Terms and Conditions for Auction
Seller’s Contract
  (The agreement between the Seller and indiaengineering.com i.e. IE) This agreement is made and entered at Pune on May 21, 2001
  BETWEEN
Synise Technologies Ltd.
  4 th Floor 'VISHWA ARCADE' Survey No. 51/7/B/1, Wadgaon Budruk, Narhe, Opposite Hotel Deccan Pavilion, Near Navale bridge, Mumbai Bangalore Highway, Pune, Maharashtra -411041
  Hereafter referred as "indiaengineering" / "IE" (Which expression shall unless it be repugnant to the context and meaning thereof, mean and be deemed to mean and include its administrators, executors assigns etc.)
  And
  Through its Authorised signatory hereafter referred as "THE SELLER" (Which expression shall unless it be repugnant to the context and meaning thereof, mean and be deemed to mean and include its administrators, executors assigns etc.)

WHEREAS indiaengineering has launched its website on the internet which provides buyers and sellers a global e-marketplace for sale of industrial assets, all types of scrap, surplus assets and inventory.

AND WHEREAS the seller having come to know the services offered by the indiaengineering approached them and offered to become a "registered seller" with indiaengineering on payment of fees and on such terms and conditions hereinafter appearing:
NOW THEREFORE IT IS AGREED BY AND BETWEEN THE PARTIES AS UNDER:
Seller agrees to appoint IE as an Authorized e-marketplace to advertise and conduct his Auction on the web-site of IE in the prescribed format on his behalf.
Seller is a Registered Member of IE web-site and as such has carefully gone through and understood the terms and conditions of usage as annexed herewith in annexure 1. The seller does hereby agree to abide by the said terms and conditions of usage.
Seller agrees to all "Disclaimer of warranties" Clauses of IE before advertising his Auction listing on IE as more particularly mentioned in annexure 1.
Seller hereby confirms that he wishes to Auction his material by:-
  Featured Open Auction: Whereby Seller name would be disclosed, anybody can register as a Buyer for bidding.

Standard Open Auction : Whereby Seller name would not be disclosed, anybody can register as a Buyer for bidding.

Private Auction : Whereby Seller name would be disclosed, buyers will be qualified by seller before bidding

