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TERMS AND CONDITIONS

Welcome to PrimeTradeAuctions.com (hereinafter referred to as &quot the Website &quot ). The auctions and related services are operated by Prime Trade Auctions Pvt. Ltd. (hereinafter referred to as &quot Prime Trade Auctions &quot ). By accessing the Website or utilizing the services provided, you (hereinafter referred to as &quot User &quot ) agree to comply with and be bound by the following Terms and Conditions (hereinafter referred to as &quot Agreement &quot ).

DEFINITIONS

  1. SELLER/BUYER: Any individual or legal entity offering assets for sale or purchasing assets through online auctions facilitated by Prime Trade Auctions.

  2. BIDDER: A registered User who participates in auctions by placing bids on the Website. The successful Bidder is the one in whose name the sale certificate or purchase order is issued by the Seller or Buyer.

  3. PAID MEMBER: A Bidder who has paid the prescribed annual membership fee to Prime Trade Auctions.

  4. USER: Any individual or legal entity accessing the Website or availing services provided by Prime Trade Auctions.

  5. ONLINE BIDDING EVENT: A competitive price determination process conducted online on the Website. Events initiated by Sellers are referred to as &quot Forward Auctions,&quot and those initiated by Buyers are &quot Reverse Auctions.

  6. AGREEMENT: This document, along with any additional terms specific to a particular auction, constitutes the complete Agreement between Prime Trade Auctions and its Users.

MODIFICATIONS TO TERMS

Prime Trade Auctions reserves the right to modify, amend, suspend, or discontinue any aspect of the Website or its services at any time without prior notice. Continued use of the Website after such changes will constitute your acceptance of the amended Terms and Conditions.

MEMBERSHIP TERMS

  1. Membership fees are non-refundable and valid for one year from the date of registration or renewal.
  2. Training sessions for e-bidding may be provided upon request, subject to availability.
  3. Membership does not guarantee participation in auctions; Sellers retain the right to determine eligibility.
  4. Members must download auction-related information from the Website to ensure they remain informed of updates.
  5. Prime Trade Auctions will not entertain any claims related to inspected materials, forfeiture of deposits, or disputes arising from auction transactions.
  6. Membership grants access to participate in auctions but does not guarantee successful transactions or specific business outcomes.

PASSWORD AND SECURITY

  1. Users are required to create a secure password during registration and are responsible for maintaining its confidentiality. Any activities under a User ID are the sole responsibility of the account holder.
  2. In the event of a forgotten password, Users can reset it using the &quot Forgot Password &quot link and verifying their identity via a code sent to their registered email and mobile number.
  3. A separate transaction password may be required for bidding, adding an additional layer of security.

TRANSACTION TERMS

  1. All assets listed for auction are sold on an &quot AS IS WHERE IS &quot and &quot NO COMPLAINT &quot basis. Prime Trade Auctions does not provide warranties or guarantees regarding the quality, condition, or legality of the assets listed.
  2. Sellers/Buyers reserve the right to accept, reject, or cancel any bid at their discretion, without providing an explanation.
  3. Bidders are advised to review all auction-related details, terms, and supporting documents thoroughly before participating.

ONLINE BIDDING RULES

  1. Bidders must not use multiple User IDs or logins from the same IP address during a single auction event.
  2. Time extensions will automatically apply if bids are placed close to the scheduled closing time of the auction.
  3. All bids are legally binding. Once submitted, bids cannot be modified, retracted, or cancelled.
  4. Auto Bid functionality enables Bidders to set a maximum or minimum bid value. In case of a tie, manual bids matching the Auto Bid will take precedence.

COMMUNICATION POLICY

By registering on the Website, Users consent to receive communication via email, WhatsApp, SMS, and phone calls from Prime Trade Auctions. This consent overrides any registration on &quot Do Not Disturb &quot (DND) or similar lists.

FORCE MAJEURE

Prime Trade Auctions shall not be held liable for any delay or failure in performance resulting from events beyond its reasonable control, including but not limited to acts of God, technical malfunctions, cyberattacks, or political instability.

LIMITATION OF LIABILITY

  1. Prime Trade Auctions shall not be liable for any direct, indirect, incidental, or consequential damages arising from auction participation or the use of its services.
  2. The total liability of Prime Trade Auctions to any User shall not exceed the membership or auction participation fees received from that User.

GOVERNING LAW AND DISPUTE RESOLUTION

This Agreement is governed by the laws of the Union of India. Any disputes arising from this Agreement or the use of the Website shall be subject to the exclusive jurisdiction of the courts located in Chandigarh, India.

PARTICIPATION REQUIREMENTS

  1. Prospective Bidders must complete the online registration process by providing valid identification and tax documents, including a PAN card and GST registration certificate.
  2. Bidders must register their bank account details for EMD (Earnest Money Deposit) payments and upload a scanned copy of a cancelled cheque.
  3. Access to auction catalogues and eligibility to participate in auctions is restricted to Paid Members meeting the criteria set by Sellers.

DISCLAIMER

Prime Trade Auctions provides an online platform for facilitating auctions and is not a party to transactions between Buyers and Sellers. The company does not assume responsibility for the quality, legality, or accuracy of the assets being auctioned. Users agree to indemnify and hold Prime Trade Auctions harmless against any claims, disputes, or damages arising from auction participation.

Prime Trade Auctions runs its’s business on the basis of robust website. We are not outsourcing server space from a third party hosting company and hence shall insure smooth runningin all good faith and intention. However, Prime Trade Auctions will not be responsible for any failure of power, network, server, hosting server, internet connectivity, ISP or otherwise either at bidder’s end or at Prime Trade Auction directly or indirectly affecting online method of bidding.

By accessing the Website or utilizing its services, you acknowledge that you have read, understood, and agree to these Terms and Conditions.