Page 273 - AstaGuru Modern Odyssey

TERMS AND CONDITIONS OF SALE

1. DEFINITIONSANDINTERPRETATION b) words using the singular or plural number also include the plural or
singularnumberrespec
vely;
1.1 Definions
c) the terms 'hereof', 'herein', 'hereby', 'hereto' and deriva
ves or similar
a) “Applicable Law” shall mean to the extent it applies to a Person, all words refer to these Terms and Condi
ons of Sale or specified Clauses
applicable laws, statutes, by-laws, rules, regula
ons, orders,
thereof,asthecasemaybe;
ordinances, protocols, codes, guidelines, policies, no
ces, direc
ons,
judgments, decrees or other requirements or official direc
ve of any d) the term 'Clause' refers to the specified Clause of these Terms and
Governmental Authority or Person ac
ng under the authority of any Condi
onsofSale;
EXTENT OF THE BIDDER ’LS IABILITY Governmental Authority and/or of any statutory authority in India, e) headings and bold typeface are only for convenience and shall be
whetherineffectontheExecu
onDateorthereaer;
ignoredforthepurposeofinterpreta
on;
b) “AstaGuru Aucon” (or “aucon") shall mean an online auc
on f) reference to legisla
on or law or to any provision thereof shall include
conducted by AstaGuru in accordance with these Terms and
• The bidder must take the onus of inspecting the condition and cross checking the references to any such law as it may from
me to
me, be amended,
Condi
onsofSale;
descriptive information with regards to the lots prior to the auction schedule. supplemented or re-enacted, and any reference to statutory provision
c) “AstaGuru Buyer's Margin” (or “Margin”) is the percentage of margin shallincludeanysubordinatelegisla
onmadefrom
meto
meunder
charged by AstaGuru to the successful Registered Bidder on the thatprovision;
• The bidder must assert their decision based on their own judgment. Hammer Price of the Artwork, in any auc
on conducted or hosted by g) references to the “Terms and Condi
ons of Sale” shall be construed as
AstaGuru.ThisMarginshallbe1 %,unlessspecifiedotherwise.8
a 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 be d) “Aucon Date” shall mean the day on which the AstaGuru Auc
on is varied, supplemented or novated in wri
ng at the relevant
me in
a lag period between the time of the bidder placing the bid and it being conductedfortheLot; accordancewiththetermsherein;
received/registered by AstaGuru’s server. Although the bidder may have placed a bid within e) “Business Day” shall mean any day, other than Saturday or Sunday, on h) any reference to books, files, records or other informa
on or any of
which banking ins
tu
ons in Mumbai, India are open for banking them means books, files, records or other informa
on or any of them
the stipulated closing schedule, none the less AstaGuru receives the transmitted bid, post transac
ons; in any form or in whatever medium held including paper, electronically
the closing schedule the bid will be rejected under such circumstances. Therefore bidders storeddata,magne
cmedia,filmandmicrofilm;
f) “Buyer” 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 thewinningbidinanAstaGuruAuc
on,atAstaGuru'sdiscre
on; i) noprovisionsoftheseTermsandCondi
onsofSaleshallbeinterpreted
lag oriented delays while placing individual bids. g) “Esmate Price” shall mean the es
mates provided by AstaGuru, at its in favour of, or against, any party by reason of the extent to which such
discre
onbasedontheaveragemarketvalueoftheLot; party or its counsel par
cipated in the draing hereof or by reason of
the extent to which any such provision is inconsistent with any prior
h) “Governmental Authority” shall mean any interna
onal, na
onal, drahereof;
provincial, regional, central, state, municipal or local government, any
instrumentality, subdivision, court, administra
ve, execu
ve or j) any
meofdayordateistothat
meordateinIndia;and
regulatory agency, commission, board, tribunal or other authority k)
me is of the essence in the performance of the Par
es' respec
ve
thereof, or any quasi-governmental or private body exercising any obliga
ons. If any
me period specified herein is extended, such
LAW AND JURISDICTION regulatory, taxing, legisla
ve or other governmental or quasi- extended
meshallalsobeoftheessence.
