Registration

"Welcome to globaleauction.com website. The auctions and related services in the website are provided by Global E-Auction. Global E-Auction is an e-Auctions service provider facilitating the conduct of online e-Auctions for the seller/buyer. The website is an online auction platform, a marketplace/venue on the online space for sellers/buyers to conduct sale/purchase of Industrial Goods & services and for bidders for buying and selling these goods & services. Global E-Auction is considered as a third party not particularly interested in the item/s being sold / bought on behalf of the seller/buyer. Global e-Auction is the service providers for the Buyer/Seller and Bidders."

GENERAL TERMS AND CONDITIONS

TERMINOLOGIES USED IN e-AUCTIONS

FORWARD AUCTION (FA)

Bidders bid the highest bid for purchasing the items from seller.

REVERSE AUCTION (RA)

Bidders bid the lowest bid in order to supply the items to the Buyer.

AWARD OF THE AUCTION

In a single winner format, only one bidder (normally the bidder who quotes the highest price for Forward Auction & the lowest price for Reverse Auction) is awarded all the units of the item being auctioned. The bidder, who quotes the highest price, is normally allotted the item in case of Forward Auction and lowest price, in case of the Reverse Auction.

CLIENT

Client is the individual/business entity who has contracted "Service Provider" to conduct such auction. In case of auction, the purpose would be the genuine intent to sell the selected item/s (Lot) to the bidders who desire to buy these items from the Client.

BIDDER

Bidder is the individual/business entity participating in the auction, intending to buy the item/s from the Client. To become a Bidder in the auction, a business entity has to secure client approval for participation and also provide written assent to the General Rules and Regulations

AUCTION ENGINE

Auction engine refers to the software that encapsulates the entire auction environment, processing logic and information flows. "Service provider" is the sole owner of the auction engine and retains exclusive rights over the utilization of the same.

TIMINGS OF THE ONLINE BID

All the timings of the online bid shall be based on the time indicated by the server hosting the auction engine. It shall be the Endeavour of "service provider" to ensure that the server time reflects as closely as possible to the Indian standard time (IST) i.e. GMT + 0530 hrs. However, in event of any deviations between the server time and the Indian standard time, the functioning of the auction engine (launch, operation, and closure) would be guided by the server time. Bidders are advised to refresh both the windows of the auction module, check the exact server time (displayed in both the windows).

PREVIEW TIME

Preview time refers to the period of time that is provided prior to the commencement of bidding. This is to facilitate approved participants to view the auction details such as item specifications, bidding details and bidding rules. The purpose is also to familiarize participants with the functionality and screens of the auction mechanism. It is not mandatory for "service provider" to provide preview time.

START TIME

Start time refers to the time of commencement of the conduct of the online auction. It signals the commencement of the price discovery process through competitive bidding.

DURATION OF THE AUCTION

It refers to the length of time the price discovery process is allowed to continue by accepting bids from competing bidders. The duration of the auction would normally be for a pre-specified period of time. However, the bidding rules may state the conditions when the pre-specified duration may be curtailed/ extended. The conditions include
• Curtailment of auction duration in the event of no bids for a specified period of time (inactivity time)
• Automatic extension in the event of bids being entered towards the end of the scheduled duration to facilitate the other bidders to view and react to the bid.

AUTO EXTENSION OF THE AUCTION TIMING

In the event of bids in the last few minutes of the scheduled bid time, the bid timings are automatically extended for a specified period from each such bid. Such auto extension shall continue until no bids are placed for the specified period (engine remains inactive for the specified period). The inactivity time for auto extension purpose is normally x minutes. "Service provider" however retains the right to change the same. The inactivity time applicable for the particular online bid shall be visible to the bidders under the bidding rules module on the engine.

END OF THE AUCTION

End of the auction refers to the termination of the auction proceedings signaling an end to the price discovery process.

AUCTION REPORT

"Service Provider" would provide an Auction Report to the Client containing a summary of the auction proceedings and outcome. The Auction Report would constitute the official communication from "Service Provider" to the client about the outcome of the Auction within 48 hour from the time of completion of the e-Auction.

