Cancellation Policy

Effective Date: 24-10-2024

At Boudh Mart, we prioritize transparency and fairness in all transactions involving the sale, licensing, and transfer of intellectual property (IP) assets. This cancellation policy outlines the terms under which users can cancel a transaction and any associated conditions.

1. Scope of the Cancellation Policy

This policy applies to all transactions made on Boudh Mart, including but not limited to:

1. Sales of intellectual property (e.g., trademarks, patents, copyrights, designs)
2. Licensing agreements
3. Assignments or transfers of IP rights

2. Cancellation by Buyers

Buyers may request the cancellation of a transaction under the following conditions:

1. Before Signing of the Agreement: Buyers may cancel the transaction before the signatures on the transfer agreement, 
2. Refunds: If payment has already been made but the transaction is canceled prior to the transfer of rights, the buyer will be entitled to a refund, minus any processing fees, administrative charges,  stamp duty or legal expenses incurred by Boudh Mart.

3. Cancellation by Sellers

Sellers may request the cancellation of a listing or transaction under the following circumstances:

1. Prior to Buyer Acceptance: Sellers can cancel their listing or withdraw from a transaction before the buyer accepts the terms or makes payment.
2. Refund of Fees: Listing fees or other charges paid to Boudh Mart for posting the IP asset may not be refundable, unless the cancellation is due to an error by Boudh Mart or technical issues.

4. Automatic Cancellations

Boudh Mart reserves the right to cancel a transaction automatically under the following situations:

1. Non-signature of agreement : If a buyer fails to sign the agreement within 15 days after making the payment, the transaction may be canceled automatically.

1. Failure to Provide Documentation: If either party fails to provide necessary legal or technical documentation required for the transfer or licensing of IP rights within  15 days of making such request, the transaction may be canceled.

5. Force Majeure

If unforeseen circumstances or events beyond the control of the parties (e.g., natural disasters, governmental actions, internet outages) prevent the completion of the transaction, either party may request a cancellation. Refunds and fees will be assessed on a case-by-case basis depending on the progress of the transaction.

6. Fees and Penalties

In the event of a cancellation, the following may apply:

1. Processing Fees: Any processing or administrative fees or stamp duty already purchased  paid to Boudh Mart for facilitating the transaction may be non-refundable.
2. Legal and Other Costs: If legal services were required in preparation for the transfer or licensing of the IP, cancellation may result in the forfeiture of certain costs incurred, such as attorney fees.

Processing Fees in the event of any cancellation by the buyer:  Rs. 1000/- per intellectual property. 

Stamp Duty: As paid in actual. 

7. Dispute Resolution

If a dispute arises concerning the cancellation of a transaction, Boudh Mart encourages the parties to resolve it amicably. However, if necessary, disputes may be referred to mediation  as per the terms of use agreed upon by both parties during registration.

8. Amendments

Boudh Mart reserves the right to modify this cancellation policy at any time. Changes will take effect upon posting to the platform. Users are encouraged to review this policy regularly to stay informed of any updates.

9. Contact Information

If you have any questions or need to request a cancellation, please contact Boudh Mart’s support team at:

Email: admin@boudhmart.com