CHRONEXT AG - GENERAL TERMS AND CONDITIONS OF SERVICE

(UPDATED AUGUST 2022)

ARTICLE 1 - SCOPE

1.1 These general terms and conditions of service of CHRONEXT Service Germany GmbH ("CHRONEXT") apply to all repairs carried out by CHRONEXT as well as other services performed on watches ("service") that belong to a third party – whether a natural person or a legal entity ("customer") – and have been handed in or sent in for a service. The general terms and conditions of service are addressed equally to contractors within the meaning of Section 14 of the German Civil Code ("contractor") and to consumers within the meaning of Section 13 of the German Civil Code ("consumer").

1.2 Contracts for services are concluded between the customer and

CHRONEXT Service Germany GmbH

Lichtstraße 25

50825 Cologne

Germany

Phone: +49 221 975 806 04

E-mail: info@chronext.com

ARTICLE 2 - COST ESTIMATE AND ASSIGNMENT

2.1 At the customer's request, and depending on the availability of the shipping service providers selected by CHRONEXT, the customer may order a collection and service of their watch. The customer shall receive a shipping label for insured shipping as a result of the order. The watch shall be forwarded by the shipping service provider to the CHRONEXT service centre in Cologne. Alternatively, direct handover by the customer is also possible by arrangement.

2.2 If the watch has been delivered to CHRONEXT by the shipping service provider or directly by the customer, the customer shall receive a cost estimate. This is subject to the condition that the required service and its costs can be determined immediately (""cost estimate""). If the required service and its cost cannot be determined immediately when the customer delivers the watch in person, the customer shall receive a confirmation that the watch has been delivered to CHRONEXT. If the customer so requests, or if it is not possible to determine the type and price of the service immediately upon delivery of the watch without removing the case and assessing the movement, CHRONEXT shall send the customer a cost estimate within a reasonable period of time. By handing over the watch, the customer consents to any professional inspection intervention that may be necessary for the preparation of the cost estimate.

2.3 The customer assures that the watch handed over for the purpose of providing a service or preparing a cost estimate is free of third-party rights or that the customer is sufficiently authorised to dispose of it.

2.4 If an estimate has been prepared for a customer, the customer shall confirm its acceptance within the period of validity of the same. The estimate is valid for 2 (two) months from the date it is drawn up and requires the express written acceptance of the customer.

2.5 If a quotation is not accepted within its period of validity or is rejected by the customer, the watch shall be returned to the customer as far as possible in the same condition in which it was received by CHRONEXT, in accordance with Article 6.

2.6 If a watch is sent to CHRONEXT during the manufacturer's warranty period or within the CHRONEXT sales warranty, CHRONEXT reserves the right to adjust the cost estimate if a defect not covered by the warranty is subsequently discovered that was not yet detected when the cost estimate was drawn up.

2.7 If CHRONEXT determines prior to the commencement of the commissioned service that additional work must be carried out in order to maintain the functionality, water resistance of the watch, which is not listed in the cost estimate, CHRONEXT shall submit an updated cost estimate to the customer without delay. CHRONEXT shall not commence with the performance of the service until the customer expressly accepts the updated cost estimate in writing.

2.8 CHRONEXT reserves the right to send the customer's watch to a service centre of the manufacturer or an alternative specialised supplier at home or abroad for the preparation of a cost estimate.

2.9 The estimate is normally provided free of charge, unless the reference number of the watch cannot be identified, the watch needs to be restored or for certain models with a major complication. In such cases where the estimate is invoiced, CHRONEXT shall issue an invoice for a deposit when the watch is delivered to CHRONEXT. This invoice for the deposit is only payable if the customer rejects the estimate, and at the latest when the watch is returned to the customer.

ARTICLE 3 - ACCEPTANCE OF A COST ESTIMATE

3.1 If the cost estimate is accepted later than 10 (ten) working days after it has been drawn up, the customer shall be notified of a new estimated processing period. This new deadline takes into account CHRONEXT's current workload and may exceed the original deadline stated in the estimate. Any time limit notified to the customer is for information purposes only. The term ""working day"" means any day except Saturday, Sunday or public holidays in Germany.

3.2 As soon as the customer has expressly accepted the cost estimate, CHRONEXT shall commence with the performance of the service to the best of its ability. By accepting the cost estimate, the customer declares their express consent to the performance of the service before the expiry of the withdrawal period and hereby also confirms their knowledge that they lose their right of withdrawal upon complete fulfilment of the contract by the contractor.

