GENERAL TERMS AND CONDITIONS Olympus Trading

Article 3: The Offer

The seller's offer can be made verbally, in writing, or electronically.

If a period for acceptance has been set, the offer is valid during this period. The buyer's acceptance of the offer is valid only if it occurs within the set period.

Electronic acceptance of the offer by the buyer is valid only if it is confirmed by the seller.

If no period for acceptance is set, the offer remains valid for two working days, provided the artwork has not already been sold.

Article 4: The Agreement

The agreement must always be recorded in writing or electronically.

The buyer will receive a copy of the written agreement.

However, the absence of a written or electronically recorded agreement does not invalidate the agreement.

Article 7: Down Payment

A down payment will not be refunded if the buyer decides not to proceed with the purchase, unless this is deemed unreasonable and contrary to the legal provisions of Articles 6:236 and 6:237 of the Dutch Civil Code.

A down payment by the buyer to the seller obligates the buyer to pay the full purchase amount, as the agreement has already been concluded and is confirmed by the down payment.

The seller is obligated to reserve the artwork, preventing the artwork from being sold to other buyers.

Article 9: Storage Fees

If the buyer does not collect the artwork within one month of being notified of the completion of the assignment, the seller may charge storage fees. These fees are either customary within their business or, in the absence of such fees, a reasonable amount.

Article 10: Cancellation

The buyer has a duty to inspect the artwork and does not have the right to cancel the purchase agreement unless the seller has failed to fulfill their obligations.

The right to cancel expires if the artwork to be purchased has already been delivered by the buyer to the seller.

Article 11: Warranty on Artwork

The seller does not provide a warranty on used artwork unless the seller has explicitly stated in writing that a warranty will be provided for a mutually agreed-upon term.

Article 12: Payment

The buyer's debts to the seller are "debts to be brought." Payment must be made in cash upon delivery of the artwork, its components, or after the services have been rendered. Cash payment also includes the transfer of the owed amount to a bank or giro account specified by the seller at the time of delivery.

If another payment date is expressly agreed upon in writing, the seller is entitled to charge statutory interest on unpaid amounts on a monthly basis. For this purpose, any part of a month following the due date is considered a full month. This increase in the owed amount is considered a condition under which the seller has granted a payment extension without nullifying the buyer's obligation for immediate payment. This increase takes effect one month after the invoice is sent.

If parties have agreed to waive immediate payment and have not expressly agreed on a payment date in writing, a payment term of one month applies. The buyer is then liable for statutory interest, calculated as a full month from two weeks after the buyer has been summoned by the seller via registered letter to make payment.

If the buyer, after being summoned, fails to pay the owed amount, the seller is entitled to increase the amount with collection costs. These costs include both judicial and extrajudicial expenses. Extrajudicial costs include all costs charged to the seller by lawyers, bailiffs, and anyone else employed to recover the owed amount. Extrajudicial costs are set at 50% of the owed amount, unless the buyer can demonstrate that the seller has incurred less damage.

Article 14: Liability

If the seller is liable, this liability is limited to what is regulated in this provision, unless this is deemed unreasonable and contrary to the legal provisions of Articles 6:236 and 6:237 of the Dutch Civil Code.

The seller is not liable for damage of any kind resulting from reliance on incorrect and/or incomplete information provided by or on behalf of the buyer.

If the buyer permits or requests the seller to move artworks, the seller is not liable for damage resulting from moving the artworks, unless the seller is insured for this.

If the seller is liable for any damages, the seller's liability is limited to a maximum of the invoice value of the order or, at least, to that part of the order to which the liability relates.  

The seller's liability is, in any case, always limited to the amount of compensation paid by their insurer, if applicable.

Damage is exclusively defined as reasonable costs incurred to determine the cause and extent of the damage, insofar as the determination relates to damage as defined in these terms and conditions; reasonable costs incurred to ensure the seller's defective performance complies with the agreement, insofar as these can be attributed to the seller; and reasonable costs incurred to prevent or limit damage, provided the buyer demonstrates these costs resulted in the limitation of direct damage as referred to in these general terms and conditions.  

The limitations of liability in this article do not apply if the damage is due to intent or gross negligence by the seller or their managerial subordinates.