Page 123 - Heirloom Collectibles Antiques & Silver

TERMS AND CONDITIONS OF SALE TERMS AND CONDITIONS OF SALE

1. DEFINITIONS AND INTERPRETATION supplemented or re-enacted, and any reference to statutory provision 2.8 AstaGuru shall provide all bidding access at least 24 hours before the e) The starting value of a Proxy Bid placed before the start of an auction
1.1 Definitions shall include any subordinate legislation made from time to time under Auction Date. (pre-auction Proxy Bid) shall be at least 10% higher than the Opening Bid.
a) “Applicable Law” shall mean to the extent it applies to a Person, all that provision; 2.9 AstaGuru reserves the right to cancel any bidding access provided to f) If a Proxy Bid is placed during the live auction, the amount shall be at least
applicable laws, statutes, by-laws, rules, regulations, orders, ordinances, g) references to an “Terms and Conditions of Sale” shall be construed as a Bidder. 20% higher than the next valid bid, for all bids below INR 5,00,00,000/-
protocols, codes, guidelines, policies, notices, directions, judgments, a reference to these Terms and Conditions of Sale as may be amended, 2.10 AstaGuru reserves the right to withdraw a Lot before, during or after the (Rupees Five Crores) and shall be at least 7% higher than the next valid
decrees or other requirements or official directive of any Governmental varied, supplemented or novated in writing at the relevant time in bidding at an AstaGuru Auction, at its sole discretion, including if it has a bid for all bids above INR 5,00,00,000/- (Rupees Five Crores).
Authority or Person acting under the authority of any Governmental accordance with the terms herein; reason to believe that the authenticity or accuracy of the Lot is in doubt. g) The increments for the Proxy Bids shall be 10% for all bids below INR
Authority and/or of any statutory authority in India, whether in effect on h) any reference to books, files, records or other information or any of them 2.11 AstaGuru reserves the right to postpone completion of a sale under an 5,00,00,000/- (Rupees Five Crores) and shall be 5% for all bids above INR
the Execution Date or thereafter; means books, files, records or other information or any of them in any AstaGuru Auction until AstaGuru completes its registration and client 5,00,00,000/- (Rupees Five Crores).
b) “AstaGuru Auction” (or “auction") shall mean an online auction form or in whatever medium held including paper, electronically stored identification formalities. h) The Bidder may place a proxy bid at any time, before an AstaGuru Auction
conducted by AstaGuru in accordance with these Terms and Conditions data, magnetic media, film and microfilm; 2.12 AstaGuru reserves the right to refuse registration to any entity at its goes live until the end of the auction.
of Sale; i) no provisions of these Terms and Conditions of Sale shall be interpreted in sole discretion. i) The Bidder may place a proxy bid by submitting a duly signed written bid
c) “AstaGuru Buyer’s Margin” (or “Margin”) is the percentage of margin favour of, or against, any party by reason of the extent to which such party 2.13 The email and the phone number given by the Prospective Bidder at the form provided on the Website.
charged by AstaGuru to the successful Registered Bidder on the Hammer or its counsel participated in the drafting hereof or by reason of the extent time of registration cannot be changed by the Registered Bidder once it j) AstaGuru reserves the right to reject any proxy bid at its discretion.
Price of the Artwork, in any auction conducted or hosted by AstaGuru. to which any such provision is inconsistent with any prior draft hereof; has been registered with AstaGuru. It can only be changed by AstaGuru by 4.4 Opening Bids
This Margin shall be 18%, unless specified otherwise. j) any time of day or date is to that time or date in India; and proper verification to its satisfaction after the Registered Bidder initiates a
d) “Auction Date” shall mean the day on which the AstaGuru Auction is k) time is of the essence in the performance of the Parties' respective request for such a change by making a written request to AstaGuru. The value of the opening bid shall be determined as follows:
conducted for the Lot; obligations. If any time period specified herein is extended, such extended a) The opening bid shall be [10%] lower than the value of the
e) “Business Day” shall mean any day, other than Saturday or time shall also be of the essence. 3. RESERVE PRICE, ESTIMATES AND MARGIN lower estimate.
