TERMS AND CONDITIONS
Welcome to Matex Technologies Private Limited.(Formerly Matex Net Private limited) website (hereinafter referred to as "the website").
The auctions and related services are provided by Matex Technologies Private Limited.(Formerly Matex Net Private limited) (hereinafter referred to as
"Matex Technologies Private Limited.(Formerly Matex Net Private limited) ") on the website.
Matex Technologies Private Limited.(Formerly Matex Net Private limited) is an e-commerce service provider mandated by the seller/buyer to facilitate virtual
auctions 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. Matex Technologies Private Limited.(Formerly Matex Net Private limited) is considered as third party not particularly
interested in the item/s being sold/bought on behalf of the seller/buyer.
DEFINITIONS
1.
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 Matex Technologies Private Limited.(Formerly Matex Net Private limited) to provide the website and other
related support services.
2.
BIDDER - Any legal entity who is registered with Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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. An individual can represent as a bidder on his own behalf and on behalf of other legal
entities, provided he registers with Matex Technologies Private Limited.(Formerly Matex Net Private limited) separately in those capacities. A successful
Bidder is that Bidder in whose name the sale certificate or purchase order is issued by the
Seller/Buyer.
3.
PAID MEMBER - Any Bidder who pays the annual membership fee as
prescribed by Matex Technologies Private Limited.(Formerly Matex Net Private limited) is a paid member.
4.
USER - Any legal entity who uses the website and/or the related services
provided by Matex Technologies Private Limited.(Formerly Matex Net Private limited) is considered as a User.
5.
AGREEMENT - The terms and conditions, together with any additional terms
and conditions specific to an 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.
6.
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.
7. On accessing the website or using the services provided by Matex Technologies Private Limited.(Formerly Matex Net Private limited) or by registering
either as a Buyer/ Seller / User you agree that you have read the General Terms and Conditions,
including the terms and conditions specific to an online auction event.
8. 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
Matex Technologies Private Limited.(Formerly Matex Net Private limited) reserves the right to modify, amend, suspend or discontinue any aspect of the services
or the website at any time without notice.
Matex Technologies Private Limited.(Formerly Matex Net Private limited) reserves the right to amend any, or all 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 Matex Technologies Private Limited.(Formerly Matex Net Private limited) on the website, you will be allotted a unique user
identification (User ID) by Matex Technologies Private Limited.(Formerly Matex Net Private limited) and you will be prompted to enter a password. This is the
log in password. The password is a string of characters (combination of alpha, numeric &
special characters) used to authenticate your identity and provide access to various resources
on the website. The length of your log in password must be a minimum of eight characters and has
to be a combination of alpha and numeric characters. You can also include special characters to
strengthen your log in password. However the following special characters ( ~ . / , ? <> : ; '
\" + = _ - ^ ) are not allowed and will be ignored. The User is solely responsible for all
use and for maintaining and protecting the confidentiality of their User ID and password.
FORGOT PASSWORD
In case you forget the log in password, the only way you can change your log in password is by
clicking on the "Lost Password" link on the home page of the website. You will receive a
verification code on your registered e-mail address and your registered mobile phone. Using the
verification code, you can change your log in password.
TRANSACTION PASSWORD
To have an additional layer of security, Bidders participating in auctions must set up a
transaction password. Participating bidders must enter this transaction password to authenticate
their entry into the virtual auction room and place their bids. Bidders can set their
transaction password and must confirm the same with the OTP that will be sent to their
registered mobile number and their registered e-mail ID. Transaction password is session
specific.
TIME
Time wherever mentioned in any page of the website refers to Indian Standard Time (IST) i.e. UTC
+ 05.30 hrs. 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 Matex Technologies Private Limited.(Formerly Matex Net Private limited) to ensure that the
Server Time reflects as closely as possible the Indian Standard Time (IST) i.e. UTC + 05.30 hrs.
However, in the event of any deviations between the Server Time and the Indian Standard Time,
the functioning of the Auction Engine (including Start, Operation & closure of auctions)
would be guided by the Server Time. Bidders participating in the auctions are advised to refresh
the right-side window of the Auction room to check the exact Server Time that is displayed
there.
TERM 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. Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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
1.0 GENERAL TERMS AND CONDITIONS
1.1 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.
1.2 All assets sold/bought on the website are on "AS IS WHERE IS BASIS" and "NO COMPLAINT BASIS".
1.3 Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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.
1.4 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 thereof. 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.
2.0 COMMUNICATION
2.1 User consents to receive communication from Matex Technologies Private Limited.(Formerly Matex Net Private limited) by electronic mail, short messaging
services on their mobile phones, by phone calls or through posting notices posted on the
website. User fully understands that this consent to receive communication shall override their
registration on the NDNC, if any.
2.2 Only Paid Members will be able to download the Auction Catalogue from the website after
logging into the website.
