E-Auction Terms & Conditions

1. Definitions

1.1 "Auctioneer" shall mean Sparesto Solutions Private Limited and/or its authorized representatives conducting the E-Auction.

1.2 "Seller" shall mean the owner of the material/scrap being offered for sale through the E-Auction.

1.3 "Bidder" shall mean any individual, firm, company, partnership, LLP, proprietorship, trust, association, or legal entity registered and approved to participate in the E-Auction.

1.4 "Successful Bidder" shall mean the bidder whose bid is accepted by the Seller/Auctioneer through a Sale Confirmation.

1.5 "Material" shall include scrap, surplus assets, machinery, equipment, components, stores, consumables, or any other goods offered for sale through the E-Auction.

2. Applicability

2.1 These Terms & Conditions shall govern participation in all E-Auctions conducted by the Auctioneer unless specifically modified through a separate auction notice.

2.2 Participation in the E-Auction shall constitute unconditional acceptance of these Terms & Conditions.

2.3 The Auctioneer reserves the right to amend, modify, suspend, postpone, extend, or cancel any auction without prior notice and without assigning any reason.

3. Bidder Registration & Eligibility

3.1 Participation shall be restricted to registered and approved bidders.

3.2 The bidder shall submit all documents and information required by the Auctioneer.

3.3 The Auctioneer reserves the right to accept or reject any registration application at its sole discretion.

3.4 Submission of false, inaccurate, misleading, forged, or incomplete information shall result in immediate disqualification and may lead to forfeiture of deposits and blacklisting.

4. Inspection of Materials

4.1 Bidders are strongly advised to inspect the materials before participating in the auction.

4.2 The Seller and Auctioneer make no representation or warranty regarding the quality, quantity, condition, merchantability, fitness for purpose, usability, description, weight, dimensions, specifications, or value of the materials.

4.3 All materials shall be sold strictly on an "AS IS WHERE IS", "AS AVAILABLE", "NO COMPLAINT", and "WHATEVER THERE IS" basis.

4.4 No complaint regarding quality, quantity, condition, suitability, shortages, damages, defects, or discrepancies shall be entertained after submission of a bid or issuance of Sale Confirmation.

5. Earnest Money Deposit (EMD)

5.1 Bidders shall deposit the prescribed EMD, wherever applicable, before participation.

5.2 EMD shall not carry any interest.

5.3 EMD of unsuccessful bidders shall be refunded within the period specified by the Auctioneer.

5.4 EMD of the Successful Bidder may be adjusted against the sale value where applicable.

5.5 EMD shall stand forfeited in the event of:

• Withdrawal of bid;
• Failure to make payment within the stipulated period;
• Failure to lift materials within the specified period;
• Violation of auction terms;
• Submission of false information.

6. Bidding Process

6.1 All bids submitted through the E-Auction platform shall be deemed final, valid, and binding.

6.2 Bidders shall be solely responsible for maintaining the confidentiality of their login credentials.

6.3 Any bid submitted through a bidder's registered account shall be deemed to have been submitted by the bidder.

6.4 The Auctioneer may prescribe minimum bid values, reserve prices, bid increments, lot structures, and auction timings.

6.5 In the event of system malfunction, tie bids, disputes, or technical anomalies, the decision of the Auctioneer shall be final and binding.

7. Auction Extension

7.1 The Auctioneer may extend the auction closing time automatically if bids are received during the predefined extension period.

7.2 Such extension shall continue until no further bids are received within the specified extension period.

8. Acceptance of Bids

8.1 Submission of the highest bid shall not automatically create any contractual right in favor of the bidder.

8.2 The Seller and Auctioneer reserve the absolute right to accept, reject, negotiate, or cancel any bid without assigning reasons.

8.3 A sale shall be deemed concluded only upon issuance of a written Sale Confirmation by the Seller/Auctioneer.

9. Payment Terms

9.1 The Successful Bidder shall make payment within the period specified in the Sale Confirmation.

9.2 All applicable GST, duties, cess, taxes, levies, loading charges, labour charges, transportation costs, environmental charges, and statutory fees shall be borne solely by the Successful Bidder.