governmental authority (in each of the foregoing cases, whether in
India or outside India), in each case, having jurisdic
on pursuant to
ApplicableLaw; 2. REGISTRATIONOFBIDDERS
• The terms and conditions of this Auction are subject to the laws of India, which will apply i) “Hammer Price” is the final winning bid amount in the Auc
on placed 2.1 In order to qualify as a Bidder and be eligible to bid at an AstaGuru
by a Registered Bidder, which shall be above the Es
mate, and also Auc
on, 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, and verifica
on formali
es with AstaGuru as s
pulated in these Terms and
jurisdiction of the courts at Mumbai, Maharashtra, India. whichexcludestheAstaGuruBuyer'sMargin. Condi
onsofSale.
j) “INR”shallmeanthelawfulcurrencyoftheRepublicofIndia; 2.2 If a prospec
ve bidder is not previously registered with AstaGuru, he
• Under the circumstances that a legal notice has to be issued by AstaGuru, the modes to do k) “Lot” shall mean the individual jewellery / memorabilia / automobile / shall register with AstaGuru to bid at an AstaGuru auc
on at least 4
(four)BusinessDaysbeforetheAuc
ondate.
so are as follows:
mepiece / artwork or any other item being offered for sale at an
AstaGuruAuc
on; 2.3 The prospec
ve bidder shall fill the online registra
on form on the
Website and may be required to provide AstaGuru, with the following
• I: Via an email to the registered email id as per AstaGuru’s records. l) “Person(s)” shall mean any individual, sole proprietorship, details – (i) any government issued proof of iden
ty; (ii) any
unincorporated associa
on, unincorporated organiza
on, body government issued proof of residence; (iii) PAN and Aadhar details
corporate, corpora
on, company, partnership, limited liability
• II: Via dispatch of a courier to the registered address as per AstaGuru’s records. (proof of the prospec
ve bidder's tax residency status); (iv) any
company, joint venture, Governmental Authority or trust or any other informa
on requested by AstaGuru to examine the prospec
ve
en
tyororganiza
on;
bidder's source of funds; (v) purpose behind purchasing the Lot, if
m) “Prospecve Bidder” is anyone who wishes to par
cipate to deemed necessary by AstaGuru; (vi) if the prospec
ve bidder is not an
poten
allybidinanyAstaGuruAuc
on. individual, AstaGuru may require addi
onal informa
on and
documenta
on with respect to the en
ty in addi
on to informa
on
n) “Registered Bidder” (or “Bidder”) shall mean any person who has
required in this Clause 2.3 (iv) and (v), including but not limited to: (a)
registered with AstaGuru to par
cipate and bid in any auc
on its cer
ficate of incorpora
on/establishment/registra
on; (b) proof of
conductedbyAstaGuru.
authority of the authorized representa
ve to transact on behalf of the
o) “ReservePrice”shallmeantheminimumpriceatwhichtheLotshallbe en
ty; (c) details men
oned in 2.3(i), (ii) and (iii) of the authorized
sold at the AstaGuru Auc
on and shall not be disclosed to the representa
ve.
RegisteredBidders;
2.4 AstaGuru shall verify the details provided by the prospec
ve bidder
p) “OpeningBid”isthepriceatwhichallbiddingfortheLotwillstart. under Clause 2.3 and may at its sole discre
on, refuse acceptance of
registra
on of a prospec
ve bidder, should any of the informa
on
q) “Terms and Condions of Sale” means the terms and condi
ons
furnished under Clause 2.3 is not acceptable or for any reason
s
pulatedhereinbelow,whichareapplicabletoallBuyers,Biddersand whatsoever.
any prospec
ve bidders in an AstaGuru Auc
on, as may be amended
byAstaGurufrom
meto
me;and 2.5 The prospec
ve bidder may be required to provide a financial
reference (past 6 months' bank statements, the last 3 years' IT Returns,
r) “Website”shallmeanwww.astaguru.com;
etc.) and/or a deposit of Rs. [3,00,000 (Indian Rupees Three Lakh) to
1.2 Interpretaon: Unless the context of these Terms and Condions of 5,00,000 (Indian Rupees Five Lakh)] or such other amount as
Salerequiresotherwise: determined by AstaGuru, prior to gaining bidding access at an
AstaGuru Auc
on, if deemed necessary by AstaGuru. The Bidder shall
a) wordsofanygenderaredeemedtoincludethoseoftheothergender;
not be en
tled to any interest on the Security Deposit for the dura
on
108 109