Terms and Conditions

Definitions

  •  “Rangreet’s Auction” shall mean an online auction conducted by Rangreet in accordance with these Terms and Conditions of Sale;

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  • “Auction Date” shall mean the day on which the Rangreet Auction is conducted for the Lot;

  • “Bidder” shall mean any Person eligible to make a bid or offer to purchase the Lot at an Rangreet’s Auction;

  • “Business Day” shall mean any day, other than Saturday or Sunday, on which banking institutions in Rajasthan, India are open for banking transactions;

  • “Buyer” shall mean the Person whose bid is accepted by Rangreet as the winning bid in an Rangreet Auction, at Rangreet’s discretion;

  • “Estimate Price”shall mean the estimates provided by Rangreet, at its discretion based on the average market value of the Lot;

  • “Governmental Authority” shall mean any international, national, provincial, regional, central, state, municipal or local government, any instrumentality, subdivision, court, administrative, executive or regulatory agency, commission, board, tribunal or other authority thereof, or any quasi-governmental or private body exercising any regulatory, taxing, legislative or other governmental or quasi-governmental authority (in each of the foregoing cases, whether in India or outside India), in each case, having jurisdiction pursuant to Applicable Law;

  • “Hammer Price” shall mean the price at which the Lot is sold to a Buyer, exclusive of the duties and taxes;

  • “INR” shall mean the lawful currency of the Republic of India;

  • “Lot” shall mean the individual artwork/jewellery/memorabilia/automobile/timepiece/ or any other item being offered for sale at an Rangreet’s Auction;

  • “Person(s)” shall mean any individual, sole proprietorship, unincorporated association, unincorporated organization, body corporate, corporation, company, partnership, limited liability company, joint venture, Governmental Authority or trust or any other entity or organization;

  • “Reserve Price” shall mean the minimum price at which the Lot shall be sold at the Rangreet’s Auction;

  • “Terms and Conditions of Sale” means the terms and conditions stipulated herein below, which are applicable to all Buyers, Bidders and any prospective bidders in an Rangreet’s Auction, as may be amended by Rangreet from time to time; and

  • “Website” shall mean www.rangreet.org;

 

Interpretation: Unless the context of these Terms and Conditions of Sale requires otherwise:

  • words of any gender are deemed to include those of the other gender;

  • words using the singular or plural number also include the plural or singular number respectively;

  • the terms ‘hereof’, ‘herein’, ‘hereby’, ‘hereto’ and derivatives or similar words refer to these Terms and Conditions of Sale or specified Clauses thereof, as the case may be;

  • the term ‘Clause’ refers to the specified Clause of these Terms and Conditions of Sale;

  • headings and bold typeface are only for convenience and shall be ignored for the purpose of interpretation;(e) headings and bold typeface are only for convenience and shall be ignored for the purpose of interpretation;

  • reference to legislation or law or to any provision thereof shall include references to any such law as it may from time to time, be amended, supplemented or re-enacted, and any reference to statutory provision shall include any subordinate legislation made from time to time under that provision;

  • references to an “Terms and Conditions of Sale” shall be construed as a reference to these Terms and Conditions of Sale as may be amended, varied, supplemented or novated in writing at the relevant time in accordance with the terms herein;

  • any reference to books, files, records or other information or any of them means books, files, records or other information or any of them in any form or in whatever medium held including paper, electronically stored data, magnetic media, film and microfilm;

  • no provisions of these Terms and Conditions of Sale shall be interpreted in favour of, or against, any party by reason of the extent to which such party or its counsel participated in the drafting hereof or by reason of the extent to which any such provision is inconsistent with any prior draft hereof;

  • any time of day or date is to that time or date in India; and

  • time is of the essence in the performance of the Parties’ respective obligations. If any time period specified herein is extended, such extended time shall also be of the essence.

 

Registration of bidders

  • In order to qualify as a Bidder and be eligible to bid at an Rangreet Auction, prospective bidders should complete all registration and verification formalities with Rangreet as stipulated in these Terms and Conditions of Sale.

  • If a prospective bidder is not previously registered with Rangreet, he shall pre-register to bid at an Rangreet auction .

  • The prospective bidder shall fill the online registration form on the Website and may be required to provide Rangreet, with the following details – (i) any government issued proof of identity; (ii) any government issued proof of residence; (iii) PAN and Aadhar details; (iv) any information requested by Rangreet to examine the prospective bidder’s source of funds; (v) purpose behind purchasing the Lot, if deemed necessary by Rangreet .

  • Rangreet shall verify the details provided by the prospective bidder and may at its sole discretion, refuse acceptance of registration of a prospective bidder, should any of the information furnished is not acceptable or for any reason whatsoever.

  • Rangreet reserves the right to: (i) request additional information from the prospective bidder to verify the information provided in the registration form; (ii) request any additional bank references or guarantees from the prospective bidder.