3.3 CHRONEXT reserves the right to send the customer's watch to a service centre of the manufacturer or an alternative specialised supplier at home or abroad for the preparation of a cost estimate.

3.4 If problems arise during the performance of the service for which CHRONEXT is not responsible, e.g. due to the age or condition of the watch or due to force majeure, and therefore the service cannot be performed as originally stated or cannot be performed at all, CHRONEXT reserves the right to revise or amend the cost estimate or to discontinue the service. If the revised or amended estimate is not accepted or the service is discontinued, the watch shall be returned to the customer as far as possible in the same condition in which it was received by CHRONEXT.

3.5 If, despite reasonable efforts, CHRONEXT is unable to complete the service within the specified period due to force majeure or other reasons, the completion of the service shall be postponed depending on the nature and extent of the circumstances that led to the delay. The customer shall be immediately informed of this delay. In this article, the term ""force majeure"" includes, but is not limited to, accidents, adverse weather conditions, natural disasters, fire, explosions, acts or omissions of any public authority, unforeseen changes in laws or regulations, general lack of availability of raw materials or energy, pandemics, epidemics, quarantines, lockdowns, terrorism, general strikes, riots, civil disturbances or war, and other events beyond the reasonable control of CHRONEXT which by their nature could not have been foreseen or – if foreseeable – could not have been avoided.

ARTICLE 4 - PRICES

4.1 The price for the service stated in the quotation is inclusive of VAT and other applicable taxes and also includes the costs of packaging, transport and insurance.

4.2 The watch shall be returned to the customer when the customer has paid the price of the service. CHRONEXT reserves the right to demand a partial or the total amount as advance payment, in particular if a restoration has to be carried out or if the watch is not collected personally from CHRONEXT by the customer after completion of the service (Article 6).

ARTICLE 5 - COMPONENTS

5.1 Worn parts shall be replaced as part of the service with new components manufactured to CHRONEXT's standards and using the latest developments in technical and aesthetic manufacturing. With the exception of straps and replica parts within the meaning of Article 5.2, components replaced as part of a service are included in the price of the service, insofar as the replacement of these components is considered customary and normal for the service. Otherwise, these separately required parts shall be invoiced to the customer additionally. By accepting the quotation, the customer agrees that the replaced parts, with the exception of straps, shall be retained by CHRONEXT and therefore waives their right to demand the return of these parts.

5.2 Original parts that are no longer available for restoration are reproduced by hand by specialised watchmakers as far as this is possible.

5.3 The availability of dials and straps identical to the original parts of the watch may in some cases be limited to a certain period of time. If these are no longer available, CHRONEXT shall either replace the dial and/or strap with one that is visually closest to the original part of the watch, or overhaul the original dial if this is technically possible.

ARTICLE 6 - WATCH RETURN

6.1 After completion of the service or if the customer does not accept or rejects the estimate or if the service is discontinued for any reason, CHRONEXT shall inform the customer of this and of the fact that the watch shall be returned to them. The cost estimate and an identification document must be presented at the time of collection. If the watch was originally collected by an insured shipping service provider, the watch shall only be returned to an address in the country where the watch was originally collected after the price of the service has been paid to the customer. In addition, the presentation of an identification document of the customer or of a person authorised to receive the payment together with the corresponding power of attorney is mandatory.

6.2 At the written request of the customer, the watch may also be sent securely packed within a reasonable period of time to an address in the EU/EEA notified in writing by the customer. If the customer sends their watch to CHRONEXT from an area outside the EU/EEA, the watch shall be returned to them within a reasonable period of time securely packed to the address they provide in the country from which the shipment was made, provided that all necessary customs formalities have been fulfilled. A change of customer address after the watch has been sent to CHRONEXT can only be accepted if the identity of the customer has been formally verified.

6.3 CHRONEXT is not liable for any damage and/or loss of the watch caused by incorrect or incomplete address information provided by the customer.

ARTICLE 7 - DAMAGE TO OR LOSS OF THE WATCH

7.1 Before receipt of the watch by CHRONEXT:

7.1.1 If the watch was originally collected on behalf of CHRONEXT from an address specified by the customer (online order for collection and repair of the watch), CHRONEXT undertakes, in strict compliance with Article 7.2, to provide the customer with compensation in the event of loss or theft in the course of transport after the watch has been handed over to the delivery service designated by CHRONEXT. The prerequisite for this is that the customer has fully complied with the shipping instructions. Otherwise, the following paragraph shall apply.

