TERMS AND CONDITION

The sale will be through Internet Auction. Bidders can participate in the internet auction.

The Scrap can be inspected by the prospective buyers at Tube Products of India Ltd., Avadi, Chennai-600 054 on all working days till the date of the auction between 10:00 A.M. and 4:00 P.M.

Contact Person:
Mr. N. Srikanth, Vice President [Strips & Materials]
Mr. V. Ramesh, Executive [Purchase]
Mr. K. Rajendaran Purchase Department

Phone : 638 4040. Extn.391 or 343 Fax : 638 4049 / 638 4051

The internet auction will be carried out by the internet site http://www.tubeproductsofindia.com as per the Annexure-I and is also available for preview on this site.They can be viewed, downloaded or printed. Bidders in the Internet auction will have to register themselves with the web site and pre-qualify by paying a refundable deposit of Rs.10,000 /- (Rupees Ten Thousand Only) in favour of Tube Product of India payable at Chennai. This deposit will be treated as EMD. If the customer is not interested to participate in the auctions, the amount will be refunded after one year from the date of registration and if the customer is not blacklisted.

For Support Mail to RameshV@tii.murugappa.com

During the open auction,the current highest bid,the bid status and the bid history can be seen on the screen at all times.Bids can be placed any time of the day or the night during the auction period.Confidential instruction can also be left with the web site to carry out proxy bidding on behalf of the bidder,up to a pre-set ceiling.The auction will close at the stated closing time or later, on lapse of five minutes after the latest bid.

The bidders are advised to register and pre-qualify for bidding well in time and place their bids early.They are advised to use the Proxy Bidding facility to stay on top,especially during the final hours.

The decision of the company is final and binding on all matters relating to this sale.

The terms and conditions given at the end apply. Internet bidders will additionally governed by the Auction Rules given on the web site.

TERMS

  1. Auction for the disposal contract of scrap belonging to Tube Products of India Avadi,Chennai. starts as per the Annexure-1.
     
  2. On payment of EMD (only for REGULAR TENDER),Bidders will be registered for the auction and will be provided with the username and password to participate in the Internet Auction.The interested bidders can have a demo of how to participate in the Internet Auction with prior appointment in our office.Further,bidders will be given necessary assistance at our office to enable them to effectively participate in the auction.
     
  3. There are two types of tender namely REGULAR TENDER and ONE TIME TENDER. Payment of EMD is applicable only in case of REGULAR TENDER, EMD is not required in case of ONE TIME TENDER.
     
  4. Minimum one third of the total quantity to be lifted every month,if avaliable;Otherwise security deposit will be forefeited.(only for REGULAR TENDER)
     
  5. The quantity indicated in the schedule is only approximate figures and not construed as exact. The quantity indicated may be offered as one time arising(Opening stock only) or opening stocks plus arisings till the end of the contract period.
     
  6. Rate quoted is per ton and is exclusive of loading charges,basic excise duty,special excise duty,sales tax and other levies.These will be charged extra.
     
  7. On finalisation of the contract, the highest bidder on intimation of bid acceptance shall remit Security Deposit as Initial Down Payment (IDP) within 48 Hours of such intimation to confirm his bid.Failure to pay the IDP within the stipulated time will result in rejection of the bid and forfeiture of EMD.In case of failure to lift the materials within the specified time,both IDP and the EMD will be forfeited.

    The goods won by you must be removed within the specified period at your cost.If any goods is not removed within the time specified the owners may re-auction the sold goods or portion thereof at your risk.The buyer has to pay 1% of the total value per week from the last date scheduled for lifting as demurrage cost with the maximum of 10% of the total value. However,seller is at liberty to dispose off these unlifted items any time after the last date specified for lifting the material. In addition,the IDP and the EMD collected from you will be forfeited without any further notice. (Minimum one third of the total quantity to be lifted by every month end, if avaliable)
     
  8. The party to whom the sale order is released should commence collecting the material as per sale order against 100% advance payment. Failure to collect the goods before the end of the contract period will result in forfeiture of the security deposit.
     
