Term Conditions Page

General Terms and Conditions of Usage and Auction

PIPDIL

1.               DEFINITION OF TERMS

1.1           "Auction" means the electronic virtual auction of a financial product in an internet based, and access-restrained trading platform, in which the user participates, at a “fixed starting price”, on “highest bidder” basis.

1.2           "Bid" means the offers made by a bidder in the effort to buy a financial product in an Auction at a price determined by it.

1.3           "Bidder" refers to a user who bids for buying the products in an Auction.

1.4           "Place a bid" means offering (a price) payment electronically to show the willingness to buy a product that is made for a sales offer by an independent seller on the system.

1.5           "Raise a bid" means offering a higher price than the last highest price (or bid).

1.6           "Buyer" means the successful highest bidder, who participates and enters into an agreement with the seller through “Message seller” option on the website in order to receive the won product.

1.7           "Duration of Auction" means the period, within which bidding can be made for       the sales offer in an Auction in accordance with the detailed provision of item 12.4 below.

1.8           "End of Auction or Ended" means the conclusion of Auction either after the Acceptance of bid or at the end of the Duration of Auction.

1.9           "Fixed starting price" means the minimum starting price on a financial product as specified (or set) by a seller.

1.10        "Highest bid" means the highest bid (highest monetary amount willing to be paid by a bidder) in an Auction ( that is followed by the agreement between the seller and buyer).

1.11        "Registration" means the process described in item 5. below.

1.12        "Seller" means a user, who has consigned a financial product to Auction on the platform.

1.13        "Terms and conditions of usage" means the following General Terms and Conditions of Usage and Auctioning for the Secondary market.

1.14        "User" means a person, who is registered in accordance with item no. below, who is or may be a “Business entity”, “Seller”, or “Buyer” of financial products.

1.15        "User’s Account" means access authorization to the internet-based, and access-restrained platform or the secondary market that is acquired by means of registration. The user shall authenticate itself during login using email or phone number and a password. The system identifies the individual users through the user’s account. The user’s account shall be created during Registration. The user’s account shall also serve the purpose of selling and buying the financial products.

1.16        "Website" means the domain of the homepage www.pipdil.com on which PIPDIL offers a trading platform to independent sellers and buyers.

Please Read Carefully Prior to Selling & Buying On PIPDIL

I HAVE READ AND UNDERSTOOD ALL OF THE FOLLOWING TERMS AND CONDITIONS OF THE AUCTION.

I HEREBY AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS.

I FURTHER AGREE TO BE RESPONSIBLE AND PAY FOR ALL PURCHASES.

Bidding

a)     You must be a registered user to bid on items. By bidding, you are stating that you are ready and willing to purchase that item for your bid amount, plus any shipping charges disclosed by the seller if he agrees on “home-delivery”. If you are outbid (when someone bids higher), you are under no obligation to buy. But in all other cases, you are entering a contract to buy the item, and to pay upon the agreement with the seller of the product through messages, calls, or in-person meeting within the seller-specified time period specified (at the end of auction). If you cannot pay, please don’t bid. Your bids are final and non-retractable. PIPDIL is no way responsible for your tracking or handling your payment.

b)     Current bid expires once someone raises the amount higher than the current amount and a new bid has to be made to win the bid.

c)     Auction expires after a given time and top three highest bidders are able to contact seller through “Message seller” button for a limited time to reach an agreement.

d)     Delivery method is decided by the sellers and the buyers, PIPDIL is not responsible.

e)     Seller must be able to transfer the ownership of the product upon their agreement.

User (Seller/Buyer) Registration

a)     All persons who wish to sell or bid in the auction wanting to purchase a product must register/create an online account by “Register now.” To register, the seller/buyer must provide all of the registration information requested and sign the Agreement by checking the ‘I AGREE’ box. By checking this box, you acknowledge that you are agreeing with all the terms and conditions. Bidders must be 18 years of age or older and have a valid ID card which might be requested by the seller/buyer if necessary to confirm the authenticity of the auction. PIPDIL is not responsible for any fraudulent activity conducted by the sellers or buyers, solely because, the agreement to purchase a financial product must occur between a buyer and a seller independently, PIPDIL is rather offering a platform to contact the seller virtually, but the agreement and any further contractual activity is happened only by the sellers and the buyers. PIPDIL reserves the right to refuse to register or admit any person at its sole discretion. Your registration will be accepted but your information will be verified, and your account may be disabled until the necessary information is provided to verify the account.

