TERMS & CONDITIONS OF FORWARD AUCTION
• LOG IN NAME & PASSWORD: Each Bidder is assigned a Unique User Name & Password by Leaflix E Business Private Limited. The Bidders are requested to change the Password and edit the information and check the company details in the Registration Page after the receipt of initial Password from LEAFLIX E BUSINESS PRIVATE LIMITED. All bids made from the Login ID given to the bidder will be deemed to have been made by the bidder. LEAFLIX E BUSINESS PRIVATE LIMITED and L&T Rubber Processing Machinery are not responsible for the same.
• BIDS PLACED BY BIDDER: The bid of the bidder will be taken to be an offer to execute the contract. Bids once made by the bidder cannot be cancelled. The bidder is bound to execute the contract as mentioned above at the price that they bid. Should any bidder back out and not execute contract as per the rates quoted, L&T Rubber Processing Machinery and/or LEAFLIX shall take action as appropriate, including forfeiture of EMD and amounts deposited.
• HIGHEST BID OF A BIDDER: In case the bidder submits more than one bid, the highest bid will be considered as the bidders final offer to execute the contract.
• AUCTION TYPE: 1). English Forward No Ties Auction
• DURATION OF AUCTION: The auction will be conducted as per schedule. In case there is any acceptable bid quoted by any bidder within 10 minutes of closing of the auction, the auction will be extended by another 10 minutes for all the items. Such extension will be allowed to continue till no quote is placed within 10 minutes of the last quote. However, bidders are advised not to wait till the last minute or last few seconds to enter their bid during the auto-extension period to avoid complications related with internet connectivity, network problems, system crash down, power failure, etc. (THIS SCHEDULE IS TENTATIVE. IF ANY CHANGE IN SCHEDULE, THE SAME SHALL BE COMMUNICATED TO YOU).
• BID INCREMENT: The minimum Bid increment shall be available to the Bidders at the start of the auction. The bidder can view the same by clicking on the Item details at the start of the auction. The bidder can bid higher than the highest Bid in the auction by one bid increment or more than one bid increment. Also, please note that the start price of an item in online forward auction is open to all the participating bidders. Any bidder can start bidding, in the online forward auction, from the start price itself. Also, please note that the first online bid that comes in the system during the online forward auction can be equal to the auctions start price, or higher than the auctions start price by one bid increment or more than one bid increment of it. The second online bid and onwards will have to be higher than the H1 rate by minimum one bid increment value or more than one bid increment of it.
• VISIBLITY TO BIDDER: The Bidder shall be able to view the following on his screen along with the necessary fields during English Forward - No ties Auction:
• Highest Bid in the Auction
• Bid Placed by him
• Rank of the respective bidder
• Start Price & Bid Increment Value
• AUCTION WINNER: At the end of the Forward Auction, Customer will evaluate all the bids submitted and will decide upon the winner.
• OTHER TERMS & CONDITIONS:
• The Bidder shall not involve himself or any of his representatives in Price manipulation of any kind directly or indirectly by communicating with other bidders.
• The Bidder shall not divulge either his Bids or any other exclusive details of company to any other party.
• Companys decision on award of Contract shall be final and binding on all the Bidders.
• Company can decide to extend, reschedule or cancel any Lot/ Auction.
• Company and/or Auctioneer shall not have any liability to Bidders for any interruption or delay in access to the site irrespective of the cause.
• Company and/or Auctioneer are not responsible for any damages, including damages that result from, but are not limited to negligence. Auctioneer will not be held responsible for consequential damages, including but not limited to systems problems, inability to use the system, loss of electronic information etc.
CONDITIONS OF E-AUCTION SALE
1. The material as per the list declared on the Auctioneers i.e. Leaflix E Business Private Limited website shall be disposed of by way of e-auction through the Auctioneers website.
2. The prospective bidders may inspect the material offered for e-auction sale prior to the actual date of e-auction sale during working hours, at the site where the material is located. The bidders shall satisfy themselves about condition, quality, quantity, and measurement etc. of the material which they intend to purchase. No complaints shall be entertained regarding description, quantity, quality, size, measurement, number and weight of the material as the information given in the
3. Catalogue is approximate and no warranty or guarantee shall be implied. Materials shall be sold on AS IS WHERE IS BASIS and on the assumption that the bidders have inspected the material and know what they are buying, irrespective of whether the bidders have inspected the material prior to e-auction sale or not; the principal of CAVEAT EMPTOR shall apply. Error in the description/ quantity/ quality/measurement/ utility/ number/ weight/ condition etc. of the material as given in the catalogue/ list published on the Auctioneers website shall not form a cause to the bidder to complain or to avoid completed sale or bid.
