Terms of Service

"Platform" refers to the TradeAssets Malaysia website, mobile applications, and all related services.

"User" means any person or entity that accesses or uses the Platform, including Buyers and Sellers.

"Buyer" means a User who places bids on or purchases equipment through the Platform.

"Seller" means a verified User who lists equipment for sale through auctions on the Platform.

"Equipment" or "Assets" refers to industrial machinery, construction equipment, tools, vehicles, and other items listed for sale on the Platform.

"Auction" means a time-bound sale process where Buyers submit bids, and the highest bid wins when the auction period ends.

"Bid" means a legally binding offer to purchase equipment at a specified price.

"Verified Seller" means a Seller whose business registration and identity have been verified and approved by TradeAssets administration.

3.1 Eligibility Requirements

To use the Platform, you must:

• Be at least 18 years of age
• Have the legal capacity to enter into binding contracts under Malaysian law
• Provide accurate, current, and complete information during registration
• Maintain and update your information to keep it accurate and current
• Not be prohibited from using the Platform under applicable laws
• Not have been previously suspended or banned from the Platform

3.2 Business Accounts

For Sellers and business Buyers, you must additionally:

• Possess valid business registration (SSM, ROC, or ROB)
• Be authorized to transact on behalf of your business
• Provide business documentation when requested
• Comply with all applicable Malaysian business laws and regulations

3.3 Seller Verification

All Sellers must undergo verification before listing equipment. The verification process includes:

• Submission of business registration documents
• Identity verification of business owners/authorized signatories
• Contact information verification (phone and email)
• Physical business address confirmation
• Review and approval by TradeAssets administration (typically 24-48 hours)

We reserve the right to reject any Seller application at our sole discretion, without providing reasons. Verification may be revoked at any time if we discover false information or violations of these Terms.

4.1 Account Security

You are responsible for:

• Maintaining the confidentiality of your account credentials
• All activities that occur under your account
• Immediately notifying us of any unauthorized use
• Using strong passwords and changing them regularly
• Not sharing your account with others

4.2 Account Suspension

We may suspend or terminate your account immediately, without notice, if:

• You violate these Terms or our policies
• You engage in fraudulent or illegal activities
• You provide false information during registration or verification
• You fail to complete transactions you have committed to
• Multiple Users complain about your conduct
• We determine your continued use poses risks to other Users or the Platform

5.1 Binding Bids

By placing a bid, you agree that:

• All bids are legally binding offers to purchase
• You cannot retract or cancel bids except in exceptional circumstances approved by TradeAssets
• If you win an auction, you are obligated to complete the purchase
• You must have sufficient funds available to complete your purchase
• You agree to the Seller's stated terms for payment and collection

5.2 Due Diligence

As a Buyer, you are responsible for:

• Inspecting equipment before bidding, if possible
• Understanding the condition, specifications, and suitability of equipment
• Asking the Seller questions before placing bids
• Reading all listing information carefully
• Understanding that all sales are final and "as-is"

5.3 Payment Obligations

Upon winning an auction, you must:

• Contact the Seller within 24 hours
• Arrange payment within the agreed timeframe (typically 3-7 days)
• Use secure payment methods (bank transfer, cashier's check, etc.)
• Complete payment before taking possession of equipment
• Obtain proper receipt and documentation of purchase

6.1 Listing Requirements

As a Seller, you must:

• Provide accurate, complete, and truthful descriptions of equipment
• Upload clear, recent photographs showing actual condition
• Disclose all known defects, issues, or limitations
• Have legal ownership and right to sell listed equipment
• Ensure equipment is available for the duration of the auction
• Price equipment reasonably based on market conditions

6.2 Sale Obligations

Upon successful auction completion, you must:

• Contact the winning Buyer within 24 hours
• Arrange payment and collection in good faith
• Make equipment available for inspection and pickup
• Provide accurate information about equipment location and access
• Deliver equipment in the condition described (or better)
• Provide all available documentation (manuals, service records, etc.)

