e-Auction Rule

 

Please read the respective e-auction catalogue, general terms & conditions (GTC), buyer specific terms & conditions (BSTC) and Special terms & conditions (STC)

 

The auction will remain open for bidding for specified hours as mentioned in the respective auction catalogue.

            The bidding shall be in Rupees lakh and in multiple of 1 lakh.

Bidders are to start bidding above specified start price mentioned in the auction floor.  The start price may or may not equal to reserve price.

Each intending bidders are to submit pre-bid EMD amount as specified in auction catalogue along with the documents towards eligibility mentioned in respective auction catalogue.

            Only eligible bidder will be allowed bid in the auction.

Eligible bidders can bid in the auction floor and revised their bid any number of times till the auction is live.

Multiple Bid Revision:

 

Any eligible Bidder, including the H-1 Bidder, can go on revising his bid so as to improve upon the same.  There will be no restriction on the number of such bids / revisions till the e-Auction closes. No downward revision or cancellation of Bid can be done by any Bidder.

 

            “AUTO BID” facility to Bidders :

 

The Bidder shall have the option to make each bid  / bid improvement manually or he can choose the “Auto Bid” mode to give “Standing Instructions” to the system to go on increasing his bid by a specified incremental value and upto a specified limit

For example, if present H1 bid is 100 per unit say, and a autobidder bids 2000 as maximum and 3 as increment, then system will record his bid as 103 keeping a track of maximum 2000 and increment Rs.3. If any other bidder bids any amount above 103/- , then system will record autobidder H1 bid as 103 + 3 x no of minimum increments required to exceed the other bidders H1 bid amount till the autobidder's maximum is reached. One bidder can bid only one autobid per item at any time before the close of that lot.  

            Auto Extension of Closing Time :

 

The e-Auction Closing Time will be automatically extended by 8 minutes every time the last H-1 Bid is received within 8 minutes of the predetermined or extended Closing Time.  This process will continue till the last H-1 Bid remains unimproved for a period of 8 (Eight) minutes so as to give ample opportunity to all Bidders and to generate the best competition.  The bid will close when there will be no bid for for last eight minutes.

 

            Bid History :

 

Any time during the e-Auction, the Bidders can see the Bid History of the last 10 Bids, whereas the Principal can see the Bid History of all the Bids.

 

            The successful bidder shall be notified by e-mail about the acceptance of its bid against the e-auction.  Hence, bidders are advised to keep and monitor the same carefully.  Bidder may contact MSTC also.

If a successful bidder fails to make payments towards any or all instalment as mentioned in respective auction catalogue.  The EMD shall stand forfeited