Chapter 1 Overall

Article 1 (Application)

This agreement applies to online auctions and public sales held by “AuctionWini” via “Auctionwini”

Article 2 (User Notification)

1. “Auctionwini” can send notifications to email address given (or recorded at online registration) if there is no specific clause affecting in this agreement.

2. “Auctionwini” can publish a notification on “Auctionwini” website forum for more than 7 days which can replace the notification mentioned in Clause 1 in Article 2, if the recipient is the entire website users

Article 3 (Publication and Revision of this agreement)

1. “Auctionwini” will publish this agreement at the landing page for user acces.

2. “Auctionwini” can revise the agreement unless the revision violates relevant law such as “Regulation of Standardized Contracts Law” and “Promotion of Information and Communication Network Use and Protection of Information Law (“Information Network Law”).

3. If the agreement is to be revised, “Auctionwini” will publish a notification for users from 30 days prior to a day before application of the revised agreement along with current agreement, application date and revision purpose, according to Clause 1 in Article 3. However, if the revision brings any disadvantages to users, the details will be notified clearly and electronically via emailing, messaging and pop-ups when logging in for certain period of time.

4. According to Clause 3 in Article 3, “Auctionwini” will consider users have agreed to revision after notifying the change clearly, if there is no explict expression of disapproval for the 30 days of notification.

5. If an user does not agree to the revised agreement, the company cannot apply details of the agreement, and the user may cancel the user agreement. However, for any special cases where existing agreement cannot be applied, the company can also cancel user agreement.

Article 4 (Aucion service full membership qualifications)

A person must qualify for one of the clauses below in order to participate in auctions.

1. A full membership holder of “Auctionwini” as registered owner of vehicle dismantling and recycling business and/or dealership according to vehicle management law.

2. A full membership holder of “Auctionwini” that has been delegated by registered owner of vehicle dismantling and recycling business and/or dealership according to vehicle management law.

3. A full membership holder of “Auctionwini” as certified vehicle exporter according to current law.

Article 5 (Auction and public sale process)

1. “Auctionwini” auctions are online up-bid auction, and public sales accept closed tenders.

2. All steps of autions are designed to be fair to all by “AuctionWini”, and every auction participant must follow those steps.

3. Auction and public sale dates are decided by “AuctionWini”, and it will be notified to full membership holders in prior.

4. A successful bidder for auctions is selected according to time data was received.

Article 6 (Exemption)

If a bidding is unsuccessful due to device malfunctions or internet disconnection, and if an auction or public sale cannot be proceeded normally for inevitable reasons such as natural disaster, “AuctionWini” is not liable for any loss that may happen.

Chaper 2 A Full Membership

Article 7 (A full memebership registration)

“Auctionwini” will grant a full membership that to regular members qualifying for every condition according to “AuctionWini” standard, who successfully submit required documents and member's deposit. The membership allows them the to become a bidder as well as an exhibitor

Article 8.1 (Bidder's deposit and membership fee)

1. A domestic resident who wishes to obtain a full membership as a bidder at “Auctionwini” must pay a deposit of 3,000,000 KRW and membership fee of 1,000,000 KRW to show the intention to fulfill the user agreement.

2. A non-domestic residents who wishes to obtain a full membership as a bidder at “Auctionwini” must pay a deposit of 1,000 USD and membership fee of 200 USD to show the intention to fulfill the user agreement.

3. The deposit is consider a collateral for any debts of a full membership holder that occured during transactions with “AuctionWini”, and “AuctionWini” can deduct the debt from the bidder's deposit without notice in case of default. If the total amount of deposit is less than the debt, the outstanding amount can be billed separately to the bidder.

4. According to Clause 3 in Article 8.1, the full membership holder must pay the outstanding amount until the date designated by “AuctionWini” if the deposit is less than required debt. If it becomes overdue, the bidder's participation to auctions and public sales can be limited.

5. Either a bidder with full membership holder cancels the user agreement by his or her own will or the agreement is terminated or cancelled, “AuctionWini” has to return the person's membership deposit. If a vehicle has been knocked down by the bidder, the deposit will be returned one day after completion of vehicle ownership transfer registration. In this case, interests will not be calculated. However, if the bidder has financial liability according to Clause 3 in Article 8.1, the debt will be deducted before returing the deposit.

