Marketplace Rules (Listing standards, Seller and Buyer obligations)

DRAFT v0.1 — 19 August 2026 — prepared for review by qualified counsel; not yet in force.

Key points (summary only — not binding; the numbered clauses govern)

• Every Unit must be identified by part number (and serial number where serialised), Condition Code (NE/NS/OH/SV/AR/RP), ATA chapter, quantity and unit of measure, and location.
• Two photographs per Unit are required to publish: one of the part and one of its data plate. No stock images.
• Release certificates (FAA 8130-3 / EASA Form 1), back-to-birth records for life-limited parts, non-incident statements, removal tags and shop reports are required or recommended depending on the Unit; missing documents must be flagged, never implied.
• Incident or accident history, prior operator, life limits, AD/SB status, dangerous goods, export classification and liens must be disclosed.
• Suspected Unapproved Parts, counterfeit or stolen material, ITAR-controlled items, weapons and items under undisclosed lien are prohibited.
• AI-normalised data is a suggestion: the Seller must review and confirm it before publishing.
• No shill bidding, no off-platform circumvention for [12] months after an introduction, and no harvesting of data or misuse of data rooms.
• Enforcement follows a ladder — warning, listing removal, suspension, termination — with immediate action reserved for serious cases.

1. Purpose and application

1.1 These Marketplace Rules (the "Rules") set the listing standards and conduct obligations for Sellers and Buyers on the Vistason Platform. They form part of, and are to be read with, the Terms of Service, the Tender and Auction Rules, the Fee Schedule, the Settlement and Payments Terms, the Export Control & Sanctions Policy, the Dispute Resolution & Returns Policy and the Acceptable Use Policy. Capitalised terms have the meanings given in the Terms of Service.

1.2 The Rules apply to every Listing, Unit, Offer, Counter, bid and Deal Room interaction, whether created by the Customer directly in Hangar or on-boarded by Vistason's managed services team on the Customer's behalf. Work done by Vistason in onboarding does not transfer responsibility for accuracy to Vistason: the Seller remains responsible for everything published under its name.

1.3 Vistason may update the Rules in accordance with the Terms of Service. Published Listings must be brought into line with updated Rules within [30] days of notice.

2. Listing accuracy

2.1 Part number and serial number. Each Unit must carry the OEM or approved-manufacturer part number exactly as it appears on the data plate or release certificate, without added suffixes, dashes or spaces that do not appear on the part. Alternate or superseded part numbers may be added as such. Serialised parts must carry their serial number; quantities of serialised Units greater than one must list each serial number.

2.2 Condition Codes. One of the following codes must be applied to every Unit and must be supported by the Trace Documents attached:

• NE — New. Manufactured and not previously installed or used; supplied with the original manufacturer's release certificate or material certification; held within any applicable shelf life.
• NS — New Surplus. New, unused and uninstalled, but held in surplus stock (typically by an operator or distributor) and released with operator or distributor documentation rather than direct from the manufacturer; shelf life and storage conditions must be stated where relevant.
• OH — Overhauled. Disassembled, cleaned, inspected, repaired as necessary, reassembled and tested to the manufacturer's overhaul standard, released by an approved maintenance organisation with a dual-release or equivalent release certificate and shop report.
• SV — Serviceable. Inspected and/or tested and released as serviceable by an approved maintenance organisation, or removed serviceable from an aircraft with a serviceable tag and appropriate release; not overhauled.
• AR — As Removed. Removed from an aircraft or engine and not subsequently inspected, tested or released; sold without airworthiness release; the removal tag, reason for removal and prior operator must be stated.
• RP — Repaired. Repaired to a serviceable condition by an approved maintenance organisation under an approved repair and released with a release certificate and shop report describing the repair.

2.3 A Seller that holds inventory under a different code set (for example SVC, OHC, REP, NEW, AS-IS) must map to the codes above and must not upgrade a code beyond what the documents support. Where no documents support the condition, the Unit must be listed AR.