Sunday, on which banking institutions in Mumbai, India are open for 2. REGISTRATION OF BIDDERS 3.1 The Reserve Price is confidential and will not be disclosed to any Bidders. b) In case of a 'No Reserve' auction, the opening bid shall be at [INR
3.2 AstaGuru may provide an Estimate Price for each Lot to be auctioned,
20,000 (Indian Rupees Twenty Thousand)]. (A ‘No Reserve’ auction is
banking transactions;
f) “Buyer” shall mean the Person whose bid is accepted by AstaGuru as the 2.1 In order to qualify as a Bidder and be eligible to bid at an AstaGuru Auction, based on the average market value of the said Lot as determined one in which, no ‘Reserve Price’ has been set.)
by AstaGuru.
prospective bidders should complete all registration and verification
winning bid in an AstaGuru Auction, at AstaGuru's discretion; 4.5 Bid Increments
g) “Estimate Price” shall mean the estimates provided by AstaGuru, at its formalities with AstaGuru as stipulated in these Terms and Conditions 3.3 The Estimate Price given by AstaGuru shall only be a guide to the Bidders a) All live bids on the Website shall have an increment of 10%
of Sale.
and does not indicate with any accuracy, the Total Purchase Price (as
discretion based on the average market value of the Lot; (ten per cent);
defined below).
h) “Governmental Authority” shall mean any international, national, 2.2 If a prospective bidder is not previously registered with AstaGuru, he 3.4 The Estimate Price given by AstaGuru, and the Hammer Price of the Lot at b) If the bid exceeds INR 5,00,00,000 (Indian Rupees Five Crores only),
shall register with AstaGuru to bid at an AstaGuru auction at least 4 (four)
provincial, regional, central, state, municipal or local government, any Business Days before the Auction date. an AstaGuru Auction do not include: (i) AstaGuru Buyer’s Margin at [18%] the increment on the live bid shall be 5%.
instrumentality, subdivision, court, administrative, executive or regulatory 2.3 The prospective bidder shall fill the online registration form on the of the Hammer Price; (ii) any packing, insurance, shipping or handling
agency, commission, board, tribunal or other authority thereof, or any Website and may be required to provide AstaGuru, with the following charges in connection with the sale of the Lot; (iii) any duties or taxes 4.6 Phone Bidding
quasi-governmental or private body exercising any regulatory, taxing, details – (i) any government issued proof of identity; (ii) any government payable on the Lot. a) Phone bidding is a free service offered as a convenience to all Registered
legislative or other governmental or quasi-governmental authority (in each issued proof of residence; (iii) PAN and Aadhar details (proof of the 3.5 The Estimate Price is based on an average market value of the lot, Bidders and “AstaGuru Auction House Pvt Ltd.” is not responsible for
of the foregoing cases, whether in India or outside India), in each case, prospective bidder’s tax residency status); (iv) any information requested determined at AstaGuru’s discretion. This Price is provided only as a any error (human or otherwise), omission, or breakdown in providing
having jurisdiction pursuant to Applicable Law; by AstaGuru to examine the prospective bidder's source of funds; (v) guide for the Bidders. Bidders should not rely solely on the Estimate Price this service.
