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LAST DATE OF SUBMISSION OF EMD : 28-01-2009 UPTO 12:00 NOON
PAYMENT OF EMD : BY DEMAND DRAFT ONLY
DATE AND TIME OF E-AUCTION : AS ABOVE
PAYMENT OF BALANCE MATERIAL VALUE: BY DEMAND DRAFT
EMD FOR ALL LOTS @ Rs. 100 per MT MINIMUM QUANTITY TO QUOTE FOR LOT NO.
all lots is : 100 MT
THEREAFTER MULTIPLES OF 100 MT
1. Sandur Manganese & Iron Ores
Limited who are owner/seller of Manganese Ore, is hereinafter referred to as “Seller” or
"Principal" and MSTC Ltd, the service provider to
conduct e auction as, “MSTC”.
2. Manganese Ore etc offered for sale through e-Auction
is open to all, consumers and non-consumers alike.
3. Only those buyers who shall register themselves with MSTC as per
specified guidelines for registration, displayed on MSTC website
www.mstcecommerce.com and have deposited EMD as per terms given herein
below, shall be eligible to participate.
4. Quantity, grade/size and sources from where items are to be sold through
e-auction, will be notified on websites www.mstcecommerce.com at least 7
days in advance from the date of auction. Any Registered Customer after
submission of EMD can bid for the quantity equivalent to the EMD submitted
by them. Quantity will be allocated as per the clause No.11 (methodology for
allocation of quantity) herein below.
5. EMD (Earnest Money Deposit): (i) Prospective
bidder/buyer will have to deposit non- interest bearing EMD for all lot
for the
quantity that the bidder desires to bid/purchase, the required EMD is at the
rate of Rs. 100/- per Metric tonne (MT).
(ii) Earnest money has
to be deposited by way of Demand Draft in favour of “MSTC LIMITED EMD IRON
ORE” payable at Kolkata drawn on any scheduled bank (iii) Bidders can bid up
to the maximum quantity for which they have deposited EMD. (iv) Earnest
money has to be deposited at MSTC’s KOLKATA office at 225-F, 2nd FLOOR, A J
C BOSE ROAD, KOLKATA 700020.
6. EMD will be accepted till 12 NOON as per the last date of submission of
EMD as indicated above. Bidders sending EMD by post/courier, may do so at
their own risk. MSTC will not be responsible for any postal delay or loss
and will not accept any claim on that account. **
7. Forfeiture of EMD: The EMD submitted
by the successful bidder will be liable for forfeiture in following cases: (i)
If after the auction, successful bidder fails to make full payment towards
material value and other charges within the stipulated time.
8. Adjustment/Refund of EMD: (i) The EMD
of the unsuccessful bidders will be refunded by MSTC directly. No interest
shall be payable on EMD. (ii) The EMD of the successful bidders received by
MSTC will be adjusted with the material sale value. i.e. the successful
bidders will deposit the balance sale value. So, there will be no refund by
Sandur Manganese &
Iron Ores Limited or MSTC after
completion of delivery.
9. FLOOR PRICE:
Sandur Manganese & Iron
Ores Limited will fix floor price for
material of each lot being offered under auction. The floor price will be in
terms of Rupees per MT for base price only. Other charges/statutory levies,
taxes etc. will be chargeable extra on actual basis and will not be part of
either floor price or bid price.
10. BIDDING PROCESS:
(i) Bidders have to bid separately for each item source/size/gradewise for
road/rail mode for base price only.
(ii)For all the lots Bidders have to bid minimum 100 MTs and thereafter in
multiples of 100 MT .
(iii) Auction period will normally be 1.00 PM to 03.00 PM (flexible) subject
to automatic extension. If any valid bid is received less than 05 minutes
before closing time, closing time will automatically extend up to last bid
time plus 05 minutes, thus giving enough opportunity to others to revise
their bids on that item. While during normal auction hours, bidders can
increase bid minimum by Rs.100/- (one hundred)/MT but during extension time
of auction bid has to be increased by minimum Rs. 200/- (two hundred)/MT.
(iv) Sandur
Manganese & Iron Ores Limited reserve
the right to accept or reject any bid without assigning any reason and no
claim/dispute whatsoever shall be admissible. (v) Bidders will have to
indicate destination for road mode , at the time of depositing full value.
(v) Minimum quantity for dispatch by rail is 2500 MT.
11.
