Listing Policy
Listing Policy for what Items may Be Listed on Salvage Auction:
As required in the Terms and Conditions, each Seller is solely responsible for complying with all applicable laws and regulations for each item listed and sold on Marketplace. We are based at India; hence we have full respect for Indian laws. Our compliance are in line with Indian regulations. Any unintentional mistake should never be constituted as intentional breach of Indian or International laws. For such actions buyers and sellers would themselves be responsible; we are merely mediators to the entire salvage / scrap disposal process.
Important Notice:
Any goods prohibited by items concerned government authorities should not be placed on auction site. As such we ascertain the right to refuse listing of any item, if it is satisfied that buying and selling of those goods are not according to prevailing law of land. These guidelines do not constitute legal advice. Sellers and Buyers are strongly advised to consult with an attorney and/or the appropriate government regulatory agencies to ensure compliance with all applicable laws and regulations.
Privacy Policy
We are committed to respecting your privacy. We take every precaution to protect our users’ information. When users submit information via our site, your information is protected both online and off-line.
What information do we collect?
This Web site does not collect personally identifying information about users except when you specifically and knowingly provide it. To use our services fully, you will need to register using our online registration form, where you will be required to provide us with your contact information and other personal information as described therein. For buyers, we will also ask for other information such as your billing address in order to process on-line transactions. For sellers, the information we collect will include information relating to the item you desire to post for sale and related identifying information.
Terms & Conditions
1.0 Inspection Details
1.1 Inspection of the salvage can be made on any working day as per below mentioned with prior intimation and appointment.
| Inspection Start Date | DD-MM-2020 | Inspection Start Time | 10:00 AM |
| Inspection Closing Date | DD-MM-2020 | Inspection Closing Time | 05:00 PM |
| Note: |
| 1) Inspection strictly on prior permission and only on working days (Monday to Friday only). 2) Inspection not allowed on a public holiday. |
| Address of Salvage Location | Contact Person |
For Inspection and Other Query, please contact Salvage Auction Pvt. Ltd., Delhi
| Salvage Auction Pvt. Ltd., Delhi |
| Akshat Kaushik (8882070495) Priyanka Sharma (9654151599) |
2.0 Earnest Money Deposit (EMD)
2.1 Interested buyers can pre-qualify themselves for participation in the above auction, by paying an EMD of Rs. 1,00,000/- (Rupees One Lakh Only) by way of Demand Draft/RTGS in favor of M/s Salvage Auction Pvt. Ltd., payable at Delhi along with E-Auction form duly filled & signed.
2.2 EMD is dealt with as per the procedure mentioned below:-
a) In case of unsuccessful bidders, EMD is refunded immediately but not later than 2 working days from the completion of E-Auction process subject to the terms and conditions mentioned herein and at the website.
b) In the case of the second-highest bidder (H2), the Earnest Money Deposit (EMD) shall be retained by the Seller until the highest bidder (H1) deposits the full payment within the stipulated time period. In the event of failure or default by the highest bidder to deposit the payment within such prescribed period, the transaction shall be awarded to the second-highest bidder at the second-highest bid value. Upon such award, the second-highest bidder shall be deemed and designated as the highest bidder (H1), and all terms, conditions, rights, obligations, and clauses applicable to the highest bidder (H1) under these terms shall mutatis mutandis apply to such second-highest bidder.
c) In case of successful bidder (here in after referred to as ‘the Purchaser’), the EMD shall be transferred to the Seller’s account in due course after making the necessary adjustments.
d) In the event of abandonment or withdrawal from the purchase by the Participant H1 Buyer(s), such Participant H1 Buyer(s) shall forfeit their right and entitlement to purchase the listed item(s), and the Earnest Money Deposit (EMD) deposited by them shall stand forfeited in full, without any further notice or prejudice to any other rights or remedies available to the Seller under law.
2.4 Please note that your login ID/username will be enabled allowing you to bid only if the above mentioned EMD has been submitted within the stipulated time.
3.0 Participation & Processing fees (Non Refundable):
The fee of 2.5% Of EMD Amount shall be levied separately on account of participation and processing of the E-Auction form and the same must be submitted along with the EMD by Demand Draft in favor of Salvage Auction Pvt. Ltd., payable at Delhi. No application shall be accepted unless accompanied by the Participation Fees.
4.0 Special Conditions
Disposal of the above material will be on ‘As Is Where Is’, ‘Whatever There Is’ and ‘No Complaint’ basis subject to the following conditions:-
4.1 All charges incidental to cutting (if required), loading and lifting of material will be borne by the Purchaser. It is assumed that prospective bidders have inspected the above salvage and acquainted themselves about the offered goods available for purchase, whether they have actually inspected the same or not. However, it is expected that the prospective bidders will inspect the salvage at site, before participating in E-Auction.
4.2 There will be no guarantee for quantity & quality of offered goods either by us or by the owners, as material is being sold on ‘As Is Where Is’, and ‘Whatever There Is’ basis.
4.3 Lifting is to be made as per instructions given by the Seller. For example, more damaged material to be lifted first etc.
4.4 The Purchaser shall not be allowed to pick or choose or segregate any particular item out of the lot sold by the Seller at the time of delivery of the lot. The Purchaser shall be bound to clear the entire lot as directed by the Seller on clean sweep basis.
4.5 Queries/clarifications, if any, should be addressed before the auction. No queries/clarifications will be entertained after the auction.