A detailed description of various types of Auction is also referred on online Seller’s Registration Form of IE on the web site.
Seller agrees to furnish all the detailed information of the Auction material to IE along-with technical specifications, quantities, condition, catalogues, photographs (maximum 5 Nos.) etc. one week before advertisement on the web-site, 15 days before date of Auction.
Seller informed that the material will be available for on-sight inspection from ______ to ______ at site. Seller’s authorized representative will be present on the site at the scheduled time to answer the techno-commercial queries of the interested bidders.
Seller agrees/does not agree to get the Auction material valued before online Auction preferably by Authorized Valuation Agencies recommended by IE. Valuation Agency in turn should independently send the techno-commercial Valuation Report of the Auction material to display it on IE along-with the respective Auction listing. Only Technical Report will be published on the web-site. In the event of seller getting the valuation done the charges of valuation agency shall be borne exclusively by the seller.
Seller agrees to dispose off material _______________. The seller should organize his lots physically as well as listing wise for Auction purpose before on-site inspection of the same. Seller should keep the Auction material isolated from his main stores. Seller should mark the lots with some identification tags.
Seller agrees/does not agree to publish the advertisement of his online Auction in Newspapers also, and in the event of any advertisement decided to be placed in the media after prior permission from the seller,all the actual advertisement charges will be decided on a mutually agreeable basis.
Seller agrees to give its database of current & prospective buyers to ie so that they can be brought on a common platform with other buyers brought in form ie database.
The seller agrees to pay one time Nonrefundable Event Management, Processing , Administration & hosting fee (EMC) of ---------------while signing the contract.
Bidding will be done on the basic transaction amount. Basic transaction value for the purpose of the Auction will be the value of the Auction material (separately lotwise if available) & would exclude the charges for loading, unloading,excise duty,Sales Tax, octroi, any govt. levy,etc.
Seller agrees to define the reserve price on realistic basis.
After completion of dynamic online Auction,if winning bids exceeds Reserve price it is obligatoiry for the seller to sell material to the winning bidder. In case seller decides not to sell the material even of highest bid exceeds reserve price,the seller shall be required to pay --------------- % of the final transaction amount to IE by way of damages. The final transaction amount will be the reserve price or the highest bid whichever is higher.
If winning bid is less than reserve price, seller has to inform IE within 24 hours whether he is willing to sell the Auction items.In case ,seller decides to sell the material at the highest bid,he will be required to pay india engineering ,transaction fee @ ---------------% of the highest basic bid amount(basic value excluding duties,taxes etc).
Seller agrees to pay additional incentive of ------------------- % of realisation over & above reserve price.
It is clearly understood by the seller that only after signing of this agreement & payment of one time EMC fees in favor of IE by Seller, his Auction listing will go online
Seller & IE will jointly decide the date and time of online Auction to be conducted. They will also decide the total timetable of the said Auction right from advertisement to fulfillment.
If the seller, after advertisement of Auction listing online, sells his Auction material directly to any party whomsoever then he shall be liable to pay compensation amounting to ------------------------- % of the Reserve Price declared by him to IE. IN such case EMC paid shall also be forfeited.
Seller agrees to inform IE 3 days before advertising of Auction listing online, his Reserved Price (The minimum expected price at which seller agrees to sell the material which is not made public) and Opening Price (The minimum price for bidding to start for the Auction item to attract more no. of bidders) before online Auction. Seller (in consultation with IE) also agrees to specify the Minimum Bid Increment (The minimum amount specified by the Seller to maintain a reasonable difference between two bids at the time of Auction) 3 days before online Auction.
After successful completion of Auction, winning bidder will pay Down Payment (DP) -----------.% of total basic transaction amount (basic winning bid x Qty. in tons) exclusive of duties, levies, taxes, transport cost, loading etc. in favor of IE within 24 hours or to any agency nominated by IE. The buyer should immediately send the detailed Purchase Order to seller and a copy to IE keeping basic price same as winning bid amount mentioning of all taxes, duties, insurance & any other commercial terms applicable, as per the terms & conditions laid down by seller & are given in the Auction details on the web. The seller agrees to acknowledge the P.O. within 24 hours from receipt of P.O. and acknowledged P.O. copy would be forwarded to IE and buyer. If winning bidder fails to deposit DP & P.O. within specified period, his BD will be forfeited & the sale will be offered to second highest bidder.
Seller authorises IE and its nominated banker ICICI Bank,Shivajinagar to deduct -----------% immediately from the down payment of as Transaction fee,incentive,valuation & advertisement charges as applicable for IE services and to transfer balance to seller account.
After receipt of transaction fee, the seller will be made to deal directly with the buyer according to the Terms & Conditions of the P.O. Balance amount as per the P.O. will be directly paid by the buyer to the seller. It shall be obligatory on both the buyer & seller to follow the terms & conditions mentioned in P.O.
IE will not collect any government levy such as sales tax, excise duty, turnover tax, etc. on behalf of seller.
After receipt of DP, successful bidder will pay Balance --------% amount and Government duties,Taxes etc., to the seller as per the terms & conditions mentioned in P.O.
In case of only one bidder participates, in any Auction, he will be declared as a winner if his bid exceeds Reserve Price.
Otherwise, the seller will have the option to sell the Auction material or repost his Auction. IE reserves the right to repost the Auction and the fee etc. in this reposting will have to be discussed mutually.
If no buyer has registered for any of the lots in the Auction, the seller can repost / reschedule the Auction in consultation with the Auction Administrator.
It is agreed between the parties that the one time Nonrefundable EMC Fee of Rs.----------- paid by the seller to IE while signing the contract shall be forfeited by IE in all the cases when the seller decides to repost the Auction except in the circumstances mentioned in clauses hereinabove.
If the online Auction is postponed for over a period of 3 months or cancelled by the seller due to natural calamities such as fire, flood, war, riot, earthquake, typhoon, accident, unrest, lockout etc. or due to any other reason whatsoever, the seller’s one time nonrefundable deposit of -------------will be forfeited by IE.
