CONTRACT

THE HUT PROJECT: LEAD (2006/7)

This Contract is made on the ………… day of ……..…………….. 2007

BETWEEN:

Mr. Chris Bird,
Mr. Ian Evans,
and Mr. Alec Steadman

collectively known as The Hut Project (hereinafter referred to as ‘The Artists’)

of

Studio 117,
1-5 Vyner St,
London
E2 9DG

AND

Mr. **** ******

(hereinafter referred to as ‘The Client’)

of……………………………………………………………………………………………………………………..

…………………………………………………………………………………………………………………………

[insert address and contact details]

AND

Mr. **** ******

of……………………………………………………………………………………………………………………..

…………………………………………………………………………………………………………………………

[insert address and contact details]

in respect of a) the sale of 300Kg of lead ballast and b) the setting out of rights and obligations in respect of the lead ballast and its sale and subsequent sale, all of which comprise the artwork Lead (2006/7) (hereinafter referred to as ‘ The Artwork’).

Preamble

The following contract is intended to give legal efficacy to The Artwork.

It is an agreement by The Client to abide by the terms of conditions set out herein in respect of the primary sale, subsequent ownership, shipping, exhibition, documentation, secondary sale, and destruction of The Artwork. It also sets out terms for the legal transfer of the rights and obligations conferred on any subsequent buyer of The Artwork. It is also an agreement between The Artists and Mr. **** ****** to abide by certain terms and conditions set out herein in respect of The Artwork and The Client.

This contract is to be governed in its entirety by the law of England irrespective of the geographical location of The Artwork.

1. Primary Sale

1.1 On the initial sale The Artwork (and subject always to Clause 6 hereof) will be priced at the market value of its material components (being 300Kg of Lead ballast in 12 x 25Kg ingots) as dictated by the London Metal Exchange on the date of sale, plus 100% in respect of the Artists’ Commissioning Agent’s fee. (This will be referred to as ‘the primary sale price’).

1.2 In consideration of payment of the primary sale price The Artists convey to The Client ownership of The Artwork, subject to the Terms and Conditions set out in Articles 2 to 6 below.

1.3 In consideration of payment of the primary sale price The Artists convey to The Client shared rights with The Artists over all future exhibition(s) of The Artwork, subject to the Terms and Conditions set out in Articles 2 to 6 below.

2.Storage

2.1 The Client agrees that the material components of The Artwork are to be stored by The Artists at all times, excepting those times of its public exhibition.

2.2 The Artists agree to store the material components of The Artwork at all times between its public exhibitions and to be responsible for maintaining its good condition and ensuring its safety during these times.

2.3 The Artists agree to release the material components of The Artwork to The Client at any time for the purposes of exhibition or destruction.

2.4 The Artists agree always to seek permission from The Client should they wish to exhibit the material components of The Artwork.

3.Exhibition and Shipping

3.1 The Client agrees to be responsible for all the shipping costs incurred in any subsequent exhibition of The Artwork, whether arranged by The Client or The Artists, or solicited by any third party.

3.2 The Client reserves the right to refuse any exhibition requests from either The Artists or any third party, and the right to determine how many of the 12 ingots comprising the material components of The Artwork they wish to ship for the purposes of any given exhibition, subject to Clause 6 below.

3.3 The Client and The Artists agree that any combination of ingots (up to the maximum of 12) may be displayed at any one time in concurrent exhibitions, subject to The Client’s wishes and Clause 6 below.

3.4 The Client agrees to maintain records of all exhibitions of The Artwork and the shipping costs incurred thereby for the purpose of determining the future sale value of The Artwork.

4.Secondary and Subsequent Sale

4.1 The Client agrees that on the next sale (this will be referred to as ‘secondary sale’) the value of The Artwork will be determined by the sum of 1. its material value on the date of that sale (being the market value on the day of sale of 300Kg of lead, as determined by the London Metal Exchange or appropriate National equivalent), 2. £583.77 in respect of the original gallery commission paid on the primary sale, and 3. the total documented costs incurred in the shipping of The Artwork to exhibition during the period of The Client’s ownership, up to and including the date of the secondary sale. (Secondary sale value, therefore = material value + original commission + shipping costs accrued).

