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Auction Policy

最后更新 : AUG 15, 2024

I. GENERAL PROVISION

Article 1: General Terms

The purpose of this Auction Policy (“Policy”) is to prescribe the terms and conditions that govern relationship between users and merchants, rules and procedure for auction, supervision of auction, violation of rules, disciplinary actions and termination, and liability in relation to auction feature on the Liberty Carz App/Website (“App/Website” or “We” or “Us”). Users and merchants using this feature are aware that Liberty Carz App/Website, online platform, only acts as intermediaries between users and merchants. The products listed for auction as well as the payment terms, technical conditions and warranty on the products are solely determined by the merchants. When users use this feature, it means users enter into direct transactional relationship with the merchants. Therefore, it is user’s sole responsibility to verify the listed products, warranties, the fee and the due terms and conditions of payment imposed by the merchants. Users will be solely liable for any loss from failure to observe the aforthmentioned terms. Before deciding to make any payment on the listed products, Liberty Carz App/Website strongly advises that users seek for professional advice on the products that users intend to bid or won from bidding, and particularly the background of the merchants. Liberty Carz App/Website will not be liable for any of user or merchant’s loss in connection with transaction between users and merchants.

Article 2: Definition

The terms used in this Policy are defined as below:

  • User Account: the official user account for login and for trading on the App/Website.
  • Users: those who have obtained user account on the App/Website.
  • Merchants: those who have right to list the products for Auction
  • Listed Products: products listed and approved for Auction.
  • Details of Listed Products: Information related to the listed products which may include but not limit to brand, model, year of production, country of origins, current image or video of the products, current conditions/status, opening price, market price, trading hours, ownership related document, warranty terms, identify and address of merchant, conditions for payment settlement, and other necessary information.
  • Trading Hours/Time of Auction: the limited duration in which listed products are open for Auction through the App/Website.
  • Bid Order/Place Order: the action of buying products listed for Auction through the App/Website.
  • Bid Price Order: buying price that user is willing to offer to buy the listed products.
  • Bid Increment: the amount that user increases in the process of bidding during the auction.
  • Successfully Match: the action of successful matching between buying and selling of products listed through the App/Website.
  • Ask Price: first traded price of the listed product on the opening of trading hours.
  • Closing Price: final and successful traded price of the listed product.
  • Market Price: estimated price of listed products in the current market condition.
  • High: highest bidding price order of listed product on Trading Hours.
  • Low: lowest bidding price order of listed product on Trading Hours.
  • Order Book: list of all unmatched orders for the listed product.
  • Insider Traders: those who trade/place order while in possession of key and material information that are not known to public.
  • Abnormal Trading Behavior: the action of buying or cancelling buying products listed for Auction through the App/Website that are considered to be abnormal.
II. ACCOUNT REGISTRATION

Article 3: Registration of User Account

In order to bid order or place order the listed product, users are required to register an account at Liberty Car App following procedures below:

  • 1. Go to Browser: https://libertycarz.com/ or download the Liberty Carz App from Appstore or IOS
  • 2. Sign up to create an account
  • 3. Complete necessary information required
  • 4. Agree with our Privacy Policy
  • 5. Agree and accept our Terms & Conditions
  • 6. Successful registration

Article 4: Sign In/Log In

Upon successful signing up, users are required to go through the procedure below:

  • 1. Sign in/ Log in Liberty Carz App
  • 2. Go to Auction
  • 3. Choose the Car for Auction
  • 4. Place a bid
III. CONDITIONS FOR AUCTION

Article 5: Information about the Listed Products

Only registered Merchant will be entitled to list the products for auction. To list the products for auction, Marchant will be required to provide some or all information related to the listed products as follows:

  • Title of products;
  • Brand;
  • Model;
  • Year of production;
  • Country of origin;
  • Current images or video of the products;
  • Current status/conditions;
  • Opening price;
  • Market price;
  • Trading hours;
  • Warranty terms;
  • Identity and address of merchant;
  • Conditions for payment settlement upon matching; and
  • And other necessary information.

