Page 212 - Dimensions Defined

TERMS AND CONDITIONS OF SALETERMS AND CONDITIONS OF SALE

DEFINITIONSANDINTERPRETATIONANDINTERPRETATION
1. 1. DEFINITIONS b) b) w
words using the singular or plural number also include the plural orords using the singular or plural number also include the plural or
singularnumberrespec�vely;numberrespec�vely;
singular
Defini�onsfini�ons
1.1
1.1 De
c) c) the
the terms 'hereof', 'herein', 'hereby', 'hereto' and deriva�ves or similarterms 'hereof', 'herein', 'hereby', 'hereto' and deriva�ves or similar
“
a) a) “Applicable Law” shall mean to the extent it applies to a Person, allApplicable Law” shall mean to the extent it applies to a Person, all
words refer to these Terms and Condi�ons of Sale or specified Clausesords refer to these Terms and Condi�ons of Sale or specified Clauses
w
applicable laws, statutes, by-laws, rules, regula�ons, orders,able laws, statutes, by-laws, rules, regula�ons, orders,
applic thereof,asthecasemaybe;eof,asthecasemaybe;
ther
ordinances, protocols, codes, guidelines, policies, no�ces, direc�ons,dinances, protocols, codes, guidelines, policies, no�ces, direc�ons,
or
judgments, decrees or other requirements or official direc�ve of anyts, decrees or other requirements or official direc�ve of any
the
judgmen d) d) the term 'Clause' refers to the specified Clause of these Terms andterm 'Clause' refers to the specified Clause of these Terms and
Condi�onsofSale;onsofSale;
Governmental Authority or Person ac�ng under the authority of anyernmental Authority or Person ac�ng under the authority of any
Gov Condi�
EXTENT OF THE BXTENT OF THE
E BIDDER’LIDDER ’LS IABILITYS IABILITY Governmental Authority and/or of any statutory authority in India,ernmental Authority and/or of any statutory authority in India, e) e) headings and bold typeface are only for convenience and shall beand bold typeface are only for convenience and shall be
Gov
headings
whetherineffectontheExecu�onDateortherea�er;therineffectontheExecu�onDateortherea�er;
whe
ignoredforthepurposeofinterpreta�on;edforthepurposeofinterpreta�on;
ignor
b) b) “AstaGuru Auc�on” (or “auc�on") shall mean an online auc�onAstaGuru Auc�on” (or “auc�on") shall mean an online auc�on
“
c conducted by AstaGuru in accordance with these Terms andonducted by AstaGuru in accordance with these Terms and f) f) r reference to legisla�on or law or to any provision thereof shall includeeference to legisla�on or law or to any provision thereof shall include
• r references to any such law as it may from �me to �me, be amended,eferences to any such law as it may from �me to �me, be amended,
• The bidder must take the onus of inspecting the condition and cross checking theThe bidder must take the onus of inspecting the condition and cross checking the
Condi�
Condi�onsofSale;onsofSale;
supplemen
descriptive information with regards to the lots prior to the auction schedule.
descriptive information with regards to the lots prior to the auction schedule. supplemented or re-enacted, and any reference to statutory provisionted or re-enacted, and any reference to statutory provision
shall
c) c) “ “AstaGuru Buyer's Margin” (or “Margin”) is the percentage of marginAstaGuru Buyer's Margin” (or “Margin”) is the percentage of margin shallincludeanysubordinatelegisla�onmadefrom�meto�meunderincludeanysubordinatelegisla�onmadefrom�meto�meunder
thatprovision;tprovision;
c
charged by AstaGuru to the successful Registered Bidder on theharged by AstaGuru to the successful Registered Bidder on the tha
• The bidder must assert their decision based on their own judgment.The bidder must assert their decision based on their own judgment.
