General terms and conditions of consignment

L'ÉCRIN SA
Société Anonyme under Swiss law
Head office: W&J SA - L'Ecrin - C/o BDS Fiduciaire - Avenue de l'Aïre 7 - 1203 Geneva, Switzerland

PREAMBLE

These General Sales Conditions (hereinafter “the Conditions”) govern the contractual relationships between W&J SA - trade name L'Ecrin (hereinafter “the Depositary” or “L'ÉCRIN”) and any natural or legal person (hereinafter “the Depositary”) and any natural or legal person (hereinafter “the Depositary”) entrusting one or more Fine Watchmaking watches for sale.

ARTICLE 1 — OBJECT AND FIELD OF APPLICATION

  • 1.1 These Conditions define the terms and conditions under which the Depositary entrusts the Depositary with one or more watches (hereinafter “the Goods” or “the Goods”) in order to be marketed.
  • 1.2 Any delivery of Goods for consignment implies full and complete acceptance of these Conditions, without restriction or reservation.
  • 1.3 These Terms take precedence over any other document, unless otherwise agreed in writing by both parties.

ARTICLE 2 — FILING PROCESS

  • 2.1 Expertise and evaluation
    The Depositary carries out the expertise of the Entrusted Property, including in particular:
    • Authentication of the Property
    • Assessment of its general condition
    • Estimating a potential sales price range
    • Identification of any necessary reconditioning work (revision, polishing, replacement of components, etc.)
  • 2.2 Estimated refurbishment costs
    The Depositary shall communicate to the Depositor, where appropriate, the estimated amount of the refurbishment costs. These costs remain the responsibility of L'Écrin, provided that the transaction is completed.
  • 2.3 Setting the net selling price
    The Depositor freely sets the minimum net selling price that he wishes to receive (hereinafter “the Net Seller Price”).
  • 2.4 Signature of the consignment contract
    A consignment and sale document (hereinafter “the Deposit Agreement”) is drawn up and signed by both parties, specifying in particular:
    • The detailed description of the Property (brand, model, reference, serial number, accessories)
    • The condition of the Property at the time of deposit
    • The Net Seller Price set by the Depositor
    • Possible repair costs
    • The term of office
    • Any special conditions

ARTICLE 3 — OBLIGATIONS OF THE DEPOSITARY

  • 3.1 Retention and insurance
    The Depositary undertakes to:
    • Keep the Property in optimal safety conditions
    • Insure the Property against theft, fire and damage, for its declared value
    • Keep an accurate record of the Assets entrusted
  • 3.2 Marketing
    The Custodian uses all reasonable means to market the Property, including:
    • Presentation in store and/or on digital media
    • Promotion to its customers
    • Photographic and descriptive enhancement
  • 3.3 Applicant Information
    The Depositary shall inform the Depositary of:
    • Any purchase proposal that is less than the Net Seller Price
    • The status of marketing on request
    • Any particular circumstances concerning the Property

ARTICLE 4 — SALES PROCESS

  • 4.1 Sale at Net Seller Price or higher
    When a purchaser agrees to purchase the Property at the Net Seller Price or at a higher price, the Custodian is authorized to complete the sale without prior consultation with the Depositary.
  • 4.2 Lower purchase proposal
    If a potential purchaser offers a price lower than the Net Seller Price:
    • The Depositary contacts the Applicant to submit this proposal.
    • The Applicant has a period of 48 business hours to accept or refuse.
    • The absence of a response within this period constitutes refusal of the proposal.
    • The Depositor's acceptance must be confirmed in writing (email, SMS or letter).

ARTICLE 5 — REPAIR AND EXPENSES

  • 5.1 Prior authorization
    No rehabilitation work will be undertaken without the prior written consent of the Depositor, except where there is an obvious emergency for the preservation of the Property.
  • 5.2 Deduction of expenses
    The repair costs are borne by L'Écrin, provided that the sale is actually concluded through our services. In the event that the depositor wishes to recover his watch before the finalization of a transaction, the repair costs incurred will be invoiced in full.

ARTICLE 6 — TERM OF OFFICE

  • 6.1 Initial duration
    The consignment mandate is concluded for a period of 6 months from the signing of the Deposit Agreement, unless otherwise stipulated.
  • 6.2 Renewal
    The mandate is renewable by tacit agreement for successive periods of 3 months, unless terminated by one of the parties with a notice of 30 days before the deadline.
  • 6.3 Price review
    At the end of the initial period, the Depositary may propose to the Depositor a revision of the Net Seller Price if the Property has not been purchased. The Applicant remains free to accept or refuse this revision.

