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Transaction Rules

 

Chapter 1 General provisions

Article 1 The transaction rules are formulated upon relevant state laws, regulations and policies, in order to standardize commodity transaction behaviors of Webuy open platform, provide accuracy of commodity information, unify the release specifications of site commodity information and project the lawful rights and interests of transaction parties.

Article 2 The principal business of Webuy: providing an online transaction platform for bulk commodity upon the open, fair, impartial and honest principles.

Article 3 The transaction rules are applicable to all transaction activities in Webuy transaction mall; all relevant parties and staff shall follow the transaction rules.


Chapter 2 Transaction categories

Article 4 All transaction categories, except those state restricted categories, are available in Webuy transaction mall.

Article 5 Webuy transaction mall carries out all-day transaction.

Article 6 Main terms and conditions for commodity transaction: (1) commodity name; (2) definite specification; (3) currency and price; (4) quantity; (5) terms of payment; (6) delivery term; (7) quantity unit; (8) minimum variation price; (9) validity period of transaction; (10) delivery site of commodity; (11) minimum margins for transaction, etc.

Article 7 Definite specification means the commodity indexes, such as grade, fineness, length, impurities, etc.

Article 8 Terms of payment mean payment with letter of credit, immediate payment and other different methods.

Article 9 Delivery term means the latest delivery time agreed in contract.

Article 10 Quantity unit means the universally acknowledged or agreed unit for commodity pricing.

Article 11 Minimum variation price means the minimum value of markup range for unit price of the commodity transaction.

Article 12 Validity period of transaction means a deadline agreed by both parties for quotation and bidding within the validity.

Article 13 Delivery site of commodity means the place for commodity ownership delivery.

Article 14 Margin means the maintenance margin required by Webuy transaction mall  or initiator.

Article 15 The contract is valuated in currency agreed by both parties, and the pricing unit is CNY.


Chapter 3 Member management

Article 16 Members of Webuy are divided into regular members and transaction members.

Article 17 Regular members just need to fill in relevant information upon the demands in Webuy official site.

Article 18 After transaction members fill in relevant information online, they also shall upload all written materials as required by Webuy, including but not limited to business license, identity certificate of legal person, and shall accept the service agreement and all other stipulations in Webuy transaction mall. Webuy transaction mall can require transaction members to sign the written Listing Agreement for Members.

Article 19 Transaction categories:

(I) Bargaining: it means the mode of online one-to-one or one-to-many negotiation by both parties of transaction according to traditional transaction way;

(II) Bidding: it means the bidding party offers a price in appointed time after the issuer initiates a bidding;

(III) Group buying: it means procurement party initiates an invitation for group buying, and other procurement members will follow up it; if two or more procurement members form a group successfully within top and bottom limitation in quantity set by Webuy transaction mall, the sell will answer the invitation upon the conditions of group buying.

Note: In above mentioned three modes, the party of information release hereinafter is referred to as issuer, while the member parties who participate in bargaining, bidding and group buying hereinafter are referred to as participant.

Article 20 Transaction commands will be valid within the period of validity. Before commands are dealt, both parties of transaction can require to alter and repeal the commands (Note: In the bidding mode, once someone participates in bidding, any parties shall not require to alter and repeal the commands).

Article 21 Transaction members shall forward online transaction through Webuy transaction mall.


Chapter 4 Bargaining business

Article 22 Both buyers and sellers can initiate transaction information in Webuy transaction mall, and can select any transaction categories upon their own requirements. But, any initiated information shall be real and effective; those mandatory items shall filled in upon system prompt.

Article 23 Counter offer: After sellers/buyers receive invitations, they can give counter offer and quantity modification upon their own conditions. The quantity shall be (1) between the maximum order quantity and minimum order quantity limited by issuer, or (2) the quantity adding range shall be the multiples of specified value by issuer.

Article 24 Time: It is valid within the period of validity confirmed by issuer.

Article 25 Confirm: 1. Participant can directly confirm the price and quantity released by issuer; 2. Issuer can terminate the bargaining process at any time once the psychological expectation is achieved, which means that price, quantity and other elements are confirmed finally by issuer. After confirmation, the deal information will be sent to both parties by system.