• Hammer Price of the Artwork, in any auc�on conducted or hosted byPrice of the Artwork, in any auc�on conducted or hosted by
Hammer
r
As g) g) references to the “Terms and Condi�ons of Sale” shall be construed aseferences to the “Terms and Condi�ons of Sale” shall be construed as
AstaGuru.ThisMarginshallbe1 %,unlessspecifiedotherwise.8taGuru.ThisMarginshallbe1 %,unlessspecifiedotherwise.8
a
a reference to these Terms and Condi�ons of Sale as may be amended,reference to these Terms and Condi�ons of Sale as may be amended,
• In parity with the unpredictable nature of internet/Mobile App data network there may beIn parity with the unpredictable nature of internet/Mobile App data network there may be
• d) d) “ “Auc�on Date” shall mean the day on which the AstaGuru Auc�on isAuc�on Date” shall mean the day on which the AstaGuru Auc�on is v varied, supplemented or novated in wri�ng at the relevant �me inaried, supplemented or novated in wri�ng at the relevant �me in
c
acc
a lag period between the time of the bidder placing the bid and it being
a lag period between the time of the bidder placing the bid and it being conductedfortheLot;onductedfortheLot; accordancewiththetermsherein;ordancewiththetermsherein;
any reference to books, files, records or other informa�on or any ofy reference to books, files, records or other informa�on or any of
“Business Day” shall mean any day, other than Saturday or Sunday, onDay” shall mean any day, other than Saturday or Sunday, on
received/registered by AstaGuru’s server. Although the bidder may have placed a bid within. Although the bidder may have placed a bid within
received/registered by AstaGuru’s server e) e) “Business h) h) an
them
which banking ins�tu�ons in Mumbai, India are open for bankingbanking ins�tu�ons in Mumbai, India are open for banking
which them means books, files, records or other informa�on or any of themmeans books, files, records or other informa�on or any of them
the stipulated closing schedule, none the less AstaGuru receives the transmitted bid, post
the stipulated closing schedule, none the less AstaGuru receives the transmitted bid, post transac�ons;ansac�ons; in any form or in whatever medium held including paper, electronicallyany form or in whatever medium held including paper, electronically
in
tr
the closing schedule the bid will be rejected under such circumstances. Therefore bidders
the closing schedule the bid will be rejected under such circumstances. Therefore bidders storeddata,magne�cmedia,filmandmicrofilm;toreddata,magne�cmedia,filmandmicrofilm;
s
f) f) “Buy
“Buyer” shall mean the Person whose bid is accepted by AstaGuru aser” shall mean the Person whose bid is accepted by AstaGuru as
are requested to update their account with the relevant Proxy Bid in order to safeguard any
are requested to update their account with the relevant Proxy Bid in order to safeguard any thewinningbidinanAstaGuruAuc�on,atAstaGuru'sdiscre�on;winningbidinanAstaGuruAuc�on,atAstaGuru'sdiscre�on; i) i) noprovisionsoftheseTermsandCondi�onsofSaleshallbeinterpretedprovisionsoftheseTermsandCondi�onsofSaleshallbeinterpreted
no
the
in favour of, or against, any party by reason of the extent to which suchfavour of, or against, any party by reason of the extent to which such
lag oriented delays while placing individual bids. g) g) “Es in
lag oriented delays while placing individual bids.
“Es�mate Price” shall mean the es�mates provided by AstaGuru, at its�mate Price” shall mean the es�mates provided by AstaGuru, at its
party or its counsel par�cipated in the dra�ing hereof or by reason ofor its counsel par�cipated in the dra�ing hereof or by reason of
party
discre�onbasedontheaveragemarketvalueoftheLot;e�onbasedontheaveragemarketvalueoftheLot;
discr
the
the extent to which any such provision is inconsistent with any priorextent to which any such provision is inconsistent with any prior
h) h) “ “Governmental Authority” shall mean any interna�onal, na�onal,Governmental Authority” shall mean any interna�onal, na�onal, dr
dra�hereof;a�hereof;
pr
provincial, regional, central, state, municipal or local government, anyovincial, regional, central, state, municipal or local government, any
j) j) any�meofdayordateistothat�meordateinIndia;andy�meofdayordateistothat�meordateinIndia;and
an
ins
instrumentality, subdivision, court, administra�ve, execu�ve ortrumentality, subdivision, court, administra�ve, execu�ve or
r regulatory agency, commission, board, tribunal or other authorityegulatory agency, commission, board, tribunal or other authority k) k) �me is of the essence in the performance of the Par�es' respec�veme is of the essence in the performance of the Par�es' respec�ve
�
thereof, or any quasi-governmental or private body exercising anyeof, or any quasi-governmental or private body exercising any
ther obliga�ons. If any �me period specified herein is extended, sucha�ons. If any �me period specified herein is extended, such
oblig
r
e
regulatory, taxing, legisla�ve or other governmental or quasi-egulatory, taxing, legisla�ve or other governmental or quasi- extended�meshallalsobeoftheessence.xtended�meshallalsobeoftheessence.
