The Site Rules for Sellers and Buyers are to create a safe, fair and trustworthy marketplace for the selling and buying of Ventures. Failure to follow these Site Rules may result in a suspension of your User Account. Definitions are as defined in CrowdMnA’s Terms and Conditions. Listing
- Sellers may not provide their contact details in a Listing or in any email correspondence or contact with Buyers. Buyers may not provide their contact details.
- You must have the legal right to sell a Venture.
- You must back up any claims of revenue or traffic with clearly stated evidence. Any claims to potential revenue or traffic in a Listing must be clearly marked as such and be accompanied by robust workings and assumptions.
- You must be open and honest in disclosing all relevant information in your Listing that might be reasonably considered necessary for a Buyer to know when evaluating a purchase of your Venture.
- You must include all source code, content files, domains, licenses and any other related assets and information required for a Buyer to fully operate the Venture as described in your Listing.
- Any Listing must not contain adult content.
- You must comply with all copyright and trademark laws at all times.
- The Venture must be legal and not breaking any laws.
- You may only have one CrowdMnA User Account.
- You may not attempt to sell outside CrowdMnA by sending private offers to Users; private offers made outside of CrowdMnA are expressly forbidden.
- The only external link permitted on a Listing will be for the website url of a Venture.
- By displaying a Listing, you agree that in the event of a Winning Bidder or when you accept an offer, your contact details will be provided to the Buyer. As Buyer you agree that if you are the Winning Bidder or your offer in a Private Sale is accepted your contact details will be provided to the Seller. As an Introducer you agree that in requesting to make an introduction your contact details will be provided to the Seller.
- The Seller must have the right and good faith intention to sell the Venture listed in its entirety. Any necessary outside licenses or other requirements must be clearly stated in the Listing.
- The Seller must provide full details of the Venture for sale, and must not intentionally hide information from public view.
- Ventures may not be offered for sale through any other site, method or channel while live in an Auction. This does not extend to a Private Sale.
- Any Venture that requires a domain name must include the ability to transfer the domain name to another registrar. Any specific requirements such as maintaining the same registrar, restrictions on a newly purchased domain name, or requirements of citizenship or residency must be clearly stated in the Listing’s description.
- Listings breaching any guideline may be corrected, suspended, cancelled and or removed by CrowdMnA without notice to the Seller or refund of any monies paid.
- Email customer/subscriber addresses can only be sold with a Venture where the email address was provided by the address holder specifically for the Venture being sold. Email address lists not directly attributed to the Venture for sale cannot be sold on CrowdMnA.
- Sellers are strictly forbidden to bid or offer on their own Listing, either on their own behalf or through an intermediary.
- Buyers should take due care and always perform ALL due diligence BEFORE making a bid or offer.
- Sellers should take due care in making sure that they are satisfied with the credentials of the person who is buying the Venture.
- A reserve price can be set and the reserve must be equal to or greater than the minimum starting bid price.
- The reserve price may not be changed once it has been met.
- The reserve price cannot be subsequently raised, but may be lowered so long as the revised reserve price is not lower than the current highest bid.
- If there are bids greater than or equal to the reserve price, the highest bid at the Auction end is the Winning Bidder.
- Bids a Buyer makes must be a genuine intention to buy.
- Bids are legally binding and irrevocable, if equal to or above the reserve price, until a higher bid is made, at which time the previous highest bid expires.
- A Seller can accept bids below the reserve price, but those bids cannot win an Auction, so are not legally binding and irrevocable until they equal or exceed the reserve price.
- Bids may not be withdrawn by the Buyer.
- The Seller is legally bound to sell the Venture to a Buyer if that Buyer has the highest bid at the Auction end and it is equal to or greater than the reserve price.
- Bid amounts will be updated to publicly reflect the highest bidder.
- First time bids for a Venture made by a new leading bidder in the final hour postpone the end time for a further 24 hours after the bid was placed, to give a fair chance to the previous highest bidder to raise their bid and avoid last minute bidding.
- An Auction is completed once it has ended.
- Users may not reveal to other Users who placed a bid or offer.
- If an Auction is completed and the reserve price is not met, the Auction will not be won and all bids immediately expire. The Seller might chose to open up post-auction negotiations, as a Private Sale.
- Once the auction ends, the Buyer who made the highest bid above the reserve price is declared the winner. The Auction is closed, and CrowdMnA contacts the Seller and Winning Bidder with details of the Escrow Agent. This is the end of CrownMnA’s role in the process. Payment using the Escrow Agent and the Venture transfer is handled by the Buyers and Sellers themselves.
- In a Private Sale an indicative offer price may be set by the Seller to guide Buyers. This is not the same as a reserve price in an Auction. An indicative offer price is the Seller guiding the Buyer as to what the Seller believes is a reasonable price for the Venture.
- A Private Sale is won when the Seller accepts an offer from a Buyer.
- Only one offer can be accepted by the Seller.
- Offers a Buyer makes must be a genuine intention to buy.
- Offers in a Private Sale are legally binding and irrevocable once accepted by the Seller and the Buyer is obligated to buy for the accepted offer.
- The Seller is legally bound to sell to the Buyer who made an accepted offer.
- Offers in a Private Sale are anonymous to everyone except the Seller.
- Offers in a Private Sale may be retracted after 72 hours if they are still not accepted by the Seller.
- Responding to an offer is permanent; rejected offers may not be subsequently accepted, and accepted offers may not be subsequently rejected.
- In a Private Sale, only one offer is accepted by the Seller and that offer wins the sale. Once the Seller accepts an offer, the Private Sale is closed, and CrowdMnA contacts the Seller and Buyer with details of the Escrow Agent. This is the end of CrownMnA’s role in the process. Payment using the Escrow Agent and the Venture transfer is handled by the Buyers and Sellers themselves.
- An Escrow Agent is used for every transaction on CrowdMnA to offer protection for both the Seller and Buyer.
- The Escrow Agent is a third party called Transpact who will be given details of the Seller and Winning Bidder or Buyer that made an accepted offer in a Private Sale. At this stage the completion of the transaction will be managed online via Transpact:
- Both the Buyer and Seller will need to register at Transpact.com.
- The Buyer and Seller will then be emailed a summary of the transaction and any terms and conditions to be fulfilled for completion with reference to a Pro Forma Sale and Purchase Agreement. Should the Buyer and Seller chose not to use the Pro Forma Sale and Purchase Agreement, then alternative terms and conditions can be negotiated directly between the Buyer and the Seller.
- Following the agreement of any terms and conditions to be fulfilled for completion the Buyer will remit the Purchase Price to the Escrow Agent for their holding pending the Buyer being satisfied that it has received all the transferred assets as described in the Venture’s Listing from the Seller.
- Once the Escrow Agent confirms to the Seller that it has received the Purchase Price from the Buyer, the Seller can transfer the assets of the Venture to the Buyer in knowledge a third party is holding the Purchase Price.
- Only when the Buyer is satisfied that the Venture has been fully transferred from the Seller, the Buyer can authorise the Escrow Agent to release the Purchase Price to the Seller, thereby completing the transaction.
- If you have a concern about another User's behavior or suspect inappropriate conduct, please contact us directly at firstname.lastname@example.org.