i) “Hammer Price” is the final winning bid amount in the Auction placed purpose behind purchasing the Lot, if deemed necessary by AstaGuru; as a prediction of the price that the Lot may get sold at in any auction. All b) Phone Bids request must be made no later than 24 hours prior to the
by a Registered Bidder, which shall be above the Estimate, and also (vi) if the prospective bidder is not an individual, AstaGuru may require Bidders are advised to carry out their independent research. The Estimate auction. AstaGuru will accept bids by telephone for lots only if any staff
above the Reserve Price, if any, set by the Owner or AstaGuru, and which additional information and documentation with respect to the entity in Price does not include the AstaGuru Buyer’s Margin, packing, insurance, is available to take the bids. AstaGuru may record telephone bids at its
excludes the AstaGuru Buyer’s Margin. addition to information required in this Clause 2.3 (iv) and (v), including shipping, handling charges and any other taxes. discretion. By bidding on the telephone, the Registered Bidder is agreeing
j) “INR” shall mean the lawful currency of the Republic of India; but not limited to: (a) its certificate of incorporation/establishment/ to AstaGuru recording any telephonic conversations. The telephone bids
k) “Lot” shall mean the individual jewellery / memorabilia / automobile / registration; (b) proof of authority of the authorised representative to 4. CONDUCT OF ASTAGURU AUCTION are governed by these Conditions of Sale.
timepiece / artwork or any other item being offered for sale at an transact on behalf of the entity; (c) details mentioned in 2.3(i), (ii) and (iii) 4.1 The auction catalogue for an AstaGuru Auction shall be made available 1 c) In the case of telephone bids, at about the time the Lot comes up for
AstaGuru Auction; of the authorised representative. (one) week before the Auction Date for all prospective bidders as may be auction, attempts will be made to contact the Bidder by telephone and,
l) “Person(s)” shall mean any individual, sole proprietorship, unincorporated 2.4 AstaGuru shall verify the details provided by the prospective bidder under available in the AstaGuru database and who AstaGuru deems fit to receive if successful, the Bidder may then participate in the auction through the
association, unincorporated organization, body corporate, corporation, Clause 2.3 and may at its sole discretion, refuse acceptance of registration the catalogue. AstaGuru has the right to withdraw a Lot before, during or AstaGuru staff. The Bidder accepts that such contact is at the Bidder's
risk. AstaGuru does not take any liability or responsibility should there be
company, partnership, limited liability company, joint venture, of a prospective bidder, should any of the information furnished under after the auction, if it has reason to believe that the authenticity of the Lot
Governmental Authority or trust or any other entity or organization; Clause 2.3 is not acceptable or for any reason whatsoever. or accuracy of the description is in doubt. any interruption or suspension of phone services.
m) “Prospective Bidder” is anyone who wishes to participate to potentially 2.5 The prospective bidder may be required to provide a financial reference 4.2 Bidding Process d) The Bidder accepts that in the event that the telephone link is not
bid in any AstaGuru Auction. (past 6 months’ bank statements, the last 3 years’ IT Returns, etc.) and/or a) Bid may be placed online by the Registered Bidders. AstaGuru shall not established, or breaks down, or there is any confusion or disruption, then
the Bidder will not be able to participate in the Auction.
n) “Registered Bidder” (or “Bidder”) shall mean any person who has a deposit of Rs. [3,00,000 (Indian Rupees Three Lakh) to 5,00,000 (Indian be responsible for any Bidders not being able to place their bids online e) AstaGuru will not be held responsible for instructions or authorizations
registered with AstaGuru to participate and bid in any auction conducted Rupees Five Lakh)] or such other amount as determined by AstaGuru, due to lack of an understanding of the process. given to them which are unclear or incomplete, and in the case of unclear
by AstaGuru. prior to gaining bidding access at an AstaGuru Auction, if deemed b) AstaGuru may set limits on the value to which a Bidder can place bids.
o) “Reserve Price” shall mean the minimum price at which the Lot shall necessary by AstaGuru. The Bidder shall not be entitled to any interest on c) Bidders shall be informed of their bidding limits, if applicable. Upon or incomplete instructions, such bids will not be accepted and/or placed
in the concerned auction.
be sold at the AstaGuru Auction and shall not be disclosed to the the Security Deposit for the duration that it remains with AstaGuru and is exhausting the respective bidding limit, the Bidder will not be able to f) If it is impossible to obtain telephone contact or the link breaks down,
Registered Bidders; returned to the Bidder in case the Bidder is unsuccessful in the auction, place any further bid, unless allowed by AstaGuru at its sole discretion AstaGuru is authorised to continue to bid on behalf of the telephone
p) “Opening Bid” is the price at which all bidding for the Lot will start. or if the value of the successful bid is less than the amount of Security or by depositing such sum of money with AstaGuru for increasing the bidder up to the maximum bid last stated over the call.
