GENERAL TERMS AND CONDITIONS OF AUCTION SALE
1)	DESCRIPTION OF MATERIAL :
	a.	The material shall be disposed of on “AS IS WHERE IS” basis and in Wet, Dry or Rusty condition. No complaints whatsoever will be entertained after the bid is made and it will be expressly understood that the purchaser has fully satisfied himself regarding the quality, quantity and the condition of the available material before bidding. The disposable materials are normally kept in the “Scrap Yard ” in open space and the company will not be in any manner responsible for any damage/ deterioration of the material.
	b.	The number, quantities or tonnage and the nature of the material given in the catalogues are only indicative and the material will be sold without any regard or consideration to these number/tonnage of materials shown in the catalogue and no warrantee shall be implied.
2)	INSPECTION :
	a.	The intending bidders shall be allowed to inspect the material advertised for sale prior to the auction by arrangements through the Company between 10.00 a.m. and 4.00 p.m.
	b.	For inspection of material, to please contact concerned department on Inspection day
	c.	Inspection of the Scrap material will not be permitted on the day of auction.
3)	ENTRY PERMIT :
	a.	Entry is strictly restricted to persons who are producing Demand Draft or Pay Order for Rs.5000/- per person drawn in favour of Company. Payable at Pune being the Entry Deposit which will be refunded on next working day to the auction.
	b.	Only one representative of each firm will be allowed to enter the Auction Hall.
	c.	In case of any bidder not paying the full amount of earnest money as per the auction sale terms and conditions or creating any disturbance/obstruction of other bidders from bidding on the auction site, the Auctioneer will have sole discretion to seize the Entry permit as well as to forfeit the Entry Fee deposited by such person.
4)	PAYMENT TERMS AND REMOVAL OF SCRAP ON ARISING BASIS
	a.	10% Security Deposit of the total sale value of the lot to be paid by the successful bidders which will be kept till the contract is over.
	b.	15% Earnest money deposit to be paid by the successful bidder on the fall of the hammer, which shall be adjusted in the last deliveries.Any kind of Security deposit and earnest money deposit – deposited shall bear no interest.
	c.	For each subsequent delivery full payment shall be made for delivered material.
	d.	Against each delivery made to the bidder, duties and taxes as applicable shall become payable on the value of the delivered quantity.
	e.	Regarding delivery schedule – the successful bidder shall contact to concerned department every week to know delivery schedule. The material should be lifted by the successful bidders every day, failing which the security deposit and earnest money deposit will be forfeited and lot will be reauctioned.
	f.	The material as available, can be inspected at the Stores of Company. No complaint will be entertained about the quality/condition of the material after the bid is made and it will be expressly understood that the purchaser has fully satisfied himself regarding the quality/condition of the available material before bidding. The disposable materials are normally kept in the Scrap Yard in open space and the Company will not be in any manner responsible for any damage deterioration of the material. The purchaser will be required to remove the material strictly on AS IS WHERE IS BASIS.
	g.	The Company will be at liberty to remove, at the cost of the purchaser, any lot for delivery to such other place as it may think proper, if the party fails to lift the material within the specified delivery period.
5)	PAYMENT TERMS AND REMOVAL OF SCRAP ON ARRANGED BASIS :
	a.	On the fall of the hammer, the successful bidder shall have to pay an earnest money not less than 25% or full amount by cash. If on the fall of the hammer, the highest bidder fails to pay earnest money or full payment required, the bid shall forthwith be cancelled and lot re-auctioned and Entry Fee of Rs.5000/- will be forfeited to the Company and the defaulter will not be allowed to participate in further auction.
	b.	The total sale value alongwith all taxes and duties must be paid by the auction purchaser to Company within 10 working days from the date of auction in the form of Demand Draft in favour of Company failing which the earnest money deposit of 25% shall be forfeited to the Company.
	c.	The material shall be removed by the auction purchaser from the site of auction within 15 working days from the date of auction. If the purchaser fails to remove the material within the stipulated time, the earnest money deposit will be forfeited and the lot re-auctioned on purchasers risk and cost.
6)	DELIVERY
	a.	The successful purchaser will make his own arrangement for transport of item from Company premises. He will not be entitled to claim any facilities or assistance in this regard. Loading will be done by his own men and equipments under joint supervision of purchaser and Company authorities.
	b.	The auctioned material sold on weight basis will be weighed on Company’s Weigh Bridge in the presence of the purchaser and the representative of the Company. The weight recorded on both the parties. No complaints regarding shortage in weights will be entertained. For collection of material the vehicles must be at site by 9 a.m. No delivery after 9 a.m. will be given. Delivery to be completed by 4 p.m.
	c.	At the time of obtaining delivery of material, the purchaser shall not be entitled to pick or choose any particular item from the lot sold by the Company. They have to start from one end and complete the whole lot as directed by Stores Authorities Official.
	d.	In case of any purchaser purchases a lot and after making full payment, removes part of the lot and fails to remove the balance lot and then, in that case, after the stipulated time is over, the lot will be treated abandoned and whatever money is paid for that lot will be forfeited alongwith the earnest money deposit and balance lot will be disposed off by the Company as deemed fit.
