Page 172 - International Iconic July 2024

TERMS AND CONDITIONS OF SALE
EXTENT OF THE BIDDER ’LS IABILITY
• The bidder must take the onus of inspecting the condition and cross checking the
descriptive information with regards to the lots prior to the auction schedule.
• The bidder must assert their decision based on their own judgment.
• In parity with the unpredictable nature of internet/Mobile App data network there may be
a lag period between the time of the bidder placing the bid and it being
received/registered by AstaGuru’s server. Although the bidder may have placed a bid within
the stipulated closing schedule, none the less AstaGuru receives the transmitted bid, post
the closing schedule the bid will be rejected under such circumstances. Therefore bidders
are requested to update their account with the relevant Proxy Bid in order to safeguard any
lag oriented delays while placing individual bids.
LAW AND JURISDICTION
• The terms and conditions of this Auction are subject to the laws of India, which will apply
to the construction and to the effect of the clauses. All parties are subject to the exclusive
jurisdiction of the courts at Mumbai, Maharashtra, India.
• Under the circumstances that a legal notice has to be issued by AstaGuru, the modes to do
so are as follows:
• I: Via an email to the registered email id as per AstaGuru’s records.
• II: Via dispatch of a courier to the registered address as per AstaGuru’s records.
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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;
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
conducted by AstaGuru in accordance with these Terms and f) reference to legisla�on or law or to any provision thereof shall include
references to any such law as it may from �me to �me, be amended,
Condi�onsofSale;
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;
Hammer Price of the Artwork, in any auc�on conducted or hosted by
AstaGuru.ThisMarginshallbe1 %,unlessspecifiedotherwise.8 g) references to the “Terms and Condi�ons of Sale” shall be construed as
a reference to these Terms and Condi�ons of Sale as may be amended,
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
conductedfortheLot; accordancewiththetermsherein;
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
transac�ons; in any form or in whatever medium held including paper, electronically
storeddata,magne�cmedia,filmandmicrofilm;
f) “Buyer” shall mean the Person whose bid is accepted by AstaGuru as
thewinningbidinanAstaGuruAuc�on,atAstaGuru'sdiscre�on; i) noprovisionsoftheseTermsandCondi�onsofSaleshallbeinterpreted
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
party or its counsel par�cipated in the dra�ing hereof or by reason of
discre�onbasedontheaveragemarketvalueoftheLot;
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
j) any�meofdayordateistothat�meordateinIndia;and
instrumentality, subdivision, court, administra�ve, execu�ve or
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
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
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
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
whichexcludestheAstaGuruBuyer'sMargin. Condi�onsofSale.
j) “INR”shallmeanthelawfulcurrencyoftheRepublicofIndia; 2.2 If a prospec�ve bidder is not previously registered with AstaGuru, he
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.
�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
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
(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
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