4.2 The Client acknowledges that the value of The Artwork at each sale thereafter (this will be referred to as ‘the subsequent sale’) will be determined by the sum of 1. its material value on the date of said sale (being the market value on the day of sale of 300Kg of lead, as determined by the London Metal Exchange or appropriate National equivalent), 2. £583.77 in respect of the original gallery commission paid at the point of primary sale, and 3. the total documented costs incurred in the shipping of The Artwork to exhibition during the period of the seller’s and every previous buyer’s ownership, up to and including the date of subsequent sale. (Subsequent sale value, therefore = material value + original commission + total shipping costs accrued to date)

4.3 The Client warrants as an absolute condition of the primary sale that on The Artwork’s secondary sale by him all rights and responsibilities conferred upon The Client by the Terms and Conditions set out herein will be transferred to the prospective buyer; and that in the event of those rights and responsibilities not being so transferred The Artwork will be considered to have been destroyed.

4.4 The Client warrants as an absolute condition of the primary sale that he will ensure that the obligations incumbent on him in terms of this contract are incorporated mutatis mutandis in all documents transferring his rights of ownership in The Artwork, and that in the event of this condition not being met The Artwork will be considered to have been destroyed.

4.5 The Client agrees to inform The Artists and The Artists’ Commissioning Agent (Associates Gallery) of any impending sale and to request the generation of an appropriate contract to secure the legal transfer of the rights and responsibilities set out herein.

5.Disposal

5.1 The Artists agree that The Client and any subsequent legal owner of The Artwork may at any time dispose of the material components of The Artwork, in and only in their entirety, for their purely material value (i.e. the market value of 300Kg of lead as determined by the London Metal Exchange or appropriate National equivalent on the date of disposal).

5.2 The Client agrees that in the event of such disposal this and any subsequent contract of sale and all rights and obligations conferred thereupon will be terminated and The Artwork will be considered permanently destroyed.

5.3 The Client agrees that in the event of such disposal they will have no right to claim from The Artists or The Artists’ Commissioning Agent any costs accrued during the period of ownership in the shipping to exhibition of The Artwork or any part thereof.

5.4 The Client agrees in the event of such disposal to deposit with The Artists and The Artists’ Commissioning Agent copies of all documentation relating to The Artwork, its shipping, exhibition and destruction.

6.The 12th Ingot

6.1 In consideration of the prior gifting by The Artists of one of the 12 ingots comprising the material components of The Artwork (hereinafter referred to as ‘The 12th Ingot’) to Mr. **** ****** (Co-Director of Associates Gallery), The Artists convey to Mr. ****** certain exclusive rights of ownership over 1/12th of The Artwork, subject to these stipulations:

6.2 Mr. ****** agrees to lend The 12th Ingot to The Client on a permanent basis to be used by the Client solely subject to the warranties and other terms and conditions hereof.

6.3 The Client agrees to acknowledge the loan of The 12th Ingot from the collection of Mr. **** ****** in all published material relating to The Artwork.

6.4 The Artists agree to provide Mr. ****** with a signed photograph of The 12th Ingot as documentation of his continued intellectual stake in The Artwork (comprising solely of the right to be acknowledged as the owner of The 12th Ingot and said documentary photograph).

6.5 The Client and the Artists agree that Mr. ****** may at any time sell his intellectual stake in The Artwork (comprising solely of the right to be acknowledged as the owner of The 12th Ingot and said documentary photograph), and that the value of said stake will not be subject to the Terms and Conditions set out in Clauses 2-5 above.

6.6 Mr. ****** warrants in the event of such sale to secure the continued permanent loan of The 12th Ingot to The Client or whosoever may at that time own The Artwork as an absolute condition of such sale; and that in the event of this condition not being met the sale will be considered null and void. Mr. ****** warrants that he will include all further terms and conditions in the contract for such sale as are necessary to give effect to his obligations hereunder.

6.7 Mr. ****** agrees to inform The Artists and The Artists’ Commissioning Agent of any impending sale of his rights in The 12th Ingot and to request the generation of an appropriate contract to secure the legal transfer of the rights and responsibilities set out herein.

IN WITNESS HEREOF

Signed……………………………………………………………………………………………………………….

(The Client)

Dated…………………………………………………………………………………………………………………

Witness:

Signed:

Address:

[Print Name]

Signed……………………………………………………………………………………………………………….

(The Artist)

Dated…………………………………………………………………………………………………………………

Witness:

Signed:

Address:

[Print Name]

Signed……………………………………………………………………………………………………………….

(Mr. ******)

Dated…………………………………………………………………………………………………………………

Witness:

Signed:

Address:

[Print Name]