ARTICLE 7 — WITHDRAWAL OF THE PROPERTY

  • 7.1 Early withdrawal
    The Depositor may withdraw his Property at any time, subject to a notice of 7 working days and subject to:
    • That the Property is not in the process of advanced negotiation with a purchaser.
    • Payment of any repair costs already incurred.
    • From the payment of fixed management fees of CHF 200 if the withdrawal occurs within the first 3 months.
  • 7.2 Restitution
    The Property is returned to the Depositor in the condition in which it is located, with all the accessories and documents provided.

ARTICLE 8 — SETTLEMENT AND PAYMENT

  • 8.1 Payment deadline
    The Net Seller Price is paid to the Depositor within a period of Maximum 15 working days following the actual receipt of the sale price by the Depositary.
  • 8.2 Payment terms
    Payment is made by bank transfer to the account designated by the Depositor in the Deposit Agreement.

ARTICLE 9 — GUARANTEES AND RESPONSIBILITIES

  • 9.1 Guarantee of authenticity
    The Depositor guarantees that he is the legitimate owner of the Property and that it is not subject to any charge, pledge or privilege. It also guarantees the authenticity of the Property and its lawful origin.
  • 9.2 Custodian Responsibility
    The Custodian is responsible for the custody of the Property as a professional trustee. His liability is limited to the declared value of the Property in the Deposit Contract, within the limits of his insurance.
  • 9.3 Force majeure
    The Depositary cannot be held responsible in the event of force majeure, in particular in the event of burglary, natural disaster, fire or any event beyond its reasonable control.
  • 9.4 Guarantee vis-à-vis the purchaser
    The Depositary grants the purchaser a guarantee of authenticity. In the event of a well-founded dispute as to the authenticity of the Property after the sale, the Depositary undertakes to take back the Property and to reimburse the purchaser. The Depositary undertakes to reimburse the Depositary the Net Seller Price received in such a case.

ARTICLE 10 — CONFIDENTIALITY

  • 10.1 The Depositary undertakes to maintain the confidentiality of the identity of the Depositary in relation to potential purchasers, unless otherwise agreed by the Depositary.
  • 10.2 Transaction information is covered by professional secrecy to the extent permitted by law.

ARTICLE 11 — DATA PROTECTION

  • 11.1 In accordance with the Federal Data Protection Act (LPD), the Custodian collects and processes the Applicant's personal data only in the context of the execution of this contract.
  • 11.2 The Depositor has the right to access, rectify and delete his personal data.
  • 11.3 The data is kept for the legal period of conservation of accounting and commercial documents.

ARTICLE 12 — FIGHT AGAINST MONEY LAUNDERING

  • 12.1 In accordance with the Money Laundering Act (AML) and its ordinances, the Custodian is required to identify the Depositary and to verify the identity of the Depositary by means of an official document.
  • 12.2 The Depositor undertakes to provide all the documents and information necessary to establish the beneficial owner of the Property.
  • 12.3 The Custodian reserves the right to refuse a deposit or to report a suspicious transaction to the competent authorities.

ARTICLE 13 — MISCELLANEOUS PROVISIONS

  • 13.1 Modification of the Terms
    The Depositary reserves the right to change these Terms. Any changes will be communicated to the Depositor and will apply to new deposits.
  • 13.2 Partial nullity
    If any provision of these Terms is declared void or unenforceable, the other provisions remain in full force and effect.
  • 13.3 Entire Agreement
    These Terms, together with the signed Deposit Agreement, constitute the entire agreement between the parties.

ARTICLE 14 — APPLICABLE LAW AND JURISDICTION

  • 14.1 Applicable law
    These Terms are governed by Swiss law, excluding conflict of law rules.
  • 14.2 Competent jurisdiction
    Any dispute relating to the interpretation or execution of these Conditions will be subject to the exclusive jurisdiction of the courts of the Canton of Geneva, subject to recourse to the Federal Court.
  • 14.3 Mediation
    The parties undertake, prior to any legal action, to attempt to resolve their dispute through mediation.

ARTICLE 15 — ENTRY INTO FORCE

These General Terms and Conditions come into force as of 01.01.2026 and apply to all consignment contracts concluded on or after that date.

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