Terms of Use

This Terms of Use is a legal agreement between TEXchange E-Biz Private Limited and You stating the terms that govern Your use of the Portal (defined below).

This document is an electronic record in terms of information technology act, 2000, and the rules there under as applicable 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.

If you do not agree to be bound or cannot comply with any of the Terms of Use or the Privacy Policy, please do not continue with availing the services on our Portal. Your act of clicking on/checking the “I agree” tab/box below shall be deemed as agreement to these Terms of Use and the Privacy Policy.

Accessing, browsing, or otherwise using the portal indicates your agreement to all the terms and conditions under these terms of use, so please read the terms of use carefully before proceeding.

You and TEXchange shall hereinafter collectively be referred to as “Parties” and individually as “Party”, as the case may be.

I.  GENERAL TERMS

Your use of www.texchangeglobal.com (the “Portal”) is governed by the following Terms of Use. Unless otherwise specified, you hereby represent and warrant that You are an individual aged eighteen (18) years or above. For the purpose of these Terms of Use, whenever the context so requires ‘You’ or ‘‘‘Your’ shall mean any natural or legal person who is (i) accessing the Portal without registering; or (ii) has agreed to become a buyer and/or seller on the Portal by providing Registration Data while registering on the Portal as Registered User. TEXchange allows a person to access/browse the Portal without registering on the Portal, however, with limited functionality. When You use any of the services provided on the Portal through the Portal, you will be subject to these Terms of Use including any laws, rules, guidelines, policies, terms, and conditions applicable to such service, and they shall be deemed to be incorporated into this Terms of Use and shall be considered as part of this Terms of Use. TEXCHANGE reserves the right, at their sole discretion, to change, modify, add, or remove portions of these Terms of Use, at any time without any prior written notice to You. It is Your responsibility to review these Terms of Use periodically for updates/changes. You shall be bound by any such revisions. If You do not agree to the revised Terms of Use and/or the Privacy Policy, then TEXchange shall cease to provide the services to You through the Portal. If at any time You violate the Terms of Use stated herein and/or the Privacy Policy, then TEXchange reserves the right to cease to provide the services to You. For the sake of clarity, all features regarding the Portal inter alia support for chat rooms, support services provided by TEXchange will be available only during the Office Hours (defined below) of TEXchange and shall be moderated and monitored by TEXchange.

II. REGISTRATION

User agrees and understands that being a Registered User is a mandatory requirement for using the services, including that of buying and selling on the Portal. Registration on the Portal is free. User agrees to provide any and all information sought by TEXchange at the time of registration, including without limitation the User’s name, email address, city, phone number etc. (“Registration Data”). The User shall be entitled to select a log-in name and password (“Log-in Details”). Before You are registered on the Portal, TEXchange will undertake a verification process. Your account on the Portal shall become active upon the completion of the verification process by TEXchange.

“User” shall mean any natural/legal person who accesses or uses the Portal; For the purpose of this Terms of Use the term ‘legal person’ shall include a company, a partnership, association, society or any such legal entity as recognized under the applicable laws.

“Registered User” shall mean any natural/legal person who has been registered on the Portal after the completion of the verification process by TEXchange.

III. PROCESS TO USE THE PORTAL

By agreeing to use/avail the services available on the Portal, you agree to follow the following process:

A.    ENQUIRY.

You, in the capacity of a Buyer/Seller can make an enquiry, in the format as available on the drop-down menu options on the Portal to either purchase or sell listed items on the Portal (“Enquiry”). It is agreed that once an Enquiry is submitted by a Buyer/Seller, it will be deemed as a valid and binding offer on such Buyer/Seller, as the case may be, subject to the terms of this Terms of Use.

In case of an Enquiry by a Buyer, the Enquiry should specify the following-

(i) the description of goods.

(ii) the quantity of goods that the Buyer wishes to buy

(iii) the price the Buyer is willing to pay for such description and quantity of goods, and

(iv) any other mandatory fields as specified on the Portal, from time to time.

In case of an Enquiry by a Seller, the Enquiry should specify the following-

(i) the description of goods,

(ii) the quantity of goods that the Seller wishes to sell

(iii) the price the Seller is offering such goods at and

(iv) any other mandatory fields as specified on the Portal, from time to time. Such Enquiry by a Seller will be posted in the form of advertisements on the Portal.

All communications addressed by the Registered Users to each other, on the Portal, shall strictly be in the form/language of the drop-down menu options available on the Portal.