7.1.2 If the customer chooses to send a watch directly to CHRONEXT, CHRONEXT shall not be liable for any damage to the customer's watch that occurs during transit, nor for its loss or theft prior to receipt of the watch by CHRONEXT. The customer is advised to send their watch by registered mail, insured, or a secure delivery service. If the customer sends the watch directly to CHRONEXT for the performance of a service, the customer shall be solely responsible for complying with all procedures and regulations for the export and import of a watch. CHRONEXT shall not be liable under any circumstances for any infringement committed by the customer.

7.2 After receipt by CHRONEXT: Despite the utmost care that CHRONEXT takes with the watches entrusted to it for service, it cannot be ruled out that the watches may be damaged during the performance of the service. In such a case, CHRONEXT shall replace the watch with one of the same model in comparable condition if it is available and with a similar watch of the same value if it is not available (in accordance with the price paid by the customer for the watch and up to a maximum of the recommended retail price of the similar watch) or, if CHRONEXT so decides in its sole discretion, pay financial compensation based on the market value of the watch.

7.3 In the event of return to the customer: Without prejudice to Article 6.3, CHRONEXT undertakes to compensate the customer in accordance with Article 7.2 in the event of theft or loss occurring during transport and before delivery to the customer.

ARTICLE 8 - WARRANTY

8.1 Subject to Article 9, the work carried out as part of the service and the components replaced in the process are guaranteed for 2 (two) years from the date stated on the invoice.

8.2 Without prejudice to Article 9, the warranty granted in Article 8.1 covers all processing defects, including those caused by defective components, defective processing during the performance of the service or damage during the transport of the watch back to the customer.

8.3 Excluded from the warranty are defects in a watch that are directly or indirectly caused by any of the following: normal wear and tear, deviations related to an impact, improper use, improper handling, interventions on the watch not carried out by CHRONEXT, failure to follow the recommendations for maintaining the water resistance of the watch, and damage related to moisture entering a watch that has lost water resistance (as set out in Article 9).

8.4 The customer is responsible for inspecting the watch and notifying CHRONEXT in writing of any obvious defects within ten working days of the date on which they received the watch after completion of the service. If the customer does not notify CHRONEXT of such within ten working days, the watch and the service provided shall be deemed to have been accepted by the customer in perfect condition. In this case, CHRONEXT shall be exempt from any liability and all claims, except in the case of defects that are not obvious with reasonable attention. In this case, the customer can only demand that CHRONEXT rectify this defect in accordance with these general terms and conditions of service.

8.5 The customer's refusal to have a service (in particular maintenance, repair or water resistance service) carried out releases CHRONEXT from any obligation or liability in connection with the watch, its functionality, water resistance and intactness.

ARTICLE 9 - WATER RESISTANCE OF THE WATCH

9.1 The water resistance of the watch may be affected by an accident or in contact with aggressive substances (acid, perfume, liquid metal, etc.). After such an incident, complete immersion of the watch in water must be avoided at all costs and the watch must be subjected to a new water resistance test immediately. Since sand, salt and chlorine contain corrosive and abrasive substances, CHRONEXT recommends that if you bathe frequently, you rinse the watch regularly with tap water before drying it off. In any case, CHRONEXT recommends that you do not immerse a watch with a leather strap in water, even if the watch is water resistant, as water can damage the leather strap. If the customer's watch is not a water resistant model, it must not be immersed in water or come into contact with water or any other liquid. Damage caused by moisture penetrating a watch that is not water resistant is not covered by the warranty.

9.2 Whenever the battery is changed on a quartz watch, CHRONEXT recommends that a water resistance service be performed. If the customer refuses to do so, no guarantee of water resistance shall be provided. Notwithstanding this, the battery change shall be carried out free of charge. Changing the battery does not guarantee the general condition or other functions of the watch, nor does it guarantee that additional service shall not be required.

ARTICLE 10 - COUNTERFEIT AND ALTERED WATCHES

If the analysis of the watch reveals that one or more parts of the watch are counterfeit parts, no service shall be performed on the watch in question. CHRONEXT can document the visual and technical aspects that indicate a fake watch. CHRONEXT is authorised to conduct further investigations to gather information about the origin of the watch. Furthermore, CHRONEXT reserves the right not to perform a service if aesthetic and/or technical changes have been made to the watch.

