TrueBids - Auction Participation Terms & Instructions

• → Complete the TrueBids registration form.
• → Submit the form along with the required Earnest Money Deposit (EMD) via Bank DD/NEFT/RTGS before the specified deadline.
• → Attach self-attested copies of all necessary documents (e.g., ID proof, address proof, PAN card, GST certificate).
• → Deliver the complete package (form, EMD proof, documents) to the designated auctioneer's or seller's address.

By participating in a TrueBids auction, you confirm the following:

• → You have thoroughly inspected the property/assets or have waived your right to do so.
• → You have reviewed all related documents made available.
• → You understand and agree to all terms and conditions outlined herein.
• → You accept liability for all applicable taxes, duties, and levies.
• → You acknowledge the principle of Caveat Emptor (Buyer Beware). No complaints regarding the condition, quality, or quantity of items will be entertained post-auction.

• → The standard EMD is 10% of your total bid amount, unless specified otherwise for a particular auction.
• → For the Highest Approved Bidder, the EMD will be retained and adjusted against the final payment.
• → EMDs of the Second Highest Bidder and Third Highest Bidder may be held for up to 20 working days post-auction.
• → If the Highest Bidder defaults, the Second Highest Bidder may be invited. If the Second Highest Bidder then defaults or withdraws, their EMD will be forfeited, and the Third Highest Bidder may be invited.
• → Backing out after being declared the Highest Bidder, Second Highest Bidder (when invited), or Third Highest Bidder (when invited) leads to EMD forfeiture.
• → EMDs for unsuccessful bidders will be returned (without interest) typically within 7 working days post-auction finalization.
• → Bids submitted by the Highest Bidder, Second Highest Bidder, and Third Highest Bidder must remain valid for at least 20 days.
• → Failure to deposit the full EMD amount within 2 working days of bid acceptance (or as per auction specific terms) may result in forfeiture.

• → All assets/properties are sold on an “As-Is, Where-Is” and “No Complaint” basis.
• → TrueBids and the Seller provide no guarantees regarding condition, quantity, usability, or fitness for any particular purpose.
• → Placing the highest bid does not automatically guarantee acceptance. The Seller reserves the absolute right to reject any bid, or cancel/postpone the auction (or any part thereof) without assigning any reason, even after initial acceptance.
• → Bidding is typically on a weighment basis, lot basis, or unit basis as specified in the auction details. Item quantification, if provided, is indicative and may be subject to verification.

• → Lifting of materials must strictly adhere to the Seller's instructions and schedule.
• → Assets must be removed within the specified due date (typically 15 days) after full payment clearance (including GST, TCS, and any other applicable charges).
• → Failure to lift materials within the stipulated time may lead to contract termination, forfeiture of EMD and any other payments made, and potential storage charges.
• → Late lifting, if permitted by the Seller under exceptional circumstances, may attract a daily penalty (e.g., ₹2,000 per day) unless a different agreement is reached in writing.
• → If the highest bidder defaults on payment or removal, the lot(s) may be resold at the defaulter's risk and cost, with any losses recoverable from the defaulter.

Safety is paramount during inspection and removal:

• → Bidders and their representatives must strictly follow all safety protocols mandated by the Seller and prevailing laws. This includes wearing appropriate Personal Protective Equipment (PPE).
• → Any damage caused to the Sellers property or surrounding areas due to negligence during lifting will be the bidder's sole responsibility and liability. Costs for repairs will be recovered from the bidder.
• → Violations of safety rules may result in penalties or temporary suspension from the site. Repeat offenses may lead to barring from future TrueBids auctions.
• → Blasting or controlled blasting is strictly prohibited unless explicit written permission is granted by relevant authorities and the Seller.

• → Register your account on the official TrueBids platform: www.truebids.co.in.
• → Complete the online e-Auction participation form for the specific auction.
• → Upload required documents and proof of EMD payment as per platform instructions.
• → Upon successful verification by the TrueBids team or the Seller, your account will be activated for bidding in that specific auction.
• → Bids cannot be changed or withdrawn after submission, citing errors in description or any other reason. Bid carefully.
• → Auto-Extension: If a valid bid is successfully placed within the last five minutes (or as specified in auction details) of the scheduled closing time, the auction closing time will automatically extend by another five minutes (or the specified duration) from the time of that last bid. This continues until no new bids are placed in the final extension period.
• → The auction process adheres to relevant CVC guidelines where applicable. Technical faults or server failures may necessitate a restart or postponement, as decided by TrueBids or the Seller.

• → Sale Orders/Acceptance Letters will be issued to the approved highest bidders by the Seller or TrueBids on behalf of the Seller.
• → Full payment (including all applicable taxes and charges like GST, TCS etc.) must be completed within 5 working days of receiving the Sale Order/Acceptance Letter, unless specified otherwise.
• → Salvage/assets must be lifted within 15 days (or as specified) of the final payment confirmation date.
• → All costs related to loading, unloading, labor, transportation, insurance, permits, etc., are the sole responsibility of the buyer.
• → Taxes (GST, TCS, etc.) will be calculated and applied at the rates prevailing at the time of lifting/invoice generation.

• → All official communication will be sent to the email address and mobile number provided during registration on TrueBids. It is your responsibility to keep these details updated.
• → Delivery/lifting via an authorized representative is permissible only with prior written consent submitted to the Seller/TrueBids. However, the registered bidder remains fully liable for all actions and compliance.
• → No legal claims regarding the auction process or assets can be made against TrueBids (acting as auctioneer/platform provider), the insurer, or the surveyor involved. The transaction contract is strictly between the Seller and the Buyer.

Any disputes arising from or related to the auction shall be subject to the exclusive jurisdiction of the courts located in Ghaziabad (Uttar Pradesh), India, unless specified otherwise in the auction details for a particular Seller.

Please Note:

• → TrueBids primarily provides the online auction platform and associated services to facilitate transactions between Sellers and Buyers.
• → TrueBids is typically not the actual Seller of the assets unless explicitly stated.
• → Therefore, TrueBids is not liable for the quality, quantity, condition, or any disputes arising from the assets sold or the transaction itself. All such matters are between the Seller and the Buyer.