  • Rangreet shall give bidding access to any prospective bidder at its discretion, subject to the fulfilment of all registration formalities as contained in these Terms and Conditions of Sale.

  •  Rangreet reserves the right to cancel any bidding access provided to a Bidder.

  • Rangreet reserves the right to withdraw a Lot before, during or after the bidding at an Rangreet Auction, at its sole discretion, including if it has a reason to believe that the authenticity or accuracy of the Lot is in doubt.

  • Rangreet reserves the right to postpone completion of a sale under an Rangreet Auction until Rangreet completes its registration and client identification formalities.

 

 

Reserve price estimates and margins

  • The Reserve Price is confidential and will not be disclosed to any Bidders.

  • Rangreet may provide an Estimate Price for each Lot to be auctioned, based on the average market value of the said Lot as determined by Rangreet.

  • The Estimate Price given by Rangreet shall only be a guide to the Bidders and do not indicate with any accuracy, the Final Purchase Price (as defined below).

  • The Estimate Price given by Rangreet and the Hammer Price of the Lot at an Rangreet Auction include: (i) Rangreet margin at [30%] of the Hammer Price.

  •  Any packing, shipping or handling charges in connection with the sale of the Lot are not included in the Hammer price of the lot at Rangreet Auction.

  •  Any duties or taxes, shipping and insurance are not included in the Hammer price of the lot at Rangreet Auction.

 

Conduct of Rangreet Auction

  • The auction catalogue for an Rangreet Auction shall be made available 1 (one) month before the Auction Date for all prospective bidders.

 

Proxy Bids

  • The Bidder may place a proxy bid at any time, before an Rangreet Auction goes live until the end of the auction.

  • The Bidder may place a proxy bid by submitting a duly signed written bid form provided on the Website.

  • Rangreet reserves the right to reject any proxy bid at its discretion.

  • The proxy bid should be at least 10% (ten per cent) more than the opening bid, and in case such a bid is made during an Rangreet Auction, it shall be at least 10% (ten per cent) more than the next valid bid.

 

Opening Bids

  • The value of the opening bid shall be determined as follows:

  • The opening bid shall be [10%] lower than the value of the lower estimate.

 

Bid Increments

  • All online bids on the Website shall have an increment of 10% (ten per cent);

  • If the bid exceeds INR 1,00,00,000 (Indian Rupees One Crore only), the increment on the live bid shall be 5%.

 

Phone Bidding

  • Phone bidding is a free service offered as a convenience to our clients and Rangreet is not responsible for any error (human or otherwise), omission, or breakdown in providing this service.

  • Phone Bids request must be made no later than 24 hours prior to the auction. We will accept bids by telephone for lots only if our staff are available to take the bids. We may record telephone bids. By bidding on the telephone, you are agreeing to us recording your conversations. You also agree that your telephone bids are governed by these Conditions of Sale.

  • In the case of telephone bids, at about the time the Lot comes up for auction, attempts will be made to contact the Bidder by telephone and, if successful, the Bidder may then compete in the bidding through the Auctioneer's staff. The Bidder accepts that such contact is at the Bidder's risk. Auctioneer do not take any liability or responsibility should there be any interruption or suspension of phone services.

  • The Bidder accepts that in the event that the telephone link is not established, or breaks down, or there is any confusion or disruption, then the Bidder will not be able to participate in the Auction.

  • The Auctioneer will not be held responsible for instructions or authorizations given to them which are unclear or incomplete and these bids will not be accepted.

  • If it is impossible to obtain telephone contact or the link breaks down, the Auctioneer is authorized to continue to bid on behalf of the telephone bidder up to the maximum bid last stated over the call.

 

Personalized bid notifications

  • The Bidder shall be kept informed about the progress of his bids at an Rangreer Auction, including when he is outbid or when he wins a particular Lot by e-mail alerts.

  • By bidding at an Rangreet Auction, the Bidder makes an irrevocable offer to purchase the Lot

  • Bids may be placed in USD or INR. All foreign currency exchange rates during an Rangreet Auction shall be based on a constant rate. However, they are subject to change after each session.

  • Rangreet reserves the right to grant, record and reject any bid.

  • Rangreet reserves the right to not award the winning bid to the Bidder with the highest bid on Auction Date, at its sole discretion.

  • Once the Bidder has placed a bid and/or a proxy bid, the Bidder cannot cancel such a bid.

  • The closing bid is considered to be the winning bid only if such a bid exceeds the Reserve Price.

  • In the event a bid is placed under three minutes from the closing schedule of the Lot, the closing time for that Lot will be extended by three minutes.

  • Rangreet reserves the right to rescind the sale within 7 (seven) Business Days of the Auction Date on account of a breach of any of these Terms and Conditions of Sale.

 

Payment by the buyer

  • The title and ownership interest in the Lot shall be transferred in favour of the Buyer only after all payment due is received and cleared by Rangreet.

