TERMS AND CONDITIONS
Welcome to matexnet.com website
(hereinafter referred to as “the
website”).
The auctions and related services are
provided by Matexnet Pvt. Ltd.
(hereinafter referred to as “Matexnet”)
on the website.
Matexnet is an e-commerce service
provider mandated by the seller/buyer to
facilitate virtual auction by the
seller/buyer. The website is an online
auction platform, a virtual
marketplace/venue for sellers/buyers to
conduct sale/purchase of assets, and for
bidders to make/place bids/offers on
such assets. Matexnet is considered as
third party not particularly interested
in the item/s being sold/bought on
behalf the seller/buyer.
DEFINITIONS
-
SELLER/BUYER – Seller/Buyer referred to
in this agreement is any
real individual or
legal entity
who wishes to sell/buy his/her/its
assets through internet driven online
auctions on the website and who has
mandated Matexnet to provide the website
and other related support services.
-
BIDDER – Any legal entity who is registered
with Matexnet and who makes or places a bid on the website to buy/sell
the assets either in part or in full is considered as a Bidder. One
individual can represent as a bidder on his own behalf and on behalf of
other legal entities provided he registers with Matexnet separately in
those capacities.
Successful Bidder is that
Bidder in whose name sale certificate or
purchase order is issued by the
SELLER/BUYER.
-
USER – Any legal entity who uses the
website and/or the related services
provided by Matexnet is considered as a
user.
-
AGREEMENT – The terms and conditions,
together with any additional terms and
conditions specific to a particular
online auction event on the website
(which can be found through one or more
links on the website for the auction in
question) constitute the Agreement.
-
ONLINE BIDDING EVENT – An Online Bidding
Event is a process for price
determination through competitive
interaction between Bidders on the
website. Online Bidding Events initiated
by the seller are known as Forward
Auctions and those initiated by the
Buyers are known as Reverse Auctions.
On accessing the website or using the
services provided by Matexnet or by
registering either as a buyer/ seller /
user you agree that
- You have read the terms and conditions
including the terms and conditions specific to a particular online
auction event.
-
You are bound by
these terms and conditions including those specific to a particular online auction
event
MODIFICATIONS TO WEBSITE, SERVICES AND
TERMS AND CONDITIONS
Matexnet reserves the right to modify,
amend, suspend or discontinue any aspect
of the services or the website at any
time without notice.
Matexnet reserves the right to amend any
or all of the terms and conditions
without notice at any time at its sole
discretion and announce the same on the
website. Accessing the website and/or
using the services shall constitute
acceptance of the terms and conditions
including the amendments.
PASSWORD AND SECURITY
After you register with Matexnet on the
website, you will be allotted user
identification (User ID) by Matexnet and
you will be prompted to select/enter a
password. User is solely responsible for
all use and for maintaining and
protecting the confidentiality of its
User ID and User password.
TERM OF AGREEMENT
This Agreement shall continue to be in
full force and effect for so long as you
are using the services and the website.
Matexnet provides the online auction
platform wherein the users can sell,
purchase, bid and buy or bid and sell
the assets listed on the website
pursuant to the terms and conditions set
forth below
1.0 GENERAL TERMS AND CONDITIONS
1.1
Participation and bidding in the
auctions on the website shall be treated
as conclusive evidence of the fact that
the bidder has inspected the assets and
the related documents pertaining to the
auction and is satisfied in all respects
regarding the quality, quantity,
condition of the assets, taxes and
duties, and other extraneous factors and
the Principle of Caveat Emptor (let the
bidder beware) will apply. It shall also
imply that the bidder has carefully gone
through the terms and conditions,
including amendments, if any, prevailing
at the time of auction. No objections or
complaints will be entertained once the
bid is placed.
1.2 All assets sold/bought on the
website are on “AS IS WHERE IS BASIS”
and
“NO COMPLAINT BASIS”.
1.3 Matexnet does not give warranty or
guarantee of the quality, quantity,
measurement, condition, and chemical
composition of the assets and about its
“End Use” or fitness for a particular
purpose.
1.4 The highest/Lowest bidder does not
get any right to demand acceptance of
his bid/offer. SELLER/BUYER reserves the
right to accept/reject/cancel any
bid/offer, withdraw any portion of the
assets at any stage from auction even
after acceptance of bid/offer, issue of
delivery order/purchase order without
assigning any reason there of. In the
event of such rejection, cancellation or
withdrawal, SELLER/BUYER shall not be
responsible for any damages/loss to the
successful bidder on account of such
rejection, cancellation or withdrawal.
2.0 COMMUNICATION
2.1 User consents to receive
communication from Matexnet by
electronic mail, short messaging
services on their mobile phones, by
phone calls or by posting notices on the
website.