2.4 ATA chapter. Each Unit must carry the ATA 100/iSpec 2200 chapter (two-digit minimum, section where known) that best describes the system to which it belongs.

2.5 Quantity and unit of measure. Quantity available and unit of measure (EA, SET, KIT, FT, M, KG, L, etc.) must be stated. Kits and sets must list their contents or attach a kit list. Partial sales must be marked as allowed or not allowed.

2.6 Location. The storage location (city, country, and warehouse or facility identifier where available) must be stated, because it determines EXW delivery, freight quotes and export jurisdiction.

2.7 Descriptions. Free-text descriptions must be accurate, must not contradict the structured fields and must not include claims of airworthiness, certification or performance that the attached documents do not support.

3. Required photographs

3.1 Every Unit requires, as a condition of publication, at least: (a) one photograph of the part itself, showing its general condition; and (b) one photograph of the data plate or part-number marking legible enough to read the part number and, where present, serial number, manufacturer and modification status.

3.2 Photographs must be of the actual Unit offered, taken by or for the Seller, in focus, adequately lit and unedited except for cropping and rotation. Stock images, manufacturer catalogue images, renders, images of a different serial number or images of a previously sold Unit are not permitted. Watermarks must not obscure the data plate.

3.3 For quantities greater than one of non-serialised Units, a representative photograph of the lot and of one data plate or package label is acceptable, provided the Listing states that it is representative. For engines, modules and large assemblies, additional photographs (data plate, inlet, exhaust, borescope images where available, stand and preservation) are strongly recommended.

3.4 Vistason may downgrade the photo quality score or decline publication where photographs do not meet this clause.

4. Required and recommended documents

4.1 Required where the Condition Code requires them. NE, NS, OH, SV and RP Units must have the release or certification document that supports the code attached before publication: FAA Form 8130-3, EASA Form 1, TCCA Form One or equivalent airworthiness release; for NE/NS, a manufacturer's or distributor's certificate of conformance and, for consumables and raw material, the material certification and batch or lot number.

4.2 Life-limited parts. Any Unit that is a life-limited part (LLP) or that contains LLPs must be accompanied by back-to-birth records demonstrating cycles and hours since new, and by the current life status (cycles and hours remaining, or time since new/since overhaul as applicable). LLPs without back-to-birth records must be listed AR and marked "no BTB".

4.3 Non-incident statement (NIS). A statement from the last operator (or from the Seller on its own behalf where it was the operator) that the Unit was not, to the best of its knowledge, involved in an incident or accident, exposed to fire, excessive heat, immersion or extreme stress, or obtained from a military or government source, is required for rotables, engines and modules, and recommended for all other Units.

4.4 Removal tags and shop reports. AR Units must carry the removal tag (serviceable or unserviceable) stating the reason for removal, aircraft registration or engine serial, and date; OH and RP Units must carry the shop report or teardown report from the releasing organisation.

4.5 Consumables and shelf-life items. Material certificates, manufacturer's date, cure date and expiry date must be stated for shelf-life limited items; expired items must be marked as such and may only be listed for non-flight use.

4.6 Ownership and prior operator. Where the Unit originates from an aircraft or engine, the prior operator (and aircraft registration or engine serial where available) must be stated. Vistason may request evidence of ownership or authority to sell (for example a bill of sale, lease return acceptance or consignment agreement) before publication or before release of the Settlement Funds.

4.7 Documents must be complete, legible, unredacted except for commercially sensitive prices, and must match the part number and serial number of the Unit. Where a document is missing, the structured field must say so; the Seller must not describe a Unit as "with trace" or "full trace" unless the documents are attached. Vistason may verify documents with issuing authorities or prior operators and may use OCR to extract document data.

