Para 4.4 - Auction Rules | KartavyaDesk

Original Rule Text

4.5. Conduct of Auction 1. The seller cannot close/cancel an auction once it starts. It can be cancelled/ amended prior to the start of the auction by requesting cancellation. The following information will be present on the auction floor web page: a) Opening date and time, b) Closing date and time, c) Item number, d) Item name, hyper-linked to relevant details containing duties, etc., /particular terms of lifting, etc.; e) Quantity and unit of measurement; f) Location of material/item; g) Last bid or basic price, if any; h) Bidders’ bid in Rs. /unit i) Bid history. 2. The closing time of an auction shall automatically be extended by the period indicated in the Auction Catalogue for all auctions if the bid continues (e.g., in case the closing time is 5.30 pm on any particular date and if a bidder bids at 5.29 pm then the closing time will be automatically extended). The maximum number of auto extensions is also specified. 3. Bidders can indicate the bid price through their login. A bid, once given, cannot be retracted. Conditional offers will not be accepted/entertained. Each bidder will have the option to declare his maximum bid value (which cannot be viewed by other bidders), up to which his automatic bidding will continue. 4. The seller can monitor the auction activity and view the bidding history of the live auctions, reserve prices (reserve price can only be viewed by the seller and no one else), and other features. However, the seller will get an automated email once the auction ends with detailed information on the auction (highest bidder, subject to approval items, rejected items). 5. The respective items will be marked "sold" after the closing of the auction when the highest bid is greater than the reserve price, and an automatic intimation will be sent online to the concerned buyer to make the payment. 6. If the bid price matches the limits specified for inclusion in STA, then it shall be shown under the STA category, and the seller will be informed accordingly. In the case of STA, the seller must convey the acceptability of the bid amount or otherwise of the bid value to eASP as well as the bidder within three days (excluding holidays) of the close of the auction. 7. In the case of “Sold” or STA, a Bid-Sheet is displayed, indicating the details of the accepted bid, which is printed and shows the digital signatures of the Auction Supervising Officer and the Bidder. As mentioned before, this serves the role of the legal Contract document. 8. If the reserve price is not met at the close of the auction, the auction closes without a winning bidder. At the seller’s request, eASP will arrange for the inclusion of the unsold item in the next auction.

What This Means

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Key Points

• •Auctions cannot be cancelled once started, but can be amended/cancelled before the start.
• •Key information about the item being auctioned must be clearly displayed on the auction webpage.
• •The auction closing time can automatically extend if bidding continues near the end.
• •Bids cannot be retracted once submitted, and conditional offers are not allowed.
• •If the highest bid meets or exceeds the reserve price, the item is marked 'sold'.

Practical Example

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Frequently Asked Questions

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.