Page 212 - The Exceptionals - Jewellery, Timepieces & Silver

TERMS AND CONDITIONS OF SALE TERMS AND CONDITIONS OF SALE

1. DEFINITIONS AND INTERPRETATION scuffs/chips, dents or other wear and tear associated with regular/heavy use. establishment/registration; (b) proof of authority of the authorised 4. CONDUCT OF ASTAGURU AUCTION
1.1 Definitions • At the time of cataloguing, the watch movement is in working condition. representative to transact on behalf of the entity; (c) details mentioned 4.1 The auction catalogue for an AstaGuru Auction shall be made available 1
a) “Applicable Law” shall mean to the extent it applies to a Person, all • For timepieces marked ‘Fair’, a service is recommended post purchase. in 2.3(i), (ii) and (iii) of the authorised representative. (one) week before the Auction Date for all prospective bidders as may be
applicable laws, statutes, by-laws, rules, regulations, orders, ordinances, • This description does not pertain to condition of straps, leather/rubber/ 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
protocols, codes, guidelines, policies, notices, directions, judgments, fabric/textile/synthetic etc.; 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
decrees or other requirements or official directive of any Governmental ii) “Good” shall mean that: 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
Authority or Person acting under the authority of any Governmental • The watch may have minor swirls/scratches but overall, gently used. Clause 2.3 is not acceptable or for any reason whatsoever. or accuracy of the description is in doubt.
Authority and/or of any statutory authority in India, whether in effect on • At the time of cataloguing, the watch movement is in working condition. 2.5 The prospective bidder may be required to provide a financial reference 4.2 Bidding Process
the Execution Date or thereafter; • For watches marked ‘Good’ service is optionally recommended. (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
b) “AstaGuru Auction” (or “auction") shall mean an online auction • This description does not pertain to condition of straps, leather/rubber/ 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
conducted by AstaGuru in accordance with these Terms and Conditions fabric/textile/synthetic etc.; Rupees Five Lakh)] or such other amount as determined by AstaGuru, due to lack of an understanding of the process.
of Sale; iii) “Excellent” shall mean that: 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.
c) “AstaGuru Buyer’s Margin” (or “Margin”) is the percentage of margin • The watch has no noticeable scratches, no dents or signs of wear 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
charged by AstaGuru to the successful Registered Bidder on the Hammer and tear. 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
Price of the Artwork, in any auction conducted or hosted by AstaGuru. • At the time of cataloguing, the watch movement is in very good 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
or if the value of the successful bid is less than the amount of Security
This Margin shall be 18%, unless specified otherwise. working condition. or by depositing such sum of money with AstaGuru for increasing the
d) “Auction Date” shall mean the day on which the AstaGuru Auction is • For watches marked ‘Excellent’ service is not required immediately. Deposit, then the positive difference between the Total Purchase Price bidding limit; such facility being made available to any Bidder at
and the Security Deposit.
conducted for the Lot; • This description does not pertain to condition of straps, leather/rubber/ AstaGuru’s sole discretion.
e) “Business Day” shall mean any day, other than Saturday or fabric/textile/synthetic etc.; Tier Based Bidding Limit Corresponding To Security Deposit d) If the Bidder is successful, then the further process is described herein. If
Sunday, on which banking institutions in Mumbai, India are open for 1.3 Interpretation: Unless the context of these Terms and Conditions of Sale a Bidder is unsuccessful, then the Security Deposit shall be refunded to
banking transactions; requires otherwise: Security Deposit Bidding Limit the Buyer within 15 working days of the auction date.
f) “Buyer” shall mean the Person whose bid is accepted by AstaGuru as the a) words of any gender are deemed to include those of the other gender; ` 2,00,000 ` 20,00,000 e) In the case a Bidder is successful, the Security Deposit shall be adjusted
winning bid in an AstaGuru Auction, at AstaGuru's discretion; b) words using the singular or plural number also include the plural or towards the Total Purchase Price.
