Of organizing auctions via Electronic System

1. The Rules and Conditions of commerce implementation (hereinafter "Rules") through the electronic system (hereinafter "E-Commerce") are elaborated in accordance with the acting legislation of the Republic of Armenia, legal acts, Exchange trading rules, other documents regulating the exchange activity and define the procedure of E-Commerce.
2. The concepts and terms used in the Rules are applied in accordance with the acting legislation of the Republic of Armenia.
3. Protection of rights and legal interests of E-Commerce participants - natural and juridical persons, who are registered in the system as prescribed and participate as a buyer and / or intermediary, is implemented  in accordance with the acting legislation of the Republic of Armenia. The system registration procedure, auction process, timetable, tools used, features and other terms are reflected in the system's official website By registering, all bidders agree to the Rules and the Protocol clauses composed in the sequence of the auction made by the Exchange.

3.1. The final activation of the account will be done within 24 hours, but in case of non-working day registration, within the first working day, if the operator doesn’t make a relevant decision on other activation dates or its rejection due to the need for further verification of the authenticity of the data provided.
4. Payments and money transfers through E-Commerce transactions are made in the currency of the Republic of Armenia according to the legislation of the Republic of Armenia.
5. Refunds of amounts paid for E-Commerce transactions are made in accordance with the legislation of the Republic of Armenia.
6. Accounting preparation, which is the basis for the determination of tax objects and tax matters, as well as the calculation of tax liabilities, is carried out in accordance with the tax legislation of the Republic of Armenia.
7. Property purchase and sale regulations, including the conditions for the return and use of goods, delivery terms are governed by the Civil Code of the Republic of Armenia and other laws.
8. Based on the contract between the seller (the customer) or its authorized person, the person (hereinafter "the seller") and the Commodity Exchange (hereinafter "Exchange"), the inscriptions and attachments which form an integral part thereof, as well as the brokerage (hereinafter "Dealers"), the legal entities, natural persons, sole proprietors and sellers, including applications (hereinafter "Multilateral Contracts") the electronic system operator (hereinafter "Operator") shall compile a list of goods, services, other tangible or intangible property (hereinafter "Property") for sale and include it electronic system to auction through the latter.
9. The seller can represent the property belonging to him through the sale broker or directly and can buy any property presented in the electronic system with the same status.
10. The broker participates in auctions mainly as a mediator between the seller and the buyer. The broker may buy and sell on behalf of the client and on the client's account, for his own needs on his behalf and on his account. The broker has the right to be both a seller and a buyer at the same time.
11. Auctions are carried out in accordance with these rules and with the contract concluded with the sellers, and in cases not provided by the contract, in the manner established by the operator and / or the Exchange. The current form of bidding shall be decided by the Operator, unless otherwise specified by the seller, broker or stock exchange. The lots are traded mainly in the open public auction in the English and / or Dutch manner, as well as in the closed auction among restricted bidders in the English and / or Dutch manner.
12. Auctions are carried out in English manner, with consecutive price increases and in Dutch, with consecutive price reductions, as well as in other ways through a variety of procedures.
13. In open and closed auctions, buyers compete, indicating the price they would pay for the lot or the volume they are willing to buy at the specified price.
14. The price of a bargaining lot is determined by the operator and can be changed during the auction. During auctions, in the absence of a bid, the lots may be broken down by the operator if no restrictions have been imposed by the seller (customer). The same lots belonging to the same seller (customer) may be sold in one or more complexes, unless there is an objection by the seller (customer) in the contract.
15. If the Dutch auction does not indicate the discount rate, schedule and / or cut-off price in the contract or deal submitted with the seller, then the broker or the Exchange may set a minimum (cut) price during the first and subsequent Dutch auction (auction round) until lot sales, regardless of the starting price.
16. The price of the new crossing assigned in the second and any subsequent auction or auction round may be lowered or unchanged. In some cases, the price of the crossing may also be increased at the request of the seller or other authorized person.
17. If more than one buyer appears at any price point during the Dutch auction, then the system will start bidding on the English auction of that lot, with the last announced price increase.
18. If, during the English and Dutch auctions, before the cut-off price including, within the prescribed time limit, no bid is received, then the system stops the sale of that lot on that day.
19. The subject of the contract, appendix and bid submitted at least one hour prior to the start of the previous auction until the next auction shall be included in the auction of that day, unless otherwise decided by the Operator.
20. Property which is not sold at the auction of that day may be included in the list of the next auction, except for the property the auction of which has been terminated by the seller or by the authorized person. The Operator may, at any time or under circumstances, terminate all or any part of the Bidding, at that time and thereafter, recording no transaction, and restart the auction within the time specified by him.
21. The bidding process can only be controlled by the operator, but at the same time it is transparent to all bidders, except for closed auctions, when it is available for only limited use. Auction goes on extra time /one minute/ after the end of anounced time, if there is a bid during one minute before the end of anounced time and then  after every one minute, until there will be no bid during last extra time.
22. In case of the buyer registering in the electronic system, after receiving the relevant notification from the system and the record of the results of the bidding, the buyer undertakes to perform the functions entrusted to him, including making payments and other required actions, within the prescribed timeframe. Failure to fulfill responsibilities or defective obligations, as well as inaccurate or inadequate information or as a result of conducting other activities contrary to the current legislation of the Republic of Armenia, the registered person will lose payment or part of it as a result of Exchange decision, or will be subject to another disciplinary penalty.
23. In case of the bidder giving his consent to the registration process, afterwards registering as a buyer, the protocol of the auction results is considered to be signed by him.
24. Immediately after the end of the auction, if the transaction exists, the copies of the protocol in clause 22 of the rules are also received by the buyer and the Exchange and can be send to seller, and   Exchange have to submit the signed and scanned copy of the Exchange documents  to the seller, as soon as possible, thereby confirming the Exchange transaction. Exchange can submit these documents with protocol to the buyer.
25. Transactions concluded by the electronic system may be canceled by the operator in the following cases:
25.1. The buyer has not fulfilled or has failed to fulfill his obligations (within ten banking days after the deadline for the fulfillment of those obligations, the application of the seller, broker or other authorized person is required).
25.2. Purchased property does not correspond to the system data (buyer’s application is required within five banking days of transaction day, or buyer and seller applications are required within 10 banking days of transaction day).
25.3. A technical flaw is recorded in the electronic system or service field, which directly affects the process and results of the auctions.
25.4. The actions of the bidders did not comply with the current legislation of the Republic of Armenia or these rules.
26. The right to make a decision to refund, partially refund or refund a commission paid by an intermediary, buyer or seller is reserved to the Exchange. In case of disagreement with the Exchange decision, the stakeholder may dispute it in the manner prescribed by the RA legislation.
27. The terms, the scope of payers, the amount of payments paid by E-commerce bidders and other procedures are determined by the Exchange and can be changed based on certain circumstances, realities at any time, except for the period during the main auction.
28. In case of any discrepancies or inconsistencies between the trilingual versions of these Rules, the Armenian version is taken as a basis.
29. Bidders, including brokers and operators, undertake not to disclose or disseminate confidential information and documents.