# 📜 CustomBid.in — General Buyer Terms & Agreement **(Enterprise e-Auction General Terms & Conditions)** **IMPORTANT NOTICE**: PLEASE READ THIS AGREEMENT CAREFULLY BEFORE SIGNING. BY DIGITALLY SIGNING THIS AGREEMENT, YOU ACKNOWLEDGE THAT ALL AUCTIONS CONDUCTED ON CUSTOMBID.IN ARE STRICTLY ON AN **"AS IS WHERE IS"**, **"IN WHATEVER CONDITION IT IS"**, AND **"NO COMPLAINT BASIS"**. --- ### 1. THIRD-PARTY MARKETPLACE FACILITATOR ROLE & "AS IS WHERE IS" POLICY 1.1. **Third-Party Service Provider Status**: CustomBid.in is an online e-Auction service provider facilitating a digital marketplace venue for Sellers and Buyers to conduct auction transactions. CustomBid.in is an independent third party with no proprietary interest or title in the items listed. 1.2. **Principle of "AS IS WHERE IS" & Caveat Emptor**: All materials, lots, equipment, scrap, and goods listed on CustomBid.in are offered strictly on **"AS IS - WHERE IS BASIS"**, **"IN WHATEVER CONDITION IT IS"**, and **"NO COMPLAINT BASIS"**. The principle of *Caveat Emptor* (let the buyer beware) applies fully. 1.3. **No Warranties**: Neither CustomBid.in nor the Seller gives any express or implied warranty or guarantee regarding the quality, quantity, weight, measurement, physical/chemical condition, end-use, or fitness for a particular purpose of the assets. 1.4. **Physical Inspection Mandatory**: Bidders are strongly advised to inspect the materials physically at the designated site prior to bidding. Absence of physical inspection by the bidder shall not be accepted as a ground for any post-auction dispute, claim, or refusal to pay. --- ### 2. SERVER TIME, BINDING BIDS & AUCTION ENGINE RULES 2.1. **Governing Server Time**: All bid timing, auction launches, extensions, and closures are governed strictly by the **Indian Standard Time (IST / Kolkata GMT+05:30)** indicated by the server hosting the auction engine, and NOT by client device clocks. 2.2. **Irrevocable & Binding Bids**: All bids placed on CustomBid.in are legally valid, irrevocable, and binding upon the bidder. Once a bid is placed, it **cannot be modified, cancelled, or withdrawn for any reason**. The latest and highest bid automatically supersedes all previous bids. 2.3. **Auto-Bid Proxy Mechanics**: Auto-Bid limits entered by bidders represent proxy maximum ceilings to enable the auction engine to auto-increment bids on their behalf. In the event of a manual bid matching an Auto-Bid value, the manual bid shall prevail. 2.4. **8-Minute Soft Extension**: If a bid is placed within the final countdown, the auction timer for that Lot automatically **resets back to 8 minutes**. The Lot auction closes only when 8 consecutive minutes elapse with zero new bids. 2.5. **Wrong Bid Safety Pause Protocol & ₹3,000 + GST Fine**: a) If a Buyer accidentally enters an erroneous bid (>5x jump), bidding on that Lot will be **paused for 30 minutes** for safety verification. b) The Buyer must immediately pay a correction fine of **₹3,000 + 18% GST (Total ₹3,540)** within 30 minutes. c) Upon fine receipt, Administration will cancel the erroneous bid and resume bidding from the 2nd Last Valid Bid. d) Failure to pay the fine within 30 minutes will result in **IMMEDIATE ACCOUNT SUSPENSION** and EMD/Registration Fee forfeiture. --- ### 3. PRE-BID EARNEST MONEY DEPOSIT (EMD) & 2-STAGE PAYMENT SCHEDULE 3.1. **Pre-Bid EMD Hold**: Bidders must maintain sufficient EMD balance in their CustomBid.in Wallet. Upon placing a bid, the Lot EMD amount is locked until auction completion. Non-winning EMDs are released immediately back to the wallet upon auction close. 3.2. **Stage 1 Payment (25% Advance Deposit)**: a) Upon receiving the **SOLD / STA Approved Notification**, the winning Buyer must pay **25% of the winning bid amount** within **7 calendar days**. b) **Stage 1 Default Penalty**: Failure to pay the 25% advance deposit within 7 days results in **100% EMD FORFEITURE**, 3-month account suspension, and forfeiture of bidding privileges. 