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Auction |
Public Sale in which articles are sold to maker of highest bid |
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Auctioneers |
One whose business is to conduct auctions. |
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Announcer / Crier |
Who conducts the auction sale |
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Bid Sheets |
Statement showing lot no, Description of material, Approx. Qty, Name of the Successful Purchaser & address, Rate Per Unit, highest Bid, Deposit, Balance amount, Rate of Excise Duty, Sales Tax, Delivery Schedule, signature & Name of the Purchaser & signature of the auction committee. |
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Bidders / Purchasers/Buyers |
Who purchase material under sale in auction |
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Bidding |
The offers received during auction. |
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Committee Members |
Officials of the company who form a committee & give the decision on behalf of the Company during auction. |
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Reserve Price / Upset Value |
Value of items under sale as decided by auction committee. |
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As is where is |
As it is. |
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MOEF |
Ministry of environment & Forest, Govt. Of India (Valid License) which issues license for recycling of certain scrap material. |
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Sale release order |
Confirmation of sale by Company. |
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Ground Rent |
Rent recoverable from Purchaser, who fails to lift the purchased material within stipulated time |
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Fall of Hammer |
Striking of criers hammer to show that a bid is finally accepted |
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Catalogue |
Booklet giving details of auction being held |
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Lot |
Group/ Stack of material under sale |
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No bid |
No offer received during auction |
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Withdraw/deleted |
Remove from the list of items declared for sale |
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EMD |
Earnest Money Deposit |
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Forfeit |
Penalty for breach of contract |
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Subject to Approval |
Decision given after consulting the final authority |
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Subject to Confirmation |
Confirmation after consulting the final authority |
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