LAW AND JAW AND
L JURISDICTIONURISDICTION governmental authority (in each of the foregoing cases, whether inovernmental authority (in each of the foregoing cases, whether in
g
India or outside India), in each case, having jurisdic�on pursuant toor outside India), in each case, having jurisdic�on pursuant to
India
RE
ApplicableLaw;ableLaw; 2. 2. REGISTRATIONOFBIDDERSGISTRATIONOFBIDDERS
Applic
2.1
“Hammer Price” is the final winning bid amount in the Auc�on placedPrice” is the final winning bid amount in the Auc�on placed
In
• i) i) “Hammer 2.1 In order to qualify as a Bidder and be eligible to bid at an AstaGuruorder to qualify as a Bidder and be eligible to bid at an AstaGuru
• The terms and conditions of this Auction are subject to the laws of India, which will applyThe terms and conditions of this Auction are subject to the laws of India, which will apply
by Auc�
by a Registered Bidder, which shall be above the Es�mate, and alsoa Registered Bidder, which shall be above the Es�mate, and also
Auc�on, prospec�ve bidders should complete all registra�on andon, prospec�ve bidders should complete all registra�on and
to the construction and to the effect of the clauses. All parties are subject to the exclusive above the Reserve Price, if any, set by the Owner or AstaGuru, ande the Reserve Price, if any, set by the Owner or AstaGuru, and v verifica�on formali�es with AstaGuru as s�pulated in these Terms anderifica�on formali�es with AstaGuru as s�pulated in these Terms and
to the construction and to the effect of the clauses. All parties are subject to the exclusive
abov
jurisdiction of the courts at Mumbai, Maharashtra, India.
whichexcludestheAstaGuruBuyer'sMargin.excludestheAstaGuruBuyer'sMargin.
jurisdiction of the courts at Mumbai, Maharashtra, India. which Condi�
Condi�onsofSale.onsofSale.
2.2
If
“INR”
j) j) “INR”shallmeanthelawfulcurrencyoftheRepublicofIndia;shallmeanthelawfulcurrencyoftheRepublicofIndia; 2.2 If a prospec�ve bidder is not previously registered with AstaGuru, hea prospec�ve bidder is not previously registered with AstaGuru, he
shall
• k) k) “Lot shall register with AstaGuru to bid at an AstaGuru auc�on at least 4register with AstaGuru to bid at an AstaGuru auc�on at least 4
• Under the circumstances that a legal notice has to be issued by AstaGuru, the modes to doUnder the circumstances that a legal notice has to be issued by AstaGuru, the modes to do
“Lot” shall mean the individual jewellery / memorabilia / automobile /” shall mean the individual jewellery / memorabilia / automobile /
(f
(four)BusinessDaysbeforetheAuc�ondate.our)BusinessDaysbeforetheAuc�ondate.
so are as follows:
so are as follows: � �mepiece / artwork or any other item being offered for sale at anmepiece / artwork or any other item being offered for sale at an
2.3
The
As
AstaGuruAuc�on;taGuruAuc�on; 2.3 The prospec�ve bidder shall fill the online registra�on form on theprospec�ve bidder shall fill the online registra�on form on the
Website and may be required to provide AstaGuru, with the followingebsite and may be required to provide AstaGuru, with the following
W
• l) l) “P de
• I: Via an email to the registered email id as per AstaGuru’s records.I: Via an email to the registered email id as per AstaGuru’s records.
“Person(s)” shall mean any individual, sole proprietorship,erson(s)” shall mean any individual, sole proprietorship,
details – (i) any government issued proof of iden�ty; (ii) anytails – (i) any government issued proof of iden�ty; (ii) any
uninc
unincorporated associa�on, unincorporated organiza�on, bodyorporated associa�on, unincorporated organiza�on, body
g government issued proof of residence; (iii) PAN and Aadhar detailsovernment issued proof of residence; (iii) PAN and Aadhar details
c corporate, corpora�on, company, partnership, limited liabilityorporate, corpora�on, company, partnership, limited liability
• II: Via dispatch of a courier to the registered address as per AstaGuru’s records.II: Via dispatch of a courier to the registered address as per AstaGuru’s records. (pr
(proof of the prospec�ve bidder's tax residency status); (iv) anyoof of the prospec�ve bidder's tax residency status); (iv) any
•
c
company, joint venture, Governmental Authority or trust or any otherompany, joint venture, Governmental Authority or trust or any other in
informa�on requested by AstaGuru to examine the prospec�veforma�on requested by AstaGuru to examine the prospec�ve
en
en�tyororganiza�on;�tyororganiza�on;
bidder's
bidder's source of funds; (v) purpose behind purchasing the Lot, ifsource of funds; (v) purpose behind purchasing the Lot, if
m
m)) “Pr deemed
“Prospec�ve Bidder” is anyone who wishes to par�cipate toospec�ve Bidder” is anyone who wishes to par�cipate to
deemed necessary by AstaGuru; (vi) if the prospec�ve bidder is not annecessary by AstaGuru; (vi) if the prospec�ve bidder is not an
pot individual, As
poten�allybidinanyAstaGuruAuc�on.en�allybidinanyAstaGuruAuc�on.
