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The firm exercises legal oversight though the entire process, or specific phases of that process, ranging from negotiations at the outset, including putting the seller and buyer together, to serving as escrow agent. All procedures are be strictly rule governed under the terms and conditions as set forth in the agreement. The firm's role would be to secure these guarantees and points of order from the outset and throughout the entire process. Every effort would be made to achieve symmetry between the two sides, including the simultaneous filing of papers, with the firm's attorneys, by both the buying and selling sides. No information would be shared between sides until both had satisfied their obligations. The contract with our firm accounts for mutually agreed upon confidentiality clauses involving the names of the owner and buyer prior to the creation and signing of a P&S agreement. Additionally, it includes non-solicitation clauses / NCND agreements designed to protect relationships, on both sides, which exist between the seller or the buyer and their respective agents. Stephen C. Foster Fine Arts Advisory and Brokerage provides services including the review and assessment of the letter of intent from the Buyer’s Agent, the investigation and attempted verification of the authority of both the Buyer’s Agent and the Owner’s Agent to act on behalf of their respective principals, the identity and legal status of the putative Buyer and putative Owner, the putative Owner’s rights in the subject artwork to be sold and the financial capability of the Buyer to perform a purchase and sale agreement relating to the subject artwork. The firm will further investigate the subject artwork and attempt to confirm that there are no claims to the subject artwork or legal impediments to sale of the subject artwork (limited to claims and rights that are publicly asserted of record in the country of origin) and coordinate the inspection and appraisal of the subject artwork by experts selected by the Buyer and/or Buyer’s Agent. Stephen C. Foster Fine Arts Advisory and Brokerage is prepared to create and negotiate the purchase and sale agreement and provide or assign escrow services related to the exchange of the subject artwork once a purchase and sale agreement is executed for the consideration stated in the purchase and sale agreement and consistent with industry practices and customs. The parties agree and understand that the nature and types of activities undertaken by Stephen C. Foster Fine Arts Advisory and Brokerage in performing the services pursuant to the Agreement shall be in the sole discretion and exclusive judgment of the Advisory and Brokerage. The execution of all documents would be conducted in English. |
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