ARTICLE 11 - WATCH THEFT

Upon receipt of a watch previously reported stolen, CHRONEXT reserves the right to inform the competent authorities, who are authorised to determine the rightful owner of the watch in question, and to hand over the watch to the competent authorities.

ARTICLE 12 - RIGHT OF WITHDRAWAL FOR CONSUMERS

Withdrawal policy

If you are a consumer and the right of withdrawal has not already expired prematurely in accordance with section 12.2, you have a right of withdrawal in accordance with the following instructions:

You have the right to withdraw from this contract within fourteen days without needing to state any reasons. The withdrawal period is fourteen days from the day of the conclusion of the contract.

In order to exercise your right of withdrawal, you must inform us (CHRONEXT Service Germany GmbH, Lichtstraße 25, 50825 Cologne, Germany, telephone +49 221 975 806 04, e-mail info@chronext.com) by means of a clear declaration (e.g. a letter sent by post, fax or e-mail) of your decision to withdraw from the contract. You may use the enclosed sample withdrawal form. It is, however, not prescribed.

In order to comply with the withdrawal period, it is sufficient that the notification of the exercise of the withdrawal right is sent to us prior to expiry of the withdrawal period.

Consequences of withdrawal

If you revoke this contract, we shall refund all payments we have received from you, including delivery costs (except for the additional costs resulting from your choosing a delivery method other than the cheapest standard delivery offered by us), immediately and at the latest within 14 days from the day we receive notice of your withdrawal from this contract. For this refund, we will use the same means of payment that you used for the original transaction, unless expressly agreed otherwise with you. In the event that payment was made in cash, the refund shall be made to the account designated by you at the time of payment. In no case will you be charged for this repayment. If you have requested that rendering of the service is to commence within the withdrawal period, you shall be required to pay us a reasonable amount that corresponds to the share of the services, compared to the total scope of services agreed upon in this contract, already rendered before the time you notify us that you are exercising your right to withdraw from this contract.

Special notes on the premature expiry of the right of withdrawal

Your right of withdrawal expires prematurely if the contractor has provided the service in full and has only started to provide the service after you have given your express consent to this and at the same time you have confirmed your knowledge that you lose your right of withdrawal when the contractor has fulfilled the contract in full.

-End of withdrawal policy-

ARTICLE 13 - PERSONAL DATA

CHRONEXT processes personal data of the customer for the provision of service conditions. The entire privacy policy is available on request or at the URL https://www.chronext.com/privacy-policy.

ARTICLE 14 - CONTRACT COMPONENTS

The quotation and service request, together with these terms and conditions of service and the privacy policy provided at the URL https://www.chronext.de/datenschutzerklaerung, constitute the entire agreement between CHRONEXT and the customer with respect to the provision of the services and supersede any prior written or verbal agreements, representations or understandings between CHRONEXT and the customer with respect to the subject matter hereof. The parties confirm that they have not entered into the transaction on the basis of any representation not expressly set out in writing in the quotation or these general terms and conditions of service.

ARTICLE 15 - FINAL PROVISIONS

15.1 Deviating terms and conditions of the customer shall not become part of the contract even if CHRONEXT does not expressly object to their validity.

15.2 The customer may only offset claims of CHRONEXT or assert a right of retention if its counterclaim is undisputed, a legally binding title exists or the counterclaim is in a synallagmatic relationship to the respective claim concerned.

15.3 The laws of the Federal Republic of Germany shall apply to the exclusion of the United Nations Convention on Contracts for the International Sale of Goods. This does not apply to consumers in respect of those provisions which are mandatory under the law which would be applicable in the absence of this clause (i.e. usually the law of the country where the consumer has their principal residence) and which may not be derogated from by agreement.

15.4 The exclusive place of jurisdiction for all disputes arising from or in connection with this contract is Cologne, provided that the customer is a merchant or has no general place of jurisdiction in Germany or another EU member state, has moved their permanent place of residence abroad after these terms of use have come into effect or their place of residence or usual place of abode is unknown at the time the action is brought.

15.5 If individual provisions of these terms of use are or become invalid and/or contradict the statutory regulations, this shall not affect the validity of the general terms and conditions of service.