Online bidding rules

  Online Auction Rules (Bidding Notices) on Eshiptrading.com

  Article I The rules are formulated to regulate the online bidding and protect the legitimate rights and interests of parties and bidders in accordance with related laws, regulations, policies of the People’s Republic of China as well as the actual practices under the principles of openness, fairness and justice in within auction activities.

  Article II The rules apply to bidding activities on the online ship auction platform of Eshiptrading.com (hereinafter referred to as “Eshiptrading”). Parties and bidders shall abide by all the terms and conditions of the Rules, and bear legal liabilities for their behaviors.

  Article III Corporate legal entities, natural persons, or other organizations both within and outside the territory of the People's Republic of China that are qualified for bidding as per the Bidding Announcement may participate in the auction, except as otherwise provided by laws and regulations.

  Article IV The Bidding Announcement and other related materials are drafted between Eshiptrading.com and clients through negotiation.

  Article V A client shall provide the lot’s information,including videos, images, text descriptions, which are uploaded by Eshiptrading.com after verification.

  Article VI Where a client provides false information, it shall pay for economic losses and bear legal liabilities.

  Article VII A bidder shall register as a buyer to participate in online ship bidding of Eshiptrading.com.

  A bidder shall keep the password properly. If he/she forgets his/her password,it may be recovered via Eshiptrading.com. If the password is leaked, the bidder shall sign in to reset it immediately.The losses caused by password leakage due to himself/ herself shall be borne by the bidder.

  Article VIII A bidder shall carefully read the Bidding Announcement, the lot’s details, Bidding Notices, Rules of transaction and other relevant documents prior to a bidding application. Besides, the bidder shall sign in to fill in reliable and valid information as required on Eshiptrading.com.

  Article IX A bidder shall submit the bidding application in accordance with the bidding announcement prior to the bidding sale.

  Where corporate legal entities, natural persons, or other organizations intend to conduct joint bidding, they shall fill in the actual information of each party thereto and the respective ratio of capital contribution as per requirements, and sign the Joint Bidding Statement.

  Article X A bidder shall apply for bidding and remit the deposit in his/her name on Eshiptrading.com. Each deposit is only applicable to one ship. As for multiple ships, the bidder shall remit the deposit respectively.

  A bidder shall remit the bidding deposit in full to the designated account within the stipulated time (subject to the time of the receipt of the account),failing that,he/she shall not be eligible for bidding.

  Article XI Online ship bidding is conducted within a limited period. A qualified bidder may participate in the bidding. The first bid shall not be lower than the starting price. Bids shall be incremental and each shall not be below what is stipulated.

  Where there is a reservation price, it will display “Reservation price: Yes”on bidding channel. Where there is no reservation price, it will display “Reservation price: No” on the bidding channel.

  Article XII A bidder shall give a bid in a cautious way.Once a bidder bids for a price, it shall be irrevocable.

  Article XIII The countdown shall automatically restart from two minutes when a bidder offers a bid in the extension time bidding stage.

  Article XIV Where there is one bidder at least, the winning bidder (hereinafter referred to as “Vendee”) shall be determined in accordance with the following provisions.

  Where there is no reservation price, a vendee is the bidder who offered the highest price.

  Where there is a reservation price, a vendee is the bidder with the highest price that is more than or equal to the reservation price. Otherwise, the bidding fails.

  The termination of this bidding come into force automatically before the countdown runs out.

  Article XV On the day of bidding closure, a vendee shall be examined with valid certificates or licenses of the enterprise or an individual by Esiptrading.com. After verification, “Purchase Confirmation” must be signed.

  Where a vendee is not qualified, the bidding is invalid, the deposit is not be refunded and Eshiptrading.com will organize re-bidding.Where the price for the second bidding sale is lower than the final price, the vendee must make up the difference. In the case of re-bidding due to his default, the vendee must pay the commission of himself and the client.

  Article XVI The balance shall be remitted to the designated account on schedule in accordance with the requirements of “Purchase Confirmation”.

  Article XVII A vendee must present “Purchase Confirmation”, sign the “Memorandum of Agreement” with the seller within the agreed period and go through relevant procedures.

  Article XVIII After the end of bidding, the winning bidder shall be given publicity via Eshiptrading.com.

  Article XIX Subsequent to the payment of the balance,a vendee shall handle the transfer and delivery procedures in time with the seller.Failing that, he/she shall pay the fee incurred and be liable for any damage, loss or other negative consequences.

  Article XX A vendee shall handle the transfer registration of the objects of auction on his / her own. All relevant expenses incurred during the procedures shall be borne by the vendee in accordance with the existing laws, regulations, and policies.

  Article XXI The currency adopted in this bidding is RMB. Both the starting price and the final price do not include any expense and tax incurred in the course of the lot’s delivery and transfer.

  Article XXII Obstructing other bidders from bidding, manipulating or monopolize the bidding price and collusion of bidders are prohibited. Once discovered, the bidder will be disqualified, investigated, and affixed legal liabilities.