q) “Terms and Conditions of Sale” means the terms and conditions Deposit, then the positive difference between the Total Purchase Price bidding limit; such facility being made available to any Bidder at g) The Bidder shall have to provide his Login access, including the password
stipulated herein below, which are applicable to all Buyers, Bidders and and the Security Deposit. AstaGuru’s sole discretion. to his account to an AstaGuru representative, who will then place the Bid
any prospective bidders in an AstaGuru Auction, as may be amended by Tier Based Bidding Limit Corresponding To Security Deposit d) If the Bidder is successful, then the further process is described herein. If on his behalf. If the password is not available with the Bidder, he may
AstaGuru from time to time; and a Bidder is unsuccessful, then the Security Deposit shall be refunded to choose to generate an OTP from the AstaGuru website, which he will
r) “Website” shall mean www.astaguru.com; Security Deposit Bidding Limit the Buyer within 15 working days of the auction date. have to provide to the AstaGuru representative to access his account. The
1.2 Interpretation: Unless the context of these Terms and Conditions of Sale ` 2,00,000 ` 20,00,000 e) In the case a Bidder is successful, the Security Deposit shall be adjusted Bidder is advised to change his account password after the end of each
towards the Total Purchase Price.
requires otherwise: auction when he has disclosed his password or the OTP to any AstaGuru
a) words of any gender are deemed to include those of the other gender; ` 3,00,000 ` 30,00,000 4.3 Absentee / Proxy Bids representative to avoid any unauthorised account access in the future.
b) words using the singular or plural number also include the plural or ` 5,00,000 ` 50,00,000 a) Absentee or Proxy Bids are those bids which are placed by a Registered h) The Bidder indemnifies AstaGuru from any claims and damages that he
singular number respectively; Bidder in any auction, either before the start of the auction or during a may incur as a result of him disclosing his account access details to an
c) the terms 'hereof', 'herein', 'hereby', 'hereto' and derivatives or similar ` 10,00,000 ` 1 crore and above. live auction, where the system automatically places the bids for the AstaGuru representative.
words refer to these Terms and Conditions of Sale or specified Clauses Registered Bidder as per the amounts set by the Bidder. 4.7 Personalized Bid Notifications
thereof, as the case may be; 2.6 AstaGuru reserves the right to: (i) request additional information from the b) Absentee or Proxy Bids can only be placed by a Bidder through the
d) the term 'Clause' refers to the specified Clause of these Terms and prospective bidder to verify the information provided in the registration AstaGuru website. a) The Bidder shall be kept informed about the progress of his bids at
Conditions of Sale; form; (ii) request any additional bank references or guarantees from the c) A Proxy Bid placed before the start of an auction (pre-auction Proxy Bid) an AstaGuru Auction, including when he is outbid or when he wins a
e) headings and bold typeface are only for convenience and shall be ignored prospective bidder. may be placed at least 24 hours prior to the start of an auction. A pre- particular Lot by e-mail and mobile alerts.
for the purpose of interpretation; 2.7 AstaGuru shall give bidding access to any prospective bidder at its auction Proxy Bid can be cancelled more than 24 hours prior to the start 4.8 By bidding at an AstaGuru Auction, the Bidder makes an irrevocable offer to
f) reference to legislation or law or to any provision thereof shall include discretion, subject to the fulfilment of all registration formalities as of an auction. purchase the Lot. Such an offer shall be deemed to be accepted when the
references to any such law as it may from time to time, be amended, contained in these Terms and Conditions of Sale. d) A Proxy Bid placed during a live auction cannot be cancelled once placed. bid placed by the Bidder is the ‘Hammer Price’ for any Lot in an auction.