NOW THIS AGREEMENT WITNESSETH AS UNDER:
Definitions
Unless repugnant to the context or meaning thereof, the following expressions shall mean and include the definitions as mentioned below:
Blocked Tickets: The ticket/s for the Event as described in Schedule II, which have been blocked by a User under the present agreement, provided the whole Blocked Ticket Value thereof has been paid by the User and actually credited to the bank account of the Company or its service provider/ nominee appointed for this purpose.
Commencement of Event: The date and time of commencement of the Event as specified in Schedule I.
Commercial viability: The Event shall be deemed to be Commercially Viable only when the tickets worth Rs._____________/- (Rupees _____________ only) have been blocked on or before _________.
Completion of event: The date and time of completion of the Event as specified in Schedule I.
Event: The name of the Event as specified in Schedule I.
Force majeure: Any unforeseeable circumstances that may delay or prevent the Company from performing its obligations under this contract, including but not limited to flood, natural/artificial disaster, strikes, epidemic, fire, acts of terrorism, riots, governmental action, civil unrest, rain, storm, the inability of the artist to attend the event in case of the force majeure circumstances of the concerned artist, etc.
Government: Any state government, local government, municipal authority, panchayat, police authorities, taxation authorities, licensing authorities, any court, tribunal, commission, authority, government agency or undertaking, armed forces, etc.
Gross Sales Proceeds (GSP): The total amount collected from the sale of all the tickets till the completion of the event.
Net Sales Proceeds (NSP): The net amount of the Gross Sales Proceeds after the deduction of the following in the specified order:
(i) GST on tickets;
(ii) Service charges along with GST payable to the Portal;
(iii) Service charges along with GST payable to the concerned payment gateway.
Portal: The web portal at the URL https://blocktickets.io/ including other ticketing portals where all the information pertaining to the Event is displayed and facilitates the users, inter-alia, to buy, block or cancel, the tickets for the event, including refund thereof. The said portal is maintained by M/s Blocktickets Pvt. Ltd., who has been providing its services to the Company for the said Event.
Sold tickets: Any ticket, whether or not blocked, which has been sold to anybody before the completion of the event.
Retail Ticket Value (RTV): The prevailing value of a particular ticket for a specified category of the Event, published by the Company for the general public.
Blocked Ticket Value (BTV): The total amount of money paid by the User for all the Tickets Blocked by the User.
Ticket: The entry ticket for one individual person for the Event in a specified category.
Total Blocked Tickets Amount (TBTA): The total amount received from all the parties executing the present agreement as Users.
Unsold Ticket: Any ticket, whether or not blocked, which has not been sold before the completion of the event.
Blocking of Tickets:
The user hereby pays the whole amount of the Blocked Ticket Value to the Company and the Company hereby Blocks the Blocked Tickets in favour of the User. The amount of the Blocked Ticket Value is non-refundable unless the blocked tickets are sold to a third party.
Management Of Tickets
All the activities and transactions pertaining to the sale and blocking of the Tickets shall be exclusively performed at the Portal.
The blocked tickets shall be sold first and only after the sale of all the blocked tickets, the unblocked tickets shall be sold.
The Company shall not block any tickets beyond 25% of each category (published by the Company to the general public) for sale of the tickets.
Sale of a blocked ticket by the Company
If a third party offers to buy a ticket blocked by the User at the Retail Ticket Value, the Company shall be entitled to sell the same and the User shall have no objection to the same. The User hereby grants unconditional consent to the Company for the sale of the Blocked Tickets. Upon sale of the blocked tickets, the Net Sale Proceeds shall be proportionately distributed among all the Users who have entered into a similar agreement with the Company and whose tickets have been sold by the Company. Accordingly, the User’s share of such sale proceeds shall be paid to the User within a period of 45 days from the date of commencement of the Event.
Sale of the blocked tickets to the user:
The User may buy the unsold tickets (blocked by him/her) at any time at the then prevailing Retail Ticket Value by informing the Company via email or through the Portal.
Deemed sale:
All unsold tickets blocked by the User shall be deemed to have been sold to the User on completion of the Event at the Blocked Ticket Value.
Utilization of Total Blocked Tickets Amount (TBTA):
The money paid by the User under this agreement shall be deposited in a designated bank account operated by the portal which shall act as an escrow account. The Total Blocked Tickets Amount (TBTA) so collected shall be utilized for the payment to the following third parties involved in the execution of the event in the following order: (i) Portal charges (ii) Event Designing Fee (iii) Marketing Cost (iv) Venue Charges (v) Artist Fee (vi) Licensing cost (vii) Production Cost.
No amount out of the TBTA shall be disbursed to any of the above-mentioned third parties unless the Company has already contributed at least double of such amount for the payment to the concerned third party.
8. Cancellation of event:
If the Event ceases to be Commercially Viable, the same shall be deemed to have been canceled and the same shall be formally declared as canceled at the Portal; and the full amount of the Blocked Ticket Value shall be refunded to the User within 7 business days from the date of cancellation, without any interest or penalty.
The event shall be deemed to have been canceled if the same is prevented on account of Force Majeure circumstances. Under such circumstances, the User shall not be entitled to any refund.
The Company may cancel the event at any time before the time of commencement of the event, without assigning any reason, by making a formal declaration thereof to the public and specific communication thereof to the User. Under such circumstances, the Company shall make a full refund of the Blocked Ticket Value to the User within 15 business days from the date of such communication sent by the Company to the User.
If the event is canceled on account of any ground other than those mentioned herein above, the Company shall be liable to refund the full amount paid by the User under this agreement, along with interest at the rate of 18% from the date of execution of this agreement, within a period of 15 business days from the date of the formal declaration of cancellation of the event by the Company or any communication in this regard having been sent by the Company to the User, whichever is earlier.
Any delay in refund of the Blocked Ticket value to the Use beyond the duration specified hereinabove shall attract interest at the rate of 12% along with the principal refund amount.
9. Term:
The term of this agreement shall extend till the completion of the Event. This agreement shall stand terminated automatically upon the expiry of the term of this agreement.
Validity of the Ticket:
Each ticket shall be valid till the completion of the event, whereafter it shall become invalid.
Dispute Resolution:
All disputes arising out of the transactions under the present agreement shall be adjudicated in accordance with the Arbitration and Conciliation Act 1996, by a Sole Arbitrator to be appointed by the Portal. The seat of Arbitration shall be at New Delhi.
Jurisdiction:
This agreement is subject to the jurisdiction of the courts in New Delhi, India.