g) “Estimate Price” shall mean the estimates provided by AstaGuru, at its singular number respectively; ` 3,00,000 ` 30,00,000 4.3 Absentee / Proxy Bids
discretion based on the average market value of the Lot; c) the terms 'hereof', 'herein', 'hereby', 'hereto' and derivatives or similar a) Absentee or Proxy Bids are those bids which are placed by a Registered
h) “Governmental Authority” shall mean any international, national, words refer to these Terms and Conditions of Sale or specified Clauses ` 5,00,000 ` 50,00,000 Bidder in any auction, either before the start of the auction or during a
provincial, regional, central, state, municipal or local government, any thereof, as the case may be; ` 10,00,000 ` 1 crore and above. live auction, where the system automatically places the bids for the
instrumentality, subdivision, court, administrative, executive or regulatory d) the term 'Clause' refers to the specified Clause of these Terms and Registered Bidder as per the amounts set by the Bidder.
agency, commission, board, tribunal or other authority thereof, or any Conditions of Sale; 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
quasi-governmental or private body exercising any regulatory, taxing, e) headings and bold typeface are only for convenience and shall be ignored prospective bidder to verify the information provided in the registration AstaGuru website.
legislative or other governmental or quasi-governmental authority (in each for the purpose of interpretation; 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)
of the foregoing cases, whether in India or outside India), in each case, f) reference to legislation or law or to any provision thereof shall include prospective bidder. may be placed at least 24 hours prior to the start of an auction. A pre-
having jurisdiction pursuant to Applicable Law; references to any such law as it may from time to time, be amended, 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
i) “Hammer Price” is the final winning bid amount in the Auction placed supplemented or re-enacted, and any reference to statutory provision discretion, subject to the fulfilment of all registration formalities as of an auction.
by a Registered Bidder, which shall be above the Estimate, and also shall include any subordinate legislation made from time to time under contained in these Terms and Conditions of Sale. d) A Proxy Bid placed during a live auction cannot be cancelled once placed.
above the Reserve Price, if any, set by the Owner or AstaGuru, and which that 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
excludes the AstaGuru Buyer’s Margin. g) references to an “Terms and Conditions of Sale” shall be construed as Auction Date. (pre-auction Proxy Bid) shall be at least 10% higher than the Opening Bid.
j) “INR” shall mean the lawful currency of the Republic of India; a reference to these Terms and Conditions of Sale as may be amended, 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
k) “Lot” shall mean the individual jewellery / memorabilia / automobile / varied, supplemented or novated in writing at the relevant time in a Bidder. 20% higher than the next valid bid, for all bids below INR 5,00,00,000/-
timepiece / artwork or any other item being offered for sale at an accordance with the terms herein; 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
AstaGuru Auction; h) any reference to books, files, records or other information or any of them 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).
l) “Person(s)” shall mean any individual, sole proprietorship, unincorporated means books, files, records or other information or any of them in any 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
association, unincorporated organization, body corporate, corporation, form or in whatever medium held including paper, electronically stored 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
AstaGuru Auction until AstaGuru completes its registration and client
company, partnership, limited liability company, joint venture, data, magnetic media, film and microfilm; 5,00,00,000/- (Rupees Five Crores).
Governmental Authority or trust or any other entity or organization; i) no provisions of these Terms and Conditions of Sale shall be interpreted in identification formalities. h) The Bidder may place a proxy bid at any time, before an AstaGuru Auction
m) “Prospective Bidder” is anyone who wishes to participate to potentially favour of, or against, any party by reason of the extent to which such party 2.12 AstaGuru reserves the right to refuse registration to any entity at its goes live until the end of the auction.
bid in any AstaGuru Auction. or its counsel participated in the drafting hereof or by reason of the extent sole discretion. i) The Bidder may place a proxy bid by submitting a duly signed written bid
n) “Registered Bidder” (or “Bidder”) shall mean any person who has to which any such provision is inconsistent with any prior draft hereof; 2.13 The email and the phone number given by the Prospective Bidder at the form provided on the Website.
registered with AstaGuru to participate and bid in any auction conducted j) any time of day or date is to that time or date in India; and 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.