6.3 Prohibited Items

Sellers may not list:

• Stolen property or equipment with questionable ownership
• Equipment under lien, loan, or financial encumbrance without disclosure
• Counterfeit or illegally imported equipment
• Equipment that violates Malaysian safety or environmental regulations
• Items prohibited by law (weapons, explosives, hazardous materials)
• Equipment you do not physically possess or have authorization to sell

6.4 Commission Fees

Sellers agree to pay TradeAssets:

• Standard commission of 2-5% on successful auction sales
• Commission calculated on final sale price (winning bid amount)
• Invoice issued within 7 days of auction completion
• Payment due within 30 days of invoice date
• No commission charged on unsuccessful auctions or withdrawn listings (before bids)

All Users must not:

• Shill Bidding: Placing fake bids to artificially inflate prices
• Bid Manipulation: Coordinating with others to manipulate auction outcomes
• Fraud: Misrepresenting equipment condition, ownership, or specifications
• Identity Theft: Using false identities or stolen business registrations
• Circumvention: Attempting to complete transactions outside the Platform to avoid fees
• Harassment: Threatening, abusing, or harassing other Users
• Spam: Sending unsolicited commercial messages or advertisements
• Hacking: Attempting to access unauthorized areas of the Platform
• Data Scraping: Using automated tools to collect User or listing data
• Multiple Accounts: Creating multiple accounts to circumvent restrictions
• Price Fixing: Colluding with other Users on pricing
• False Reports: Filing false complaints against other Users

8.1 Platform Fees

8.2 Transaction Payments

Payment for equipment is arranged directly between Buyer and Seller. TradeAssets does not process, hold, or escrow these funds. We are not party to the transaction and have no liability for payment disputes.

8.3 Fee Changes

We reserve the right to change our fee structure at any time with 30 days' notice. Changes will not affect auctions already in progress.

9.1 Platform Role

TradeAssets acts solely as a marketplace platform connecting Buyers and Sellers. We are not:

• A party to transactions between Buyers and Sellers
• The seller or manufacturer of equipment listed
• Responsible for the quality, safety, or legality of equipment
• Responsible for the accuracy of listings or User-provided information
• Guarantors of transaction completion or User performance

9.2 Limitation of Liability

To the fullest extent permitted by Malaysian law:

• The Platform is provided "as-is" without warranties of any kind
• We do not warrant uninterrupted, error-free, or secure operation
• We are not liable for indirect, incidental, or consequential damages
• Our total liability shall not exceed the fees you paid us in the past 12 months
• We are not liable for User conduct, equipment condition, or transaction disputes

9.3 User Indemnification

You agree to indemnify and hold harmless TradeAssets, its officers, directors, employees, and agents from any claims, damages, losses, or expenses (including legal fees) arising from:

• Your use of the Platform
• Your violation of these Terms
• Your violation of any laws or regulations
• Your listings, bids, or transactions
• Disputes with other Users

10.1 Termination by User

You may terminate your account at any time by contacting us. Upon termination:

• You must complete any pending transactions
• Active auctions will be cancelled (if no bids placed)
• Your obligation to pay outstanding fees continues
• Your access to the Platform will be revoked

10.2 Termination by TradeAssets

We may terminate or suspend your account immediately for any reason, including:

• Violation of these Terms
• Fraudulent or illegal activity
• Non-payment of fees
• Multiple User complaints
• Risk to Platform integrity or other Users

10.3 Effect of Termination

Upon termination, all rights and obligations under these Terms cease except:

• Provisions related to liability, indemnification, and disputes survive
• Outstanding payment obligations remain enforceable
• Completed transaction records are retained per legal requirements

11.1 Governing Law

These Terms are governed by and construed in accordance with the laws of Malaysia. Any disputes shall be subject to the exclusive jurisdiction of the courts of Kuala Lumpur, Malaysia.

11.2 Dispute Resolution

In the event of any dispute:

1. Contact our support team to attempt informal resolution
2. If unresolved, parties agree to mediation before pursuing litigation
3. Mediation shall be conducted in Kuala Lumpur in English or Bahasa Malaysia
4. Each party bears their own costs unless otherwise agreed

11.3 Class Action Waiver

You agree that disputes must be brought individually and not as part of any class, consolidated, or representative action. This waiver applies to the fullest extent permitted by law.