General Terms & Conditions
THE SERVICES PROVIDED BY M/S ADWITI TECHNOCRATS PRIVATE LIMITED ("SALVAGE MANAGERS", "WE" OR "OUR") THROUGH THE SALVAGE MANAGERS WEBSITE (THE "SITE") ARE GOVERNED BY THESE TERMS AND CONDITIONS ("TERMS AND CONDITIONS" OR "AGREEMENT"). BY REGISTERING AS EITHER A BUYER OR SELLER ON THE SITE ("BUYER", "SELLER" OR "YOU"), YOU AGREE TO BE BOUND BY ALL OF THESE TERMS AND CONDITIONS. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS, YOU MUST NOT USE THE SITE TO BUY, SELL OR BID FOR GOODS ON THE SITE, OR USE ANY OTHER SERVICES OFFERED BY SALVAGE MANAGERS ON THE SITE.
WE MAY AMEND THESE TERMS AND CONDITIONS AT ANY TIME BY POSTING THE AMENDED TERMS AND CONDITIONS ON OUR SITE. ALL AMENDED TERMS AND CONDITIONS SHALL AUTOMATICALLY BE EFFECTIVE IMMEDIATELY AFTER THEY ARE POSTED ON OUR SITE. THIS AGREEMENT MAY NOT BE OTHERWISE AMENDED EXCEPT IN A WRITING EXECUTED BY YOU AND SALVAGE MANAGERS. YOUR CONTINUED USE OF THIS SITE AFTER OUR POSTING OF ANY CHANGES WILL CONSTITUTE YOUR ACCEPTANCE OF SUCH CHANGES.
The Days, Percentages, Dates, Timings are not firm and / or are only indicative which may vary from Event to Event.
Our Site acts only as a venue or marketplace for sellers to list items for sale and buyers to purchase items. SALVAGE MANAGERS provides the services, which is incorporated herein by reference.
SALVAGE MANAGERS IS ONLY A VENUE:
Although SALVAGE MANAGERS may be referred to as an e-auction website, SALVAGE MANAGERS is not a traditional auctioneer or broker. Instead, our Site acts only as a venue or marketplace for sellers to list items for sale, and buyers to bid. We are not involved in forming the actual transaction between buyers and sellers, we are not an agent of buyer or seller, and we do not take title to the items at any point in the sales process. Rather, we provide a venue for listings, bids and acceptances, and facilitate the exchange of information between buyers and sellers. Any agreements reached by buyers and sellers with respect to the terms of sale for items are solely between such buyers and sellers. As a result, we make no representations or warranties regarding the offered items and have no control over the quality, safety or legality of the listed items, the truth or accuracy of the listed items, the ability of sellers to sell items or the ability of buyers to buy items. We cannot ensure that a buyer or seller will actually complete a transaction. Also, we do not control the information provided by other users which is made available through our site.
Earnest Money Deposit ( EMD) Information:
1.Interested buyers must pre-qualify themselves for participation in the e-Auction, by paying an EMD Amount announced by administrator, by way of Demand Draft / NEFT / RTGS in favor of Adwiti Technocrats (P) Ltd., payable at New Delhi, under confirmation to us. For display listings the system of “money points” to be referred.
2.The EMD if submitted by DD to be deposited in physical form at our operating office address or at Seller’s address latest by 02:00 PM on the auction day.
3. EMD is dealt with as per the procedure mentioned below:-
a) In case of unsuccessful bidders (below H3 and lesser) - EMD is refunded immediately in next 3 working days from the completion of e-Auction process subject to the general and special terms and conditions mentioned herein and at the website.
b) In case of H2 and H3 bidder - EMD shall be retained for few days (ranging between 10 to 15 days) from the date of completion of e-Auction process and may be asked to honour the deal as the subsequent highest bid within the aforesaid period.
c) In case of successful bidder - (hereinafter referred to as ‘the Purchaser’), the EMD shall be transferred to the Seller's account in due course after making the necessary adjustments.