3.0 ONLINE BIDDING
3.1 Multiple Log in from same IP Address - Bidders participating in the auctions may please note
that multiple login from the same IP Address will not be permitted.
3.2 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 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.
3.3 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 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 the event of a manual bid
amount matching that of an auto bid, the manual bid will prevail and be considered.
3.4 Auto Bid:
a. Auto Bid facility is provided for bidders intending to place a maximum/minimum value for a
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 lot. However, Auto Bid cannot be set for
amounts less than two increments/decrements to the highest/lowest bid prevailing at that point
of time.
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.
4.0 TERMINATION
4.1 Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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 Matex Technologies Private Limited.(Formerly Matex Net Private limited) ,
for any reason and without notice.
5.0 FORCE MAJEURE
5.1 Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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 Matex Technologies Private Limited.(Formerly Matex Net Private limited) , 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. Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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 Matex Technologies Private Limited.(Formerly Matex Net Private limited) , 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.
6.0 DISCLAIMER
6.1 Matex Technologies Private Limited.(Formerly Matex Net Private limited) runs its business on the basis of a robust website. Matex Technologies Private Limited.(Formerly Matex Net Private limited) is outsourcing server
space from a third-party hosting company and hence shall ensure the smooth running in all good
faith and intention. However, Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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
Matex Technologies Private Limited.(Formerly Matex Net Private limited) directly or indirectly affecting online method of bidding.
6.2 Matex Technologies Private Limited.(Formerly Matex Net Private limited) takes no responsibility of the quality, quantity, documentation details of
Buyers/Sellers. Both the Buyers & Sellers agree to defend indemnity and hold harmless
Matex Technologies Private Limited.(Formerly Matex Net Private limited) from any loss, damage, cost and expenses caused by any reason during the transactions
on the website. In no event shall Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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 Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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 Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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. Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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.
6.3 The Seller/Bidder agrees to limit the liability of Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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 Matex Technologies Private Limited.(Formerly Matex Net Private limited)
to the Seller/Bidder shall not exceed its 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.
6.4 Terms & conditions as laid down by the auctioneer shall apply in addition.
6.5 The logos displayed above are the registered trademarks of companies who have used the
services provided by Matex Technologies Private Limited.(Formerly Matex Net Private limited) . The logos are displayed in good faith to imply that Matex Technologies Private Limited.(Formerly Matex Net Private limited) has
at some point of time provide services to these companies and no representation or warranty,
express or implied, is made by Matex Technologies Private Limited.(Formerly Matex Net Private limited)
7.0 GOVERNING LAW AND JURISDICTION
7.1 This agreement is governed and construed in accordance with the laws of the Union of India.
Users hereby irrevocably consent to the exclusive jurisdiction and venue of courts in Bangalore,
Karnataka, India in all disputes arising out of or relating to the use of the services and the
website.
7.2 Users agree to indemnify and hold Matex Technologies Private Limited.(Formerly Matex Net Private limited) 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.
8.0 PARTICIPATION
- The prospective Bidders must register online with Matex Technologies Private Limited.(Formerly Matex Net Private limited) using their e-mail ID,
phone number, PAN & GST number and upload self-attested copies of their PAN Card,
valid GST registration certificate. The Prospective Bidders, who have uploaded the
prescribed documents once, need not upload the same again.
- For EMD payment through Smart Pay
- The prospective Bidders will then be required to register their Bank Account
by providing the details such as Account number, Name of Bank, Name of Branch,
IFSC Code etc. and upload a scanned copy of a cancelled cheque in JPG, PNG, GIF
OR PDF format. The name appearing in the cheque leaf shall match the name of the
prospective Bidder.
- The prospective Bidders after completing the bank registration processes as
above must log into www.MatexTechnologies.com and choose Smart Pay and register for Smart
Pay.
- Once the registration is done and a Smart Pay ID is created, a Virtual Account
Number (unique to each Bidder) will be generated.
- The Bidders can then add the amount to the Virtual Account Number, which will
be credited to their Smart Pay account.
- Smart Pay Usage Charges:
- 1) Smart Pay usage charges would be applicable for the auctions
depending upon the number of lots selected.
- 2) These charges would be in addition to the EMD being paid for
participation.
- 3) These charges are non-refundable.
- 4) Smart Pay Usage Charges are applied for rendering the services
including balance top-up, wallet usage, handling charges, etc.
GST:
Bidders participating in Matex Technologies Private Limited.(Formerly Matex Net Private limited) Auctions should verify with the
selling companies about the tax structure and ascertain themselves of the tax rates and other
statutes in place.
Any disputes shall be clarified by the Bidders directly with the
selling clients and Matex Technologies Private Limited.(Formerly Matex Net Private limited) is not responsible for any form of misunderstanding or dispute on
the applicable taxes. Matex Technologies Private Limited.(Formerly Matex Net Private limited) is only an E-Commerce Service Provider and has minimal knowledge
arising out of any changes in applicable tax rates that are promulgated by the Government from
time to time.