b)     The registration of a legal person or partnership may only be carried out by a natural person who is authorized to represent and who must be named. When registering natural persons, only individuals may be specified as PIPDIL account holder (i.e., no married couples or families).

c)     User must update their data/information immediately under “My Profile” if any change is necessary after the registration.

d)     The accounts are non-transferrable.

e)     User’s personal information including password must be kept secretly, and users are obliged to inform PIPDIL in case of any misuse of their PIPDIL account by any third party.

f)      Incompletely registered accounts can be deleted or removed by PIPDIL. PIPDIL can remove any account with or without any warning if the account poses any peculiarity (e.g., Inactive account for a long period) and PIPDIL is not subject to any explanation in such cases.

g)     As part of offering a trading platform, PIPDIL has access to various information that users provide (e.g., contact information, rating if applies).

User (Seller/Buyer) Account Deletion

a)     For the termination of any account sellers/buyers must contact PIPDIL. After the removal of the account the account information or any data will be deleted from their PIPDIL account. However, aggregated/collected data that was generated through use (e.g., statistics on sales in a category) will continue to be stored even after the end of the contract.

Usage and Prohibition

a)     Uploading legal contents or information (e.g., images, video links) is the responsibility of the Users that do not infringes with the rights of any individual, or third party and does not contradict the cyber security laws in Bangladesh.

b)     Selling an illegal product (imported/exported/produced) or item is absolutely restricted and prohibited on PIPDIL platforms. Users will be banned and might be brought under the country’s persistent law.

c)     Sellers are recommended to sell their products at a “realistic price” (“Starting bidding price has to be set in a way that the final bid or the “highest bid” does not exceed the market value for that particular product). It is also highly recommended not to manipulate the sellers or buyers in any way. The buyers are recommended to justify and examine the product in real life after coming a mutual agreement through “chatting” option on PIPDIL or via email/social media platforms, phone, etc. before final-payment.

d)     In order to list a product sellers must have an account on PIPDIL. All the mandatory fields are to be filled out while listing a product or an item or several items on the system termed as “Sell now.”

e)     The price of the respective item will be decided by the “highest bid” on the listed product/auction. If the seller decides not to sell the product because of a low expected “highest bid” the seller is recommended not to deny selling the product, rather a justifiable “start bidding price” should be set before listing any product on the platform.

f)      Prior to listing products, any mistakes can not be edited, rather a deletion of the posted product is possible under “My auction.”

g)     Users must not share any of their personal contact information to third party unless it is permitted by both the seller/buyer if necessary. PIPDIL is not responsible for any interaction between a seller and a buyer.

h)     Buyers/Bidders are recommended to “Raise a bid” only when they are willing to pay the amount given that they might win the product on a “highest bid” basis.

Payment and Processing

a)     In principle, the payment will be complete via a “Cash on delivery” method. The “top three highest bidders” will be notified by the system after winning an auction. “Highest bidders” thus can send a message through “Message seller” option that is generated on the system for a certain period of time. Buyer/The Highest bidder must contact the seller. An inability of the winner/highest bidder to contact the sellers after winning multiple auctions for a few times will lead the User’s ID to a permanent ban. Any deal, contract, or agreement would completely depend on the seller and the buyer in every case. After reaching to an agreement, buyer can purchase the product to the seller at an agreed location. If Seller agrees to the home-delivery” option an additional charge may or may not be added to the highest bidding amount that depends on the Seller.

Suspension and Termination

a)     PIPDIL can take following actions and measures if a user violates the rules, principles of selling and buying, auction, bidding, terms and conditions, legal regulations.

1.     Deleting Posts, accounts, etc.

2.     Temporary suspension

3.     User warning

4.     Permanent ban

b)     Once the rating, report, etc. functions arrive on PIPDIL, based on that a user account might be deleted or banned permanently. Any fraudulent activity, false information, or third-party access of the user account to provoke illegal actions might be a reason that can lead to a lifetime ban from the PIPDIL platform.