K99X's website (herein after referred to as K99X) "www.k99x.com" (herein after referred to as the 'Site'). 'Buyer' shall mean any natural or legal person who has agreed to become a member of the Website by providing Registration Data and /or has purchased the Auction Buyer Package from K99X (hereinafter referred to as Auction Buyer or Buyer). Seller is the entity (Banks/NBFC/Fleet owner/Dealer/Consumer etc) which provides the list of their vehicles for auction/sale on K99X.com (hereinafter referred as the 'Seller') The Auction Buyer agrees to be bound by and comply with all terms and conditions in this Agreement applicable to them
This document is an electronic record in terms of Information Technology Act, 2000 and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures. The Auction Buyer and the Seller understand and agree that the 'Site' www.k99x.com is merely a platform to facilitate transaction of vehicles and K99X is not a direct party to the transaction in any respect. Transaction or sale of vehicle/asset is happening between the Seller (asset/vehicle owner) and the Auction buyer only. K99X merely helps both the parties to come at a common agreeable sale price and nothing more.
All the vehicles are auctioned here with 'As is where is Basis'. The buyer owes the responsibility to check every detail of the vehicle completely by himself. Any information provided by seller is directly passed on to buyer; K99X does not owe any responsibility towards the correctness/ Authenticity of that information whatsoever.
Auction Buyer also understands and agrees that K99X is not the seller of the vehicles, does not inspect, nor guarantee the condition or delivery of the vehicles or the vehicle transfer related documents.
The transaction is happening between Auction buyer and Seller. Any discrepancies in vehicle/asset information have to be addressed between Seller & Auction Buyer only. www.k99x.com is merely a platform to arrive at a common agreeable price between Seller & Auction buyer.
K99X is only the facilitator of the transaction; it owes no responsibility towards the completion/fulfilment of the same.
K99X reserves the right to deny the membership or access to use the website for the purpose of buying or selling to the Auction Buyer at its sole discretion at any point of time.
By bidding on a vehicle Auction Buyer agrees to be bound by the conditions of sale included in the vehicles' / listing description (or linked to from the description) so long as those conditions of sale are not in violation of the auction policies or other terms and conditions or are unlawful.
If Auction Buyers are registering as a business entity, they represent that they have the authority to bind the entity to this Appendix. Auction Buyer also agrees that any bid placed by him on a vehicle listed on the www.k99x.com is legally binding on him and that if he is the winning bidder in any vehicle auction, you will fulfil your purchase commitment by paying for the vehicle and taking delivery within the timeframe set by the seller.
Auction Buyer agree that the final decision for sale of any vehicle is at the sole discretion of the seller.
In order to qualify and be identified as a successful bid, the following priority parameters will be followed:
Price: The higher price bids always supersedes the lower price bids;
Time: Between bids of the same price and for the same quantity, the bid which was placed prior in point of time shall supersede. K99X's decision on the success or otherwise of a bid shall be final and binding. It reserves the right to reject or void bids, whether winning or not, that it deems not to have been made in good faith, or that are restricted or prohibited.
An auction will be considered as successfully closed if it receives at least one bid prior to the auction end date i.e. the date and time (as specified in that particular auction) beyond which bids shall not be accepted. Notwithstanding the foregoing, a reserve auction will be considered as successfully closed if at least one bid above the Reserve Price is received prior to the auction end date.
Vehicle Valuation/certification showcased by K99X is for reference only. Valuation/Certification parameters and checks are no guarantee of exact condition of the vehicle as the condition of vehicle might vary even after valuation/certification. Auction buyer must inspect the vehicle personally and assess the correct condition of the vehicle/asset before participation in auction. Also he should do all prior check on fine, penalty or pending liabilities on the vehicle by himself to his satisfaction before finally placing his bid. K99X is not responsible for any mistakes/mismatch in the data provided at any given point of time.
The Repair estimate if showcased has to be treated as indicative estimates only as the repair cost might vary in different location and according to the cost of the parts and material used for repairs.