4. For participation in the e-auction, the bidders shall pay the Earnest Money Deposit (EMD) for the lot to the Auctioneer prior to the e-auction. The amount of EMD as per catalogue/Annexure1 shall be in the form of Demand Draft drawn in favor of Larsen and Toubro Limited, Payable at Chennai.
5. On completion of e-auction proceedings & after receipt of e-auction statement from the Auctioneer, the Customer shall take decision in respect of acceptance or rejection of bids within 15 Working days of receipt of intimation from LEAFLIX. Such decision shall be binding on the bidders as well as the Auctioneer; Customer shall not be bound to assign any reason for such acceptance or rejection of bids. The highest bidder does not get any right to demand acceptance of his offer. Seller reserves the right to accept/ reject/ cancel/ re-negotiate any bid, withdraw any portion of the assets at any stage from Auction even after acceptance of bid/ issue of delivery order or release order/ deposit of full value by successful bidder without assigning any reason thereof. In the event of such rejection/cancellation/ withdrawal, Seller shall refund the value of assets, if paid for, to the successful bidder. Discretion lies solely on Seller/s regarding this.
6. As per the decision of Customer, auctioneer shall issue Sale Intimation Letters to the successful bidders of the respective lots under intimation to Customer, within two working days of receipt of confirmation from Customer.
7. EMD of the unsuccessful bidders in the e-auction shall be refunded immediately by the Auctioneer.
8. Sale Order will be issued by Customer to the Winning Bidders.
9. The winners E.M.D taken as token of a Security Money will be adjusted except Lots which are sold on weight Basis as advance, Security Money will be treated as security deposit for which are sold on weight basis, will be adjusted / refunded after lifting of the materials. Customer will give 07 working days time to pay the balance amount with taxes, if any. In case buyer retracts his bids once the sale is finalized, deposited EMD will be forfeited without recourse. Please bid only if you are agreeable to this clause.
10. The price bidded for the Lots as per Sale order along with taxes, will be required to submit by a Demand Draft/Pay Order in favor of Larsen and Toubro Limited payable at Chennai or shall deposit/transfer the payment by RTGS / NEFT Larsen and Toubro Limited account as per the bank details provided by Larsen and Toubro Limited. No cheques / Cash Payment will be entertained.
11. If the successful bidder fails to pay the full amount within the stipulated period of the Sale Intimation Letters issued to him shall be treated as cancelled and he shall have no claim over the lot thereafter. L&T Rubber Processing Machinery shall forfeit the amount of EMD with due notice to the concerned bidder and LEAFLIX. The lot may be re-offered for e-auction at the discretion of the auction committee of L&T Rubber Processing Machinery.
12. On receipt of full payments (along with total statutory taxes & duties and corresponding declarations, if applicable) from the buyers Customer shall confirm the receipt of payment by mail.
13. The buyers shall have to take delivery within stipulated time from the date of confirmation of Payment / as per the lifting schedule given by Customer.
14. The deliveries shall be made on as is where is basis and NO Exceptions.
15. No other special permission shall be granted in that respect once the list/ catalogue is displayed. However, express undertaking shall have to be given by the buyer that he shall be liable to and shall have to remove all the items purchased within stipulated time. Sorting, Cutting, Packing, Dismantling, Removing the Battery cells from the Steel Structure and loading / lifting of material etc., will be the buyer(s) responsibility at their own Cost. Any mis-happening at the time of dismantling, packing, pickup, loading of machines / Materials will not constitute any liability on the Sellers end. The buyer is responsible to keep the warehouse & stockyard in order after removal of bided lots. In case of non-adherence, seller may reserve the right to impose penalties or forfeiture of payment deposited.
16. No Lots can be removed without full payment being realized and presentation of original Delivery Order obtained from Customer.