7)	COMPANY’S RULES AND REGULATIONS REGARDING SAFETY AND DISCIPLINE :
	a.	The purchaser, their servants and agents shall be required to abide by all specific / general regulations of safety and discipline within the Company’s premises. The material will be handled by the purchaser, their servants/agents at their own risk and any loss/ damage whatsoever to any individual or property in such handling or as a consequence thereof shall be the sole responsibility of the purchaser.
8)	TERMINATION OF CONTRACT :
	a.	The Company reserves the right to terminate the contract at any time on the following grounds:
	b.	Unsatisfactory execution or performance of the contract by the purchaser.
	c.	For improper behavior of the purchaser or breach of the terms and conditions of the contract, decision of the company to terminate the contract shall be final and binding and no claim for damages and / or compensation shall lie against the Company.
9)	FAILURE TO TAKE DELIVERY AFTER PAYMENT :
	a.	If any purchaser requires extension of time for lifting the materials they should do so in writing to the Company before expiry of the stipulated delivery period. However, extension may be granted at the sole discretion of the Company. The maximum extension so permitted will be for 10 days after the expiry of contract time and it will be granted only after the extra payment in advance at the rate of ½% of the total sale value per day as ground rent is made.
10)	FORCE MAJEURE CLAUSE :
	a.	Company shall not be liable for non-performance of any contract either wholly or in parts nor for any delay in performance resulting from time to time in cases beyond the Company’s control including fire, strikes, go slow, lock-outs, closure, dispute with workmen, uncertain and unstable labour situation, war, riots, civil commotion, pestilence, epidemic, floods, accidents, damage or requirements of Government force or any circumstances beyond the control of Company whether directly due to or in consequence of the said cause or not and the existence of such cause or consequence shall operate to the extent of the time on the part of Company by such period as may be necessary to enable the Company to effect performance after the cause of the delay shall have ceased to exist. Should Company so determine shall be entitled at any time without notice to the purchaser to cancel any contract the performance of which is likely to be delayed by any of the cause aforesaid and in such cases, the purchaser shall have no claim upon the Company of any kind. The provision of this paragraph shall not be limited or abrogated by any other terms of the contract whether printed or written nor will be provision of this clause abrogate or limit the effect of any other clause mentioned in these terms and conditions.
	b.	In case any purchaser purchases a lot and after making full payment removes part of the lot and fails to remove the balance lot, then in that case after the stipulated time is over (including the extension granted if any), the lot will be treated as abandoned and whatsoever money is paid for the lot will be forfeited alongwith the E.M.D. and the balance lot will be disposed of by Company as deemed fit.
11)	SUBJECT TO APPROVAL LOT SALE :
	a.	When goods are sold subject to a reserve price, a final bid which has not reached that price may at the descretion of Company’s representatives supervising the sale be registered on the basis of Subject to Approval provided the party deposits the earnest money calculated @ 10% on the value of the lot. The bid to registered shall be binding on the bidder for 15 working days from the date of auction during which period the letter of acceptance/sale order conveying the final approval by the Company.
12)	RISK
	a.	The goods shall be and remain in every respect in the premises of the Company entirely at the risk of the purchaser from the date of acceptance of his bid and until removal and the auctioneer/company shall not be under any liability for the safe custody or preservation thereof from the date till the date of final removal.
	b.	The buyer shall be responsible for any damage that may be done to the premises in taking down or removing the lot or lots bought by him. The Company may at his option arrange to make good such damages and the buyer shall pay the cost thereof on demand.
13)	TAXES AND DUTIES
	a.	Sales tax applicable and excise duty if applicable and any other taxes applicable will be charged extra and the rate of material offered by purchaser shall be exclusive of all taxes which are to be paid to Company alongwith the payment of delivered material
	b.	Sales of scrap subject to the laws, rules and directions issued by the Government from time to time.
	c.	No exemption certificate of any kind will be issued by Company
14)	ARBITRATION AND JURISDICTION
	a.	All disputes and differences arising out of this auction shall be referred to the sole arbitration of Company or his nominee and the award of such arbitration shall be binding on both the parties.
	b.	The contract shall be subject to the Jurisdiction of Pune Court only.