Henceforth the check and repair estimates give in the valuation/certification are for indicative purposes only and by no means legally binding on K99X.
K99X and its suppliers, affiliates and service provider provide the Website "As is Where is" and without any warranty or condition, express, implied or statutory and specifically disclaim any implied warranties of title, merchantability, fitness for a particular purpose and non-infringement. Auction Buyer & Seller expressly agree that use of the Website is solely at their own risk.
In no event shall K99X or its suppliers, affiliates and service providers be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses arising out of or in connection with the Website, its services or this agreement (however arising, including negligence). K99X liability in any circumstance is limited to the amount of fees, if any, paid by you to K99X. its associates, affiliates and service providers and technology partners make no representations or Warranties about the accuracy, reliability, completeness, and/or timeliness of any content, information, software, text, graphics, links or communications provided on or through the use of the Website or that the operation of the Website or will be error free and/or uninterrupted.
Consequently, K99X assumes no liability whatsoever for any monetary or other damage suffered by you on account of:
Auction Buyer shall indemnify and hold harmless. K99X and (as applicable) its subsidiaries, affiliates, third-parties and their respective officers, directors, agents, and employees, from any claim or demand or actions including reasonable attorneys' fees, made by any third party or penalty imposed due to or arising out of your breach of this Agreement, K99X User Agreement and K99X Privacy Policy, Terms of Use, or the documents they incorporates by reference, or your violation of any law, rules or regulations or the rights of a third party.
None of the provisions of the User Agreement shall be deemed to constitute a partnership or agency between Auction Buyer and K99X and Auction Buyer shall have no authority to bind K99X in any manner whatsoever. Except as explicitly stated otherwise, any notices shall be given by registered postal mail on behalf K99X to K99X Attn: Legal Department, K99X at K99X, having its registered office at 129/97, ALSA CLAREMONT, ST.MARYS ROAD, ALWARPET, CHENNAI, Chennai, Tamil Nadu, 600018 (in the case of K99X) or to the email address of Auction Buyer provided to K99X during the registration process (in case of Auction Buyer). Notice shall be deemed given 24 hours after email is sent, unless the sending party is notified that the email address is invalid. Alternatively, K99X may give auction Buyer notice by certified mail, postage prepaid and return receipt requested, to the address provided to K99X during the registration process. In such case, notice shall be deemed given 3 days after the date of mailing. If any clause of the User Agreement shall be deemed invalid, void or for any reason unenforceable, such clause shall be deemed severable and shall not affect the validity and enforceability of the remaining clauses of the User Agreement.
The vehicle/asset acquired by buyer is his sole responsibility. If any illegal or unlawful activity occurs involving the vehicle/asset, responsibility of the same will lie with Auction buyer from the moment he acquires the vehicle release letter. Prior to this the seller is solely responsible for the vehicle ownership. Under any circumstances K99X does not takes the possession of the vehicle. Hence K99X is indemnified from any unlawful cases arising out the possession of the vehicle.
The User Agreement Terms and Conditions or the documents they incorporates by reference shall be governed and construed in accordance with the laws of India If any dispute arises between you and K99X during your use of the Website or thereafter, in connection with the validity, interpretation, implementation or alleged breach of any provision of the User Agreement and Seller Terms and Conditions or the documents they incorporate by reference, the dispute shall be referred to a sole Arbitrator who shall be an independent and neutral third party identified by K99X, the place of arbitration shall be Chennai. The Arbitration & Conciliation Act, 1996, shall govern the arbitration proceedings. The arbitration proceedings shall be in the English language. The cost of such Arbitration shall be borne by K99X and the Auction Buyer in equal proportion.
This is with reference to supreme court verdict on RTO tax payment, here are few mandatory changes being brought to your notice which are to be adhered at all times about process change in repo sale assets of all bank/NBFC vehicles:
The following cases will not be accepted as reason for non-payment and will be treated as payment defaults and breach of terms and conditions:
Buyer to submit to ICICI Bank, the following at the time of making payment: