The Court held that the condition as is whereas basis does not mean that property may not be in existence at all. AS IS BASIS means the transfer on an AS IS WHERE IS BASIS without recourse or warranty express or implied of any kind whatsoever of the interest in the Equipment.
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Sale As Is Where Is.
. As Is Where Is Basis. On as is where is basis and after having accepted the terms and conditions of the allotment letter including installment facility. The Court held that the condition as is whereas basis does not mean that property may not be in existence at all.
Further if any encroachment was found to exist on the. The Licensee may make additions or alterations in the licensed space carry out various installations including electric installations and wiring with the prior permission of DMRC in writing at its own cost. The seller will make no repairs and makes no representations as to its condition.
In either situation the sale could be on an as is where is basis. AS IS BASIS shall have the meaning given such term in Section 4 f of this Agreement. When such claims are raised by the auction purchaser a Secured Creditor generally rejects such claims on the ground that Secured Asset was sold on as is where is and as is what is basis and Secured Creditor asserts that the rule of caveat emptor would apply and the auction purchaser ought to have undertaken proper due diligence before purchasing the Secured Asset.
Therefore if a property is being sold on an as is where is basis this means that it is being sold in its current condition whatever this condition happens to be. The Council comes across such cases where consumers spent a lot of money for vehicles purchased under as is where is basis with the hope that the vehicles are in a running condition. It would appear from the cases discussed that the courts are generally inclined to uphold the as is where is clause especially when it had been expressly stated during the parties negotiations thereby preventing the buyer or.
Means License of the said commercial advertisement space including all equipment installations fittings and fixtures is given on as is where is basis. Buyer Be aware- have an inspection done by a 3rd party inspector that you hire. In essence the definition of as is where is can be summarized as you get everything that comes with a property at its present condition good or bad when you buy it.
Raghu Nath Gupta 2012 8 SCC 197 was referred to which states We may reiterate that after having accepted the offer of the commercial plots in a public auction with a super imposed condition ie. Sale under SARFAESI is governed by terms and conditions of sale forming part of the sale process. Basis unless specified otherwise.
As Is Where Is usually means you are buying the asset in its present condition and accepting all defects. Sample 1 Sample 2. The Association has not relied and will not rely on and Seller has not made and.
It only means whatever the. AS IS BASIS shall have the meaning assigned to it in SECTION 10 I L B. As the buyer you are deemed to have checked the property for defects of quality even if you havent actually done so and have found the property acceptable.
Samuel purchased a second hand vehicle on as is. Define As is where is basis. The Association acknowledges and agrees that upon the date hereof Seller has conveyed to the Association and the Association has accepted the Association Property defined below AS IS WHERE IS WITH ALL FAULTS.
The Bank FI while publishing its notice for auction sale of the property inter-alia incorporates the following and brings to the notice of the publicbidders. The respondent however argued on the principle of as is where is basis that there was no representation or communication via the recitation of the particulars of the title in the proclamation of sale that the actual size of the land would correspond with 9476 hectares as stated in the proclamation of sale. Define As is where basis is.
Means License of the said commercial advertisement space including all equipment installations fittings and fixtures is given on as is where is basis. It only means whatever the condition of the property on the spot is same shall be sold in the same condition. The Tenant agrees and confirms that it has inspected the Premises and shall take the Premises together with all fixtures erections and installations therein on an as is basis including the area of the Premises and will not raise any objection or claim as to the condition and the area thereof.
The Licencee shall obtain electric and water connections and would get the load for light and power sanctioned in its name after completing all formalities like deposits of the new connections fee etc. When that term is used it implies the vehicle may not necessarily be new and therefore is a take it or leave it sale. However if property is not at all in existence on the spot or is not identifiablecan be located on the spot then.
Answer 1 of 2. Case Study Owning a vehicle is a proud moment for many but for S amuel it turned out to be a disaster. The Option also provided under special condition G that the property is sold on an as is where is basis and the Purchaser shall be deemed to have inspected the Property on or before signing this Agreement and to be satisfied as to the state and condition thereof or otherwise 6.
For example if a property badly needs repairs or if it has illegal occupants or if the title of a foreclosed property has a problem or if it is located beside a. Sealed tenders by way of submission of offer are invited from the general public for purchase. And shall bear the electric and water consumption charges by itself.
The LICENSEE may make additions or alterations in the licensed space carry out various installations including electric installations and wiring with the prior permission of DMRC in writing at its own cost. Basis which in the judges view the tenant should have been prompted to conduct due diligence checks. There was a clear evidence that the land was sold on as is.
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