Article 8.2 (Exhibitor deposit and membership fee)

1. A person who wishes to obtain a full membership as an exhibitor at “Auctionwini” must pay a deposit of 1,000,000 KRW and membership fee of 500,000 KRW to show the intention to fulfill the user agreement.

2. The deposit is considered a collateral for any debts of the exhibitor with full membership that occured during transactions with “AuctionWini”, and “AuctionWini” can deduct the debt from the exhibitor's deposit without notice in case of default. If the total amount of deposit is less than the debt, the outstanding amount can be billed separately to the exhibitor.

3. According to Clause 2 in Article 8.1, the exhibitor with full membership must pay the outstanding amount until the date designated by “AuctionWini” if the deposit is less than required debt. If it becomes overdue, the exhibitor's participation to auctions and public sales can be limited.

4. Either an exhibitor with full membership cancels the user agreement by his or her own will or the agreement is terminated or cancelled, “AuctionWini” has to return the exhibitor's membership deposit. If a vehicle has been knocked down by a bidder, the deposit will be returned one day after completion of vehicle ownership transfer. In this case, interests will not be calculated. However, if the exhibitor has financial liability according to Clause 3 in Article 8.1, the debt will be deducted before returing the deposit.

Article 9 (Prohibition of lending and trasferring an account)

1. A A full membership holder must participate in auctions with valid ID and password, it is strictly prohibited to lend, transfer or provide as collateral the log-in details to a third party.

2. Any loss occured from violating Clause 1 in Article 9 is a sole liability of the member.

3. If a full membership holder is found to have violated Article 9, the membership will be forfeited.

Article 10 (Membership period)

1. A full membership lasts for one year.

2. Without any express of objection from either “AuctionWini” or the affected member, the membership will automatically last another year.

Article 11 (Full membership rights)

A member with full membership can enter a vehicle or bid in any auctions or public sales held by “AuctionWini” via “Auctionwini”.

Article 12 (Limiting the full membership rights)

1. If any payments occured during transactions with “Auctionwini” is overdue by the member, his or her participantion in auctions and public sales can be limited until the overdue amount is cleared, and if a full vehicle payment for a successful bidding is not committed, the bid will be cancelled.

2. A full membership holder affected by Clause 12 in Article 11 will be prohibited from using any auction and public sales service after the failure to meet payment requirement, and he or she cannot claim a deposit return to “AuctionWini”.

3. “AuctionWini” can limit maximum bid if necessary.

4. If there is any change in member details such as business name, business registration number, business owner's name, adress or contact number, it needs to be notified to “Auctionwini” adminstrator 6 hours before the auction or public sale. “AuctionWini” is not liable for any loss occured from a member violating this clause.

Article 13 (A full membership cancellation)

A full membership cancellation is accepted when a member submits an intention to cancle the membership to “AuctionWini” in writing or via emailing 15 days before a desired cancellation date.

Chapter 3 Restricting full membership and following actions

Article 14 (Conducts prohibited to full membership holders)

1. Lending or selling a full membership holder's account.

2. Trading privately between members without “Auctionwini”'s engagment.

3. Accompanying a third person whose involvement to auctions has not been granted by “Auctionwini”

4. Intentionally rigging bids or obstrucing other's biddings.

5. Obstructing online auctions.

6. Assaulting others verbally or physically or intentionally filing complaints continuously in order to obstruct “AuctionWini”'s business operation for cases where complaints cannot be raised.

7. Other conducts prohibited by “Auctionwini”.

Article 15 (Following actions)

If a full membership holder violates this agreement or other policies, "Auctionwini" can take following actions according to the degree of the violation.

1. An order to leave online auctions

- a. Bidding with lended account

- b. Not following directions or instruction during an auction.

- c. Other possible behavior obstructing an auction

2. Restricting auction participation

- a. Overdueing any payments or fees occured during dealing with "Auctionwini"

- b. Obstructing auction operation with verbal or physical violence online

- c. Consulting and dealing outside "Auctionwini" with other members.

- d. Accompanying a third person whose involvement has not been granted by “Auctionwini” to auctions.

- e. Lending registered ID and subsituting a member to rig an auction

- f. Other serious violations that obstruct auction operation

3. Seizing a full membership

If any of following happens, "Auctionwini" can seize a full membership.

- a. Obstructing other members' bidding.

- b. Internionally rigging an auction or obstructing other members' bidding.

- c. Repeating Clause 2 after receiving an intial restriction

- d. If a full membership has gone through bankruptcy, composition, administration or has a history of dishonoured bill or bounced cheque.

- e. If a member received a business cancellation or suspension.

- f. Disqualifying any requirement met at the time of agreement by a full memership holder, or if there are any false statements within the agreement.

- g. If a full membership holder delegates member's rights of "AuctionWini" to a third party, or if the member has been ordered a seizure or an injuction of the receivables.

- h. Assaulting others verbally or physically. Or, intentionally submitting complaints continuously in order to obstruct “AuctionWini”'s business operation for cases where complaints cannot be raised.

- i. Occurence of a serious violation that obstructs the market order.

Article 16 (Fees)

1. A full membership holder who is exhibiting a vehicle via "Auctionwini" must pay fees for using "Auctionwini" service according to [Table 1]

2. [Table 1. Exhibition Fee (VAT included)]

- Exhibition Fee(For exhibiting a vehicle for sale)

- Re-exhibition Fee(For re-exhibiting a vehicle)

- Exhibition Cancellation Fee(Cancelling an exhibition between the vehicle storage and submitting an exhibition list)

- Exhibition Cancellation Fee(For cancelling an exhibition after submitting an exhibition list)

- Final Price Fee for Domesiton Vehicles

- Final Price Fee for Imported Vehicles

- Final Price Fee for Public Sales

3. A full membership holder who wins a vehicle via "Auctionwini" must pay fees for using "Auctionwini" service according to [Table 2]

4. [Table 2. Final Price Fee (VAT included)]

- Final Price Fee for Domesiton Vehicles

- Final Price Fee for Imported Vehicles

- Final Price Fee for Public Sales

5. The final price mentioned in Clause 1 and Clause 2 in Article 16 refers to the final sale price of the vehicle purchased via auctions or public sales held by "Auctionwini", and for sales sealed via after-consultation, the final prices is the price comfirmd at the consultation.

6. "AuctionWini" can change the fees after notifying it in advance on "Auctionwini" website for 30 days, if the alteration is due to market changes and any other circumstances.

7. Any fees made to partner companies other than "AuctionWini", such as consignment fee, follows the partner companies' policy.

Chapter 4 Using auction services

Article 17 (Auction process)

1. Pre-bid - It refers to an open bid where a bidder can bid one hour befor Live Auction via "Auctionwini" app.

2. The highest bid are visible to bidders while Pre-Bids, and the bidders can enter the highest amount they are willing to pay.

3. Once the Live Auction beings, "AuctionWini" will 점진 입찰 on behalf of a bidder with highest bidding while Pre-Bids.

4. Live Auction - "Auctionwini" can sell vehicle via real-time auctions. For all vehicle sold, bidders can bid with Live Bid function within Live Action accessible through "AuctionWini" app.

5. Last Offer - For cases where a miscarriage happens for the offerings, with the exhibitor's permission, a full membership holder can bid again for the vehicle. Last Offer is a bidding similar to a closed public sale, bidder can enter a desirable sale price and submit it to administrator. Then, the administrator confirms the highest bidder after receiving the bids and considering the exhibitor's opinion.

6. "Auctionwini" can extend bidding periods upon the decision made by "Auctionwini" and reserves a right to select the most appropriate bidder as the highest bidder.

7. "Auctionwini" auctions accpets online up-bidding (상향입찰), and "AuctionWini" decides on the auction process which is fair to all.

8. Online auction dates are decided by saleroom and it will be notified to participants in advance.

Article 18 (Vehicle payment)

"Auctionwini" considers the price visible on the online auction screen at the time of successful bidding. However, the final price at the after-consultation is the price visible on the after-consultation invoice.

Chapter 5 Using public sales

Article 19 (Public sale bidding)

1. A full membership holder must carefully bid after inspecting the vehicle and reading the resigtration, and only if the member has an intention to purchase it.

2. Bidding periods are designated by "AuctionWini" at the time of public sale registration.

3. Bidding curreny is USD.

4. "AuctionWini" can cancel a bidding when a public sale cannot be proceeded for a particular reason. by notifying the reason.

Article 20 (Successful public sale bidding)

1. Successful bidding is confirmed when an indicator is visible on My Page within service screen.

2. A bidding result considers the bidders have inspected the exhibited vehicle in advance to bidding, and any bidding claimed as excessive without proper inspection is a sole responsibility of the bidder.

3. Bidders can check the bidding result on bidding list screen on My Page after the public sale.

4. A bidder must pay fully for the vehicle in 24 hours (A day after for Saturdays and public holidays) of bidding confirmation, and the failure to pay in full will be considered abandonment and "AuctionWini" can offer an aquisition of succession to the next highest bidder.

5. In this case, the bidder is responsible for any extra storage fee, penalty and damages untile the vehicle is re-sold and released.

6. A bidder cannot release a vehicle before a full payment, if a vehicle is released without "AuctionWini"'s authorization and full payment, the bidding will be considered invalid, and "AuctionWini" can offer an aquisition of succession to the next highest bidder, while the original bidder is solely liable for any legal responsibilities as well as cost relevant to releasing the vehicle.

Article 21 (Release of public sale vehicle)

1. A bidder must immediately release the vehicle purchased after full payment and receiving a bidding confirmation issued by "AuctionWini", and if it cannot be done due to lack of time or manpower, the bidder must immedately discuss it with "AuctionWini".

2. Any additional storage fee and late transfer penalty from delayed release must be payed by the bidder, and "AuctionWini" can charge any damages occured.

3. A bidder must pay for any consignment fee (such as delivery) relevant to release of the vehicle.

4. A bidder is soley responsible for any events or accident occured after the release.

Article 22 (Public sale cancellation)

1. A bidder cannot cancel a bid once it is confirmed valid.

2. For special cases where a bid needs to be canceld inevitablely, " AuctionWini" can offer an aquisition of succession to the next highest bidder. In these cases, th bidder must pay for any storage fee, penalty and damage occured additionally until the vehicle is re-sold and released.

Article 23 (Ownership transfer of vehicles)

1. A bidder must complete ownership transfter for the vehicle won within 3 day (Saturdays and Sundays included) until the designated date and send the registration documents to "AuctionWini" via post and fax. However, for vehicles exhibited in public sale, if the transfter date has been notified in advance, this clause is not effective.

2. "AuctionWini" can charge a bidder if the bidder procrastinated notifying the result of the transfer and caused any cost regarding "AuctionWini" confirming the transfer, and if the transfer is delayed after the legal deadline, "AuctionWini" can start the process on behalf of the exhibitor, and any damages (such as penalty or bills) and costs occured are the bidder's responsibility.

3. An exhibitor can apply for forced transfter, if a bidder fails to transfer the ownership within the deadline, and any damages and costs occured are the bidder's responsibility. If the bidder refuses to pay, "AuctionWini" can deduct it from the bidder's deposit. - If a bidder requests for re-issueing ownership transfer documents as they loss effect from being misplaced, damaged and failure to transfer for long term, the bidder must pay for any cost and damages the exhibitor requests.

Chapter 6 Exhibition policy

Article 24 (Exhibition process)

1. An exhibition application must follow the below instructions.

- An exhibitor must fill all the blanks in "Exhibitor's Entry", and any occured from false statement, wrong statements or omission are the exhibitor's responsibility.

- An exhibitor must report any changes or cancellation of the exhibition data at least 6 hours before start of the auction.

Article 25 (Exhibited vehicle condition)

1. An exhibited vehicle must meet following conditions

- A vehicle that has been registed as disused and issued proper documents.

- A vehicle that has rights to be transferred delegated lawfuuly by the owner or proprietor.

- If the exhibitor is a business, a vehicle of which tax invoice can be issued. However, simplified tax payer or public sales are exempt.

Article 26 (Starting bid/ Desired bidding adjustment)

1. An exhibitor must suggest a desired bidding for the exhibited vehicle.

2. Adjustment of desired bidding can only be conducted via discussion between "Auctionwini" and the exhibitor.

3. "Auctionwini" can adjust the starting bid for exhibited vehicle according to the auction status.