Article 6: Special Terms and Conditions attached to the Listed Products

Users shall be mindful each listed products may have special attached terms and conditions prior to listing in auction (for example: current status of the products, security deposit condition, delivery term or other warranty…etc.). Users shall carefully check and verify before making decision on any transaction.

Article 7: Request and Approval for Listing Products for Auction

To list the products for auction, merchants will be required fill in the request form and prior announcement of auction. This request and announcement form shall be filled in and submitted at least 48 working hours prior to trading hours, in order to give opportunity to administrator to verify and approve the request. In case the request is approved, merchant will be notified about the approval of request and the announcement schedule.

Article 8: Cancellation and Rejection of the Request for Listing Products for Auction

Prior to submission and approval of the request for auction, merchant may cancel the request without requiring any reason. After the request for auction is approved, merchant may not cancel auction. In case there is an unexpected event occurred beyond reasonable control of merchant that led impossibility of auction performance, after the request is approved, merchant shall report to Us immediately. The administrator may also reject the request for auction in case merchant does not provide sufficient information required. After the request for auction is approved, the administrator may also reject the request if there is reasonable ground to believe that merchants did not provide accurate information or there are fundamental changes to the listed products affecting the criteria for auction.

Article 9: Trading Hours

The listed products will be available for auction only during trading hours. User can place orders only during of the trading hours, and all orders would ONLY be matched and executed during trading hours based on trading method prescribed in Article 11 below.

Article 10: Currency

Currency for auction is US dollars only.

IV. AUCTION RULES AND PROCEDURE

Article 11: Auction Trading Method (ATM)

All listed products trading shall be made through the Auction Trading Method (ATM). ATM is a method of automatically matching bid order and ask price. Priority of orders shall be determined in accordance with the following methods:

  • 1. The higher bidding price order shall have priority over lower bidding price order; and
  • 2. The matched transaction subject to matched transaction terms and conditions as stated in Article 6 above.

Article 12: Bid Order and Place Order

In order to bid order or place order for the listed product, User shall conduct the following procedures:

  • 1. Select listed product’s name;
  • 2. Read the information about the listed products carefully; and
  • 3. Fill in and submit the Bidding Price Order.

Article 13: Validity of Order

An order shall be valid from the time it is submitted and executed during the trading session.

Article 14: Correction or Cancellation of a Submitted Order

If an order is not executed yet, users may cancel the order.

Article 15: Matched Transaction

User who won bidding through ATM will be notified and be required to implement the following guidelines:

  • 1. Notification of matching transaction will be sent to the successful bidder;
  • 2. Terms/conditions of settlement for the listed product will be sent to the successful bidder; and
  • 3. Successful bidder shall follow the terms/conditions of settlement for the listed product.

Article 16: Cancellation of Matched Transaction and Consequences

User who won auction through ATM will be notified and given a reasonable period of time to settle the successful transaction. In case user winning auction unilaterally or unreasonably cancels or is unwilling to settle the matched transaction according to the given terms/conditions, we reserve full right to cancel the matched transaction and/or take measure in accordance with Article 21 and Article 22 below. In addition, we also reserve full right to reward to matched transaction to the reserved winning bidder based on criteria stated under Article 11 above.

V. INTERNET TRANSACTION AND TECHNICAL ERROR

Article 17: Internet Transaction

Trading in the form of auction through internet will result a quick transaction. Users shall be very mindful because a single click without verification will result a transaction. Also, due to internet dependency nature of the platform, users must be aware that they may lose out a potentially important or lucrative trade as result of internet connection interruption.

Article 18: Correction of Trading Transaction Errors

In so far as internet is concerned, it must be aware that possible technical error may occur from time to time. In case the platform makes any technical error in the course of intermediating the trading transaction, our Administrator reserves full rights to correct or cancel the transaction in due course. User shall carefully check and verify before carrying out any transaction.

VI. MARKET MONITOR

Article 19: Insider Trader

To maintain a fair-trade environment and to protect the interest of user and merchant, the Administrator may undertake disciplinary actions as described under Article 21 and Article 22 against any user or merchant who the Administrator has reasonable ground to believe to have possessed key and material information that are not known to public.

