Auction Policy

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.

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

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

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.

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.

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.

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.

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.

Currency for auction is US dollars only.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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