This Agreement shall continue to be in full force and effect for so
long as you are using the services and the website. “KFC” 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
GENERAL TERMS AND
CONDITIONS
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 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”.
“KFC” 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, SELLER/BUYER shall not be responsible for any
damages/loss to the successful bidder on account of such rejection,
cancellation or withdrawal.
COMMUNICATION
User consents to receive communication from “KFC”
by electronic mail, short messaging services on their mobile phones,
by phone calls or by posting notices on the website.
ONLINE BIDDING
Time Extension – If any market-leading bid (bid
higher/lower than the highest/lowest at the point in time) is
received in the last three minutes (Time Extension as mentioned in
the bidding room will apply and three minutes is only an example) of
closing time, the closing time will be extended automatically by
three minutes.
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 whatever 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
the event of a manual bid amount matching that of auto bid, the
manual bid will prevail and be considered.
Auto Bid:
Auto
Bid facility is provided for bidders intending to place a maximum
value for a lot/lots.
Auto
bid is not a confirmed bid. It is only the maximum ceiling amount
set by the bidder to enable the auction engine to place bids on his
behalf, whenever he is outbidded, upto the ceiling set by him.
Once
auto bid is set, the auction engine will consider the ceiling amount
for the next possible Bid only, depending on the highest bid
prevailing at that point of time and the increment amount prescribed
for that particular lot.
Bidders
may please note that in the event of a manual bid amount matching
that of auto bid, the manual bid will prevail and be considered.
TERMINATION
“KFC” 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 “KFC”, for any reason
and without notice.
FORCE MAJEURE
“KFC” 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 condition, or any other causes or conditions beyond the
control of “KFC”, 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.
DISCLAIMER
“KFC” runs its business on the basis of a robust Web Site. “KFC” is
outsourcing server space from a third party hosting company and
hence shall ensure the smooth running in all good faith and
intention. However “KFC” 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 “KFC” directly
or indirectly affecting online method of Bidding.
“KFC” takes no responsibility of the quality,
quantity, documentation details of buyers/sellers. Both the buyers &
sellers agree to defend indemnity and hold harmless. “KFC” is also
not responsible for any loss, damage, cost and expenses caused by
any reason during the transactions on the website. In no event shall
“KFC” 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 “KFC” 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 “KFC” 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. “KFC” is only an e-commerce service provider, and is
not and cannot be a party to or control in any manner any
transactions between the Seller/Buyer and the Bidder.
The Seller/Bidder agree to limit the liability of “KFC ”. 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 “Kerala Financial Corporation (KFC) ”. 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.
GOVERNING LAW AND JURISDICTION
This agreement is governed and construed in accordance with the laws
of Union of India. Users hereby irrevocably consent to the exclusive
jurisdiction and venue of courts in Madurai,Tamilnadu, India in all
disputes arising out of or relating to the use of the services and
the website.
Users agree to indemnify and hold “KFC” and its officials and
employees harmless from any claim, demand or damage asserted by any
third party due to and arising out of use of services and the
website.
Auto
Bid facility is provided for bidders intending to place a maximum
value for a lot/lots.