Article 20: Abnormal Trading Behavior

The Administrator may conduct market watch to identify suspicious abnormal trading by taking into accounts such matters as trading manners, price fluctuation, and relationship between the market price and trading price etc. The Administrator reserves full rights to intervene in an appropriate form in case observing any abnormal trading behavior.

VII. VIOLATION AND DISCIPLINARY ACTIONS

Article 21: Violation of the Policy and Disciplinary Actions

In case users/merchants violate any term of this Policy, we at our discretion are entitled to undertake one or all action(s) as follows:

  • Notification; and/or
  • Warning; and /or
  • Administrative actions (including temporary suspension or termination of account); or
  • Appropriate penalty allowed by laws; and/or
  • Legal action(s), if deems necessary.
VIII. SUSPENSION AND TERMINATION

Article 22: Suspension and Termination of User Account/Merchant Account

We are entitled to suspend or terminate any user account/merchant in one of the following situations:

  • inactive account for the past 12 consecutive months; or
  • any serious or repeated violations of this Policy by the account user; or
  • request by the account user; or
  • orders from the competent authorities or court; or
  • other conditions required or permitted by the laws.

Prior to termination, notification may be issued to the account user, provided that it necessary to do so. In case the account is being terminated, balance, bonuses or benefits that remain in the account, if any, shall be returned to the account user or redeemed according to the applicable terms, except required otherwise by the competent authorities, court or applicable laws.

IX. LIMIT OF LIABILITY

Article 23: Disclaimers and Waivers

Users shall bear in mind that the listed products are in the possession of merchant or third party, although such products will have been thoroughly verified by us before their entry into our auction platform. However, it is natural that such products on the later stage may become defective, damaged or disappeared due to acts of God or other likes. Users shall also bear in mind that after successfully winning the bid, it is possible that merchants may change mind by not selling the products or in certain situations post-bidding terms and conditions for closing the deal cannot be reached between users and merchants. Merchants shall also be mindful that users who won the bidding through auction may change mind, and it is possible that transaction cannot be carried out, although it was successfully matched. In any situation, both users and merchants accept and acknowledge that we, as an intermediator, are committed at our best to assisting in compromising and bridging between merchants and successful bidders/users to find suitable solution. However, in case that restoration is not possible, we shall not be held responsible or liable for any loss of capital or profit by users or merchant as result of failure to realize the successfully matched transaction. Users and merchants irrevocably agree to waive all claims and hold harmless against us, our directors and staff for any and all losses of capital or profit, liabilities, demands and expenses (including attorney’s fee) as result of any event occurred as described above.

X. MISCELLANEOUS

Article 24: Matters to be Notified to Users and Merchants

The Administrator will notify each of the following matters to users and merchants:

  • The policy and its subsequence amendments (if any);
  • Listed products, additional listing and delisting from auction; and
  • Temporary closure of market, suspension of market, and changes in trading hours and other relevant matters.

Article 25: Applicable laws and Dispute Resolutions

This policy is governed by the law of the Kingdom of Cambodia. In the event of any dispute arising out of or in connection with the interpretation of this policy, including question regarding the existence, validity or termination, such disputes shall be resolved peacefully and in the best possible capacity for a maximum of sixty (60) Business Days. In the event that a peaceful settlement is not feasible or does not achieve results, either party may refer the case to competent institution or court.

Article 26: Amendment

This Auction policy is subject to amendment from time to time upon our discretion or the requirement by competent authorities and applicable laws. We will notify users/merchants about the amendment in due course, if any.

Article 27: Inquiry

Any inquiry regarding this Policy can be reached at:

  • Office: Liberty Technology Co.,Ltd
  • Office Address: 7th FL., Block B&C, KINGS VIEW OFFICE Building, St Keo Chenda, Phum 3, Sangkat Chhroy Chongva, Khan Chhroy Changva, Phnom Penh, Cambodia
  • Tel: +855 010 710 077 / +855 017 710 077

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