Bidding Procedure Policy - Types of Sales / Auctions / Terminology / FAQs

a) Listing / Direct Bidding – Listing are the displays of the items proposed by sellers for buyer’s interest. Standard listing are for 15 days which may be extended in multiples of 15 days. All sales under this are driven by standard terms and conditions of sale and purchase.

b) Auction – e-Auctions are the listings for competitive biddings between buyers. Auctions are driven under certain standard and special T&C which bind both sellers and buyers.

c) Bid – This is the offer made by the buyer on the listing / e-Auction.

d) Expected Price – This is the price expectation from the seller for his listing / e-Auction.

e) Reserve Price – This is the minimum price below which the bids will not be accepted.

f) Dynamic Time – The auctions will close at predetermined time. If there are bids near the closing time, in order to give sufficient time to H1 / H2 / other buyers to review and revise their most competitive bid, the auction closing time will shift forward by predetermined dynamic time. There is no limit to the number of times an Auction may be extended in this situation. Some Auctions may have longer extension periods which will be clearly disclosed on the listing. The entire process is automated and software driven and Salvage Managers have no control over the same.

g) Money Point – This is the system currency which replicates the behaviour of real currency. The buyer can deposit real money and get 20 times the money points. The money points are useful for placing bids in listings only.

h) Buyer Rating – The buyer rating is rating given to buyers based upon certain criterion. Ratings are system driven and show the excellence of the buyer.

i) Buyer Eligibility – Any buyer with money deposit with us is an “Eligible” buyer. The eligibility changes in real time.

j) Close Deal – For listings, the seller have facility to “Close Deal”. Once deal is closed with “Eligible” buyer, the money points of the buyer will be credited to the account of the seller. This is not actual money transfer.

a) Know Your Customer (KYC) Compliance.

KYC Compliance is necessary for buyers and sellers. We promote policy of fair trade practices and utmost good faith. While operating under guidelines of CVC of India, to sell and bid on our website it is mandatory for us to know about yourself in detail. The registration form will take care of your KYC terms and if you are not KYC complied, our third party partners will suitably guide you. 

b) Fair Bidding and Listing Practices.

Sale price manipulation of any kind by users is strictly prohibited, including, without limitation, bidding through a secondary account or other party, by communicating with other buyers, or by shill bidding. Buyers or sellers who do not act in good faith or otherwise subvert the integrity of the Salvage Managers Marketplace are subject to suspension or termination from the Site. 

c) Collection of Statistics on Buyer Performance.

As part of Salvage Managers' monitoring of the Site, Salvage Managers collects statistics on each buyer's bidding activities to determine such buyer's performance history on the Salvage Managers Marketplace. Such statistics may include the number of completed transactions by a buyer, failures or late funding of the purchase price, and taking late delivery of purchased goods. Salvage Managers reserves the right to allow sellers to access such statistics collected on a buyer who bids on a specific item. 

d) Late Payment; Failure to Complete Sale.

Please refer Standard Fee Schedule.

This Bidding Procedures Policy is subject to the Terms and Conditions (the "Terms and Conditions") on the Salvage Managers website, and in case of any conflict, the Terms and Conditions shall control. In case of any conflict between the terms of any specific Auction listing and this Bidding Procedures Policy, the terms of the specific Auction listing shall control. 

a) Pre-Qualified Bidders.

Sellers and Salvage Managers will always choose to limit a designated Auction to pre-qualified bidders who will be required to place a specified amount on deposit with Salvage Managers. Prior to the Auction start, bidders will be required to pay this deposit amount to Salvage Managers by DD or other approved methods. Only pre-qualified bidders will be allowed to place bids during the Auction.

b) How Does the Standard e-Auction Format Work?

In the Standard Auction Format, bidders are invited to submit bids for listed items prior to the set ending time for the Auction. There is a pre-set reserve price. The auction starts from this reserve price and may go beyond seller’s “expected price”. At the end of the Auction, the seller will select the H1 as winning bid. Sometimes H1 may not be the highest bid, or may reject all the bids. This will happen due to various reasons. If the seller selects a bidder, that bidder will be promptly notified by Salvage Managers, at which time the seller and winning bidder are obligated to complete the transaction. The fees and penalties for an auction are set forth in the Standard Fee Schedule.

c) No Changes to Listing After Auction Commences.

Once an Auction has started, the seller may not change the listing without Salvage Managers’ approval. In very limited circumstances, Salvage Managers may permit sellers to add additional non-material descriptive information, such as pictures or text, or allow to correct inaccuracies, which do not materially change the original listing. If material changes are needed to correct inaccuracies in a listing, however, the Auction will be terminated and subsequently re-listed as appropriate. 

d) Bids are Not Retractable.

Bids are not retractable except in extraordinary circumstances such as when a clear typographical error is made. Bidders should carefully review their bids prior to submitting them. 

e) All Bids are binding.

Bids made by bidders on listed items are binding. At the end of an Auction, if a bidder's bid is selected by the seller, the winning bidder is obligated to complete the transaction. Bidders agree that bidding on the Salvage Managers marketplace is the legal equivalent of a firm purchase order. 

f)  Auction Results are Confidential.