9.3 Failure to make payment within the stipulated period shall constitute default.

9.4 In case of default, the Seller/Auctioneer may:

• Cancel the sale;
• Forfeit EMD and other deposits;
• Re auction will be conducted by Seller / Auctioneer

10. Removal of Materials

10.1 Materials shall be removed only after full payment and issuance of release authorization.

10.2 Loading, transportation, dismantling, cutting, packing, labour deployment, safety compliance, and statutory permissions shall be the sole responsibility of the Successful Bidder.

10.3 Risk and responsibility shall pass to the Successful Bidder upon issuance of delivery/release order.

11. Safety & Compliance

11.1 The Successful Bidder shall comply with all applicable laws, regulations, labour laws, environmental laws, factory rules, and safety requirements.

11.2 The Successful Bidder shall be responsible for the conduct, safety, insurance, wages, and statutory compliance of its employees, contractors, agents, and representatives.

11.3 The Seller and Auctioneer shall not be liable for any injury, death, accident, loss, or damage arising during inspection, loading, dismantling, or removal activities.

12. Indemnity

The bidder shall indemnify, defend, and hold harmless the Seller, Auctioneer, their directors, officers, employees, representatives, and affiliates against any claims, losses, damages, liabilities, costs, penalties, expenses, or legal proceedings arising out of:

• Breach of these Terms & Conditions;
• Violation of applicable laws;
• Injury or death of personnel;
• Property damage;
• Environmental damage;
• Acts or omissions of the bidder or its representatives.

13. Limitation of Liability

13.1 Under no circumstances shall the Seller or Auctioneer be liable for indirect, incidental, consequential, special, or punitive damages.

13.2 The Seller and Auctioneer shall not be responsible for any loss of profit, business interruption, loss of opportunity, or consequential losses suffered by any bidder.

14. Technical Issues

14.1 The Auctioneer shall not be liable for interruptions caused by internet failure, power outages, server downtime, software errors, cyber incidents, communication failures, or force majeure events.

14.2 The Auctioneer reserves the right to suspend, reschedule, restart, extend, or cancel the auction due to technical or operational reasons.

15. Fraud & Collusion

15.1 Bid manipulation, collusive bidding, cartel formation, price fixing, impersonation, unauthorized access, or fraudulent activities are strictly prohibited.

15.2 The Auctioneer may disqualify, suspend, blacklist, or initiate legal proceedings against any bidder found engaging in prohibited conduct.

16. Confidentiality

All auction-related information, bidding data, commercial terms, login credentials, and auction records shall remain confidential and shall not be disclosed without prior written consent unless required by law.

17. Force Majeure

The Seller and Auctioneer shall not be liable for failure or delay in performance due to events beyond reasonable control, including natural disasters, floods, fire, earthquakes, epidemics, pandemics, war, riots, civil disturbances, government actions, strikes, lockouts, power failures, or system outages.

18. Governing Law & Jurisdiction

18.1 These Terms & Conditions shall be governed by and construed in accordance with the laws of India.

18.2 Any dispute arising out of or relating to the E-Auction shall first be resolved amicably through mutual discussions.

18.3 Failing such resolution, the dispute shall be referred to arbitration in accordance with the Arbitration and Conciliation Act, 1996.

18.4 The seat and venue of arbitration shall be Madurai, Tamil Nadu.

18.5 Subject to the arbitration clause, the Courts at Madurai, Tamil Nadu, shall have exclusive jurisdiction.

19. Final Authority

The interpretation of these Terms & Conditions and all decisions relating to registration, bidding, acceptance, rejection, cancellation, extension, suspension, or conduct of the E-Auction shall rest solely with the Seller/Auctioneer, whose decision shall be final and binding.

20. Acceptance

By registering and participating in the E-Auction, the bidder confirms that it has read, understood, and accepted these Terms & Conditions and agrees to be legally bound by them.