The time of bidding will be considered as the time at which the Bid is received at the IE server. and all the Questions & Answers will be visible to the Seller, till the Auction is over.
IE does not guarantee that a posting of an advertisement listing on the web-site will always end up in the successful transaction.
The person signing the agreement on behalf of the seller is authorized to do so and the decisions / agreements made / entered by him will be binding on the seller.
Seller hereby gives exclusive rights to IE for Auction items for a period of ------- days from the date of signing this agreement, once an Auction item is posted, seller will not sell the posted item other than through IE unless seller pays IE the agreed transaction fee for the exclusive period. After the completion of Auction & decision to sell the material, seller further allows IE to try & complete sale of unsold lots by way of advertising in their magazine, website, liquidation Auction posting onsite, offline contact to locate buyers for the Auction. IE will inform the bids collected at the end of this process to the seller. In case the seller decides to sell any asset further, IE will be entitled for a transaction fee of & incentive as per the above referred terms of the dynamic Auction.
IE is not responsible for the quality, accuracy, legality or completeness of any content provided by seller. Seller is solely responsible for verifying the quality, accuracy, reliability, legality of all content / information provided by him.
Seller undertakes, warrants & covenents the following :
  That its use of the service and web-site of IE to Auction items shall not to violate any applicable, local, state, national or international law, statute, ordinance, rule or regulation.
  That it will not sell any Assets that may not lawfully offered for sale in India.
  It has good and marketable legal title & permission from various authorities for sale of the offered assets, free and clear of any lien, security interest, leasehold interest, co-ownership interest, or any other types of encumbrance or interest of any other person or entity.
  It has authority to list the offered assets for sell and to sell the offered assets.
This agreement will be governed by the laws of India. All disputes, differences and claims arising out of this agreement shall be subject to Indian Law. The courts in Pune shall have exclusive jurisdiction relating to any proceedings arising out of this agreement.
Seller hereby grants IE a non-exclusive, worldwide, perpetual, irrevocable, royalty free licenses to publish, broadcast, distribute, advertised and otherwise use, subject to IE privacy statement, the seller information including any copyrights, publicity rights or any other proprietary rights, Seller has in the seller provided information, in any media now or hereafter existing, for any purpose in connection with the operation, marketing, promotion, advertising or use of IE.
Unless otherwise clearly stated in the listing all prices are quoted in Indian Rupees.
The seller is responsible for all arrangements and liability arising in connection with packing, shipping, insurance and delivery of any item sold through IE or communicating the same to the winner bidder. The seller is responsible for issuance of all bills of loading and all transportation documents required by the Indian laws and any other applicable statutes or regulations.
The seller acknowledges and agrees that IE does not take any responsibility to calculate, report or remit sales tax, excise, octroi, or any other applicable taxes / duties which may be assessed, due to or owing to the taxing authorities of any jurisdiction for transactions that arise in connection with his use of IE. Seller acknowledges and agrees that seller is solely responsible for the calculation, collection and remittance of any applicable taxes, which may be incurred or assessed. Seller agrees to defend, indemnify and hold harmless IE from and against any and all damages, penalties, costs and expenses incurred by or imposed upon IE resulting from any failure by him to comply with applicable tax laws.
For seller’s convenience IE has negotiated with service providers (Transaction Support Services) listed at the IE site for preferred services such as valuation, inspection, logistics etc. on special terms for IE users. This information about all dynamic links to the service providers is provided by IE as an accommodation to users to facilitate the closing of contracts / transactions. In case of use of any of the above services provided IE makes no representation or warranties regarding the quality, reliability or performance of services by the service providers and seller agrees that IE in no event shall be liable for the acts or omissions of any service providers, whether intentional or otherwise.
In the event a currency conversion is required, indiaengineering will, at its own discretion, perform the currency conversion at the time the buyer's offer has been accepted by the seller. indiaengineering will use the conversion rates as published on Reuters.com at the close of business in New York, on the date the offer is accepted by the seller. In the event there is a disparity in the exchange rate from the close of business on the date the offer is accepted to the date payment is made for the Asset, the seller shall bear the cost of such disparity. indiaengineering will notify the seller of the currency conversion on the day calculated.
Various disclaimers related to use of internet as given in Annexure I are thereof part of this agreement
Payment Gateway Policy
Transcation fees:- Transaction fees charged would not be refunded/ reversed for any refund or reversal and chargeback of any transaction.Transaction fees charged would be borne by cardholder for any payment.
Cancellation: if client wants to cancel the order before he avail the service.Deduction the amount will be refunded via same source within 07 to 10 working days.
Refund: if client made twice payment for one transaction, the one duplicate payment will be refunded via same source within 07 to 10 working days.
Service Delivery Policy :as per seller auction schedule merchant will provide service to client after he receive the payment.
   
IN WITNESS WHEREOF THE PARTIES HERETO HAVE SET THEIR RESPECTIVE SIGNATURES AND SEALS ON THE DATE HEREINBEFORE FIRST MENTIONED.

SIGNED, SEALED AND DELIVERED

By the within named indiaengineering

Synise Technologies Ltd.

IN THE PRESENCE OF: indiaengineering

1.

2.

SIGNED, SEALED AND DELIVERED

By the within named SELLER

IN THE PRESENCE OF: SELLER

1.

2.

                                                                            FOR DETAILS PLEASE CONTACT
Synise Technologies Ltd.
4 th Floor 'VISHWA ARCADE' Survey No. 51/7/B/1, Wadgaon Budruk, Narhe, Opposite Hotel Deccan Pavilion, Near Navale bridge, Mumbai Bangalore Highway, Pune, Maharashtra -411041
Email - contact@synise.com
 
All Rights Reserved ©
4 th Floor 'VISHWA ARCADE' Survey No. 51/7/B/1, Wadgaon Budruk, Narhe, Opposite Hotel Deccan Pavilion, Near Navale bridge, Mumbai Bangalore Highway, Pune, Maharashtra -411041
Ph. No. : +91-20-30277500,501.