5. Mandatory disclosures

5.1 The Seller must disclose in the structured disclosure fields, before publication and again if the position changes: (a) any known involvement in an incident or accident, or exposure to fire, heat, immersion, lightning strike or hard landing; (b) the prior operator and, where known, the aircraft or engine from which the Unit was removed; (c) life limits and current life status; (d) AD and SB status where known, and any open AD that affects the Unit; (e) dangerous goods or hazmat classification (UN number, class, packing group) and any battery, oxygen, pyrotechnic, radioactive or chemical content; (f) export classification (ECCN, EAR99, EU dual-use entry or national equivalent) where known, and whether the Unit is believed to be ITAR-controlled; (g) any lien, charge, retention-of-title claim, consignment arrangement or other third-party interest; (h) any prior rejection, return or dispute concerning the Unit on the Platform or elsewhere; and (i) any damage, corrosion, missing components or preservation status that a reasonable Buyer would want to know.

5.2 Where the Seller does not know, the field must be marked "unknown"; it must not be left blank or marked "none" without basis.

5.3 A disclosure made after publication must be made before Acceptance; where made after Acceptance it entitles the Buyer to cancel under the Dispute Resolution & Returns Policy.

6. Prohibited and restricted items

6.1 The following may not be listed or sold on the Platform:

• Suspected Unapproved Parts (SUPs) — parts whose approval status, origin or documentation is in doubt, including parts with altered, missing or re-stamped data plates, documents that do not match the part, or parts sourced from an unapproved or unknown source.
• Counterfeit or fraudulently documented material, including parts with forged release certificates or misrepresented PMA/OEM status.
• Stolen or misappropriated material, or material subject to a dispute of title or to a lien or encumbrance not disclosed in the Listing.
• ITAR-controlled items (including USML Category VIII and related technical data), unless Vistason has separately enabled ITAR transactions for the Seller in writing and all registrations and licences are in place.
• Weapons, munitions, military-specific equipment and items designed or modified for military use not cleared through the Export Control & Sanctions Policy.
• Material originating from, located in or destined for a restricted destination, or involving a denied or sanctioned party.
• Scrap or mutilated parts presented as usable. Parts that have been scrapped must be mutilated in accordance with FAA AC 21-38 / EASA guidance or equivalent so that they cannot be returned to service, and may only be listed as scrap for material recovery, clearly marked, with data plates removed or defaced. Time-expired LLPs must be mutilated or listed only as non-flight display or training material.
• Items recalled or subject to a mandatory quarantine notice.
• Any other item restricted under the Acceptable Use Policy or by law.

6.2 Restricted items — engines and modules, aircraft, batteries, oxygen generators, life-rafts and slides with pyrotechnics, radioactive sources, and items requiring export licences — may be listed only with the additional disclosures in clause 5 and may be subject to additional screening, document checks or Vistason approval before publication.

6.3 Vistason may remove any Listing or Unit it reasonably suspects falls within this clause, quarantine the associated Transaction, report the matter to the relevant authority (for example under the FAA SUP reporting programme or EASA equivalent) and apply the enforcement ladder in clause 17.

7. AI normalisation review duty

7.1 When inventory is uploaded to Hangar, the Platform's AI tools propose column mappings, normalised part numbers, Condition Codes, ATA chapters and flags. These are proposals only.

7.2 The Seller (or its Approver) must review every proposed field and flag, correct errors and confirm the rows before publication. Published data is the Seller's own description regardless of how it was generated. Bulk confirmation without review is a breach of these Rules.

7.3 Where Vistason's managed services team performs the normalisation on the Seller's behalf, it will return the normalised file for the Seller's confirmation; publication by Vistason occurs only on the Seller's written confirmation.

8. Price integrity

8.1 Sellers must not, directly or through related parties, submit Offers or bids on their own Listings, arrange for others to submit Offers or bids intended to raise prices ("shill bidding"), or misrepresent the existence or level of competing Offers.

8.2 Asking prices and fixed prices must be genuine. Reserve prices in Tenders and Timed Auctions are confidential but must be set before launch and may not be changed after bids are received.