For any completed auction, the final purchase price and winning bidder are confidential and will not be released to other parties. 

g) Void Bids.

Salvage Managers reserves the right to reject or void any bids which Salvage Managers believes have not been made in good faith, but are intended to manipulate the Auction process, or are prohibited either by applicable law or the terms of sale for such Auction. 

h) Auction Extension (Dynamic Time).

The auctions will close at predetermined time. If there are bids near the closing time, in order to give sufficient time to H1 / H2 / other buyers to review and revise their most competitive bid, the auction closing time will shift forward by predetermined dynamic time. There is no limit to the number of times an Auction may be extended in this situation. Some Auctions may have longer extension periods which will be clearly disclosed on the listing. The entire process is automated and software driven and Salvage Managers have no control over the same.

i)  Auction Closing Process; Payment.

At the end of an Auction and upon the selection of the winning bid by the seller, Salvage Managers will promptly email the winning bidder a request for funding to the winning bidder's registered email address. Within 48 hours after the selection of the winning bid by the seller, the winning bidder is required to pay the agreed purchase price to seller or to Salvage Managers. 

j)  Special Terms and Conditions (T&C) of e-Auctions.

Some e-Auctions may carry special T&C. Such T&C will be elaborately informed with the listing on the website and will be part of the entire e-Auction process. Any special T&C will override general T&C, for operational and legal purpose. It is mandatory that every buyer goes through such special T&C before placing his respective bid. Once bid is placed, the same cannot be retracted.

This Bidding Procedures Policy is subject to the Terms and Conditions (the "Terms and Conditions") on the Salvage Managers website, and in case of any conflict, the Terms and Conditions shall control.a) Eligible Bidders.

Anybody registered with us can become eligible buyer by purchasing money points. Every buyer will be rated as per the compliances initially and later star rating will be dependent upon the market performance of the buyer.

a) How Does the Standard Listing / Direct Bidding Format Work?

In the Standard Listing Format, bidders are invited to submit bids for listed items prior to the set ending time for the Listed item. There is a pre-set reserve price. The buyer also has an “expected price”. The buyer may submit any bid above reserve price. The buyer will select a buyer with whom he wishes to choose to “close deal”. This will be purely the choice of the buyer and he will ideally select the buyer based upon 3 criteria

1) Bid amount

2) Eligibility of the buyer

3) Star rating of the buyer

Hence the buyer selected by the seller may not be the H1 buyer. Once a deal is closed, the buyer is also notified. If the buyer is eligible, the money points will be immediately transferred, and, if the buyer is not eligible, due to non-availability of money points no such transfer occurs. The seller will always have the liberty to close the deal with different buyer in consultation with us. However once the deal is closed with a eligible buyer, the buyer and seller both will be bound by the “agreement to sell”. In case of dispute, the buyer has to satisfy the seller and bring us an NOC to release the money points back to his account.

b)  No Changes to Listing After Listing

Once a listing has been done, the seller may not change the listing without Salvage Managers’ approval. In very limited circumstances, Salvage Managers may permit sellers to add additional non-material descriptive information, such as pictures or text, or allow to correct inaccuracies, which do not materially change the original listing. If material changes are needed to correct inaccuracies in a listing, however, the Listing will be terminated and subsequently re-listed as appropriate. 

c)  Bids are Not Retractable

Bids are not retractable except in extraordinary circumstances such as when a clear typographical error is made. Bidders should carefully review their bids prior to submitting them. 

d)  All Bids are binding

Bids made by bidders on listed items are binding. At the event of closure of deal, if a bidder's bid is selected by the seller, the winning bidder is obligated to complete the transaction. Bidders agree that bidding on the Salvage Managers marketplace is the legal equivalent of  a firm purchase order. 

e)  Bid Results are Confidential

For any closed deal, the details of winning bidder are confidential and will not be released to seller. The no third party can try to access such details from us as they have no legal locus standi in such matters.

f)  Void Bids

Salvage Managers reserves the right to reject or void any bids which Salvage Managers believes have not been made in good faith, but are intended to manipulate the Auction process, or are prohibited either by applicable law or the terms of sale for such Auction. 

g)  Listing Extension

The listing will come to end at predetermined time. The listing may be relisted on request of seller.

h)  Deal Closing Process and Payment

At the closure of any deal and upon the selection of the winning bid by the seller, Salvage Managers will promptly email the winning bidder with a request for funding to the winning bidder's registered email address and bank account. Within 48 hours after the selection of the winning bid by the seller, the winning bidder is required to pay the agreed purchase price to seller or to Salvage Managers. 

i)   Special Terms and Conditions (T&C) of Listing

Some Listings may carry special T&C. Such T&C will be elaborately informed with the listing on the website and will be part of the entire sale process. Any special T&C will override general T&C, for operational and legal purpose. It is mandatory that every buyer goes through such special T&C before placing his respective bid. Once bid is placed, the same cannot be retracted.