individual,
AstaGuru may require addi�onal informa�on andtaGuru may require addi�onal informa�on and
documenta�on with respect to the en�ty in addi�on to informa�onta�on with respect to the en�ty in addi�on to informa�on
documen
n) n) “Registered Bidder” (or “Bidder”) shall mean any person who hasegistered Bidder” (or “Bidder”) shall mean any person who has
“R
r required in this Clause 2.3 (iv) and (v), including but not limited to: (a)equired in this Clause 2.3 (iv) and (v), including but not limited to: (a)
r
registered with AstaGuru to par�cipate and bid in any auc�onegistered with AstaGuru to par�cipate and bid in any auc�on its cer�ficate of incorpora�on/establishment/registra�on; (b) proof ofcer�ficate of incorpora�on/establishment/registra�on; (b) proof of
its
c
conductedbyAstaGuru.onductedbyAstaGuru.
authority
authority of the authorized representa�ve to transact on behalf of theof the authorized representa�ve to transact on behalf of the
o) o) “R en
en�ty; (c) details men�oned in 2.3(i), (ii) and (iii) of the authorized�ty; (c) details men�oned in 2.3(i), (ii) and (iii) of the authorized
“ReservePrice”shallmeantheminimumpriceatwhichtheLotshallbeeservePrice”shallmeantheminimumpriceatwhichtheLotshallbe
sold at the AstaGuru Auc�on and shall not be disclosed to thesold at the AstaGuru Auc�on and shall not be disclosed to the r representa�ve.epresenta�ve.
RegisteredBidders;RegisteredBidders;
2.4 As
AstaGuru shall verify the details provided by the prospec�ve biddertaGuru shall verify the details provided by the prospec�ve bidder
2.4
p)p) “OpeningBid”isthepriceatwhichallbiddingfortheLotwillstart.“OpeningBid”isthepriceatwhichallbiddingfortheLotwillstart. under Clause 2.3 and may at its sole discre�on, refuse acceptance ofClause 2.3 and may at its sole discre�on, refuse acceptance of
under
r registra�on of a prospec�ve bidder, should any of the informa�onegistra�on of a prospec�ve bidder, should any of the informa�on
q)q) “Terms and Condi�ons of Sale” means the terms and condi�ons“Terms and Condi�ons of Sale” means the terms and condi�ons furnished
furnished under Clause 2.3 is not acceptable or for any reasonunder Clause 2.3 is not acceptable or for any reason
s�pulatedhereinbelow,whichareapplicabletoallBuyers,Biddersands�pulatedhereinbelow,whichareapplicabletoallBuyers,Biddersand
wha
whatsoever.tsoever.
any prospec�ve bidders in an AstaGuru Auc�on, as may be amendedany prospec�ve bidders in an AstaGuru Auc�on, as may be amended
The prospec�ve bidder may be required to provide a financialprospec�ve bidder may be required to provide a financial
byAstaGurufrom�meto�me;andbyAstaGurufrom�meto�me;and 2.5 The
2.5
reference (past 6 months' bank statements, the last 3 years' IT Returns,eference (past 6 months' bank statements, the last 3 years' IT Returns,
r
r)r) “Website”shallmeanwww.astaguru.com;“Website”shallmeanwww.astaguru.com;
etc.) and/or a deposit of Rs. [3,00,000 (Indian Rupees Three Lakh) totc.) and/or a deposit of Rs. [3,00,000 (Indian Rupees Three Lakh) to
e
1.21.2 Interpreta�on: Unless the context of these Terms and Condi�ons ofInterpreta�on: Unless the context of these Terms and Condi�ons of 5,00,000 (Indian Rupees Five Lakh)] or such other amount as(Indian Rupees Five Lakh)] or such other amount as
5,00,000
Salerequiresotherwise:Salerequiresotherwise: de
determined by AstaGuru, prior to gaining bidding access at antermined by AstaGuru, prior to gaining bidding access at an
AstaGuru Auc�on, if deemed necessary by AstaGuru. The Bidder shalltaGuru Auc�on, if deemed necessary by AstaGuru. The Bidder shall
As
a)a) wordsofanygenderaredeemedtoincludethoseoftheothergender;wordsofanygenderaredeemedtoincludethoseoftheothergender;
not be en�tled to any interest on the Security Deposit for the dura�onbe en�tled to any interest on the Security Deposit for the dura�on
not
109
108
108 109