Article 26 Contract signing: For the need of openings, both parties shall sign different written contracts upon different options.

Article 27 Invalidation: If both parties cannot reach consensus at appointed time, the information will be invalid.


Chapter 5 Bidding business

Article 28 Both buyers and sellers can initiate bidding information in Webuy transaction mall. But, any initiated information shall be real and effective; those mandatory items shall filled in upon system prompt.

Article 29 Margins: Issuer will confirm whether margins are needed; if the margins are needed, the bidder shall deposit the margins into Webuy in advance.

Article 30 Quantity: It can be modified, but following two points shall be satisfied: The quantity shall be (1) between the maximum order quantity and minimum order quantity limited by issuer, or (2) the quantity adding range shall be the multiples of specified value by issuer.

Article 31 Counter offer: Demander marks up step by step upon the minimum markup range or marks down step by step upon the maximum markdown range.

Article 32 Confirm: Bidding will be terminated when time point arrives. When sellers release information, the bidding price is higher than the reserve price, or when buyers release information, the bidding price is higher than the reserve price, the transaction will be confirmed upon transaction rules by system. Webuy transaction mall will push the confirmed information to both seller and buyer.

Article 33 Contract signing: For the need of openings, both parties shall sign different written contracts upon different options after confirmation.

Article 34 Invalidation: If no one participates in auction within auction period or the bidding price of participant keeps between reserve price and quotation, the information will be invalid.

Article 35 Pursuant to relevant provisions of law of China, transaction members can get the pledge allowable by Webuy transaction mall acting as margins of transaction.


Chapter 6 General rules for transaction business

Article 36 Commodity transaction in Webuy transaction mall means the online transaction activity of selling and buying certain commodity in Webuy platform.

Article 37 Transaction members shall forward transactions in terminal of transaction.

Article 38 The storage life towards commodity materials by Webuy transaction mall shall not be less than 10 years.

 

Chapter 7 Risk control

Article 39 When transaction members cannot keep the agreement, Webuy transaction mall is entitled to take following safeguard measures:

(I) Suspending information release business or counter offer business;

(II) Compensation for keeping the agreement with margins;

(III) Disposing pledges according to laws;

(IV) Compensation for keeping the agreement with other capitals of the member;

(V) Assisting the other party of transaction to claim compensations according to law.


Chapter 8 Exception handling

Article 40 In the transaction process in Webuy, if any one of following cases happens, Webuy can claim to enter abnormal condition, take emergency measures to defuse risks:

(I) Transaction cannot be normally proceeded from earthquake, flood, fire hazard and other force majeure, or computer system failure and other reasons that cannot be attributable to Webuy;

(II) Settlement and delivery crisis happen to members, which is bringing or will bring great effects to market;

(III) Other cases specified by Webuy.

Article 41 When Webuy claims to enter abnormal condition and decides to suspend transactions, the suspension deadline shall not be over 3 trading days in principle.


Chapter 9 Information management

Article 42 Webuy will release price information of transactions, and necessary statistical materials and other relevant information.

Article 43 Webuy shall take effective means of communication, establish synchronous quotation and immediate trading push system.

Article 44 Information release in Webuy is normal, but media for member use break down, which influences transaction of members. Webuy will not assume any liabilities.

Article 45 Webuy and members shall not release false information, or any information with misleading features.

Article 46 Webuy and members shall not reveal any commercial secrets acquired in business.

Including but not limited to providing relevant information for relevant supervision departments or other relevant units, and executing relevant security stipulations.

Article 47 To guarantee security of transaction data, Webuy shall establish remote data backup.


Article 10 Treatment of disputes

Article 48 Relevant business disputes between members can be settled by negotiation, and also can be mediated by Webuy.

Article 49 The party who submit the dispute to Webuy shall raise written mediation application. The mediation opinions from Webuy will take effect after the party confirms it, and after mediation opinion book is signed and stamped.

Article 50 The party also can apply arbitration for arbitral institution or institute legal proceedings for people's court according to laws.

 

Chapter 11 Supplementary rules

Article 51 Webuy can formulate enforcement regulations according the transaction rules.

Article 52 Interpretation of the transaction rules belongs to Webuy.

Article 53 The transaction rules are implemented since January 1, 2016.