8.3 No circumvention. Where a Buyer and Seller are introduced to each other on the Platform, or where a Unit is first identified by the Buyer on the Platform, neither party may conclude a sale of that Unit (or of the Listing it belongs to) outside the Platform for a period of [12] months from the introduction, or otherwise structure a Transaction to avoid the fees in the Fee Schedule. Vistason may charge the applicable success fee on any sale concluded in breach of this clause and apply the enforcement ladder.

8.4 Customers must not share Offer, Counter or bid prices received on the Platform with third parties for the purpose of soliciting higher prices off-platform.

9. Offers and counters — etiquette and timing

9.1 Offers and Counters are binding once accepted (Terms of Service, clause 11). An Offer or Counter is valid for the period selected by its maker, by default [7] days, and may be withdrawn before Acceptance only if the Platform shows it as not yet accepted.

9.2 Sellers should respond to Offers (accept, counter or decline) within [2] business days. Vistason may mark Sellers that regularly exceed [5] business days as "slow to respond" and may reduce their visibility. Buyers should respond to Counters within the validity period.

9.3 Offers must state any conditions (for example "subject to document review" or "subject to inspection"); unconditional Offers are deemed to be for the Unit as described. An Offer must also state the Shipping Window and the Inspection Window proposed for the Transaction (clauses 11.1 and 12.2); Acceptance fixes both as terms of the Sale Contract. Lowball or repetitive Offers intended to harass a Seller are a breach of the Acceptable Use Policy.

9.4 Quantity Offers on non-serialised Units may be partially accepted only where the Listing allows partial sales.

10. Tender conduct

10.1 Tenders and Timed Auctions are governed by the Tender and Auction Rules, which prevail over these Rules for those sale modes. In summary: bids are sealed and binding for [14] days after close; one revision is allowed before close; reserve prices are private; the Seller may cancel before close; awards are made within [5] business days; and collusion is prohibited.

11. Packaging and shipping readiness

11.1 By publishing a Listing the Seller confirms that the Units are physically available at the stated location, can be made ready for collection or shipment within the Shipping Window agreed for a Transaction, and will be packed to ATA Specification 300 (or equivalent suitable packaging) with preservation appropriate to the Unit. The Shipping Window is the number of days the Buyer proposes in its Offer and the Seller accepts on Acceptance, and may not exceed 30 days; it does not start when the Buyer's funds arrive but when Vistason authorises shipment, which follows the Buyer's approval of the document set for the Transaction. The Seller shall not dispatch before Vistason has authorised shipment.

11.2 Dangerous goods must be declared in the Listing and packed, marked, labelled and documented by a trained person in accordance with IATA DGR, ICAO Technical Instructions, ADR or IMDG as applicable.

11.3 All Trace Documents must accompany the shipment (originals where required by the receiving authority) and copies must be uploaded to the Deal Room before dispatch. The Seller must upload the tracking reference and packing list to the Deal Room on dispatch.

12. Inspection cooperation

12.1 Where a Buyer requests pre-purchase inspection, or Vistason commissions an inspection under the Dispute Resolution & Returns Policy, the Seller shall provide reasonable access to the Units and documents at the stated location during business hours on reasonable notice, at the requesting party's cost unless the Dispute Resolution & Returns Policy provides otherwise.

12.2 Buyers shall inspect delivered Material within the Inspection Window agreed for the Transaction — the number of days the Buyer proposes in its Offer, which may not exceed 10 days, running from confirmed arrival of the Material — and shall not install, modify or resell Material before raising any claim. Material the subject of a claim must be preserved and, if returned, packed as received. Expiry of the Inspection Window without a response from the Buyer does not itself release the Settlement Funds to the Seller: the Transaction is queued for a Vistason decision.

13. Seller response and performance standards

13.1 Sellers are expected to: respond to Offers within [2] business days and to Deal Room messages within [1] business day; ship or make available within the agreed Shipping Window, which starts when Vistason authorises shipment; keep availability current and withdraw sold or unavailable Units within [1] business day; and attach requested documents within [3] business days.