3.3. **Stage 2 Payment (100% Balance AO Clearance)**: a) Upon Stage 1 clearance, an **Allotment Order (AO)** is issued. The Buyer must pay the remaining balance of **100% of the total AO invoice** (Remaining 75% + Seller Lot GST % + 4% Portal Charge + 1% TCS) within **7 calendar days** of AO issuance. b) **Stage 2 Default Penalty**: Failure to clear the remaining balance within 7 days results in **100% ADVANCE DEPOSIT FORFEITURE**, 3-month account suspension, and seller commission exemption for re-auctioning. --- ### 4. DELAY PENALTIES, LIFTING RULES & VEHICLE TRANSFER 4.1. **Material Lifting Deadline**: Material lifting must be completed within the specified days mentioned in the Delivery Order (DO). 4.2. **Delay in Lifting Penalty (₹5,000 / Day)**: If the Buyer fails to complete material lifting within the prescribed timeframe, a penalty of **₹5,000 per day** shall be charged until lifting is completed. This penalty shall be settled/deducted against the buyer's EMD. 4.3. **Payment Delay Penalty (₹5,000 / Day)**: Any delay in making full payment past the scheduled deadline shall attract a delay penalty of **₹5,000 per day**. Delay exceeding 15 days results in **100% EMD Forfeiture**. 4.4. **Vehicle RC Transfer Clause**: For motor vehicles sold via auction, the buyer must transfer the RC into their name within **90 working days** from the sale date. Failure to transfer RC within 90 days attracts an immediate penalty of **₹5,000 per day** until transfer completion. 4.5. **Penalty Deduction & Hold**: EMD refunds shall be put on **HOLD** until all accrued penalties are fully settled or paid by the Buyer. --- ### 5. MEMBER CONDUCT & SYSTEM SECURITY 5.1. Users agree not to attempt to breach website security, reverse engineer software, upload malicious code, engage in collusion, or disrupt bidding engine operations. 5.2. CustomBid.in reserves the absolute right to suspend, terminate, or refuse service to any user in the event of misconduct, breach of terms, or abusive behavior toward CustomBid.in or Seller personnel. --- ### 6. FORCE MAJEURE & LIMITATION OF LIABILITY 6.1. **Force Majeure**: CustomBid.in shall not be liable for any delay or failure in performance resulting from acts of God, fire, lockout, strikes, dislocation of normal working conditions, internet or network non-availability, ISP outage, server breakdown, natural calamities, or government restrictions. 6.2. **Limitation of Liability**: CustomBid.in sources server infrastructure from third-party hosting providers and shall operate in good faith. CustomBid.in shall not be held liable for any loss of business, profits, or incidental/consequential damages resulting from technical or network disruptions at the bidder's or server end. In all circumstances, total aggregate liability of CustomBid.in shall be limited to the portal fee received for the transaction. --- ### 7. ARBITRATION, GOVERNING LAW & JURISDICTION 7.1. **Amicable Settlement**: Any dispute or difference arising out of or in connection with this agreement shall first be attempted to be resolved amicably. 7.2. **Arbitration**: Failing amicable resolution, the dispute shall be referred to arbitration by a **Sole Arbitrator appointed by the Management of CustomBid.in**. Arbitration proceedings shall be governed by the Indian Arbitration and Conciliation Act, 1996 and amendments thereto. 7.3. **Governing Law & Jurisdiction**: This agreement shall be governed by the Laws of India, and courts at the corporate headquarters of CustomBid.in shall have exclusive jurisdiction. --- ### 📝 DIGITAL SIGNATURE ACKNOWLEDGEMENT ``` Digitally Accepted & Signed By: [Buyer Name] PAN / GST: [Buyer Tax ID] IP Address: [System Logged IP] Timestamp: [Live System Date & Time UTC/IST] Agreement Status: ACTIVE & BINDING ```