4.6 The Highest Bidder will submit amount equivalent to 10% of the highest bid value (Inclusive of EMD) with Salvage Auction Pvt. Ltd., by the end of next working day from the date of auction. Otherwise EMD is subject to be forfeited by the competent authority.
4.7 The sale of offered goods is on single lot basis.
4.8 On approval, the Purchaser should deposit 100% advance payment (including EMD) to M/s __________ (name of the salvage seller) , within 2 working days of receipt of Approval Letter, failing which their EMD will be forfeited.
4.9 The Purchaser shall be allowed to lift the material against payment and complete the lifting within the period of 10 working days from the receipt of approval letter.
4.10 In case the Purchaser fails to comply with the clauses 4.9 then:
(i) The Purchaser shall pay to the Seller ground rent, as decided for the period in excess of the stipulated period ;and/or,
(ii) The Seller may dispose of the remaining lot at its discretion, at the cost and responsibility of the Purchaser.
4.11 The earnest money deposit will not attract any interest.
4.12 The Seller reserves the right to reject any bid without assigning any reason.
4.13 Rule of ‘Caveat Emptor’ shall apply.
4.14 The E-Auction shall automatically extend by three minutes in case someone enters a bid in the last one minute of the remaining time in closure of auction. This shall continue indefinitely until no one bids in the last one minute of the time remaining.
5.0 Commercial Terms
5.1 The rate shall be exclusive of all applicable duties, taxes and other statutory levies.
| Taxes/Duty: | Rate% |
| IGST | |
| OR | |
| SGST | |
| CGST | |
| Other Levies |
5.2 Conditional offers or any offer received without Earnest Money Deposit will not be entertained.
5.3 The terms and conditions contained in this mailer may be changed without notice. Please visit and register at our website for latest information/changes in terms and conditions on start time/date and end time/date, changes in items offered for sale and other changes, extension of auction time, date etc and the terms and conditions to which the auction is subject to.
6.0 Liability of Salvage Auction Private Limited:
6.1 The E-Auction Participation form constitutes an agreement between the Seller and the Purchaser. Salvage Auction are acting solely in the capacity of facilitators to the transaction.
6.2 we take no responsibility of the quality, quantity and documentation details of items on sale. In no event shall we be liable for any loss sustained by the Seller or the Purchaser w.r.t. their business, revenues, profit, costs, direct and incidental, consequential or punitive, damages of any claim.
6.3 The Purchaser agrees to have discussed all the related matters regarding any transaction and have understood in full that we provide sources of supply or inquiries and/or leads for supply. We have nothing to do any further especially with regard to the quality, quantity, warranty, guarantees, delivery schedules, payments, rejections, transportation and legal laws & regulations to be followed from time to time.
6.4 The EMD is accepted on behalf of the Seller by Salvage Auction. Salvage Auction do not earn any kind of income on this EMD amount and is held by it only as a security on the behalf of the Seller to be later adjusted against payments to be made by the Purchaser to the Seller. In no event shall Salvage Auction be held responsible or accountable for any kind of indemnification, for whatever reason, to the Purchaser or to the Seller. It is understood that any conflict between the Seller and the Purchaser shall be dealt with between the two parties by themselves without making Salvage Auction a party to it. It is further understood that Salvage Auction are only a marketplace conducting E-Auction for the Seller, on their direct or indirect request, so as to find prospective buyers out of their database for them who are interested to purchase the E-Auctioned property belonging to the Seller. Salvage Auction also takes no responsibility for the conduct or past history of the participating bidders and shall in no way be held responsible in regard there to.
6.5 The Seller shall be solely responsible for procuring / arranging all necessary permission(s) or certificate(s), required if any, to sell the subject salvage, particularly in case of the offered goods meant for human consumption. The Seller shall give proper and required declaration in this regard on the Sales Invoice.
6.6 Salvage Auction being only the facilitators for disposal of salvage, have no knowledge about the specific trade requirements and shall bear no responsibility of any kind, in this regard of whatsoever nature.
6.7 Similarly, the Purchaser shall be solely responsible for any harm/loss of life or property caused due to inappropriate consumption/ usage of salvage of offered goods, purchased by him.
6.8 The rule of ‘caveat emptor’ shall apply here. Therefore, the Purchaser should inquire and fully familiarize themselves with all the limitations, rules, licenses required and regulations in respect of end use consumption/ further reselling of the offered goods sold as salvage.
6.9 During the period of ONLINE AUCTION, Salvage Auction will not be held responsible for any power failures / Internet Connection failures / Bandwidth problem / erroneous Bids etc. at the bidder’s end. Bidders themselves need to check it at their end and bid in advance and monitor their lots.
7.0 A.M.L. Clause
7.1 For ensuring Anti Money Laundering, each buyer is required to submit his KYC documents.
7.2 As a system and being prudent to the profession we accept money only in our bank account.
7.3 NO CASH IS ACCEPTED IN ANY MONETARY TRANSACTIONS WITH US OR OUR EMPLOYEES
7.4 The e-Auction is run on secure website and there are no chances of any manipulation to our knowledge and belief.
7.5 The system is completely transparent and there are no leakages to allow any buyer to play foul with us or the sellers.
7.6 It is suggested that if you are tech savvy there is no need to using any kind of agent /mediators while dealing with us.
7.7 Please do not handover any money on our behalf to any person. Any such act is on your own responsibility and we should not be held responsible in such cases.