DESCRIPTION OF SERVICE

It is understood and agreed that the Service may include advertisements, which are necessary for Global e-Auction in order to provide the Service unless explicitly stated otherwise, any new features that augment or enhance the current service shall be subject to the General Terms and Conditions. You are responsible for obtaining access to the Service and that access may involve third party fees (such as Internet service provider or airtime charges). You are responsible for those fees. In addition, you must provide and are responsible for all equipment necessary to access the Service. You must be at least 18 years of age to access and view.

1. Registration Obligations

   In consideration of your use of the Service, you agree to (a) provide true, accurate, current and complete information about yourself as prompted by the Service's registration form (such information being the "Registration Data") and (b) maintain and promptly update the Registration Data to keep it true, accurate, current and complete. If you provide any information that is, inaccurate, not updated or incomplete, Global e-Auction has the right to suspend or terminate your account and refuse any and all current or future use of the Service (or any portion thereof). Global e-Auction is concerned about the safety and privacy of all its users.

2. Password and Security

   After you complete your registration with Global e-Auction on the website, you will be allotted unique user identification (User ID) by Global e-Auction and you will be prompted to select/enter a password. The User is solely responsible for all use and for maintaining and protecting the confidentiality of its User ID and password.

3. Terms of Agreement

   This Agreement shall continue to be in full force and effect for so long as you are using the website and its services. Global e-Auction provides the online auction platform wherein the users can sell, purchase, bid and buy, or bid and sell the assets listed on the website pursuant to the terms and conditions set forth below.

4. Terms and conditions for the Bidder

   Participation and bidding in the auctions on the website shall be treated as conclusive evidence of the fact that the Bidder has inspected the assets and the related documents pertaining to the auction, and is satisfied in all respects regarding the quality, quantity, condition of the assets, taxes and duties, and other extraneous factors and the Principle of Caveat Emptor (let the Bidder beware) will apply. It shall also imply that the Bidder has carefully gone through the terms and conditions, including amendments, if any, prevailing at the time of the auction. No objections or complaints will be entertained once the bid is placed. All assets sold/bought on the website are on “AS IS - WHERE IS BASIS” and “NO COMPLAINT BASIS”. Global e-Auction does not give warranty or guarantee of the quality, quantity, measurement, condition, and chemical composition of the assets and about its “End Use” or fitness for a particular purpose. The highest/lowest Bidder does not get any right to demand acceptance of his bid/offer. Seller/Buyer reserves the right to accept/reject/cancel any bid/offer, withdraw any portion of the assets at any stage from auction, even after acceptance of bid/offer, issue of delivery order/purchase order without assigning any reason there of. In the event of such rejection, cancellation or withdrawal, the Seller/Buyer shall not be responsible for any damages/loss to the successful bidder on account of such rejection, cancellation or withdrawal.

5. Terms and conditions for the Seller

   The Client being the seller should send accurate information to the administrators about the product indented for auction and should give the reserve price as reasonable. Global E-Auction is not responsible for the participants of the auction; seller can scrutiny and select the bidders who have come for auctions and can expressly reject bidders as they wish. The Seller reserves the right to withdraw any goods from the Website at any time. The Seller shall not be liable to anyone for withdrawing any Goods from the Website or for refusing to process an order.

6. Terms and conditions for the Buyer

   Global E-Auction is not responsible for the material/item obtained through reverse auction and the quality and quantity of the item should be determined by the purchaser and will not be the responsibility of the service provider. Global E-Auction is not responsible for the transport / delivery of goods to the concerned party and this arrangement has to be made between the purchaser and the winning bidder.

7. Communication

   User consents to receive communication from Global e-Auction by electronic mail, short messaging services on their mobile phones, by phone calls or through posting notices posted on the website.