3.0 ONLINE BIDDING
3.1 Time Extension – If any
market-leading bid (bid higher/lower
than the highest/lowest at the point in
time) is received in the last three
minutes (Time Extension as mentioned in
the bidding room will apply and three
minutes is only an example) of closing
time, the closing time will be extended
automatically by three minutes.
3.2 Bids – All bids placed are legally
valid bids and are to be considered as
bids from the bidder himself. Once the
bid is placed, the bidders cannot modify
or withdraw the bid for whatever reason.
The highest/lowest and the latest bid on
the auction shall supersede all the
previous bids of the bidder. Bidders may
please note that in the event of a
manual bid amount matching that of auto
bid, the manual bid will prevail and be
considered.
3.3 Auto Bid:
a. Auto Bid facility is provided for bidders intending to place a maximum value for a lot/lots.
b. Auto bid is not a confirmed bid. It is only the maximum ceiling amount set by the bidder to enable the auction engine to place bids on his behalf, whenever he is outbidded, upto the ceiling set by him.
c. Once auto bid is set, the auction engine will consider the ceiling amount for the next possible Bid only, depending on the highest bid prevailing at that point of time and the increment amount prescribed for that particular lot.
d. Bidders may please note that in the event of a manual bid amount matching that of auto bid, the manual bid will prevail and be considered.
4.0 TERMINATION
4.1 - Matexnet expressly reserves the
right to terminate the use of, or to
refuse to permit the use of, the
Services and the Website by any person
or entity, at the sole discretion of Matexnet, for any reason and without
notice.
5.0 FORCE MAJEURE
5.1 Matexnet shall not be liable for any
failure or delay in performance due to
any cause beyond its control including
fire, strike, go-slow, lock-out,
closure, theft, dislocation of normal
working conditions, internet or network
non-availability, accident, war, riots,
civil commotion, political upheaval,
epidemics, break-down of machinery, any
terrorist activity,
any natural calamity, adverse weather or climatic
condition, or any other causes
or conditions beyond the control of Matexnet, whether directly due to or in
consequence of the aforesaid causes and
the existence of such causes or
consequences shall operate to extend the
time of performance till the cause of
delay shall have ceased to exist.
6.0 DISCLAIMER
6.1 Matexnet runs its business on the
basis of a robust Web Site. Matexnet
is outsourcing server space
from a third party hosting company and
hence shall ensure the smooth running in
all good faith and intention. However
Matexnet will not be held responsible
for any failure of power, Network,
server, hosting server, Internet
connectivity, ISP or otherwise at
Bidder's end or at Matexnet directly or
indirectly affecting online method of
Bidding.
6.2 Matexnet takes no responsibility of
the quality, quantity, documentation
details of buyers/sellers. Both the
buyers & sellers agree to defend
indemnity and hold harmless. Matexnet
from any loss, damage, cost and expenses
caused by any reason during the
transactions on the website. In no event
shall Matexnet be liable for any loss
for the transactors by business,
revenues, profit, costs direct and
incidental, consequential or punitive
damages of any claim. Both the parties
agree to have discussed all the related
matter regarding the transactions and
have understood in full that Matexnet
has provided a source of supply and has
nothing to do any further especially
with regards to quality, warranty,
guarantees, delivery schedules,
payments, rejections, transportation,
legal laws and regulations to be
followed from time to time etc. Since
Matexnet does not possess knowledge base
of the assets under transaction both the
parties agree that the matter contained
in the assets as a part or as a whole
does not violate any applicable law.
Matexnet is only an e-commerce service
provider, and is not and cannot be a
party to or control in any manner any
transactions between the Seller/Buyer
and the Bidder.
6.3 The Seller/Bidder agrees to limit the liability
of Matex Net Pvt. Ltd. to them for any and all claims, losses, costs, damages of any nature whatsoever or claims expenses from any cause or causes, including attorneys' fees and costs, so that the total aggregate liability of Matex Net Pvt. Ltd. to the Seller/Bidder shall not exceed it's total fee receivable from the Seller/Bidder. It is intended that this limitation apply to any and all liability or cause of action however alleged or arising, unless otherwise prohibited by law.
7.0 GOVERNING LAW AND JURISDICTION
7.1 This agreement is governed and
construed in accordance with the laws of
Union of India. Users hereby irrevocabley
consent to the exclusive jurisdiction
and venue of courts in Bangalore,
Karnataka, India in all disputes arising
out of or relating to the use of the
services and the website.
7.2 Users agree to indemnify and hold
Matexnet and its officials and employees
harmless from any claim, demand or
damage asserted by any third party due
to and arising out of use of services
and the website.
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General Terms and Conditions