“Seller(s)” shall mean a user, being a natural or legal person, who has completed the registration process including executing all necessary documents, as applicable and has listed Products on the Portal with the intention to sell strictly such Products through the Portal.

“Buyer(s)” shall mean a user, being a natural or legal person, who has completed the registration process including executing all necessary documents, as applicable and has sent an Enquiry on the Portal with the intention to buy Products through the Portal.

“Products” [shall mean Primarily Greige Yarns and secondary products which fall under the category of ‘Offline Textile Products’]

B.    COMMUNICATION BY TEXchange.

Upon making an Enquiry, the Portal will forward the Enquiry to the appropriate Seller(s) who are Registered Users, which matches Your Enquiry in terms of the description of the goods, etc. as the case may be. For the avoidance of doubt, the Portal will not take any

The Enquiry will be forwarded to the personal account of the Seller(s) on the Portal as a private message/mails. Making Counteroffers. If You are a Seller/Buyer, upon receipt of the Enquiry, You may either choose to accept the offer of the Seller/Buyer as received through the Enquiry, in which case the process at Clause IV will be followed; or You may make a counter-offer to the Enquiry from the Seller/Buyer and offer a new quantity, price and/or any other criteria involved at which you propose to sell/buy goods. (“Amended Enquiry”).

Upon receipt of the Amended Enquiry, a Buyer/Seller may further amend the Amended Enquiry or accept the Amended Enquiry, in which case the process at Clause IV will be followed.

The process of making offers and counteroffers as detailed above, can be repeated till it is accepted by both the particular Buyer and Seller. It is agreed that a Seller/Buyer may simultaneously deal with multiple Buyers or Sellers, as the case may be. The Seller/Buyer has the right to agree to complete the Transaction with any Buyer/Seller, as he may deem fit.

Both the parties can make counteroffer either firm or subject to confirmation. In case of acceptance of any firm offer both parties are bound in the contract and the process under Clause IV shall ensue.

You agree that TEXchange shall have the right to intervene and censor any communication from getting delivered to the other side at any time, if the same is against any of the provisions of this Terms of Use and/or to safeguard its interests and/or in adherence to any applicable laws and/or any other reason which in TEXchange opinion is detrimental to the business and goodwill of TEXchange or the operation of the Portal.

IV. CLOSING OF THE TRANSACTION

A Transaction between a Seller and Buyer shall be considered as closed if the Seller/Buyer accepts the offer made through an Enquiry by the Buyer/Seller, as the case may be.

“Transaction” shall mean the agreement for sale of Products reached between a Buyer and Seller on the Portal.

Upon closing of the Transaction- TEXchange will send a communication to the relevant Sellers/Buyers that the Enquiry has matched and that no further offers can be made to the Enquiry.

A.     TEXchange will electronically send a contract to each Buyer and the Seller who are parties to the Transaction. TEXchange will electronically send the contract to the Buyer on behalf of the Seller and vice versa(“Agreement(s)”). The Buyer and Seller shall be obligated to execute the Agreement(s) with the Seller and/or Buyer through TEXchange, as the case maybe (as made available by TEXchange to You), in a manner explained therein. You agree and acknowledge, that as a Buyer/Seller You are legally obligated to complete the Transaction, execute Agreement(s) and enter sale contract with the Buyer/Seller (as the case maybe).

B.     You represent and undertake to execute necessary agreements with TEXchange immediately upon completion of a Transaction which will, inter alia, include the provisions relating to payments to be made to TEXchange. You further undertake to discharge your obligation to buy or sell and/or any other provisions/requirements pursuant to earlier agreements executed between TEXchange and You as the case may be pursuant to the Transaction within a period as mentioned in the Agreement from the time of conclusion of the Transaction.

C.    The contact information for each other shall be provided in the Agreement(s), to enable You, in Your capacity as the Seller and/or the Buyer to get in touch with the other user for completing the buying and selling pursuant to the Transaction. You agree and acknowledge that Your contact details will be the Registration Data, as provided by You at the time of registration. You agree that any and all communications once the Transaction has ended and the contact details have been provided to either party, will always go through TEXchange. You further agree that, if You are found in breach of this provision, then TEXchange shall have the right to cancel Your registration and revoke Your Log-In Details.

D.    Buyers understand and agree that the price offered for a particular product on the Portal shall not reflect the duty structure, import taxes and any other taxes imposed under applicable laws of a particular territory and the same will vary, based on the jurisdiction.