8. Online Bidding

   Time Extension – If any market-leading bid (bid higher/lower than the highest/lowest resp. at the point in time) is received in the last three minutes of closing time, the closing time will be extended automatically by three minutes. Please note, Time Extension as mentioned in the bidding room will apply and three minutes is only an example. Bids – All bids placed are legally valid bids and are to be considered as bids from the Bidder himself. Once the bid is placed, the Bidders cannot modify or withdraw the bid for any reason. The highest/lowest and the latest bid on the auction shall supersede all the previous bids of the Bidder. Bidders may please note that in event of a manual bid amount matching that of an auto bid, the manual bid will prevail and be considered. Auto Bid a. Auto Bid facility is provided for bidders intending to place a maximum/minimum value for lot/lots. b. Auto Bid is not a confirmed bid. It is only the maximum ceiling amount/minimum floor amount set by the bidder to enable the auction engine to place bids on his behalf, whenever he is outbid, up to the ceiling/floor amount set by him. c. Once an Auto Bid is set, the auction engine will consider the ceiling/floor amount for the next possible bid only, depending on the highest/lowest bid prevailing at that point of time and the increment/decrement amount prescribed for that particular lot. d. Bidders may please note that in the event of a manual bid amount matching that of an Auto Bid, the manual bid will prevail and be considered.

9. Member Conduct

   You understand that all information including data, text, software, photographs, graphics, messages or other materials ("Content"), whether publicly posted or privately transmitted, are the sole responsibility of the person from which such content originated. You agree to not to use the Service to
   1. Upload, post, email, transmit or otherwise make available any content that is unlawful, harmful, threatening, abusive, harassing, tortuous, defamatory, vulgar, obscene, libelous, invasive of another's privacy, hateful, or racially, ethnically or otherwise objectionable;
   2. Harm minors in any way;
   3. Impersonate any person or entity, including, but not limited to, a Global e-Auction official, forum leader, guide or host, or falsely state or otherwise misrepresent your affiliation with a person or entity;
   4. Forge headers or otherwise manipulate identifiers in order to disguise the origin of any Content transmitted through the Service;
   5. Upload, post, email, transmit or otherwise make available any Content that you do not have a right to make available under any law or under contractual or fiduciary relationships (such as inside information, proprietary and confidential information learned or disclosed as part of employment relationships or under nondisclosure agreements);
   6. Upload, post, email, transmit or otherwise make available any Content that infringes any patent, trademark, trade secret, copyright or other proprietary rights ("Rights") of any party;
   7. Upload, post, email, transmit or otherwise make available any unsolicited or unauthorized advertising, promotional materials, "junk mail," "spam," "chain letters," "pyramid schemes," or any other form of solicitation, except in auction related areas that are designated for such purpose;
   8. Upload, post, email, transmit or otherwise make available any material that contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment;
   9. Disrupt the normal flow of dialogue, or otherwise act in a manner that negatively affects other users' ability to engage in real time exchanges;
   10. Interfere with or disrupt the Service or servers or networks connected to the Service, or disobey any requirements, procedures, policies or regulations of networks connected to the Service;
   11. Intentionally or unintentionally violate any applicable local, state, national or international law,
   12. "Stalk" or otherwise harass another;
   13. Collect or store personal data about other users.

10. Accessing our website

    Access to this website is permitted on a temporary basis, and Global e-Auction reserves the right to withdraw or amend the service it provides on this website without notice. Global e-Auction will not be liable if for any reason this website is unavailable at any time or for any period.
    From time to time, Global e-Auction may restrict access to some parts of this website, to users who have registered.
    If you choose, or you are provided with, a user ID, password or any other information as part of Global e-Auction’s security procedures, you must treat such information as confidential, and you must not disclose it to any third party. Global e-Auction has the right to disable any user ID or password, whether chosen by you or allocated by it, at any time, if in its opinion you have failed to comply with any of the provision of these Terms of Use.
    You are responsible for making all arrangements necessary for you to have access to this website. You are also responsible for ensuring that all persons who access this website through your internet connection are aware of these terms, and that they comply with them.

11. Purpose and status of information

    The information contained in this website has been prepared solely for the purposes of providing general information about Global e-Auction.
    Whilst Global e-Auction has taken all reasonable care to ensure that the information, services and materials contained in its website are accurate, no representation, warranty or condition, express or implied, is made as to their accuracy or completeness. Global e-Auction accepts no liability for any inaccuracies in or omissions from this website or liability for any loss or damage howsoever caused arising directly or indirectly from the use of this information, services and materials. All such information, services and materials are provided “as is” and “as available” without warranty of any kind. It is your responsibility to verify the accuracy completeness and fitness for purpose of all details, services and other information provided on the website to your satisfaction before acting upon them.