  9. The parties concerned should make their own arrangements for Inspection, dismantling, un-loading and loading the goods in transportable condition and arrange at their own cost,the necessary packing and covering materials.
     
  10. The party concerned should make full arrangements for the insurance of men and materials at their cost.
     
  11. For all the Scrap materials listed for disposal, the party winning the contract should remove the available quantity without fail. DD should be handed over to the Accounts Department in the morning itself prior to collection of scrap.
     
  12. Loading will be permitted only during 8 A.M and 3.00 P.M on working days.No loading will be permitted during lunch hours.Clearance would be made by first in First out basis.Selection/segregation of scrap materials is not permitted and the materials should be cleared in as is where is condition only.
     
  13. Please note that Tubes Products of India reserve the right to accept or reject in part or whole of any offer without assigining any reason whatsoever.Also Tube Products of India reserves the full right to cancel the sale of any or all items without assigning any reason.
     
  14. It is to be noted that if the clearance of the scrap is not carried out to satisfaction the contract will be allotted automatically to any other contractor by Tubes Products of India.
     
  15. Extension of the contract period is allowed provided Tube Products of India aggrees to it in writing.Request for such extension should be made well in advance.
     
  16. Details of the scrap deposed off are avaliable in Annexure-1.
     
Earnest Money Deposit (EMD)

The Earnest Money Deposit may be fixed / variable and the same is indicated in the schedule and the same should be made by DD/Pay Order (payable at Chennai) in favour of Tube Products of India.

REMITTANCE BY CHEQUE IS DISALLOWED. The offers accompanied by Cheques will be rejected at sight.

In case of failure to acknowledge the Sale order /or to remit the Security Deposit before the stipulated date the EMD amount for the awarded material will be forfeited by the party and party's name will be removed from our regular customers mailing list.

SECURITY DEPOSIT

Security deposit payable is based on approx. value of the contract. The percentage (%) of deposit is on sliding scale which is indicated below:

Approx. Value of Contract Minimum Percentage(%) Maximum
(in Rs.) (in Rs.)   (in Rs.)
Upto 25,000 1,000 15.00 3,750
Between 25,000 & 75,000 3,750 12.50 9,375
Over 75,000 - Upto 1,00,000 9,375 10.00 10,000
Over 1,00,000 10,000 7.50 1,00,000


Security deposit worked out on the above basis minus the earnest money deposit already paid will be the net amount to be paid by you by Demand Draft/Pay Order payable at CHENNAI as per scrap Scale Order.

SECURITY DEPOSIT WILL BE FORFEITED IF THE AWARDED/OFFERED AVAILABLE QUANTITY IS NOT LIFTED BEFORE THE END OF THE CONTRACT PERIOD

SPECIAL CONDITIONS

  • Clearances would be made on first in first out (FIFO) basis.
     
  • This is only an offer to sell and we reserve our right to reject any/all tenders without assigning any reason.
     
  • We also reserve our right to withdraw any/all item(s) in the tender partially/fully for our own purpose before or after the issuance of the SCRAP SALE ORDER.
     
  • Selection/segregation of scrap material is not permitted and the materials should be cleared in as is where is condition only.
     
  • In the event of any Price increase of our Raw Material during the contract period the proportionate increase will be effected with immediate effect.
     
EXTENSION OF CONTRACT PERIOD

Extension of Contract period is allowed provided we agree to in writing. Request for such extension should be made well in advance.

LOADING

Loading will be done by our contract workmen and the charges ruling at the time of loading will be debited to our account for the items awarded to you.

None of the Party/Party's representatives will be permitted inside the yard at the time of loading

FORFEITURE OF SECURITY DEPOSIT

The Contract (if and when entered into) is liable to be cancelled in case of non-fulfillment as per the terms and conditions and the Security Deposit / Earnest Money Deposit will be forfeited. In any such event we reserve our right to dispose the material in any manner at your cost/risk/responsibility and claim from you all losses and damages and our decision will be final.

JURISDICTION

Courts in Tamil Nadu only shall have Jurisdiction to determine any dispute that may arise out of the transaction.