss or damage to property howsoever caused.

9. GIVING EFFECT TO THESE CONDITIONS AND GOVERNING LAW

1. The Purchaser for the purpose of enabling HKJC to give full force and effect to these Conditions shall irrevocably appoint HKJC as his attorney with full power to execute on his behalf all necessary documents, to give all necessary instructions, and to do all such acts and things as may be necessary in respect of the Lot purchased by the Purchaser.
2. These Conditions shall be construed and take effect in accordance with the laws of The Hong Kong Special Administrative Region (HKSAR). The HKSAR Courts shall have exclusive jurisdiction to hear and determine any action arising by virtue of these Conditions.