has been registered with AstaGuru. It can only be changed by AstaGuru by
by AstaGuru. k) time is of the essence in the performance of the Parties' respective
o) “Reserve Price” shall mean the minimum price at which the Lot shall obligations. If any time period specified herein is extended, such extended proper verification to its satisfaction after the Registered Bidder initiates a 4.4 Opening Bids
request for such a change by making a written request to AstaGuru.
be sold at the AstaGuru Auction and shall not be disclosed to the time shall also be of the essence. The value of the opening bid shall be determined as follows:
Registered Bidders; 3. RESERVE PRICE, ESTIMATES AND MARGIN a) The opening bid shall be [10%] lower than the value of the
p) “Opening Bid” is the price at which all bidding for the Lot will start. 2. REGISTRATION OF BIDDERS 3.1 The Reserve Price is confidential and will not be disclosed to any Bidders. lower estimate.
q) “Terms and Conditions of Sale” means the terms and conditions 2.1 In order to qualify as a Bidder and be eligible to bid at an AstaGuru Auction, 3.2 AstaGuru may provide an Estimate Price for each Lot to be auctioned, b) In case of a 'No Reserve' auction, the opening bid shall be at [INR
stipulated herein below, which are applicable to all Buyers, Bidders and prospective bidders should complete all registration and verification based on the average market value of the said Lot as determined 20,000 (Indian Rupees Twenty Thousand)]. (A ‘No Reserve’ auction is
any prospective bidders in an AstaGuru Auction, as may be amended by formalities with AstaGuru as stipulated in these Terms and Conditions by AstaGuru. one in which, no ‘Reserve Price’ has been set.)
AstaGuru from time to time; of Sale. 3.3 The Estimate Price given by AstaGuru shall only be a guide to the Bidders 4.5 Bid Increments
r) “Website” shall mean www.astaguru.com; 2.2 If a prospective bidder is not previously registered with AstaGuru, he and does not indicate with any accuracy, the Total Purchase Price (as a) All live bids on the Website shall have an increment of 10%
shall register with AstaGuru to bid at an AstaGuru auction at least 4 (four) defined below). (ten per cent);
1.2 Definitions specific to timepieces Business Days before the Auction date. 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),
a) General Condition 2.3 The prospective bidder shall fill the online registration form on the an AstaGuru Auction do not include: (i) AstaGuru Buyer’s Margin at [18%] the increment on the live bid shall be 5%.
i) “Well Used” shall mean that the time piece wristwatch/clock/pocket Website and may be required to provide AstaGuru, with the following of the Hammer Price; (ii) any packing, insurance, shipping or handling
watch, is a pre-owned product and has indication of basic wear and tear details – (i) any government issued proof of identity; (ii) any government charges in connection with the sale of the Lot; (iii) any duties or taxes 4.6 Phone Bidding
and is keeping time at the time of cataloguing; issued proof of residence; (iii) PAN and Aadhar details (proof of payable on the Lot. a) Phone bidding is a free service offered as a convenience to all Registered
ii) “Substantially Used” shall mean that the time piece wristwatch/ the prospective bidder’s tax residency status); (iv) any information 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
clock/pocket watch, is a pre-owned product that has prominent signs requested by AstaGuru to examine the prospective bidder's source of determined at AstaGuru’s discretion. This Price is provided only as a any error (human or otherwise), omission, or breakdown in providing
of significant wear and tear from regular or heavy use and is in working funds; (v) purpose behind purchasing the Lot, if deemed necessary by guide for the Bidders. Bidders should not rely solely on the Estimate Price this service.
condition at the time of cataloguing; AstaGuru; (vi) if the prospective bidder is not an individual, 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
b) Condition/Grading may require additional information and documentation with respect Bidders are advised to carry out their independent research. The Estimate auction. AstaGuru will accept bids by telephone for lots only if any staff
i) “Fair” shall mean that: to the entity in addition to information required in this Clause 2.3 (iv) Price does not include the AstaGuru Buyer’s Margin, packing, insurance, is available to take the bids. AstaGuru may record telephone bids at its
• The item may have noticeable and or prominent/visible scratches/dents/ and (v), including but not limited to: (a) its certificate of incorporation/ shipping, handling charges and any other taxes. discretion. By bidding on the telephone, the Registered Bidder is agreeing