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Buy Off Policy

BUYOUT GENERAL TERMS AND CONDITIONS (“Buyout GTC”)

  1. INTRODUCTION

  1. This Buyout General Terms and Conditions (“Buyout GTC”) is applicable to all buyout sales and purchase transactions by La Brand Sdn Bhd (“La Brand”, “we”, “our”, “us”) upon a seller (“Seller”) selling its goods to La Brand, which the Seller agrees to be bound by the same and La Brand’s other standard policies (where applicable), including Terms of Service, Delivery Policy, Return and Refund Policy and Privacy Policy, which can be found on our website https://labrand.my. 

  1. Any such capitalized words used in this Buyout GTC, unless otherwise defined, shall have the same meaning as found in the Policies Terms. This Buyout GTC shall form an integral part of the Policies Terms. 


  1. INSPECTION AND AUTHENTICATION

    1. If the Seller wishes to sell a second-hand and/or preloved items (“Sale Good”) to La Brand, the Seller shall fill in and complete the form prescribed by La Brand (“Buyout Application Form”) which shall be subject to La Brand’s written approval and authentication assessment, and handover the Sale Good to La Brand for assessment. The Buyout Application Form represents the Seller’s agreement to sell the Sale Good together with necessary information including indicative purchase price payable to the Seller (“Indicative Purchase Price”) and payment term. The Seller warrants, represents and agrees that the information provided in the Buyout Application Form is true and accurate. 

  1. Upon receipt of the Seller’s Buyout Application Form, La Brand shall conduct a preliminary inspection on the conditions of the Sale Good, including but not limited to an inspection of its physical state, functionality, defects, damages, and any potential wear and tear. La Brand will then offer a price to purchase taking into consideration of the Indicative Purchase Price.  


  1.  If the Seller accepts such price offered by La Brand as set out in the Buyout Application Form (“Agreed Purchase Price”), La Brand shall then proceed with an authentication assessment, either through an internal authentication team or a third party authentication service provider. An authentication fee of RM300.00 (“Authentication Fee”) is required to be paid by the Seller upon submission of the Buyout Application Form for the purpose of the authentication assessment. The result of the authentication assessment conducted by La Brand shall be final, binding and conclusive.


  1. If the Sale Good is verified as authentic, La Brand will purchase the same from the Seller at the Agreed Purchase Price and the Authentication Fee shall be refunded to the Seller together with payment of the Agreed Purchase Price.


  1. If the product is verified as a counterfeit or unauthorized replicas, La Brand shall reject the Buyout Application Form and the Seller is required to collect the Sale Good from La Brand, failing which La Brand may return the Sale Good to the Seller’s address stated in the Buyout Application Form, at the Seller’s expense and risk. In such event, the Authentication Fee paid by the Seller shall be strictly non-refundable.


  1. For the avoidance of doubt, La Brand shall have the absolute right and discretion to reject the Buyout Application Form for whatsoever reason including but not limited to the Sale Good not meeting La Brand’s specifications or requirements and in no event shall La Brand be bound to purchase the Sale Good from the Seller. 


  1. PAYMENT

Upon authentication of the Sale Good pursuant to Clause 2.4, La Brand will credit such payment to the Seller’s designated bank account within seven (7) working days from the date thereof.


  1. TITLE OF THE SALE GOOD

Upon payment of the Agreed Purchase Price by La Brand, the ownership and title of the Sale Good shall be transferred from the Seller to La Brand wherein La Brand has the right to deal with, sell or dispose of the Sale Good to such person at such price as La Brand deems fit, and the Seller shall have no further right to claim against La Brand in respect of such Sale Good.

  1. TERMINATION

    1. Upon the acceptance of the Buyout Application Form by La Brand pursuant to Clause 2.1, the Seller shall not be entitled to terminate or cancel the application made under the Buyout Application Form in any manner whatsoever.


  1. Notwithstanding to Clause 5.1, if the Buyout Application Form is rejected by La Brand pursuant to Clause 2.5 or 2.6, then the following consequences shall ensue, 


  1. if La Brand has commenced the authentication assessment under Clause 2, the Authentication Fee shall be strictly non-refundable, otherwise La Brand will refund such amount to the Seller; and 


  1. if the Sale Good is in La Brand’s possession, the Seller is required to collect the Sale Good from La Brand, failing which La Brand may return the Sale Good to the Seller’s address stated in the Buyout Application Form, at the Seller’s expense and risk.


  1. INDEMNITY

The Seller agrees to indemnify, defend and hold La Brand and any of its directors, agents and employees harmless from and against any threatened or actual claims, actions, suits and demands and any resulting losses, liabilities, costs and expenses, including but not limited to attorneys’ fees on solicitor-client basis, which arise in connection with or are related to (a) the Seller’s breach of this Buyout GTC, (b) the Seller’s breach of its representations and warranties under Clause 7, including but not limited to claims that the Sale Good (i) constitutes proceeds of money laundering, terrorism financing, or other unlawful activities; or (ii) has been stolen, misappropriated, or unlawfully obtained, (c) the Seller’s negligence or misconduct, or (d) the Seller’s violation of any applicable laws.

  1. ANTI-MONEY LAUNDERING AND ANTI-TERRORISM COMPLIANCE

The Seller represents and warrants that: (a) the Sale Good is purchased by the Seller through a lawful source of activity and is not derived from or connected to any unlawful activities, as defined under the Anti Money Laundering and Anti-Terrorism Financing Act 2001; and (b) the Sale Good is free from any third party claims, liens, or encumbrances, has not been stolen, misappropriated, or unlawfully obtained, and the Seller holds valid legal title and authority to transfer ownership of the Sale Good to La Brand.

  1. GOVERNING LAW AND DISPUTE RESOLUTION

This Buyout GTC shall be governed by and construed in accordance with the laws of Malaysia. Any disputes arising in connection with this arrangement shall be referred to and finally resolved by the Courts of Malaysia.

  1. NOTICE

All notices to be given hereunder shall be transmitted in writing either by registered mail and/or email and shall be sent to the correspondence addresses and/or email addresses as identified in the Buyout Application Form, unless notification of change of the details is given in writing.  

  1. THIRD PARTY RIGHTS

This Buyout GTC is entered into between the Seller and La Brand. No other third party has any rights to enforce any of the terms under this Buyout GTC.

  1. UNENFORCEABLE PROVISION

If a provision in this Buyout GTC is wholly or partly invalid or unenforceable, the provision or the part of it that is invalid or unenforceable must, to that extent, be treated as deleted from this Buyout GTC. This does not affect the validity or enforceability of the remaining provisions.

  1. SURVIVAL OF PROVISION

All disclaimers, indemnities and exclusions herein shall survive the termination of this Buyout GTC.