4.Please note that your username will be enabled allowing you to bid only if the above mentioned EMD has been submitted within the stipulated time. Without EMD deposit it is at sole discretion of the administrator to allow bidding, which otherwise is not a normal practise.
Participation & Processing fees:
Some fee may be levied separately on account of participation and processing of the e-Auction and the same must be submitted along with the EMD. Wherever applicable, no application shall be accepted unless accompanied by the Participation Fees.
Disposal of all material will be on 'As Is Where Is', 'Whatever There Is' and 'No Complaint' basis subject to the following condition:-
a) All charges incidental to loading and lifting of material will be borne by the Purchaser.
b) Once the bidder is participating in the e-Auction, It is assumed that prospective bidders have inspected the above salvage and acquainted themselves about the offered goods available for purchase, irrespective of the fact that they have actually inspected the same or not.
c) 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.
d) Lifting is to be made as per instructions given by the Seller. For example, more damaged material to be lifted first etc.
e) 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.
f) Queries / clarifications, if any, should be addressed before the auction. No queries / clarifications will be entertained after the auction.
g) The sale of offered goods is on single lot basis.
h) On approval, the Purchaser should remit 100% advance payment (including EMD) within specifically mentioned working days of receipt of delivery order, in the name of Seller, failing which their EMD will be forfeited.
For above remittance, relaxation may be allowed as per mutual convenience of the "Seller" and "Purchaser". If the Seller is accepting part payments then it is assumed that they have already reached agreement regarding the relaxed payment schedules. We have no role in such case of any disputes later on.
i) After depositing 100% payment, the Purchaser shall start lifting and clear the lot awarded to him, from the Site within a period of 5 working days from the date of receipt of delivery order by him, failing which:
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 off the remaining lot at its discretion, at the cost and responsibility of the Purchaser.
j) The EMD will not attract any interest.
k) The Seller reserves the right to reject any bid without assigning any reason. However this is not a normal practice.
l) Material offered for sale can be inspected between 10.00 am - 5.00 pm on any working day before the e-Auction date with prior appointment with the authorized representative of the "Seller".
m) Rule of 'Caveat Emptor' shall apply.
n) The e-Auction shall automatically extend by "Dynamic Time" in case someone enters a bid in the last few minutes of the remaining time at the time of closure of e-Auction. This shall continue indefinitely until no one bids beyond dynamic time.
1. The rate for purchase of offered goods is to be submitted on "Unit" basis as mentioned in the e-Auction listing being displayed on the site.
2. THE RATE FOR PURCHASE OF OFFERED GOODS IS TO BE SUBMITTED ON "BASIC AMOUNT" BASIS. THE SAME SHALL BE EXCLUSIVE OF ALL APPLICABLE DUTIES, GST AND OTHER STATUTORY LEVIES (IF ANY).
For any deviations please refer special conditions mentioned on the site display.
3. Conditional offers or any offer received without Earnest Money Deposit will not be entertained.
4. The terms and conditions contained in this mailer may be changed without notice. Please visit and register at our website, www.SalvageManagers.com for latest information / changes in special terms and conditions OR 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 e-Auction is subject to.
1. The e-Auction participation agreement constitutes an agreement between the Seller and the Purchaser. Salvage Managers are acting solely in the capacity of facilitators to the transaction.
2. Salvage Managers is acting on behalf of the Seller / their insurers / believed to be the owners of the material / appointed Insurance Surveyors & Loss Assessors / mandated Insurance brokers / consultants / Insurance Agents, and appointed by them to conduct this e-Auction under good faith for maximum recovery by sale of the salvaged goods. Hence if any assignment has been accepted in good faith, the same has been interpreted accordingly for circulation among prospective buyers. Any fault in information provided falls back on the sellers only.