12. Links to other websites

    This website may include links to other websites solely as a convenience to users. Neither the Global e-Auction nor its clients are responsible for the content of, or have any control over the content or availability of, any other website from which you have accessed this website or to which you may hyperlink from this website and cannot be held liable for any loss or damage you incur as a result of your use of any other website from which you hyperlink to or from this website.

13. Termination

    Global e-Auction expressly reserves the right to terminate the use of, or to refuse to permit the use of, the Services and the Website by any person or entity, at the sole discretion of Global e-Auction, for any reason and without notice.

14. Force Majeure

    Global e-Auction shall not be liable for any failure or delay in performance due to any cause beyond its control including fire, strike, go-slow, lock-out, closure, theft, dislocation of normal working conditions, internet or network non-availability, accident, war, riots, civil commotion, political upheaval, epidemics, break-down of machinery, any terrorist activity, any natural calamity, adverse weather or climatic conditions, or any other causes or conditions beyond the control of Global e-Auction, whether directly due to or in consequence of the aforesaid causes and the existence of such causes or consequences shall operate to extend the time of performance till the cause of delay shall have ceased to exist.

15. Disclaimer

    Global e-Auction runs its business on the basis of a robust website. Global e-Auction is outsourcing server space from a third party hosting company and hence shall ensure the smooth running in all good faith and intention. However, Global e-Auction will not be held responsible for any failure of power, network, server, hosting server, Internet connectivity, ISP or otherwise at Bidder's end or at Global e-Auction directly or indirectly affecting online method of bidding. Global e-Auction takes no responsibility of the quality, quantity, documentation details of Buyers/Sellers. Both the Buyers & Sellers agree to defend indemnity and hold harmless Global e-Auction from any loss, damage, cost and expenses caused by any reason during the transactions on the website. In no event shall Global e-Auction be liable for any loss for the transactors by business, revenues, profit, costs direct and incidental, consequential or punitive damages of any claim. Both the parties agree to have discussed all the related matter regarding the transactions and have understood in full that Global e-Auction has provided a source of supply and has nothing to do any further especially with regards to quality, warranty, guarantees, delivery schedules, payments, rejections, transportation, legal laws and regulations to be followed from time to time etc. Since Global e-Auction does not possess knowledge base of the assets under transaction both the parties agree that the matter contained in the assets as a part or as a whole does not violate any applicable law. Global e-Auction is only an e-commerce service provider, and is not and cannot be a party to or control in any manner in any transactions between the Seller/Buyer and the Bidder. The Seller/Bidder agrees to limit the liability of Global e-Auction to them for any and all claims, losses, costs, damages of any nature whatsoever or claims expenses from any cause or causes, including attorneys' fees and costs, so that the total aggregate liability of Global e-Auction to the Seller/Bidder shall not exceed it's total fee receivable from the Seller/Bidder. It is intended that this limitation apply to any and all liability or cause of action however alleged or arising, unless otherwise prohibited by law.

16. Governing Law and Jurisdiction

    Any disputes with Global e-Auction are resolved in the manner as prescribed herein below Arbitration, Governing Law & Jurisdiction.

    • (a) Arbitration

      Dispute or differences arising out or relating to this undertaking/Agreement shall be resolved amicably by the parties. Failing such amicable resolution of dispute / differences either party may refer the matter to arbitration of a Sole Arbitrator to be appointed by the Managing Director of Global e-Auction services limited. The Arbitration proceedings shall be governed and regulated by the provisions of Indian Arbitration and conciliation Act, 1996 and the rules framed there under along with amendment made thereto up-to-date. The award of the Arbitrator shall be final, binding and conclusive on the parties. The venue for arbitration shall be at Delhi.

    • (b) Governing Law

      This Agreement is construed and shall be governed in accordance with the laws of India without giving effect to any principle of conflict of law.

    • (c) Jurisdiction

      The Courts at Delhi shall have exclusive jurisdiction.