METHODOLOGY FOR ALLOCATION OF QUANTITY: Allocation of quantity
will be carried out by the e-auction software on descending order of bid
price on following basis: a) First preference is given to highest bid price.
b) If two or more parties bid for the same price then preference for
allocation is given to party for a higher bid quantity.
c) In case two or more parties bid for same price and quantity then
preference is given to the party that place the bid earlier.
d) Bidders may be allotted less quantity depending on allocation by system.
For removal of doubts, it is clarified that a bidder may be allocated any
quantity less than his bid quantity depending upon the allocation
methodology of the system and such allocated quantity will be binding on the
bidder.
12. INTIMATON OF AUCTION RESULTS: After
the close of the bidding, each successful bidder will be intimated through
e-mail by MSTC. However, it will be the responsibility of bidder to
personally see and download the result displayed on website immediately
after close of e-auction.
13. PAYMENT SCHEDULE:
(i) After closure of the auction, successful bidders will have to deposit
sale value and all other charges in advance by way of demand draft in favour
of "The Sandur
Manganese & Iron Ores Limited” drawn
on any scheduled bank, Payable at Bangalore within 15 days, excluding the
day of auction, at
Sandur Manganese & Iron Ores Limited, Bangalore..
14. DELIVERY OF MANGANESE ORE
(i) The auction of MANGANESE ORE is being done for
specific grade and size. No refusal, after acceptance of bid, will be
entertained for bided MANGANESE ORE . (ii)After closure
of e-Auction, a system generated automatic sale intimation letter will be
issued through e-mail to the successful bidders by MSTC, advising them to
deposit full value along with other charges within stipulated time. It must
be clearly understood that value will have to be deposited within stipulated
time counted from the date of closing and not from the date of intimation
letter. Buyers must check the result / status of their bid from MSTC
website. Non receipt or delay in receipt of sale intimation letter by e-mail
for any reason whatsoever will not confer upon buyer any right to retract
his bid and EMD shall be forfeited in such a case. (iii)Successful bidder
would approach
Sandur Manganese & Iron Ores Limited, Bangalore.
with Photo ID issued by MSTC along with payment. Copy of Income tax PAN Card
will also be considered as an Identity.
Sandur Manganese & Iron
Ores Limited will issue him Release
order/Rail consent. Release order / Rail consent will be issued next day of
submitting value i.e. after Demand draft is credited in
Sandur Manganese & Iron
Ores Limited, Bangalore account. In
case, instead of buyer himself, he sends his representative for the purpose,
the representative should carry an Authority Letter issued by the Photo ID
card holder along with photo ID of buyer or notarized copy of photo ID. (iv)
Weighment: The weighment recorded at
Sandur Manganese & Iron
Ores Limited weighbridge will be
final. (v) Quality: The quality as analyzed by
Sandur Manganese & Iron
Ores Limited and mentioned in the
quality certificate issued by his authorized person will be final for all
purposes. No bonus or penalty shall be payable by parties (buyer or seller)
for variation in Manganese or other constituents, size etc. (VI)
Transportation: The buyer will arrange for transport, and on their specific
authorization, the material will be handed over to the transporter. Loading
shall be arranged by
Sandur Manganese & Iron Ores Limited.
Rail freight to be deposited before indenting for wagons.
15. VALIDITY PERIOD- ROAD / RAIL : Where
allotted quantity is equivalent to one full rake load approx. from a
particular point, customer may take materials by rail also. (i) Validity
period of Release order issued will be 30 days from the date of issue.
Although Sandur
Manganese & Iron Ores Limited will
make all efforts to supply the material within this period, however, if
dispatches are not made within stipulated time for reasons attributable to
Sandur Manganese &
Iron Ores Limited, due extension of
time will be given without any claim whatsoever. (ii) However, in case
buyers fail to lift full quantity within validity period, amount equivalent
to EMD for unlifted quantity will be forfeited.
16. FORCE MAJEURE:
Sandur Manganese & Iron
Ores Limited will not be liable for
any failure or delay in performance due to any cause beyond their control
including but not limited to Fires, Floods, Strikes, Go-Slow, Lock-outs,
closure, Pestilence, Dispute, Epidemics, Political upheavals, Government
action, Civil commotion, Breakdown of machinery, shortage of labour, Acts of
God etc. It will be the sole discretion of
Sandur Manganese & Iron
Ores Limited to extend time of
performance after cause of delay will have cease to exist. The provisions
aforesaid shall not be limited or abrogated by any other terms of contract
whether printed or written.
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