17. In order to facilitate the Company to complete the transaction before 5.00 P.M. The goods should be collected before 5 P.M. on any working day with prior appointment with the concerned Department within the stipulated delivery days.
18. Should the original purchaser wish to take delivery of the surplus material through a representative, he must authorize the letter by a letter of authority or continuing authority, which shall be presented to the officer concerned. Maybe the officer concerned in his entire discretion decline to act on any such authority and it ought to be for the purchaser to satisfy the officer concerned that the authority is genuine. Delivery to such person shall be sole responsibility of the purchaser and no claim shall lie against the Company on any account whatsoever, if delivery is offered to a wrong person.
19. Once the goods / materials are taken out of the warehouse gate, purchaser will be solely responsible for all sort of claims like shortage, missing parts, damage, incident, accident, loss of material etc.
20. Customer will raise all invoices in the name of the purchaser only.
21. Only representative/ authorized personnel of the purchaser will be allowed for the loading / handling of the material. However if the need arises for additional person, the same may be allowed only at the discretion of the Customer Management.
22. After effecting payment, if the buyer fails to take delivery of material within the stipulated period, the buyer shall be treated as defaulter and shall have no claim over the lot thereafter. The concerned Department of the seller, L&T Rubber Processing Machinery would reserve its right to cancel/ terminate the S.O/ disposal to whomsoever as per their discretion and shall forfeit the amount of security deposit and balance payment paid by him, without any intimation or under intimation to him and the LEAFLIX.
23. Customer /LEAFLIX shall not entertain any requests from the buyers regarding extension of payment period/ delivery period as stipulated in the Sale order.
24. If the last day of the stipulated dates for payments/ deliveries happens to be a holiday/ Weekly off, the payments/ deliveries shall be allowed on the next working day without application of delayed payment charges/ ground rent charges for the last day of payment/ delivery.
25. On submission of copy of the Delivery Order & Gate Pass, the concerned Department of L&T Rubber Processing Machinery shall issue Tax/ retail Invoices to the buyers.
26. The Auction Company i.e., LEAFLIX/ or the Seller Company During the period of LIVE AUCTION will not be held responsible for any power failures / Internet Connection failures / Bandwidth problem / erroneous Bids etc. at the bidders end. Bidders themselves need to check it at their end and bid in advance and monitor their lots.
27. The Terms & Conditions as laid down shall be the binding part at the Bidder/s end and should be signed off before participation in Online Auction .
28. The bidders are requested to inspect the assets as there may be missing parts / equipment in the Set. The bidders must satisfy themselves with the condition of the equipment being sold. No complaints at any cost will be entertained after the auction. The bidder shall be liable to pay the winning sale amount along with taxes without any exceptions.
Starting Bid
Leaflix E Business Pvt Limited will predetermine the number of Item(s) in an auction. Leaflix E Business Pvt Limited will set the starting bid on each item. The Starting Bid is designed to encourage bidding. If an item is incorrectly described online, Leaflix E Business Pvt Limited reserves the right to rectify such error and email to all active bidders the correct description.
Auto Extension
Leaflix E Business Pvt Limited uses an extended bidding process to close all of our auctions. After tentative closing time for the current auction item, the auction will continue for any lots that have multiple bids until there are no bids placed on any lots in the auction in a ten (10) minute time frame. You MUST place a bid on the lot in order to bid in extended bidding.
Disclaimer
Leaflix E Business Pvt Limited disclaims any liability for damages, whether direct, indirect, consequential, or incidental, resulting from bids not spotted, executed, or accepted. Bidders should also be careful to bid on the correct lot and ensure that his/her bid is for the amount intended. Leaflix E Business Pvt Limited is not responsible for computer or human error which may result in any customer dissatisfaction. We reserve the right to accept or reject any and all bids or bidders. Leaflix E Business Pvt Limited reserves the right to request a deposit at any time for what Leaflix E Business Pvt Limited considers excess bidding to continue to bid in a specified auction. The sale is complete when Leaflix E Business Pvt Limited so announces
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 Service Provider and the Customer in any such case. In case the Online Auction is cancelled by Client, then Service Provider shall undertake the re-auction at its own cost, as directed by the Client
Confidentiality Clause
Service Provider undertakes to handle any sensitive information provided by the Client or confirmed Customers for the auctions conducted with utmost trust and confidentiality.
Jurisdiction
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