Participation in the auction process presumes awareness and understanding of the bidding rules. CONDUCT OF THE AUCTION:
Only those customers who have been approved by the “Client” and handed over stamped and manually signed “General Rules and Regulations governing conduct of online auction along with Letter of Interest, required EMD amount and other necessary documents to the “Client”/ “Service Provider” prior to the start of online auction will be given “Login ID” and “PASSWORD” to enable them view and participate in online auction.
The best price communicated by the customer will have to be authenticated by written confirmation or fax to the “Service Provider” and will be kept confidential between the “Service Provider” and the customer. Customer will be bound by the price offered.
LIABILITY OF “SERVICE PROVIDER”
“Service Provider” shall not be liable to the client/ customers participating in the auction or any other person(s) for:
The Auction shall be conducted on pre-specified date. The Key Terms pertaining to the conduct of Auction such as “ START TIME”, “DURATION”, “END TIME” AND “AUTO EXTENSION FACILITY” Shall be specified separately for each Auction. “Service provider” retains the right to cancel or reschedule the auction, with the approval of the Competent Authority of the Client, on any of the following reasons:
The number of confirmed
conduct the auction
module due to infrastructure problems such failure or telecommunication breakdown.
There are no bids, which are equal to or below Start Bid Price.
Any other reason, which in the opinion of “Service Provider” /
“Client” requires such action to be initiated. The duration of auction may also vary from the pre-specified period of time either on account of termination of the auction by “Service Provider” on the advice of the Client
OR In case of situations where it is felt that continuance of the auction proceedings is prejudicial to the smooth conduct and / or the integrity of the auction process. OR due to Auto Extension during the Auction, duration may increase from specified period.
In the event of any problems being faced in the smooth conduct of the auction, “Service Provider” with the approval of the Competent Authority of the Client, shall have the right to undertake one or more of the following steps:
Cancellation/ premature termination of the auction with/
without a subsequent rerun of the auction on a mutually decided date
Cancellation of a bid Locking / deactivate
Any breach of contract by any of the parties in the fulfillment of
the underlying contract.
Any delays in initiating the online auction or postponement /
cancellation of the online auction proceedings due to any problem with the hardware / software / infrastructure facilities or any other shortcomings.
While, reasonable care and diligence will be taken by “Service Provider” in discharge of its responsibilities such as design of the online bid, communication of bid details and rules, guidance to client/ customers in accessing the Auction Engine and placing bids, etc. the customers shall specifically indemnify “Service Provider” from all liabilities for any shortcomings on these aspects. It is clearly understood that these activities are undertaken by “Service Provider” to assist the customers in participation but the ultimate responsibility on all these counts lies totally with the customers.
RIGHT OF THE CLIENT:
The Client reserves the right to partially or totally accept or reject any / all bids placed in the Online Auction without assigning any reason whatsoever. The decision of the client would be final and binding on the customer in any such case.
“Service Provider” undertakes to handle any sensitive information provided by the client or confirmed customers for the auctions conducted with utmost trust and confidentiality.
Any disputes relating to the online auction module shall be subject to the sole jurisdiction of Court of Law having jurisdictions over the Plant from where the materials are being sold.
Signed in acceptance of the above terms and conditions
operations in the account), etc. In case of failure of net connection, customer will give
his best bid on
behalf of the customer price reaches the best bidding mechanism.
with the minimum increment until the bid price offered by the customer, by proxy
Designation of signatory Place
Telephone / FAX no.
DEFINITION OF KEY TERMS
Auction refers to a forum where the requirement for one/more lots of an item is stated and the participants (customers) are required to bid down the price to be selected to supply the requirement.
Online auctions refer to those auctions conducted through the Internet with the customers (from one or more locations) simultaneously bidding to be selected for supplying the item/s on auction. In other words, the venue for the auction is on an Internet website/ platform. The "Service Provider's" website assigned by "Service Provider" would constitute venue for the purpose of the online auction.
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