Article 27 (Re-exhibition)

1. When an exhibited vehicle becomes a miscarriage, the exhibitor can re-exhibit the vehicle after discussing with auction administratior.

Chapter 7 Policy on successful biddings

Article 28 (A successful bidding)

A purchase is considered valid once there is an indicator for a winning bid on online auction bidding screen. However, the purchase at after-consultation is considered valid once the total amount on bidding confirmation is acknowledged. If an absentee's bidding and a successful bidding is the same amount, the absentee's bidding will be firsthandedly accepted.

Article29 (A bidder's obligation)

1. A bidder must pay fully for the vehicle won within 5 days of the auction date, and the vehicle cannot be released before the payment.

2. A bidder must be responsible for any costs relevant to vehicle ownership from the day after the auction

Article 30 (After-consultation)

If a full membership holder wishes to purchase a miscarriaged vehicle, the member can apply for after-consultation according to a template "Auctionwini" provides. However, purchases made via the consultation cannot be canceled.

Article 31 (Bidding cancellation)

A bidder cannot cancel a succesful bidding. However, if the exhibitor, bidder and "AuctionWini" all agree, it can be cancelled, and the bidder must pay 10% bidding cancellation fee.

Chapter 8 Payments

Article 32 (Payment through “Auctionwini”)

1. All transanctions including vehicle payment between an exhibitor and a bidder must go through "AuctionWini" payment system.

2. "AuctionWini" will pay the payee any amount occured during transactions between a bidder and an exhibitor on behalf of the payer.

Article 33 (An exhibitor's payment)

1. If an exhibitor's vehicle is sold via an auction, "AuctionWini" will deposit the relevant payments to the exhibitor within 3 days of the auction after receiving payments from the bidder.

2. If a bidder fails to deposit a full payments to the exhibitor within the designated period, the bidding will be canceled.

3. Any fees which an exhibitor is required by "AuctionWini" such as comission, transaction fees or other outstanding balances will be deducted before receiving the payment

Article 34 (A bidder's payment)

1. A bidder must pay all payments to "AuctionWini" within 5 business days since the auction date, and any payments occured from the day after the auction will be charged according to the next auction date.

2. If a bidder or an exhibitor does not fulfill his or her payment within the 5 business days, "AuctionWini" can charge delay compensation fee or cancel the membership, while returning the auction deposit.

Article 35 (Payment balance)

1. A payment balance between "AuctionWini" and an exhibitor or a bidder includes every transaction fee occured since a designated date.

2. "AuctionWini" can delay a full or part of payment to an exhibitor or bidder for a particular reason such as overdue balance, a lack of evidence or claims filed.

Chaper 9 Claims

Article 36 (Filing claims)

1. Claims must be filed according to a template provided by "Auctionwini" via email.

2. "Auctionwini" can request any documents or effected vehicle as evidence to claimer's reasons if needed.

3. A bidder is responsible for his or her own vehicle inspection when accepting a vehicle, and any claims cannot be made once the vehicle leaves the saleroom parking lot.

4. It is essential to inspect (naked eye inspection) exhibited vehicles. "Auctionwini" will not be responsible for any claims filed without proper inspections.

Article 37 (Claim processing conditions)

1. If there is a claim filed, "Auctionwini" will decide whether is is valid, and if it is, "Auctionwini" can act as mediator between the exhibitor and bidder to process the claim. However, the bidder cannot ask for cancellation fee refund.

2. If a full membership holder cancels this agreement or has closed down his or her business while not abiding to the agreement, "AuctionWini" is exempted to process claims.

Chapter 13 Others

Article 38 (Others)

1. "Auctionwini" can hold special auctions or events if needed.

2. "Auctionwini" can hold auctions for miscarriages online or other media "Auctionwini" may choose, and for these auctions, "Auctionwini" will provide a separate operation policy.

Article 39 (Revision of this agreement)

1. "Auctionwini" can revise this agreement or relevant policy if needed, and any changes occured, revised agreement and effective date need to be notified to auction participants by "Auctionwini"

2. Notification can be in writing or published at a location designated by "Auctionwini"

This agreement is effecfive from 27th of March 2019.