13.2 Vistason tracks response times, document completeness, photo coverage, dispute rate and cancellation rate and may display them as Seller quality indicators and use them in search ranking.

14. Buyer conduct

14.1 Buyers must not: harvest, scrape, export or systematically copy Listing data, prices, Seller identities or contact details for use outside the Platform; use data rooms or Deal Rooms to obtain inventory, pricing or document information for any purpose other than evaluating the specific Transaction; share data room contents with third parties without the Seller's consent; submit Offers or bids without the intention or ability to perform; or contact Sellers off-platform to negotiate Units identified on the Platform in breach of clause 8.3.

14.2 Buyers must pay the purchase price into the Settlement Account within [7] days of Acceptance, provide accurate consignee, end-use and end-user information, and comply with the Export Control & Sanctions Policy. A Buyer that fails to pay for an accepted Transaction may be charged a cancellation fee per the Fee Schedule and will move up the enforcement ladder.

14.3 Buyers must not submit claims under the Dispute Resolution & Returns Policy in bad faith, or use the Inspection Window to seek price reductions for matters disclosed in the Listing.

15. Ratings and reputation

15.1 After each completed or cancelled Transaction both parties may rate each other on accuracy of description, documents, communication and timeliness. Ratings must be honest and relate to the Transaction. Vistason may remove ratings that are abusive, retaliatory, unrelated to the Transaction or procured in exchange for consideration.

15.2 Vistason displays verification badges, quality scores and performance indicators derived from Platform data. These reflect data held at the time and are not a warranty or certification by Vistason.

16. Data rooms and confidentiality

16.1 Data room and Deal Room contents, Offer and bid prices and unpublished inventory are confidential under clause 18 of the Terms of Service. Access may be logged, watermarked and revoked. Customers shall not circumvent access controls, download material beyond what is needed for evaluation, or retain data room contents after a Tender closes or a Transaction ends, other than to document a purchase made.

17. Enforcement ladder

17.1 Vistason applies the following ladder proportionately; it may skip steps for serious breaches, including SUPs, fraud, sanctions or export-control breaches, collusion, or repeated circumvention:

1. Warning — written notice identifying the breach and the remedy required, with a deadline of [5] business days.
2. Listing removal or demotion — removal or unpublishing of the Listing or Unit, reduction of visibility, or withdrawal of badges until remedied.
3. Suspension — temporary suspension of Seller or Buyer privileges, of Tender participation, or of the whole Account, for a stated period or until conditions are met; pending Transactions are completed or unwound under the Dispute Resolution & Returns Policy.
4. Termination — closure of the Account under the Terms of Service, with notification to the [PAYMENT SERVICES PROVIDER] that holds the Settlement Account and, where required, to authorities.

17.2 Vistason will inform the Customer of the step taken and the reason, save where disclosure is prohibited by law or would prejudice an investigation. The Customer may respond in writing within [10] business days and Vistason will review the decision in good faith.

17.3 Vistason may additionally cancel Transactions, withhold release of the Settlement Funds pending investigation, charge fees due, and recover costs of inspection or investigation from the party in breach.

18. Reporting a problem

18.1 Any Customer who becomes aware of a Listing that appears to breach these Rules — in particular a suspected SUP, counterfeit, stolen item, undisclosed incident history or misleading document — should report it using the "Report" function on the Listing or by email to legal@vistason.com, giving the Listing reference and the reason.

18.2 Reports are treated confidentially. Vistason will acknowledge reports within [2] business days, may quarantine the Listing pending review, and may report suspected unapproved parts to the competent aviation authority. Vistason does not disclose the identity of a reporter to the reported party except where required by law.

18.3 Transaction-specific disputes (SNAD, document deficiencies, non-delivery) must be raised in the Deal Room under the Dispute Resolution & Returns Policy rather than through the report function.