Terms & Conditions

Welcome to kfcauction website (hereinafter referred to as “the website”).

The auctions and related services are provided by Kerala Financial Corporation

“RBS” is an e-commerce service provider mandated by the seller/buyer to facilitate virtual auction by the seller/buyer. The website is an online auction platform, a virtual marketplace/venue for sellers/buyers to conduct sale/purchase of assets, and for bidders to make/place bids/offers on such assets. “KFC” is considered as third party not particularly interested in the item/s being sold/bought on behalf the seller/buyer.

DEFINITIONS

SELLER/BUYER – Seller/Buyer referred to in this agreement is any real individual or legal entity who wishes to sell/buy his/her/its assets through internet driven online auctions on the website and who has mandated “KFC” to provide the website and other related support services.

BIDDER – Any legal entity who is registered with “KFC” and who makes or places a bid on the website to buy/sell the assets either in part or in full is considered as a Bidder. One individual can represent as a bidder on his own behalf and on behalf of other legal entities provided he registers with “KFC” separately in those capacities. Successful Bidder is that Bidder in whose name sale certificate or purchase order is issued by the SELLER/BUYER.

USER – Any legal entity who uses the website and/or the related services provided by “KFC” is considered as a user.

AGREEMENT – The terms and conditions, together with any additional terms and conditions specific to a particular online auction event on the website (which can be found through one or more links on the website for the auction in question) constitute the Agreement.
To avoid financial de-railment.

ONLINE BIDDING EVENT – An Online Bidding Event is a process for price determination through competitive interaction between Bidders on the website. Online Bidding Events initiated by the seller are known as Forward Auctions and those initiated by the Buyers are known as Reverse Auctions.
Distribution of Financial Products and Marketing Resources. (AMFI CERTIFIED)

On accessing the website or using the services provided by “KFC” or by registering either as a buyer/ seller / user you agree that you have read the terms and conditions including the terms and conditions specific to a particular online auction event.

You are bound by these terms and conditions including those specific to a particular online auction event

MODIFICATIONS TO WEBSITE, SERVICES AND TERMS AND CONDITIONS

“KFC” reserves the right to modify, amend, suspend or discontinue any aspect of the services or the website at any time without notice.
“KFC” reserves the right to amend any or all of the terms and conditions without notice at any time at its sole discretion and announce the same on the website. Accessing the website and/or using the services shall constitute acceptance of the terms and conditions including the amendments.

PASSWORD AND SECURITY

After you register with “KFC” on the website, you will be allotted user identification (User ID) by “KFC” and you will be prompted to select/enter a password. User is solely responsible for all use and for maintaining and protecting the confidentiality of its User ID and User password.