  • The final purchase price payable (“Final Purchase Price”) by the Buyer shall include the Hammer Price , 12% Gst tax in connection with the Lot, as calculated by Rangreet.

  • Rangreet shall raise an invoice in favour of the Buyer within 1 (one)Business Days of the Auction Date (“Invoice Date”).

  • The Buyer shall pay the Final Purchase Price to Rangreet within 7 (seven) days of the Invoice Date (“Collection Date”).

  • Buyers who are Indian residents shall pay the Final Purchase Price in INR and all other Buyers shall pay in USD. If the Final Purchase Price is stipulated in INR terms, then the Buyer must ensure that Rangreet receives the full payment of the Final Purchase Price, irrespective of exchange rate fluctuations, if any.

  • In the event the Buyer does not pay the Final Purchase Price within the timeframe provided, he shall be liable to pay a late fee to Rangreet at 2 % (two per cent) per month.

  • In the event the Buyer does not pay the Final Purchase Price within the stipulated timeframe provided, Rangreet shall treat such non-payment as a breach of these Terms and Conditions of Sale and Parties shall proceed on the premise that a Dispute .

  • In the event the Buyer does not pay the Final Purchase Price within the stipulated timeframe provided, Rangreet may at its discretion retain the Lot in lien in lieu of the Final Purchase Price or may dispose the Lotas it may deem fit, including by a re-auction

Delivery and collection of purchase

  • Subject to receipt and clearance of the Final Purchase Price, Rangreet shall ship the Lot to the Buyer within 7 Days from receipt of the Final Purchase Price (“Date of Payment”).

  • Subject to receipt and clearance of the Final Purchase Price payable by the Buyer, the Buyer may also opt to collect the Lot from Rangreet.

  • Any Buyer who opts to collect the Lot from Rangreet, but has not collected the said Lot within 30 days from the Date of Payment shall be charged a demurrage/storage fee at 2% per month on the Final Purchase Price of the Lot calculated from the Date of Payment.

  • The Buyer shall be liable to insure the Lot against any damages or losses in transit

 

Extent of liability of rangreet

  • The description of the Lot, as contained on the Website is to the best of Rangreet’s opinion and as represented by the source. Rangreet has not undertaken an independent research exercise. Bidders are advised to engage and consult with independent professionals/experts on the same.

  • Rangreet shall not be liable for any damage or loss during transit of the Lot. Such losses must be covered by the Buyer as provided 

  • Rangreet shall not be liable in case the Website has any technical problems, including for any failure or delay in executing the bids placed via the Website.

  • Rangreet shall not be liable for the rejection of any bids received post the stipulated closing time of the bid. AstaGuru acknowledges that there may be a lag period between the Bidder placing the bid and the same being received and registered by AstaGuru. Bidders are advised to safeguard against such lags in placing individual bids by updating their account with the relevant Proxy Bid

  • Rangreet and any of its affiliates and (as applicable) their respective directors, officers, employees, representatives and advisors shall not be liable for any errors or omissions on the Website.

  • Rangreet is not obligated to disclose to any person or entity the information or detail of any sale including the information of the Buyer or the past Ownership of the lot.

 

 

Extent of buyer liability

  • Securing the winning bid shall be deemed to result into an enforceable contract of sale between Rangreet and the said Bidder in accordance with these Terms and Conditions of Sale.

  • All Lots offered in an Rangreet Auction are in its ‘present/current condition’ encompassing all existing faults and imperfections. Bidders are advised to inspect each Lot carefully before bidding.

  • The Buyer shall be liable for all the insurance charges in connection with the sale of the Lot.

  • The Buyer shall be liable for any duties or taxes in addition to the Final Purchase Price in connection with the sale of the Lot.

  • All Lots classified as Antiquities or Art Treasures under the Antiquities and Art Treasures Act, 1972 are non-exportable and cannot be taken out of India. Any attempt to export such a work without the express permission of Archaeological Survey of India (ASI) shall entirely be at the Buyer’s risk.

  • All Lots deemed to be a ‘Notified Antiquity’ under the Antiquities and Art Treasures Act, 1972 need to be registered with ASI. After such a Lot is sold at the auction, it is the Buyer’s responsibility to intimate the ASI of such transfer.

 

Miscellaneous

  • Rangreet can make changes to these Terms and Conditions of Sale from time to time without any prior notification. Bidders are advised to make themselves aware of the updated Terms and Conditions of Sale, if any before an Rangreet Auction.

  • Each and every obligation under these Terms and Conditions of Sale shall be treated as a separate obligation and shall be severally enforceable as such in the event of any obligation or obligations being or becoming unenforceable in whole or part. To the extent that any Clause of these Terms and Conditions of Sale are unenforceable, they shall be deemed to be deleted and any such deletion shall not affect the remainder of these Terms and Conditions of Sale not so deleted, provided the fundamental terms of these Terms and Conditions of Sale are not altered.