  Article XXIII A bidder cannot apply for bidding, place an offer or participate in bidding on Eshiptrading.com due to network congestion, virus attack, hardware errors or the cause of forgetting the password or password leakage.He / she shall be responsible for the results and the auction will not be suspended.

  Article XXIV Eshiptrading.com shall have the right to suspend or cancel the bidding prior to its commencement.

  The server time of Eshiptrading.com is deemed as the official time of the bidding,except the time of deposit receipt of the account subject to the banking system.

  Shanghai Juzhou Network Technology Co., Ltd. is responsible for the interpretation of the Rules.


  Supplementary terms

  I The supplementary terms shall be supplemental to and have the same legal effect as Online Bidding Notices on Eshiptrading.com.

  II Lot Details

  Name: Port of Registry: Class: Navigation Area: Length Overall: Breadth: Depth: Load Draught: Gross Tonnage: Capacity: Structure: Main Engine: Built Place: Completion Date:

  The above data from ship certificates is only for reference. The status quo of the ship is subject to the inspection. Any difference between the status quo and the current status of the ship does not affect the transaction and the final price.

  III Warranty and liability for defects

  The ship’s conditions are subject to the status quo after a bidder’s inspection. Subsequent to the transaction, Shanghai JuZhou Network Technology Co., Ltd. and the clients shall not be liable for the defects and quality of the ship.

  IV Bidding Mode: The bidding adopts the mode of whether there is a reservation price. Where the highest bid is more than the reservation price,the bidding will be concluded. Where the highest bid is less than the reservation price, the Bidding will fail.

  V Application

  1. An individual or a corporate entity can apply for bidding.

  2. If an individual applies, he or she shall apply,remit and sign relevant agreements by himself or herself; if a corporate entity applies, it shall apply in its own name and pay the deposit and the balance via its account.

  VI Transaction and Payment Deadline

  1. The vendee shall sign the “Purchase Confirmation”with the Company via email or fax and keep the original copy on the day when the result of bidding is generated. Or, the vendee may sign it with the Company in the Company’s office within the stipulated time.

  2.The vendee pays the full transaction price(the deposit paid is part of the final price) and the commission(1% of the final price)of this bidding within 7 working days from the date of the transaction and the signing of the “Purchase Confirmation”. Overdue payment will be deemed as default. Unsuccessful bidders’ auction deposits (free of interest) will be refunded in full amount within 2 working days subsequent to the closing of the auction.

  3. The vendee shall sign the “Memorandum of Agreement”with the client with the “Purchase Confirmation”within two working days. The contract refers to the Ship SNP Standard Contract compiled by Shanghai Shipping Exchange and China Shipowners’ Association.

  VII Ownership Transfer (Cancellation) and Delivery

  1. The client can sign the Ship Delivery Confirmation with the vendee, deliver the ship and the ship’s related certificates and materials after the latter paying the full transaction price and the commission.

  2. Ship Delivery Deadline: XX

  3. Ship Delivery Place: XX. Delivery Mode: Vendee’s personal delivery

  4.The shipowner promise that he / she shall complete all the cancellation procedures related to the ship (including the mortgage, the nationality, ownership, etc.) and the procedure of the termination of the ship’s lease contract within X working days after the vendee pays the full transaction price and completes the delivery of the ship within the stipulated time.Therefore, prior to the acquisition of various cancellation certificates,the buyer shall not start the ship or move it to other waters (except for force majeure such as abnormal weather).

  VIII Related Expenses

  1.The final transaction price of this bidding is tax included/ excluded. The seller shall provide the value-added tax invoice of X % of the ship’s transaction price. The VAT and fees shall be borne by the seller. The Vendee shall bear other taxes and fees generated in the course of the ship’s transfer.

  2. The remaining fuel is not included in this bidding. The amount of fuel onboard shall be jointly measured by the seller and the winning bidder on the day of delivery and the value of it is subject to the invoice amount of the last time refueling of this ship. The vendee shall remit the value of the remaining fuel in a full amount directly to the designated account of the seller’s (the Shipowner’s) who shall provide the invoice thereof on the delivery day.

  3. The ship includes a part of materials and spare parts on board (the value is approximately XX RMB). In addition, there are some special tools (with the detailed list), whose value is approximately XX RMB. In order to make sure a convenient delivery, where the buyer intends to purchase all of the said items, the seller will sell them at a discount based on the actual situation, which shall be stipulated by the two parties in the sale and purchase contract.

  4.The seller shall bear all expenses and custodial responsibility related to the ship prior to the signing of Ship Delivery Confirmation. Subsequent to the signature thereof,all expenses, custodial responsibility and risks of the ship will be borne by the vendee.(Prior to the signature thereof, the vendee shall pay the ship payment and related expenses.)

  IX All the matters not mentioned herein shall be resolved through negotiations among Eshiptrading.com, the client(the seller) and the vendee(the buyer).

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