3. Any items placed for listing / e-Auction by seller or by us on their behalf and its subsequent sale is the sole responsibility of the seller. We believe the seller that they have absolute authority to accept bids for the items offered for sale.
4. Salvage Managers takes no responsibility of the quality, quantity and documentation details of items on sale. In no event shall Salvage Managers 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.
5. 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 enquiries 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. The EMD is accepted on behalf of the Seller by Salvage Managers in its name. Please refer Clause 3 of EMD Information above for the treatment of EMD.
7. 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.
8. The Salvage Managers or the associated Loss Adjusters or Underwriters, 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.
9. Similarly, the Purchaser shall be solely responsible for any harm / loss of life or property caused due to inappropriate consumption of salvage of offered goods, purchased by him.
10. There is no warranty or guarantee of any sort on the material sold through this site. No claim in this regard will ever be entertained by us or the seller/s.
11. Wherever “Brand Clause” is mentioned in the special T&C, the material will be removed after defacing the “brand” of the seller. This means that brand name will be removed at the time of material delivery (S.No., sticker, technical specs, nameplate / wiring diagram, warranty card and user manual). The buyers must acquaint themselves if this special condition is inserted in the specific listing or e-Auction.
12. 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.
13. The site is maintained by external agency at external servers. Any problem while bidding or technological glitches / problems may occur accidentally and such problems will be dealt in order to complete the entire process smoothly. The insurers / surveyor's decision in this regard will be final as they have appointed us to bring transparency in the system by conducting e-Auction.
14. Since the salvaged goods are under insurance claim, the same may become unavailable in case insured withdraws the claim. In that case this e-Auction will be considered cancelled "Ab Initio" and the EMD will be refunded almost immediately without interest/penalty.
15. By participation, the buyer agrees that before closing the deal, PAN No., VAT etc. KYC compliance will be done.
Commission Agent / Open Market Broker Clause
1. The commission agent is the market agent, and, is NOT our agent. We don't appoint any agents.
2. He bids on the behalf of his buyer/s and works under their authority letter. He is allowed to do the bidding considering the fact that the actual buyer for some reasons are unwilling to participate in the eAuction and such procedures AND they fully trust their commission agent.
3. The commission agent must use multiple IDs for multiple buyers, if need be. Single ID will not be allowed for multiple buyers.
4. Maximum 3 ID are allowed per commission agent.
5. The KYC documents including name of owner, mobile number, address, PAN card, GST and trade certificate are required from actual buyer.
6. The money deposit should be from actual buyer and the same shall be released only to actual buyer's account. No money will ever be released to commission agent.
7. In case of winning the eAuction the commission agents are allowed to change the actual buyer only after NOC from the winning buyer as per our records. A minimum fee of Rs. 10,000 OR 1% of total lot value is however payable with every change request.
8. No change will be permitted after expiry of the allowed time period. In such case as per the T&C of the eAuction the EMD will be forfeited.
9. The allotment letter will be issued to the name of commission agent.
10. The delivery order will be personally received by commission agent.
11. The billing will be done to the actual buyer only.
1. For ensuring Anti Money Laundering, each buyer is required to submit his KYC documents.
2. As a system and being prudent to the profession we accept we accept money only in our bank account. NO CASH IS ACCEPTED IN ANY MONETARY TRANSACTIONS WITH US OR OUR EMPLOYEES.
3. The eAuction is run on secure website and there are no chances of any manipulation to our knowledge and belief.
4. The system is completely transparent and there are no leakages to allow any buyer to play foul with us or the sellers.
5. It is suggest that if you are tech savvy there is no need to using any kind of agent / mediators while dealing with us.
6. 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.
7. All matters are restricted to jurisdiction of courts of New Delhi.
8. All official communications should be done to our domain named email (@salvagemanagers.com) only. Use and belief of any other non domain emails are at the risk of recipients. M/s Adwiti Technocrats Private Limited can not be held responsible for any communications emanating from non domain email IDs.